全球大模型第一股！珠海科技产业集团投资企业智谱登陆港交所

Core Insights - Zhuhai Technology Industry Group's strategic investment enterprise, Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu), has officially listed on the Hong Kong Stock Exchange, becoming the world's first publicly traded company focused on general large models as its core business [1] - Zhipu's opening price was HKD 120 per share, with a market capitalization of HKD 52.828 billion [1] - The listing reflects the deep integration of local industrial capital with cutting-edge technology, serving the city's strategic goals [6] Company Overview - Founded in 2019, Zhipu originated from Tsinghua University's Computer Science Department and is one of the earliest companies in China to invest in large model research [3] - Zhipu launched China's first proprietary pre-trained large model framework, GLM, in 2021, and has developed a model-as-a-service (MaaS) product development and commercialization platform [3] - The GLM architecture has achieved full domestic production breakthroughs, compatible with over 40 domestic chips, making it one of the most versatile model systems in the industry [3] Market Performance - Zhipu's flagship model, GLM-4.7, has achieved the best performance among open-source models in several mainstream benchmark tests, ranking first among open-source models and domestically, surpassing GPT-5.2 [3][4] - As of September 2025, Zhipu's models have reached 12,000 enterprise clients, over 80 million terminal user devices, and more than 45 million developers [4] Financial Growth - Zhipu's revenue from 2022 to 2024 is projected to be CNY 57.4 million, CNY 124.5 million, and CNY 312.4 million, with a compound annual growth rate of 130% [5] - In the first half of 2025, revenue is expected to increase by 325% year-on-year [5] - Zhipu ranks first among independent general large model developers in China and second among all general large model developers, with a market share of 6.6% as of 2024 [5] Research and Development - Zhipu's R&D expenditure has surged from CNY 84.4 million in 2022 to CNY 2.195 billion in 2024, with further increases to CNY 1.595 billion in the first half of 2025, totaling over CNY 4.4 billion in cumulative R&D investment [5] - 70% of the net proceeds from the IPO will be allocated to R&D in general AI large models, while approximately 10% will be used to optimize the company's MaaS platform [5] Strategic Initiatives - Zhipu's successful listing is part of a broader strategy by Zhuhai to build a "City of AI" and attract key enterprises through strategic investments and resource integration [6][7] - A joint venture between Zhuhai Technology Industry Group and Zhipu is set to be established by the end of 2025, focusing on digital transformation in the Greater Bay Area and expanding AI services to countries along the Belt and Road Initiative by 2026 [7][8] - The group is systematically investing in the AI industry chain, focusing on edge AI chips, SoC, computing center construction, and AI applications across various verticals [8]