智谱上市，起底全球大模型第一股资本版图丨创投智库

Core Viewpoint - Zhiyuan AI, known as the "first global AI large model stock," debuted on the Hong Kong stock market on January 8, with an issue price of HKD 116.2 per share, corresponding to a market value exceeding HKD 51.1 billion [1] Group 1: Company Background and Funding - Founded in June 2019, Zhiyuan AI originated from Tsinghua University's Knowledge Engineering Laboratory, focusing initially on the development and commercialization of the academic technology intelligence mining system "AMiner" [4] - The company has raised over RMB 8.3 billion in funding, with over 90% occurring after the release of ChatGPT [2] - The strategic foresight to enter the large model sector was pivotal, with the decision made in May 2020 following the release of GPT-3 [4] Group 2: Investment Rounds and Valuation - Zhiyuan AI completed three rounds of financing before the release of ChatGPT, with the first two rounds in April 2021, raising a total of RMB 1.52 billion [5] - The valuation surged from RMB 2.11 billion in the B1 round to RMB 24.38 billion before the IPO, with a total of RMB 8.36 billion raised, primarily in 2023-2025 [12] - Notable investors include Ant Group, Tencent, and various state-owned enterprises, which have significantly contributed to the funding rounds [15] Group 3: Business Model and Challenges - The company aims to build a sustainable business model, facing competition from major players like Tencent, Alibaba, and ByteDance, which are increasing their investments in AI [16] - The cost of computing services has risen sharply, from RMB 15 million to RMB 1.55 billion by 2024, constituting 70.7% of R&D expenses, while revenue is projected at only RMB 312 million for 2024 [15] - The reliance on government contracts and large clients poses risks, as the top five clients from 2022 to 2025 do not overlap, indicating a lack of long-term partnerships [17]