Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (stock code: 02513.HK), known as "Zhiyu," has become the world's first publicly listed company focused on general artificial intelligence (AGI) models, marking a significant milestone for both the company and the Chinese AI industry [1][4]. Group 1: Company Overview - Zhiyu's stock price surged by a maximum of 16.18% after its debut, reaching a market capitalization of nearly 60 billion HKD [1]. - The company was established in 2019, leveraging technology from Tsinghua University's KEG laboratory, and aims to launch its GLM-4.7 model by the end of 2025, which is expected to surpass GPT-5.2 on global rankings [5][6]. Group 2: Business Model - Zhiyu's primary revenue model is based on "Model as a Service" (MaaS), allowing the company to monetize its large model capabilities through API interfaces and subscription services [8]. - In the first half of 2025, the MaaS business accounted for 84.8% of total revenue, with three main segments: localized deployment for high-security clients, API access for global developers, and a "model supermarket" for small and medium-sized clients [9]. Group 3: Financial Performance - Zhiyu's revenue grew from 57.4 million CNY in 2022 to 312 million CNY in 2024, with an average annual growth rate of 130%. In the first half of 2025, revenue reached 191 million CNY, a 325% increase year-over-year [12]. - The company's gross margin has remained stable at over 50%, and by June 2025, the model's token consumption reached 4.6 trillion times daily, indicating high-frequency usage in real production environments [12]. Group 4: Competitive Advantages - Zhiyu's core competitive advantage lies in its self-developed GLM series models, which utilize a unique "autoregressive fill-in-the-blank" pre-training method, enabling better information understanding and efficient content generation [14]. - The GLM-4.7 model has received recognition in global evaluations, outperforming GPT-5.2 in user blind tests and ranking first among open-source models in the AA Intelligence Index [15]. Group 5: Ecosystem Support - Zhiyu's growth is significantly supported by its location in Haidian, a hub for AI talent and resources, with a high concentration of universities and research institutions [17]. - The company has benefited from favorable policies and support from the Haidian district, which has facilitated its transition from laboratory technology to market products [19]. - In addition, the Zhangjiang area has provided capital and commercialization opportunities, with strategic investments and partnerships enhancing Zhiyu's market presence [23]. Group 6: Industry Implications - Zhiyu's successful IPO has opened the door for other Chinese AI companies to pursue capital markets, providing a reference model for future listings [26]. - The listing signifies a shift in the Chinese AI industry from pure technology competition to a comprehensive competition involving technology, capital, and ecosystem [27].
北京跑出“全球大模型第一股”，中国AI初创企业是否要迎来“上市潮”？