研发重砸超44亿，智谱冲刺“全球大模型第一股”

Core Viewpoint - The company Zhipu, China's largest independent large model manufacturer, has passed the Hong Kong Stock Exchange listing hearing and officially disclosed its prospectus, indicating strong revenue growth and significant investment in research and development [1] Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be 57.4 million, 124.5 million, and 312.4 million respectively, with revenue doubling each year [1] - Research and development expenses for the same years are expected to be 84.4 million, 528.9 million, and 2.1954 billion, with a total R&D investment of approximately 4.4 billion [1] Research and Development - R&D personnel account for 74% of the company's workforce, supporting rapid technological iteration with the GLM series models undergoing base iterations every 3-6 months [1] - The latest model ranks first in coding capabilities alongside top global models in the Code Arena competition [1] Market Position - As of September 30, the Zhipu model has empowered 12,000 global enterprise clients, over 80 million terminal user devices, and more than 45 million developers, making it the largest independent general large model provider in China [1] - Founded in 2019 and originating from Tsinghua University's technology transfer, Zhipu is a pioneer in large model research in China and a leader in domestic large model technology [1] Strategic Significance - The listing of Zhipu marks the first time the capital market will welcome a company focused on self-developed AGI base models, potentially earning the title of "the world's first large model stock" [1]