The semi-annual report for 2026 released by Zhipu reveals that the company's revenue for the first half of the year soared to RMB 953.9 million, marking a substantial year-on-year surge of around 400%. Gross profit climbed to RMB 252 million, representing a 163.7% increase from the previous year; nevertheless, losses also mounted to RMB 2.072 billion. Regarding R&D investment, the company allocated RMB 2.13 billion, a 33% rise on a year-on-year basis. Zhipu has witnessed a radical transformation in its revenue composition, with revenue from the open platform and API business contributing as much as 86.5% of the total, though this figure still fell below expectations. By the end of August, the company's annualized recurring revenue (ARR) had hit $1.6 billion, and even surpassed $2 billion when evaluated using specific criteria. However, the company's gross profit margin dipped to 26.4%, and the pricing of GLM-5.3-Flash is set lower than that of DeepSeek-V4-Flash. Zhipu has established "continuously rolling out more powerful models at a swifter pace and with enhanced cost-efficiency" as its pivotal benchmark, securing advantages in intelligence and cost through post-training techniques rather than merely amassing parameters. The GLM-5.3 series builds upon the foundation of GLM-5.0, bolstering its capabilities through advanced post-training technologies, with the computing power multiplier escalating 14 times compared to the first half of the previous year. Presently, the company boasts a workforce of 981 employees, has concluded two acquisitions this year, and secured HKD 31.41 billion through the issuance of new shares. Furthermore, Zhipu has set up a domestic chip data center with a capacity of 1GW to streamline the Infra layer and diminish inference costs. Nevertheless, external skepticism lingers over whether Zhipu can break through higher intelligence thresholds solely by intensifying post-training endeavors. On September 1, Zhipu's stock price experienced a minor decline of 1.34%, with its total market capitalization standing at HKD 550 billion.