Core Insights - Zhiyu Technology has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded company focused on general AI models, marking a significant milestone for the industry [3][5]. - The IPO was highly successful, with a subscription rate of 1159.46 times for the public offering and 15.28 times for the international offering, raising over HKD 4.3 billion [3][10]. - The company aims to develop general AI models that enable machines to think like humans, a vision articulated by its chairman, Liu Debing [3][5]. Company Overview - Founded in June 2019, Zhiyu Technology has grown to become the largest independent developer of general AI models in China, ranking second among all general AI model vendors, including major internet companies [5][8]. - The company has a strong backing from notable investors, including Meituan, Ant Group, Tencent, and Lenovo, which collectively hold shares through various entities [8][10]. Financial Performance - Zhiyu reported revenues of RMB 0.57 million in 2022, RMB 1.25 million in 2023, and projected revenues of RMB 3.12 million for 2024, with a significant net loss of RMB 62.47 billion over three and a half years [11][13]. - R&D expenses have escalated, reaching RMB 21.95 million in 2024, indicating a focus on high investment and heavy R&D [11][13]. - The company has accumulated a total revenue of RMB 6.85 million and a net loss of RMB 62.47 billion since its inception [13]. Business Model and Revenue Structure - Zhiyu's revenue is primarily derived from localized deployments, which accounted for over 84% of total revenue in the past three and a half years, indicating a strong presence in government and large enterprise sectors [14][15]. - The company offers both localized and cloud deployment options for its models, with revenue recognition occurring upon delivery and acceptance by clients for localized deployments [25][27]. Market Position and Competitive Landscape - Zhiyu Technology is positioned against major competitors such as iFlytek, Alibaba, SenseTime, and Baidu, with a focus on developing a comprehensive AI ecosystem [5][6]. - The company has established a significant technological barrier with its proprietary GLM architecture, which has been recognized in international academic publications [22][23]. Research and Development - The R&D team consists of over 650 members, representing 74% of the total workforce, with a strong academic background from top institutions like Tsinghua University [20][21]. - Zhiyu has published approximately 500 high-impact papers, with over 58,000 citations, and holds 86 authorized patents, showcasing its commitment to innovation [22][23]. Customer Base and Token Consumption - As of 2025, Zhiyu serves over 12,000 institutional clients, with a daily token consumption of 4.2 trillion, reflecting its growing market adoption [35][37]. - The concentration of revenue from the top five clients has decreased over the years, indicating a diversification of its customer base [37][39].

这意味着，智谱有望以"全球大模型第一股"的身份登陆港交所。 目前，智谱IPO前最后一次融资的投后估值为243.77亿元，其控股股东为北京链湃、刘德兵、唐杰、张 鹏等一致行动人。 最新估值为243.77亿元 智谱成立于2019年，由清华大学技术成果转化而来，目前是中国收入体量最大的独立大模型厂商。 招股书显示，2022年—2024年，智谱的营业收入分别为5740万元、1.25亿元、3.12亿元，连续三年营收 翻倍，年复合增长率达130%；2025年上半年营业收入为1.9亿元。其毛利率则保持在50%以上，2022年 —2024年分别是54.6%、64.6%、56.3%，2025年上半年为50%。 【导读】智谱通过港交所聆讯并正式递交招股书，有望成为"全球大模型第一股" 中国基金报记者 卢鸰 据港交所官网12月19日披露，中国最大的独立大模型厂商——北京智谱华章科技股份有限公司（以下简 称智谱）已通过港交所聆讯并正式递交招股书。 2024年5月，国际著名学术期刊《自然》将智谱的ChatGLM模型视为中国基座大模型的杰出代表。 2025年6月，智谱被美国OpenAI列为全球主要竞争对手。 刘德兵、唐杰、张鹏等为控股股 ...

Core Viewpoint - Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu) is set to become the "first global large model stock" by submitting its IPO application to the Hong Kong Stock Exchange, marking a significant milestone for China's independent large model industry [1][2]. Financial Performance - Zhipu's latest pre-IPO valuation stands at 24.377 billion yuan. The company has shown impressive revenue growth, with projected revenues of 57.4 million yuan, 125 million yuan, and 312 million yuan for the years 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 130% [3][4]. - The gross profit margin has remained above 50%, with specific margins of 54.6%, 64.6%, and 56.3% for the years 2022 to 2024, and 50% for the first half of 2025 [3][4]. Research and Development - Zhipu has made substantial investments in R&D, with expenditures of 84.4 million yuan, 529 million yuan, and 2.195 billion yuan from 2022 to 2024, and 1.595 billion yuan in the first half of 2025, totaling approximately 4.4 billion yuan in R&D investments [4][5]. - The company has achieved significant technological advancements, with its GLM series models undergoing iterations every 3 to 6 months, and ranking first in coding capabilities alongside global leaders like OpenAI in the Code Arena competition [4][5][6]. Market Position - Zhipu has been recognized as a major competitor by OpenAI, highlighting its growing influence in the global AI landscape [6][7]. - The ChatGLM model was acknowledged as an outstanding representative of China's foundational large models by the prestigious journal Nature in May 2024 [5][6]. Shareholding Structure - The major shareholders of Zhipu include Beijing Chainpai and key individuals such as Liu Debing, Tang Jie, and Zhang Peng, collectively holding approximately 33.03% of the company's shares [7][8]. - Liu Debing, the co-founder and chairman, has played a pivotal role in the company's strategic direction and technological innovation, while Zhang Peng focuses on knowledge graphs and large-scale pre-training models [8][9].