智谱MaaS ARR突破5亿，10个月增长25倍，重新校准“中国版OpenAI”估值锚点

Core Viewpoint - The article discusses the significant valuation shifts in the AI industry, particularly focusing on the recent performance of Zhipu (2513.HK), which has been dubbed the "first global large model stock" and has seen its market capitalization rise to 72.6 billion HKD shortly after its IPO [2][5]. Group 1: Market Dynamics and Valuations - Zhipu's stock price surged over 25% to 165 HKD on its second day of trading, reflecting a broader trend where traditional valuation models for AI hardware assets are becoming obsolete [2]. - The acquisition of AI application company Manus by Meta for 4 to 5 billion USD illustrates the rapid valuation growth in the AI sector, with Manus's valuation skyrocketing from 14 million USD in 2023 to 50 billion USD in just nine months, a growth of over 350 times [3][4]. - Comparatively, Zhipu's valuation of approximately 6.6 billion USD appears modest against the backdrop of Manus and OpenAI's valuations, which are significantly higher [7][9]. Group 2: Technological and Business Model Insights - Zhipu is recognized as a competitor to OpenAI, having developed foundational technologies and pre-trained models earlier than its counterparts, including the GLM framework, which has been pivotal in its commercial success [12][18]. - The company has strategically focused on a B2B model, avoiding reliance on government projects, and has established a diverse client base with over 8,000 enterprise customers, primarily in the internet sector [17]. - Zhipu's MaaS (Model as a Service) platform has shown impressive growth, with annual recurring revenue (ARR) increasing from 20 million to over 500 million in just ten months, indicating a strong market demand [18]. Group 3: Investment Perspectives and Future Growth - The article emphasizes a shift in investment metrics for AI companies, where traditional revenue growth is less significant than user retention and engagement metrics. Zhipu's user behavior data shows a high annual repurchase rate of approximately 70% for its MaaS platform [23]. - Zhipu's gross margin has consistently remained above 50%, which is considered a healthy range for AI companies, contrasting with traditional SaaS expectations [24]. - The company is leveraging its open-source models to create a robust developer ecosystem, with over 29 million developers engaged, which is expected to drive further growth through network effects [30]. Group 4: Global Expansion and Strategic Positioning - Zhipu is positioning itself as a key player in the global AI landscape, with overseas revenue accounting for 9.8% of total income and growing rapidly, indicating a successful international strategy [30]. - The article notes that true globalization for Zhipu involves becoming an integral part of other products rather than merely exporting its own [31]. - The long-term potential of Zhipu is highlighted by the high valuation of Manus, suggesting that while application companies may achieve short-term high valuations, the enduring value will gravitate towards those with core model capabilities, like Zhipu [36][37].