【AI+2513 Performance】Zhipu's revenue last year increased by 131.9% year-on-year, with an adjusted net loss of 3.18 billion RMB.

One of the leading AI companies on the Mainland, Zhipu,
(02513)
announced 2025 results. During the period, revenue was RMB 724 million, up 131.9% year over year; gross profit was RMB 297 million, up 68.7% year over year; it booked a loss of RMB 4.718 billion, widening 59.5% year over year; and adjusted net loss was RMB 3.182 billion, improving? Actually, up 29.1% year over year.

Zhipu said its programming, agents, and enterprise-grade large-model services have crossed geographic boundaries, reaching 218 countries and regions worldwide, and co-building an ecosystem with more than 4 million SMEs and developers.

Unlocking AGI’s business value

In terms of strategic positioning, the company derived a simple internal formula:

AGI business value = intelligence upper bound × token consumption scale

In 2025, on the “upper bound” side: with the high-frequency iterations from GLM-4.5 to GLM-5, it continued to top the global open-source charts in major international benchmarks—No. 1 globally in open source, No. 1 in China—maintaining a leading position in the world’s top tier.

On the “scale” side: as GLM deeply penetrated meta scenarios such as programming (Coding) and agents (Agent), paid tokens (tokens; broadly referring to AI computation resource measurement or service billing units) achieved an exponential jump. At the same time, while significantly reducing unit costs, it also drove a steady improvement in gross profit performance.

OpenClaw sparks the token consumption surge

Zhipu said that the explosive application of OpenClaw in 2026 will ignite the token consumption boom earlier. The company will continue to increase investment, especially in “Day0” adaptation for domestically made chips and optimization that integrates software and hardware.

Zhipu emphasized that the company will push inference performance to the limit—not for short-term profitability, but to support that upward-trending, high-quality token consumption exponential curve.

Looking ahead to 2026, the intelligent paradigm will evolve from lightweight VibeCoding (atmosphere-based programming) to industrial-grade AgenticEngineering (agent engineering), and then further into digital engineers with capabilities for autonomous planning, environmental awareness, and self-iteration. Ultimately, it will realize a closed-loop execution of Long-horizonTask (long-horizon tasks) featuring cross-multi-iteration, logically consistent execution, which will further bring breakthroughs in the intelligence upper bound and exponential growth in token calls.

GLM-5 price hikes still in excess demand

The company said that in the era of large models, once large models possess closed-loop capabilities for executing long-horizon tasks, the core competitive advantage will be reshaped into TAC (Token Architecture Capability, token architecture capability).

TAC = intelligence invocation volume × intelligence quality × economic conversion efficiency.

Zhipu said that in the future, the standard for measuring the value of an individual or organization will no longer be how much information it has, but whether, as a token architect, it can build complex agent systems under a given budget and drive large models to autonomously run the complex agent systems. Zhipu’s goal is to become the foundational infrastructure for improving TAC across society, so that every token can be converted into deliverable economic incremental value.

In February this year, Zhipu launched GLM-5. Zhipu said that within 24 hours after the release, it obtained official integrations from leading tech companies such as ByteDance, Alibaba, and Tencent. Among China’s top 10 internet companies, 9 have already deeply integrated GLM. As of March 2026, the platform’s registered users have exceeded 4 million. Even though the API call pricing increased by 83% compared with the end of last year, the market still shows a “compute-power panic” characterized by supply and demand imbalance and excess demand.

Launched in March 2026, ClawPlan went live for only two days, and subscribed users surpassed 100,000; after 20 days online, subscribed users exceeded 400,000.

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