To B的智谱和To C的MiniMax，大模型生意都很难做

Core Viewpoint - The two companies, Zhipu and MiniMax, represent distinct commercialization paths in the AI large model sector, with Zhipu focusing on the B-end market and achieving a gross margin of 50%, while MiniMax targets the C-end market with over 70% of its revenue coming from overseas [2][4]. Group 1: Financial Performance - From 2022 to mid-2025, Zhipu accumulated revenue of 685 million yuan, with cumulative losses exceeding 6.2 billion yuan [4]. - MiniMax reported cumulative revenue of 86 million USD (approximately 600 million yuan) and cumulative losses of about 1.32 billion USD (approximately 9.3 billion yuan) from 2022 to September 2025 [5]. - Both companies operate at a revenue scale in the billion range, with MiniMax's revenue for the first nine months of 2025 being 53.4 million USD (approximately 376 million yuan) and Zhipu's revenue for the same period being 190 million yuan [6]. Group 2: Market Position and Competition - Zhipu's B-end business primarily serves large domestic government and enterprise clients, while MiniMax's C-end business relies on overseas individual users [5][10]. - Zhipu's revenue from enterprise deployments has decreased from 95% to 85% over the past three years, indicating increased competition in the B-end market [8]. - MiniMax's average monthly active users reached 27.6 million, with 1.77 million paying users, but still lagging behind major internet companies [8][9]. Group 3: Investment and Costs - Both companies face significant capital requirements, with Zhipu and MiniMax's cumulative R&D investments being 4.4 billion yuan and 500 million USD (approximately 3.5 billion yuan), respectively [6]. - In the first half of 2025, Zhipu's computing power expenditure was 1.1 billion yuan, while MiniMax's was 140 million USD (approximately 987 million yuan) [7]. - The high costs associated with computing power present a challenge for both companies, as they need to balance low revenue with substantial operational expenses [7]. Group 4: Future Outlook and IPO Strategy - Both companies are vying for the title of the first AI large model stock, with the urgency to go public for financing and providing an exit for external shareholders [12]. - MiniMax has a more robust cash position, with cash reserves of 1.04 billion USD (approximately 733.4 million yuan) as of September 30, 2025, compared to Zhipu's 2.5 billion yuan [12]. - The cash burn rate for Zhipu increased to approximately 2.21 million yuan per month in the first half of 2025, indicating a growing financial strain [12].