Z.ai (Zhipu AI) (ZHIPU) balance sheet

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

At the end of Q2 '26 Z.ai (Zhipu AI) (ZHIPU) held CN¥4.5B in cash and short-term investments against CN¥2.6B of debt incl. leases. Total assets CN¥9.64B, total liabilities CN¥5.21B, shareholders' equity CN¥4.42B.

Balance sheet

Balance sheet	Q1 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26
Assets
Cash & equivalents	CN¥0	CN¥2.27B	CN¥2.27B	CN¥2.56B	CN¥2.56B	CN¥2.26B	CN¥2.26B	CN¥3.99B	CN¥3.99B
Short-term investments	CN¥0	CN¥67.9M	CN¥42.6M	CN¥177M	CN¥656M	CN¥179M	CN¥486M	CN¥78.4M	CN¥506M
Receivables	CN¥0	CN¥95.9M	CN¥378M	CN¥152M	CN¥234M	CN¥305M	CN¥585M	CN¥785M	CN¥1.16B
Inventory	CN¥0	CN¥32.5M	-CN¥514K	CN¥67.9M	-CN¥2.18M	CN¥126M	CN¥126M	CN¥87.1M	CN¥87.1M
Other current assets	-CN¥1.42B	CN¥380M	CN¥132M	CN¥164M	CN¥153M	CN¥209M	CN¥0	CN¥299M	CN¥1.24B
Current assets	CN¥0	CN¥3.02B	CN¥3.02B	CN¥3.74B	CN¥3.74B	CN¥3.57B	CN¥3.57B	CN¥6.99B	CN¥6.99B
Property, plant & equipment (net)	CN¥0	CN¥866M	CN¥866M	CN¥773M	CN¥773M	CN¥656M	CN¥656M	CN¥855M	CN¥855M
Long-term investments	CN¥0	CN¥307M	CN¥314M	CN¥290M	CN¥301M	CN¥338M	CN¥352M	CN¥532M	CN¥532M
Goodwill	CN¥0	CN¥39.4M	CN¥39.4M	CN¥39.4M	CN¥39.4M	CN¥39.4M	CN¥39.4M	CN¥284M	CN¥284M
Intangible assets	CN¥0	CN¥50.4M	CN¥50.4M	CN¥55.4M	CN¥55.4M	CN¥51M	CN¥51M	CN¥67.8M	CN¥67.8M
Other non-current assets	CN¥0	CN¥97.3M	CN¥89.7M	CN¥203M	CN¥192M	CN¥198M	CN¥185M	CN¥912M	CN¥912M
Non-current assets	CN¥0	CN¥1.36B	CN¥1.36B	CN¥1.36B	CN¥1.36B	CN¥1.28B	CN¥1.28B	CN¥2.65B	CN¥2.65B
Total assets	CN¥0	CN¥4.38B	CN¥4.38B	CN¥5.1B	CN¥5.1B	CN¥4.85B	CN¥4.86B	CN¥9.64B	CN¥9.64B
Liabilities
Accounts payable	CN¥0	CN¥58.3M	CN¥603M	CN¥69.4M	CN¥838M	CN¥297M	CN¥297M	CN¥242M	CN¥242M
Accrued expenses	CN¥0	CN¥463M	CN¥0	CN¥630M	CN¥0	CN¥917M	CN¥147M	CN¥1.6B	CN¥0
Short-term debt	CN¥0	CN¥269M	CN¥269M	CN¥137M	CN¥137M	CN¥605M	CN¥10.9B	CN¥790M	CN¥790M
Deferred revenue	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥149M	CN¥0	CN¥0
Other current liabilities	CN¥0	CN¥6.83B	CN¥6.75B	CN¥9.78B	CN¥9.64B	CN¥10.3B	CN¥885M	CN¥595M	CN¥2.2B
Current liabilities	CN¥0	CN¥7.84B	CN¥7.84B	CN¥10.8B	CN¥10.8B	CN¥12.4B	CN¥12.4B	CN¥3.39B	CN¥3.39B
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥84.6M	CN¥84.7M	CN¥1.43B	CN¥1.43B
Lease obligations (non-current)	CN¥0	CN¥458M	CN¥458M	CN¥386M	CN¥386M	CN¥294M	CN¥294M	CN¥218M	CN¥218M
Deferred revenue (non-current)	CN¥0	CN¥0	CN¥34.8M	CN¥0	CN¥36.2M	CN¥0	CN¥180M	CN¥0	CN¥173M
Other non-current liabilities	CN¥983M	CN¥34.8M	CN¥0	CN¥36.2M	CN¥0	CN¥180M	CN¥0	CN¥173M	CN¥0
Non-current liabilities	CN¥983M	CN¥493M	CN¥493M	CN¥422M	CN¥422M	CN¥559M	CN¥559M	CN¥1.83B	CN¥1.83B
Total liabilities	CN¥983M	CN¥8.33B	CN¥8.33B	CN¥11.3B	CN¥11.3B	CN¥13B	CN¥13B	CN¥5.22B	CN¥5.21B
Equity
Common stock & paid-in capital	CN¥0	CN¥36.2M	CN¥36.2M	CN¥40.3M	CN¥40.3M	CN¥40.3M	CN¥40.3M	CN¥44.6M	CN¥44.6M
Retained earnings	CN¥0	-CN¥3.95B	-CN¥3.95B	-CN¥2.06B	-CN¥2.06B	-CN¥4.41B	-CN¥4.41B	CN¥0	CN¥0
Accumulated other comprehensive income	-CN¥983M	-CN¥38.5M	CN¥0	-CN¥4.12B	CN¥0	-CN¥3.72B	-CN¥3.73B	CN¥4.37B	CN¥0
Shareholders' equity	-CN¥983M	-CN¥3.96B	-CN¥3.96B	-CN¥6.15B	-CN¥6.15B	-CN¥8.09B	-CN¥8.1B	CN¥4.42B	CN¥4.42B
Debt
Total debt (incl. leases)	CN¥0	CN¥941M	CN¥941M	CN¥737M	CN¥737M	CN¥1.23B	CN¥11.3B	CN¥2.6B	CN¥2.6B
Net debt (debt - cash)	CN¥0	-CN¥1.33B	-CN¥1.33B	-CN¥1.82B	-CN¥1.82B	-CN¥1.02B	CN¥9.05B	-CN¥1.39B	-CN¥1.39B

Balance sheet	FY22	FY23	FY24	FY25
Assets
Cash & equivalents	CN¥219M	CN¥1.25B	CN¥2.27B	CN¥2.26B
Short-term investments	CN¥41.9M	CN¥159M	CN¥42.6M	CN¥486M
Receivables	CN¥8.85M	CN¥237M	CN¥378M	CN¥585M
Inventory	-CN¥597K	-CN¥1.3M	-CN¥514K	CN¥126M
Other current assets	CN¥15.1M	CN¥115M	CN¥132M	CN¥0
Current assets	CN¥300M	CN¥1.86B	CN¥3.02B	CN¥3.57B
Property, plant & equipment (net)	CN¥41.4M	CN¥788M	CN¥866M	CN¥656M
Long-term investments	CN¥0	CN¥115M	CN¥314M	CN¥352M
Goodwill	CN¥0	CN¥39.4M	CN¥39.4M	CN¥39.4M
Intangible assets	CN¥21M	CN¥54.6M	CN¥50.4M	CN¥51M
Other non-current assets	CN¥0	CN¥341K	CN¥89.7M	CN¥185M
Non-current assets	CN¥62.4M	CN¥997M	CN¥1.36B	CN¥1.28B
Total assets	CN¥362M	CN¥2.86B	CN¥4.38B	CN¥4.86B
Liabilities
Accounts payable	CN¥663K	CN¥6.75M	CN¥603M	CN¥297M
Accrued expenses	CN¥0	CN¥0	CN¥0	CN¥147M
Short-term debt	CN¥0	CN¥0	CN¥269M	CN¥10.9B
Deferred revenue	CN¥0	CN¥0	CN¥0	CN¥149M
Other current liabilities	CN¥496M	CN¥3.36B	CN¥6.75B	CN¥885M
Current liabilities	CN¥532M	CN¥3.61B	CN¥7.84B	CN¥12.4B
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥84.7M
Lease obligations (non-current)	CN¥0	CN¥204M	CN¥458M	CN¥294M
Deferred revenue (non-current)	CN¥10.3M	CN¥29.7M	CN¥34.8M	CN¥180M
Non-current liabilities	CN¥10.3M	CN¥234M	CN¥493M	CN¥559M
Total liabilities	CN¥542M	CN¥3.84B	CN¥8.33B	CN¥13B
Equity
Common stock & paid-in capital	CN¥14.8M	CN¥28.5M	CN¥36.2M	CN¥40.3M
Retained earnings	-CN¥210M	-CN¥998M	-CN¥3.95B	-CN¥4.41B
Accumulated other comprehensive income	CN¥0	CN¥0	CN¥0	-CN¥3.73B
Shareholders' equity	-CN¥181M	-CN¥983M	-CN¥3.96B	-CN¥8.1B
Debt
Total debt (incl. leases)	CN¥12.8M	CN¥271M	CN¥941M	CN¥11.3B
Net debt (debt - cash)	-CN¥206M	-CN¥979M	-CN¥1.33B	CN¥9.05B

Standardised from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in CNY.

Cash, investments and debt

quarter ends

The other statements

Income statementRevenue, costs, operating income, net income and EPSOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

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.