KNOWLEDGE ATLAS (02513) opened 15% higher in Hong Kong trading after the release of its financial results. At the time of writing, the stock was up 15%, trading at HK$797.5, with a turnover of HK$65.4748 million. On March 31, the company announced its fiscal 2025 results, reporting total annual revenue of 724 million yuan, a year-on-year increase of 131.9%. The annual comprehensive gross profit margin reached 41%, significantly exceeding industry standards. By business segment, revenue from the company's enterprise-level intelligent agent business surged to 166 million yuan from 47 million yuan the previous year, a growth of 248.8%, accounting for 22.9% of total revenue and establishing itself as a new growth engine. Revenue from the open platform and API platform business increased to 190 million yuan from 48 million yuan the prior year, a substantial rise of 292.6%. Notably, by the end of the reporting period, KNOWLEDGE ATLAS's API platform Annual Recurring Revenue (ARR) reached 1.7 billion yuan, a sixty-fold increase over the past year. While competitors in the industry have been cutting prices, the GLM model API saw an 83% price increase, yet its usage volume grew instead of declining. Concurrently, the gross profit margin for the MaaS API platform improved nearly fivefold year-on-year to 18.9%, indicating a significant enhancement in profitability.
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