“AI六小龙”中首家IPO要来了！智谱在国资加持下的突围与竞速

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") has officially initiated the A-share IPO counseling process, marking the first listed company in the domestic "AI Six Dragons" sector [1][3]. Group 1: IPO Counseling and Timeline - Zhiyu signed a counseling agreement with China International Capital Corporation on March 31, 2025, aiming to complete the counseling plan by October 2025 [2][10]. - The IPO counseling marks a significant step for Zhiyu, which has undergone a name change and is preparing for its public offering [3][4]. Group 2: Technological Advancements - Founded in June 2019, Zhiyu's core team originates from Tsinghua University's Knowledge Engineering Laboratory, with founder Tang Jie being a recognized authority in the AI field [4]. - Zhiyu has developed several significant models, including the GLM architecture and the GLM-130B model, which broke new ground in the domestic large model open-source space [4][6]. Group 3: Capital Injection and Financial Backing - Zhiyu has completed 15 rounds of financing since its establishment, raising over 16 billion RMB, with significant investments from major players like Sequoia, Hillhouse, Tencent, and Alibaba [6][8]. - The company’s valuation has surged to over 30 billion RMB following recent investments, indicating strong market confidence [8]. Group 4: Market Challenges and Commercialization - Despite its advancements, Zhiyu faces challenges in finding the optimal commercialization path, with high operational costs and reliance on a concentrated customer base [12]. - The company’s revenue is heavily dependent on government and state-owned enterprises, with over 60% of orders coming from these sectors [12]. Group 5: Future Outlook - The IPO is seen as a critical juncture for Zhiyu, transitioning from reliance on capital infusion to self-sustaining growth [12]. - The company must address its current losses and innovate its profit model to ensure successful market entry post-IPO [12].