9月7日，智谱盘中下跌3.16%，报1041.0港元，成交额29.03亿港元，为8月31日中报发布以来股价持续走弱。
消息面上，智谱上半年收入9.54亿元人民币，同比增长399.7%，但低于此前摩根大通、瑞银等机构超50亿元的全年营收预测。经调整净亏损19.64亿元，同比扩大12.1%；整体毛利率由上年同期的50.0%骤降至26.4%，主因高毛利本地化部署收入占比从84.8%降至13.5%，被低毛利API业务大幅稀释。尽管招银国际、摩根大通等多家机构上调目标价并维持买入评级，但股价自6月高点2980港元以来累计跌幅已超60%，市场对大模型商业化盈利路径的分歧仍在持续压制估值。
（以上内容均基于市场公开消息，由程序或算法智能生成，仅作为股价异动提醒，不作为投资建议或交易依据。）
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.