智谱、MiniMax冲刺港交所，巨头挤压下的AI独角兽上市找钱

Core Insights - The AI unicorns MiniMax and Zhizhu are accelerating their push into the capital market, aiming for the title of "first stock of large models" [2] - Both companies have recently passed hearings and disclosed their prospectuses, with Zhizhu founded in 2019 and MiniMax in 2021 [2] - Despite rapid revenue growth, both companies are currently unprofitable due to high R&D expenditures [4][5] Group 1: Company Overview - Zhizhu's revenue comes primarily from localized and cloud deployments, with over 80% from the former, targeting large private enterprises and public sectors [4] - MiniMax adopts a dual B2B and B2C model, with over 70% of its revenue from consumer-facing products [4] - Zhizhu's revenue from 2022 to 2024 is projected to grow from 0.57 million to 3.12 million, with a 325.03% increase in the first half of this year [4] - MiniMax's revenue is expected to rise from 346,000 in 2023 to 3.05 million in 2024, with a growth rate exceeding 782% [4] Group 2: Financial Performance - Zhizhu's adjusted net loss since 2022 totals approximately 49.36 billion, with R&D expenses exceeding 44 billion [4][5] - MiniMax's total R&D expenses from 2022 to 2024 amount to 450 million, with an adjusted net loss of 531 million [5] - Zhizhu's gross margins are relatively stable, ranging from 50.0% to 64.6% from 2022 to 2024 [6] - MiniMax's gross margins have fluctuated, with a negative margin of -24.7% in 2023, but recovering to 23.3% in the first three quarters of this year [6] Group 3: Market Dynamics - The emergence of major internet companies in the AI large model sector has intensified competition for unicorns like MiniMax and Zhizhu [9] - Major players like Alibaba and ByteDance are leveraging their infrastructure and ecosystem advantages, impacting the funding landscape for AI startups [9] - As of November, the top AI applications by monthly active users are dominated by major internet companies, indicating a shift in market dynamics [9] Group 4: Strategic Initiatives - MiniMax's standout product, the AI companion Talkie, has reached 147 million users, but faces competition from similar offerings by larger firms [10] - Zhizhu is planning to enhance its presence in the consumer market by open-sourcing its core AI Agent model, AutoGLM, which could be pivotal for entering the "AI mobile entry" space [11]