智谱通过港交所聆讯：中国OpenAI将成「全球大模型第一股」，收入连续三年翻倍

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") is poised to become the "global first stock of large models" after passing the Hong Kong Stock Exchange hearing, positioning itself as a significant competitor to OpenAI in the AGI space [2][4]. Group 1: Company Overview - Zhiyu, established in 2019, is recognized as China's largest independent large model vendor, achieving revenue growth from 0.57 million yuan in 2022 to 3.12 million yuan in 2024, with a compound annual growth rate (CAGR) of 130% [4]. - The company has completed eight rounds of financing, raising over 8.3 billion yuan from various investors, including major tech firms and venture capital [4][10]. - Zhiyu's models are utilized by nine out of the top ten internet companies in China, indicating strong market penetration [11]. Group 2: Product Development and Innovation - Zhiyu has pioneered several significant advancements in large model technology, including the first hundred billion model and the first open-source thousand billion model, establishing a comprehensive model portfolio [6][8]. - The flagship model GLM-4.5 was released in July 2025, achieving top rankings in various industry benchmarks, including being the third globally and first in China [6][7]. - The upgraded model GLM-4.6 was released in September 2025, achieving a historic milestone by ranking first in global coding competitions alongside models from OpenAI and Anthropic [7]. Group 3: Business Model and Revenue Growth - Zhiyu has established a robust business model with a focus on Model as a Service (MaaS), which has led to a doubling of revenue for three consecutive years while maintaining a gross margin above 50% [9][10]. - The MaaS platform has over 2.7 million enterprise and application developers, making it one of the most active large model API platforms in China [10][11]. - The company has seen significant adoption of its models in international markets, with notable clients in North America and Europe, further enhancing its revenue streams [11]. Group 4: Market Potential and Future Outlook - The Chinese large language model market is projected to grow from 5.3 billion yuan in 2024 to 101.1 billion yuan by 2030, with institutional clients being the primary growth driver [14]. - Following its anticipated IPO, Zhiyu is expected to leverage its leading position in revenue and paid traffic to further expand its influence in the global AGI industry [14].