“全球大模型第一股”智谱启动招股，预计募资规模43亿港元

Core Viewpoint - The competition for the title of "the first global large model stock" will conclude by the end of 2025, with Zhiyuan Huazhang officially launching its Hong Kong IPO on December 30, 2025, aiming to raise approximately HKD 4.3 billion and achieve a market valuation exceeding HKD 51.1 billion [1]. Financial Performance - Zhiyuan Huazhang's revenue has grown from HKD 57.4 million in 2022 to HKD 312 million in 2024, reflecting a compound annual growth rate (CAGR) of 130% [2]. - In the first half of 2025, the company reported revenue of HKD 191 million, a year-on-year increase of 325.39% [3]. - The gross margin has remained robust, with figures of 54.6%, 64.6%, and 56.3% from 2022 to 2024, and 50.0% in the first half of 2025, indicating strong technical pricing power and product competitiveness [3]. Business Model - The core of Zhiyuan Huazhang's revenue growth is its successful MaaS (Model as a Service) business model, which allows developers and enterprise clients to easily access its large model capabilities through open API interfaces [3]. - The company has shifted its revenue structure significantly, with localized deployment revenue decreasing from 97.6% in 2022 to 69.4% in the first half of 2025, while cloud deployment (MaaS) revenue increased from 2.4% to 30.6% in the same period [5]. Technological Foundation - Founded in 2019, Zhiyuan Huazhang has a strong technical foundation rooted in Tsinghua University, with a research team of 657 members, many holding PhDs from top universities [5]. - The company's R&D expenditures have escalated from HKD 84.4 million in 2022 to HKD 2.195 billion in 2024, with further increases to HKD 1.594 billion in the first half of 2025, primarily directed towards computing service costs [5]. Market Position - As of 2024, Zhiyuan Huazhang holds the leading position among independent general large model developers in China, with a market share of 6.6% [5]. - The company has over 12,000 institutional clients and its large model technology supports more than 80 million terminal devices, reflecting significant market penetration [6]. Investment and Funding - Prior to its IPO, Zhiyuan Huazhang completed eight rounds of financing, raising over HKD 8.3 billion, with participation from major industry players and top investment institutions [10]. - The IPO will see 11 cornerstone investors, who have committed to a total of HKD 2.98 billion, accounting for nearly 70% of the offering [11]. Future Outlook - The Chinese large language model market is projected to grow from HKD 5.3 billion in 2024 to HKD 101.1 billion by 2030, indicating a significant opportunity for Zhiyuan Huazhang [12]. - The company's IPO is viewed as a landmark event, marking a shift in the AI industry from merely telling technological stories to realizing commercial value [12].