Z.ai (Zhipu AI) (ZHIPU) financials
HKSE · Technology · Software - Application · 981 employees · CEO Peng Zhang
- Price
- HK$476.60 -1.45%
- Market cap
- HK$232B
- Enterprise value
- CN¥195B
- Last report
- Q2 '26 filed 2026-06-30
- Next report
- 2027-03-03
Valuation & key figures
- Market cap
- HK$232B EV CN¥195B
- Revenue
- CN¥2.21B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -297.0% Net income / revenue, TTM
- P/E
- -26.5×
- P/S
- 89.1× Price / sales, TTM
- EV / EBITDA
- -33.7× TTM
- Free cash flow
- -CN¥5.33B Trailing 12 months
- Net income
- -CN¥6.56B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-03-03
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: 402.8% year on yearQ2 '26 revenue CN¥941M, against an average of 276.1% over the four quarters before.
- Operating margin -272.5% (TTM), +511.8 pp on a year agoOperating income grew -39.5% while revenue grew 301.6%.
- Capex 26.2% of revenue (a year ago 7.3%)CN¥580M invested in the last 4 quarters (+1,347.1% on a year earlier). Free cash flow -CN¥5.33B.
- Diluted share count down 1.8% in a year432M diluted shares in Q2 '26, 440M a year earlier.
- Net cash CN¥1.89BCash + short-term investments CN¥4.5B, debt incl. leases CN¥2.6B; a year ago net cash CN¥2.48B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | CN¥941M | CN¥187M | +402.8% |
| Gross margin | 26.4% | -556.7% | +583.1 pp |
| Operating income | -CN¥2.16B | -CN¥1.86B | -16.3% |
| Operating margin | -229.4% | -991.7% | +762.3 pp |
| Net income | -CN¥2.04B | -CN¥2.3B | +11.4% |
| Diluted EPS | -CN¥4.72 | -CN¥5.23 | +9.8% |
| Operating cash flow | -CN¥3.35B | -CN¥1.3B | -158.2% |
| Capex | CN¥581M | CN¥12.5M | +4,554.7% |
| Free cash flow | -CN¥3.93B | -CN¥1.31B | -200.1% |
| R&D | CN¥0 | CN¥441M | -100.0% |
| Stock-based compensation | CN¥42.9M | CN¥0 | – |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -CN¥4.75B
- Capex
- -CN¥580M
- Buybacks
- CN¥0
- Dividends
- CN¥0
- Acquisitions
- -CN¥74M
- Net debt issued
- CN¥1.52B
- Stock-based compensation
- CN¥285M
- Free cash flow
- -CN¥5.33B
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -26.5× | – | – |
| EV / EBITDA | -33.7× | – | – |
| EV / Sales | 88.4× | 490.0× 3 of 4 years | 169.8× – 886.8× |
| Price / FCF | -36.9× | – | – |
| Price / Book | 39.5× | – | – |
| FCF yield | -2.7% | -2.8% | -4.4% – -0.2% |
| Return on invested capital | -83.5% | 32.8% | -108.5% – 91.8% |
| Return on equity | 356.7% | 72.7% | 56.5% – 80.2% |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings.
Data as of 2026-11-02 · Amounts in CNY as reported; price and market cap in HKD.