“全球大模型第一股”智谱挂牌上市 以MaaS模式锚定未来增长

Core Viewpoint - Zhiyuan (02513) officially listed on the Hong Kong Stock Exchange on January 8, with an opening increase of 3.27% to HKD 120 per share, reaching a market capitalization of over HKD 52.8 billion [1] Group 1: Company Overview - Zhiyuan is the largest independent large model vendor in China, adopting a business model centered around MaaS (Model as a Service) rather than traditional enterprise 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 - The MaaS platform of Zhiyuan 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 particularly strong performance, achieving over HKD 100 million in annual recurring revenue (ARR) shortly after its launch [1] Group 3: Revenue Growth - Following the release of GLM-4.7, Zhiyuan'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 is projected to achieve over 900% year-on-year growth in its MaaS revenue for the full year of 2025, significantly outperforming the growth rates of overseas industry leaders during the same period [1]