MiniMax及智谱通过港交所聆讯，国产大模型独角兽开启资本化：传媒

Investment Rating - The industry investment rating is "Outperform the Market" [10] Core Insights - The report highlights the capitalization of domestic large model unicorns, with MiniMax and Zhipu recently passing the Hong Kong Stock Exchange hearing, indicating a trend towards commercialization in the large model sector [4][3] - MiniMax is noted for its leading multimodal capabilities and global expansion, with significant revenue growth and a focus on consumer and enterprise services [6][7] - Zhipu is positioned as an independent general-purpose large model provider, emphasizing localized deployment and cloud services, with substantial revenue growth driven by tailored AI solutions [8] Summary by Sections MiniMax - MiniMax has a total parameter count of 230 billion for its large language model M2, optimizing inference costs by activating only 10 billion parameters per inference [6] - The company has achieved a user base of 42.35 million for its AI image and video generation platform, "Hailuo," as of Q3 2025 [6] - MiniMax's revenue for the first three quarters of 2025 reached $53.44 million, a year-on-year increase of 175%, with a gross margin of 23.3% [7] Zhipu - Zhipu launched China's first pre-trained large model GLM framework in 2021 and has developed a MaaS product platform serving over 8,000 institutional clients and 80 million terminal devices [8] - The company's revenue for the first half of 2025 was $19 million, a year-on-year increase of 325%, with a gross margin of 50% [8] - Localized deployment accounted for 84.8% of Zhipu's revenue, focusing on customized AI models for specialized applications [8]