Z.AI (2513) investor relations material

Executive summary

• Revenue surged 399.7% year-over-year to RMB953.9 million for the six months ended June 30, 2026, driven by explosive growth in cloud-based deployment and API services, which now account for 86.5% of total revenue, up from 15.2% a year ago.

• Gross profit increased 163.7% to RMB251.6 million, with cloud-based deployment gross margin turning positive at 24.6% from -0.4% last year, reflecting economies of scale and improved pricing.

• Net loss narrowed by 12.1% year-over-year to RMB2,072.0 million, with adjusted net loss at RMB1,964.1 million, as higher gross profit and reduced financial instrument losses offset increased R&D spending.

• User base on the MaaS platform exceeded 7.4 million, up 144% since the start of 2026, with paid daily active users up 603%.

Financial highlights

• Cloud-based deployment revenue rose 2,735.7% to RMB825.2 million, now the primary revenue driver.

• Gross profit margin for cloud-based deployment improved to 24.6%, while on-premise deployment margin fell to 37.9%.

• R&D expenses increased 33.6% to RMB2,131.2 million, reflecting continued investment in model training and capability advancement.

• Cash and cash equivalents rose to RMB3,993.7 million, boosted by IPO proceeds and increased bank loans.

• Gearing ratio improved to 58.8% from -15.2% at year-end 2025, as equity turned positive post-listing.

Outlook and guidance

• Focus will shift from enabling models to complete individual tasks to executing entire business processes autonomously, with multi-agent collaboration and longer time horizons.

• Scaling will target not just parameter count but also effective depth, training depth, and task environments, with continued investment in self-training and infrastructure optimization.

• The company aims to further improve the intelligence-cost frontier and expand real-world adoption, while maintaining strong safety and governance standards.