“烧钱” “抢时间” 详解智谱IPO招股书

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) has passed the hearing and published its IPO prospectus, becoming the first among the "Six Little Dragons" of large models to enter the IPO process, potentially becoming the "first stock of global large models" [2][3] Financial Performance - Zhiyu's revenue from 2022 to 2024 is projected to be 57.4 million, 125 million, and 312 million yuan, with a compound annual growth rate (CAGR) of 130%. In the first half of 2025, revenue is expected to reach 191 million yuan, a year-on-year increase of 325% [4] - The company reported losses of 144 million, 788 million, and 2.958 billion yuan from 2022 to 2024, with a loss of 2.358 billion yuan in the first half of 2025 [4] - R&D expenditures have significantly increased, with investments of 84.4 million, 529 million, and 2.195 billion yuan from 2022 to 2024, accounting for 147%, 425%, and 703% of revenue respectively. In the first half of 2025, R&D spending is projected to be 1.595 billion yuan, representing 835% of total revenue [4][6] Business Model and Market Position - Zhiyu's business model is based on a Model-as-a-Service (MaaS) platform, primarily generating revenue from localized private deployments, which decreased from 95.5% in 2022 to 84.5% in 2024. In the first half of 2025, this segment is expected to contribute 84.8% of total revenue [5] - The gross margin for localized deployments is projected to be 66.0% in 2024 and 59.1% in the first half of 2025, while the gross margin for cloud deployments is expected to be 3.4% and -0.4% respectively [6] - According to a report by Frost & Sullivan, the Chinese large language model market is expected to reach 5.3 billion yuan in 2024, with Zhiyu holding a market share of 6.6%, ranking second among major players [7] Industry Dynamics - The IPO process for Zhiyu and MiniMax indicates a shift towards commercialization for large model companies, with a focus on validating business models after significant capital inflows [9] - The competitive landscape is evolving, with companies needing to differentiate through technology or accelerate commercialization to survive [10] - The market for large language models in China is projected to grow to 101.1 billion yuan by 2030, with a CAGR of 63.5% from 2024 to 2030, driven primarily by institutional clients [7]