Beijing Zhipu Huazhang Technology Co., Ltd., which first launched an IPO, officially disclosed its prospectus on December 19. According to the prospectus, revenue for 2022, 2023, and 2024 was 57.4 million, 124.5 million, and 312.4 million, respectively. Revenue doubled for three consecutive years from 2022 to 2024, with a compound annual growth rate of 130%. The company's revenue mainly comes from big model revenue. The company's gross margin continued to be above 50%. According to the prospectus, 2022, 2023, and 2024 had gross profit margins of 54.6%, 64.6%, and 56.3% respectively, and the gross margin for the first half of 2025 was 50%. Currently, the Intelligent Spectrum Big Model has empowered 12,000 enterprise customers, more than 80 million end-user devices, and more than 45 million developers around the world. It is the largest independent general-purpose model manufacturer with the largest number of empowered terminal equipment in China. Founded in 2019, Zhipu is the first domestic company to develop large models. It is also the largest independent large model manufacturer in China, and may be expected to become the “world's first major model stock”.

Beijing Zhipu Huazhang Technology Co., Ltd., which first launched an IPO, officially disclosed its prospectus on December 19. According to the prospectus, revenue for 2022, 2023, and 2024 was 57.4 million, 124.5 million, and 312.4 million, respectively. Revenue doubled for three consecutive years from 2022 to 2024, with a compound annual growth rate of 130%. The company's revenue mainly comes from big model revenue. The company's gross margin continued to be above 50%. According to the prospectus, 2022, 2023, and 2024 had gross profit margins of 54.6%, 64.6%, and 56.3% respectively, and the gross margin for the first half of 2025 was 50%. Currently, the Intelligent Spectrum Big Model has empowered 12,000 enterprise customers, more than 80 million end-user devices, and more than 45 million developers around the world. It is the largest independent general-purpose model manufacturer with the largest number of empowered terminal equipment in China. Founded in 2019, Zhipu is the first domestic company to develop large models. It is also the largest independent large model manufacturer in China, and may be expected to become the “world's first major model stock”.