KNOWLEDGE ATLAS (02513) saw its shares surge more than 15% during the session, reaching a high of HK$999 and setting a new record high since its listing. At the time of writing, the stock was up 13.36%, trading at HK$984.50, with a turnover of HK$1.429 billion. The company's market capitalization has surpassed HK$420 billion.

The company recently officially launched GLM-5.1 and announced its open-source release. It is understood that GLM-5.1 is KNOWLEDGE ATLAS's flagship model, ranking among its most intelligent to date, and is currently a leading open-source model globally. Notably, coinciding with the official release of GLM-5.1, the model aggregation platform OpenRouter indicated that KNOWLEDGE ATLAS has again increased the price for GLM by 10%. After this adjustment, the price for cached tokens of GLM-5.1 in Coding scenarios has approached the level of Anthropic's Claude Sonnet 4.6. This marks the first time a domestic large language model has achieved price parity with leading overseas manufacturers in core scenarios.

Previously disclosed annual report data from KNOWLEDGE ATLAS showed that the company's MaaS (Model-as-a-Service) API platform achieved an Annual Recurring Revenue (ARR) of RMB 1.7 billion for 2025, a 60-fold increase year-over-year. The gross margin for the MaaS API platform improved nearly fivefold year-over-year to 18.9%. Cinda Securities pointed out that against the backdrop of the current paradigm shift, there is strong visibility for the continued step-up in cloud/API ARR by year-end. The company has preliminarily demonstrated that during a paradigm shift phase, the elevation of the model's intelligence ceiling can simultaneously drive both pricing increases and usage expansion. High-quality tokens are gradually transitioning from a focus on "competing on price" to "competing on capability."