大模型第一股来了 过去5年时间，智谱经历了从出发到加速，再到超速的发展历程。仅仅从融资端看，这场你方唱罢我登场的融资大战，几乎是一触即发。 烧钱与闭环、技术与路径、商业化陷阱和行业应用，在各种疑难杂症的交织下，促成了大模型赛道激情热情又寒冷巨变的一出大戏。 2023年，可能是大模型赛道最"混乱"的一年。 这一年，智谱公开了5轮融资，高瓴、君联、红杉、美团、顺为、腾讯、阿里云纷纷登场。 不仅是融资层面，米磊回忆，这场"混乱"在于，互联网巨头们也纷纷下场，开始在大模型领域攻城略地。 在这之前，大模型项目的竞争，仅仅围绕着初创项目在赛道，但巨头一出手，这场不知目的地的长跑，顿时变成了加速的跨栏赛。难题提升了，更重要的 是，节奏变了。 而这场竞赛，仍然在持续，只是战场从一级市场，转而登上二级市场。 就在今日，智谱登陆港交所，成为"全球大模型第一股"。今日开盘涨超3%，截至发稿，市值为540亿港元。而距离智谱出发，也仅仅6年时间。 这一路中，发生了诸多不为人知的故事。我们试图从资本端的角度，去解释智谱的成长，以及大模型赛道的演变。 米磊找到创始团队，问他"创不创业？"并约定了，"创业一定要告诉我"的承诺。 时间回到20 ...

Core Viewpoint - Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu) has officially listed on the Hong Kong Stock Exchange, raising approximately HKD 4.3 billion with an estimated market capitalization of HKD 51.1 billion, marking it as the "first global large model listed company" [3][20][21]. Group 1: Listing Details - The listing price was set at HKD 116.2 per share, with the stock initially rising over 3% before slightly retreating to HKD 116.5 per share at the time of reporting [3][18]. - The public offering was highly successful, with a subscription rate of 1159.46 times for the Hong Kong public and 15.28 times for international offerings [4][19]. - The stock experienced significant pre-listing interest, with dark pool trading showing a rise of nearly 38% to HKD 160 [4][19]. Group 2: Market Context and Implications - The successful listing of Zhipu is seen as a boost for domestic and international large model startups, potentially accelerating the listing pace of other Chinese large model companies [5][20]. - Industry experts suggest that the timing of the listing may be early, as the estimated market value of around RMB 50 billion is considered low for leading Chinese large model firms [6][22]. Group 3: Business Model and Financial Performance - Zhipu's core competencies include technological leadership, a comprehensive product matrix, and high commercialization efficiency, serving over 8,000 institutional clients [7][22]. - The company has reported rapid revenue growth, with revenue increasing from RMB 57.4 million in 2022 to RMB 312.4 million in 2024, reflecting a compound annual growth rate of over 130% [8][23]. - Despite revenue growth, Zhipu has not achieved profitability, with net losses projected to increase from RMB 1.437 billion in 2022 to RMB 29.58 billion in 2024 [9][23]. Group 4: Research and Development Focus - The primary reason for the losses is attributed to significant investments in research and development, which are expected to continue, with R&D expenses projected to reach RMB 2.1954 billion in 2024 [9][24]. - The company plans to allocate 70% of the funds raised from the IPO to enhance the development of general AI large models [11][26]. - Zhipu has adapted over 40 domestic chips for its operations, indicating a strategic focus on domestic computing power [9][24]. Group 5: Competitive Landscape - Zhipu positions itself as a company driven by data scientists and engineers, with a strong emphasis on foundational model research and typical industry applications [12][27]. - The company benefits from a highly focused approach, allowing it to make deep investments in specific markets despite having relatively fewer resources compared to larger firms [12][27]. - The board of directors includes several members with backgrounds from Tsinghua University, reflecting a strong academic foundation in its leadership [12][27].

作者 | 褚杏娟 今天，北京智谱华章科技股份有限公司（以下简称"智谱"，股票代码 02513）在港交所正式挂牌上市。发行价为 116.2 港元 / 每股，募资规模预计将达 43 亿港元，预估市值 511 亿港元。开盘后，智谱股价涨超3%，但随后有所回落。截至发文，股票价格为116.5 港元 / 每股。 此时上市，会太早吗？ "全球大模型上市第一股"的头衔无疑让智谱获得更多的出圈效应，可以获得更多的潜在用户。而选择此时冲击上市，郭炜认为，主要还是因为智谱需要 更多的现金流与确定性。 他分析称，大模型不是互联网产品那种"先增长后盈利"的轻资产模式，它更像"研发 + 算力 + 工程化"三台发动机一起烧油才能在大模型军备竞赛里获得 生存空间。私募融资能解决一段时间的研发成本，但每一轮都要讲更大的故事、给更高估值，整体公司和股东可获得收益的确定性越来越少。所以，智 谱上市代表着在估值没有触达最高的时候，把确定性先确定下来。从资本运作来讲，这不失为一步好棋。 不过，郭炜认为，500 亿左右人民币预估市值，对于未来中国大模型头部企业来讲，还是过低了。 | 营销 | | | --- | --- | | 02513 交易中 0 ...

来源：数字生命卡兹克 今天，智谱AI终于要上市了。 | 股票代码HK2513。 | | --- | | 从ChatGPT面世，到今天，过去了3年1个月零9天，一共，1136天。 | | 而从2025年4月14日智谱AI向证监会提交上市辅导备案，到今天正式港股上市，一共过去了269天。 | 真的蛮感慨的。 第一次去智谱参观，跟他们见面，还是2023年的4月。 时间真的眨眼而过。 好梦幻的三年。 作为中国大模型第一股，作为曾经AI六小龙里，最闪耀的新星，我想，对智谱AI你也有一定有很多好奇。 在今天这个时刻，我想，也用这一篇文章，6个信息。 帮你了解关于智谱AI的一切。 话不多说，我们，开始。 一. 智谱AI是谁？ 智谱 AI，全称"北京智谱华章科技股份有限公司"。 2019年6月11日成立，出身非常标准的清华系。 公司技术根基来自清华大学计算机系知识工程实验室，也就是KEG Lab。 这个实验室十几年一直在做知识图谱、NLP、多模态等底层研究，最早做出来的东西之一是学术搜索平台AMiner。 CEO张鹏算是学术出身+创业型的典型，原来就在KEG做AMiner，2019年出来把团队改造升级成智谱，把很多的科研成果 ...

今天，智谱AI终于要上市了。 | | | 真的蛮感慨的。 第一次去智谱参观，跟他们见面，还是2023年的4月。 公司技术根基来自清华大学计算机系知识工程实验室，也就是KEG Lab。 时间真的眨眼而过。 好梦幻的三年。 作为中国大模型第一股，作为曾经AI六小龙里，最闪耀的新星，我想，对智谱AI你也有一定有很多好奇。 在今天这个时刻，我想，也用这一篇文章，6个信息。 帮你了解关于智谱AI的一切。 话不多说，我们，开始。 一. 智谱AI是谁？ 智谱 AI，全称"北京智谱华章科技股份有限公司"。 2019年6月11日成立，出身非常标准的清华系。 这个实验室十几年一直在做知识图谱、NLP、多模态等底层研究，最早做出来的东西之一是学术搜索平台AMiner。 CEO张鹏算是学术出身+创业型的典型，原来就在KEG做AMiner，2019年出来把团队改造升级成智谱，把很多的科研成果，往商业公司方向重构。 而智谱的灵魂人物，首席科学家唐杰老师，之前就是实验室的领头人。 实验室里除了智谱的人之外，还有一个AI圈的非常有名的创业大佬，跟KEG有千丝万缕的关系，名字我就不提了，但是你们肯定都知道。 所以，说KEG Lab是中国AI的 ...

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company, Zhipu AI, is a leading independent general large model developer in China, established in 2019, and has developed a unique General Language Model (GLM) framework that excels in long text understanding and logical reasoning [6][12]. - Zhipu AI's flagship products, GLM-4.5 and GLM-4.7, have achieved top rankings in international benchmark tests and have gained significant recognition in the global developer community [6][14]. - The company has a strong market position, ranking first among independent general large model developers in China with a market share of 6.6% as of 2024 [6][15]. - Zhipu AI plans to go public on the Hong Kong Stock Exchange on January 8, 2026, with an IPO price of HKD 116.20 per share, aiming to raise approximately HKD 4.3 billion [6][15]. Summary by Sections 1. Company Overview - Zhipu AI is built on technology from Tsinghua University and aims to compete with OpenAI, focusing on a self-regressive fill-in-the-blank GLM framework [12][16]. - The company has released several significant models, including the GLM-130B, which marked its entry into the mainstream large language model market [12][16]. 2. Business Model and Operations - The business model is centered around Model as a Service (MaaS), offering both localized and cloud deployment options [21][24]. - Localized deployment accounts for a significant portion of revenue, with high margins, while cloud deployment is rapidly growing and aims to capture a larger market share [24][25]. 3. Historical Financial Analysis - Revenue has shown rapid growth, with projections indicating revenues of CNY 785 million in 2025 and CNY 1.55 billion in 2026, reflecting a compound annual growth rate of over 130% from 2022 to 2024 [1][30]. - The company has been operating at a loss due to substantial R&D investments, with cumulative R&D expenses exceeding CNY 4.4 billion from 2022 to 2024 [6][30]. 4. Core Competitiveness - Zhipu AI's competitive edge lies in its fully self-developed technology system, leading model performance, and a robust open-source ecosystem [38][39]. - The GLM series models have demonstrated significant advantages in various applications, including multi-modal understanding and generation [39][40]. 5. Profitability Forecast and Investment Suggestions - The company is expected to achieve revenues of CNY 7.9 billion in 2025, CNY 15.5 billion in 2026, and CNY 32.2 billion in 2027, with a gradual shift towards cloud-driven revenue [6][7]. - The overall gross margin is projected to reach 50% by 2025, with improvements in cloud margins as the business scales [6][7].

Core Insights - The article emphasizes the transformative impact of AI on the cloud market, highlighting that AI is becoming a core growth driver for cloud vendors as more industries recognize its potential to optimize business efficiency and create value [3][4][6] - Cloud vendors are shifting from being infrastructure providers to AI capability providers, with the development of Agents seen as a method to unlock the value of Tokens [6][11] - There is a growing demand for reliable and low-barrier Agent development platforms to help enterprises transition from concept validation to large-scale application [3][4][6] Group 1: Market Growth and Opportunities - AI-driven growth has created new business opportunities for cloud vendors, with Alibaba Cloud's AI-related revenue experiencing triple-digit year-on-year growth for nine consecutive months [1] - AWS anticipates that future Token revenue from MaaS platforms will be comparable to its EC2 computing product revenue [1] - Google Cloud's annual revenue exceeds $50 billion, largely driven by AI [1][3] Group 2: Agent Development and Implementation - The article discusses the need for a comprehensive framework for Agent development, which includes tools for model customization, Agent development, operation, and security governance [3][4][7] - Companies like Firefly Engine and AWS are actively providing solutions to lower the barriers for Agent development, emphasizing ease of use and security [7][9] - The development of Agents is expected to lead to significant efficiency improvements, as evidenced by case studies where projects were completed in a fraction of the time previously required [4][6] Group 3: Challenges in Agent Adoption - Despite the optimistic outlook, many enterprises face significant obstacles when moving from concept validation to production, with 93% of customers encountering major challenges [6] - The challenges stem from data and engineering aspects, where the requirements for large-scale applications differ significantly from those in the concept validation phase [6][11] Group 4: Strategic Shifts Among Cloud Vendors - Cloud vendors are increasingly focusing on developing foundational models that are tailored for Agent development, with companies like Tencent and Baidu making organizational adjustments to enhance their model capabilities [11][13] - The shift towards MaaS business models is becoming a core metric for cloud vendors, with Firefly Engine viewing AI Token usage as a key performance indicator [13] - Alibaba Cloud aims to position itself as a leading player in the AI era, with a focus on comprehensive AI cloud solutions [13]

Core Viewpoint - Zhiyu is set to become the first "big model" stock in the global market, with an IPO scheduled for January 8, 2026, on the Hong Kong Stock Exchange, aiming to raise approximately HKD 4.3 billion and achieve a market valuation exceeding HKD 51.1 billion [1][3][8]. Financial Performance - Zhiyu's revenue is projected to grow from HKD 57.4 million in 2022 to HKD 312.4 million in 2024, representing a compound annual growth rate (CAGR) of 130% [3][4]. - The company reported a revenue of HKD 190 million for the first half of 2025, indicating significant growth [4]. - Gross margins for Zhiyu are reported at 54.6%, 64.6%, and 56.3% for the years 2022 to 2024, showcasing a stable commercial framework [6]. Market Position and Competitive Landscape - Zhiyu is recognized as the largest independent large model vendor in China, holding a market share of approximately 6.6% among general large model companies [6]. - The company has been acknowledged by OpenAI, indicating its growing significance in the global AI landscape [4][19]. Business Model and Growth Strategy - Zhiyu has developed a scalable cloud service system since 2021, with over 2.9 million users on its API platform, and expects API revenue to grow tenfold by 2025 [5]. - The company's MaaS (Model as a Service) business is becoming a foundational infrastructure for enterprise AI strategies, with over 65% of large enterprises planning to allocate at least 30% of their AI budgets to MaaS solutions in the next two years [5]. Technological Advancements - Zhiyu has invested over HKD 4 billion in R&D over the past three and a half years, with more than 70% allocated to computing power procurement [4]. - The company has launched several models, including GLM-4.7, which has achieved top rankings in coding ability assessments, indicating its competitive edge in model capabilities [10][13]. Global Expansion and Strategic Alliances - Zhiyu is positioning itself as a "national team" for AI model export, with its models already integrated into critical business processes across various sectors, including finance and healthcare [15][19]. - The company has initiated the "International Alliance for Autonomous Large Models" to help build national-level AI infrastructure in countries along the Belt and Road Initiative [17]. Future Outlook - The global AI market is expected to grow significantly, with projections indicating a market size of RMB 53 billion in 2024, increasing to RMB 101.1 billion by 2030, which presents a substantial opportunity for Zhiyu [19]. - Zhiyu's strategy aligns with global trends, aiming to establish itself as a key player in the foundational infrastructure of AI, similar to OpenAI [20].

Core Insights - The report by Omdia highlights the rapid growth of the global MaaS (Model as a Service) market, with OpenAI, Google Cloud, and Volcano Engine capturing a combined 65% market share by October 2025 [1][4] - Volcano Engine has achieved significant milestones, including a daily token call volume of 30 trillion, positioning it as the third-largest player globally [4] - The company has experienced a 100% year-on-year revenue growth, surpassing 20 billion, and has revised its revenue target for 2030 upwards due to unexpected MaaS commercialization and model iteration [6] Market Position and Growth - Volcano Engine's strategic focus on MaaS has led to its rapid emergence in the AI cloud market, with the launch of the Doubao model family API service marking a significant shift in pricing strategy, reducing costs by up to 99.3% [7][12] - The company has seen exponential growth in token call volume since the launch of the Doubao model, with a notable increase in usage every three months [9][15] - By the first half of 2025, Volcano Engine is expected to account for 49.2% of the public cloud model service in China, producing one out of every two tokens generated [12] Technological Advancements - The introduction of various models, including Doubao 1.6 and Seedance 1.0 pro, has continuously unlocked new application scenarios, contributing to the growth of the MaaS market [9][15] - The company emphasizes the importance of large model call volumes in refining models and infrastructure, which in turn enhances the profitability of its MaaS services [15][20] Strategic Initiatives - Volcano Engine aims to lower the barriers to AI application through higher-level encapsulation and cost optimization, enhancing the usability of its MaaS offerings [22][24] - The company is also focusing on developing and operating agents, positioning itself as a leader in providing a comprehensive suite of agent development and operation products [21][24] Collaboration and Ecosystem - The synergy between Volcano Engine's B2B and B2C services, particularly leveraging ByteDance's extensive user base, has been crucial in driving model usage and service quality [16][19] - The company is committed to continuous innovation and long-term investment in technology to serve a broader market and meet diverse customer needs [20]

Core Viewpoint - The company Zhiyu Huazhang Technology Co., Ltd. ("Zhiyu") is set to launch its IPO, aiming to raise approximately HKD 4.3 billion, marking it as the first publicly listed company focused on general large models in the AI sector, providing a quantifiable valuation benchmark for the industry [2][6]. Company Overview - Zhiyu is a typical "Tsinghua system" AI company, originating from the knowledge engineering laboratory of Tsinghua University's computer science department, and focuses on developing its own General Language Model (GLM) series [3]. - The company has developed a comprehensive model matrix covering language, code, multimodal, and intelligent agents, positioning itself against OpenAI's technology [3]. Revenue and Financial Performance - Zhiyu's revenue structure has shifted from a heavy reliance on localized deployment (97.6% in 2022) to a more diversified model, with localized deployment accounting for 69.4% and cloud deployment for 30.6% in the latest reporting period [4]. - The company reported revenues of RMB 57.409 million in 2022, projected to grow to RMB 312.414 million by 2024, while also incurring significant losses, with adjusted net losses of RMB 974.17 million in 2022 and projected losses of RMB 2.466 billion in 2024 [5][6]. Market Position and Client Base - Zhiyu has accumulated over 12,000 enterprise clients and 45 million developers, establishing a business model centered around Model as a Service (MaaS), with localized deployment making up 84.8% of its revenue [6]. - The company holds a 6.6% market share among independent general model developers in China, ranking first in the country and second globally [3]. IPO and Fund Utilization - The IPO proceeds will allocate approximately 70% (around HKD 2.9 billion) for AI model research and development, 10% for optimizing the MaaS platform, and the remaining 20% for business partnerships and operational expenses [8]. - The IPO is seen as a means to continue investing heavily in R&D and scaling operations, aiming to establish a clear path to profitability within the next 2-3 years [8]. Challenges and Industry Outlook - The company faces challenges in transitioning from a "high growth + significant loss" model to a profitable one, while also needing to optimize cost structures and enhance operational efficiency [9]. - The industry may enter a consolidation phase as leading model companies successfully IPO, potentially concentrating resources among firms with both technological and capital advantages [9].