AI 系列跟踪（87）：MiniMax 和智谱冲击 IPO，关注中国大模型企业资本化进程加速

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - MiniMax and Zhipu have passed the Hong Kong Stock Exchange hearing, indicating a continuous acceleration in the capitalization process of Chinese large model enterprises. Zhipu's foundational model performance is leading, with GLM-4.7 topping the global open-source rankings. The AI model product matrix is complete, and the MaaS platform is progressing well in commercialization. MiniMax is actively laying out AI application segments, with its visual generation platform Hailuo AI and multimodal interaction platform Talkie/Xingye showing active performance, suggesting a promising acceleration in commercialization [2][4][10]. Summary by Sections Event Description - MiniMax and Zhipu have passed the Hong Kong Stock Exchange hearing, indicating a continuous acceleration in the capitalization process of Chinese large model enterprises [4]. Event Commentary - Zhipu's GLM-4.7 model, launched in December 2025, has enhanced coding capabilities and ranks first in both open-source and domestic models with a score of 68 on the Artificial Analysis Intelligence Index. Zhipu's revenue from 2022 to 2024 shows a compound annual growth rate of 130%, with revenue reaching 1.91 billion yuan in the first half of 2025. MiniMax's model matrix includes the MiniMax M series and Hailuo-02 series, with the MiniMax M.2.1 model achieving a score of 49.4% on the Multi-SWE-bench ranking. MiniMax's AI applications have served over 200 million individual users and 100,000 enterprises across more than 100 countries, with significant growth in user spending on its services [10][10][10]. Investment Opportunities - The report highlights several promising segments: 1) The monetization potential of AI interaction products, focusing on leading tool-based companies like Kuaishou [2] 2) Internet giants with advantages in traffic, models, and data [2] 3) Vertical segments such as advertising, e-commerce, and education that have successfully established business models overseas and are expected to replicate domestically [2] 4) AI+ gaming companies that are actively deploying AI [2]