KNOWLEDGE ATLAS has released its first financial report since going public, maintaining its position as the largest independent large model company in China by revenue. Financially, it has successfully replicated the business logic of Anthropic, where the intelligence ceiling determines pricing power and the scale of Token consumption determines the overall value.
Revenue surged by 1.3 times year-on-year. The financial report shows that in 2025, KNOWLEDGE ATLAS achieved total revenue of 724 million yuan, an increase of 131.9% compared to the previous year. The annual gross profit margin was 41%, significantly surpassing industry standards. The adjusted net loss for the year was 3.18 billion yuan, compared to a loss of 2.46 billion yuan in the same period last year. The primary reason for the expanded loss was a substantial increase in research and development expenditures. The company's R&D investment for the year reached 3.18 billion yuan, up 44.9% year-on-year, reflecting its strategy of driving long-term development through technological investment.
Breaking down by business segment, cloud services and intelligent agent services have become the core growth engines for KNOWLEDGE ATLAS. During the reporting period, revenue from enterprise-grade general large models, primarily deployed on-premises, increased from 215 million yuan to 366 million yuan, a year-on-year growth of 70.5%, accounting for 50.4% of total revenue. The enterprise-grade intelligent agent business, as an emerging growth driver, saw its revenue surge from 47.49 million yuan to 166 million yuan, an increase of 248.8%, contributing 22.9% to total revenue. This product line aims to build autonomous intelligent systems for complex enterprise scenarios, and the explosive market demand validates the trend of AI applications evolving towards greater depth and automation.
API sales boom despite an 83% price increase. During the reporting period, the performance of the KNOWLEDGE ATLAS open platform and API business was even more impressive, with revenue skyrocketing from 48.48 million yuan to 190 million yuan, a massive year-on-year increase of 292.6%. This indicates the accelerating scaling process of the company's MaaS platform. The open platform and API business involves selling Tokens externally. It is a standardized, platform-based cloud online service provided to developers and enterprise customers based on the capabilities of the general large model. Benefiting from the rising intelligence ceiling of the models and a sharp increase in call volume, this business has experienced explosive revenue growth. Notably, after a significant 83% price increase for the GLM model API in the first quarter of this year, call volume increased instead of decreasing, with market demand still outstripping supply. This demonstrates customers' high willingness to pay for productivity gains.
An analyst pointed out that this financial report from KNOWLEDGE ATLAS signifies that the market's evaluation framework for domestic foundational model companies needs to change. It is no longer a technology service company burning money for growth, but a model manufacturer that has established a working commercial cycle, possessing pricing power and self-sustaining capability. A latest research report from Huachuang Securities indicates that as AI evolves from Chat to Agent, the demand for Tokens is experiencing explosive growth. Core links in the industrial chain are expected to see both order intake and performance improvements.
Multiple related stocks attract counter-trend investment. Data from concept sectors shows that there are currently over 30 stocks in the A-share market related to the KNOWLEDGE ATLAS AI concept, with a combined total market capitalization exceeding 430 billion yuan. BlueFocus and 37 Interactive Entertainment rank highest by size, while Changshan North Ming, Digital China, and ShenSanda A each have market capitalizations exceeding 20 billion yuan. Since the beginning of this year, KNOWLEDGE ATLAS AI concept stocks have experienced a pattern of rising then falling, but 10 stocks still recorded price increases. UCloud led with a 43% gain, while BlueFocus and Capital Online both saw increases of over 20%. PingZhi Information, Haitian Ruisheng, and SMZDM all achieved gains of more than 10% during the period.
Regarding institutional attention, a total of 7 KNOWLEDGE ATLAS AI concept stocks have received institutional research visits this year. Among them, Haitian Ruisheng was visited by a cluster of 272 institutions, while 37 Interactive Entertainment was visited by over a hundred institutions. Visual China Group and YUSYS Technologies were each visited by 99 institutions, and Colorful Starfish received visits from 75 institutions. From a capital flow perspective, data shows that over the past month, 7 KNOWLEDGE ATLAS AI concept stocks have seen net purchases by margin traders. Hand Information Technology and UCloud were significantly bought by margin traders, with net purchases of 172 million yuan and 169 million yuan respectively. Haitian Ruisheng saw leveraged funds increase their positions by 94 million yuan. ShenSanda A and DouSheng Education recorded net margin purchases of 71 million yuan and 28 million yuan respectively.
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