Lyon: Smart Spectrum (02513) raised the ARR guidelines to $3 billion at the end of the year to “outperform the market”

The Zhitong Finance App learned that Lyon released a research report saying that Zhi Spectrum (02513) held an investor conference call to explain the latest business situation after the recent $5 billion strategic financing. The management raised the ARR guidelines from 2.4 billion US dollars to 3 billion US dollars at the end of the year, rating “outperforming the market.”

The strategic financing included H share placement and convertible bonds, totaling US$5 billion. The company said that after two rounds of financing, computing power is no longer a limiting factor for ARR recently, and has reached cooperation with domestic and foreign cloud service providers, which is expected to unlock global monetization potential.

Management revealed that ARR has recently exceeded 1.8 billion US dollars, and the ARR guidance was further raised from 2.4 billion US dollars to 3 billion US dollars at the end of the year, benefiting from strong programming demand and rapid growth in cowork demand. According to the current computing power multiplier, management expects the $5 billion computing power investment to be converted into at least $2.4 billion in revenue.

One month after the launch of GLM-5.3, Cowork has received more than 1 billion yuan of orders, which will be confirmed in the next one to two years. More than 100 companies have embedded GLM into their cybersecurity products and workflows; Zcode has surpassed 2 million users, making it one of the top three programming agents in China.