Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") has officially disclosed its prospectus after hearing, positioning itself as a strong contender for the title of "the world's first large model stock" ahead of its competitor MiniMax [1][10] Financial Performance - Zhiyu's revenue for the years 2022 to 2024 is projected to be 57.4 million, 125 million, and 312 million respectively [3] - The company is primarily focused on MaaS (Model as a Service), with revenue split between local and cloud deployment [4] - Revenue from providing private AI models to clients is expected to generate 264 million in 2024, accounting for over 80% of total revenue [5] Business Model - Local deployment is characterized as a "one-time project," with pricing based on model type, scale, and implementation costs, either charged as a one-time fee or annually [6] - The top five clients contributed 142 million in revenue in 2024, representing 45.5% of total revenue [6] - Cloud deployment revenue is based on token consumption and subscription duration, but currently accounts for less than 20% of total revenue [7] Product Matrix - Zhiyu has developed a comprehensive product matrix that includes various model sizes and capabilities, addressing specific client needs across multiple application scenarios [7] Financial Challenges - The company is experiencing significant losses, with total losses from 2022 to 2024 amounting to 3.89 billion [7] - The increasing losses are primarily attributed to the high costs of computational services used in research and development [8] - In 2024, the computational service fees are expected to reach 1.552 billion, approximately five times the revenue for that period [9] - As of June 2025, the company's cash and cash equivalents stand at 2.552 billion, indicating potential pressure to manage losses [9]
智谱率先披露IPO招股书 或冲刺“全球大模型第一股”？
Hua Er Jie Jian Wen·2025-12-20 04:41