SCS(SH:601555) 智通财经网·2026-01-08 08:35Core Viewpoint - Dongwu Securities expresses optimism about Zhipu AI's strengths in local model technology, open-source ecosystem, and local deployment capabilities, anticipating stable growth in local business and cloud services becoming the main driver, benefiting from the long-term trend of transitioning from local deployment to cloud services in China's large model industry [1] Company Overview - Zhipu AI, established in 2019, is a leading independent general large model developer in China, originating from Tsinghua University's Knowledge Engineering Laboratory. The company has developed its own GLM (General Language Model) pre-training framework, which differs from mainstream GPT architectures by employing an autoregressive fill-in-the-blank design, excelling in long text understanding, logical reasoning, and low hallucination rates [2] Market Position and Performance - According to Frost & Sullivan data, Zhipu AI ranks first among independent general large model developers in China and second overall, with a market share of 6.6%. By mid-2025, the company had served over 8,000 institutional clients, with 9 out of the top 10 internet companies in China using GLM models. The global download count for open-source models exceeds 45 million, with over 2.7 million registered developers on the MaaS platform, and daily token consumption rapidly increasing, reaching 4.2 trillion by November 2025. Paid API revenue surpasses the total of all domestic models [3] Business Model - The business model centers on a MaaS (Model as a Service) platform, driven by both localized and cloud deployments. Localized deployment targets government and enterprise clients, offering privatized operation and customization services, with a high customer price and stable gross margin, accounting for 84.8% of revenue in the first half of 2025, with a gross margin of 59%. Cloud deployment, through API calls and subscription services, has a low entry barrier and strong scalability, accounting for 15.2% of revenue, with rapid growth in revenue share. The company aims to increase the proportion of API revenue in the long term [4] Financial Performance - Historical financial performance shows high revenue growth, with revenues of 57 million yuan, 125 million yuan, and 312 million yuan for 2022-2024, reflecting a compound annual growth rate of over 130%. In the first half of 2025, revenue reached 191 million yuan, a year-on-year increase of 325%, surpassing the total revenue for 2023 [4] IPO Details - The IPO price is set at 116.20 HKD per share, with a global offering of 37.42 million H shares, raising approximately 4.3 billion HKD, leading to a post-fundraising market capitalization of about 51.1 billion HKD. The funds will primarily enhance general large model research (about 70%), optimize the MaaS platform infrastructure (about 10%), expand ecosystem cooperation and strategic investments (about 10%), and supplement working capital. Key investors include prominent institutions such as Shanghai Gao Yi, GF Fund, and Taikang Life, with subscription amounts accounting for about 70% of the offering size [5] Competitive Advantages - The company's core competitive advantages lie in its comprehensive self-research technology system, leading model performance, open-source ecosystem, and deep adaptation to domestic computing power. With 74% of its workforce in R&D, the core team has a strong academic background in natural language processing from Tsinghua KEG Laboratory. The rapid iteration of the GLM series, particularly GLM4.7, shows outstanding performance in programming scenarios, while AutoGLM enables AI to autonomously operate smartphones and computer GUIs, marking a new paradigm for agents. Multi-modal capabilities cover text-to-image, text-to-video, and visual understanding, with CogView-4 and CogVideoX ranking highly in open-source evaluations, translating these technological advantages into widespread applications across various industries [6] Revenue Forecast - Revenue projections for 2025-2027 are estimated at 790 million yuan (up 151% year-on-year), 1.55 billion yuan (up 97% year-on-year), and 3.22 billion yuan (up 108% year-on-year), with a gradual shift in revenue structure from localized to cloud-dominated. The overall gross margin is expected to reach 50% in 2025, stabilizing around 51% in 2026-2027, while cloud gross margins are anticipated to improve from low levels to 40%. The path to profitability is becoming clearer [7]