“大模型第一股”鸣枪起跑，智谱、MiniMax押宝各异

Core Insights - The IPO spotlight has arrived for large model startups in China, with Z.AI and MiniMax both passing the Hong Kong Stock Exchange hearing on December 17, indicating a competitive race for the title of "first large model stock" [1] - Both companies have distinct business models: Z.AI focuses on B2B services with a strong emphasis on foundational text models, while MiniMax targets consumers with a multi-modal approach [1][2] - The IPOs reflect the evolving landscape of the AI industry and the survival strategies of startups amid competition from tech giants [1] Company Profiles - Z.AI, founded in 2019 from Tsinghua University, emphasizes a self-controlled approach and aims to be "China's OpenAI," focusing on foundational model development and B2B services [2][3] - MiniMax, founded by former SenseTime executive Yan Junjie, adopts a multi-modal strategy, targeting both text and visual content, and aims for international markets due to low domestic consumer willingness to pay [2][4] Business Models - Z.AI's revenue model is primarily B2B, with a MaaS platform serving over 2.7 million enterprise and developer clients, including nine of the top ten internet companies in China [3][5] - MiniMax's product matrix includes text, speech, video, and music models, with a focus on direct consumer applications and a global subscription-based revenue model, boasting over 212 million users across more than 200 countries [4][5] Competitive Landscape - The competition in foundational models is intense, with Z.AI building barriers through its focus on coding and reasoning capabilities, integrating into the infrastructure of Chinese internet companies [5][6] - MiniMax's strategy involves international expansion and leveraging its product capabilities to compete effectively in overseas markets, demonstrating strong ROI in customer acquisition [5][6]