AI大模型独角兽招股书深度拆解：MiniMax to C，智谱 to B

Core Insights - MiniMax and Zhiyu AI are two "unicorns" in China's large model sector, showcasing distinct commercialization paths in ToC and ToB markets [3] - MiniMax focuses on consumer-driven "super applications" with significant user growth, while Zhiyu AI emphasizes enterprise-level services with a strong local deployment strategy [11][36] Group 1: MiniMax Overview - MiniMax's core product, the "AI Native App," is projected to see revenue growth from $758,000 in 2023 to $21.8 million in 2024, and $38.02 million in the first nine months of 2025, accounting for 71.1% of total revenue [6][7] - The average monthly active users (MAU) for MiniMax's products surged from 3.1 million in 2023 to 27.6 million by September 2025, with paid users reaching 1.77 million and average revenue per paid user (ARPPU) increasing from $6 to $15 [8][9] - MiniMax's overall gross margin improved from -24.7% in 2023 to 23.3% in the first nine months of 2025, with its B2B services achieving a gross margin of 69.4% [20][21] Group 2: Zhiyu AI Overview - Zhiyu AI's revenue from local deployment reached 162 million RMB in the first half of 2025, constituting 84.8% of total revenue, with a gross margin of 59.1% [11][12] - The company reported a compound annual growth rate (CAGR) of over 130% from 2022 to 2024, with revenues of 57.41 million RMB in 2022, 125 million RMB in 2023, and 312 million RMB in 2024 [23] - Despite strong overall gross margins, Zhiyu AI's cloud deployment business has faced challenges, with gross margins declining from 76.1% in 2022 to -0.4% in the first half of 2025 [23] Group 3: R&D Investments - Both companies are heavily investing in R&D, with Zhiyu AI's R&D expenditure reaching 1.595 billion RMB in the first half of 2025, resulting in a staggering R&D expense ratio of 835.4% [27] - MiniMax's R&D expense ratio decreased from over 2000% in 2023 to 337.4% in the first nine months of 2025, indicating improved efficiency as revenue grows [29] Group 4: Market Positioning and Strategy - MiniMax is highly globalized, with only 26.9% of its revenue coming from mainland China in the first nine months of 2025, while Zhiyu AI primarily focuses on domestic markets [32] - The shareholder structure of both companies includes major tech players, with MiniMax backed by Alibaba and Tencent, while Zhiyu AI has a more diversified investor base including state-owned enterprises [36] Group 5: Future Outlook - MiniMax's narrative revolves around sustaining high user retention and efficient model inference, while Zhiyu AI's focus is on building a strong moat in the B2B market with high-margin local deployments [37][38]