“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 represent different business models and strategies within the AI industry, with Z.AI focusing on B2B services and MiniMax targeting B2C applications [1][2] Company Profiles - Z.AI, founded in 2019 from Tsinghua University technology, emphasizes a robust B2B service model, developing the GLM series of text-based foundational models, and aims to be a counterpart to OpenAI [2][4] - MiniMax, founded by former SenseTime executive Yan Junjie, adopts a multi-modal approach, targeting global markets and focusing on consumer applications, with a belief in the necessity of multi-modal AGI [2][6] Business Models - Z.AI's revenue primarily comes from B2B model calls and enterprise services, with over 2.7 million enterprise and developer clients, including 9 out of the top 10 internet companies in China using its GLM models [5][7] - MiniMax's product matrix spans text, speech, video, and music, with a focus on consumer applications and a global subscription model, boasting over 212 million users across more than 200 countries [6][7] Competitive Landscape - The AI industry is characterized by intense competition from major players like ByteDance, Alibaba, and Tencent, with Z.AI and MiniMax carving out their niches through distinct strategies [7][8] - Z.AI aims to integrate into the internet infrastructure of China, while MiniMax seeks to expand internationally, leveraging its product capabilities to compete effectively in overseas markets [7][8] Future Outlook - The upcoming IPOs of Z.AI and MiniMax reflect a pivotal moment in China's AI entrepreneurial landscape, showcasing two clear paths for growth: deepening foundational model development for B2B services or innovating multi-modal technologies for direct consumer engagement [8]