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

On March 31, Zhipu released its first earnings report after going public. The company continued to maintain its position as the independent large model company with the largest domestic revenue scale, and at the financial level fully replicated Anthropic’s business logic of “the smart upper limit determines pricing power, and the scale of Token consumption determines the value body size.”

Revenue up 1.3 times year over year

The earnings report shows that in 2025, Zhipu achieved total revenue of 724 million yuan, up 131.9%; full-year consolidated gross margin of 41%, far above industry benchmarks; the adjusted 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 losses was a significant increase in R&D spending. During the year, the company’s R&D investment reached 3.180 billion yuan, up 44.9%, reflecting the company’s strategy of driving long-term development through technical investment.

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

During the reporting period, revenue from enterprise-grade general large models (mainly using localized deployment) increased from 215 million yuan to 366 million yuan, up 70.5%, 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 is designed to build autonomous intelligent systems for complex enterprise scenarios. The breakout of market demand has validated the trend of AI applications evolving into deeper, more automated implementations.

API price hikes of 83% still sold out

During the reporting period, Zhipu’s open platform and API business performed even more impressively. Revenue surged from 48.48 million yuan to 190 million yuan, up 292.6% year over year, indicating that the scaling process of the company’s MaaS (model as a service) platform is accelerating.

The open platform and API sell Tokens externally. They are standardized, platform-based cloud online services that the company provides to developers and enterprise customers based on its general large model capabilities. Benefiting from an increase in the model’s smart upper limit and a surge in call volume, revenue from this segment shows explosive growth.

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

An analyst pointed out: “This earnings report from Zhipu indicates that the evaluation coordinate system for domestic foundation model companies needs to change. It is no longer a technical service company that burns money to buy growth, but a model vendor that has already run through a business closed loop and has pricing power and self-sustaining ‘blood generation’ capabilities.”

A recent research report from Huachuang Securities states that as AI evolves from Chat to Agents, the number of Tokens demanded is growing explosively. Core links in the industrial chain are expected to realize both order delivery and performance on a double basis.

Multiple concept stocks attracted bargain hunters against the trend

The Eastern Fortune concept sector shows that, in the current A-share market, there are 30-plus stocks related to Zhipu AI, with a combined total market value exceeding 430 billion yuan. BlueFocus and 37 Interactive Entertainment lead by scale, while Changshan North Ming, Digital China, and DeepSanda A all have market values exceeding 20 billion yuan.

Since this year began, Zhipu AI concept stocks have surged and then pulled back, but still, 10 stocks recorded share price gains. Uqertech topped the list with a 43% increase. BlueFocus and Capital Online both rose by more than 20%. Pingzhi Information, Hingtian Ruisheng, and Worth Buying saw gains of more than 10% in their respective ranges.

In terms of institutional attention, during the year, a total of 7 Zhipu AI concept stocks received institutional research visits. Among them, Hingtian Ruisheng drew scrutiny from 272 institutions in a rush. The number of institutional visits for 37 Interactive Entertainment also exceeded 100. Vision China and Founder Uxin Technology each received attention from 99 institutions. Colorsence Stock received research visits from 75 institutions.

From the perspective of capital flows, according to Eastern Fortune Choice data, in the past month, 7 Zhipu AI concept stocks received net financing purchases. Hande Information and Uqertech were both aggressively bought by financing accounts—1.72 billion yuan and 1.69 billion yuan, respectively. Hingtian Ruisheng received an increase of 94 million yuan in leveraged funds. DeepSanda A and DouShen Education had net financing purchases of 710 million yuan and 280 million yuan, respectively.

（Source: Eastern Fortune Research Center）