电子行业跟踪报告：全球大模型第一股，智谱IPO成功

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The successful IPO of Beijing Zhipu Huazhang Technology Co., Ltd. marks a significant milestone as it becomes the world's first publicly listed company focused on general large models, indicating a new growth momentum for the domestic AI industry [4][7]. - Zhipu has established itself as one of the largest independent large model vendors in China, with a revenue of 312 million yuan in 2024, reflecting a year-on-year growth of 149.60% and a compound annual growth rate of 133.96% from 2022 to 2024 [27][29]. - The company has made substantial investments in R&D, with expenditures of 529 million yuan in 2023 and 2.195 billion yuan in 2024, ensuring continuous product innovation and competitive strength [31]. Summary by Sections 1. Zhipu's Development History - Founded in 2019, Zhipu focuses on developing intelligent large models, leveraging technology from Tsinghua University's Knowledge Engineering Lab [8]. - The company released its self-developed pre-training framework GLM in 2021, overcoming technical bottlenecks of BERT and GPT [10]. 2. GLM-4.7 Model Performance - GLM-4.7, Zhipu's flagship open-source large language model, has shown significant enhancements in programming and reasoning capabilities, achieving an 84.9% score in the LiveCodeBench V6 benchmark [13]. - The model has improved its reasoning and tool invocation abilities, surpassing GPT-5.1 in the HLE test with a score of 42.8% [13]. 3. Zhipu's Market Position - Zhipu is recognized as the largest independent large model vendor in China, with a revenue ranking second among all general large model developers [27]. - The company’s revenue growth is driven by its integrated MaaS platform, which rapidly penetrates various sectors such as technology and finance [29].