“大模型第一股”智谱上市首日涨13%，公司即将推出新一代模型

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (智谱) officially listed on the Hong Kong Stock Exchange on January 8, marking the first global public listing of a company focused on general artificial intelligence (AGI) based on foundational models [1][3]. Group 1: IPO Details - The IPO price was set at HKD 116.2, with a subscription rate of 1159.46 times for public offerings and 15.28 times for international offerings, raising over HKD 4.3 billion [3]. - On the first trading day, the opening price was HKD 120, closing at HKD 131.5, reflecting a 13.17% increase and a total market capitalization of HKD 57.89 billion [3]. - Zhiyu is the largest independent developer of general foundational models in China and the first to face market pricing challenges [3]. Group 2: Business Model and Revenue - Zhiyu's business model features a "dual-drive" approach, relying on high-margin localized deployments for stable cash flow and cloud API services for future growth [8]. - Localized deployment, which caters to data-sensitive government and enterprise clients, is expected to have a gross margin of 59% by mid-2025, contributing approximately 85% of current revenue [8]. - Cloud revenue share has rapidly increased from a low base in 2022 to 15.2% by mid-2025, with daily token consumption reaching 4.2 trillion by November 2025 [9]. Group 3: Model Development and Market Position - Zhiyu's flagship model, GLM-4.7, achieved the top position on the Hugging Face global trends list and ranked first in both open-source and domestic models on the Artificial Analysis Intelligence Index [5]. - The model GLM-4.7 surpassed GPT-5.2 in a global coding evaluation system, demonstrating its competitive edge [7]. - Zhiyu's ARR from its model business exceeded RMB 100 million (approximately USD 14 million) within three months, attracting over 150,000 paid developer users [10]. Group 4: Future Prospects and Innovations - The company plans to launch the next-generation model GLM-5 soon, which is expected to bring significant improvements and new experiences [13]. - Zhiyu aims to differentiate itself in the capital market by focusing on long-term foundational model research and development, rather than short-term application benefits [14]. - Analysts predict that Zhiyu's revenue structure will shift from localized to cloud-based services, with cloud revenue expected to account for 56% by 2027 [12].