Z.ai (Zhipu AI) (ZHIPU) income statement
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
Z.ai (Zhipu AI) (ZHIPU) reported revenue of CN¥941M for Q2 '26 (+402.8% year on year), operating income of -CN¥2.16B (-229.4% of revenue) and net income of -CN¥2.04B. Over the last four quarters revenue was CN¥2.21B.
Income statement
| Income statement | Trend | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥22.5M | CN¥45.3M | CN¥134M | CN¥134M | CN¥95.4M | CN¥187M | CN¥267M | CN¥525M | CN¥477M | CN¥941M | |
| Cost of revenue | CN¥11.3M | CN¥640M | CN¥57M | CN¥57M | CN¥47.7M | CN¥1.23B | CN¥167M | CN¥327M | CN¥351M | CN¥693M | |
| Gross profit | CN¥11.2M | -CN¥595M | CN¥76.8M | CN¥76.8M | CN¥47.7M | -CN¥1.04B | CN¥100M | CN¥198M | CN¥126M | CN¥248M | |
| Research & development | CN¥430M | CN¥258M | CN¥668M | CN¥668M | CN¥797M | CN¥441M | CN¥793M | CN¥1.56B | CN¥1.07B | CN¥0 | |
| Sales & marketing | CN¥72.1M | CN¥189M | CN¥122M | CN¥122M | CN¥104M | CN¥373M | CN¥91.1M | CN¥482M | CN¥88.8M | CN¥0 | |
| General & administrative | CN¥25.7M | CN¥0 | CN¥41.1M | CN¥41.1M | CN¥92.6M | CN¥0 | CN¥160M | CN¥0 | CN¥51.7M | CN¥0 | |
| Other operating expenses | -CN¥1.91M | CN¥0 | -CN¥7.73M | -CN¥7.73M | -CN¥2.31M | CN¥0 | -CN¥5.67M | CN¥0 | -CN¥20.7M | CN¥2.1B | |
| Operating expenses | CN¥526M | CN¥447M | CN¥831M | CN¥831M | CN¥997M | CN¥814M | CN¥1.04B | CN¥2.04B | CN¥1.2B | CN¥2.41B | |
| Operating income | -CN¥515M | -CN¥1.04B | -CN¥754M | -CN¥754M | -CN¥950M | -CN¥1.86B | -CN¥944M | -CN¥1.84B | -CN¥1.07B | -CN¥2.16B | |
| Interest income | CN¥0 | CN¥4.2M | CN¥0 | CN¥0 | CN¥0 | CN¥4.52M | CN¥0 | CN¥10.1M | CN¥0 | CN¥0 | |
| Interest expense | CN¥0 | CN¥7.46M | CN¥0 | CN¥0 | CN¥0 | CN¥50.7M | CN¥0 | CN¥27.6M | CN¥0 | CN¥94.6M | |
| Other non-operating income (gains on investments, FX ...) | CN¥2.08M | CN¥197M | CN¥8.03M | CN¥8.03M | CN¥0 | CN¥419M | CN¥4.99M | CN¥0 | CN¥0 | CN¥0 | |
| Total non-operating income | -CN¥103M | -CN¥204M | -CN¥107M | -CN¥107M | -CN¥229M | -CN¥456M | -CN¥236M | -CN¥477M | CN¥38.3M | CN¥116M | |
| Income before tax | -CN¥618M | -CN¥1.25B | -CN¥861M | -CN¥861M | -CN¥1.18B | -CN¥2.31B | -CN¥1.18B | -CN¥2.32B | -CN¥1.04B | -CN¥2.04B | |
| Income tax | CN¥0 | CN¥8 | CN¥0 | CN¥0 | CN¥0 | CN¥23 | CN¥0 | CN¥0 | CN¥981K | CN¥1.93M | |
| Net income | -CN¥618M | -CN¥1.25B | -CN¥860M | -CN¥860M | -CN¥1.18B | -CN¥2.3B | -CN¥1.17B | -CN¥2.31B | -CN¥1.04B | -CN¥2.04B | |
| EPS (basic) | -CN¥1.83 | -CN¥2.83 | -CN¥2.53 | -CN¥2.53 | -CN¥3.11 | -CN¥5.23 | -CN¥2.90 | -CN¥5.25 | -CN¥2.34 | -CN¥4.72 | |
| EPS (diluted) | -CN¥1.83 | -CN¥2.83 | -CN¥2.53 | -CN¥2.53 | -CN¥3.11 | -CN¥5.23 | -CN¥2.90 | -CN¥5.25 | -CN¥2.34 | -CN¥4.72 | |
| Shares (basic, weighted) | 337M | 440M | 340M | 340M | 378M | 440M | 405M | 440M | 432M | 432M | |
| Shares (diluted, weighted) | 160M | 440M | 160M | 160M | 160M | 440M | 160M | 440M | 432M | 432M | |
| Depreciation & amortization | CN¥67.8M | CN¥618M | CN¥72.2M | CN¥72.2M | CN¥17.6M | CN¥1.14B | CN¥71M | CN¥140M | CN¥18.2M | CN¥0 | |
| EBITDA | -CN¥449M | -CN¥621M | -CN¥690M | -CN¥690M | -CN¥932M | -CN¥1.14B | -CN¥878M | -CN¥1.7B | -CN¥1.06B | -CN¥2.16B |
| Income statement | Trend | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | CN¥57.4M | CN¥125M | CN¥312M | -CN¥149M | |
| Cost of revenue | CN¥26M | CN¥44.1M | CN¥137M | CN¥417M | |
| Gross profit | CN¥31.4M | CN¥80.5M | CN¥176M | -CN¥566M | |
| Research & development | CN¥84.4M | CN¥529M | CN¥2.2B | CN¥3.1B | |
| Sales & marketing | CN¥2.06M | CN¥65.2M | CN¥288M | CN¥0 | |
| General & administrative | CN¥9.68M | CN¥24.7M | CN¥47.2M | CN¥0 | |
| Other operating expenses | CN¥34M | CN¥87.4M | CN¥184M | CN¥0 | |
| Operating expenses | CN¥130M | CN¥706M | CN¥2.71B | CN¥3.1B | |
| Operating income | -CN¥98.7M | -CN¥626M | -CN¥2.54B | -CN¥3.66B | |
| Interest income | CN¥1.43M | CN¥11.2M | CN¥13.4M | CN¥14.4M | |
| Interest expense | CN¥788K | CN¥7.5M | CN¥32.6M | CN¥77.8M | |
| Other non-operating income (gains on investments, FX ...) | CN¥44.1M | CN¥155M | CN¥387M | CN¥0 | |
| Total non-operating income | -CN¥44.9M | -CN¥162M | -CN¥420M | CN¥777M | |
| Income before tax | -CN¥144M | -CN¥788M | -CN¥2.96B | -CN¥2.89B | |
| Income tax | CN¥0 | CN¥0 | CN¥0 | CN¥1.71B | |
| Net income | -CN¥144M | -CN¥788M | -CN¥2.96B | -CN¥4.58B | |
| EPS (basic) | -CN¥0.33 | -CN¥1.79 | -CN¥6.84 | -CN¥10.39 | |
| EPS (diluted) | -CN¥0.33 | -CN¥1.79 | -CN¥6.84 | -CN¥10.39 | |
| Shares (basic, weighted) | 440M | 440M | 440M | 440M | |
| Shares (diluted, weighted) | 440M | 440M | 440M | 440M | |
| Depreciation & amortization | CN¥20M | CN¥68.9M | CN¥280M | CN¥274M | |
| EBITDA | -CN¥123M | -CN¥712M | -CN¥2.65B | -CN¥3.39B |
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.
Revenue, operating income and growth
quarterlyMargins
quarterlyCosts as % of revenue
quarterlyThe other statements
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.