大模型第一股来了，资本版图全梳理丨创投智库

Core Insights - Zhipu AI, known as the "first global AI large model stock," debuted on the Hong Kong stock market with an issue price of HKD 116.2 per share, resulting in a market capitalization exceeding HKD 51.1 billion, leading to approximately 89% paper profit for recent state-owned investors [1] - The company has raised over CNY 8.3 billion since its establishment in 2019, with over 90% of this funding occurring after the release of ChatGPT [1] Investment Background - Zhipu AI was founded in June 2019, emerging from Tsinghua University's Knowledge Engineering Laboratory, with a core team primarily composed of Tsinghua alumni [1] - Initial funding came from Zhongke Chuangxing and Dacheng Capital, who recognized the potential in natural language processing and knowledge graphs, leading to an investment of CNY 40 million in 2019 [1][2] Strategic Positioning - In May 2020, following the release of GPT-3, Zhipu AI decided to enter the large model sector, leveraging its founder's connections to top research resources [2] - The company completed three rounds of financing before the launch of ChatGPT, with significant contributions from various investors, including a CNY 20.37 million investment in intellectual property [2][3] Funding and Valuation Growth - Zhipu AI's valuation skyrocketed from CNY 2.11 billion in the B1 round to CNY 24.38 billion before its IPO, with a total of CNY 8.36 billion raised, primarily between 2023 and 2025 [5] - Major investments in later rounds came from industry capital and state-owned enterprises, with Ant Group, Meituan, and Tencent among the key investors [5][6] Operational Challenges - The company's operational costs, particularly for computing resources, have surged from CNY 15 million to CNY 1.55 billion projected for 2024, raising concerns about cash flow sustainability [6] - Despite a projected revenue of CNY 312 million for 2024, the high costs associated with computing resources pose significant challenges for the company [6][8] Market Position and Future Outlook - Zhipu AI's revenue is heavily reliant on government and large enterprise clients, with over 80% of its income coming from localized AI solutions [8] - The company faces the challenge of converting its resource advantages from state and industry capital into a sustainable business model while navigating competition from major tech firms [8]