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].