Core Insights - The article highlights the significant valuation shifts in the AI sector, particularly with the debut of Zhiyu, which opened at HKD 120 per share and peaked at HKD 135, achieving a market capitalization of nearly HKD 60 billion [1][2] - The rapid valuation increase of AI companies, exemplified by Manus's valuation skyrocketing from USD 14 million to USD 5 billion within nine months, indicates a departure from traditional valuation models in the AI hardware space [1][4][6] - Zhiyu is positioned as China's equivalent to OpenAI, with a focus on foundational technology rather than just application-level innovations [7][9] Company Valuation and Market Position - Zhiyu's market valuation of approximately USD 6.6 billion is modest compared to Manus's USD 5 billion and OpenAI's USD 500 billion, suggesting a potential undervaluation given its technological capabilities [4][6] - Both Zhiyu and Manus are among the few companies with successful pre-trained frameworks, with Zhiyu launching China's first pre-trained model framework, GLM, in 2021 [9] - Zhiyu's business model emphasizes a B2B approach, with over 8,000 enterprise clients, primarily in the internet sector, and less than 20% of revenue from government projects [11] Revenue Growth and Business Model - Zhiyu's revenue from its MaaS platform has seen a significant increase, with annual recurring revenue (ARR) growing from RMB 20 million to over RMB 500 million in just ten months, indicating a robust growth trajectory [12] - The company aims to increase the proportion of MaaS revenue to 50%, leveraging a flywheel effect that attracts developers and enhances model performance through increased usage [19] - Zhiyu's overseas revenue is also growing, accounting for 9.8% of total revenue in the first half of 2025, with significant usage of its models on global platforms [20] Future Outlook and Competitive Landscape - The article suggests that the long-term potential of Zhiyu is validated by the high valuation of Manus, indicating a strong demand for AI applications [26] - Zhiyu's foundational model capabilities position it favorably in the global AI ecosystem, allowing it to benefit from both domestic and international market trends [26] - The valuation disparity between Zhiyu and its competitors like OpenAI and Anthropic highlights its unique position as one of the few companies with self-developed general foundational models [26]
智谱MaaS ARR突破5亿，10个月增长25倍，重新校准“中国版OpenAI”估值锚点