智谱通过港交所上市聆讯北京将跑出“大模型第一股”

Core Viewpoint - The company Zhiyu has successfully passed the hearing at the Hong Kong Stock Exchange and submitted its prospectus, marking the first listing of a company focused on AGI (Artificial General Intelligence) in the capital market, potentially becoming the "first stock of large models" in Hong Kong [1][3] Group 1: Company Overview - Zhiyu was established in 2019 and is the largest independent large model manufacturer in China, originating from Tsinghua University's technology transfer [1] - The company has pioneered large model research in China, developing the GLM pre-training architecture, achieving breakthroughs in robustness, controllability, and hallucination, and has adapted to over 40 domestic chips [1] - The GLM-4.6 model was released in September and has been recognized as a top performer in code generation, ranking alongside models from international companies like Anthropic and OpenAI [1] Group 2: Financial Performance - Zhiyu has become the largest independent large model manufacturer in China by revenue, with its GLM-4.5/4.6 models generating over 100 million yuan in annual recurring revenue from global developers [2] - The company has achieved a doubling of revenue for three consecutive years, with revenue of 190 million yuan and a gross margin of 50% in the first half of 2025 [2] - The GLM series models are applied across various industries, including public governance, industrial manufacturing, energy, finance, internet, telecommunications, consumer electronics, and education, serving over 2.7 million customers and developers [2] Group 3: Investment and Market Position - Zhiyu has received recognition from various investment institutions, completing eight rounds of financing before its IPO, with a total financing scale exceeding 8.3 billion yuan [2] - As the first company among the "six small dragons of large models" to initiate an IPO, Zhiyu's move reflects a shift in the Chinese AI large model industry from a "technology race" to "capital validation," indicating a new development phase focused on technological strength, revenue capability, and sustainable business models [3]