12月19日晚间，智谱正式披露招股书。至此，"AI六小虎"中，首次有一家的业绩完整呈现于 公众眼前。 招股书显示，智谱2022年、2023年、2024年收入分别为5740万元、1.245亿元、3.124亿元， 三年间连续收入翻倍，年复合增长率达到130%。2025年上半年收入为1.909亿元。 根据弗若斯特沙利文的资料，按2024年的收入计， 智谱在中国独立通用大模型开发商中位列 第一，在所有通用大模型开发商中位列第二，市场份额为6.6% 。 记者丨 陈归辞 编辑丨方海平 据港交所官网 12 月 19 日披露，中国最大的独立大模型厂商 —— 北京智谱华章科技股份有限 公司（以下简称智谱）已通过港交所聆讯并正式递交招股书。 尽管收入持续增长，但在高研发投入下， 2022年、2023年、2024年，智谱的净亏损分别为 1.43亿元、7.88亿元、29.58亿元。而2025年上半年净亏 损则达23.58亿元，累计亏损超62亿 元。 智谱以面向B端和G端机构客户提供本地化部署为支柱的商业模式，常被认为"过重"、难以实 现模型能力的标准化输出。但招股书显示， 智谱的毛利率持续保持在50%以上，2022年、 2023年、 ...

Core Viewpoint - The company Zhipu has officially disclosed its prospectus, marking the first complete performance presentation among the "AI Six Tigers," showcasing significant revenue growth but also substantial net losses due to high R&D expenditures [1][2]. Financial Performance - Zhipu's revenue for 2022, 2023, and 2024 is projected to be 57.4 million, 124.5 million, and 312.4 million RMB, respectively, with a compound annual growth rate of 130% [1]. - The company reported net losses of 143 million, 788 million, and 2.958 billion RMB for the years 2022, 2023, and 2024, respectively, with a projected loss of 2.751 billion RMB for the first half of 2025 [1][3]. - Gross margins have remained above 50%, with figures of 54.6%, 64.6%, 56.3%, and 50.0% for the years 2022, 2023, 2024, and the first half of 2025, respectively [1][3]. Business Model - Zhipu's business model is primarily driven by localized deployment for B-end and G-end institutional clients, which is perceived as heavy and challenging for standardizing model capabilities [1][4]. - The revenue structure shows that localized deployment contributed 84.5% of total revenue in 2024, while cloud deployment accounted for 15.5% [4]. - The company aims to increase the revenue share from its API business to 50% to enhance scalability and profitability [5]. Client Base and Market Position - As of the end of 2025, Zhipu has served over 12,000 institutional clients, indicating significant growth [2]. - By 2024, Zhipu ranked first among independent general model developers in China and second among all general model developers, holding a market share of 6.6% [1]. Industry Initiatives and Expansion - Zhipu is focusing on building an industry ecosystem and promoting AI applications, particularly in vertical sectors, to enhance its understanding and trust within the industry [6]. - The company launched the "Z Plan" to support early-stage startups in implementing large models, providing access to its infrastructure and tailored technical support [7]. - Zhipu is also expanding its overseas business, with revenue from international clients, particularly in Southeast Asia, increasing from 0.5% in 2024 to 11.1% in the first half of 2025 [8]. Funding and Valuation - Since its inception, Zhipu has completed eight rounds of financing, raising over 8.3 billion RMB, with participation from major industry players and venture capital firms [9]. - Following the latest B6 round of financing, the post-investment valuation of Zhipu is approximately 24.377 billion RMB [10].