iFlytek 2026 Interim Report: Open Platform Becomes Top Revenue Source, AI Commercialization Enters Payoff Phase

iFlytek's 2026 interim report shows H1 revenue of 11.623 billion yuan, up 6.52% year-on-year, with net loss of 204 million yuan, narrowing by 14.68%. Open platform revenue reached 3.705 billion yuan, up 36.01%, accounting for 31.87%, surpassing smart education as the largest revenue source. Large model API and MaaS service revenue grew about 70% year-on-year, with over 11.5 million AI developers. Education business revenue fell 1.16%, but contract value grew 45%, and smart grading machines covered over 5,000 schools.

As a key player in AI education, iFlytek's business restructuring directly affects the education product market. The open platform becoming the top revenue source indicates that AI capability output and MaaS services are growth engines, which will change the cost structure and capability boundaries of education products. The 45% growth in education contract value and smart grading machines covering over 5,000 schools show a shift from hardware to services, impacting school procurement and teacher workflows. However, education revenue declined and learning machines underperformed due to chip price increases, so the transformation's effectiveness needs monitoring. Increased open platform revenue share may drive more schools to adopt API and MaaS services, reducing self-built AI costs. Smart grading machines covering over 5,000 schools will change teacher grading methods, improving efficiency but raising data privacy concerns.