Core Viewpoint - The listing of Zhiyuan on the Hong Kong Stock Exchange marks a significant milestone as the first publicly traded Chinese AI large model company, attracting considerable attention from the capital market and highlighting the commercialization path of domestic large models [1][3][4]. Financial Performance - Zhiyuan's revenue and losses have both increased from 2022 to the first half of 2025, with revenue reaching 191 million yuan in the first half of 2025, a year-on-year growth of 325%, while the adjusted net loss expanded to 1.752 billion yuan, a 70% increase year-on-year [1][4]. - The company's revenue for 2022, 2023, and 2024 was 57.41 million yuan, 125 million yuan, and 312 million yuan, respectively, with a compound annual growth rate of 130% [4]. Market Position - Zhiyuan is recognized as the largest independent large language model vendor in China and the second largest overall, holding a market share of 6.6%, trailing behind iFlytek at 9.4% [8]. Research and Development Investment - Zhiyuan's R&D expenditures from 2022 to the first half of 2025 totaled 4.4 billion yuan, with a significant increase in the ratio of R&D spending to revenue, reaching 835.4% in the first half of 2025 [6]. - The majority of R&D spending is directed towards computing power procurement and talent acquisition, with computing service fees accounting for 71.8% of R&D expenses in the first half of 2025 [6]. Business Model - Zhiyuan's core monetization strategy is based on the MaaS (Model as a Service) platform, which provides access to a matrix of models and various intelligent tools. The local deployment model contributes approximately 85% of revenue, while the cloud deployment model accounts for 15.2% [9]. - The local deployment model has a gross margin of 59.1%, whereas the cloud deployment model has a negative gross margin of -0.4% due to competitive pricing strategies [9]. Competitive Landscape - The competitive environment among domestic AI large model companies is intensifying, with Zhiyuan leading the way in public offerings, while other companies like MiniMax and Moonlight are also navigating their paths in the market [7][9].

Core Viewpoint - The listing of Zhipu on the Hong Kong Stock Exchange marks a significant milestone as it becomes the first publicly traded company focused on AGI (Artificial General Intelligence) core business, highlighting a shift in the AI industry towards foundational model companies [2][5][16]. Company Overview - Zhipu opened at HKD 120 per share and peaked at HKD 135, achieving a market capitalization of nearly HKD 60 billion on its first trading day [2]. - The company is often referred to as the "Chinese version of OpenAI" and has been recognized as the "first stock of global large models" [2]. Business Model and Growth - Zhipu's revenue for the first half of 2025 reached CNY 191 million, a 325% year-on-year increase, indicating a transition from a research phase to a revenue-generating phase [6]. - The company's growth is primarily driven by its Model as a Service (MaaS) model, which has seen its annual recurring revenue (ARR) surge from CNY 20 million to over CNY 500 million, reflecting a 25-fold increase in just 10 months [6][14]. - Zhipu's MaaS business is experiencing explosive growth, with a projected year-on-year increase of over 900% for the full year of 2025 [6]. Technological Innovation - Zhipu's GLM (General Language Model) architecture has been adapted to over 40 domestic chipsets, showcasing its versatility and independence from a single computational framework [4]. - The GLM series models are designed to iterate every 2 to 3 months, maintaining Zhipu's position among the top tier of domestic models [9]. Market Position and Competitive Edge - Zhipu's unique approach of focusing on foundational architecture rather than immediate commercialization has positioned it favorably in the competitive landscape of AI [3][5]. - The company has achieved significant recognition in global model evaluations, with its GLM-4.7 model ranking first in both open-source and domestic categories [10][12]. Investment and Future Outlook - Zhipu plans to allocate 70% of the net proceeds from its IPO to continue investing in AGI model research, with 10% directed towards the development of its MaaS platform [16]. - The successful IPO signals a shift in capital market focus towards foundational AI infrastructure, indicating a growing recognition of the long-term value of such investments [16][17].

Core Insights - Three companies, Zhipu, Tianshu Zhixin, and Jingfeng Medical-B, successfully listed on the Hong Kong Stock Exchange on January 8, 2026, with first-day gains of 13.17%, 8.44%, and 30.90% respectively [1][3][4]. Group 1: Company Performance - Zhipu, as the world's first publicly listed company focused on general artificial intelligence (AGI) foundational models, has gained significant attention from investors. The company supports over 8,000 institutional clients and approximately 80 million devices, holding a market share of 6.6% among independent AGI developers in China [5][6]. - Tianshu Zhixin specializes in general GPU products and AI computing solutions, delivering over 52,000 GPU products to more than 290 clients across various industries. The company has achieved over 900 deployments in critical sectors such as financial services and healthcare [6][7]. - Jingfeng Medical-B, established in 2017, is a leading surgical robotics company in China, recognized for its advanced multi-port and single-port laparoscopic surgical robots. The company has secured regulatory approval for its MP1000 model and has signed sales agreements for 31 units as of June 30, 2025 [7][8]. Group 2: Market Reception - The initial public offerings (IPOs) of these three companies were met with strong demand, with Zhipu and Jingfeng Medical-B experiencing over 1,000 times oversubscription in their public offerings, while Tianshu Zhixin had an oversubscription of 414.24 times [8][9]. - The strong performance of these IPOs has contributed to a positive sentiment in the Hong Kong IPO market, with expectations that upcoming listings may also perform well [4][11]. Group 3: Institutional Interest - All three companies attracted significant interest from institutional investors, with Zhipu securing a diverse base of cornerstone investors, including major public funds and private equity firms, raising a total of HKD 29.8 billion [9][10]. - Tianshu Zhixin and Jingfeng Medical-B also have backing from prominent institutions such as UBS and the Abu Dhabi Investment Authority, indicating strong confidence in their business models and growth potential [10]. Group 4: Upcoming Listings - The Hong Kong market is experiencing a surge in new listings, with additional companies set to debut shortly after the successful IPOs of Zhipu, Tianshu Zhixin, and Jingfeng Medical-B, indicating a robust pipeline for the market [11][12].

Core Insights - Three companies, Zhiyu, Tianshu Zhixin, and Jingfeng Medical-B, successfully listed on the Hong Kong Stock Exchange on January 8, 2026, with first-day gains of 13.17%, 8.44%, and 30.90% respectively [1][4]. Company Summaries - **Zhiyu**: As the world's first publicly listed company focused on a general artificial intelligence (AGI) foundational model, Zhiyu has gained significant attention from investors. The company, founded in 2019, has developed a 100 billion parameter model (GLM-130B) and supports over 8,000 institutional clients and approximately 80 million devices. It holds a 6.6% market share among independent general model developers in China, ranking first in the country and second globally based on projected 2024 revenue [5][6]. - **Tianshu Zhixin**: This company specializes in providing general GPU products and AI computing solutions across various industries. Its product lineup includes general GPU chips and customized AI computing solutions, with over 52,000 GPU products delivered to more than 290 clients across sectors such as finance, healthcare, and transportation. Tianshu Zhixin has achieved over 900 deployments and applications in critical fields, supporting industrial digital transformation [6][7]. - **Jingfeng Medical-B**: Established in 2017, Jingfeng Medical-B is a leading company in the surgical robotics sector. It is the first in China and the second globally to receive regulatory approval for multiple types of surgical robots. The company's core product, the Jingfeng multi-port laparoscopic surgical robot, received approval in December 2022 and has expanded its clinical applications. In 2024, it sold 20 units, ranking first among domestic surgical robot manufacturers [7][8]. Market Reception - All three companies experienced strong demand during their public offerings, with Zhiyu and Jingfeng Medical-B achieving over 1,000 times oversubscription in the public offering phase, while Tianshu Zhixin had an oversubscription of 414.24 times [8][9]. - The strong performance of these IPOs has contributed to a positive sentiment in the Hong Kong IPO market, with expectations that upcoming listings may also perform well [4][11]. Institutional Interest - The three companies attracted significant interest from institutional investors, with Zhiyu securing a diverse base of cornerstone investors, including major public funds and private equity firms, totaling HKD 2.98 billion in subscriptions [9][10]. - Tianshu Zhixin and Jingfeng Medical-B also have backing from prominent institutions such as UBS and the Abu Dhabi Investment Authority, indicating strong confidence in their business models and growth potential [10]. Upcoming Listings - The Hong Kong market is witnessing a surge in new listings, with additional companies set to debut shortly after the successful IPOs of Zhiyu, Tianshu Zhixin, and Jingfeng Medical-B [11][12].

Core Insights - The core message of the news is the significant progress and recognition of Chinese AI companies, particularly in the large model sector, highlighted by the IPO of Zhiyu and MiniMax, marking a pivotal moment in the global AI landscape [1][4]. Group 1: IPO Significance - The IPO of Zhiyu and MiniMax serves as an optimistic signal for innovators, indicating that they will not be easily discarded by the times [4]. - The IPO is expected to raise approximately HKD 4.3 billion for Zhiyu, significantly enhancing its market valuation and international influence [27][28]. Group 2: Competitive Landscape - The emergence of DeepSeek has forced several companies within the "Six Little Tigers" to rapidly adjust their business strategies and teams to survive in a highly competitive environment [3][5]. - Despite initial setbacks, the "Six Little Tigers" have shown remarkable resilience and innovation, leading to significant advancements in model performance and market presence [6][8]. Group 3: Market Dynamics - The competitive landscape has shifted, with companies like Zhiyu and MiniMax gaining traction in international markets, evidenced by MiniMax's 73.1% overseas revenue share [14][15]. - The B-end market has matured, with companies realizing the importance of tailored services and industry knowledge, leading to a more robust commercial ecosystem [12][13]. Group 4: Financial Performance - Zhiyu's annual recurring revenue (ARR) surged from RMB 20 million to over RMB 500 million, reflecting a 25-fold increase within ten months [11]. - The financial reports indicate that both Zhiyu and MiniMax have incurred nearly RMB 11 billion in losses over the past three years, primarily due to substantial investments in model research and development [21][24]. Group 5: Long-term Vision - The industry consensus emphasizes the need for sustained innovation and investment, as the AI sector remains in its early stages, with significant long-term potential [23][24]. - IPOs in the AI sector are seen as a reward for long-term commitment and innovation, providing companies with a platform to further their technological advancements [29].

2026.01.08 本文字数：3539，阅读时长大约6分钟 作者 |第一财经 王方然 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" ...

来源：财经网 华西证券表示，智谱是国内头部大语言模型厂商，股权结构相对集中，收入体量保持快速增长，以本地 化部署企业业务为基石。公司立足MaaS（模型即服务）平台，专注企业客户，基础大模型产品体系完 备，以MaaS平台为商业模式基础，采用本地化及云端两种部署模式。随着智谱与MiniMax两家国产大 模型公司成功IPO，国内AI产业机遇期来临。 作者 | 《财经》特约撰稿人 康国亮 编辑 | 郭楠 陆玲 智谱领先于OpenAI登陆资本市场，为长期缺乏公开市场估值参照的大模型行业提供了可参照的估值锚 点，不过由于算力等巨额投入，其亏损额仍在扩大 "全球大模型第一股"智谱（2513.HK）正式登陆港交所。 1月8日，智谱上市首日股价小幅高开2.24%至120港元/股，盘中一度跌破116.2港元/股的发行价至116.1 港元/股，随后股价震荡上涨，截至收盘，股价上涨13.17%至131.5港元/股，总市值为578.9亿港元。 由于目前全球资本市场上OpenAI等国内外大模型公司尚未上市，智谱此次率先登陆港交所，也成为"全 球大模型第一股"。值得注意的是，另一家国产大模型公司MiniMax（0100.HK，稀宇科技）也 ...

Core Viewpoint - The article discusses the recent IPOs of three companies—Zhiyu, Tianshu Zhixin, and Jingfeng Medical-B—on the Hong Kong Stock Exchange, highlighting their strong market performance and investor interest in the context of a rising trend in IPOs for 2026 [1][5][13]. Group 1: Company Performance - Zhiyu, Tianshu Zhixin, and Jingfeng Medical-B saw first-day gains of 13.17%, 8.44%, and 30.90% respectively, indicating strong market reception [2][4]. - All three companies entered the market with significant oversubscription rates, with Zhiyu and Jingfeng Medical-B exceeding 1,000 times in public offerings, while Tianshu Zhixin had a subscription rate of 414.24 times [7][11]. Group 2: Company Profiles - Zhiyu is recognized as the world's first publicly listed company focused on general artificial intelligence (AGI) foundational models, having developed a 100 billion parameter model and serving over 8,000 institutional clients [7][8]. - Tianshu Zhixin specializes in general GPU products and AI computing solutions, delivering over 52,000 GPU products to more than 290 clients across various industries [8]. - Jingfeng Medical-B is a leading surgical robotics company in China, having received regulatory approval for multiple robotic systems and achieving significant sales in the domestic market [9][10]. Group 3: Market Trends - The article notes a resurgence in IPO activity in Hong Kong, with several companies scheduled to list in early 2026, indicating a potential bullish trend for the market [14][21]. - The strong performance of newly listed companies may rekindle investor enthusiasm for IPOs, as seen with the recent gains in dark trading for companies like MINIMAX-WP and others [16][20].

1月8日，"全球大模型第一股"智谱正式在港交所挂牌上市，发行价定为116.2港元/股，开盘后报120港 元/股，盘中一度涨超10%。截至8日收盘，智谱股价上涨13.17%，收报131.5港元/股，总市值达578.9亿 港元。 智谱此次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。 智谱成立于2019年，由清华大学技术成果转化而来，专注通用人工智能（AGI）的研发。公司持续以高 强度的研发投入支撑技术快速迭代，其自主研发的GLM系列模型每2—3个月完成一次基座迭代，保持 全球领先水平。 2025年12月，智谱新一代基座模型GLM-4.7在模型综合能力榜单Artificial Analysis与权威编码榜单Code Arena中，均荣登开源模型与国产模型双料榜首。模型Coding和Agent真实体感表现优秀，发布两个月， 来自184个国家的15万开发者朋友为编程订阅产品付费，Cerebras、Windsurf等超过50家海内外开发平台 工具选择接入。 此次上市对整个AI板块具有风向标意义。在商业模式上，智谱作为基座 ...

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。 2026.01. 08 本文字数：3539，阅读时长大约6分钟 作者 | 第一财经 王方然 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。 上市首日，智谱股价呈现"低开高 ...