Zhipu Launches Token Plans on Tmall; API Revenue Hits 86.5%: what are the key facts?

Zhipu AI launched its GLM Coding Plan for individuals and teams on the Tmall flagship store, with monthly fees ranging from 118 to 1,078 yuan.

Zhipu Launches Token Plans on Tmall; API Revenue Hits 86.5%: what are the key facts?

In H1 2026, Zhipu reported revenue of 954 million yuan, with open platform and API services accounting for 86.5% of total income.

Zhipu Launches Token Plans on Tmall; API Revenue Hits 86.5%: what are the key facts?

By the end of August, token calls on Zhipu's MaaS platform grew over 40 times compared to the start of the year, while paid daily active users surged by 603%.

Zhipu Launches Token Plans on Tmall; API Revenue Hits 86.5%: what are the key facts?

Despite the usage spike, Zhipu recorded an adjusted net loss of 1.964 billion yuan in H1, with overall gross margin dropping to 26.4%.

Physix Frontier · News Briefing Card (enbrief · Sep 7, 2026)

Zhipu Launches Token Plans on Tmall; API Revenue Hits 86.5%

KEY FACTS

Zhipu AI launched its GLM Coding Plan for individuals and teams on the Tmall flagship store, with monthly fees ranging from 118 to 1,078 yuan.
In H1 2026, Zhipu reported revenue of 954 million yuan, with open platform and API services accounting for 86.5% of total income.
By the end of August, token calls on Zhipu's MaaS platform grew over 40 times compared to the start of the year, while paid daily active users surged by 603%.
Despite the usage spike, Zhipu recorded an adjusted net loss of 1.964 billion yuan in H1, with overall gross margin dropping to 26.4%.

KEY DATA

118 CNYIndividual Lite Monthly Fee

954 Million CNYH1 Total Revenue

86.5%API Revenue Share

1.964 Billion CNYH1 Adjusted Net Loss

PHYSIX OBSERVATION

This move aims to lower the barrier for non-technical users to purchase compute, pushing AI services from a 'project-based' model toward 'utility-like' consumption. While the API business has achieved simultaneous growth in volume and price to become the primary revenue driver, high inference costs are squeezing margins and leaving massive losses unresolved. This highlights the core contradiction in the current LLM industry: the race between commercial scaling and diminishing marginal compute costs, where channel innovation alone cannot solve fundamental profitability challenges.

Source: enbrief original report ↗