智谱递表：中国最大的独立大模型厂商，IPO 在即

Core Insights - The company, Zhipu, has successfully passed the Hong Kong Stock Exchange listing hearing and has officially disclosed its prospectus, marking a significant milestone in the capital market as it aims to become the first publicly listed company focused on self-developed AGI foundational models [1][2] Financial Performance - Revenue for Zhipu is projected to grow significantly, with figures of 57.4 million in 2022, 124.5 million in 2023, and 312.4 million in 2024, indicating a doubling of revenue for three consecutive years [1] - Research and development (R&D) expenses are also on the rise, with allocations of 84.4 million in 2022, 528.9 million in 2023, and 2.1954 billion in 2024, alongside a projected R&D investment of 1.5947 billion in the first half of 2025, totaling approximately 4.4 billion in cumulative R&D [1] R&D and Technological Advancements - R&D personnel constitute 74% of the company's workforce, supporting rapid technological iterations, with the GLM series models undergoing foundational updates every 3 to 6 months [1] - Zhipu's latest model ranks first in coding capabilities alongside the world's top models in the Code Arena competition, showcasing its competitive edge in the market [1] Market Position and Client Base - As of September 30, the Zhipu model has empowered 12,000 global enterprise clients, over 80 million end-user devices, and more than 45 million developers, making it the largest independent general-purpose large model provider in China [1] - Founded in 2019 and originating from Tsinghua University's technology transfer, Zhipu is recognized as a pioneer in large model research in China and a leader in domestic large model technology [1]