Zhipu has released its first half-year report since going public, showing a sharp jump in revenue but continued heavy losses. The company said first-half revenue reached RMB 954 million, up 399.7% year over year, nearly five times the level from the same period last year. Growth was driven mainly by its open platform and API business, where revenue climbed from RMB 29.1 million to RMB 825 million, a 2735.7% increase, accounting for 86.5% of total revenue.
The company’s revenue mix shifted sharply over the period. Usage-based open platform and API services rose from 26.3% of full-year revenue last year to 86.5%, while localized deployment fell from 73.7% to 13.5%. Zhipu said API gross margin improved from -0.4% in the same period last year to 24.6%, helped by larger call volumes, higher pricing, and lower inference costs.
At the same time, spending remained elevated. Research and development expenses came in at RMB 2.131 billion, up 33.6% year over year. Adjusted net loss widened to RMB 1.964 billion from RMB 1.752 billion a year earlier, an increase of 12.1%. Overall gross margin fell from 50.0% to 26.4% as revenue shifted quickly toward cloud-based business that is still ramping up.
Zhipu has released its first half-year report since going public, reporting RMB 954 million in revenue for the first half, up 399.7% from a year earlier and close to five times the level from the same period last year.
The company said the increase was driven mainly by its open platform and API business. Revenue from that segment rose from RMB 29.1 million to RMB 825 million, a 2735.7% year-over-year increase, and accounted for 86.5% of total revenue.
Revenue mix shifted toward API services
Zhipu’s revenue structure changed sharply over the period. Usage-based open platform and API services increased from 26.3% of full-year revenue last year to 86.5%, while localized deployment dropped from 73.7% to 13.5%.
API gross margin improved from -0.4% in the same period last year to 24.6%. Zhipu said the change came from a larger scale of calls, higher pricing, and lower inference costs.
R&D spending and losses stayed high
Research and development expenses reached RMB 2.131 billion in the first half, up 33.6% year over year. Adjusted net loss widened to RMB 1.964 billion from RMB 1.752 billion in the same period last year, an increase of 12.1%.
Meanwhile, overall gross margin fell from 50.0% to 26.4%, which the company said was mainly due to a rapid shift in revenue toward its cloud business, a segment still in the ramp-up phase.
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