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 that recently submitted their IPO applications to the Hong Kong Stock Exchange, showcasing distinct commercialization paths for ToC (consumer) and ToB (business) models [3][4] - MiniMax focuses on consumer-driven "super applications" with significant growth in paid users and revenue, while Zhiyu AI emphasizes enterprise-level services with a strong focus on local deployment [4][11] Group 1: MiniMax Overview - MiniMax's core product, the AI native application, is projected to grow from $758,000 in 2023 to $21.8 million in 2024, and reach $38 million by the first nine months of 2025, constituting 71.1% of total revenue [6][8] - 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 [7][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 maintaining a high gross margin of 69.4% [21][22] Group 2: Zhiyu AI Overview - Zhiyu AI's revenue from localized deployment reached 162 million RMB by June 2025, accounting for 84.8% of total revenue, with a gross margin of 50% [11][24] - The company has served over 8,000 institutional clients, focusing on sectors with strict data security needs, such as technology and finance [12][13] - Zhiyu AI's revenue growth from 2022 to 2024 exceeded 130%, but its cloud deployment business has faced challenges, with gross margins declining to -0.4% by mid-2025 [24][29] Group 3: Research and Development - 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% [29][30] - MiniMax's R&D expense ratio decreased from over 2000% in 2023 to 337.4% by September 2025, indicating improved operational efficiency as revenue grows [31] Group 4: Market Positioning and Strategy - MiniMax is highly globalized, with only 26.9% of its revenue coming from mainland China, while Zhiyu AI primarily focuses on the domestic market, serving government and enterprise clients [35][41] - Both companies have strong backing from major tech investors, with MiniMax supported by Alibaba and Tencent, while Zhiyu AI has a diverse shareholder structure including Ant Group and various state-owned funds [43][44]