Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. (02513.HK) has become the world's first publicly listed company focused on general artificial intelligence (AGI) foundational models, marking a significant milestone in the AI industry [1][2] Group 1: IPO and Market Performance - The company's stock price closed at HKD 129.8 on January 8, with an intraday peak increase of nearly 12%, resulting in a market capitalization exceeding HKD 57 billion [1] - The IPO was highly successful, with the Hong Kong public offering being oversubscribed by 1,159.46 times and the international offering by 15.28 times, raising over HKD 4.3 billion [1] Group 2: Business Model and R&D Investment - The company aims to enable machines to think like humans, with its GLM algorithm architecture being a key component of its strategy [2] - The total R&D investment from 2022 to 2025 is projected to be approximately HKD 4.4 billion, with 70% of the IPO proceeds allocated to further development of general AI foundational models [2] Group 3: Financial Performance - Revenue projections show significant growth, with expected revenues of HKD 57.4 million in 2022, HKD 124.5 million in 2023, and HKD 312.4 million in 2024, reflecting a compound annual growth rate of about 130% [3] - The gross profit margins are projected to be 54.6% in 2022, 64.6% in 2023, and 56.3% in 2024, with a margin of 50% expected in the first half of 2025 [3] Group 4: Strategic Positioning and Client Base - The company has established a strong client base, serving over 8,000 institutional clients, with internet companies contributing the largest share of revenue [4] - The MaaS (Model as a Service) platform has become one of the most active large model API platforms in China, aggregating over 3 million enterprises and application developers [4] Group 5: Future Outlook - The company is expected to release the GLM-5 model in 2026, which is anticipated to enhance performance and accelerate the growth of cloud business [5] - The global AI market is projected to grow significantly, with estimates suggesting an increase from USD 189 billion in 2023 to USD 4.8 trillion by 2033, indicating a 25-fold growth over the next decade [6]

中国版OpenAI、北京智谱华章科技股份有限公司（简称"智谱"，股票代码："02513"）今日在港交所上市，成全球大模型第一股。 智谱此次发行3741.95万股，发行价为116.2港元，募资总额为43亿港元；扣除上市应付费用1.75亿港元，募资净额为41.73亿港元。 智谱此次上市，吸引国际长线基金、知名产业资本及投资机构作为基石投资者，包括北京金融控股集团有限公司旗下JSC International Investment Fund SPC，JinYi Capital Multi-Strategy Fund SPC、PerseverancAsset Management、上海高毅、WT Asset Management、泰康人寿、广发基金、3W Fund Management等11家投资机构为基石投资者，共拟认购29.8亿港元，基石占比近7成。智谱已囊括了一支由北京核心国资、头部保险资金、大型公募基金、 明星私募基金和产业投资人构成的全明星基石投资阵容。 | | | | | 假設超額配股權未獲行使 | | 假設超額配股權獲悉數行使 | | | --- | --- | --- | --- | --- | -- ...

智通财经APP获悉，2026年1月8日，北京智谱华章科技股份有限公司(02513)(以下简称"智谱")正式在香港联合交易所挂牌上市。这意味着，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花落中国。 以基座模型为核心，持续探索智能上界 智谱是中国最早投身大模型研发的厂商，原创提出了基于自回归填空的通用预训练范式GLM，率先发布了中国首个百亿模型、首个开源千亿模型、首个对 话模型、首个多模态模型，以及全球首个设备操控智能体(Agent)，并形成全面的模型体系，是国内罕有在原创技术路线上与全球顶尖水平保持同步的厂 商，因此也被誉为"中国的OpenAI"。目前，GLM架构已实现全国产化突破，适配40余款国产芯片，成为业内通用性最高的模型体系之一。 招股书显示，2022年-2024年公司研发投入分别为8440万、5.289亿、21.954亿，2025年上半年为15.947亿，累计研发投入约44亿元，研发人员占比74%。高强 度的研发投入支撑智谱技术快速迭代，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Artific ...

1月8日，智谱(02513)正式在港交所敲钟，首日开盘涨3.27%报120港元/股，市值一度超过528亿港元。 智谱作为中国最大的独立大模型厂商，在商业模式上并未走重交付、强定制的传统企业AI路线，而是 形成了以MaaS(模型即服务)为核心的标准化产品体系，通过API调用、模型订阅及本地化部署等方式， 向企业及开发者交付"通用智能能力"，而非单一场景应用。目前，智谱MaaS平台已汇聚超过300万家企 业及应用开发者，是国内最活跃的大模型API平台之一，其中编程订阅产品表现尤为突出，上线短时间 内即实现过亿的年度经常性收入(ARR)，并在海外开发者社群中快速渗透。值得一提的是，GLM-4.7发 布后，智谱MaaS ARR年化收入从2000万增至超5亿，10个月斩获25倍增幅，与Anthropic指数级增长同 频。更超预期的是，2025年智谱全年MaaS同比增速超900%，幂次增长态势显著优于海外龙头同期表 现。 ...

智通财经APP获悉，1月8日，智谱(02513)正式在港交所敲钟，首日开盘涨3.27%报120港元/股，市值一 度超过528亿港元。智谱作为中国最大的独立大模型厂商，在商业模式上并未走重交付、强定制的传统 企业AI路线，而是形成了以MaaS(模型即服务)为核心的标准化产品体系，通过API调用、模型订阅及本 地化部署等方式，向企业及开发者交付"通用智能能力"，而非单一场景应用。目前，智谱MaaS平台已 汇聚超过300万家企业及应用开发者，是国内最活跃的大模型API平台之一，其中编程订阅产品表现尤 为突出，上线短时间内即实现过亿的年度经常性收入(ARR)，并在海外开发者社群中快速渗透。值得一 提的是，GLM-4.7发布后，智谱MaaS ARR年化收入从2000万增至超5亿，10个月斩获25倍增幅，与 Anthropic指数级增长同频。更超预期的是，2025年智谱全年MaaS同比增速超900%，幂次增长态势显著 优于海外龙头同期表现。 ...

"全球大模型第一股"正式诞生！1月8日，智谱(2513.HK)正式在港交所敲钟，首日开盘涨3.27%报120港 元/股，市值一度超过528亿港元。智谱作为中国最大的独立大模型厂商，在商业模式上并未走重交付、 强定制的传统企业AI路线，而是形成了以MaaS（模型即服务）为核心的标准化产品体系，通过API调 用、模型订阅及本地化部署等方式，向企业及开发者交付"通用智能能力"，而非单一场景应用。目前， 智谱MaaS平台已汇聚超过300万家企业及应用开发者，是国内最活跃的大模型API平台之一，其中编程 订阅产品表现尤为突出，上线短时间内即实现过亿的年度经常性收入（ARR），并在海外开发者社群 中快速渗透。值得一提的是，GLM-4.7发布后，智谱MaaS ARR年化收入从2000万增至超5亿，10个月斩 获25倍增幅，与Anthropic指数级增长同频。更超预期的是，2025年智谱全年MaaS同比增速超900%，幂 次增长态势显著优于海外龙头同期表现。 ...

Core Viewpoint - The company Zhihua Technology is set to launch its IPO on the Hong Kong Stock Exchange, marking a significant milestone as the first publicly listed company focused on AGI (Artificial General Intelligence) in China, indicating a new phase of integration between technology leadership and capital empowerment in the AI large model industry [1] Group 1: IPO and Financial Overview - Zhihua plans to issue 37.42 million H-shares globally, with 1.87 million shares for public offering in Hong Kong and 35.55 million shares for international offering [1] - The company has completed 8 rounds of financing prior to the IPO, raising over 8.3 billion yuan [1] - Revenue from large models is the primary source of income for Zhihua, with a compound annual growth rate (CAGR) of 130% from 2022 to 2024, and revenue figures of 57.4 million yuan, 124.5 million yuan, and 312.4 million yuan for those years respectively [2] Group 2: Business Model and Growth - Zhihua employs a MaaS (Model as a Service) model, providing general intelligence capabilities through API calls to developers and enterprises, which has led to exponential growth in cloud-based MaaS and subscription services [2] - The company has seen a 325% year-on-year revenue increase in the first half of 2025, with a significant contribution from its AI programming subscription products, which have attracted over 150,000 paid developer users globally [2] Group 3: Research and Development - Established in 2019, Zhihua is recognized as "China's OpenAI," with a research and development team comprising 74% of its workforce [3] - The company has significantly increased its R&D investment, totaling approximately 4.4 billion yuan from 2022 to mid-2025, with the latest flagship model GLM-4.7 achieving top rankings in both open-source and domestic model evaluations [3] Group 4: Market Context and Future Outlook - According to IDC, the global AI market is projected to exceed $500 billion by 2027, with generative AI and related services expected to account for over 30% of this growth [4] - Zhihua aims to allocate 70% of the net proceeds from its IPO to further R&D in general AI models, enhancing its competitive edge in this sector [5] - The IPO is seen as a pivotal opportunity for Zhihua to drive its R&D and business expansion, shifting the narrative in the AI large model field from "technical stories" to "commercial value realization" [5]

Core Viewpoint - The company, Zhihua Technology, is launching its IPO with an expected total fundraising of HKD 4.3 billion, aiming to be the first global stock focused on general AI models, with a market capitalization projected to exceed HKD 51.1 billion [1][3]. Group 1: IPO Details - Zhihua plans to issue 37.42 million H-shares, with 1.87 million shares for public offering in Hong Kong and 35.55 million shares for international offering, priced at HKD 116.20 per share [1]. - The IPO is set to begin on December 30, 2025, and is expected to conclude on January 5, 2026, with the listing on the Hong Kong Stock Exchange scheduled for January 8, 2026 [1]. Group 2: Investment and Market Position - Zhihua has completed eight rounds of financing totaling over HKD 8.3 billion, attracting notable investment institutions as cornerstone investors, who plan to subscribe for HKD 2.98 billion, accounting for nearly 70% of the offering [3]. - The company ranks first among independent general model developers in China and second among all general model developers based on projected revenue for 2024 [3]. Group 3: Fund Utilization - Approximately 70% of the net proceeds from the IPO (around HKD 2.9 billion) will be allocated to research and development of general AI models to strengthen the company's competitive edge [4]. - About 10% (approximately HKD 420 million) will be used to optimize the company's MaaS platform, enhancing its foundational models and infrastructure [4]. Group 4: Revenue Growth and Business Model - Zhihua's revenue primarily comes from its MaaS (Model as a Service) model, which has shown exponential growth since its launch in 2021, with a significant increase in revenue contribution from this segment [5][6]. - The company reported revenues of HKD 57.4 million, HKD 124.5 million, and HKD 312.4 million for 2022, 2023, and 2024 respectively, achieving a compound annual growth rate of 130% [6]. Group 5: R&D Investment and Technological Leadership - Zhihua has consistently increased its R&D investment, with expenditures of HKD 84.4 million, HKD 528.9 million, and HKD 2.1954 billion for 2022, 2023, and 2024 respectively, totaling around HKD 4.4 billion [7]. - The company has developed the GLM series of models, which are updated every 3-6 months, maintaining a leading position globally [7]. Group 6: Market Outlook - The global AI market is projected to exceed USD 500 billion by 2027, with generative AI and related services expected to account for over 30% of this growth [8]. - Zhihua's listing marks a significant milestone for the AI model industry in China, entering a new phase driven by both technology and capital [8].

Core Insights - The article highlights the significant advancements made by the domestic AI company Zhipu in the development of its new open-source model, GLM-4.6, which showcases enhanced capabilities in coding and other core functionalities [1][3]. Model Performance - GLM-4.6 has achieved a substantial upgrade in code generation capabilities, aligning it with Claude Sonnet 4, making it the strongest coding model in China [1][3]. - The model has demonstrated improvements in long context processing, reasoning ability, information retrieval, text generation, and agent applications, surpassing the performance of DeepSeek-V3.2-Exp [3][4]. - In real-world programming tasks, GLM-4.6 outperformed Claude Sonnet 4 and other domestic models, with over 30% savings in average token consumption compared to GLM-4.5, marking it as the lowest among similar models [4]. Open Source and Ecosystem - GLM-4.6 is positioned as one of the strongest general-purpose open-source models globally, enhancing the competitive stance of domestic large models in the international landscape [3][4]. - The model's testing environment, ClaudeCode, involved 74 real scenario programming tasks, with all test questions and agent trajectories made public for industry verification and reproducibility [4]. Hardware Adaptation - Zhipu announced that GLM-4.6 has been adapted for deployment on Cambricon's leading domestic AI chips, utilizing an FP8+Int4 mixed-precision inference solution, which significantly reduces inference costs while maintaining model accuracy [4][5]. - The adaptation by Moore Threads based on the vLLM inference framework demonstrates the compatibility and rapid adaptation capabilities of the new generation of GPUs [5]. Future Prospects - The collaboration between the GLM series of models and domestic chips is expected to continuously enhance performance and efficiency in both model training and inference, contributing to a more open, controllable, and efficient AI infrastructure [5].

清华系两家明星AI公司。 在联合研发方面，智谱自主研发 GLM大模型系列，在语言模型和多模态模型方面技术领先，其中开 源视频生成模型CogVideoX在github获得超过1万star。生数专注于自主研发多模态通用大模型， 提供领先的视频生成及多模态生成产品。 智谱与生数两家清华系中国 AI领军公司战略联合，基于双方在多模态领域的技术积累强强组合，不 仅能够进一步提升国产大模型的综合实力和领先水平，更能推动国产大模型行业生态良性的创新合力 与繁荣发展。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 清华系两家明星 AI公司 日前达成 战略合作 —— 智谱 (Z.ai) 与生数科技 （shengshu.com）宣布将基于各自在大语言模型和多模态生成模型的技术积累和优势，在联合研 发、产品联动、解决方案整合、行业协同等多方面强强联合，共同推进国产大模型的技术创新与产业 落地。 根据战略协议，在产品合作方面，智谱 MaaS平台将接入生数科技Vidu API ...