国投证券(香港)港股晨报-20251231

Core Insights - The report highlights a slight rebound in the Hong Kong stock market, with the Hang Seng Index rising by 0.86% and the Hang Seng Tech Index increasing by 1.74% [2] - The report notes a significant increase in the revenue of the company Zhiyu (智谱), with a total revenue of 190 million yuan in the first half of 2025, representing a year-on-year growth of 325% [7] - The report emphasizes the strong growth potential of the enterprise-level large language model market, projecting a compound annual growth rate (CAGR) of 60% over the next five years [8] Company Overview - Zhiyu, established in 2019, focuses on achieving Artificial General Intelligence (AGI) and has released the GLM framework for pre-trained large models [6] - As of June 30, 2025, Zhiyu has open-sourced over 50 large models with a cumulative download exceeding 45 million times [6] - The company has over 8,000 institutional clients for its AI large model services [6] Financial Performance - In the first half of 2025, Zhiyu's localized deployment revenue reached 160 million yuan, accounting for 85% of total revenue, while cloud deployment revenue was 29 million yuan [7] - The company's R&D expenditure for the same period was 1.6 billion yuan, representing an 86% year-on-year increase [7] - Adjusted net loss for the first half of 2025 was 1.8 billion yuan, compared to losses of 1 billion yuan in the same period last year [7] Industry Status and Outlook - The report cites Frost & Sullivan data predicting that the Chinese AI market will reach 218.9 billion yuan in 2025, growing by 36% year-on-year [8] - The large language model market in China is expected to grow to 9.93 billion yuan by 2030, with a CAGR of 35% from 2025 to 2030 [8] - The competitive landscape shows Zhiyu holding a 6.6% market share in the Chinese large language model market, ranking second behind iFlytek [8] Advantages and Opportunities - The enterprise-level scenario is identified as a key commercial application for large language models in China, indicating a broad industry outlook [9] - Zhiyu possesses a comprehensive model matrix and a one-stop MaaS platform that facilitates model commercialization [9] - The company has a strong R&D team of 657 members, including leading figures in the AI field [9] IPO Information - The IPO subscription period is from December 30, 2025, to January 5, 2026, with trading expected to commence on January 8, 2026 [11] - The cornerstone investors have subscribed for 25.68 million shares, amounting to approximately 3 billion Hong Kong dollars, representing 69% of the global offering [12] - The expected net proceeds from the fundraising are estimated at 4.173 billion Hong Kong dollars, with 70% allocated for AI large model R&D [13]