MiniMax和智谱，千亿IPO的两条路

Core Viewpoint - The article discusses the contrasting paths taken by two emerging AI companies, MiniMax and Zhipu AI, amidst the intense competition and financial investments in the AI sector, highlighting their different business models and growth strategies [5][10]. Group 1: MiniMax - MiniMax is characterized as an aggressive player focusing on consumer-driven products and multiple models, starting with its AI virtual social application Glow, which emphasizes emotional interaction [6][7]. - The company’s revenue is significantly supported by its products Talkie and Xingye, which accounted for 63.7% of MiniMax's financial income in 2024 [7]. - By 2025, the contribution of Talkie/Xingye to MiniMax's revenue decreased to 35.1% due to the commercialization of its AI products and growing enterprise services [8]. - MiniMax's revenue structure is promising, with over 70% coming from overseas, primarily from consumer membership fees, indicating a strong potential for growth [8]. - Despite its aggressive growth strategy, MiniMax faces challenges, including a low market share of 0.3% in the global AI market as of the first three quarters of 2025 [8][9]. - The company is in a competitive race with larger players, which requires substantial financial investment for model iteration and data acquisition [9]. Group 2: Zhipu AI - Zhipu AI, founded in 2019 and rooted in academic research, has a business model focused on serving B-end clients, generating over 80% of its revenue from local enterprises through project-based contracts [11][12]. - The company has undergone 18 rounds of financing before its IPO, attracting significant investments from various industry giants, which contrasts with MiniMax's 7 rounds [11]. - Zhipu AI's revenue model allows for stable income, resulting in a consistent gross margin of over 50%, although this may limit its growth potential compared to MiniMax [12]. - The company is also developing a unified large model, which is seen as a trend in enhancing AI capabilities [11]. - As of September 30, 2025, Zhipu AI has over 8,000 institutional clients, which provides a substantial data foundation for training its models [14]. Group 3: Industry Outlook - The article emphasizes the ongoing competition in the AI sector, with both companies representing different growth trajectories: MiniMax's consumer-focused approach versus Zhipu AI's enterprise-oriented strategy [15]. - The global AI landscape is evolving, with a significant percentage of organizations adopting AI tools, indicating a growing market for AI applications [16]. - The future of AI profitability is anticipated to belong to those who effectively integrate AI into various industries, enhancing efficiency and delivering commercial value [16].