“全球大模型第一股”智谱(02513)挂牌上市 以MaaS模式锚定未来增长

Core Viewpoint - The article highlights the successful debut of Zhipu (02513) on the Hong Kong Stock Exchange, emphasizing its unique business model centered around Model as a Service (MaaS) rather than traditional AI delivery methods [1] Company Overview - Zhipu is recognized as the largest independent large model provider in China, focusing on a standardized product system that delivers general intelligence capabilities to enterprises and developers through API calls, model subscriptions, and localized deployments [1] Market Performance - On its first trading day, Zhipu's stock opened with a 3.27% increase, reaching HKD 120 per share, and its market capitalization exceeded HKD 52.8 billion [1] Business Model and Growth - 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 China [1] - The programming subscription product has shown remarkable performance, achieving over HKD 100 million in annual recurring revenue (ARR) shortly after its launch [1] Revenue 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 by Anthropic [1] - The company anticipates a year-on-year growth rate exceeding 900% for its MaaS in 2025, significantly outpacing the performance of overseas competitors during the same period [1]