智谱、MiniMax市值双双冲破3000亿港元 市场在疯抢什么？

Core Viewpoint - The market is experiencing a surge in valuations for AI companies, particularly for Zhipu and MiniMax, despite both being in a loss-making position and having extremely high price-to-sales ratios compared to established players like OpenAI [3][7][18]. Company Performance - Zhipu's stock rose over 42% on February 20, 2026, with a market capitalization exceeding HKD 323.2 billion, marking a cumulative increase of over 220% in February and 523% since its IPO [2][3]. - MiniMax also saw a strong performance, closing up over 14% on the same day, with a market cap surpassing HKD 304.2 billion and a cumulative increase of 487.88% since its listing [2][3]. - Both companies have surpassed the market caps of major firms like Ctrip and Kuaishou, approaching the valuations of Pop Mart and Baidu [6][7]. Financial Metrics - Both Zhipu and MiniMax are currently operating at significant losses, with Zhipu reporting a cumulative loss of approximately RMB 6.238 billion from 2022 to mid-2025, while MiniMax's revenue grew by 174.76% to USD 53.44 million in the first nine months of 2025, but it still faced a net loss of USD 512 million (approximately RMB 3.605 billion) [7][13]. - The price-to-sales ratio for both companies is over 700 times, significantly higher than OpenAI's 65 times [3][7]. Market Dynamics - The recent enthusiasm in the market is attributed to technological advancements and product breakthroughs from both companies, such as Zhipu's GLM-5 and MiniMax's M2.5 models, which have shown improved performance metrics [8][9]. - Zhipu's GLM-5 model has been noted for its significant performance improvements in programming tasks, while MiniMax's M2.5 has become popular in the open-source AI community [9][10]. Competitive Landscape - The competitive environment is intense, with both companies facing challenges from established global players like OpenAI, Claude, and Gemini [18]. - The market's valuation of these companies is influenced by their perceived potential and the scarcity of AI investment opportunities in the Hong Kong market [18][20]. Future Outlook - The transition of AI from simple Q&A to more complex tasks, such as code reconstruction and document generation, is expected to increase token consumption significantly, which could drive future demand for their services [17]. - However, the sustainability of their business models remains uncertain, particularly for MiniMax, which derives over 70% of its revenue from overseas markets [18].