Z.ai (Zhipu AI)

On the model side, Z.ai markets the GLM family through its API/Developer offerings, including coding-focused and multimodal model lines (for example GLM-5.x) and agent-oriented releases (for example AutoGLM and GLM-PC). The company also publishes developer documentation describing model capabilities and evaluation claims, and provides developer “harness” tooling (such as ZCode for multi-agent coding workflows) to help developers build agentic applications. On the products/business side, Z.ai describes a platform approach that connects foundation-model capabilities to enterprise application needs. In its HKEX communications, it highlights an “Atlas AI Agent Solution” as a core growth engine, and it frames its enterprise value proposition as graph + LLM integration and agent execution capabilities aimed at complex, cross-data-format tasks. As of the latest available HKEX-reported operating results (year ended 2025-12-31), Z.ai reports that Atlas AI Agent Solution revenue reached RMB145.7 million in 2025, with 40 customers and ARPC of RMB3.6 million for Atlas AI agent customers. The company also reports total revenue of RMB621.1 million for 2025 and an overall adjusted net profit of RMB24.1 million. Business model: B2B and B2B2C model access and deployment (API/platform subscriptions and enterprise deployments) plus agent solution delivery. The company also sells agent-application experiences (for consumer use cases and partner integrations) while maintaining a developer-facing surface for model and agent tooling.