Core Viewpoint - The article discusses the debut of Zhipu AI, referred to as the "first global large model stock," on the Hong Kong Stock Exchange, highlighting its initial performance and future plans for model development [2][4]. Group 1: Company Overview - Zhipu AI, established in 2019, focuses on developing advanced general large models (AGI) with GLM at its core, covering text, multimodal, and application-oriented model services [4]. - The company has launched several models, including the GLM-130B with hundreds of billions of parameters and the open-source chat model ChatGLM [4]. Group 2: Financial Performance - Zhipu's revenue is projected to grow from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of over 100% [4]. - The company has reported significant losses, with losses of 144 million yuan in 2022, 788 million yuan in 2023, 2.958 billion yuan in 2024, and 2.358 billion yuan in the first half of 2025 [4]. Group 3: Market Response and Stock Performance - On its listing day, Zhipu's stock opened at 120 HKD per share, briefly dipped to 116.1 HKD, and then closed at 129.8 HKD, marking an 11.7% increase and a total market capitalization of 57.1 billion HKD [2][3]. - The public offering was highly oversubscribed, with a subscription rate of approximately 1159.46 times, leading to an increase in the number of shares offered to 748,390, accounting for 20% of the total global offering [4].

Core Viewpoint - Zhiyu, known as the "first global large model stock," was listed on the Hong Kong Stock Exchange on January 8, with a fluctuating stock price on its debut day. The company aims to strengthen its revenue from the MaaS platform while maintaining its local deployment revenue base [1][2]. Group 1: Zhiyu's IPO and Financial Performance - Zhiyu's IPO price was set at HKD 116.2, with a total issuance of 37.42 million H-shares, achieving a subscription rate of 1159.46 times for public offerings and 15.28 times for international offerings [1]. - On its first trading day, Zhiyu's stock opened at HKD 120, peaked at HKD 130, and closed at HKD 129.8, giving it a market capitalization of approximately HKD 555 billion [1]. - The company reported revenues of RMB 57.4 million, RMB 124.5 million, RMB 312.4 million, and RMB 190.9 million for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net losses of RMB 1.43 billion, RMB 7.88 billion, RMB 29.58 billion, and RMB 23.58 billion for the same periods [1][2]. Group 2: Strategic Focus and R&D - Zhiyu's revenue primarily comes from large model income, with local deployment accounting for about 70% of total revenue, although cloud deployment's share is increasing [2]. - The company plans to enhance its revenue from the MaaS platform while solidifying its local deployment income base to strengthen its scaling capabilities [2]. - In the first half of 2025, Zhiyu's R&D expenses reached RMB 15.95 billion, driven by an expanded R&D team and increased third-party computing service procurement [2]. Group 3: Future Developments - Zhiyu is set to launch its next-generation model, GLM-5, and focus on four key areas in 2026, including a new model architecture, enhanced generalization capabilities, and advancements in online or continual learning [3]. Group 4: MiniMax's Upcoming IPO - MiniMax, another Chinese large model company, achieved a subscription rate of 1848 times ahead of its IPO on January 9, 2024, and focuses on multimodal model development [4][5]. - MiniMax's projected revenues for 2023, 2024, and the first three quarters of 2025 are USD 2.46 million, USD 30.52 million, and USD 53.44 million, respectively, with net losses of USD 269 million, USD 465 million, and USD 512 million [4][5]. - The company generates over 70% of its revenue from overseas markets, with significant contributions from Singapore and the United States [5]. Group 5: Industry Insights - The founder of Moonlight Dark, Yang Zhilin, announced a recent completion of a USD 500 million Series C funding round, indicating a strong cash reserve of over RMB 10 billion, which will be used to accelerate the development of the next-generation base model K3 [6].

Core Insights - Zhiyu, known as the "first global large model stock," was listed on the Hong Kong Stock Exchange on January 8, with a fluctuating stock price on its debut [1] - The company aims to enhance its revenue from the MaaS platform while maintaining its local deployment revenue base [2] - MiniMax, another large model company, is set to be listed soon, having received 1848 times oversubscription [4] Group 1: Zhiyu's IPO and Financial Performance - Zhiyu's IPO price was HKD 116.2, with a total issuance of 37.42 million H-shares, achieving 1159.46 times oversubscription in the public offering and 15.28 times in the international offering [1] - On its first trading day, Zhiyu's stock opened at HKD 120, peaked at HKD 130, and closed at HKD 129.8, giving it a market capitalization of approximately HKD 555 billion [1] - The company's projected revenues for 2022, 2023, 2024, and the first half of 2025 are HKD 57.4 million, HKD 124.5 million, HKD 312.4 million, and HKD 190.9 million, respectively, with net losses of HKD 1.43 billion, HKD 7.88 billion, HKD 29.58 billion, and HKD 23.58 billion [1] Group 2: Zhiyu's Strategic Direction and R&D - Zhiyu's revenue primarily comes from large model income, with local deployment accounting for about 70% of revenue, although cloud deployment is on the rise [2] - The company plans to increase its R&D spending, which reached HKD 15.95 billion in the first half of 2025, mainly due to team expansion and third-party computing service procurement [2] - Zhiyu's chief scientist announced the upcoming release of the new model GLM-5, with a strategic focus on developing models with better generalization capabilities and exploring online learning [3] Group 3: MiniMax's Business Model and Market Position - MiniMax, established in early 2022, focuses on multimodal model development and has a range of AI-native products, with over 70% of its revenue coming from the C-end market [4][5] - The projected revenues for MiniMax for 2023, 2024, and the first three quarters of 2025 are USD 2.46 million, USD 30.52 million, and USD 53.44 million, respectively, with net losses of USD 269 million, USD 465 million, and USD 512 million [5] - MiniMax's overseas market contributes over 73% of its total revenue, with significant income from Singapore and the United States [5]

来源：@央视财经微博 【#全球大模型第一股港交所上市##智谱首日开盘涨幅达3%#】1月8日，北京智谱华章科技股份有限公 司（以下简称"智谱"）正式在香港联合交易所挂牌上市，成为"全球大模型第一股"。首日开盘，智谱涨 幅达3%，最新市值约545亿港元。在此前公布的H股配发结果显示，公司此次IPO全球发售3741.95万 股，其中香港公开发售占20%，国际发售占80%。发售价定为每股116.20港元，全球发售净筹资约41.73 亿港元。 ...

市场正迎来规模化应用的加速期。沙利文的研究显示，2025年上半年，中国企业级大模型日均调用量较2024年下半年激增约363%，表明行业正从技术验证 期快速迈入规模化落地期。在此背景下，智谱的商业化进程主要围绕为企业提供本地化部署解决方案（占比超84.8%）以及云端MaaS（占15.2%）服务展 开。 公司财报显示，从2022年的5,740万元增至2024年的3.12亿元，复合年增长率超过130%。然而，智谱AI仍处于大规模投入阶段，同期净亏损持续扩大，2024 年净亏损达29.58亿元（营收3.12亿元），2025年上半年又亏了23.58亿元（营收1.91亿元）。智谱巨亏的主要原因是巨额的研发支出——2024年研发投入接近 22亿元，占收入比例高达702.7%。此外，智谱过于依赖政企大单，本地部署收入占比84.8%，但拓展慢、定制化程度高。而阿里、字节等大厂API调用价格 不断下降，智谱这样的通用大模型独立厂商生存艰难。 2026年1月8日，智谱AI登陆港交所，以每股116.2港元的发行价挂牌上市，募资总额41.73亿港元（扣除发行费用后），开盘市值超过511亿港元（截至1月8日 上午10:35:48市值为5 ...

Core Insights - Beijing Zhiyuan Huazhang Technology Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the world's first publicly listed company focused on General Artificial Intelligence (AGI) foundational models [1][3] - The company's opening share price was HKD 120, resulting in a market capitalization of HKD 52.828 billion [1] Company Overview - Zhiyuan is one of the earliest companies in China to invest in large model research and has pioneered the GLM general pre-training paradigm [3] - The company has released significant achievements, including the first hundred-billion model and the first open-source trillion model in China, as well as multimodal models [3] - The GLM architecture has achieved full domestic production breakthroughs and is compatible with over 40 domestic chips, making it one of the most versatile model systems in the industry [3] Financial and R&D Insights - According to the prospectus, the company has invested approximately CNY 4.4 billion in R&D from 2022 to the first half of 2025, with R&D personnel accounting for 74% of its workforce [3] - The high-intensity R&D supports rapid technological iteration, with GLM series models undergoing foundational upgrades every 2 to 3 months [3] - 70% of the net proceeds from the fundraising will be allocated to the development of general large models, while 10% will be used to optimize the MaaS platform [3]

Core Viewpoint - The company, Zhipu, is poised for significant advancements in artificial general intelligence (AGI) with the upcoming release of its new model, GLM-5, and a strategic focus on innovative model architectures and learning paradigms [2][3][12]. Group 1: Company Development and Achievements - Zhipu has successfully launched multiple models, including GLM-4.1, GLM-4.5, GLM-4.6, and GLM-4.7, achieving significant improvements in model capabilities and user engagement [11][12]. - The company reported a remarkable increase in annual recurring revenue (ARR) from 20 million to 500 million (25 times) within 10 months, with overseas revenue exceeding 200 million [11]. - Zhipu's model GLM has been recognized as a national model in Malaysia, indicating its growing influence and acceptance in international markets [11]. Group 2: Strategic Focus and Future Directions - The company aims to focus on four key areas by 2026: the launch of GLM-5, the design of new model architectures, enhanced reinforcement learning (RL) capabilities, and the exploration of online and continual learning paradigms [3][13]. - Zhipu has established a new department, X-Lab, dedicated to fostering innovation and collaboration among young talents, focusing on groundbreaking explorations in AI [4][14]. - The company emphasizes the importance of long-term goals over short-term gains, aiming to contribute to global technological progress and user-centric AI solutions [7][10]. Group 3: Industry Context and Vision - The AI industry is expected to experience a significant transformation, with Zhipu positioning itself as a leader in this evolution by developing models that can replace various job functions and tasks [3][12]. - The company envisions a future where AI fundamentally alters computing paradigms, potentially leading to a new generation of AI-centric computing systems [9][10]. - Zhipu's commitment to AGI reflects a broader industry trend towards open, transparent, and accessible AI technologies that benefit all users [10][12].

根据公开资料，智谱是中国最早投身大模型研发的厂商，原创提出了基于自回归填空的通用预训练范式 GLM，率先发布了中国首个百亿模型、首个开源千亿模型、首个对话模型、首个多模态模型，以及全 球首个设备操控智能体（Agent），形成了全面的模型体系，是国内罕有在原创技术路线上与全球顶尖 水平保持同步的厂商，因此也被誉为"中国OpenAI"。目前，GLM架构已实现全国产化突破，适配40余 款国产芯片，成为业内通用性最高的模型体系之一。当前全球AI竞赛持续升温，智谱拿下"全球大模型 第一股"，不仅为国产大模型发展注入资本活力，更标志中国AGI企业正式迈入资本市场的舞台中央， 开启与国际巨头同台竞技的新阶段。 "中国版OpenAI"智谱(02513.HK)今日挂牌上市，正式成为"全球大模型第一股"。截至上午收盘，股价上 涨约12%至130港元，市值超570亿。 ...

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Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. (02513.HK) has officially listed in Hong Kong on January 8, 2023, and is set to launch its next-generation model GLM-5 soon [2] Group 1: Company Development - The company launched its self-developed large model algorithm architecture GLM in 2020, attempting to train a base model with 10 billion parameters, which was trialed by several enterprises including Meituan [2] - From 2021 to 2022, the development of large models faced challenges, with skepticism about the feasibility of making machines think like humans, leading the team to decide to train a larger model with 130 billion parameters [3] - In mid-2022, the GLM-130B model was created, and the MaaS platform was launched, resulting in the first batch of real API users [3] Group 2: Market Trends and Challenges - In 2023, the company recognized that AI would disrupt search and browsers, leading to a new AI assistant for everyone, which would fundamentally reshape computing logic [3] - The emergence of DeepSeek served as a wake-up call for the team, highlighting the challenges ahead, including a nationwide price war and the need to find a precise breakthrough [4] - The company identified a focus on coding as a direction, leading to the release of GLM-4.1 and GLM-4.5, with 150,000 developers using the GLM Coding Plan, resulting in an annual recurring revenue (ARR) exceeding 500 million, a 25-fold increase in just 10 months [4] Group 3: Future Focus and Innovations - The company plans to concentrate on the GLM-5 base model, a new model architecture design, and stronger generalization capabilities through reinforcement learning (RL) by 2026 [4] - The next generation of learning paradigms, including online learning and continual learning, will be strategically developed [4] - A new department, X-Lab, has been established to attract young talent for frontier exploration in model architecture and cognitive paradigms, while also expanding external investments to connect the industry [5]