D
6 hours ago
Zhipu 1H26 First Take: against a ~$70bn market cap, 1H revenue was $950mn, which is hardly exciting. GPM for the open platform and API remains low at 25% despite the sharp revenue scale-up, still below 30%.
What stood out vs. expectations was elsewhere. The surprises were:
a) Revenue mix shifted decisively, with the open platform and API now 86% of revenue. This largely removes concerns over Zhipu's much-disliked bespoke model project business. The market expected this mix to rise, just not by this much.
b) Spend was highly disciplined, with sales and admin down. R&D came in at just RMB 2.1bn, well below market expectations.
That said, the lengthy filing pales in comparison to a short headline: Aug ARR ran at $1.6bn with GLM 5.3 and 5.3 Flash, vs $1.0bn in Jul. A $1.6bn ARR can paper over any blemishes in the report. So Zhippu can keep dancing!$Z.AI(02513.HK)
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