岭南望岳
2026.04.03 15:59

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LongPort - Dolphin Research
Dolphin Research

Zhipu (Trans): Tech-Driven, Focus on Advancing the Model Frontier

Below is Dolphin Research's Trans of Zhipu's FY2025 earnings call.

I. Core financial highlights.

1) Rapid revenue growth: FY2025 revenue reached RMB 724 mn (+132% YoY).

The cloud open platform and API businesses accounted for 26.3% of total revenue.

2) API ARR inflection: As of Mar 2026, API ARR reached $250 mn, up 60x over the past 12 months.

Pricing per API call rose 83% vs. Dec 2025, with demand increasing after the price hike...

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