Company Overview - Zhiyu (02513) is a leading domestic general large model enterprise, focusing on internet and technology sectors, achieving over 100% revenue growth in the past two years [1][2] - The company is the largest independent developer of general large models in China, serving over 8,000 clients with more than 45 million downloads in the global developer community [2] - The management team has a strong technical background, including top scientists like Academician Zhang Bo [2] Financial Performance - The company is projected to generate revenue of 312 million yuan in 2024, representing a year-on-year growth of 150.9%, and 191 million yuan in the first half of 2025, with a year-on-year growth of 325.0% [2] - R&D expenses for the first half of 2025 are expected to be 1.595 billion yuan, with 1.145 billion yuan allocated to computing power [2] - The gross margin for local deployment business is maintained above 60%, indicating strong scalability [2] Industry Overview - The large language model market in China is expected to grow 20 times in the next six years, with enterprise-level demand dominating the market, which is projected to reach 101.1 billion yuan by 2030 [3] - According to Frost & Sullivan, the market size for large language models in China is estimated to reach 5.3 billion yuan in 2024, with a CAGR of 63.7% from 2024 to 2030 [3] - Zhiyu holds a market share of 6.6% in the large language model sector, making it the largest independent player [3] Model Capabilities - The company's models are characterized by high cost-effectiveness and low hallucination rates, covering diverse enterprise needs [4] - The GLM-4-9B model achieved one of the lowest hallucination rates (1.3%) among top models, according to Stanford University's AI Index report [4] - The latest flagship model, GLM-4.7, has shown excellent performance in coding and agent capabilities, narrowing the gap with leading international models [4] Growth Analysis - The proportion of cloud deployment is gradually increasing, with local deployment revenue accounting for 85% and cloud deployment rising from 0% to 15% over the past two years [4] - The company plans to expand into high-barrier industries such as education and healthcare, leveraging its model capabilities to accelerate application deployment [5] - New products like GLM CodingPlan and AutoGLM are expected to significantly enhance cloud revenue, with the number of paid users on the platform Bigmodel.cn increasing tenfold [5]