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ZHIPU

ZhiPu 02513.HK Price

Closed
ZHIPU
$0
+$0(%0,00)
No data

*Data last updated: 2026-04-14 02:34 (UTC+8)

As of 2026-04-14 02:34, ZhiPu 02513.HK (ZHIPU) is priced at $0, with a total market cap of --, a P/E ratio of 0,00, and a dividend yield of %0,00. Today, the stock price fluctuated between $0 and $0. The current price is %0,00 above the day's low and %0,00 below the day's high, with a trading volume of --. Over the past 52 weeks, ZHIPU has traded between $0 to $0, and the current price is %0,00 away from the 52-week high.

ZHIPU Key Stats

P/E Ratio0,00
Dividend Yield (TTM)%0,00
Shares Outstanding0,00

ZhiPu 02513.HK (ZHIPU) FAQ

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ZhiPu 02513.HK (ZHIPU) is currently trading at $0, with a 24h change of %0,00. The 52-week trading range is $0–$0.

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Risk Warning

The stock market involves a high level of risk and price volatility. The value of your investment may increase or decrease, and you may not recover the full amount invested. Past performance is not a reliable indicator of future results. Before making any investment decisions, you should carefully assess your investment experience, financial situation, investment objectives, and risk tolerance, and conduct your own research. Where appropriate, consult an independent financial adviser.

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ZhiPu 02513.HK (ZHIPU) Latest News

2026-04-02 02:02

Hong Kong stocks: Most OpenClaw concept stocks fall; Zhipu drops more than 15%

Gate News message, April 2, Hong Kong stock OpenClaw concept stocks (AI open-source model related concepts) mostly fell. Zhipu (02513.HK) fell more than 15%, MINIMAX-W (00100.HK) fell more than 9%, Kingsoft Cloud (03896.HK) and Xiaomi Group (01810.HK) fell more than 3%, Alibaba (09988.HK) and Meituan (03690.HK) fell more than 2%.

2026-04-02 00:46

Zhipu AI releases a multimodal coding model, GLM-5V-Turbo, with a 200k context window

Gate News message, April 2, Zhipu AI released the multimodal coding base model GLM-5V-Turbo, designed specifically for visual programming scenarios. The model natively supports multimodal input understanding such as images, video, design drafts, and document layouts, and can call multimodal tools such as framing, screenshots, and reading webpages. The context window has been expanded to 200k.

2026-03-31 09:47

Zhipu announced 2025 performance: full-year revenue of 724 million yuan, up 132% year over year; API platform ARR reached 1.7 billion yuan

Gate News message, March 31, Zhipu released its 2025 performance data. The company’s full-year revenue exceeded 724 million yuan, up 132% year over year, becoming the domestic AI model company with the largest revenue scale; its full-year consolidated gross margin reached 41%. Among them, Zhipu’s MaaS API platform achieved ARR of 1.7 billion yuan in 2025 (about $250 million), up 60 times year over year; the MaaS API platform’s gross margin increased nearly 5 times year over year to 18.9%, with a significant improvement in profitability. The financial report shows that the company’s net loss for 2025 was 4.718 billion yuan, an increase from 2.958 billion yuan in 2024, mainly driven by continued increases in R&D spending. In addition, Zhipu will raise API prices by 83% in the first quarter of 2026. The company said that improving the upper bound of intelligence is the “first principle” in the era of large-model AGI, and it will continue to focus on sustained breakthroughs in model intelligence.

2026-03-27 12:36

The official announcement of GLM-5.1 launch by Zhipu, with coding capabilities significantly ahead of its predecessor, is now open to all users of the GLM Coding Plan.

According to 1M AI News monitoring, Zhipu officially announced that GLM-5.1 is now live, open to all GLM Coding Plan users (Lite/Pro/Max). To switch to using it, users only need to manually change the model name to “glm-5.1” in the configuration file. In coding ability benchmarks (Coding Evaluation, using Claude Code as the testing framework), GLM-5.1 scored 45.3, significantly ahead of the previous GLM-5 at 35.4. In coding tasks, GLM-5.1 is already very close to Claude Opus 4.6, showing clear improvement.

2026-03-26 00:53

Mercedes-Benz Integrates Domestic AI into Maybach: Zhipu and Tsinghua Collaborate to Develop an Edge-Side Multimodal Large Model for the S-Class

According to 1M AI News monitoring, Mercedes-Benz China announced that a multimodal large model developed jointly with Tsinghua University and Zhipu, an AI large model company listed on the Hong Kong Stock Exchange this January, will be implemented in the new generation Maybach S-Class and the all-new S-Class sedans. The model is deployed in the rear-seat entertainment system, integrating natural language processing with visual, audio, and other multimodal understanding and generation capabilities. It works in conjunction with in-car cameras and sensing hardware to perform inference locally under the vehicle's computing power. According to Zhipu's official statement, Mercedes-Benz has thus become the first automotive brand to apply multimodal large models in the rear-seat entertainment system.

Hot Posts About ZhiPu 02513.HK (ZHIPU)

GateUser-bd883c58

GateUser-bd883c58

2 hours ago
Why did the call volume surge against the trend after AI · Zhipu API's price increase of 83%? On March 31, 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 raised API prices by 83% in the first quarter of 2026, the call volume did not decrease but instead increased, and the market still remained in short supply. Zhipu stated that the enhancement of the upper limit of intelligence is the “first principle” in the era of large model AGI, and it will continue to focus on the ongoing breakthroughs in model intelligence. In 2026, the commercialization of AI applications will fully explode, potentially directly boosting the prosperity of the cloud infrastructure supply chain. China Post Securities believes that the exponential growth of token call volume signifies that data elements are achieving a closed loop from supply to value through a monetizable model. The competition among large models is shifting from capability comparison to usage volume comparison, and AI infrastructure, as the core component supporting the expansion of call scale, means that underlying support systems such as computing power, networks, and data scheduling must expand in sync or even ahead, fully benefiting from the continuous rise in token demand. Disclaimer: The market carries risks; investment should be cautious. This article is generated by AI based on third-party data, for reference only, and does not constitute personal investment advice.
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GateUser-bd883c58

GateUser-bd883c58

4 hours ago
Ask AI · In the context of price wars, how does the simultaneous rise in token volume and price reflect pricing power? Zhipu AI has delivered a performance report that has caught Wall Street’s attention, with annual revenue more than doubling year-over-year, but what truly shocked the market was a real-time data disclosed after the earnings release: As of March 31, 2026, the annual recurring revenue (ARR) of the company's open platform API has soared to approximately 1.7 billion RMB (about $250 million), a more than 2.4-fold increase from about 500 million RMB at the end of 2025, and a 60-fold increase compared to 12 months ago. Both Morgan Stanley and J.P. Morgan regard this as the biggest surprise of the earnings report. More convincingly, this growth was not simply achieved through "price to volume" trade-offs. According to Chasing Wind Trading Platform, J.P. Morgan specifically pointed out in its research report that, **the token price on Zhipu’s API platform has increased by 83% since the beginning of the year, while demand continues to accelerate — volume and price are rising together. In the current environment of intense domestic large-model price wars, this phenomenon is extremely rare and directly confirms that Zhipu has established substantial pricing power in high-value scenarios such as programming and intelligent agents.** From the profit path perspective, Zhipu’s loss structure is undergoing a qualitative change. In 2025, the company's R&D expenditure was about 3.2 billion RMB, roughly equal to the adjusted net loss scale, which means the gross profit generated by the existing models is sufficient to cover sales and administrative expenses — core business has already achieved breakeven at the contribution level, and all losses are essentially proactive investments in next-generation model iterations. J.P. Morgan believes that, with the continued triple-digit revenue growth and the sustained expansion of API gross margin (only 3% in 2024, rising to 19% in 2025), the profitability timeline is becoming clearer, and the company is expected to turn profitable by 2029. ARR Explosion: From "Year-End Goal" to "Already on Track" -------------------- The most core highlight of this earnings report is the ARR data disclosed by Zhipu. As of March 31, 2026, the ARR of the open platform API has reached about $250 million, a 6.4-fold increase from the beginning of the year, and about 60 times higher than 12 months ago. **Management’s year-end target is $1 billion, and current progress shows that this goal is not an unreachable vision but is already on a rapid fulfillment track.** Morgan Stanley listed the outperformance of ARR as a "strengthening investment logic" in its research report and characterized it as a "Major Surprise." From a business structure perspective, cloud deployment revenue in the second half of 2025 grew by 431% year-over-year, far exceeding the 57% growth of private deployment, and the proportion of cloud business in total revenue quickly increased from a single-digit percentage to 26%. This structural shift indicates that Zhipu’s business model is evolving from asset-heavy, low-repeat project-based delivery to a light-asset, high-stickiness subscription API economy. Token volume and price rising together: Pricing power is the most scarce signal -------------------- In the current environment where domestic large-model tracks are generally caught in "price competition," Zhipu’s ability to achieve an 83% increase in token price since the beginning of the year while demand remains strong warrants in-depth analysis. Olivia Xu, an analyst at J.P. Morgan, explicitly pointed out in the research report that volume and price rising together is the clearest signal driven by "model real competitiveness" and "high-value workload" growth. Specifically, for customers involved in programming (Coding) and intelligent agent (Agent) scenarios, the payment logic has upgraded from "pay-per-volume" to "pay for task completion quality, throughput, and stability" — an inherently higher-dimensional business relationship. When customers are willing to pay a premium for better results rather than just seeking the lowest unit price, pricing power has quietly formed. From the perspective of model iteration paths, Zhipu’s rapid evolution from GLM-4.5/4.6/4.7 to GLM-5, along with continuous investments in production-level programming, long-context reasoning, and multi-step execution stability, is the technical foundation supporting this pricing power. Gross Margin Turning Point: From Loss to Profit in Cloud Business -------------------- In the second half of 2025, Zhipu’s cloud deployment gross margin jumped significantly from -0.4% in the first half to 22.4%, marking the cloud business’s official crossing of the profit threshold and entering a positive cycle driven by scale effects. Looking at the overall group, the gross margin of the open platform API increased from 3% in 2024 to 19% in 2025, a 16 percentage point rise. J.P. Morgan expects that, with scale continuing to expand and inference efficiency improving, there is still considerable room for gross margin to grow. According to its forecast model, the overall gross margin of the group will remain around 31% in 2026, further rising to 36% in 2027, and reaching 37% in 2028. It is worth noting that the gross profit for the full year of 2025 was about 297 million RMB, while sales and administrative expenses for the same period totaled approximately 896 million RMB, and R&D expenditure was about 3.2 billion RMB. Excluding R&D investments, gross profit has basically covered non-R&D operating costs, indicating that Zhipu’s core business model already has self-sustaining capacity. The current losses are purely strategic R&D investments rather than a flaw in the business model itself. Private Deployment: Upgrading Potential of Existing Assets --------------- In addition to the explosive growth of cloud API business, Zhipu’s accumulated private deployment foundation in regulated industries in China is also a key pillar of J.P. Morgan’s investment logic. In the second half of 2025, private deployment revenue reached 372 million RMB, a 57% increase year-over-year, and the absolute scale is still more than twice that of the cloud business. J.P. Morgan believes that this large existing customer base has unique strategic value: as foundational models continue to iterate and upgrade, these deployed customers have natural upgrade needs, which could evolve into cyclical, predictable upgrade-driven revenue. Highly sensitive data security requirements in regulated industries such as finance, government, and energy also make private deployment an irreplaceable delivery mode in the foreseeable future, forming a structural moat that differentiates Zhipu from pure cloud competitors. J.P. Morgan Significantly Raises Target Price ----------- J.P. Morgan maintains an "Overweight" rating, raising the target price from HKD 800 to HKD 950, based on a 30x expected P/E ratio for 2030, discounted to the end of 2026 at a 15% weighted average cost of capital. The 30x valuation premium mainly reflects the company’s expected over 100% compound annual revenue growth from 2026 to 2030. According to the latest forecasts, Zhipu’s revenue in 2026 will reach 3.19B RMB (a 341% YoY increase), further rising to 7.26B RMB in 2027, 19.725 billion RMB in 2028, and potentially surpassing 98.8 billion RMB by 2030. Adjusted net profit is expected to turn positive by 2029 at 19.73B RMB, further increasing to 20.36 billion RMB in 2030. Morgan Stanley also maintains an "Overweight" rating, with a target price of HKD 560, using DCF valuation with assumptions of a 15% WACC and 3% perpetual growth rate, corresponding to a 53x sales multiple in 2027. While the methodologies differ, both institutions share a highly consistent outlook on Zhipu’s long-term value.
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GateUser-bd883c58

GateUser-bd883c58

5 hours ago
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)
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