Zhipu AI Revenue Surges 400% in H1 2026, Cloud Segment Drives Strategic Shift
SingTao · 2 SOURCESabout 4 hours ago2 MIN
Summary
Zhipu AI (stock code 2513) reported first-half 2026 revenue of 954 million yuan (RMB, same below), up 399.7% year-on-year, driven by explosive growth in its cloud deployment business . Cloud services now account for 86.5% of total revenue, surging 27.4 times year-on-year to 825 million yuan, replacing localized deployment as the company's primary growth engine . Despite the revenue surge, adjusted net loss widened 12.1% to 1.96 billion yuan as gross margin compressed to 26.4% from 50% last year .
Key Points
- Zhipu AI's cloud open platform and API business generated 825 million yuan in H1 2026, representing a 27.4-fold increase year-on-year and climbing from just 15.2% to 86.5% of total revenue
- The company's MaaS platform now serves over 7.4 million enterprise and developer users, with annualized recurring revenue reaching $16 billion on monthly basis
- Token usage surged over 40 times compared to the beginning of 2026, while paid daily active users jumped 603% and API average selling prices rose 101%
- Gross margin declined to 26.4% from 50% year-on-year due to the rapid expansion of cloud services, which are still in early growth phase with improving unit economics
- Capital expenditure surged nearly 6.3 times year-on-year to 390 million yuan following the acquisition of Beijing Red Diamond Technology, while R&D spending rose 33.6% to 2.13 billion yuan
Why It Matters
The dramatic shift in Zhipu AI's revenue composition signals a broader transformation in China's AI industry, where cloud-based model services are rapidly displacing traditional on-premise deployments as the dominant business model . This transition carries significant implications for Hong Kong investors, as companies successfully scaling cloud AI infrastructure are likely to attract increased institutional attention and capital flows in the Greater Bay Area technology sector.
The dramatic shift in Zhipu AI's revenue composition signals a broader transformation in China's AI industry, where cloud-based model services are rapidly displacing traditional on-premise deployments as the dominant business model . This transition carries significant implications for Hong Kong investors, as companies successfully scaling cloud AI infrastructure are likely to attract increased institutional attention and capital flows in the Greater Bay Area technology sector.