Zhipu Z.ai H1 2026 revenue jumps nearly 400% to RMB 954M, platform/API 86.5%

Zhipu Z.AI (HKEX:2513) released its first post-IPO interim results on August 31. In the first half of 2026 the company posted revenue of RMB 954 million, up 399.7% year-over-year, with API and open-platform services contributing RMB 825 million, up 27x year-over-year, or 86.5% of total revenue. Net loss for the period reached RMB 2.07 billion; adjusted net loss excluding share-based compensation widened 12.1% to RMB 1.96 billion. Gross margin dropped from 50.0% a year ago to 26.4%.

By end of August, the company's open-platform annualized recurring revenue reached roughly $1.6 billion, up from about $1 billion in early July, with management guiding to $2.4 billion by year-end. MaaS platform registered users reached 7.4 million, up 144% from early July. API average pricing rose about 101% from the start of the year, while token usage grew over 40x.

The company continued its 100,000-card cluster deployment and inference stack rebuild, with per-token cost down roughly 80% from the start of the year. The GLM series shipped six iterations in 11 months, with the intelligence index climbing from 32 to 60. CMB International raised its 2025-2028 revenue CAGR forecast for Z.ai from 199% to 275%, projecting total revenue of RMB 38.1 billion by 2028.