国泰海通｜传媒：大模型公司上市推进，看好AI技术发展与商业落地

Core Viewpoint - The article highlights the progress of two native large model companies, MiniMax and Zhipu Huazhang, in their Hong Kong stock listings, emphasizing their deep technical accumulation in AI research and the emergence of monetizable business models, indicating a growing scale in China's AI large model sector [1][2]. Group 1: MiniMax - MiniMax has been engaged in AI large model research since early 2022, with its latest M2.1 model showing significant improvements over its predecessor M2, even outperforming models like Gemini 3 Pro and GPT-5.2 in certain benchmarks [2][3]. - The company reported a revenue of $53.437 million for the first three quarters of 2025, marking a 175% year-on-year increase, with a significant portion of revenue (71%) coming from AI native products and enterprise services [2][3]. - MiniMax's Talkie/Xingye application ranks second globally in monthly active users (MAU) within its niche, while its video generation product, Hailuo 2.3, is gaining widespread recognition and is becoming a new growth driver for the company [2][3]. Group 2: Zhipu Huazhang - Zhipu Huazhang's latest large language model, GLM-4.7, aligns with Claude Sonnet4.5, and the company has developed a comprehensive model matrix including reflective, multimodal, and agent models [3]. - The company generated revenue of 191 million yuan in the first half of 2025, reflecting a 325% year-on-year growth, with its primary revenue source being the MaaS (Model as a Service) business model [3]. - Zhipu Huazhang's business model includes both standardized cloud deployment and customized local deployment, catering to a diverse range of industries and regions [3]. Group 3: Industry Insights - Both companies have demonstrated significant revenue growth, with MiniMax and Zhipu Huazhang investing heavily in R&D to support technological advancements, with MiniMax's R&D expenses reaching $180 million (337% of revenue) and Zhipu Huazhang's R&D expenses at 1.595 billion yuan (8.35 times its revenue) in the respective periods [3]. - The article suggests that the ongoing development and iteration of AI technology will continue to create investment opportunities as these companies advance their commercial applications [2][3].