华尔街评智谱财报:ARR爆发是最大惊喜,Token量价齐升意味已有实质定价权

BlockBeatNews

据 1M AI News 监测,智谱 AI 交出了一份令华尔街侧目的成绩单,全年营收同比暴增逾一倍,但真正让市场震惊的,是财报发布后披露的一个实时数据:截至 2026 年 3 月 31 日,公司开放平台 API 的年度经常性收入(ARR)已飙升至约 17 亿元人民币(约 2.5 亿美元),较 2025 年底的约 5 亿元人民币暴增逾 2.4 倍,较 12 个月前更是增长约 60 倍。摩根士丹利和摩根大通均将此视为本次财报最大的惊喜。更具说服力的是,这一增长并非单纯靠以价换量堆出。

摩根大通在研报中特别指出,智谱 API 平台的 Token 价格年初至今已上涨 83%,而需求仍在持续加速——量价同步攀升,在当前中国大模型价格战白热化的背景下,这一现象极为罕见,直接印证了智谱在编程、智能体等高价值场景中已形成实质性的定价权。

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