大模型第一股来了

Core Viewpoint - The article discusses the significance of Zhipu's IPO as it aims to become the first global large model stock, providing a valuation benchmark for the underrepresented large model industry in the public market, and marking a shift from a "technical race" to "capital validation" for China's AI sector [3]. Financial Performance - Zhipu's revenue is projected to grow rapidly from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, with a compound annual growth rate (CAGR) of 130% [4]. - The gross margin for Zhipu is expected to be 54.6% in 2022, 64.6% in 2023, and 56.3% in 2024, with a gross margin of 50% in the first half of 2025 [4]. - Despite significant revenue growth, Zhipu has recorded losses of 144 million yuan in 2022, 788 million yuan in 2023, and 2.958 billion yuan in 2024, with a loss of 2.358 billion yuan in the first half of 2025 [5]. Research and Development - Zhipu has invested heavily in R&D, with expenditures increasing from 84.4 million yuan in 2022 to 2.195 billion yuan in 2024, totaling over 4.4 billion yuan [5]. - The company has achieved a breakthrough in domestic GLM architecture, compatible with over 40 domestic chips, and has developed a comprehensive product matrix covering various AI applications [5]. Market Position and Competition - Zhipu ranks first among independent general-purpose large model developers in China and second among all general-purpose large model developers, with a market share of 6.6% as of 2024 [4]. - The company has raised over 8.3 billion yuan in funding since its establishment in 2019, with notable investors including Meituan, Tencent, and Xiaomi [6]. Business Model and Revenue Streams - Zhipu's revenue primarily comes from localized deployment of large models, contributing 84.5% of total revenue by 2024, while cloud revenue accounts for 15.5% [7]. - The company is shifting its focus towards cloud deployment and MaaS (Model as a Service) to enhance scalability and profitability [8][9]. - The annual recurring revenue (ARR) from its model services for global developers has surpassed 100 million yuan, indicating a strategic shift towards increasing the revenue share from API services [11]. Strategic Direction - Zhipu aims to strengthen its core business of localized deployment while increasing the revenue share from its MaaS platform, which has shown exponential growth [10]. - The company is also focusing on expanding its cloud services and reducing reliance on private deployments, as evidenced by the increasing share of cloud business revenue [12]. - Zhipu's daily token consumption has surged from 500 million in 2022 to 4.6 trillion in the first half of 2025, highlighting its ambition to become a scalable cloud-based model platform [13].