❯ Z.ai’s first-half revenue jumps 400% to 954M yuan, still short of its own $200M projection

resultsZ.ai reported first-half revenue up about 400% to 954 million yuan (roughly $142 million), below earlier guidance of about $200 million, with net loss narrowing to 2.07 billion yuan from 2.36 billion a year earlier. The mix shifted harder than the total: open-platform and API revenue surged 2,735.7% to 825 million yuan, or 86.5% of the company.

versus the stockThe share price ran the other way. After its January listing the stock spiked to a record HK$2,980 in June, briefly pushing market value toward HK$1 trillion (about $127.5 billion); it is now down roughly 60% from that high. Quadrupled revenue cannot hold up a price set on an AGI narrative — the gap is a valuation-method problem, not an earnings one.

read the mixThe shift in composition carries more information than the total. Z.ai’s money comes almost entirely from API calls — metered consumption by developers and enterprises, not large project contracts. That curve falls as fast as it rose the moment cheaper open weights take the call volume, and DeepSeek released new vision weights the very same day, leaving the moat around metered revenue unusually shallow.

▪ SIGNALRevenue up fourfold, stock down sixty percent — that gap is the market repricing the story told by China’s model companies.