Zhipu AI (Z.ai)
ConvictionContext
Model-as-a-Service (MaaS) API platform + enterprise/on-prem model deployment + open-weight GLM models as ecosystem funnel; monetization shifting from on-prem projects to cloud API services (cloud segment 26.3% of FY2025 revenue, up from 15.5%)
Revenue
RMB 724.33M~$104.8M) FY2025 (ended Dec 2025, first post-IPO annual reportRev growth
+131.9% YoYFY2025; missed analyst estimate of ~RMB 756MGross margin
overall gross margin not disclosedin sourced reporting; MaaS/API segment gross margin 18.9% FY2025 (up from 3.3% FY2024Op margin
deeply negative -- total loss RMB 4.72B on RMB 724M revenueFY2025); adjusted net loss RMB 3.18B (~-440% adjusted net marginCapex intensity
not separately disclosedcompute buildout funded via equity raises (IPO ~$559M + Jul 2026 placement ~$4B + planned RMB 15B STAR Market raiseMarket cap
~$100-115B USDHKEX 2513, early Jul 2026; hit a then-record ~$112B on May 29 per Caixin and topped HK$1T (~$128B) in late Jun 2026 -- highly volatile, thin free floatThe read
Where our coverage leans
Coverage leans bearish
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Full financial intelligence for Zhipu AI (Z.ai)
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence