Jefferies, in a report released on September 6, noted that Zhipu AI's rapid ARR (Annual Recurring Revenue) growth in August was driven by a concentrated release of new products and a low base effect. Subsequent growth will be constrained by computing power supply. Additionally, factors such as high customer concentration, limited API switching costs, and the utilization rate of new clusters could suppress improvements in gross margin. Jefferies maintained a "Hold" rating on Zhipu AI with a target price of HKD 1183.79, believing that market focus has shifted from growth to the ability to translate high growth into profits.