---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/43691821.md"
description: "$Z.AI(02513.HK) Last night the company announced ARR of $1.6bn, a big positive. But on the investor call it guided year-end ARR at only $2.4bn. This implies a sharp deceleration over the remaining four months. Monthly ARR growth would fall from the prior 40–50% range to below 15%. There are three possible explanations. First, the Aug. ARR snapshot coincided with the GLM 5.3 and 5.3 Flash releases, which non-linearly lifted end-Aug metrics. Second, as large models roll out in H2, supply increases, competition intensifies and price wars begin. Pricing pressure could slow the pace of ARR realization. Third, the company may simply be guiding conservatively. Either way, a $2.4bn year-end guide is not upbeat. However, Dolphin Research also noted upside potential. That said, the stock carries a rich premium, and intensifying H2 competition raises risk. Additionally, because GLM-6 needs to be trained in H2, training spend will step up further. Overall R&D investment will stay aligned with ARR and commercialization.On GPM, management guides steady, rational improvement for the full year. Over the next 12–18 months, it targets gross margin above 50%."
datetime: "2026-09-01T06:31:10.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/43691821.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43691821.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43691821.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# $Z.AI(02513.HK) Last night the company announced A…


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