中国大模型第一股「智谱」，到底是谁？

Core Viewpoint - The listing of Zhipu marks a significant milestone in the Chinese AI industry, being recognized as the first stock of a large model company in China, with its market value exceeding 110 billion HKD shortly after its debut [5][16]. Company Background - Zhipu was founded in June 2019 by a team from Tsinghua University, focusing on natural language processing (NLP) and knowledge graphs, with initial funding of 40 million RMB [5][6]. - The company made a pivotal decision to develop its own architecture, the General Language Model (GLM), rather than following the popular GPT and BERT paths [6][8]. Technological Development - In August 2022, Zhipu open-sourced the GLM-130B model, which was a significant development just before the global popularity of ChatGPT [9]. - Following the release of ChatGPT, Zhipu launched ChatGLM and the smaller ChatGLM-6B model, which became popular among developers in China [9][10]. - By 2025, Zhipu's GLM model had advanced significantly, outperforming competitors in various benchmarks and gaining traction in the AI community [10][12]. Market Position and Adoption - Zhipu's products are integrated into over 12,000 enterprises globally, including major internet companies, government, healthcare, and education sectors, positioning it as a key AI supplier [12][14]. - The company is likened to a utility provider in the AI era, essential for businesses looking to adopt AI technologies [12]. Financial Performance and Future Outlook - Despite rising revenues, Zhipu faces increasing R&D expenditures and significant losses, a common trend among independent large model companies [14][17]. - The company has secured over 2.5 billion RMB in financing in 2023, indicating strong investor interest and support for its growth trajectory [14][16]. - The listing is seen as a rite of passage for the Chinese AI industry, but it also brings scrutiny regarding financial performance and market expectations moving forward [16][18].