12月30日，北京智谱华章科技股份有限公司（下称"智谱"，HK:02513）披露发售公告，于2025年12月30日至2026年1月5日招股，预期H股将于2026年1月8日 在港交所上市，将成为"全球大模型第一股"。 本次上市，智谱拟全球发售3741.95万股H股，另有15%超额配股权，发售价为每股116.20港元，每手100股。若超额配股权未获行使，智谱的募资总额预计 约为43.48亿港元，募资净额约为41.73亿港元，预计市值超过510亿港元。 截至2025年6月，智谱的研发团队由657名成员组成，研发人员在其员工总人数中的占比约74%，核心科研团队和学术顾问团队发表500篇顶尖高影响力论 文，累计引用次数超过5.8万余次。 得益于高强度的研发投入，智谱GLM系列模型每3至6个月就能够完成一次基座迭代，在提升模型效率的同时有效降低了边际成本，为其快速响应行业需 求、维持技术优势和市场活力提供保障。 在高度灵活可扩展的商业模式下，智谱的收入显著增长。2022年、2023年和2024年，智谱的营收分别约为5740.9万元、1.25亿元和3.12亿元，复合年增长率 达133.3%；2025年上半年，该公司的营收为 ...

Core Insights - The recent ranking of open-source AI models highlights the dominance of Chinese models, with DeepSeek, Qwen, Kimi, Zhipu, and MiniMax leading the global landscape, while OpenAI and Meta's models lag behind [3][5][25]. Group 1: Performance and Market Position - Chinese open-source models are rapidly closing the performance gap with closed-source giants, excelling in dimensions such as performance, pricing, ecosystem, and usability [5][25]. - Kimi's K2 Thinking model, featuring a trillion parameters, has outperformed OpenAI's GPT-5 and Anthropic's Claude 4.5 in various benchmarks [11][14]. - MiniMax M2 has also shown strong performance, ranking fifth in comprehensive lists, surpassing competitors like Gemini 2.5 Pro and Claude Opus 4.1 [14][79]. Group 2: Technological Advancements - The introduction of interleaved thinking in models like MiniMax M2 and Kimi K2 Thinking allows for more efficient task execution by alternating between action and reflection [34][36]. - MiniMax M2 employs a full attention mechanism, which, despite increasing training and inference demands, has proven to deliver better performance compared to sparse attention models [75][78]. Group 3: Cost and Accessibility - MiniMax's API offers competitive pricing at $0.3/$1.2 per million input/output tokens, although its verbose nature leads to high token usage, which can offset cost advantages [79]. - The open-source movement in China is gaining momentum, with MiniMax's release reinforcing the leadership established by DeepSeek and other Chinese AI labs in the open-source domain [80][84]. Group 4: Community and Developer Adoption - There is a growing recognition among developers for the practicality and affordability of Chinese open-source models, with many citing them as preferable alternatives to established closed-source options like OpenAI [25][84]. - The rapid updates and releases from various Chinese companies indicate a robust and collaborative open-source ecosystem that is continuously evolving [11][14].