[Xiaomi: Zhipu’s API business grew rapidly in the first half of the year and raised the target price to HK$2,000] On September 2, JP Morgan Chase issued a research report stating that Zhipu’s revenue in the first half of the year was 954 million yuan, a year-on-year increase of 400%, and its cloud/API business revenue was 825 million yuan, a year-on-year increase of 2,736%, which was generally in line with expectations and now accounts for 86.5% of total revenue. The bank raised its revenue forecasts for 2026 and 2027 by 14% and 18% respectively, raised its target price from HK$1,800 to HK$2,000, and reiterated its "overweight" rating.