Core Viewpoint - The successful IPO of Zhiyu (02513.HK) on January 8 marks a significant milestone in the AI large model sector, with the stock price rising 13.16% on its first day, reflecting strong market interest and a valuation close to HKD 58 billion [1]. Company Overview - Zhiyu was founded in 2019, originating from Tsinghua University's Knowledge Engineering Research Lab, and is one of the earliest companies to invest in large model research in China [2]. - The company launched China's first proprietary pre-trained large model framework, GLM, in 2021, and has developed a model-as-a-service (MaaS) platform [2]. - Zhiyu's GLM architecture has achieved full domestic adaptation, supporting over 40 domestic chip models, and its flagship model GLM-4.7 has outperformed others in various benchmark tests [2]. Financial Performance - Zhiyu's revenue from 2022 to 2024 is projected to grow from CNY 57.4 million to CNY 312.4 million, with a compound annual growth rate of 130%, and a remarkable 325% year-on-year growth in the first half of 2025 [3]. Market Position - According to a Frost & Sullivan report, Zhiyu ranks first among independent general-purpose large model developers in China and second among all general-purpose large model developers, holding a market share of 6.6% as of 2024 [4]. Investment Landscape - Zhiyu's IPO is supported by a diverse range of investors, including major tech firms and venture capital, with significant backing from state-owned enterprises and government-guided funds [5]. - The company has established strategic partnerships in various regions, including Hangzhou and Shanghai, to expand its business and promote AI applications [6][7]. Industry Trends - The AI large model sector is witnessing a wave of capital investment, with cities like Zhuhai aiming to become leading hubs for AI development, reflecting a broader trend of urban competition in the AI space [5][7][8]. - Many cities across China are actively incorporating AI development into their long-term plans, indicating a growing commitment to the AI industry [9].
智谱上市、城市谋局：押注AI或成城市竞争新方向