“中国版OpenAI”，冲刺“全球大模型第一股”

Core Insights - Zhiyu Technology has passed the Hong Kong Stock Exchange hearing and officially submitted its prospectus, positioning itself to become the "first global large model stock" [1] - The latest pre-IPO valuation of Zhiyu is 24.377 billion yuan, with major shareholders including Beijing Chainpai and key individuals such as Liu Debing, Tang Jie, and Zhang Peng [2] Financial Performance - Zhiyu's revenue for 2022, 2023, and 2024 is projected to be 57.4 million yuan, 125 million yuan, and 312 million yuan respectively, indicating a compound annual growth rate (CAGR) of 130% [2] - The gross profit margin is expected to remain above 50%, with specific margins of 54.6%, 64.6%, and 56.3% for the years 2022 to 2024 [2] Research and Development - R&D expenditures for Zhiyu are forecasted to be 84.4 million yuan, 529 million yuan, and 2.195 billion yuan for 2022, 2023, and 2024 respectively, totaling approximately 4.4 billion yuan since its inception [3] - The GLM series models are updated every 3 to 6 months, achieving top rankings in coding capabilities alongside models from Anthropic and OpenAI [3][5] Market Position - Zhiyu has been recognized as a major competitor by OpenAI, highlighting its significant presence in the global AI landscape [5] - The ChatGLM model has been acknowledged as an outstanding representative of China's foundational large models by the prestigious journal Nature [4] Shareholding Structure - The major shareholders of Zhiyu include Beijing Chainpai and several key individuals, collectively holding approximately 33.03% of the shares [6] - Liu Debing, the co-founder and chairman, has a strong background in AI research and has led numerous significant projects [7]