Zhipu's first post-listing interim report: revenue up nearly 400%, API income surges 27x

Zhipu has published its first interim results since listing, offering the latest look at how the Chinese large-model company is commercializing its technology.

The report shows revenue of about 950 million yuan in the first half, up nearly 400% year on year. Open-platform and API revenue reached 825 million yuan, surging more than 2,735% — matching the widely cited "API up 27x" figure.

Open-platform and API revenue now accounts for close to 90% of total revenue, confirming that Zhipu's API-centric "token economy" model is scaling rapidly.

The strong growth has not yet translated into profits, however: adjusted losses continued to widen and the profit inflection point the market is waiting for has not arrived.

According to media reports from the earnings call, management guided to roughly $2.4 billion in annualized recurring revenue (ARR) by year-end and admitted to lagging Anthropic by about 17 months. Even after raising API prices by 101%, API call volume still grew 40-fold, suggesting the price increase has not suppressed demand.

As one of the Chinese large-model companies listed on the Hong Kong exchange, Zhipu's first post-listing report is widely seen as a key window into China's LLM commercialization push — and whether APIs can become a sustainable source of cash is the question the market cares most about.

Watch next: whether Zhipu can improve gross margin and narrow losses while revenue grows, whether the full-year ARR guidance is met, and how its API pricing strategy and compute buildout support the next stage of growth.