“全球大模型第一股”智谱正式上市！

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (02513.HK) has officially listed on the Hong Kong Stock Exchange, becoming the world's first publicly traded company focused on General Artificial Intelligence (AGI) foundational models, marking a significant milestone for China's independent large model manufacturers [1][2]. Group 1: Company Overview - Zhiyu is recognized as "China's OpenAI" and has attracted significant long-term investment from international funds and notable industry capital, with cornerstone investors subscribing a total of 2.98 billion HKD [2]. - The company has completed eight rounds of financing prior to its IPO, raising over 8.3 billion RMB, with participation from major industry players such as Meituan, Ant Group, Alibaba, Tencent, and Xiaomi [2]. - Zhiyu is actively promoting the international expansion of its original large models and solutions, leading the establishment of the "International Alliance for Autonomous Large Models" with ten countries along the Belt and Road [2]. Group 2: Business Model and Revenue - Zhiyu has developed a highly defensible business model, primarily based on a MaaS (Model as a Service) approach, which has shown exponential growth in revenue [10]. - The company has achieved an annual recurring revenue (ARR) of over 100 million RMB (approximately 14 million USD) within three months, gaining over 150,000 paid developer users [3][10]. - Revenue projections indicate a compound annual growth rate (CAGR) of 130% from 2022 to 2024, with revenues of 57.4 million RMB, 125 million RMB, and 312 million RMB respectively [11]. Group 3: Technological Advancements - Zhiyu has established a comprehensive AGI technology roadmap covering stages L1 to L5, positioning itself as a long-term foundational model developer rather than a short-term application company [1][5]. - The GLM (General Language Model) technology has been recognized as a competitive architecture against the GPT system, demonstrating advantages in robustness, controllability, and hallucination rate management [5]. - The newly released flagship model GLM-4.7 has achieved top rankings in global open-source model assessments, indicating its strong performance in the competitive landscape [6][8]. Group 4: Financial Performance - The company has reported significant revenue growth, with a revenue of 191 million RMB in the first half of 2025, representing a year-on-year increase of 325% [11]. - Despite high revenue growth, Zhiyu has faced substantial net losses due to significant R&D investments, with adjusted net losses of 974 million RMB, 621 million RMB, and 2.466 billion RMB from 2022 to 2024 [11][12]. - The company's R&D expenditures have increasingly focused on purchasing computing power, which accounted for over 70% of R&D costs from 2023 onwards, highlighting the strategic importance of computational resources [12].