Core Viewpoint - The listing of Beijing Zhiyu Huazhang Technology Co., Ltd. on January 8, 2026, marks the first public offering of a company focused on General Artificial Intelligence (AGI) foundational models, highlighting China's leadership in this sector [1][9]. Company Overview - Zhiyu is recognized as one of the earliest companies in China to engage in large model research, having developed the GLM framework and released several pioneering models, including the first hundred-billion model and the first open-source trillion model [3]. - The company has achieved significant technological advancements, maintaining a competitive edge in the global market by adapting its GLM architecture to over 40 domestic chipsets [3]. Financial Performance - The company reported revenues of 57.4 million, 124.5 million, and 312.4 million yuan for the years 2022 to 2024, with a compound annual growth rate of 130%. In the first half of 2025, revenue reached 191 million yuan, reflecting a year-on-year growth of 325% [8]. - Gross margins for the same period were 54.6%, 64.6%, and 56.3%, with a gross margin of 50% in the first half of 2025 [8]. Research and Development - The company plans to allocate approximately 70% (around 2.9 billion HKD) of the net proceeds from its IPO to further research and development in AGI foundational models, reinforcing its competitive position [7]. - R&D expenditures from 2022 to 2025 are projected to total around 4.4 billion yuan, with a significant focus on rapid model iteration every 2-3 months [4]. Market Position and Strategy - Zhiyu is positioned as the largest independent developer of general large models in China, with a Model as a Service (MaaS) approach that has attracted over 300,000 enterprises and application developers [8]. - The company has established a standardized product system centered on MaaS, which includes API calls, model subscriptions, and localized deployments, enabling it to deliver general intelligence capabilities rather than single-use applications [8]. Industry Context - The global AI market is projected to grow from 189 billion USD in 2023 to 4.8 trillion USD by 2033, indicating a 25-fold increase over the next decade [9]. - With the implementation of national standards for AI large models, China's AGI development is entering a more structured phase, positioning large models as key drivers of efficiency and innovation across various industries [9].
“全球大模型第一股”来了！智谱(02513)港交所敲钟 市值528亿港元