Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu", stock code HK2513) officially listed on the Hong Kong Stock Exchange on January 8, with an opening price of HKD 120 per share, resulting in a market capitalization exceeding HKD 52.8 billion [1]. Group 1: Company Overview - Zhiyu was established in 2019, originating from the technology transfer of Tsinghua University, and focuses on the research and development of Artificial General Intelligence (AGI) [1]. - The company maintains a high level of research and development investment to support rapid technological iteration, with its self-developed GLM series models undergoing foundational iterations every 2-3 months, keeping a leading position globally [1]. Group 2: Product Performance - By December 2025, Zhiyu's next-generation foundational model GLM-4.7 ranked first in both the ArtificialAnalysis comprehensive capability ranking and the authoritative coding ranking CodeArena, achieving dual recognition in open-source and domestic models [1]. - The model demonstrated excellent performance in coding and agent realism, and within two months of its release, it attracted 150,000 developers from 184 countries to subscribe to its programming products, with over 50 domestic and international platform tools, including Cerebras and Windsurf, choosing to integrate it [1].

Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. (02513.HK) has officially listed in Hong Kong on January 8, 2023, and is set to launch its next-generation model GLM-5 soon [2] Group 1: Company Development - The company launched its self-developed large model algorithm architecture GLM in 2020, attempting to train a base model with 10 billion parameters, which was trialed by several enterprises including Meituan [2] - From 2021 to 2022, the development of large models faced challenges, with skepticism about the feasibility of making machines think like humans, leading the team to decide to train a larger model with 130 billion parameters [3] - In mid-2022, the GLM-130B model was created, and the MaaS platform was launched, resulting in the first batch of real API users [3] Group 2: Market Trends and Challenges - In 2023, the company recognized that AI would disrupt search and browsers, leading to a new AI assistant for everyone, which would fundamentally reshape computing logic [3] - The emergence of DeepSeek served as a wake-up call for the team, highlighting the challenges ahead, including a nationwide price war and the need to find a precise breakthrough [4] - The company identified a focus on coding as a direction, leading to the release of GLM-4.1 and GLM-4.5, with 150,000 developers using the GLM Coding Plan, resulting in an annual recurring revenue (ARR) exceeding 500 million, a 25-fold increase in just 10 months [4] Group 3: Future Focus and Innovations - The company plans to concentrate on the GLM-5 base model, a new model architecture design, and stronger generalization capabilities through reinforcement learning (RL) by 2026 [4] - The next generation of learning paradigms, including online learning and continual learning, will be strategically developed [4] - A new department, X-Lab, has been established to attract young talent for frontier exploration in model architecture and cognitive paradigms, while also expanding external investments to connect the industry [5]

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (02513.HK) has officially listed on the Hong Kong Stock Exchange, becoming the world's first publicly traded company focused on General Artificial Intelligence (AGI) foundational models, marking a significant milestone for China's independent large model manufacturers [1][2]. Group 1: Company Overview - Zhiyu is recognized as "China's OpenAI" and has attracted significant long-term investment from international funds and notable industry capital, with cornerstone investors subscribing a total of 2.98 billion HKD [2]. - The company has completed eight rounds of financing prior to its IPO, raising over 8.3 billion RMB, with participation from major industry players such as Meituan, Ant Group, Alibaba, Tencent, and Xiaomi [2]. - Zhiyu is actively promoting the international expansion of its original large models and solutions, leading the establishment of the "International Alliance for Autonomous Large Models" with ten countries along the Belt and Road [2]. Group 2: Business Model and Revenue - Zhiyu has developed a highly defensible business model, primarily based on a MaaS (Model as a Service) approach, which has shown exponential growth in revenue [10]. - The company has achieved an annual recurring revenue (ARR) of over 100 million RMB (approximately 14 million USD) within three months, gaining over 150,000 paid developer users [3][10]. - Revenue projections indicate a compound annual growth rate (CAGR) of 130% from 2022 to 2024, with revenues of 57.4 million RMB, 125 million RMB, and 312 million RMB respectively [11]. Group 3: Technological Advancements - Zhiyu has established a comprehensive AGI technology roadmap covering stages L1 to L5, positioning itself as a long-term foundational model developer rather than a short-term application company [1][5]. - The GLM (General Language Model) technology has been recognized as a competitive architecture against the GPT system, demonstrating advantages in robustness, controllability, and hallucination rate management [5]. - The newly released flagship model GLM-4.7 has achieved top rankings in global open-source model assessments, indicating its strong performance in the competitive landscape [6][8]. Group 4: Financial Performance - The company has reported significant revenue growth, with a revenue of 191 million RMB in the first half of 2025, representing a year-on-year increase of 325% [11]. - Despite high revenue growth, Zhiyu has faced substantial net losses due to significant R&D investments, with adjusted net losses of 974 million RMB, 621 million RMB, and 2.466 billion RMB from 2022 to 2024 [11][12]. - The company's R&D expenditures have increasingly focused on purchasing computing power, which accounted for over 70% of R&D costs from 2023 onwards, highlighting the strategic importance of computational resources [12].

Core Viewpoint - The article highlights the listing of Beijing Zhiyu Huazhang Technology Co., Ltd. (智谱) on the Hong Kong Stock Exchange, marking it as the world's first publicly traded company focused on General Artificial Intelligence (AGI) foundational models, thus becoming the "first stock of global large models" [4][5]. Group 1: Company Overview - Zhiyu Huazhang, referred to as "China's OpenAI," has attracted significant investment from international long-term funds and notable industry capital as cornerstone investors, raising a total of 2.98 billion HKD from 11 cornerstone investors [7]. - Prior to its IPO, Zhiyu completed eight rounds of financing, accumulating over 8.3 billion CNY (approximately 1.2 billion USD) with participation from major industry players like Meituan, Ant Group, Alibaba, Tencent, and Xiaomi [8]. - The company is actively promoting the international expansion of its original large models and solutions, leading the establishment of the "International Co-construction Alliance for Autonomous Large Models" with ten countries along the Belt and Road [8]. Group 2: Business Model and Growth - Zhiyu has developed a highly defensible business model, primarily based on a Model-as-a-Service (MaaS) approach, which has shown exponential growth, with paid traffic revenue surpassing all domestic models combined [15][16]. - The company has established itself as the largest large model startup in China, with a customer base that includes nine of the top ten internet companies in China using its GLM large model [15]. - The MaaS model allows for flexible and scalable delivery of "general intelligence," enabling rapid scaling of model usage across various applications [15]. Group 3: Financial Performance - Zhiyu's revenue from 2022 to 2024 is projected to grow from 57.4 million CNY to 312 million CNY, with a compound annual growth rate (CAGR) of 130%, and a revenue of 191 million CNY in the first half of 2025, reflecting a year-on-year growth of 325% [18]. - The gross margins for the same period are expected to be 54.6%, 64.6%, and 56.3%, with a gross margin of 50% in the first half of 2025 [18]. - The company has incurred adjusted net losses of 97.4 million CNY, 621 million CNY, and 2.466 billion CNY from 2022 to 2024, primarily due to substantial R&D investments, particularly in computing power [18]. Group 4: Competitive Positioning - Zhiyu's GLM technology is recognized as one of the few domestic architectures that can compete directly with the GPT system, demonstrating advantages in robustness, controllability, and hallucination rate control [11]. - The flagship model GLM-4.7 has achieved top rankings in global open-source model assessments, indicating its competitive edge in the market [12][11]. - The company is positioned to benefit from anticipated declines in computing power costs, which could improve its profitability and operational efficiency in the future [19].

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 专题：未竟之约：张小珺访谈录 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中表示，谈到DeepSeek时表示，"对我们 影响比较大"。 他表示，DeepSeek从研究层面，工程层面，甚至是包括市场层面的冲击都比较大。他表示，春节一回 来就在密集的讨论这件事情，确实有很多的启示和提醒，也学习到很多东西。 专题：未竟之约：张小珺访谈录 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中表示，谈到DeepSeek时表示，"对我们 影响比较大"。 他表示，DeepSeek从研究层面，工程层面，甚至是包括市场层面的冲击都比较大。他表示，春节一回 来就在密集的讨论这件事情，确实有很多的启示和提醒，也学习到很多东西。 他指出，讨论的结论就是说其实应该更开放式的，打开自己的这个视野，开放式地看待大模型的研究和 市场，很多时候这些因素都搅和在一起，很难把它理得非常的清楚和分割得非常的开，所以还是需要各 方的协同，以更开放的态度来看待这些事情，自己的研究 ...

Core Viewpoint - The listing of Beijing Zhiyu Huazhang Technology Co., Ltd. on January 8, 2026, marks the first public offering of a company focused on General Artificial Intelligence (AGI) foundational models, highlighting China's leadership in this sector [1][9]. Company Overview - Zhiyu is recognized as one of the earliest companies in China to engage in large model research, having developed the GLM framework and released several pioneering models, including the first hundred-billion model and the first open-source trillion model [3]. - The company has achieved significant technological advancements, maintaining a competitive edge in the global market by adapting its GLM architecture to over 40 domestic chipsets [3]. Financial Performance - The company reported revenues of 57.4 million, 124.5 million, and 312.4 million yuan for the years 2022 to 2024, with a compound annual growth rate of 130%. In the first half of 2025, revenue reached 191 million yuan, reflecting a year-on-year growth of 325% [8]. - Gross margins for the same period were 54.6%, 64.6%, and 56.3%, with a gross margin of 50% in the first half of 2025 [8]. Research and Development - The company plans to allocate approximately 70% (around 2.9 billion HKD) of the net proceeds from its IPO to further research and development in AGI foundational models, reinforcing its competitive position [7]. - R&D expenditures from 2022 to 2025 are projected to total around 4.4 billion yuan, with a significant focus on rapid model iteration every 2-3 months [4]. Market Position and Strategy - Zhiyu is positioned as the largest independent developer of general large models in China, with a Model as a Service (MaaS) approach that has attracted over 300,000 enterprises and application developers [8]. - The company has established a standardized product system centered on MaaS, which includes API calls, model subscriptions, and localized deployments, enabling it to deliver general intelligence capabilities rather than single-use applications [8]. Industry Context - The global AI market is projected to grow from 189 billion USD in 2023 to 4.8 trillion USD by 2033, indicating a 25-fold increase over the next decade [9]. - With the implementation of national standards for AI large models, China's AGI development is entering a more structured phase, positioning large models as key drivers of efficiency and innovation across various industries [9].

全球AGI（通用人工智能）产业迎来里程碑事件。 1月8日，北京智谱华章科技股份有限公司（简称"智谱"，代码02513.HK）在香港联合交易所挂牌上市，成为全球首家以通用人工智能基座模型为核心业 务的上市公司。 这一声鸣锣，不仅为智谱开启资本赋能的新征程，更向全球资本市场呈现了大模型企业的经营全貌与价值定价标准，为观察AGI商业化落地提供了极具参 考价值的中国样本。 智谱董事长刘德兵在上市致辞中表示："全球范围内通用大模型企业第一次以这样的方式走向公开市场，非常有幸，智谱作为中国大模型代表，站在这个 历史性的起点。'让机器像人一样思考'是智谱从创立第一天起就选择的方向，是智谱人持之以恒奋斗的唯一目标。2021年，我们推出了自己的算法架构 GLM。2025年，GLM-4.7的发布让我们的模型跻身世界领先，为我们冲刺AGI打下重要根基。智谱的'Z'，是字母表中的最后一个，代表终极境地。我们 希望在AGI的探索历程上能走到智能的终极境地。" 上市首日，智谱开盘报120港元/股，市值528.28亿港元。 国内业务规模最大的独立大模型厂商 智谱成立于2019年，源自清华大学技术成果转化，是中国最早投身大模型研发的企业之一 ...

Core Insights - The conversation highlights the clear direction and commercialization focus of Minimax's CEO, Yan Junjie, as emphasized by Zhang Peng, CEO of Zhipu AI [1][2] Group 1: Company Direction - Zhang Peng notes that Yan Junjie has identified the right direction and market for Minimax, indicating a strategic approach to business [1][2] - The emphasis on commercialization suggests that Minimax is prioritizing revenue-generating activities and market relevance [1][2] Group 2: Product Focus - Minimax's products, such as Talkie, are geared towards consumer entertainment and emotional value, aligning with the broader trend of integrating technology into daily life [1][2] - The mention of multi-modal capabilities indicates a focus on enhancing user experience through diverse interaction methods [1][2]

Core Viewpoint - Zhiyuan officially listed on the Hong Kong Stock Exchange on January 8, becoming the "first stock of large models" and is recognized as a leading AI company in China [1][10]. Company Overview - Zhiyuan was founded in June 2019 by a team with a strong academic background from Tsinghua University, focusing on general artificial intelligence (AGI) innovation [2][12]. - The company has raised nearly 8.4 billion yuan through 8 rounds of financing, with over 50 investment institutions participating, including major internet companies and venture capital firms [5][14]. Investment Background - Zhongke Chuangxing, an early investor, finalized its investment in Zhiyuan before the company was officially established, demonstrating a strong commitment to the AI sector [2][12]. - The initial post-investment valuation of Zhiyuan was 375 million yuan, which was considered high at the time, but Zhongke Chuangxing invested 40 million yuan to support its development [2][12]. Market Position - As of 2024, Zhiyuan is projected to rank first among independent general model developers in China, holding a market share of 6.6% [3][13]. Investor Composition - The investor base includes major internet companies like Meituan, Ant Group, and Tencent, as well as top venture capital firms such as Junlian Capital and Qiming Venture Partners [5][15]. - The IPO attracted cornerstone investors who subscribed for approximately 2.984 billion HKD, accounting for about 68.63% of the global offering shares [8][17]. Financial Performance - The estimated market capitalization of Zhiyuan at the IPO is over 51.1 billion HKD, reflecting a nearly 90% increase compared to its last post-investment valuation of 24.4 billion yuan [7][16].

（文章来源：每日经济新闻） 每经AI快讯，"全球大模型第一股"智谱（02513.HK）在港交所主板挂牌上市，发行价为每股116.20港 元，以120港元/股的价格开盘后，最高冲至121港元/股，但是之后震荡下行，最终在9：50分跌破发行 价，跌至116.10港元/股，后有所回升。 ...