To B的智谱和To C的MiniMax，大模型生意都很难做

Core Insights - The article discusses the IPO submissions of two Chinese AI unicorns, Zhipu and MiniMax, marking the first comprehensive disclosure of user numbers, revenue, losses, cash flow, and market share in the domestic AI large model sector [2] - Both companies exhibit distinct commercialization paths: Zhipu focuses on the B-end market with a gross margin of 50%, primarily serving large government and enterprise clients, while MiniMax targets the C-end market, with over 70% of its revenue coming from overseas [2] Revenue and Losses - Zhipu reported cumulative revenue of 685 million yuan and cumulative losses exceeding 6.2 billion yuan from 2022 to mid-2025 [3] - MiniMax's cumulative revenue during the same period was approximately 86 million USD (around 600 million yuan), with cumulative losses around 1.32 billion USD (approximately 930 million yuan) [3] - Both companies face challenges in scaling revenue, with Zhipu's revenue for the first half of 2025 at 190 million yuan and MiniMax's revenue for the first nine months of 2025 at approximately 37.6 million yuan [4] Investment and R&D Expenditure - The large model industry is capital-intensive, with Zhipu and MiniMax investing 4.4 billion yuan and 500 million USD (approximately 3.5 billion yuan) in R&D, respectively, over the past 3.5 years [5] - Zhipu's computing power expenditure in the first half of 2025 was 1.1 billion yuan, while MiniMax's was approximately 140 million USD (around 987 million yuan) [5] Market Position and Competition - Zhipu's B-end business, which accounts for 85% of its revenue, faces intense competition, with its largest client contributing over 10% of total revenue [6] - MiniMax's C-end business reported an average monthly active user (MAU) of 27.6 million and 1.77 million paying users in the first nine months of 2025 [6] - Zhipu's AI model was previously in high demand, but competition has intensified, making it difficult to sell models at high prices [6] Financial Health and Cash Flow - MiniMax has a more robust cash position, with cash reserves of approximately 1.04 billion USD (around 733.4 million yuan) as of September 30, 2025, compared to Zhipu's cash and cash equivalents of 2.5 billion yuan as of June 2025 [9] - Zhipu's monthly cash burn rate increased to approximately 2.21 million yuan in the first half of 2025, with a total operational cash consumption of 2.245 billion yuan for the entire year of 2024 [10] Legal Risks and Market Outlook - Both companies face high legal risks in the generative AI sector, with MiniMax acknowledging potential bankruptcy risks and ongoing copyright infringement lawsuits with major international media companies [10] - The sustainability of their respective business models remains uncertain, as highlighted by industry experts [10]