Z.ai FY26 H1 net loss narrows 12.1% to RMB 2.07 billion; revenue climbs 399.7% to RMB 953.89 million

• Z.ai posted revenue of RMB 953.89 million, up 399.7% year-on-year, as cloud-based deployment became the main growth driver.
• Net loss narrowed 12.1% to RMB 2.07 billion, while R&D expenses rose 33.6% to RMB 2.13 billion.
• Gross profit climbed 163.7% to RMB 251.61 million, while gross margin fell to 26.4% from 50% on a shift toward cloud services.
• Open platform and API revenue rose to RMB 825.18 million from RMB 29.1 million, while on-premise deployment revenue fell 20.5% to RMB 128.72 million.
• Management cited an All-in-Infra push, token inference costs down 80% since early 2026, with GLM MaaS users exceeding 5,800,000.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Z.ai Co. Ltd. published the original content used to generate this news brief via IIS, the regulatory disclosure system operated by the Hong Kong Stock Exchange (HKex) (Ref. ID: HKEX-EPS-20260831-12308928), on August 31, 2026, and is solely responsible for the information contained therein.