Overview
Zhipu, whose listed entity is Knowledge Atlas Technology Joint Stock Company, develops the GLM family of large language models and sells them through cloud APIs and on-premises deployments to enterprises, developers and end users[28]. Revenue in 2025 rose 131.9% to RMB724.3 million, about US$103 million at the ECB cross rate for 31 December 2025[28][57]. The loss for the year widened 59.5% to RMB4.72 billion, driven by research and development expenses of RMB3.18 billion[28]. Gross profit was RMB296.7 million[28]. Zhipu trades on the Hong Kong Stock Exchange under code 2513[28]. Its main constraint is the gap between research spending and revenue, together with US export controls that limit access to the most advanced accelerators.
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