“全球大模型第一股”智谱AI上市首日盘中破发：GPU资本神话不再？

Core Viewpoint - The debut of Zhipu AI on the Hong Kong Stock Exchange was marked by initial excitement but quickly faced challenges, with the stock price fluctuating and eventually dipping below its issue price, highlighting the competitive landscape in the AI model sector [1][3][7] Company Performance - Zhipu AI's stock was issued at HKD 116.20, opening at HKD 120, but later fell to a low of HKD 116.10 before recovering to HKD 129.8, resulting in an 11.70% increase and a total market capitalization of HKD 57.142 billion [1][3] - In contrast to other domestic GPU companies that saw significant first-day gains, Zhipu AI's performance was lackluster, indicating a struggle to replicate the success of its peers [3][4] Market Context - The AI model market is highly competitive, with major players like Alibaba, ByteDance, and Baidu posing significant challenges, alongside independent firms such as Moonlight and Baichuan Intelligence [4][5] - Despite being the top independent developer in revenue, Zhipu AI holds only a 6.6% market share in the rapidly growing MaaS (Model as a Service) market, which is expected to see explosive growth by 2025 [4][5] Financial Health - Zhipu AI reported cumulative losses exceeding CNY 6.2 billion from 2022 to the first half of 2025, with projected losses of CNY 2.958 billion in 2024 and CNY 2.358 billion in the first half of 2025 [5] - The company experienced a high revenue growth rate of 130% year-on-year, with revenue of CNY 191 million in the first half of 2025, but nearly 90% of this revenue was consumed by third-party computing service costs, raising concerns about its business model [5] Technological Edge - Zhipu AI's core advantage lies in its self-developed GLM technology system, which differentiates it from competitors like OpenAI, and has shown strong performance in code generation and long text understanding [6] - The company has built a substantial developer ecosystem, with over 4.5 million registered developers and its MaaS platform empowering over 80 million terminal devices, indicating significant commercial potential [6] Industry Outlook - The listing of Zhipu AI signifies a transition for the Chinese AI model industry from a phase of technical validation to one focused on performance evaluation in the capital market [7] - The initial drop in stock price may represent a new, more rational starting point for both Zhipu AI and the broader Chinese AI model sector, suggesting that the real challenges are just beginning [7]