冲刺“全球大模型第一股”！智谱叩开港股大门，大模型“淘金热”进入资本成色检验时刻

Core Viewpoint - The large model sector is transitioning from explosive growth to a critical phase, with the value of "water sellers" being tested as Zhiyu prepares for its IPO, potentially becoming the first global large model stock [1][2]. Group 1: Company Overview - Zhiyu is positioned to be the first large model company to go public in Hong Kong, having initiated its listing process over six months ago [1]. - The company has achieved rapid revenue growth, with projected revenues of 57.4 million yuan in 2022, 124.5 million yuan in 2023, and 312.4 million yuan in 2024, reflecting a compound annual growth rate of 130% [2]. - As of 2024, Zhiyu holds a 6.6% market share among independent large model developers in China, ranking second overall [2]. Group 2: Financial Performance - Zhiyu has reported significant losses, with figures of 143.7 million yuan in 2022, 788 million yuan in 2023, and projected losses of 2.958 billion yuan in 2024 [3]. - The company's gross margins have fluctuated, with rates of 54.6% in 2022, 64.6% in 2023, and 56.3% in 2024, indicating challenges in profitability [3]. - Research and development expenditures have been substantial, amounting to 84.4 million yuan in 2022, 528.9 million yuan in 2023, and projected at 2.195 billion yuan in 2024 [3]. Group 3: Business Model and Strategy - Zhiyu has adopted a dual business model, combining a scalable MaaS (Model as a Service) approach with high-margin enterprise services tailored for the Chinese market [5][6]. - The company has established a robust MaaS platform with over 2.7 million developers and enterprise users, making it one of the most active large model API platforms in China [5]. - Zhiyu's international model business has generated over 100 million yuan in annual recurring revenue, with rapid growth in developer engagement [6]. Group 4: Market Position and Future Outlook - The company has a strong presence in the B2B market, particularly among large enterprises, which has helped validate its business model and support its IPO ambitions [7]. - Analysts predict that if Zhiyu successfully lists as the "first global large model stock," it will attract significant attention and investment, especially given the lack of pure AI stocks in the Hong Kong market [7]. - Long-term success will depend on sustained growth in MaaS revenue and a reduction in losses, with a clear path to profitability being crucial for its status as a quality tech stock [7].