裁员50%又狂招47人！智谱的IPO的冒险冲刺，将改写AI行业格局？

Core Viewpoint - The company, Zhipu, is strategically navigating its IPO process by simultaneously laying off employees while recruiting for key positions, indicating a focused approach to optimize its operations for market expectations [1][3][10]. Group 1: Company Strategy - Zhipu's layoffs are concentrated in its product research center, with some teams experiencing over 50% reductions, while it actively recruits for 47 positions related to large models [3][5]. - The company's restructuring aims to enhance customized delivery capabilities, aligning with capital market preferences for efficiency and profitability [5][6]. - Zhipu's adjustments are not random but are designed to retain and expand core technical roles while streamlining non-core functions, which helps reduce short-term costs and prepares for future business expansion [8][10]. Group 2: Market Position and Financials - Zhipu is the first among the "AI Six Dragons" to initiate an IPO, supported by strategic investments and a valuation of 40 billion yuan, with a notable 1 billion yuan funding injection from state-owned enterprises [10][12]. - The company has secured significant contracts, including over 60 million yuan from Hangzhou City Investment and a multi-million dollar order from Southeast Asia, positioning it relatively well in a tightening funding environment [12][14]. - Despite a projected revenue of 300 million yuan and a loss of 2 billion yuan in 2024, Zhipu's narrative stands out in an industry characterized by high spending and low profitability [14][16]. Group 3: Industry Challenges - The IPO process is seen as a starting point rather than a solution to the broader profitability issues faced by the AI industry, which is expected to continue experiencing financial losses for several years [16][18]. - Zhipu's reliance on B-end business, supported by state orders, is limited, with its 160 million yuan in contracts ranking fifth in the industry, trailing behind major competitors [18][20]. - The collective transformation of the "AI Six Dragons" highlights the unsustainability of solely depending on model technology, emphasizing the need for converting technological advantages into sustainable business value [18][20].