“全球大模型第一股”要来了

Core Viewpoint - The article discusses the public offering of Beijing Zhipu Huazhang Technology Co., Ltd. (referred to as "Zhipu") and its potential to become the "first global large model stock" ahead of its competitor MiniMax, which has yet to release its prospectus [2][22]. Financial Performance - Zhipu's revenue projections for 2022 to 2024 are 57.4 million, 125 million, and 312 million respectively [6]. - The primary revenue source is from providing private AI models, expected to generate 264 million in 2024, accounting for over 80% of total revenue [8]. - The company is currently operating at a loss, with losses of 144 million, 788 million, and 2.958 billion from 2022 to 2024, totaling 3.89 billion [15]. Business Model - Zhipu's business model includes two main deployment types: local and cloud-based services [7]. - Local deployment is characterized as a "one-time project," with high pricing based on model type, scale, and implementation costs [9][10]. - The top five clients contributed 1.42 billion in revenue in 2024, representing 45.5% of total revenue [11]. - Cloud deployment is based on token consumption and subscription duration, but currently accounts for less than 20% of revenue [12]. Technological Advancements - Zhipu has made significant advancements in technology, with its GLM series models undergoing upgrades every 3 to 6 months, leading the industry in iteration efficiency [17]. - The GLM model has achieved top performance in code generation, ranking alongside leading models from Anthropic and OpenAI [18]. - The company has gained recognition in the international academic and industrial sectors, with its ChatGLM model highlighted as a prominent representative of Chinese foundational models [19]. Client Base and Funding - As of September 30, 2025, Zhipu's GLM model serves 12,000 enterprise clients, over 80 million end-user devices, and more than 45 million developers, making it the largest independent general-purpose large model provider in China [20]. - Since its inception, Zhipu has completed eight rounds of financing, raising over 8.3 billion RMB, with investments from top-tier capital and notable industry players [21].