假设全球发售于2026年1月8日(星期四)上午八时正(香港时间)或之前成为无条件，预期H股将于2026年1 月8日(星期四)上午九时正(香港时间)开始在联交所交易。H股将以每手100股H股为单位进行买卖，H股 的股份代号将为2513。 格隆汇1月7日丨智谱华章(02513.HK)公告，公司全球发售37,419,500股H股，每股H股116.20港元，所得 款项净额41.73亿港元。香港公开发售股份数目占全球发售股份数目20%，获认购1159.46倍；国际发售 股份数目占全球发售股份80%，获认购倍15.28倍。 ...

智通财经APP讯，智谱(02513)公布配发结果，公司全球发售3741.95万股H股，香港公开发售占20%，国 际发售占80%。每股发售价116.20港元，全球发售净筹约41.73亿港元。每手100股，预期股份将于2026 年1月8日上午九时正在联交所开始买卖。 其中，香港公开发售获1159.46倍认购，国际发售获15.28倍认购。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司（「香港結算」）對本公 告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 除本公告另有界定者外，本公告所用詞彙與北京智譜華章科技股份有限公司（「本公司」）刊發日期為2025年12月30 日的招股章程（「招股章程」）所界定者具有相同涵義。 北京智譜華章科技股份有限公司 （於中華人民共和國成立之股份有限公司） 本公告僅作參考用途，並不構成收購、購買或認購證券的邀請或要約。潛在投資者於決定是否投資於發售股份前 應閱覽招股章程，以獲得有關本公司及下文所述全球發售的詳細資料。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、刊發或派發。本公 告並不構成或組成在美國或任何其他司法權區要約或招攬購買或認購證券的一部分。發售股份並無亦不會根據 1933年美國證券法（經不時修訂）（「美國證券法」）或美國任何州或其他司法權區的證券法登記，亦不得於美國境內 提呈發售、出售、質押或轉讓，惟豁免遵守美國證券法登記規定 ...

Company Overview - Zhiyu (02513) is a leading domestic general large model enterprise, focusing on internet and technology sectors, achieving over 100% revenue growth in the past two years [1][2] - The company is the largest independent developer of general large models in China, serving over 8,000 clients with more than 45 million downloads in the global developer community [2] - The management team has a strong technical background, including top scientists like Academician Zhang Bo [2] Financial Performance - The company is projected to generate revenue of 312 million yuan in 2024, representing a year-on-year growth of 150.9%, and 191 million yuan in the first half of 2025, with a year-on-year growth of 325.0% [2] - R&D expenses for the first half of 2025 are expected to be 1.595 billion yuan, with 1.145 billion yuan allocated to computing power [2] - The gross margin for local deployment business is maintained above 60%, indicating strong scalability [2] Industry Overview - The large language model market in China is expected to grow 20 times in the next six years, with enterprise-level demand dominating the market, which is projected to reach 101.1 billion yuan by 2030 [3] - According to Frost & Sullivan, the market size for large language models in China is estimated to reach 5.3 billion yuan in 2024, with a CAGR of 63.7% from 2024 to 2030 [3] - Zhiyu holds a market share of 6.6% in the large language model sector, making it the largest independent player [3] Model Capabilities - The company's models are characterized by high cost-effectiveness and low hallucination rates, covering diverse enterprise needs [4] - The GLM-4-9B model achieved one of the lowest hallucination rates (1.3%) among top models, according to Stanford University's AI Index report [4] - The latest flagship model, GLM-4.7, has shown excellent performance in coding and agent capabilities, narrowing the gap with leading international models [4] Growth Analysis - The proportion of cloud deployment is gradually increasing, with local deployment revenue accounting for 85% and cloud deployment rising from 0% to 15% over the past two years [4] - The company plans to expand into high-barrier industries such as education and healthcare, leveraging its model capabilities to accelerate application deployment [5] - New products like GLM CodingPlan and AutoGLM are expected to significantly enhance cloud revenue, with the number of paid users on the platform Bigmodel.cn increasing tenfold [5]

Company Overview - Company is a leading domestic general large model enterprise, focusing on advanced general large model development and serving over 8,000 clients with a global developer community download exceeding 45 million [2] - The management team has a strong technical background, including top scientists like Academician Zhang Bo [2] - Revenue for 2024 is projected to be 312 million yuan, a year-on-year increase of 150.9%, with H1 2025 revenue expected to reach 191 million yuan, a year-on-year increase of 325.0% [2] - R&D expenses for H1 2025 are estimated at 1.595 billion yuan, with 1.145 billion yuan allocated to computing power [2] - The gross margin for local deployment business remains above 60%, indicating sustained scale effects [2] Industry Overview - The large language model market is expected to grow 20 times in the next six years, with enterprise-level demand dominating the trillion yuan opportunity [3] - According to Frost & Sullivan, the Chinese large language model market is projected to reach 5.3 billion yuan in 2024 and grow to 101.1 billion yuan by 2030, with a CAGR of 63.7% from 2024 to 2030 [3] - The enterprise-level large language model market is expected to reach 90.4 billion yuan by 2030, with the enterprise segment accounting for nearly 90% of the market [3] - Company holds a 6.6% market share in the large language model revenue for 2024, making it the largest independent large language model provider [3] Model Capabilities - The company's models are characterized by high cost-effectiveness and low hallucination rates, covering diverse enterprise needs [4] - The GLM-4-9B model achieved one of the lowest hallucination rates (1.3%) among top models according to Stanford University's AI Index report [4] - The latest flagship model, GLM-4.7, has shown excellent performance in coding and agent capabilities, narrowing the gap with leading overseas models [4] Business Growth Analysis - Local deployment revenue is expected to exceed 2 million yuan per client in 2024, with a doubling growth over the past two years [5] - In 2024, 50% of revenue is expected to come from the internet and technology sectors, with plans to expand into consumer electronics and IoT industries [5] - The company aims to enter high-barrier industries such as education and healthcare, leveraging enhanced model capabilities to accelerate application deployment [5] - Cloud business is expected to grow significantly, with new products like GLM CodingPlan and AutoGLM driving rapid increases in global paid user numbers [5] - The open platform Bigmodel.cn is projected to see a tenfold increase in paid customers throughout the year, with high-cost performance coding tools expected to have a greater impact on cloud revenue in 2026 [5]

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company, Zhipu AI, is a leading independent general large model developer in China, established in 2019, and has developed a unique General Language Model (GLM) framework that excels in long text understanding and logical reasoning [6][12]. - Zhipu AI's flagship products, GLM-4.5 and GLM-4.7, have achieved top rankings in international benchmark tests and have gained significant recognition in the global developer community [6][14]. - The company has a strong market position, ranking first among independent general large model developers in China with a market share of 6.6% as of 2024 [6][15]. - Zhipu AI plans to go public on the Hong Kong Stock Exchange on January 8, 2026, with an IPO price of HKD 116.20 per share, aiming to raise approximately HKD 4.3 billion [6][15]. Summary by Sections 1. Company Overview - Zhipu AI is built on technology from Tsinghua University and aims to compete with OpenAI, focusing on a self-regressive fill-in-the-blank GLM framework [12][16]. - The company has released several significant models, including the GLM-130B, which marked its entry into the mainstream large language model market [12][16]. 2. Business Model and Operations - The business model is centered around Model as a Service (MaaS), offering both localized and cloud deployment options [21][24]. - Localized deployment accounts for a significant portion of revenue, with high margins, while cloud deployment is rapidly growing and aims to capture a larger market share [24][25]. 3. Historical Financial Analysis - Revenue has shown rapid growth, with projections indicating revenues of CNY 785 million in 2025 and CNY 1.55 billion in 2026, reflecting a compound annual growth rate of over 130% from 2022 to 2024 [1][30]. - The company has been operating at a loss due to substantial R&D investments, with cumulative R&D expenses exceeding CNY 4.4 billion from 2022 to 2024 [6][30]. 4. Core Competitiveness - Zhipu AI's competitive edge lies in its fully self-developed technology system, leading model performance, and a robust open-source ecosystem [38][39]. - The GLM series models have demonstrated significant advantages in various applications, including multi-modal understanding and generation [39][40]. 5. Profitability Forecast and Investment Suggestions - The company is expected to achieve revenues of CNY 7.9 billion in 2025, CNY 15.5 billion in 2026, and CNY 32.2 billion in 2027, with a gradual shift towards cloud-driven revenue [6][7]. - The overall gross margin is projected to reach 50% by 2025, with improvements in cloud margins as the business scales [6][7].

Core Insights - The core narrative revolves around the significant rise of Zhiyuan Huazhang (智谱华章) in the AI large model sector, marking a pivotal challenge to OpenAI's dominance in the global market [1][5]. Group 1: Market Performance - Zhiyuan Huazhang's stock opened at 210 HKD, soaring 80.7% from its issue price, with a market capitalization exceeding 90 billion HKD, making it the highest-valued non-U.S. listed company in the AI large model sector [1]. - The company's debut was characterized by an oversubscription of over 58 times, with frozen funds exceeding 29 billion HKD, and a first-day increase of 110%, nearing a market cap of 100 billion HKD [1]. Group 2: Technological Advancements - Zhiyuan's GLM-4.7 model has surpassed GPT-5.2 in code generation, achieving a 98.3% pass rate on the HumanEval benchmark, compared to GPT-5.2's 96.1% [2]. - The company has established a robust ecosystem with 2.7 million paying users through a dual approach of "open source + API calls," generating annual revenue exceeding 320 million CNY [2]. Group 3: Industry Context - The rise of Chinese AI large models is supported by national policies and the Hong Kong Stock Exchange's regulations, creating a favorable environment for hard-tech enterprises [2]. - Competing models from Alibaba and Baidu have established technical barriers in specific areas, with Alibaba's Qwen3-Max achieving full marks in mathematical reasoning tests [2]. Group 4: Strategic Approaches - Chinese companies are adopting a "rural encirclement of cities" strategy, with Zhiyuan providing national-level AI infrastructure solutions in Southeast Asia and Alibaba deploying over 100,000 AI agents on its e-commerce platform [4]. - The capital market has shown strong support, with AI sector financing in Hong Kong increasing by 177% year-on-year, and leading firms raising over 20 billion HKD [4]. Group 5: Future Outlook - The competition in global AI is evolving beyond mere parameter comparisons to encompass technology routes, ecosystem building, and geopolitical factors [6][7]. - The strategic positioning of Chinese AI large models aims to create a "second brain" for the digital age, indicating a potential shift in the global AI landscape [5].

11.07万 122.000 5500( 121.900 710( 121.800 150( 121.700 MACD MACD(12,26,9) :- 0.110 DIF :- 0.174 DEA :- 0.120 121.600 121.500 121.400 121.300 16:15 18:30 分时 1分 5分 日K 立即买入 立即卖出 • 行情来源: 利弗莫尔证券 • 智谱(02513)将于2026年1月8日(星期四)在香港挂牌。截至收盘，利弗莫尔证券暗盘交易显示报价122.2港元，较招股价116.2港元上涨5.16%，每手100股，不 计手续费，每手赚600港元。 ...

智通财经APP获悉，智谱(02513)将于2026年1月8日(星期四)在香港挂牌。截至收盘，利弗莫尔证券暗盘交易显示报价122.2港元，较招股价116.2港元上涨 5.16%，每手100股，不计手续费，每手赚600港元。 11.07万 122.000 5500( 121.900 710( 150( 121.800 121.700 MACD MACD(12,26,9) :- 0.110 DIF :- 0.174 DEA :- 0.120 121.600 121.500 121.400 121.300 16:15 18:30 分时 1分 5分 日K 立即买入 立即卖出 • 行情来源: 利弗莫尔证券 • ...

Core Viewpoint - Paradigm Intelligence (06682) has announced the completion of comprehensive adaptation and deep optimization of 26 mainstream models from Zhipu (02513) for its "ModelHub XC," enhancing its model ecosystem capabilities in domestic computing environments [1][3]. Group 1: Model Adaptation and Performance - The adapted Zhipu models can operate efficiently on supported domestic computing platforms, including Ascend 910B4, Cambricon MLU370-X4, and others, demonstrating excellent compatibility and inference performance [3][4]. - The collaboration between Paradigm Intelligence and Zhipu represents a significant practice in the integration of domestic software and hardware ecosystems, enriching the immediate model library of ModelHub [3][4]. Group 2: Industry Applications and Solutions - The integrated solution provides a comprehensive domestic solution from underlying computing power to upper-layer models, catering to industries with high data security and technology autonomy requirements, such as finance, government, energy, and manufacturing [4]. - Companies can quickly deploy and manage the optimized Zhipu models on the ModelHub platform, accelerating the application of AI in critical business scenarios [4]. Group 3: Future Developments and Company Profiles - Paradigm Intelligence aims to deepen software and hardware collaboration with Zhipu and other computing partners, expanding the boundaries of its model ecosystem [4]. - Zhipu, a key player in the domestic large model field, is set to be listed on the Hong Kong Stock Exchange on January 8, focusing on the commercialization of multimodal dialogue and text and video generation technologies [4]. - Paradigm Intelligence, established in 2014, is a leader in the AI + enterprise services sector in China, with plans for group upgrades by 2025, covering B-end enterprise services and C-end consumer electronics [4].