智谱IPO获备案，冲刺“全球大模型第一股”

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding Beijing Zhiyu Huazhang Technology Co., Ltd.'s overseas issuance and domestic unlisted shares "full circulation" filing, with plans to issue up to 43,032,400 shares for listing on the Hong Kong Stock Exchange, aiming to become the "first global large model stock" [1][3] Financial Performance - Zhiyu's projected revenues for 2022, 2023, and 2024 are 57.4 million, 124.5 million, and 312.4 million yuan respectively, indicating a compound annual growth rate of 130% over three years; revenue for the first half of 2025 is expected to reach 190 million yuan, marking three consecutive years of doubling growth [1] - The company's revenue primarily comes from large model-related businesses, establishing it as one of the largest independent large model vendors in China [1] Business Scale - As of September 30, 2025, Zhiyu's models have empowered 12,000 global enterprise clients and over 80 million terminal devices, covering more than 45 million developers, making it the independent general large model vendor with the most terminal devices enabled in China [3] - Founded in 2019 and originating from Tsinghua University's research achievements, Zhiyu is one of the earliest companies to focus on large model research and development in China [3] Competitive Landscape - Zhiyu has completed six rounds of financing in its six years of operation, with five rounds occurring this year, leading to a current valuation of approximately 40 billion yuan [3] - The company is in competition with AI model startup MiniMax (Xiyu Technology) to become the first publicly listed AI model developer in China [3] - The co-founder and CEO of Zhiyu, Zhang Peng, expressed confidence in the company's position, stating that the title of "China's first AI stock" should naturally belong to them, emphasizing the need for a final push in their efforts [3]