Minimax、智谱抢夺“全球大模型第一股”

Core Insights - The competition for the title of "the first global large model stock" is intensifying, with Minimax releasing its IPO prospectus shortly after Zhipu [1] Group 1: Minimax's Business Developments - Minimax has made significant progress in the AI video generation sector, despite challenges in monetizing user subscriptions for large language models [2] - The company has developed a core suite of self-researched large models, including MiniMax M2, Hailuo-02, and Speech-02, leading to applications like MiniMax and Hailuo AI [2] - Hailuo, launched in August 2024, has already become a key revenue source, generating $0.17 billion (1.2 billion RMB) in the first three quarters of 2025, accounting for 32.6% of total revenue [2] Group 2: Market Performance and User Engagement - Hailuo's paid user base reached 310,000, with an average revenue contribution of $56 per user [2] - However, Hailuo's revenue still lags behind Kuaishou's AI video generation app "Ke Ling," which achieved over $0.25 billion in revenue in the second quarter of this year [2] - Hailuo's pricing strategy includes "Basic" and "Premium" packages priced at $9.99/month and $199.99/month, respectively, targeting overseas markets where user willingness to pay is higher [2] Group 3: User Retention Challenges - The AI video generation sector faces significant uncertainty regarding user retention, with early data showing low retention rates for similar applications like Sora [3] - Hailuo's user retention rates in Singapore are also concerning, with 1-day, 7-day, 30-day, and 60-day retention rates at 22.57%, 4.62%, 0.8%, and 0.66%, respectively [4] Group 4: Financial Performance and Strategic Adjustments - Minimax reported net losses of $0.465 billion in 2024 and $0.512 billion in the first three quarters of 2025 [6] - To mitigate losses, Minimax has reduced its promotional spending, with sales expenses in the first three quarters of 2025 at $0.039 billion, a decrease of over 25% year-on-year [6] - Despite these efforts, the company still struggles to cover its computing costs, which totaled $0.18 billion in sales and R&D expenses for the first three quarters of 2025 [6]