Zhipu's first interim report as a listed company: revenue up 400%, API now 86.5% of the business

Zhipu AI (Z.ai)

Industry media only 3 src. ~1 min

Zhipu's (02513.HK) first half-year report since its IPO, widely covered on Sept 6-7, shows H1 2026 revenue of RMB 954 million, up 399.7% year over year and already above full-year 2025. Open-platform/API revenue grew 2735.7% to RMB 825 million and now makes up 86.5% of revenue (15.2% a year ago), while net loss narrowed 12.1% to RMB 2.07 billion; ARR hit $1.6 billion by end of August.

Why it matters

Proof that a Chinese open-weights lab can flip from on-prem deployment deals to API subscription revenue at scale, with API gross margin turning positive at 24.6%.

Importance: 3/5

First earnings report of a listed Chinese LLM lab; 400% revenue growth

zai-org glm earnings api-revenue arr

Sources

media Zhipu interim report: revenue up nearly 4x, but the real change is that API became the main revenue

media Monthly revenue of 900 million — enough for Zhipu to toast itself

secondary Burning cash, racing, and the kill line: what Zhipu's half-year report says about the second half of the LLM race