Shanghai-based edtech provider Able Digital reported solid topline momentum but a wider loss for the six months ended 30 June 2026, as the company accelerated investment in artificial-intelligence (AI) development and market expansion.

Revenue climbed 19.1% year on year to RMB 327.94 million, driven by: • AI Knowledge Asset Development – up 17.0% to RMB 294.15 million, accounting for 89.7% of sales; • AI Agents & Virtual-Physical Integrated Scenarios – up 40.6% to RMB 33.79 million as the Polymas agent began commercial roll-out.

Gross profit rose 28.0% to RMB 165.36 million, lifting the margin to 50.4% (H1 2025: 46.9%) on a richer product mix and efficiency gains. High-value clients (annual spend > RMB 1 million) expanded 26.7%, boosting their revenue share to 33.3%.

Heavy spending on future growth widened the net loss to RMB 116.41 million, a 17.6% deterioration. R&D expenses surged 26.1% to RMB 102.53 million, or 31.3% of revenue, reflecting continued upgrades to the proprietary “Polymas” multimodal large model and expanded agent capabilities. Selling expenses increased 19.9% to RMB 137.87 million amid sales-force expansion, while administrative costs fell 29.4% as listing-related fees rolled off.

Operating cash outflow reached RMB 364.18 million, compressing liquidity to RMB 410.50 million (cash, restricted cash and FVPL investments) from RMB 618.10 million at end-2025. Short-term borrowings rose to RMB 288.29 million from RMB 92.94 million to bridge seasonal working-capital needs. Management expects receivable collections in 2H to ease funding pressure.

Order backlog stood at RMB 505.38 million, up 34.7% year on year, supported by a customer base that expanded to 1,266 institutions, including 33 “lighthouse” universities.

No interim dividend was declared. Able Digital also disclosed a plan, announced 27 August 2026, to begin full circulation of 4.71 million domestic shares into H-shares, pending regulatory approval.