CMB International released a research report saying that Zhipu's annualized recurring revenue growth trajectory is steady and the prospects are strong, and the company's disclosure of the number of new users and participation has further strengthened the bank's positive views. Driven by stronger annualized recurring revenue growth, the bank raised its 2025-2028 CAGR forecast from 199% to 275%, and raised the target price from HK$1503.9 to HK$1985, maintaining a “buy” rating. The bank believes that the company has achieved an effective balance between the pace of model iteration, the level of intelligence and the cost of a single task, and is expected to maintain Pareto's leading position in the big language model industry and provide plenty of room for long-term monetization.

CMB International released a research report saying that Zhipu's annualized recurring revenue growth trajectory is steady and the prospects are strong, and the company's disclosure of the number of new users and participation has further strengthened the bank's positive views. Driven by stronger annualized recurring revenue growth, the bank raised its 2025-2028 CAGR forecast from 199% to 275%, and raised the target price from HK$1503.9 to HK$1985, maintaining a “buy” rating. The bank believes that the company has achieved an effective balance between the pace of model iteration, the level of intelligence and the cost of a single task, and is expected to maintain Pareto's leading position in the big language model industry and provide plenty of room for long-term monetization.