炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：虎嗅APP 大量资源都会往硬科技里砸了 出品|虎嗅科技组 作者|陈伊凡 编辑|苗正卿 头图|视觉中国 "早期投资，更重要的是投人，只要人看好了，就没有太多犹豫。" 在1月8日智谱上市前的几天，中科创星创始合伙人米磊，在接受包括虎嗅在内的机构交流时，如是回答 了虎嗅的问题。 作为智谱的联合发起方，中科创星在2019年智谱创立之初便天使轮独家投资了4000万元，在此后的6年 时间，根据智谱招股书显示，其先后完成了8轮融资，机构股东超过了80家，融资规模超过了83亿元。 在今天智谱开盘股价报120港元，较发行价116.2港元涨3.27%，总市值达528亿港元，中间智谱的股价跌 破发行价。截至发稿，智谱的股价为128.7港元。 "尽管在2023年，全球AI进展迅速，中国模型公司被质疑，但其实还是有一些模型公司，在很短的时间 里做出来了，比如智谱。"米磊解释，很多人都低估了中国科技人才的创新能力和创业能力。 但米磊表示，对中科创星而言，（投资大模型公司）最好的时间，还是在大模型火之前投。 2018年左右，米磊安排了团队做了AI行业的研究，看 ...

Group 1 - The core viewpoint of the article highlights that Zhiyu Huazhang Technology Co., Ltd. has become the first company globally to go public with a focus on general large models, being referred to as the "first stock of global large models" [1] - Zhiyu's IPO price was set at HKD 116.20 per share, with the stock opening at over 3% higher on its first day, reaching approximately HKD 120 per share, and achieving a market capitalization exceeding HKD 52.8 billion shortly after listing [1] - The company aims to raise approximately HKD 4.3 billion through this IPO, indicating strong market interest in its large model research and business prospects [1] Group 2 - The shareholder structure of Zhiyu shows participation from several well-known domestic institutions, including strategic industry capital and notable funds, with the public offering phase experiencing over a thousand times subscription, reflecting market attention on its business model and technology path [2] - The global AI industry is transitioning from a technological competition phase to a commercialization phase, with significant attention on the capitalization process of large model enterprises [2] - Following the completion of its listing, Zhiyu plans to increase investment in the research and development of general large models and related infrastructure, while also focusing on scaling applications in industry, ecosystem collaboration, and global market expansion [2]

Core Insights - The company "月之暗面" (Kimi) has successfully completed a $500 million Series C funding round and has over 10 billion RMB in cash reserves, indicating a strong financial position that allows it to delay its IPO plans [1][16] - In contrast to its peers in the AI sector, such as 智谱 (Zhiyu) and MiniMax, which are moving towards IPOs, 月之暗面 is taking a different approach by leveraging its substantial cash reserves to support long-term growth and development [1][16] Funding History - 月之暗面 was founded in April 2023 and quickly raised over $200 million in angel funding, setting a record for AI startups at that time with a post-money valuation of $300 million [2][17] - The company experienced a significant funding surge in 2024, including a $1 billion A+ round led by Alibaba, raising its valuation to $2.5 billion, followed by a B round exceeding $300 million, bringing the valuation to $3.3 billion [3][17] - By the end of 2025, the total funding raised by 月之暗面 is estimated to be over $2 billion (approximately 143 billion RMB), showcasing its strong fundraising capabilities [3][17][18] Cash Reserves and Spending - As of the end of 2025, 月之暗面 has a minimum cash reserve of 10 billion RMB, which could sustain its operations for over six years at a conservative annual burn rate of 1.6 billion RMB [4][24] - The company has managed to maintain a high efficiency in its spending, with a minimum cash burn of approximately 4.3 billion RMB since its inception [4][5][18] Competitive Position - Compared to its competitors, MiniMax and 智谱, 月之暗面 holds a significant advantage in cash reserves, with MiniMax having approximately 7.3 billion RMB and 智谱 only 2.55 billion RMB as of mid-2025 [20][21] - The ongoing IPO efforts of MiniMax and 智谱 are expected to raise around 8 billion RMB combined, which still falls short of 月之暗面’s total funding raised [7][20] Strategic Direction - The CEO of 月之暗面 has indicated that the decision to delay the IPO is based on the current ample cash reserves and the ability to raise more funds in the primary market, allowing for strategic flexibility [10][24] - The company aims to focus on developing its K3 model and expanding its graphics card capabilities, with plans to enhance employee incentives, all of which require stable funding and a conducive development environment [28][29]

目前，智谱正加速向海外拓展用户和知名度。 和硅谷AI公司相比，中国创业公司在运营资金、计算资源和人员规模上要小得多，但它们正通过持续 升级，并向程序员和企业客户提供性能相当但价格低得多的服务，不断缩小差距。以智谱为例，其AI 编程助手每月收费仅20元人民币(不到3美元)，大约是Anthropic旗下Claude的七分之一。 "中国市场竞争异常激烈，这自然会把价格拉低到这个水平。但随着我们在全球范围内竞争，国际用户 无疑会认识到其中的价值。如果我们能持续保持对手七分之一的价格，我们将拥有一个全球市场必然会 接受的独特优势。"刘德兵称。 智谱此次通过在港交所上市融资5亿多美元，其对手MiniMax也将于周五在港交所上市。(综合整理｜箫 雨) 北京时间1月8日，据彭博社报道，智谱今天正式在港交所挂牌上市，成为"全球大模型第一股"。智谱董 事长刘德兵在接受采访时表示，AI价格战将会扩大到国际市场。 目前，智谱正加速向海外拓展用户和知名度。智谱联合创始人兼董事长刘德兵在接受彭博电视采访时表 示："一旦市场通过充分竞争而成熟，更多人将会了解这些模型的能力、性能和定价，市场将达到一种 均衡状态。" ...

Core Insights - Zhiyuan Huazhang has become the "first global model stock," with participating investors in its three rounds of financing earning an average of 3.4 times their investment, including major firms like Meituan, Ant Group, and Tencent [1][2] - Despite rapid revenue growth, Zhiyuan Huazhang faces structural issues in its business model, with local deployment as its revenue backbone and a fast-growing cloud deployment segment that is experiencing price declines due to intense competition [1][2] - The company is projected to incur a loss of nearly 3 billion yuan in 2024, with liabilities rising to 11.25 billion yuan and negative net assets of 6.15 billion yuan by June 2025 [1][2] IPO Details - Zhiyuan Huazhang's IPO was priced at 116.2 HKD per share, raising a total of 4.348 billion HKD, ranking fourth in terms of fundraising scale among Hong Kong IPOs in 2026 [2] - The IPO valuation exceeded 51.1 billion HKD, representing a 2.1 times increase from its last financing round valuation of 24.4 billion HKD in May 2025 [2] Financial Performance - The company reported a revenue increase from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, with a projected revenue of 1.33 billion yuan in 2025 [20][21] - Revenue from local deployment is the primary source, growing from 54.8 million yuan in 2022 to 264 million yuan in 2024, while cloud deployment revenue increased from 2.6 million yuan to 48.5 million yuan in the same period [22][23] Business Model and Market Position - Zhiyuan Huazhang has developed a comprehensive model matrix, including base models, reflection models, multimodal models, and AI agents, positioning itself as a leader in the AI service market [12][13] - The company holds a significant market share of 6.6% among independent general model developers in China, ranking first in the country [12][20] R&D and Cost Structure - The company's R&D expenditure significantly exceeds its revenue, with 2.195 billion yuan spent in 2024, seven times its revenue for that year [31] - The rising costs of computing services have become a major expense, with costs increasing from 15 million yuan in 2022 to 1.553 billion yuan in 2024 [33][34] Investor Sentiment and Market Dynamics - The IPO attracted a strong base of cornerstone investors, who collectively subscribed to 29.84 billion HKD worth of shares, accounting for 68.63% of the total fundraising [4][5] - The competitive landscape for cloud deployment is intensifying, with the company facing challenges in maintaining profitability due to rising costs and declining margins [26][27]

Market Performance - The Hang Seng Index closed at 26,149.31 points, down 1.17% [1] - The Hang Seng Tech Index closed at 5,678.34 points, down 1.05% [1] Company Specifics - Lenovo Group experienced a decline of over 5% [1] - Sunny Optical Technology fell by more than 4% [1] - Zhizhuo saw a first-day increase of over 13% upon listing [1]

Core Insights - The listing of Zhipu on the Hong Kong Stock Exchange marks the dawn of a new industry centered around large models, coinciding with the upcoming 2026 China Real Estate Asset Management Summit and the Fourth Smart Low-Carbon Industry-Finance Summit [2] - Zhipu's IPO was oversubscribed by 1159.46 times, attracting 11 cornerstone investors, including national capital and leading financial institutions, indicating strong market confidence [3] - Zhipu's flagship model, GLM-4.7, has achieved significant recognition, outperforming competitors in various global assessments, showcasing the competitiveness of Chinese large models [3] Financial Performance - Zhipu's revenue surged from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, reflecting a compound annual growth rate of 130%, with a staggering 325% year-on-year increase in the first half of 2025 [3] - The company's MaaS platform has attracted over 2.7 million enterprises and developers, including nine of the top ten internet companies in China, highlighting its market penetration [3] Industry Transformation - Zhipu's successful listing signifies a pivotal moment for Chinese AGI companies, transitioning from a "technology follower" to a "global competitor" in the large model industry [4] - The upcoming summit aims to explore the entire lifecycle value of new industries, focusing on the integration of technology, scenarios, and capital to foster growth [4]

Core Viewpoint - The listing of Zhipu on the Hong Kong Stock Exchange marks a significant milestone as the first publicly traded company focused on large models, aiming for AGI (Artificial General Intelligence), attracting substantial market attention and scrutiny on the commercialization path of domestic large models [1][3]. Financial Performance - Zhipu's stock opened at 120 HKD, a 3.3% increase from the issue price of 116.2 HKD, and closed at 131.5 HKD, giving it a total market capitalization of 578.9 billion HKD [1][3]. - For the first half of 2025, Zhipu reported revenue of 191 million HKD, a 325% year-on-year increase, while the adjusted net loss was 1.752 billion HKD, a 70% increase compared to the previous year [1][5]. Revenue and Loss Trends - Zhipu's revenue from 2022 to 2024 was 57.41 million HKD, 125 million HKD, and 312 million HKD, with a compound annual growth rate of 130% [4]. - The adjusted net losses for the same period were 97.42 million HKD, 621 million HKD, and 2.466 billion HKD, with the first half of 2025 showing a loss of 1.752 billion HKD [5]. Research and Development Investment - Zhipu's R&D expenditures from 2022 to 2025 (first half) were 84.38 million HKD, 530 million HKD, and 2.2 billion HKD, totaling 4.4 billion HKD [6]. - The ratio of R&D spending to revenue has increased significantly, reaching 835.4% in the first half of 2025, indicating that for every 1 HKD of revenue, over 8 HKD is spent on R&D [6]. Market Position and Competition - Zhipu is recognized as the largest independent large language model provider in China and the second-largest overall, holding a market share of 6.6% [8]. - The competitive landscape shows a clear division among domestic AI model companies, with Zhipu leading the way in public offerings, while others like MiniMax and Yuezhianmian are also making significant moves [7]. Business Model - Zhipu's core monetization strategy revolves around the MaaS (Model as a Service) platform, which provides access to a matrix of models and intelligent tools [9]. - The local deployment model accounts for approximately 85% of Zhipu's revenue in the first half of 2025, while the cloud deployment model contributed 15.2% [9]. Future Outlook - The company is focused on advancing its technology and aims to achieve AGI, with ongoing developments in its GLM series models [4][12]. - Despite current losses, the emphasis on R&D and market expansion is seen as essential for long-term growth and sustainability in the competitive AI landscape [10][11].

Core Viewpoint - The company Zhiyuan AI has officially listed on the Hong Kong Stock Exchange, becoming the "first stock of global large models," with a market capitalization of 57.89 billion HKD on its first trading day [1][2]. Company Overview - Zhiyuan AI was founded in June 2019, originating from Tsinghua University's Knowledge Engineering Laboratory, and has a team with strong Tsinghua backgrounds [3]. - The company has experienced rapid revenue growth, with projected revenues of 57.4 million CNY in 2022, 125 million CNY in 2023, and 312 million CNY in 2024, reflecting a compound annual growth rate of over 130% [3][4]. IPO Details - The IPO price was set at 116.2 HKD per share, with a first-day closing price of 131.5 HKD, marking a 13.17% increase [2]. - The IPO attracted significant interest, with a public offering oversubscription rate of approximately 1159.46 times and total fundraising exceeding 4.3 billion HKD [2]. Financial Performance - Despite revenue growth, the company has reported continuous losses, with net losses of 143 million CNY in 2022, 788 million CNY in 2023, and projected losses of 2.958 billion CNY in 2024 [4]. - In the first half of 2025, the net loss reached 2.358 billion CNY, accumulating total losses exceeding 6.2 billion CNY [4]. Investment and Shareholding - Prior to the IPO, Zhiyuan AI completed eight rounds of financing, raising over 8.3 billion CNY, with notable investors including Sequoia Capital and Hillhouse Capital [6]. - Huakong Fund, a significant investor with a Tsinghua background, holds approximately 2.06% of the company's shares, with a market value of about 1.089 billion HKD post-IPO [7]. Market Position - According to Frost & Sullivan, Zhiyuan AI ranks first among independent general-purpose large model developers in China, with a market share of 6.6% [4].

作为"全球大模型第一股"，智谱（02513.HK）于1月8日登陆港交所。上市首日股价低开高走，收报 131.50港元，较发行价上涨13.16%，市值接近580亿港元，为潜伏多年的早期投资机构带来了可观回 报。其背后，浮现出包括互联网大厂、一线创投、国资等多方资本构成的战略版图。 然而，光环之下，挑战犹存。尽管根据第三方统计，智谱2024年以6.6%的市场份额居中国独立大模型 厂商首位，但其收入仍高度依赖面向政府、国企的私有化部署项目，客户集中度高且复购存在不确定 性。与此同时，公司研发开支三年间从千万元级跃升至数十亿元，净亏损同步扩大。 值得注意的是，智谱的上市或许只是开端。在智谱率先跑通上市路径后，AI大模型厂商会否迎来一波 IPO热潮，已成为业界关注的新焦点。 背后的资本版图 1月8日，智谱于港交所主板挂牌，成为全球首家以通用人工智能（AGI）基座模型为核心业务的上市公 司。当日开盘价为120港元，对应市值约528亿港元。根据本次发行价116.20港元计算，共募集资金超43 亿港元。 上市首日，智谱股价呈现"低开高走"，收盘较发行价上涨超过13%，市值近580亿港元。相比2025年5月 完成B6轮融资时的 ...