Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. (02513.HK) officially listed on the Hong Kong Stock Exchange, becoming the world's first publicly traded company focused on general artificial intelligence foundational models [1] - The company aims to achieve Artificial General Intelligence (AGI) and has made significant progress with its GLM algorithm architecture, particularly with the release of GLM-4.7 in 2025 [1] Company Overview - Zhiyu was established in 2019, originating from Tsinghua University's technology transfer, and specializes in AGI research [2] - According to a Frost & Sullivan report, Zhiyu ranks first among independent general model developers in China and second among all general model developers globally [2] Financial Performance - Revenue figures for Zhiyu from 2022 to 2025 (up to June) are as follows: 0.57 million, 1.25 million, 3.12 million, and 1.91 million [2] - Net profits for the same period show losses of -1.44 billion, -7.88 billion, -29.58 billion, and -23.58 billion [2] - Research and development expenses for the years 2022 to 2025 are 0.84 billion, 5.29 billion, 21.95 billion, and 15.95 billion respectively [2] - Cumulatively, from 2022 to the first half of 2025, Zhiyu has generated total revenue of 6.85 billion, incurred a net loss of 62.47 billion, and spent 44.03 billion on R&D [2]

根据公开资料，智谱是中国最早投身大模型研发的厂商，原创提出了基于自回归填空的通用预训练范式 GLM，率先发布了中国首个百亿模型、首个开源千亿模型、首个对话模型、首个多模态模型，以及全 球首个设备操控智能体(Agent)，形成了全面的模型体系，是国内罕有在原创技术路线上与全球顶尖水 平保持同步的厂商，因此也被誉为"中国OpenAI"。 目前，GLM架构已实现全国产化突破，适配40余款国产芯片，成为业内通用性最高的模型体系之一。 当前全球AI竞赛持续升温，智谱拿下"全球大模型第一股"，不仅为国产大模型发展注入资本活力，更标 志中国AGI企业正式迈入资本市场的舞台中央，开启与国际巨头同台竞技的新阶段。 "中国版OpenAI"智谱(02513)今日挂牌上市，正式成为"全球大模型第一股"。截至上午收盘，股价上涨 约12%至130港元，市值超570亿。 ...

本文源自：市场资讯 作者：观察君 1月8日，智谱在港交所主板挂牌上市，开盘报120港元每股，较116.2港元的发行价上涨约3.27%。以开 盘价计算，公司市值超过528亿港元。公司股票代码为02513.HK。 根据智谱此前发布的公告，本次全球发售项下的发售股份数目为3741.95万股H股，发售价定为每股 116.20港元。以此计算，本次全球发售所得款项总额约为43.48亿港元，所得款项净额约为41.73亿港 元。公告显示，其香港公开发售部分获得约1159.46倍的超额认购，国际发售部分亦获得15.28倍认购。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

Core Viewpoint - Zhiyuan (02513.HK), referred to as "China's OpenAI," has officially listed today, becoming the "world's first large model stock" with a market capitalization exceeding 57 billion HKD and a stock price increase of approximately 12% to 130 HKD [1] Company Summary - Zhiyuan is one of the earliest companies in China to engage in large model research and development, having pioneered the general pre-training paradigm GLM based on autoregressive fill-in-the-blank [1] - The company has released several significant models, including China's first hundred-billion model, the first open-source trillion model, the first dialogue model, the first multimodal model, and the world's first device control intelligent agent, establishing a comprehensive model system [1] - Zhiyuan is recognized for maintaining a synchronous development of original technology with global leaders, marking it as a rare domestic firm in this regard [1] Industry Summary - The global AI competition is intensifying, and Zhiyuan's listing as the "world's first large model stock" injects capital vitality into the development of domestic large models [1] - This event signifies that Chinese AGI companies have officially entered the capital market, marking a new phase of competition with international giants [1]

内部信还介绍了智谱今年将聚焦的三个技术方向：全新的模型架构设计，更通用的 RL（强化学习）范 式以及对模型持续学习与自主进化的探索，这三个方向均围绕基础模型能力提升展开。#AI大模型上市 第一股# #智谱唐杰要求公司回归基础模型研究#【智谱港交所敲钟上市，首席科学家唐杰要求公司全面回归基础 模型研究】1 月 8 日消息，今天上午，"全球大模型第一股"智谱在港交所主板挂牌上市，发行价为每股 116.20 港元（IT之家注：现汇率约合 104.5 元人民币），开盘报 120 港元 / 股，市值突破 528 亿港元。 据"晚点 LatePost"获取的清华大学计算机系教授、智谱创立发起人兼首席科学家唐杰内部信，智谱很快 将推出新一代模型 GLM-5。 唐杰在信中提到，今天是"智谱生命中激动人心的一天"。智谱 2025 年如期完成了年初定下的战略，即 4 月发一个"稳住阵脚"的模型、年中发一个"上牌桌"的模型（成为 one of the best）、年底发一个 Top 1 的模型。 来源：IT之家 ...

Market Overview - A-shares opened lower on January 8, with the Shanghai Composite Index slightly rising, while the Shenzhen Component and ChiNext Index fell by 0.2% and 0.52% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 1.78 trillion yuan, with over 3,700 stocks rising, including 80 stocks hitting the daily limit [1]. Sector Performance - The commercial aerospace sector saw a surge, with over 10 constituent stocks hitting the daily limit. Notable performers included Luxin Venture Capital (600783) with 8 consecutive gains, Galaxy Electronics (002519) with 4 consecutive gains, and Tongyu Communication (002792) with 2 consecutive gains [1]. - The brain-computer interface concept also gained traction, with stocks like Innovation Medical (002173), Prit (002324), and Nanjing Panda Electronics (600775) achieving 4 consecutive gains [1]. - The controllable nuclear fusion concept was active, with China First Heavy Industries (601106), China National Machinery Industry Corporation (601399), and China Nuclear Engineering Corporation (601611) achieving 2 consecutive gains [1]. - Conversely, the securities sector faced ongoing adjustments, with Huayin Securities (002945) hitting the daily limit down, and other major securities firms like Huatai Securities and GF Securities also experiencing significant declines [1]. Hong Kong Market - Major indices in the Hong Kong market opened lower, with the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index all dropping over 1% [2]. New Listings - Domestic large model company Zhipu Technology debuted on the Hong Kong Stock Exchange, initially rising by up to 10% before retreating to a 7.4% increase. Chip newcomer Tianshi Zhixin performed even better, soaring over 31% at the open, currently showing a 12.31% increase [2]. Commodity Market - Gold and silver prices fell across the board, with spot gold dropping below $4,450 per ounce and spot silver fluctuating around $78 per ounce. Domestic commodity futures for gold and silver also weakened, with SHFE silver down over 3% [4]. - Specific price movements included London gold at $4,442.098, down 0.32%, and London silver at $78.157, down 0.29% [5].

智谱董事长刘德兵在上市致辞中讲道："智谱的Z是字母表中的最后一个，代表终极境地，智谱将持续 探索AGI的智能上界。" 截至发稿，智谱股价报126港元/股，当日涨幅达8.4%。 编辑 杨娟娟 新京报贝壳财经讯（记者张晓慧 罗亦丹）1月8日，智谱（02513.HK）正式在香港联合交易所挂牌上 市，成为"全球大模型第一股"，开盘报120港元/股，市值突破528亿港元。 此前，智谱全球发售文件显示，智谱拟在全球发售3741.95万股H股，其中香港公开发售748.39万股，国 际发售2993.56万股；配发结果显示，智谱公开发售认购水平达1159.46倍，国际发售认购水平达15.28 倍。 智谱成立于2019年，由清华大学技术成果转化而来，专注AGI的研发。弗若斯特沙利文报告显示，按 2024年收入计算，智谱在中国独立通用大模型开发商中排名第一，在所有通用大模型开发商中排名第 二。 上市当日，清华大学计算机系教授、智谱创立发起人兼首席科学家唐杰发布内部信，提到2026年智谱将 聚焦新一代模型GLM-5、全新的模型架构设计、具有更强泛化能力的RL等，"很快GLM-5将跟大家见 面"。 校对 杨利 ...

新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 专题：未竟之约：张小珺访谈录 对话智谱CEO：全球大模型第一股 敢问路在何方【未竟之约|EP02】 对话智谱CEO：全球大模型第一股 敢问路在何方【未竟之约|EP02】 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 责任编辑：李思阳 专题：未竟之约：张小珺访谈录 ...

成立至今，智谱已完成8轮融资，投资方不乏知名产业资本与机构，包括美团、蚂蚁、阿里、腾讯、小 米、金山、君联资本、启明创投、红杉中国、高瓴、顺为资本、光合创投、今日资本等知名机构，以及各 地方政府国资都出现在智谱的投资者名单中。 1月8日，来自中国的"全球大模型第一股"智谱正式在港交所主板挂牌上市，发行价116.2港元，本次IPO共 发行3741.95万股H股，其中香港公开发售获1159.46倍认购，国际发售获15.28倍认购。上市后，智谱一度 破发，但很快迎来上涨，一度涨超10％，截至发稿时，智谱股价124.1港元，涨6.80％，总市值546.33亿港 元。 官网信息显示，智谱成立于2019年，由清华大学计算机系知识工程实验室（KEG）技术成果转化而来，具 备从底层算法、预训练框架到国产硬件适配的大模型全链路自主研发能力。公司以"让机器像人一样思 考"为愿景，以实现通用人工智能（AGI）为目标，极致专注探索人工智能上限，致力于用大模型实现甚至 超越人类的语言、推理、视觉、听觉、工具使用等能力。 不过，智谱目前仍未盈利。招股书显示，2022年至2024年，智谱的净亏损由1.43亿增至29.58亿元，2025年 ...

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") has successfully listed on the Hong Kong Stock Exchange, becoming the world's first stock focused on large models, raising a total of HKD 4.3 billion [1][3]. Group 1: IPO Details - Zhiyu issued 37.42 million shares at an offering price of HKD 116.2, raising a gross amount of HKD 4.3 billion, with a net amount of HKD 4.173 billion after deducting listing expenses [1]. - The company attracted significant cornerstone investors, including major international long-term funds and well-known investment institutions, with cornerstone subscriptions totaling HKD 2.98 billion, accounting for nearly 70% of the offering [1][2]. Group 2: Business Model and Growth - Zhiyu focuses on the development of Artificial General Intelligence (AGI) and has established a highly defensible business model, combining a scalable MaaS (Model as a Service) model with a unique high-margin enterprise service model [4]. - The company's cloud-based MaaS and subscription services are experiencing exponential growth, with paid traffic revenue exceeding that of all domestic models combined [4][6]. Group 3: Financial Performance - Zhiyu's revenue for 2022, 2023, and 2024 is projected to be RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million, respectively, with gross profits of RMB 31.36 million, RMB 80.48 million, and RMB 175.89 million [7][8]. - The company reported a significant increase in annual recurring revenue (ARR) from its subscription products, surpassing RMB 100 million [6]. Group 4: Research and Development - Zhiyu has invested heavily in R&D, with expenditures of RMB 844 million, RMB 5.289 billion, and RMB 21.954 billion for 2022, 2023, and 2024, respectively, totaling approximately RMB 4.4 billion [9]. - The company has a research team of 657 members, with 74% of its workforce dedicated to R&D, and has published over 500 high-impact papers [9]. Group 5: Market Position and Future Prospects - Zhiyu's GLM models have gained significant traction, with major tech companies in North America and Europe adopting its technology [5][11]. - The company aims to bridge the gap between conversational AI and real-world task execution with its AutoGLM model, marking a significant evolution in its AI capabilities [12].