1月8日上午9时30分，港交所锣声敲响，智谱正式挂牌上市，开盘价报120港元，较116.2港元的发行价 上涨3.3%，截至收盘，智谱股价131.5港元，总市值578.9亿港元。作为"大模型第一股"，以实现AGI （通用人工智能）为目标的智谱引发资本市场高度关注，让投资者得以首次近距离观察国产大模型的商 业化路径，也让整个行业被间接推上资本市场的压力测试台。2022—2025年上半年，智谱营收和亏损额 齐涨，2025年上半年营收1.91亿元，同比增长325%；经调整净亏损17.52亿元，同比扩大70%。从技术 狂欢到资本检阅，智谱和同行们还有不少问题要回答。 总市值近580亿港元 半年前，OpenAI在一份官方报告点名智谱，将其列为在主权AI领域取得显著进展的重要对手之一，当 时智谱完成上市辅导备案刚两个月。半年过去，智谱连接推出GLM-4.5、GLM-4.6和GLM-4.7模型，并 在2026年1月8日成为港交所上市企业。 发行价116.2港元，开盘价120港元，上市当天智谱股价的整体趋势向上，最后报131.5港元，总市值 578.9亿港元。 对于智谱当日股价表现，比达分析师李锦清告诉北京商报记者，"虽然公司 ...

上市首日，智谱开盘价120港元/股，盘中最高上涨16.18%至135港元，市值近600亿港元。 2025年年底，资本市场连续给出了几个极具象征意义的信号。通用GPU公司密集上市，并获超高估值， 宣告传统估值模型对AI硬件资产已经失效。 几乎在同一时间，这种变化也蔓延到了非硬件领域。 Meta以40亿至50亿美元收购AI应用公司Manus，成为Meta史上第三大并购。从2025年3月出圈到被收购 仅用九个月，Manus的估值从2023年种子轮的1400万美元飙升至500亿美元，增幅超350倍。 这笔交易再次印证——不要用旧世界的尺子，量AI新世界的资产。 就在今天，511亿港元估值的智谱正式登陆港股，成为"全球大模型第一股"。 如果将Manus的50亿美元估值、OpenAI的5000亿估值作为参照，那么智谱——这家被称为中国版 OpenAI的公司，估值显得格外朴实。 01 全球大模型第一股，智谱=OpenAI+Anthropic Manus的50亿美元估值 VS 智谱约66亿美元市值（按511亿港币换算）。 但两者技术含金量却不在同一量级。 从产品形态看，Manus并未选择自研底层通用大模型，而是基于Anthr ...

作为"大模型第一股"，以实现AGI（通用人工智能）为目标的智谱引发资本市场高度关注，让投资者得以首次近距离观察国产大模型的商业化路径，也让整 个行业被间接推上资本市场的压力测试台。2022—2025年上半年，智谱营收和亏损额齐涨，2025年上半年营收1.91亿元，同比增长325%；经调整净亏损 17.52亿元，同比扩大70%。从技术狂欢到资本检阅，智谱和同行们还有不少问题要回答。 | 今开 | 120.000 | | 最高 | 135.000 | | 成交量 | | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 116.200 | | 最低 | 116.100 | | 成交额 | | 换手率 | 8.12% | | 市盈(TTM) | 亏损 | | 总市值 | | 分时 | 王目 | 日K | 周K | 目K | 委K | 年K | | 134.700 | | | | | | | | 125.450 | | | | | | | | 09.30 | | | 12:00/13-00 | | | | 总市值近580亿港元 半年前，OpenAI在一份官方报告点名智谱 ...

上市首日，智谱开盘价120港元/股，盘中最高上涨16.18%至135港元，市值近600亿港元。 2025年年底，资本市场连续给出了几个极具象征意义的信号。通用GPU公司密集上市，并获超高估值，宣告传统估值模型对AI硬件资产已经失效。 几乎在同一时间，这种变化也蔓延到了非硬件领域。 Meta以40亿至50亿美元收购AI应用公司Manus，成为Meta史上第三大并购。从2025年3月出圈到被收购仅用九个月，Manus的估值从2023年种子轮的1400 万美元飙升至500亿美元，增幅超350倍。 Manus的50亿美元估值 VS 智谱约66亿美元市值（按511亿港币换算）。 但两者技术含金量却不在同一量级。 从产品形态看，Manus并未选择自研底层通用大模型，而是基于Anthropic的Claude API 及多种成熟模型能力，构建面向用户的自动执行与任务代理体验。 其价值核心在于应用层的创新速度与市场卡位。 相比之下，智谱的价值则深植于更底层、更基础的技术基座之中。智谱被认为是中国的OpenAI。OpenAI在2024年6月的官方博客中称智谱为"头号竞争对 手"。 这笔交易再次印证——不要用旧世界的尺子，量AI新 ...

Investment Rating - The report assigns an IPO-specific score of 6.1, suggesting a recommendation for subscription to the financing [10] Core Insights - The company, Zhipu (2513.HK), is a leading general large model company focused on achieving AGI, having launched its pre-trained model framework GLM and commercialized its MaaS platform [1] - Zhipu's revenue for the first half of 2025 reached 190 million yuan, a year-on-year increase of 325%, with localization deployment revenue accounting for 85% of total revenue [2] - The enterprise-level large language model market is expected to grow at a compound annual growth rate (CAGR) of 60% over the next five years, with Zhipu holding a 6.6% market share, ranking second in China [3] Company Overview - Zhipu was established in 2019 and has released over 50 large models, with a cumulative download exceeding 45 million times [1] - The company has over 8,000 institutional clients as of June 30, 2025 [1] Financial Performance - In the first half of 2025, Zhipu's total revenue was 190 million yuan, with localization deployment revenue at 160 million yuan, reflecting a 504% year-on-year increase [2] - R&D expenses for the same period were 1.6 billion yuan, representing an 86% increase year-on-year [2] Industry Status and Outlook - The Chinese AI market is projected to reach 218.9 billion yuan in 2025, growing by 36% year-on-year, with the large language model market expected to grow by 81% to 9.6 billion yuan [3] - By 2030, the enterprise-level large language model market is anticipated to reach 904 billion yuan, with 76% of this being localized deployment [3] Strengths and Opportunities - The enterprise-level scenario is a crucial commercial application for large language models in China, indicating a broad industry outlook [4] - Zhipu possesses a comprehensive model matrix and a one-stop MaaS platform that facilitates model commercialization [4] - The company has strong R&D capabilities, with a team of 657 members, including leading figures in the AI field [4] Weaknesses and Risks - The development of AGI is still in its early stages, with uncertainties regarding its future realization [5] - The competition in the large model space is intense, and technological iterations are rapid, which may affect Zhipu's competitive advantage [5] - The company has a concentrated customer base, with the top five clients accounting for 40% of total revenue in the first half of 2025 [5] Fundraising and Use of Proceeds - The company aims to raise approximately 4.173 billion HKD, with 70% allocated to AI large model R&D [7][9]