DeepSeek generated approximately USD 70 million in revenue, equivalent to around RMB 475 million, in the first seven months of this year—a figure nearly 10 times its full-year revenue projection for 2025. This growth was primarily driven by a surge in demand for model calls fueled by the explosion of Agent technology, with the company achieving this expansion through a low-price strategy. Its overall gross margin stood at approximately 44.6%, with the API business segment achieving an impressive 82.9% gross margin, placing it in the top tier of global API profitability. However, the company incurred losses of approximately RMB 715 million during the same period, largely due to massive investments in AI infrastructure totaling around RMB 11 billion—nearly 10 times higher than in 2025. This month, DeepSeek raised its API prices but maintained them within the low-price range of the market. Currently, the company is advancing a new round of RMB 50 billion in financing, targeting a valuation of RMB 500 billion, and plans to go public in Shanghai next year. These developments reflect the high-growth, high-investment landscape of the large model industry.