MiniMax PK 智谱：港交所的正面交锋

Core Viewpoint - The article discusses the simultaneous IPOs of two major domestic AI model companies, MiniMax and Zhiyu, highlighting their distinct business models and financial performances as they approach the capital market [4][24]. Revenue Performance - MiniMax reported revenues of $3.46 million (approximately RMB 24.36 million) in 2023 and $30.52 million (approximately RMB 210 million) in 2024, reflecting a year-on-year growth of 782.08%. By September 30, 2025, revenues reached $53.44 million (approximately RMB 377 million), with a year-on-year growth of 174.76% [4][11]. - In contrast, Zhiyu's revenue growth rates were 116.93% in 2023 and 150.85% in 2024, with a further increase to 325.03% by June 30, 2025 [11][16]. Losses and Financial Health - MiniMax's losses were $269 million (approximately RMB 1.89 billion) in 2023 and $465 million (approximately RMB 3.27 billion) in 2024, with losses decreasing to nine times its revenue by September 30, 2025 [16][17]. - Zhiyu's losses were RMB 787 million in 2023 and RMB 2.96 billion in 2024, with losses at approximately six times its revenue in 2023 and twelve times in 2025 [16][17]. Gross Margin Analysis - MiniMax's gross margins were -24.7% in 2023 and 12.2% in 2024, improving to 23.3% by September 30, 2025, indicating a positive trend [18]. - Zhiyu maintained a stable gross margin around 50% throughout the reporting period, reflecting its strong pricing power and project delivery capabilities [19][21]. Cash Flow and Funding - MiniMax has raised over $1.5 billion since its inception, with approximately $1.1 billion in cash on hand, indicating a cumulative cash burn of about $500 million [22]. - Zhiyu did not disclose detailed cash flow data in its prospectus, making direct comparisons challenging [23]. Business Model Differences - MiniMax focuses on C-end products, with 71.4% of its revenue from AI native products by 2024, while Zhiyu's revenue is primarily from private deployments, with 82% from this segment by June 30, 2025 [21][24]. - The two companies represent different paths in the AI model landscape: MiniMax emphasizes rapid user growth and product scalability, while Zhiyu focuses on engineering and infrastructure development [30][34]. Market Positioning and Future Outlook - The article suggests that both companies face different uncertainties: MiniMax's growth depends on sustainable user expansion, while Zhiyu's success hinges on the maturation of its model capabilities [36]. - The upcoming release of DeepSeek R2 may impact both companies, with potential challenges for Zhiyu's private deployments and increased competition for MiniMax's C-end products [41][42].