Core Insights - The first major AI model companies, Zhiyu (02513.HK) and MiniMax (00100.HK), went public on the Hong Kong Stock Exchange on January 8 and 9, 2026, following the ChatGPT-driven AI market boom [2] - On their debut, Zhiyu's stock rose by 3% initially, closing with a 13% increase, while MiniMax saw a peak increase of over 90%, with a market capitalization of nearly HKD 950 billion [2] Company Overview - Zhiyu, established in 2019, is recognized as a "national team" in AI, with investments from state-backed funds and major Chinese corporations [2] - MiniMax, founded in 2022, has backing from internet giants and venture capital firms, including Alibaba and Tencent [2] Financial Performance - Zhiyu reported cumulative revenue of CNY 685 million (approximately USD 100 million) over 3.5 years, while MiniMax's revenue was USD 86 million (approximately CNY 600 million) during the same period [3] - Both companies are currently operating at significant losses, with Zhiyu's net loss reaching CNY 2.358 billion (approximately USD 330 million) in the first half of 2025, and MiniMax's net loss at USD 512 million (approximately CNY 361 million) for the first nine months of 2025 [3] Business Models - Zhiyu primarily focuses on B2B services, generating 84% of its revenue from large state-owned enterprises, while MiniMax targets the C2C market, with 73% of its revenue coming from international markets [3] - MiniMax's C2C products include various AI applications, with significant user engagement, boasting over 200 million users across 200 countries [3] Revenue Sources - MiniMax's revenue is largely driven by user subscriptions for its products, such as the AI video application, which has competitive advantages in generating dynamic video content [4] - In the first three quarters of 2025, MiniMax's Talkie/Starry and Hai Luo AI products generated USD 18.75 million and USD 17.46 million in revenue, respectively [5] Cash Flow and Financial Stability - As of June 2025, Zhiyu had cash and cash equivalents of CNY 2.552 billion, with a monthly cash burn of nearly CNY 300 million, while MiniMax had approximately USD 1.05 billion (around CNY 736 million) in cash, providing a buffer for continued investment and expansion [5] Market Outlook - Industry experts predict increasing oligopolization in the domestic super-large model sector, with only a few companies likely to dominate, leaving less room for startups [5]
MiniMax上市大涨 市场更青睐靠用户挣钱的大模型公司