Zhipu's first annual report after going public shows a loss of 4.718 billion yuan, with the stock price increasing nearly fivefold.

On March 31, domestic AI model unicorn Zhipu (02513.HK) released its first annual performance report since going public.

In 2025, Zhipu achieved total operating revenue of RMB 724 million, up 131.9%; incurred a loss of RMB 4.718 billion during the year, widening 59.5% year over year; and posted an adjusted net loss of RMB 3.182 billion for the year, widening 29.1% year over year. Loss per share was RMB 12.03.

Zhipu’s gross margin declined from 56.3% in 2024. The announcement said this was mainly due to an increased share of its cloud deployment business and a phased decline in gross margin for its localized deployment business.

The main drivers of Zhipu’s year-over-year revenue growth were revenue growth from its open platform and API, enterprise-level intelligent agents, and enterprise-level general-purpose large model business. The announcement shows that in 2025, revenue from these three segments was RMB 190 million, RMB 166 million, and RMB 366 million, respectively.

The announcement mentioned that within 24 hours after the launch of Zhipu GLM-5, official access was obtained from leading technology companies including ByteDance, Alibaba, and Tencent. Among China’s top 10 internet companies, 9 have already deeply integrated GLM. As of March 2026, registered users on the platform exceeded 4 million.

The announcement shows that Zhipu’s shareholders’ equity decreased from RMB -3.955 billion in 2024 to RMB -8.111 billion in 2025, mainly due to the increase in R&D investment, which led to a larger net loss. Regarding R&D, in 2025, Zhipu’s R&D expenditures were RMB 3.180 billion, up 44.9% year over year. The announcement said this was mainly due to increased employee costs and increased computation service fees paid to third-party computing power suppliers.

It is noteworthy that in its financial report, the company disclosed that due to strong demand for computing power, it proactively raised the price of its programming package by 30% in February 2026, and its API call pricing also increased by 83% compared with the end of last year.

On March 27, at the AI Open Source Frontier Forum during the 2026 Zhongguancun Forum annual conference, Zhipu CEO Zhang Peng addressed the earlier issue of the price increase for the new model GLM-5-Turbo.

Zhang Peng said OpenClaw helped everyone realize that large models can not only converse but also get work done, and the requirements for large-model capabilities behind this are very high. GLM-5-Turbo was upgraded and strengthened for specific functions, and it also improves Token efficiency when handling complex tasks, which leads to an increase in model costs to some extent.

Zhang Peng mentioned that relying on low-price competition long term is not beneficial for the development of the entire industry. Zhipu hopes to form a virtuous closed loop through a continuous commercialization path and continuously optimize model capabilities.

On January 8, 2026, Zhipu listed on the Main Board of the Hong Kong Stock Exchange, with an issue price of HKD 116.20 per share, raising a total of HKD 4.348 billion. After listing, the company’s share price rose steadily. As of March 31, the cumulative gain was nearly fivefold, making it one of the best-performing new listings in the Hong Kong stock market.

On March 31, Zhipu opened at HKD 720 per share and closed at HKD 693.5 per share, down 5.45%. Its total market capitalization was HKD 309.2 billion.

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责任编辑：宋雅芳