Core Viewpoint - The debut of Zhipu (2513.HK) on the Hong Kong Stock Exchange marks the emergence of the first global large model stock, with an initial trading increase of 3.27% to HKD 120 per share, achieving a market capitalization exceeding HKD 52.8 billion [1] Group 1: Company Overview - Zhipu is recognized as the largest independent large model vendor in China, adopting a business model centered around MaaS (Model as a Service) rather than traditional AI routes focused on heavy delivery and strong customization [1] - The company has developed a standardized product system that delivers "general intelligence capabilities" to enterprises and developers through API calls, model subscriptions, and localized deployments, rather than focusing on single-use case applications [1] Group 2: Market Performance - Zhipu's MaaS platform has attracted over 3 million enterprises and application developers, making it one of the most active large model API platforms in the country [1] - The programming subscription product has shown remarkable performance, achieving over HKD 100 million in annual recurring revenue (ARR) shortly after its launch [1] Group 3: Financial Growth - Following the release of GLM-4.7, Zhipu's annualized revenue from MaaS surged from HKD 20 million to over HKD 500 million, marking a 25-fold increase within 10 months, aligning with the exponential growth seen in Anthropic [1] - The company anticipates a year-on-year growth rate exceeding 900% for its MaaS in 2025, significantly outpacing the performance of overseas industry leaders during the same period [1]
智谱挂牌上市，ARR年化收入超5亿，实现25倍增幅