智譜上市後押注長程任務能力. 本文保留已核驗事實，並以產品、基礎設施與治理脈絡重新整理。
發生了什麼
智譜上市後押注長程任務能力 is the current news peg. The verified record centers on these points:
- 2025 revenue was reported at 724 million yuan, up about 131.9%
- MaaS API ARR reached 1.7 billion yuan, up 60x in a year
- GLM-5.2 targets long-horizon tasks with a 1M-token context
- benchmarks list Terminal-Bench 2.1 rising from 62.0 to 81.0 and SWE-bench Pro from 58.4 to 62.1
為何重要
更大的產業訊號是 the company is trying to turn model iteration into a faster machine-generated training and verification loop.
接下來看什麼
接下來要看的重點是 whether open weights, safety controls and enterprise adoption can survive real long-task workloads.
參考來源：36Kr Intelligent Emergence, Zhipu internal letter, Securities Times, Cailian Press, Z.ai GLM-5.2 blog, GitHub zai-org/GLM-5, CocoLoop.