Zhipu Brings GLM Plans to Tmall
💡Token sales on Tmall could turn model APIs into a mainstream retail category—and intensify price competition.
⚡ 30-Second TL;DR
What Changed
The store lists GLM Coding Plan subscriptions at RMB 118 per month for Lite, RMB 538 for Pro, RMB 1,078 for Max, and RMB 598 per team seat.
Why It Matters
Selling tokens through Tmall could make API access more discoverable for independent developers and smaller companies, while increasing direct price transparency among model providers. However, Zhipu still needs to prove that model-release-driven usage spikes can become recognized revenue and that API margins can rise fast enough to offset heavy R&D spending.
What To Do Next
Compare GLM Coding Plan and Zhipu API token pricing against your current model stack, then run a small coding workload benchmark before committing to a subscription.
Key Points
- •The store lists GLM Coding Plan subscriptions at RMB 118 per month for Lite, RMB 538 for Pro, RMB 1,078 for Max, and RMB 598 per team seat.
- •Zhipu's open-platform and API revenue reached RMB 825 million, up 2,735.7% year over year and accounting for 86.5% of total revenue.
- •API gross margin was 24.6%, while research and development spending reached RMB 2.131 billion and adjusted net loss reached RMB 1.964 billion.
- •Management reported monthly annualized revenue run rate of USD 1.6 billion by the end of August, driven by GLM-5.2 and GLM-5.3-Flash, but clarified that ARR is not recognized revenue.
- •Tmall's AI Space Station brings token packages from Alibaba Cloud, Zhipu, Kimi, and MiniMax into a searchable and comparable retail category.
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Original source: 虎嗅 ↗
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