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Below is Dolphin Research's Trans of Zhipu's FY2025 earnings call. I. Core financial highlights.1) Rapid revenue growth: FY2025 revenue reached RMB 724 mn (+132% YoY). The cloud open platform and API businesses accounted for 26.3% of total revenue.2) API ARR inflection: As of Mar 2026, API ARR reached $250 mn, up 60x over the past 12 months. Pricing per API call rose 83% vs. Dec 2025, with demand increasing after the price hike...

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Zhipu (Trans): Tech-Driven, Focus on Advancing the Model Frontier

Today’s Key News Recap

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0331 | Dolphin Focus: 🐬 Macro/Industry 1) NBS reported Mar Mfg PMI at 50.4%, up 140bps MoM and back in expansion. The non-manufacturing business activity index was 50.1%, up 60bps MoM, marking a second straight month of recovery.Production and new orders both stayed in expansion, while SME sentiment improved notably. This points to a rapid post-CNY rebound in manufacturing.2) Trump told aides he would be willing to halt military ops against Iran even if the Strait of Hormuz is not fully reopened. He would prioritize the goal of 'degrading Iran's naval and missile capabilities'...

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Tencent ramps up AI agents; BABA unveils Qwen3.5-Omni | Daily News Recap

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In the business-model analysis 'Deep Dive into MiniMax and Zhipu: Are Foundation Models, Compute Intensity and Financing Stamina the Decider?', Dolphin Research argued that amid high costs and rapid iteration, the foundation-model industry has turned into a brutal test of financing endurance. But the true core of that money magnetism rests on two fundamentals for model companies: 1) model capability; 2) product and commercial execution. This piece focuses on how $MINIMAX-W(00100.HK) performs on those two fronts...

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MiniMax’s sky‑high valuation: bubble or the future?

$Unity Software(U.US) rallied after hours on a Q1 pre-announcement, with revenue and profit both topping prior guidance. It also said it will divest IronSource and Supersonic by end-Apr, effectively shedding the overpaid M&amp;A overhang from the prior leadership team. This will reduce revenue scale and narrow the footprint, diluting the once-aspirational end-to-end moat. For Unity, where operating efficiency has been middling, that may not be a bad trade-off. The carve-outs should sharpen focus, lower execution burden on mgmt, and preserve core strengths. 1、广告：轻装上阵、Vector 超预期 Grow rose 24% YoY; ex-IronSource and Supersonic, it was up 48% YoY. IronSource has been a drag for more than a quarter, so the key marginal driver here is Vector, which is guided to grow 15% QoQ vs. prior 10%. IronSource is expected to contribute only 6% of Q1 Grow, so the divestiture’s impact should be limited, with core ad tech absorbed over the past three years. Integration between the two teams had frictions, and LevelPlay (the mediation platform), once separate from Unity, can partner more openly with Unity’s competitors. 2、引擎：核心业务稳定增长，继续关注 AI 侵蚀影响 Create grew 3% YoY; ex-Weta and professional services, the core engine was up 14% YoY (vs. 16% last quarter, with quarterly growth around 15% over the past year), in line with guidance. Divestiture effects continue to fade and the core engine is growing steadily, with no visible AI erosion yet.While Dolphin Research believes LLMs are unlikely to disrupt the Unity engine in the near to medium term (see《<a href="https://longbridge.cn/topics/38343273?channel=SH000001&amp;invite-code=355628&amp;app_id=longbridge&amp;utm_source=longbridge_app_share&amp;locale=zh-CN&amp;share_track_id=b89d80be-d94a-4b1c-83fc-c885c127a27f">血洗游戏股，谷歌打出 ‘灭霸’ 响指</a>》), there could be partial impact. Given the rapid pace of AI, we will keep watching developments. 3、利润：经营效率整体提升 Adj. EBITDA modestly beat in Q1, and margins should improve after the IronSource &amp; Supersonic carve-outs. The goodwill and other amortization tied to the premium IronSource deal will be taken at disposal, and Supersonic’s lower margin vs. ads means post-spin profitability should converge toward ad-like levels. Although investors mainly track adj. EBITDA, some funds will also watch GAAP margins. Intangible amortization expense is nearly 24% of total revenue, accounting for about half of total adjustments. 4、估值：当下仍定价了更多 AI 侵蚀的悲观预期 With the business reset, we update valuation accordingly. We assume a neutral case. (1) Grow: neutral to slightly constructive. About 20% of Grow will be carved out in Q1; the remaining strategic core, primarily Unity Ads, is roughly $280mn. Vector was $190mn last quarter; +15% QoQ implies ~$220mn in Q1, already ~80% of the core. Assuming Vector sustains ~10% QoQ growth through the year, FY revenue would be ~$1.01bn. Adding ~$240mn from other Grow (held flat at ~$60mn in Q1, annualized) and ~$73mn from IronSource &amp; Supersonic yields total Grow of ~$1.32bn. (2) Create: neutral stance with cautious valuation. At a 5% growth rate (with carve-out effects), FY revenue is ~$650mn. (3) Grow at 6–7x P/S (raised from 5x to reflect segment adj. EBITDA margin moving from ~25% to 30%+) is worth ~$7.9–9.2bn. Create at 3–4x (cut from 7x to align with pressured top-tier SaaS and to price in some AI erosion) is worth ~$2.0–2.6bn. Sum-of-the-parts is ~$9.9–11.8bn. Versus the current after-hours market cap of ~$8.4bn, there is still room, suggesting the market continues to price in heavier future AI erosion.

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0326 | Dolphin Research Focus: 🐬 Macro/Industry 1) Data show U.S. import prices rose 1.3% MoM in Feb, beating the 0.5% consensus and marking the biggest increase since 2022, driven by higher fuel and rising import costs for AI-related semiconductors and computers. The print signals a clear pickup in imported inflation, with signs of a second leg up, and higher import costs are likely to pass through to consumer prices. On the same day, Fed Governor Michael Barr said rates will stay on hold until there is sustained progress toward 2% inflation...

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SpaceX IPO Push: Latest Update; GOOGL Unveils AI Memory-Compression Game-Changer | Daily News Recap

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Micron (MU) posted FQ2 (FY26) results (quarter ended Jan 2026) after the U.S. close in the early hours of Mar 19 Beijing time. Key takeaways: (1) overall results.Revenue was $23.86bn (+75% QoQ), beating raised buy-side est. of $19.9bn. Growth was driven by both DRAM and NAND, each up 70%+ QoQ.GPM reached 74.4%, above the raised buy-side est. of 69%. Supported by a sharp rise in memory pricing...

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MU: AI-Driven Memory Boom—Can It Break the Cycle?---

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0318 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) The Fed kicked off its two-day FOMC meeting on Mar. 17 local time. The market broadly expects the policy rate to stay at 3.50%–3.75%.However, sticky inflation (PPI at 2.9%) and a Middle East-driven oil spike (WTI above $100) are tightening expectations for 2026 cuts. Investors are dialing back the number of cuts priced in. If the dot plot due on the 18th indicates just one cut in 2026—or none at all...

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MiniMax debuts M2.7, shows a 'self-evolving' model; META trims 'metaverse' again | Daily News Recap

Broadcom

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AVGO released Q1 FY26 results (ended Jan 2026) after-hours on Mar 5 (Beijing time). 1) Overall performance: revenue was $19.3bn, +29% YoY, in line with market expectations ($19.2bn).Revenue rose $1.3bn QoQ, mainly driven by AI. GPM was 68.1%. Excluding acquisition-related amortization and restructuring charges, Adj. GPM was 75.8%...

AVGO: AI firing on all cylinders; a fiercer rival to NVDA?---

AVGO First Take: revenue and GPM met expectations this quarter. Top-line growth was driven by AI. On a business basis, GPM was 75.8% after excluding acquisition amortization and restructuring, ticking down QoQ on mix shift as lower-margin ASIC contributed more. For next quarter, the company guides revenue to $22bn, up $2.7bn QoQ, above the Street (~$20.8bn). Growth again comes from AI. 1) Acquisition impact: Total Debt/LTM Adj. EBITDA fell to 2, back to pre-deal levels. The debt impact from the VMware acquisition has been absorbed within two years. 2) AI performance: AI revenue was $8.4bn this quarter, +$1.9bn QoQ. Mgmt guides AI revenue to $10.7bn next quarter, +$2.3bn QoQ, above the Street (~$9.7bn). With AI as the main driver, AVGO is in an earnings upcycle. Coupled with capex outlooks at Google and Meta, rapid AI growth into 2026 looks highly visible. Yet despite Big Tech raising capex, the stock has traded sideways, as the market questions sustainability. Meta's 2026 capex is projected to exceed half of annual revenue, leaving limited room to push higher. AVGO and NVDA have recently seen strong results but multiple compression, and beyond beat-and-raise guidance, investors want clearer commitment from mgmt on sustained mid-to-long-term growth. For detailed follow-ups, please track Dolphin Research's upcoming commentary and Trans. $Broadcom(AVGO.US)

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0304 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. On Tues. local time, President Trump announced the White House will provide naval escorts and political risk insurance for tankers transiting the Strait of Hormuz. The goal is to stabilize energy prices and relieve soaring marine insurance costs and transit disruptions.The move directly hedges geopolitical risk and swiftly calms market worries over energy supply, limiting near-term upside for crude. It could help normalize shipping routes if implemented effectively.However, the actual effectiveness of the escort program and the longevity of regional tensions remain uncertain. Energy and shipping sectors may remain volatile as the situation evolves, so track the pace of real traffic recovery...

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BABA Qwen chief steps down; NVDA sets GTC 2026 dates ｜ Daily News Recap---

Google A Options Trading Active, AI Theme Cooling

Google Developing New Fitbit Smartwatch

Google Plans Transition to Post-Quantum Cryptography by 2029

Google Introduces AI-Powered EV Charging Features for Over 350 Android Auto Models

Google Employees Using New AI Tool Agent Smith to Automate Tasks

Google Launches Gemini Memory Import Tool to Support Migration of Other AI Chat Records

US Federal Judge Reduces Google Privacy Settlement Lawyer Fees to $21.8 Million

Google to Provide Financing Support for Anthropic's Data Center

Wells Fargo Raises Alphabet's Target Price to $397

Google A's Options Market Volume and Open Interest

Google Allows Migration of Memory Data from Other AI Apps to Gemini

Google Launches AI Mode for Search Live Streaming Globally

Wedmont Private Capital Increases Stake in Alphabet

US Bank Securities Maintains Buy Rating on Alphabet Class A, With a Target Price of $370

Waymo's Robotaxis Rely on Emergency Personnel for Assistance

Waymo's Autonomous Driving Technology Significantly Reduces Road Safety Accidents

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