Core Viewpoint - The article highlights the listing of Beijing Zhiyu Huazhang Technology Co., Ltd. (智谱) on the Hong Kong Stock Exchange, marking it as the world's first publicly traded company focused on General Artificial Intelligence (AGI) foundational models, thus becoming the "first stock of global large models" [4][5]. Group 1: Company Overview - Zhiyu Huazhang, referred to as "China's OpenAI," has attracted significant investment from international long-term funds and notable industry capital as cornerstone investors, raising a total of 2.98 billion HKD from 11 cornerstone investors [7]. - Prior to its IPO, Zhiyu completed eight rounds of financing, accumulating over 8.3 billion CNY (approximately 1.2 billion USD) with participation from major industry players like Meituan, Ant Group, Alibaba, Tencent, and Xiaomi [8]. - The company is actively promoting the international expansion of its original large models and solutions, leading the establishment of the "International Co-construction Alliance for Autonomous Large Models" with ten countries along the Belt and Road [8]. Group 2: Business Model and Growth - Zhiyu has developed a highly defensible business model, primarily based on a Model-as-a-Service (MaaS) approach, which has shown exponential growth, with paid traffic revenue surpassing all domestic models combined [15][16]. - The company has established itself as the largest large model startup in China, with a customer base that includes nine of the top ten internet companies in China using its GLM large model [15]. - The MaaS model allows for flexible and scalable delivery of "general intelligence," enabling rapid scaling of model usage across various applications [15]. Group 3: Financial Performance - Zhiyu's revenue from 2022 to 2024 is projected to grow from 57.4 million CNY to 312 million CNY, with a compound annual growth rate (CAGR) of 130%, and a revenue of 191 million CNY in the first half of 2025, reflecting a year-on-year growth of 325% [18]. - The gross margins for the same period are expected to be 54.6%, 64.6%, and 56.3%, with a gross margin of 50% in the first half of 2025 [18]. - The company has incurred adjusted net losses of 97.4 million CNY, 621 million CNY, and 2.466 billion CNY from 2022 to 2024, primarily due to substantial R&D investments, particularly in computing power [18]. Group 4: Competitive Positioning - Zhiyu's GLM technology is recognized as one of the few domestic architectures that can compete directly with the GPT system, demonstrating advantages in robustness, controllability, and hallucination rate control [11]. - The flagship model GLM-4.7 has achieved top rankings in global open-source model assessments, indicating its competitive edge in the market [12][11]. - The company is positioned to benefit from anticipated declines in computing power costs, which could improve its profitability and operational efficiency in the future [19].
“全球大模型第一股”智谱正式上市！