---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/43677648.md"
description: "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)"
datetime: "2026-08-31T12:18:28.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/43677648.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43677648.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43677648.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# Zhipu 1H26 First Take: against a ~$70bn market cap…


### Related Stocks

- [02513.HK](https://longbridge.com/en/quote/02513.HK.md)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**