On September 1, Z.AI rose 3.35% in regular trading after an initial decline at open, trading at HK$1,237.0 per share with turnover of HK$2.207 billion. The rebound was driven by a combination of strong interim results and index inclusion catalysts.

Z.AI released its first interim report since listing on August 31, reporting H1 revenue of RMB 954 million, up 399.7% year-over-year and surpassing full-year revenue from the prior year. The MaaS open platform and API business generated RMB 825 million in revenue, surging 2,736% YoY and accounting for 86.5% of total revenue, with gross margin turning positive to 24.6%. As of end of August, the MaaS platform ARR on a monthly basis reached US$1.6 billion, while token call volume grew over 40 times from the start of the year. Attributable loss narrowed 12.1% YoY to RMB 2.07 billion, though adjusted net loss widened to RMB 1.96 billion amid RMB 2.13 billion in R&D spending. CICC maintained its Outperform rating with a HK$1,572 target price, projecting year-end ARR could reach US$2.4 billion. Additionally, Z.AI was officially included in the MSCI China Index effective after the August 31 close, which is expected to attract passive fund flows.

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