来源：格隆汇APP MiniMax是通用人工智能科技公司，于2022年初成立，致力推动人工智能科技前沿发展，实现通用人工 智能(AGI)。该公司投资者包括阿里巴巴及腾讯。公司的大模型组合包括大语言模型、视频生成模型以 及语音和音乐生成模型。MiniMax M系列由MiniMax M1和MiniMax M2组成，是其大语言模型旗舰产品 线。MiniMax M1今年6月推出，是一款开源的大规模混合注意力推理模型。 格隆汇12月22日｜路透引述两位消息人士表示，中国"AI六小虎"、人工智能初创公司稀宇科技 (MiniMax)正寻求在1月初在香港进行首次公开招股(IPO)，集资资金或高达7亿美元(约54.6亿港元)。 MiniMax已通过港交所的上市聆讯。其中一位消息人士称，发行规模尚未最终确定，将取决于市场条件 和投资者的兴趣，预计发行规模至少5亿美元(39亿港元)。消息人士曾在7月份告诉路透，该公司的目标 估值将超过40亿美元。 ...

Investment Rating - The report suggests a cautious subscription for the company [2] Core Insights - The company develops General-Purpose Graphics Processing Unit (GPGPU) chips and AI computing solutions, providing essential computational power for artificial intelligence (AI) [2] - The company's GPGPU-based solutions have strong performance and efficiency in training and inference of large language models (LLMs), giving it a competitive edge in the domestic market [2] - The Chinese smart computing chip market is expected to reach USD 50.4 billion by 2025, with the company aiming for a market share of approximately 0.2% [2] - The global smart computing chip market is projected to grow from USD 6.6 billion in 2020 to USD 119 billion by 2024, with a compound annual growth rate (CAGR) of 106.0% [2] - The company’s revenue for 2022 to 2024 is projected to be RMB 0.5 million, RMB 62.03 million, and RMB 336.8 million, with net losses of RMB -1,474.31 million, RMB -1,743.95 million, and RMB -1,538.1 million respectively [2] - The GPGPU market has significant long-term growth potential and is currently in a rapid development phase [2] - The company's Hong Kong IPO valuation is approximately 117 times price-to-sales (PS) for 2024, leading to a recommendation for cautious subscription due to unclear profitability timeline [2]

Core Viewpoint - Shanghai Biren Technology, a Chinese AI chip manufacturer, is seeking to raise up to approximately $623 million (around 4.4 billion RMB) through an IPO in Hong Kong, marking a potential resurgence of AI company listings in the region [1][2]. Group 1: IPO Details - The company plans to issue 247.7 million shares at a price range of HKD 17.00 to HKD 19.60, aiming for a maximum fundraising of HKD 4.85 billion (equivalent to $623 million) [1]. - The expected listing date for the company's shares is January 2 of the following year [1]. - The Hong Kong IPO market is recovering after years of stagnation, and successful listings may encourage more Chinese AI companies to go public, boosting the local stock market [1][2]. Group 2: Market Context - Other AI startups, such as MiniMax Group and Knowledge Atlas Technology, are also accelerating their IPO plans, indicating a trend among Chinese AI companies to leverage capital markets for funding [2]. - The competition in the AI sector is intensifying, prompting these companies to seek public financing despite being in the early stages of commercialization and not yet profitable [2]. - Hong Kong is projected to reclaim its position as the top global IPO market, with total funds raised through IPOs reaching HKD 259.4 billion from January to November 2025, more than triple the amount from the previous year [2]. Group 3: Company Technology and Solutions - Shanghai Biren Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions essential for AI applications [3]. - The company's proprietary BIRENSUPA software platform, combined with its GPGPU hardware, supports AI model training and inference across various applications, providing a competitive edge in the domestic market [3][4]. - The company has begun generating revenue from its intelligent computing solutions, with 14 clients contributing RMB 336.8 million and 12 clients contributing RMB 58.9 million for the fiscal years ending December 31, 2024, and June 30, 2025, respectively [5]. Group 4: Funding and Investor Support - The company has secured cornerstone investors who have agreed to subscribe for shares worth $372.5 million under certain conditions [6]. - Notable cornerstone investors include 3W Fund Management, Qiming Venture Partners, and several insurance and investment firms, indicating strong institutional interest in the IPO [6].

拉开上市序幕。 报道/投资界PEdaily 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 这一幕终于来了。 投资界获悉，智谱AI已通过港交所上市聆讯，正式递交招股书。几乎同一时间，另一家大模型公司 MiniMax也顺利闯过聆讯关——"大模型第一股"之争打响了。 成立于2019年，智谱AI背后站着一群清华大牛——CEO张鹏本硕博均毕业于清华，董事长刘德兵同为 清华校友。颇为壮观的是，智谱AI身后集结了一支长长的投资人队伍。 作者/王露 刘博 回顾这个月，国产GPU第一股竞赛历历在目：摩尔线程、沐曦排队敲钟，缔造创投圈一场久违的超级回 报。如今，相似一幕即将发生在国产大模型——上市如上岸，身后的投资人将率先享受到中国大模型的 IPO红利。 清华大牛带队 中国版OpenAI要敲钟了 智谱AI的故事，始于2006年的清华实验室。 彼时，清华计算机系知识工程实验室（KEG实验室）发布AMiner平台，即利用人工智能的方法，去挖 掘自然科学或技术发展的客观规律。其中，张鹏在2002年从清华本科毕业后，便作为硕士研究生进入 KEG实验室深造，此后他攻读清华2018创新领军工程博士。 直到2019 ...

还记得前段时间在 AI 圈刷屏的李飞飞「3D 世界生成模型」吗？现在，国产版终于来了。 就在上周腾讯官宣姚顺雨加盟的新闻刷屏时，腾讯混元团队低调上线了 世界模型 1.5（TencentHY WorldPlay） ，这是 国内首个开放体验的实时世界模型 什么叫世界模型？简单说：你输入几句话或者一张图，AI 就能给你生成一个可以「走进去玩」的虚拟世界。不是那种只能看的视频，而是可以用键盘、 鼠标甚至手柄实时操控的 3D 空间。 根据首帧图片场景生成的游戏场景 这次有什么亮点 ： 是不是被这些晦涩的技术名词绕晕了，APPSO 下面直接带你玩起来，来创造一些脑洞大开的「世界」。 在线体验网站：https://3d.hunyuan.tencent.com/sceneTo3D?tab=worldplay 文字→世界，体验 「 造物主 」 的快感 打开页面的第一眼，我发现界面做成了一台复古电视机的样子。回想我们小时候看电视，只能看央视放什么、湖南台播什么，遥控器怎么换台也逃不出编 排好的节目单。 但现在不需要等晚上 8 点的黄金档，不需要等导演拍完，你自己就是这个世界的总导演。想去体验过山车？打几个字，生成。想回到千禧年跨 ...

Core Viewpoint - The article discusses the upcoming IPOs of Chinese AI companies, particularly focusing on Zhipu AI and its competition with MiniMax, highlighting the significance of these events in the context of the AI industry and investment landscape in China [2][12]. Company Overview - Zhipu AI was founded in 2019 by a team from Tsinghua University, led by CEO Zhang Peng, who has a strong academic background in AI [3]. - The company aims to be a leader in artificial intelligence, focusing on General Artificial Intelligence (AGI) innovations and has developed the GLM framework, which is the first proprietary pre-training model framework in China [5][6]. Financial Performance - Zhipu AI's revenue has shown significant growth, with figures of 57.4 million RMB in 2022, 1.245 billion RMB in 2023, and projected 3.124 billion RMB in 2024, indicating a compound annual growth rate of 130% [6][7]. - Despite increasing revenues, the company has faced substantial losses due to high R&D investments, with net losses of 144 million RMB in 2022, 788 million RMB in 2023, and projected losses of 2.958 billion RMB in 2024 [8][9]. Investment and Valuation - Zhipu AI has attracted significant investment, completing multiple funding rounds totaling over 8.3 billion RMB, with the latest valuation reaching approximately 24.377 billion RMB [9][11]. - The company has a diverse investor base, including major firms like Meituan, Ant Group, and Tencent, reflecting strong market interest in AI technology [10][11]. Market Context - The article emphasizes the competitive landscape of the AI industry in China, with Zhipu AI and MiniMax vying for the title of the first publicly listed large model company, marking a critical moment for the sector [12][13]. - The IPOs are seen as a pivotal point that could lead to a "polarization" in the industry, where leading companies strengthen their market position while smaller firms may face acquisition or exit pressures [12][14].

【导读】2025年底，当人类都在憧憬和等待一个全知全能的AI之神时，谷歌DeepMind却泼了一盆冷水！ 12月19日，谷歌DeepMind抛出了一个让人细思极恐又脑洞大开的新观点： 如果所谓的AGI（通用人工智能）并不是一个超级实体，而是「凑出来」的呢？ 论文地址：https://arxiv.org/abs/2512.16856 在人工智能发展的宏大叙事中，我们长期被一种单一的、近乎宗教般的想象所占据：通用人工智能（AGI）将以一个全知全能的「超级大脑」形式降临。 这种叙事深深植根于科幻文学与早期AI研究的土壤中，导致当下的AI安全与对齐研究主要聚焦于如何控制这个假设中的单体化存在。 而且包括人工智能教父Hinton等人都试图将人类价值观植入这个大脑，仿佛只要解决了这个超级单体的「心智」问题，人类的安全便有了保障。 然而，DeepMind这篇在2025年末发布的重磅论文《分布式AGI安全》犹如一道惊雷，彻底颠覆了这一根深蒂固的假设。 这种「单体AGI」假设存在巨大的盲区，甚至可能是一个危险的误导！ 它忽视了复杂系统演化的另一种极高可能性的路径，也是生物界和人类社会智慧产生的真实路径：分布式涌现。 这不仅仅是 ...

继智谱之后，又一国产AI独角兽冲刺港股IPO！ 12月21日，全球领先的通用人工智能(AGI)公司MiniMax(上海稀宇科技)首次刊发其聆讯后资料集(PHIP)版本的招股书资料。 从成立到IPO仅用时4年，MiniMax有望刷新AI公司的IPO纪录。 MiniMax通过港交所聆讯后披露的招股书显示，2023年、2024年及2025年前三季度，MiniMax的收入分别为246.0万美元、3052.3万美元及5343.7万美元。 与所有处于前沿科技投入期的公司一样，MiniMax的财务表现被高昂的研发和运营成本严重拖累。2022年至2024年，公司净亏损分别为7372.9万美元、 2.69亿美元和4.65亿美元，亏损额持续扩大。2025年前九个月公司净亏达到5.12亿美元，已超去年全年。 招股书显示，报告期内，其研发开支分别为1056万美元、7000.2万美元、1.89亿美元和1.80亿美元，不过，该费用占当期总收入的比例逐年下降，分别为 2023%(2023年)、619%(2024年)和337%(2025年前九个月)。 高增长高亏损，团队平均年龄仅29岁 MiniMax成立于2022年初，其团队同样高度年轻化 ...

Group 1 - MiniMax, a leading AGI company, aims to become the fastest AI company from establishment to IPO, having been founded in early 2022 [1] - The company has developed a comprehensive AI product matrix for both C-end and B-end markets, including products like Hai Luo AI, Talkie, and Xing Ye [1] - As of September 30, 2025, MiniMax has over 212 million individual users across more than 200 countries and regions, and 130,000 enterprise customers from over 100 countries [1] Group 2 - MiniMax's revenue grew by over 170% year-on-year in the first nine months of 2025, with over 70% of its revenue coming from international markets [1] - The company has maintained a nearly flat adjusted net loss compared to the previous year, indicating effective cost management despite rapid growth [2] - MiniMax employs 385 people with an average age of 29, and 74% of its workforce is dedicated to research and development, showcasing a young and efficient organizational structure [2] Group 3 - The company is recognized as one of the four leading companies in the global full-modal model space, with continuous technological advancements [1][2] - MiniMax's upcoming IPO in Hong Kong is highly anticipated, as it is expected to become a rare asset in the global AGI sector and a competitive AI leader [2]

转自：新华财经 新华财经上海12月22日电（记者杜康）记者获悉，通用人工智能（AGI）公司MiniMax（稀宇科技）已 于21日正式在港交所刊发聆讯后资料集（PHIP），这意味着公司已通过港交所聆讯，距离正式上市仅 一步之遥。 业务规模方面，截至2025年9月底，MiniMax已拥有逾2.12亿名个人用户，覆盖超过200个国家和地区； 企业客户数超13万家。目前，公司已构建起覆盖文本、语音、视频的全模态产品矩阵，旗下产品包括海 螺AI（Hailuo AI）、Talkie和星野等。 在技术研发上，公司披露了多项模型进展。其2025年10月发布的文本大模型MiniMax M2，在第三方评 测机构Artificial Analysis榜单中位列全球前五。在视频生成领域，其Hailuo-02模型在同类评测中位列全 球第二。 招股书还披露了公司的人员构成与资本效率。截至今年9月底，MiniMax员工总数为385人，其中研发人 员占比近74%，平均年龄29岁。据统计，公司成立至今累计投入约5亿美元。 目前，MiniMax已获得包括米哈游、阿里巴巴、腾讯、高瓴、红杉中国等多家机构投资。 编辑：葛佳明 招股书数据显示，Min ...