Annual report exceeds expectations! Zhipu API call volume soars, and the computing power leasing sector is expected to benefit fully.

Why does AI · Zhipu API demand remain strong after price increases?

Zhipu released its first annual report since going public, with 2025 performance exceeding expectations. Zhipu’s MaaS API platform achieved an ARR of 1.7 billion yuan (about $250 million), a 60-fold year-over-year increase. Meanwhile, the gross profit margin of the MaaS API platform rose nearly 5 times year-over-year to 18.9%, significantly enhancing profitability.

Notably, after Zhipu increased API prices by 83% in Q1 2026, call volumes did not decrease but instead increased, and the market still has strong demand. The company stated that the enhancement of the upper limit of intelligence is the “first principle” of the era of large model AGI, and will continue to focus on continuous breakthroughs in model intelligence.

In 2026, AI application commercialization will fully explode, potentially directly boosting the prosperity of the cloud infrastructure chain. China Post Securities believes that the exponential growth in token call volume signifies that data elements are achieving a closed loop from supply to value through a monetizable model. Competition among large models is shifting from capability comparison to usage volume comparison, and AI Infra, as the core link supporting call scale expansion, means that underlying support systems such as computing power, networks, and data scheduling must expand simultaneously or even ahead of demand, which will fully benefit from the continuous rise in token demand.

According to the theme database of Cailian Press, among related listed companies:

Guanghua Xinwang mainly engages in internet data center business (IDC and value-added services) and cloud computing business. Based on high-standard data center facilities, the company provides high-performance intelligent computing power services and has won multiple industry awards.

Runze Technology has built a one-stop comprehensive computing power service system of ‘elastic supply of computing power - intelligent operation and maintenance management - full lifecycle services’. The invested Phase I, II, and III projects of computing power leasing are mainly used to meet large model training needs.

(Cailian Press)