中经记者 曲忠芳 北京报道 智谱方面称，亏损主要是由于对研发作出重大投资。在报告期内，智谱研发投入逐年增加，2022年至 2024年分别是8440万元、5.29亿元、21.95亿元，占收入的百分比分别是147%、425%、703%。2025年上 半年研发支出为15.95亿元，占总收入的百分比高达835%，而2024年上半年这一百分比数字为1913%。 三年半的时间里累计研发投入超过44亿元。 12月19日，港交所官网显示，北京智谱华章科技股份有限公司（以下简称"智谱"）已通过聆讯并公布了 IPO（首次公开募股）招股书等资料，不仅成为业界所称的"大模型六小龙"中率先步入IPO流程的企 业，而且也抢在OpenAI、Anthropic等海外大模型明星企业前面，有望成为"全球大模型第一股"。随着 488页招股书的披露，公众终于得以一窥智谱大模型生意的"成色"。 需要指出的是，就在12月21日一早，"大模型六小龙"中另一家MiniMax也在港交所披露了聆讯资料集。 《中国经营报》记者注意到，不同于此前多数企业在递表时会先公示一个"申请版本"的招股书，智谱与 近日通过聆讯的壁仞科技、天数智芯等，均是直接披露聆讯后资料集， ...

12月19日，港交所官网显示，北京智谱华章科技股份有限公司（以下简称"智谱"）已通过聆讯并公布了 IPO（首次公开募股）招股书等资料，不仅成为业界所称的"大模型六小龙"中率先步入IPO流程的企 业，而且也抢在OpenAI、Anthropic等海外大模型明星企业前面，有望成为"全球大模型第一股"。随着 488页的招股书披露，公众终于得以一窥智谱大模型生意的"成色"。 中国城市专家智库委员会常务副秘书长、浙大城市学院副教授林先平认为，从财务数据来看，智谱当前 收入规模难以支撑长期高研发投入，需尽快提升收入或控制成本。依赖企业本地化部署，市场空间或受 限，且面临定制化成本高、毛利率压力等问题。智谱的商业化路径可持续性面临挑战，不过仍有调整空 间，高研发投入若转化为产品差异化，可能提升竞争力，这取决于未来一两年内能否实现收入规模化， 并优化研发效率。 需要指出的是，就在12月21日一早，"大模型六小龙"中另一家MiniMax也在港交所披露了聆讯资料集。 《中国经营报》记者注意到，不同于此前多数企业在递表时会先公示一个"申请版本"的招股书，智谱与 近日通过聆讯的壁仞科技、天数智芯等，均是直接披露聆讯后资料集，这是港交所 ...

招股书显示，智谱在2022年至2024年的亏损额为1.44亿元、7.88亿元、29.58亿元，2025年上半年录得亏 损为23.58亿元。 智谱方面称，亏损主要是由于对研发作出重大投资。在报告期内，智谱研发投入逐年增加，2022年至 2024年分别是8440万元、5.29亿元、21.95亿元，占收入的百分比分别是147%、425%、703%。2025年上 半年研发支出为15.95亿元，占总收入的百分比高达835%，而2024年上半年这一百分比数字为1913%。 三年半的时间里累计研发投入超过44亿元。 从毛利率来看，智谱在2022年至2024年、2025年上半年分别是54.6%、64.6%、56.3%和50%。智谱的商 业模式是通过MaaS（模型即服务）平台提供大模型服务，收入主要来源于本地私有化部署，贡献占比 从2022年的95.5%降至2024年的84.5%，到2025年上半年实现收入1.62亿元，在总收入中的占比为 84.8%。来自云端部署的收入为2910万元，贡献占比为15.2%。值得注意的是，智谱MaaS的本地化部署 业务毛利率在2024年全年、2025年上半年分别为66.0%、59.1%；而其云端 ...

南方财经12月19日电，12月19日晚，智谱正式披露招股书。招股书显示，2022年、2023年、2024年及 2025年上半年收入分别为5740万元、1.245亿元、3.124亿元及1.909亿元；净亏损分别为1.43亿元、7.88 亿元、29.58亿元及23.58亿元；毛利率分别为54.6%、64.6%、56.3%及50%。公司收入主要来自于大模 型服务收入，2025年上半年本地化部署在总收入中占比84.8%，云端部署占比15.2%。2024年起，公司 本地化部署服务从海外客户产生收入，其中主要来自东南亚客户，2025年上半年本地化部署收入中中国 内地占比88.4%，东南亚占比11.1%。2022年、2023年、2024年及2025年上半年，公司向第三方算力供 应商支付的研发活动所需计算服务费分别为1460万元、3.117亿元、15.528亿元及11.451亿元。（21世纪 经济报道） 21世纪经济报道 陈归辞 2025-12-19 22:48 智谱正式披露招股书：2024年营收3.12亿元、净亏损29.58亿元、毛利率56.3% 相关快讯 相关文章 南方财经12月19日电，12月19日晚，智谱正式披露招股 ...

Core Viewpoint - The article emphasizes the significant achievements in China's internet and information technology sector during the "14th Five-Year Plan" period, highlighting the strategic deployment for the "15th Five-Year Plan" to further strengthen the country's position as a cyber power. Group 1: Achievements in Internet and Information Technology - The internet sector has made substantial progress under the leadership of the central government, with a focus on innovation and security, contributing to China's modernization efforts [2][3]. - The online ecosystem has improved, with over 8.14 billion pieces of illegal and harmful information removed and nearly 170 million harmful accounts dealt with from 2021 to 2024, leading to a clearer online space [2]. - The number of IPv6 active users increased from 462 million to 834 million, and the total number of internet users grew from 989 million to 1.123 billion from the end of 2020 to June 2025, establishing a vibrant online society [3]. Group 2: Cybersecurity Enhancements - A national cybersecurity defense system has been established, enhancing the ability to protect critical information infrastructure and manage data security [3][11]. - Continuous efforts have been made to strengthen personal information protection and data security management, with a focus on compliance and risk assessment [11][12]. Group 3: Legislative and Governance Developments - Over 160 laws and regulations related to internet security and data protection have been enacted, including measures for generative artificial intelligence [4]. - The government has intensified law enforcement against various online violations, ensuring the protection of citizens' rights [4]. Group 4: International Influence and Cooperation - China has actively participated in international governance of cyberspace, promoting initiatives like the Global Artificial Intelligence Governance Initiative and the Global Data Cross-Border Flow Cooperation Initiative [4]. - The establishment of the World Internet Conference's international organization has facilitated broader international partnerships and recognition of Chinese principles [4]. Group 5: Future Directions in Information Technology - The focus will be on accelerating technological innovation in key areas such as artificial intelligence, quantum technology, and 6G, aiming to create new economic growth points [8][9]. - The government plans to enhance the digital economy and improve public services through smart technology, promoting rural digitalization and improving digital literacy [9].

Group 1 - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, marking its accelerated move towards the capital market [1] - One month prior to the listing application, the company successfully completed a D-round financing of 50 million RMB, providing strong momentum for its IPO journey [1] Group 2 - Haiqing Zhiyuan's prospectus reveals its technological strength and market position, with a 3.5% market share in China's multispectral AI market, ranking first in the industry [3] - The company achieved a revenue of 523 million RMB in 2024, representing a year-on-year growth of over 300%, and a net profit of 40.41 million RMB, successfully turning a profit [3] - The strong performance is attributed to increased demand for security application products, new customer orders, and a gross margin of 32.9% from its large model services, which improved the overall gross margin from 12.2% in 2023 to 18.8% [3] Group 3 - Haiqing Zhiyuan has made significant technological breakthroughs with its "multispectral sensing and computing integration," "lightweight edge AI computing," and "multispectral AI large model platform," which have been widely applied in smart cities, data center security, and industrial monitoring [4] - The company has seen an increase in customer concentration, with the top five customers accounting for 64.8% of its revenue, further solidifying its market position [4] Group 4 - The company plans to use the funds raised from the IPO for research and development enhancement, production capacity expansion, strategic acquisitions, and global market penetration [4] - Strategic acquisitions and partnerships are viewed as key methods to enhance technological strength and market competitiveness, allowing the company to integrate resources and technological capabilities from acquired firms and partners [4]

Group 1 - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange after completing a Series D financing round of 50 million yuan one month ago [1][3] - The company relies on its self-developed "Optical Sensing and Computing" technology architecture to provide a full-link solution covering multi-spectral AI modules, perception terminals, and large model services [3] - According to Frost & Sullivan's report, Haiqing Zhiyuan holds a 3.5% market share in China's multi-spectral AI enterprise market, ranking first, while its large model services have an 11.8% market share, also leading nationally [3] Group 2 - Financial data indicates that after experiencing an industry adjustment in 2023, Haiqing Zhiyuan's performance rebounded strongly in 2024, achieving an annual revenue of 523 million yuan, a year-on-year increase of over 300% [3] - The company reported a net profit of 40.41 million yuan, successfully turning a profit, driven by increased demand for security application products and a high gross margin of 32.9% from large model services [3] - The overall gross margin improved from 12.2% in 2023 to 18.8% in 2024, reflecting the successful commercialization of its large model services [3] Group 3 - Haiqing Zhiyuan plans to focus its IPO fundraising on four key areas: strengthening R&D, expanding production capacity, strategic acquisitions, and penetrating global markets [4] - The company aims to integrate its technical expertise in multi-spectral sensing, embedded AI, and large model origins with the resources and capabilities of acquired companies and strategic partners [4] - This strategy is expected to accelerate innovation in key areas such as large model training and chip design, enhancing the competitiveness of its multi-spectral AI platform technology [4]

Core Viewpoint - Tianfeng Securities has initiated coverage on Weishi Jiajie (856.HK) with a "Buy" rating and a target price of HKD 11.52 [1] Group 1: Company Overview - Weishi Jiajie is a leading technology product channel developer and integrated service provider in the Asia-Pacific region, focusing on ICT industry solutions, particularly in enterprise systems, consumer electronics, and cloud computing [2] - The company has experienced high growth in recent years, with revenue projected to increase from 63.7 billion to 81.1 billion by 2024, representing a year-on-year growth of 20.6% [2] - The net profit attributable to the parent company is expected to grow from 830 million in 2023 to 958 million in 2024, a year-on-year increase of 14.09% [2] - The operating cash flow is projected to significantly improve to 1.659 billion in 2024, reflecting a year-on-year growth of 185% [2] Group 2: Market Trends - The demand for computing power and AI is driving growth in the Chinese ICT market, with global ICT spending expected to reach approximately USD 5.3 trillion in 2024 and grow to USD 6.9 trillion by 2028, representing a five-year CAGR of 7% [3] - The Chinese ICT market is anticipated to grow from approximately USD 626 billion in 2024 to USD 751.76 billion by 2028, with a CAGR of 6.5% [3] - The enterprise-level ICT market in China is projected to reach approximately USD 269.36 billion in 2024, with a year-on-year growth of 11.7% [3] Group 3: Regional Developments - The data center market is highly concentrated in North America, Asia, and Europe, with Southeast Asia experiencing a digital infrastructure construction boom [4] - By the end of 2024, Asia's data center installed capacity is expected to reach 22,780 MW, accounting for 44% of the global total [4] - Major global tech companies are investing heavily in Southeast Asia's data centers and computing infrastructure, positioning the region as the third-largest new computing power market globally [4] Group 4: Business Strategy - Weishi Jiajie is leveraging its strong ICT channels and financial management to rapidly expand in Southeast Asia, focusing on AI and cloud service upgrades [5] - The company's Southeast Asia business is projected to see a significant revenue increase of 74% in 2024, with net profit contributing approximately 51% [5] - Collaborations with top cloud service providers are enhancing the company's cloud business, covering over 30 intelligent computing centers in China [5] - The company is also advancing its initiatives in electric vehicle solutions and cross-border payment scenarios, which are expected to synergize with its core ICT distribution business [5] Group 5: Financial Projections - Revenue forecasts for Weishi Jiajie from 2025 to 2027 are projected at 103.7 billion, 129.63 billion, and 155.55 billion, with growth rates of approximately 28%, 25%, and 20% respectively [6] - The net profit attributable to the parent company is expected to be 1.251 billion, 1.532 billion, and 1.883 billion from 2025 to 2027, with growth rates of 30%, 22.4%, and 22.9% respectively [6] - Given the ongoing high demand for computing power and the acceleration of digital infrastructure in Southeast Asia, the current valuation is seen to have significant upside potential, with a target price of HKD 11.52 based on a PE of 12x for 2025 [6]