Tokens are selling out! Zhipu delivers an impressive "report card," with investors already pre-placing stakes in multiple shares.

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Source: East Money Research Center

On March 31, Zhipu AI released its first financial report after listing. The company continued to maintain its position as the domestic leader in terms of independent large model revenue scale, and at the financial level it fully mirrored Anthropic’s business logic of “the intelligent upper limit determines pricing power, and the scale of Token consumption determines the size of value.”

Revenue surged 1.3x year over year

The financial report shows that in 2025, Zhipu AI achieved total revenue of 724 million yuan, up 131.9% year over year; its full-year consolidated gross margin was 41%, far above industry benchmarks. After adjustments, the net loss for the year was 3.18 billion yuan, compared with a loss of 2.46 billion yuan in the same period last year. The main reason for the widening loss was a significant increase in R&D expenses. The company’s R&D investment during the year reached 3.18 billion yuan, up 44.9% year over year, reflecting its strategy of driving long-term development with technology investment.

By business segment, cloud services and agent business have become the core engines of Zhipu AI’s growth.

During the reporting period, enterprise-grade general-purpose large model revenue (mainly using localized deployment) increased from 215 million yuan to 366 million yuan, up 70.5% year over year, accounting for 50.4% of total revenue.

Enterprise-grade agent business, as an emerging growth driver, saw revenue rise from 47.49 million yuan to 166 million yuan, an increase of as much as 248.8%, with revenue share reaching 22.9%. This product line aims to build autonomous intelligent systems for enterprise-grade complex scenarios. The surge in market demand validates the trend of AI applications evolving toward greater depth and automation.

API price hikes of 83% still sell out

During the reporting period, the performance of Zhipu AI’s open platform and API business was even more impressive. Revenue jumped from 48.48 million yuan to 190 million yuan, up 292.6% year over year, indicating that the company’s MaaS (model as a service) platform scale-up process is accelerating.

The open platform and API refer to selling Tokens externally. They are standardized, platform-based cloud online services that the company provides to developers and enterprise customers based on its general-purpose large model capabilities. Benefiting from an increase in the model’s intelligent upper limit and a surge in usage volume, revenue from this business showed explosive growth.

Worth noting is that after a major 83% price increase for the GLM model API in this year’s first quarter, its call volume did not decline—instead, it rose. The market still remains in short supply, showing customers’ strong willingness to pay for productivity.

As one analyst noted, “This financial report from Zhipu AI signals that the market’s assessment framework for domestic foundation model companies needs to change. It is no longer a technology services company that burns money to buy growth; it is a model vendor that has already run a complete business closed loop, with pricing power and self-sustaining ‘blood generation’ capability.”

In its latest research report, Huachuang Securities stated that as AI evolves from Chat to Agents, the number of Tokens required is growing explosively. The core links in the industry chain are expected to see both order fulfillment and performance recognition.

Multiple concept stocks saw net accumulation against the trend

The East Money concept sector shows that in the current A-share market, there are more than 30 stocks related to Zhipu AI concepts, with a total market cap exceeding 430 billion yuan. Blue Focus and 37 Interactive (rights protection) lead in scale, while Changshan North Ming, Neusoft Digital, and Deep Sealand A all have market caps above 20 billion yuan.

Since the beginning of this year, Zhipu AI concept stocks surged and then pulled back, but still, 10 stocks recorded share price gains. UPHOLD it topped the list with a 43% increase. Blue Focus and Capital Online both rose by more than 20%. Pingzhi Information, Haitian Ruisheng, and Worth Buying each saw gains of more than 10% in their trading ranges.

Regarding institutional attention, during the year, 7 Zhipu AI concept stocks received institutional research visits. Among them, Haitian Ruisheng drew attention from 272 institutions. The number of institutions conducting research visits for 37 Interactive also exceeded 100. VIsual China and Uxin Technology each received attention from 99 institutions, while Caisun Co., Ltd. had 75 institutions go to conduct research.

From a fund perspective, according to East Money Choice data, over the past month, 7 Zhipu AI concept stocks received net financing purchases. Hande Information and UPHOLD it respectively saw financing investors make major accumulations of 172 million yuan and 169 million yuan. Haitian Ruisheng increased its holdings by 94 million yuan through leveraged funds. Deep Sealand A and Dou Shen Education (rights protection) reached net financing amounts of 71 million yuan and 28 million yuan, respectively.

（Source: East Money Research Center）

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