智谱通过港交所聆讯：上半年营收1.9亿元，毛利率50%

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") is on track to become the world's first publicly listed company focused on large models, marking a significant step in the capitalization of China's large model sector [1]. Company Overview - Established in 2019, Zhiyu is an independent vendor specializing in foundational model research, originating from Tsinghua University's technology transfer [2]. - The company has developed a comprehensive model matrix covering language, code, multimodal, and intelligent agent capabilities, adapting to over 40 domestic chip types [2]. Financial Performance - In the first half of this year, Zhiyu reported revenue of 190 million yuan, with a net loss of 2.358 billion yuan and an adjusted loss of 1.751 billion yuan; this compares to revenue of 44.9 million yuan and a net loss of 1.236 billion yuan in the same period last year [3]. - Research and development expenses for 2022, 2023, and 2024 are projected to be 84.4 million, 528.9 million, and 2.1954 billion yuan, respectively, with 1.5947 billion yuan spent in the first half of 2025, totaling approximately 4.4 billion yuan in R&D investments [3]. - The company's gross margin has consistently remained above 50%, with margins of 54.6%, 64.6%, and 56.3% for 2022, 2023, and 2024, respectively, and a margin of 50% in the first half of 2025 [3]. Technological Advancements - High R&D investment supports rapid technological iteration, with the GLM series models undergoing foundational updates every 3-6 months [3]. - In July, Zhiyu launched its next-generation flagship models GLM-4.5/4.6, achieving the first integrated capabilities for reasoning, coding, and intelligent agents within a single model, ranking first domestically and globally in 12 authoritative evaluations [3]. Market Presence - Zhiyu's models are widely applied across over 20 key industries, including finance, industrial manufacturing, and energy [4]. - As of September 30, 2025, Zhiyu's GLM models serve 12,000 global enterprise clients, over 80 million terminal user devices, and more than 45 million developers, making it the largest independent general-purpose large model vendor in China [4]. - The average daily token consumption reached 4.2 trillion in November [4]. Market Outlook - The large model market in China is projected to reach 5.3 billion yuan in 2024, with institutional clients contributing 4.7 billion yuan and individual clients 600 million yuan [6]. - By 2030, the market size is expected to grow to 101.1 billion yuan, with a compound annual growth rate (CAGR) of 63.5% from 2024 to 2030, driven primarily by institutional clients [6].