Today, leading domestic large model company Zhipu officially released its 2025 annual performance report. Financial data shows that Zhipu has made a breakthrough in commercialization path in the past year, not only maintaining the top position in revenue scale within the domestic large model industry, but also achieving exponential growth in core business indicators.
Zhipu's total revenue for 2025 exceeded 724 million yuan, with a significant increase of 132% year-on-year. While maintaining high growth, the company's profit quality is equally impressive:
Comprehensive Gross Profit Margin: Reached 41% throughout the year, far exceeding the industry average, demonstrating strong cost control and scale effect.
MaaS API Platform: As a core growth engine, this platform achieved an annual recurring revenue (ARR) of 1.7 billion yuan (approximately 250 million USD), surging by 60 times year-on-year.
Platform Profit: The gross profit margin of the MaaS API platform rose from a low level last year to 18.9%, increasing nearly fivefold, marking that the platform model has entered a healthy development fast lane.
Entering the first quarter of 2026, Zhipu adopted an aggressive pricing strategy, raising API prices by 83%. Surprisingly, the price hike did not lead to customer loss; instead, usage volume increased rather than decreased. This "supply and demand imbalance" reflects the strong market demand for high-quality AI capabilities and verifies Zhipu's leading position in model performance.
Zhipu's official statement said that the continuous improvement of intelligence is the "first principle" for large models to move towards the era of Artificial General Intelligence (AGI). The company will continue to invest resources, focus on the continuous breakthroughs in model intelligence, and consolidate its competitive barriers as a benchmark enterprise in the domestic large model industry.
