On March 31st, Zhipu AI (02513.HK), the pioneer large model stock listed in Hong Kong, officially released its first full-year financial report post-listing, showcasing remarkable performance with revenue doubling, gross profit soaring, and comprehensive commercialization breakthroughs.

The day following the financial report's release, the company's stock price skyrocketed by over 30%, reaching an all-time high, with its market value surpassing HK$400 billion. Less than three months after its listing, the stock price has surged nearly fivefold from its initial offering price, positioning it as one of the standout new listings on the Hong Kong stock market this year.

Established in 2019, Zhipu (Z.AI) originated from technological innovations at Tsinghua University, with a focus on the research and development of Artificial General Intelligence (AGI).

In 2025, Zhipu (Z.AI) unveiled its new-generation flagship models, GLM-4.5/4.6, which, for the first time, seamlessly integrated reasoning, coding, and agent functionalities within a single model. These models swiftly secured the top comprehensive ranking in 12 authoritative evaluations, ranking first both domestically and among global open-source models.

Source: Zhipu

On the global large model platform OpenRouter (which reflects real-world usage of large models globally), GLM-4.5/4.6 has consistently ranked among the top 10 in terms of usage since their launch, with paid API revenue surpassing the combined total of all domestic models.

Zhipu has achieved revenue growth doubling for three consecutive years, establishing itself as a leading independent large model provider in China.

In 2025, Zhipu AI delivered outstanding core financial results.

Total revenue reached RMB 724 million, marking a significant year-on-year increase of 131.9%. Gross profit stood at RMB 297 million, up 68.7% year-on-year, with a comprehensive gross margin of 41%, ranking among the highest in the industry. R&D investment reached RMB 3.18 billion, a 44.9% year-on-year increase, continuously reinforcing technological barriers. Despite an adjusted net loss of RMB 3.182 billion, the net loss rate decreased by nearly half. Following this trajectory, profitability is anticipated in the 2026-2027 fiscal year.

The standout feature of this financial report is the explosive growth of the cloud-based MaaS (Model as a Service) business.

Revenue from cloud-based API/open platforms reached RMB 190 million, a staggering 292.6% year-on-year increase, with its proportion jumping from 15.5% to 26.3%, becoming the second-largest revenue stream. Gross margin soared from 3.3% in 2024 to 18.9%, nearly quintupling.

Furthermore, in the first quarter of 2026, API prices were raised by a cumulative 83%, and programming packages by 30%, yet usage increased by 400%, with market demand still exceeding supply, demonstrating a simultaneous rise in both volume and price.

Meanwhile, enterprise-level business also exhibited strong momentum. Revenue from enterprise-level agents reached RMB 166 million, a 248.8% year-on-year increase. Revenue from enterprise-level general large models reached RMB 366 million, a 70.5% year-on-year increase, making it the company's largest business segment.

As of March 2026, the Zhipu MaaS platform has amassed over 4 million registered users and 242,000 paying developers, spanning 218 countries and regions worldwide. Nine of China's top 10 internet companies have deeply integrated its GLM models.

Behind these impressive achievements lies a fundamental formula.

Zhipu posits that breakthroughs in the upper limits of intelligence are the sole physical first principle of this era. If the upper limits of intelligence determine technological pricing power, then the scale of Token consumption dictates the magnitude of commercial value.

Zhipu encapsulates this formula as:

AGI Commercial Value = Upper Limits of Intelligence × Scale of Token Consumption.

In simpler terms, the upper limits of intelligence determine the technological ceiling and pricing power, while Token consumption determines scale.

In 2025, Zhipu put this formula into action. On the 'upper limits' front, Zhipu adhered to its self-developed GLM architecture, with frequent iterations from GLM-4.5 to GLM-5, maintaining its position as the top global open-source model and among China's first tier.

GLM leads globally, with technology as its cornerstone, anchoring the 'upper limits of intelligence.'

It pioneered Agentic Engineering, launching products like AutoGLM and AutoClaw, setting industry implementation standards. It engaged deeply in soft-hard collaboration (software-hardware synergy) adaptation for domestic chips, achieving inference efficiency comparable to international top-tier chips, solidifying its foundation for computational autonomy.

Moreover, substantial R&D investment has created formidable technological barriers, giving Zhipu the confidence to raise prices while still experiencing robust user demand.

On the 'scale' front, as GLM penetrated meta-scenarios like Coding and Agent, paid Token consumption experienced exponential growth. Through extreme engineering optimization on the inference side, Zhipu significantly reduced unit costs while steadily enhancing gross profit performance.

Looking ahead to 2026, the annual report outlines three strategic directions:

1. Capitalize on the Token boom: Applications like OpenClaw drive Token consumption, with computational demand outstripping supply. Continue to invest in inference optimization and adaptation to domestic computational power.

2. Develop LLM-OS: Upgrade from a conversational interface to a large model operating system, seizing control over the definition of next-generation computing.

3. Expand high-value Token offerings globally: Upgrade from 'software exports' to sovereign AI output, supplying cost-effective intelligent computational power worldwide, and establishing a global factory for high-quality Tokens.

Source: Zhipu

2026 marks the inaugural year of large model commercialization, with Zhipu leading the industry and reaping its rewards. China's large models have officially entered the commercialization realization phase.

Despite still being in a loss-making stage, high growth, improved gross margins, strong demand resilience, and solid technological barriers have fully unlocked growth potential. With Token consumption entering exponential growth and Agentic Engineering fully implemented, Zhipu is on the fast track from losses to profitability, transitioning from China's leader to a global frontrunner.