炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：AI前线 今天，北京智谱华章科技股份有限公司（以下简称"智谱"，股票代码 02513）在港交所正式挂牌上市。 发行价为 116.2 港元 / 每股，募资规模预计将达 43 亿港元，预估市值 511 亿港元。开盘后，智谱股价涨 超3%，但随后有所回落。截至发文，股票价格为116.5 港元 / 每股。 | 24 175 | | | | | | --- | --- | --- | --- | --- | | 02513 交易中 01-08 09:31:35 北京 | | | | | | 116.5 +0.3 +0.26% | | 2846人加自选 > | нк го | | | 高 121.0 开 120.0 量 678.16万股 | | 总市值 512.87亿 - | | | | 低 116.3 换 3.14% 额 8.91亿 | | 市盈TTM 亏损 | | | | 股价异动 历史新高 +3.10% 现价119.8 | | | 09:30 | | | 分时 五日 日K 周K 月K 李K 年K 分钟, | | | | | | 均价:1 ...

Core Narrative - 2025 is a pivotal year for the global economy and China's industries, marked by deep differentiation and value reconstruction after years of technological accumulation and market turbulence [2][3] - The focus has shifted from chasing trends to a more rational examination of changes occurring beneath the surface, with significant developments in sectors like storage chips, new energy vehicles, gold prices, AI models, and content consumption [2] AI Industry Dynamics - The narrative of 2025 has been characterized by differentiation and sedimentation, with true opportunities belonging to those who build intrinsic strength amidst cyclical noise [3] - The "AI Six Dragons" (智谱, MiniMax, 月之暗面, 阶跃星辰, 百川智能, 零一万物) have seen their prominence diminish as they witness the rise of DeepSeek, which has captured public attention and industry expectations [6][9] - The emergence of DeepSeek has led to a shift in focus from foundational models to application-oriented companies, as the market recognizes that foundational models are primarily the domain of tech giants [9][10] Market Trends and Strategic Shifts - The AI industry is experiencing a significant shift, with many companies moving away from the foundational model approach to focus on application and vertical integration [19][20] - Companies like 智谱 and MiniMax are expected to go public soon, with their valuations reflecting steady revenue growth despite increasing losses [21][22] - The competitive landscape is intensifying, with the need for models to solve real business problems becoming paramount, leading to a natural consolidation in the industry [19][29] Competitive Landscape - The "AI Six Dragons" are now referred to as the "AI Four Strong," indicating a shift in market perception and focus towards those who remain committed to foundational model development [22][23] - The competition is increasingly dominated by major players like ByteDance, Alibaba, and Tencent, making it challenging for smaller companies to find effective entry points in this resource-intensive race [28][29] - The rise of DeepSeek has prompted a reevaluation of strategies among the "AI Six Dragons," with many companies now prioritizing core technological innovation over rapid product releases [18][19] User Engagement and Market Position - In November, the monthly active user (MAU) data showed that ByteDance's AI applications significantly outperformed others, with its app reaching 309 million users, while 月之暗面 lagged behind with 3.06 million [24][27] - The competitive pressure from major players has led to a strategic pivot among smaller companies, focusing on enhancing model capabilities and application value [19][21]

引言：浪起之时，为什么智谱必须上岸 2025年的中国大模型市场，像是一片退潮的海滩。 那些曾经高喊"颠覆一切"的创业者，如今开始盘点手里的现金流；那些热衷"讲故事"的资本方，也学会 了读财报。 浪依然在——但浪的方向，已经变了。 两年前，当ChatGPT点燃全球科技市场时，智谱AI是最早站上浪尖的公司之一。它背靠清华的科研体 系，推出了中国第一批可商用的大模型——GLM系列，一度被誉为"最像OpenAI的中国公司"。 短短两年，它从科研项目变成了被寄予厚望的独角兽，从"算法先锋"到"六小龙"之一，再到如今——中 国大模型第一家冲刺IPO的企业。 但故事的转折，往往发生在浪头最高的时候。 当智谱在资本市场"谋求上岸"，整个行业却依然在波动。 OpenAI、Anthropic、Mistral的生态飞轮已经进入商业收割期，而中国的大模型创业公司，还在亏损、 还在补贴、还在等待被证明。 智谱的困境，正是这个时代最真实的写照：它有技术、有融资、有品牌、有故事，却始终被一个问题追 问——"技术公司能否在商业化中活下来？" 上市，表面上是通往安全的彼岸；但对智谱而言，更像是一场不得不做的自救。 在那个算法为王的时代，智谱代 ...

Core Insights - The competition for the title of "the world's first stock of large models" is unfolding between two Chinese companies, Zhipu AI and Minimax, with their prospectuses revealing critical business details beyond the title itself [1] - The prospectuses highlight three key dimensions: the quality of real revenue, the pressure of computing costs on profits, and the survival period supported by cash reserves [1] - The prospectuses also show that the two companies are following distinctly different paths in their business models, representing potential breakout directions for Chinese large model companies in the current market environment [1] Financial Performance - Zhipu AI reported a revenue of 312 million CNY (approximately 31.2 million USD) for 2024, while Minimax reported about 30.38 million USD (approximately 216 million CNY) [4] - Zhipu AI's gross margin stands at 56.3%, significantly higher than Minimax's 12.2%, indicating a stark difference in their business models [3][5] - Both companies are in a "high investment for growth" phase, with Zhipu AI experiencing a net loss of 2.96 billion CNY and Minimax a loss of 465 million USD [4] User Data and Market Focus - Zhipu AI primarily targets B-end enterprises and developers, boasting over 12,000 enterprise clients and 4.5 million developers, while Minimax focuses on C-end users with 27.6 million monthly active users [5] - Zhipu AI's revenue structure shows a heavy reliance on localized deployments, contributing 85% of its revenue, while Minimax's revenue is increasingly derived from AI-native applications, which account for about 71% [14][15] Product Structure and Innovation - Zhipu AI's core product is the GLM series, which competes with OpenAI, while Minimax's abab series focuses on interactive and multi-modal capabilities [5] - Zhipu AI's revenue model is primarily based on privatized deployment (84.5%), whereas Minimax operates on a subscription model for AI applications [5] Globalization and Market Strategy - Minimax has shifted its revenue sources from 80% domestic to 73% international, indicating a strong commitment to globalization [14] - Both companies are exploring international markets, with Zhipu AI generating revenue in Southeast Asia and Minimax aggressively pursuing global expansion [17] Cash Reserves and Financial Viability - As of December 31, 2024, Zhipu AI holds approximately 2.457 billion CNY in cash, while Minimax has about 1.046 billion USD, indicating a significant difference in their financial stability [23][24] - Zhipu AI's cash reserves can sustain operations for about 11 months without new financing, while Minimax's reserves can last approximately 37.5 months [24] Risk Factors and Challenges - Both companies express concerns about high survival thresholds in the rapidly evolving AI technology landscape, with Zhipu AI focusing on supply chain security and geopolitical issues, while Minimax highlights its status as an uncommercialized company facing high bankruptcy risks [25][26] - The reliance on expensive computing resources and the significant R&D expenditures exceeding revenues pose financial challenges for both companies [20][21] Valuation and Market Position - The valuation of Zhipu AI and Minimax is approximately 40 billion CNY and 4 billion USD, respectively, which is significantly lower than that of OpenAI, indicating a potential undervaluation in the market [27][28] - The competitive landscape is intensifying, with established players like Alibaba and ByteDance posing significant challenges to the market position of Zhipu AI and Minimax [29]

12月22日晚，中国证监会对智谱、MiniMax(上海稀宇极智科技有限公司)境内企业境外发行上市予以确认，2家均为赴港上市备案。 1、智谱 拟发行不超过43,032,400股境外上市普通股并在香港联合交易所上市。 港交所12月19日披露，智谱通过上市聆讯。 智谱华章专注于认知智能大模型的研发，核心业务围绕通用大模型的开发、服务提供及技术开源展开，包括通用语言模型(如GLM系列)和智能体(Agent)模型 的构建。截至2025年9月，其GLM模型已赋能全球12000家企业客户和逾8000万台终端设备。 财务方面，2022至2024年，及2025年前六个月，智谱营收分别为0.57亿元、1.25亿元、3.12亿元、1.91亿元，相应的净亏损分别为1.44亿元、7.88亿元、29.58 亿元、23.58亿元。 2、MiniMax 拟发行不超过33,577,240股境外上市普通股并在香港联合交易所上市。 港交所12月21日披露，MiniMax通过上市聆讯。 MiniMax从事多模态大模型的研发与商业化应用，业务覆盖文本生成、语音合成、视频生成、虚拟角色、智能体(Agent)以及全模态交互平台等多个方向。截 至2025年 ...

IPO的高光终于来到了大模型创企。 12月17日，国内知名大模型创业独角兽智谱（Z.AI）与MiniMax（稀宇科技）同日传出通过港交所聆讯 的消息。 业内知情人士告诉21世纪经济报道记者，两家公司都在紧锣密鼓地抢抓上市时点，招股书挂网时间甚至 都格外被留意。"毕竟，外界真的很看重到底谁是'大模型第一股'。" "AI六小龙"里跑出来的两家明星公司，在历经近三年的算力竞赛与商业化摸索后，他们的业务方向和商 业模式并不趋同，一家深耕文本基座模型，服务企业开发者，偏向To B；一家押注全模态与全球化，直 接面向消费者，更偏ToC。 严格来讲，这两家公司均属于本轮AI大模型的第一波IPO阵营。相比纠结谁能拿下 "第一股" 的头衔， 更值得关注的是其背后折射的AI产业发展脉络，以及创业企业在巨头环伺的竞争格局中，如何依托这 两种典型生存路径站稳脚跟。 截至发稿，两家公司的招股书尚未披露，21世纪经济报道记者了解到，智谱是国内收入规模最大的独立 大模型厂商；MiniMax年度经常性收入已达1亿美元级别，其中约三分之二来自C端。 其创始人团队低调务实，强调"自主可控"，技术出身的团队更倾向于将公司定位为"中国的OpenAI ...

IPO的高光终于来到了大模型创企。 12月17日，国内知名大模型创业独角兽智谱（Z.AI）与MiniMax（稀宇科技）同日传出通过港交所聆讯 的消息。 业内知情人士告诉21世纪经济报道记者，两家公司都在紧锣密鼓地抢抓上市时点，招股书挂网时间甚至 都格外被留意。"毕竟，外界真的很看重到底谁是'大模型第一股'。" "AI六小龙"里跑出来的两家明星公司，在历经近三年的算力竞赛与商业化摸索后，他们的业务方向和商 业模式并不趋同，一家深耕文本基座模型，服务企业开发者，偏向To B；一家押注全模态与全球化，直 接面向消费者，更偏ToC。 严格来讲，这两家公司均属于本轮AI大模型的第一波IPO阵营。相比纠结谁能拿下 "第一股" 的头衔， 更值得关注的是其背后折射的AI产业发展脉络，以及创业企业在巨头环伺的竞争格局中，如何依托这 两种典型生存路径站稳脚跟。 截至发稿，两家公司的招股书尚未披露，21世纪经济报道记者了解到，智谱是国内收入规模最大的独立 大模型厂商；MiniMax年度经常性收入已达1亿美元级别，其中约三分之二来自C端。 （资料图） 清华基因对阵商汤信仰 智谱带有鲜明的清华基因。公司成立于2019年，由清华大学技术 ...

Core Insights - OpenAI's report highlights Zhipu AI as a key competitor in the sovereign AI landscape, indicating a shift in global AI power dynamics driven by China's technological sovereignty [1][4][11] - Zhipu AI's strategy includes a hybrid architecture and a comprehensive ecosystem that mirrors OpenAI's approach, focusing on developer APIs, enterprise solutions, and consumer AI applications [3][4] - The report emphasizes Zhipu AI's significant state capital support exceeding $1.4 billion and its collaboration with major players like Huawei, positioning it similarly to OpenAI's relationship with Microsoft [4][9] Group 1 - Zhipu AI is recognized for its "responsible and transparent" AI solutions, which are seen as a direct challenge to the centralized models of American companies [1][7] - The company has developed a "sovereign toolbox" that includes local data storage and partnerships in various countries, enhancing its global reach and compliance with local regulations [7][9] - Zhipu AI's rise is supported by strategic investments from entities like Saudi Arabia's Prosperity7 fund, indicating a shift towards a decentralized AI ecosystem [7][9][14] Group 2 - OpenAI's concerns center around the concept of "sovereign AI," which refers to a nation's ability to control its AI infrastructure and data, contrasting with OpenAI's reliance on centralized cloud services [7][11] - The report serves as a strategic alert to the U.S. government, suggesting that without national-level support, American companies may struggle against state-backed competitors like Zhipu AI [11][12] - Zhipu AI's emergence reflects a broader geopolitical strategy, where technology sovereignty is viewed as a critical competitive advantage in the digital age [14]