智谱毛利率稳定保持50%以上 港股迎来“全球大模型第一股”

Core Insights - The article discusses the financial performance and growth trajectory of a company specializing in large models, highlighting its significant revenue growth and high gross margins. Group 1: Financial Performance - The company reported revenues of 57.4 million, 124.5 million, and 312.4 million for the years 2022, 2023, and 2024 respectively, achieving a compound annual growth rate of 130% over these three years [1] - The gross margins for the years 2022, 2023, and 2024 were 54.6%, 64.6%, and 56.3% respectively, with a gross margin of 50% reported for the first half of 2025 [2] Group 2: Market Position and Technology - The company has empowered over 12,000 enterprise clients, more than 80 million end-user devices, and over 45 million developers, making it the largest independent general-purpose large model vendor in China [2] - Established in 2019, the company is recognized for its original GLM pre-training architecture and has developed a comprehensive model matrix covering language, code, multimodal, and intelligent agents [2] - The company has a high R&D investment, with expenditures of 84.4 million, 528.9 million, and 2.1954 billion for the years 2022, 2023, and 2024, and 1.5947 billion in the first half of 2025, totaling approximately 4.4 billion in R&D investments [2] Group 3: Investment and Industry Impact - The company has received recognition from various investment institutions, including state-owned enterprises and venture capital firms, completing eight rounds of financing totaling over 8.3 billion [3] - As the first company among the "six small dragons" of large models to initiate an IPO, it aims to become the "first global large model stock," marking a significant milestone in the transition of China's AI large model industry from a technology race to capital validation [3] - The IPO is expected to provide global investors with an opportunity to share in the technological dividends of China's AI foundational layer, potentially reshaping the valuation logic of Chinese tech stocks in the capital market [3]