MiniMax和智谱，千亿IPO的两条路

Core Viewpoint - The article discusses the competitive landscape of AI companies, focusing on two emerging players, MiniMax and Zhipu AI, highlighting their different strategies and market positions in the rapidly evolving AI sector [6][21]. Group 1: MiniMax - MiniMax is characterized as an aggressive player focusing on C-end driven, multi-model approaches, starting with a product aimed at AI virtual social interactions [7][8]. - The company’s first product, Glow, launched in October 2022, laid the foundation for its focus on emotional interaction, leading to significant revenue contributions from its later products, Talkie and Xingye, which accounted for 63.7% of MiniMax's revenue in 2024 [8][10]. - By 2025, MiniMax expanded its product offerings to include independent models for text, video, and voice, creating a diversified product matrix supported by multi-modal technology [9][10]. - MiniMax's revenue structure is promising, with over 70% of its income coming from overseas, primarily from C-end user subscriptions, indicating strong growth potential [11]. - Despite its growth, MiniMax faces challenges, including a low market share of 0.3% in the global AI market as of Q3 2025, and the intense competition from larger players requiring significant investment in computing power and data [11][12]. Group 2: Zhipu AI - Zhipu AI, founded in 2019 and rooted in academic research, has a more traditional approach, focusing on B-end services and a unified large model strategy [13][14]. - The company has undergone 18 rounds of financing before its IPO, attracting significant investment from various industry giants, which has positioned it favorably in the market [15]. - Over 80% of Zhipu AI's revenue comes from local enterprises, with a high client concentration, where the top five clients contributed approximately 40% of its revenue in the first half of 2025 [16]. - Zhipu AI maintains a high gross margin of over 50%, but its growth potential may be limited compared to MiniMax, which explains the disparity in stock performance post-IPO [16][19]. Group 3: Market Outlook - The article emphasizes the divergent paths of MiniMax and Zhipu AI, showcasing the varied strategies within the AI industry, from project-based to product-based models, and the focus on domestic versus international markets [21][22]. - The global AI landscape is evolving, with significant investments and developments anticipated, including OpenAI's potential IPO and the ongoing competition among major players [23]. - A report from McKinsey indicates that 88% of organizations are using at least one AI tool, suggesting a growing trend towards AI integration across industries, which will ultimately reward those who effectively embed AI into their operations [23].