HK Stock Market Move | Z.AI (02513) rose nearly 5% in early trading, with a year-on-year revenue surge of nearly 400% in the first half of the year. The next generation of the base model is now in progress.

Z.AI (02513) rose nearly 5% in early trading, and as of the time of writing, it was up 3.85%, trading at HKD 1241, with a turnover of HKD 2.888 billion. In terms of news, Z.AI announced its interim results, reporting revenue of 954 million yuan for the first half of the year, a nearly 400% year-on-year increase. Among this, revenue from the MaaS open platform and API business was 825 million yuan, a year-on-year increase of 2736%, accounting for nearly 90% of total revenue. By the end of August, the number of enterprise and developer users on the Z.AI MaaS platform had exceeded 7.4 million, with token usage growth exceeding 40 times compared to the beginning of the year. According to the Science and Technology Innovation Board Daily, Z.AI stated at the results conference that the new generation of products will adopt a large base architecture, with specific parameters not yet disclosed. Future work will focus on in-training and post-training tasks related to the architecture. Z.AI emphasized that the core idea of model development is to fully utilize the base capability, ensuring that the models can be practically applied. The company has already begun preliminary research on the inference side for the next-generation model, aiming to enable full-scale business utilization on the day of the model's release, thereby avoiding the issue of a "large model that is difficult to apply in practice."