Core Viewpoint - The Chinese AI companies, Zhiyu and MiniMax, are making significant strides towards IPO, aiming to become the first publicly listed companies in the global large model sector, potentially surpassing US giants like OpenAI in terms of capitalization [1][2][3]. Company Summaries Zhiyu - Zhiyu, established in 2019, gained recognition with its GLM-130B model in 2022, and primarily generates revenue from B2B and government clients, with 84.5% of its revenue coming from localized deployments [10][11][12]. - As of mid-2025, Zhiyu has over 8,000 institutional clients, including major corporations and government projects, and is ranked second among Chinese large language model companies with a market share of 6.6% [14][15]. - In the first half of 2023, Zhiyu reported revenue of 190 million RMB but faced a significant loss of 2.358 billion RMB [21]. MiniMax - MiniMax, founded two years after Zhiyu, focuses on multi-modal AI development and has a younger team, with an average age of 29 [18]. - The company has seen a revenue surge, with a 175% increase in the first three quarters of 2023, totaling approximately 376 million RMB, but also reported a net loss of about 360 million RMB [21]. - MiniMax's C-end products, such as Hai Luo AI and Xing Ye, have gained popularity, with its overseas version of Talkie reaching 11 million monthly active users, half of whom are from the US [20]. Market Context - The global large model industry is currently in a phase of heavy investment, with both Zhiyu and MiniMax facing substantial losses despite revenue growth [21]. - The competitive landscape is intensifying, with MiniMax targeting the C-end market and facing competition from major players like ByteDance, Alibaba, and Tencent, while Zhiyu's reliance on B-end clients makes it vulnerable to government policy changes [21]. Strategic Shifts - By the end of 2025, the strategic focus of the six major Chinese AI companies has shifted towards niche markets, moving away from the ambition of a full-stack general model [22].
2家“中国OpenAI”排队上市
3 6 Ke·2025-12-22 12:02