2025年12月30日，被誉为"全球大模型第一股"的北京智谱华章科技股份有限公司（以下简称"智谱AI"） 正式启动在香港的上市招股程序，计划于2026年1月8日挂牌交易。这标志着，自ChatGPT掀起全球AI浪 潮三年后，中国大模型产业的头部玩家正式步入接受公开市场审视的新阶段。 智谱AI的上市之路，与其主要竞争对手MiniMax（上海稀宇科技）几乎同步，两者在12月相继通过港交 所聆讯，一场关于商业模式、估值逻辑和未来话语权的终极较量已然展开。然而，招股书所揭示的，远 不止"第一股"的光环，更是一幅高增长、高投入与高亏损并存的行业真实图景：三年半累计亏损超62亿 元，账面现金一度被推算仅能支撑数月。 与此同时，其收入结构高度集中，截至2025上半年，84.8%来自私有化部署项目，主要客户为政府与大 型企业，商业模式仍深陷定制化交付的重资产逻辑。 01 营收飞速增长，暗藏结构性隐忧 在此背景下，智谱AI成立于2019年，至今仅六年时间，却已在中国大模型创业浪潮中占据先发优势。 在业内广为流传的"大模型六小龙"中，智谱AI是唯一一家成立于2020年之前的公司。其余五家，包括月 之暗面、百川智能、零一万物、阶跃星 ...

Core Viewpoint - Zhiyu AI, a prominent player among China's "six small dragons" in AI, has initiated its IPO process, marking it as the first among its peers to do so. Despite its strong backing and significant funding, the company faces substantial challenges, including reported losses of approximately 2 billion yuan and difficulties in commercializing its technology [1][3][4]. Company Overview - Founded in 2019, Zhiyu AI is considered an "older" player in the AI model startup scene, with its competitors established later. The company is rooted in Tsinghua University's Knowledge Engineering Lab and focuses on developing general artificial intelligence (AGI) models, particularly the GLM series [2][3]. - The company has achieved a valuation of 20 billion yuan, positioning itself as a leading unicorn in the domestic AI sector [2]. Financial Performance - In 2024, Zhiyu AI reported revenues of 300 million yuan but incurred losses of around 2 billion yuan, highlighting the imbalance between high R&D costs and commercial income [3][4]. - The company has completed 19 rounds of financing, attracting significant investments from major players like Meituan and Ant Group, reflecting strong market confidence in its future [5][6]. Competitive Landscape - The competitive environment is intensifying, with rivals adopting open-source and low-cost strategies, which have pressured Zhiyu AI's market share and profitability. The company continues to pursue a fully self-developed technology route, which, while maintaining investor interest, adds to its cost burdens [4][8]. - The emergence of competitors like DeepSeek has further complicated Zhiyu AI's position in the market, necessitating a focus on achieving profitability alongside technological innovation [4][8]. User Feedback and Commercialization Challenges - Despite technological advancements, Zhiyu AI has faced criticism regarding the performance of its products, particularly in user experience and meeting specific needs. Users have reported dissatisfaction with the functionality of its offerings, indicating a gap between technological capabilities and market expectations [9][10].