多路明星资本护航“全球大模型第一股”花落智谱

Core Viewpoint - The listing of Zhipu AI, referred to as the "first stock of global large models," is set to fill a gap in the capital market for large model companies, marking a significant milestone for the Hong Kong stock exchange with its focus on AGI foundational models [1] Group 1: Company Overview - Zhipu AI was established in 2019, originating from technology developed at Tsinghua University, and is projected to rank first among independent general large model developers in China by revenue in 2024, with a market share of 6.6% [2] - The company plans to issue 37.42 million H-shares, with a fundraising target of approximately HKD 4.3 billion, leading to an expected market capitalization of over HKD 51.1 billion [2] Group 2: Financial Performance - Zhipu AI's revenue for the years 2022, 2023, 2024, and the first half of 2025 is reported as RMB 57.4 million, RMB 124.5 million, RMB 312.4 million, and RMB 190 million respectively, with adjusted net losses of RMB 97.4 million, RMB 621 million, RMB 2.4656 billion, and RMB 1.752 billion [3] - The company's gross margins for the same periods are 54.6%, 64.6%, 56.3%, and 50%, with significant R&D investments totaling approximately RMB 4.4 billion [3] Group 3: Business Model and Strategy - Zhipu AI's business model primarily revolves around a MaaS (Model as a Service) platform, which began development in 2021, aiming to deliver "general intelligence" rather than customized projects, facilitating rapid scaling of model usage [3] - The company intends to maintain its local deployment revenue while increasing the revenue share from its MaaS platform to enhance its scaling capabilities [3] Group 4: Market Impact and Partnerships - Zhipu AI's upcoming IPO is expected to positively influence related publicly listed companies, particularly those with equity ties or business collaborations, such as Dianguang Media, which has been a significant early investor [4] - Several companies, including Mango Super Media and Youke De, have established partnerships with Zhipu AI, and the company is also venturing into robotics, collaborating with various firms to innovate in the AI terminal field [5]