亏损62亿，估值超240亿，腾讯阿里参投，大模型第一股来了

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) has submitted its prospectus to the Hong Kong Stock Exchange, marking the first complete financial disclosure among the "AI Six Tigers" [1][2]. Financial Performance - Zhiyu's revenue for 2022, 2023, and 2024 is projected to be RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million, respectively, with a compound annual growth rate (CAGR) of 130% [2]. - The company reported net losses of RMB 1.43 billion, RMB 7.88 billion, and RMB 29.58 billion for 2022, 2023, and 2024, respectively, with a cumulative loss exceeding RMB 6.2 billion [2][4]. - Gross margins have remained above 50%, with figures of 54.6%, 64.6%, 56.3%, and 50.0% for the years 2022, 2023, 2024, and the first half of 2025 [2][4]. Business Model - Zhiyu operates a dual-driven business model focusing on localized deployment for B-end and G-end clients, which accounted for 84.5% of revenue in 2024, while cloud deployment contributed 15.5% [5]. - The company aims to increase the revenue share from its API business to 50% [7]. Market Position - According to Frost & Sullivan, Zhiyu ranks first among independent general model developers in China and second overall, with a market share of 6.6% in 2024 [2]. Client Base and Growth - As of the first three quarters of 2025, Zhiyu has served over 12,000 institutional clients, showing significant growth [3]. - The company anticipates a revenue increase of over 60% year-on-year for Q3 2025, despite expected widening net losses due to substantial R&D expenditures [3]. Strategic Initiatives - Zhiyu has initiated the "Z Plan" to foster an ecosystem for large model entrepreneurs, providing resources and technical support to early-stage startups [8][9]. - The company has also established a venture capital fund, "Z Fund," with a management scale of RMB 1.5 billion, investing in several startups [9]. International Expansion - Zhiyu is actively expanding its overseas business, particularly in Southeast Asia, where it has begun generating revenue from localized deployment services [10]. - The company is involved in building international alliances for AI infrastructure, positioning itself as "China's OpenAI" [8][10]. Funding and Valuation - Since its inception, Zhiyu has completed eight rounds of financing, raising over RMB 8.3 billion, with a post-financing valuation of approximately RMB 24.38 billion [11][12].