出品｜达摩财经 AI独角兽正加速冲向资本市场，争夺"大模型第一股"的位置。 12月21日，通用人工智能（AGI）公司MiniMax（稀宇科技）通过港交所聆讯，披露了聆讯后招股书， 就在2天前，同为"AI六小虎"的北京智谱华章科技股份有限公司（下称"智谱"）同样通过聆讯，并披露 了招股书。 作为"AI六小虎"中最早成立的两家，智谱成立于2019年，由清华背景的创始团队孵化。MiniMax成立于 2021年，创始人为前商汤科技副总裁闫俊杰。 在2023年的"百模大战"中，智谱、MiniMax与零一万物、百川智能、阶跃星辰、月之暗面6家公司脱颖 而出，被业界称为"AI六小虎"。但随着互联网大厂在AI大模型领域逐渐发力，一级市场对AI独角兽的 支持有所退潮。 大模型是个烧钱的业务，自2022年以来，智谱的经调整后的净亏损合计近50亿元，MiniMax的经调整后 净亏损合计约5.3亿美元。为了给接下来的研发筹集弹药，智谱、MiniMax先后奔赴资本市场。招股书 显示，在最后一轮投资完成后，智谱的估值达到243.77亿元人民币，而MiniMax的估值为42.4亿美元。 仍未走出亏损 虽然同为"AI六小虎"，但智谱和Min ...

Core Insights - The competition between Zhiyu and MiniMax, two leading companies in the large model sector, is intensifying as both prepare for their IPOs, with distinct development paths and business models [1][2] Group 1: Zhiyu's Business Model and Performance - Zhiyu, founded in 2019, focuses on B-end and G-end markets, primarily generating revenue through MaaS (Model as a Service) and private deployments, with a market share of 6.6% among Chinese general model developers [2][3] - Revenue projections for Zhiyu show a growth trajectory from 57.4 million RMB in 2022 to 312.4 million RMB in 2025, while adjusted net losses are expected to increase significantly due to high R&D investments [3] - The company has invested approximately 4.4 billion RMB in R&D since its inception, with a stable gross margin above 50% since 2022, despite a decreasing reliance on private deployment revenue [3][4] Group 2: MiniMax's Business Model and Performance - MiniMax, established in early 2022, aims to become the fastest AI company to go public, focusing on a full-modal self-research approach and generating over 70% of its revenue from C-end applications [5][6] - Revenue for MiniMax is projected to grow from 3.46 million USD in 2023 to 53.44 million USD in the first three quarters of 2025, with a significant increase in overseas revenue [6] - The company has shifted from negative gross margins to a positive 23.3% in 2025, with C-end products contributing significantly to its revenue [6] Group 3: Industry Context and Future Outlook - The large model sector is witnessing a consolidation trend, with many startups struggling to survive amidst fierce competition from larger firms, leading to a potential reduction in the number of foundational model companies [7][8] - The high R&D costs and rapid technological advancements in the industry indicate that the journey for companies like Zhiyu and MiniMax is just beginning, with the focus shifting to creating sustainable value in the long term [8]

Group 1 - The Hong Kong stock market experienced a significant decline, with the Hang Seng Technology Index dropping nearly 3%, indicating a convergence of liquidity, fundamentals, and valuation pressures [1] - Recent inflows of southbound funds have slowed, potentially due to new fund management regulations that impose stricter performance benchmarks, leading to selling pressure on Hong Kong stocks [1] - The Hong Kong Internet sector, as a unique asset class, has attracted attention, with the Hong Kong Internet ETF (513770) seeing a net inflow of 853 million yuan over nine consecutive days [1] Group 2 - The valuation of the Hong Kong Internet sector is notably lower, with the CSI Hong Kong Internet Index's price-to-earnings ratio (TTM) at 24.92, significantly below that of the ChiNext Index and Nasdaq 100 [3][4] - Looking ahead to 2026, it is anticipated that policy improvements, such as enhanced connectivity mechanisms and relaxed QDII restrictions, will attract long-term capital to the Hong Kong market, with an expected increase of 1.54 trillion HKD in southbound long-term funds [4] - The Hong Kong Internet ETF and its associated funds are heavily invested in leading internet companies, with over 73% of the top ten holdings focused on AI cloud computing and applications, indicating a strong competitive advantage [5]

Core Insights - MiniMax, part of the "AI Six Tigers," has reported impressive revenue growth, achieving over $53 million in revenue in the first three quarters of 2025, which is approximately 376 million RMB, despite ongoing losses typical for AI companies [2][3] - The company has a significant global presence, with 73% of its revenue coming from international markets, operating in over 200 countries and regions [2][7] - MiniMax's user base has grown to over 212 million, with approximately 1.77 million paying users, indicating successful commercialization of its AI products [3] Revenue and Financial Performance - MiniMax's revenue for 2023, 2024, and the first three quarters of 2025 was $346 million, $30.52 million, and $53.44 million respectively [3] - The company's gross margins have improved, with figures of -24.7%, 12.2%, and 23.3% for the same periods, although they remain lower compared to competitors like Zhizhu [3][4] - The sales costs as a percentage of total revenue have decreased from 124.7% in 2023 to 76.7% in 2025, reflecting improved cost efficiency [5] Losses and Investment - MiniMax reported losses of $269 million, $465 million, and $512 million for 2023, 2024, and the first three quarters of 2025, attributed to significant investments in R&D and AI infrastructure [6] - The company has raised approximately $1.5 billion since its inception, maintaining a cash balance of over $1 billion as of September 2025, indicating a strong financial position relative to its expenditures [8] Market Position and Competition - MiniMax ranks as the tenth largest model technology company globally, with a market share of 0.3%, while OpenAI leads with a 30.1% share [8] - The company faces intense competition from industry giants like OpenAI and Google, which presents both challenges and opportunities for growth [7][8] - Analysts suggest that MiniMax's upcoming IPO could provide a valuation premium in a market eager for AI model companies, but long-term success will depend on technological advancements and product effectiveness [9]

Core Viewpoint - MiniMax and Zhiyu have received approval from the China Securities Regulatory Commission (CSRC) for their overseas IPOs, marking significant steps for these companies in the AI sector [1][2][4]. Group 1: MiniMax - MiniMax plans to issue up to 33,577,240 shares for its overseas listing on the Hong Kong Stock Exchange, with its domestic operating entity being Shanghai Xiyu Jizhi Technology Co., Ltd [1]. - The company aims to comply with all relevant laws and regulations during the overseas listing process and must report any significant events to the CSRC [1]. - MiniMax was established in early 2022 and focuses on developing competitive general models, offering a range of AI-native products for both consumer and enterprise users [6]. Group 2: Zhiyu - Zhiyu intends to issue up to 43,032,400 shares for its overseas listing on the Hong Kong Stock Exchange, with 57 shareholders converting a total of 178,282,205 shares from domestic to overseas listings [2][4]. - The company must also adhere to CSRC regulations and report any significant events during the listing process [4]. - Zhiyu, founded in 2019, is recognized as a pioneer in large model research and has developed a comprehensive model matrix covering various applications [5]. Group 3: Financial Performance - Zhiyu reported a revenue of 190 million yuan for the first half of the year, with a net loss of 2.358 billion yuan, compared to a revenue of 44.9 million yuan and a net loss of 1.236 billion yuan in the same period last year [5]. - MiniMax's total revenue increased to 53.437 million USD as of September 30, compared to 19.455 million USD for the same period last year, with adjusted losses projected to reach 244 million USD by 2024 [6].

Core Viewpoint - Alibaba's employee count has significantly decreased, primarily due to the divestiture of its retail businesses, but this does not indicate mass layoffs as many employees transitioned to the acquiring companies [1][2]. Group 1: Employee Count and Financial Performance - As of March 31, 2025, Alibaba had 124,320 full-time employees, down from 204,891 the previous year, marking a reduction of 80,571 employees [1]. - By September 30, 2025, the employee count slightly increased to 126,661, indicating a net inflow of talent in the first half of the 2026 fiscal year [2]. - The data shows that revenue per employee has improved significantly, with the average revenue per employee rising from 3.35 million RMB in 2022 to 8.01 million RMB in 2025 [3]. Group 2: Strategic Shift and Market Position - Alibaba is transitioning from a traditional e-commerce platform to a technology-driven enterprise, aiming to enhance operational efficiency and profitability [4]. - The divestiture of traditional retail businesses is intended to lighten the financial burden and free up cash flow for investments in AI and cloud infrastructure, with a commitment of 380 billion RMB for AI and cloud initiatives [4]. - The competitive landscape is evolving, with Alibaba needing to establish new competitive advantages against rivals like Pinduoduo and Douyin, focusing on AI as a key area for growth and innovation [4]. Group 3: Stock Performance and Market Outlook - In 2025, Alibaba's stock experienced a recovery after a challenging period, characterized by a "W" shaped bottom formation [6]. - The outlook for 2026 suggests that Alibaba's restructured e-commerce group will maintain a significant market share, with expectations of robust growth in its cloud business [7]. - The stock price is anticipated to benefit from policy support for platform economies and successful AI applications, leading to improved overall profit structure [8]. Group 4: Comparative Analysis with Competitors - A comparison with JD.com and Pinduoduo reveals that while JD.com has a much larger employee base, Pinduoduo demonstrates exceptional efficiency with high revenue per employee [12][13]. - Pinduoduo's operational model, which leverages low pricing and efficient algorithms, has resulted in impressive profit margins despite a smaller workforce [13]. - The future of the e-commerce landscape remains uncertain, influenced by the rise of video commerce and the strategic use of AI [15].

智谱带来 AI 市场估值新叙事。 文 丨 江思远 243.77 亿元，17 日通过港交所聆讯的智谱在网上公开的招股书中确认了它自己的最新估值，这也是第 一次，人们确切知道中国大模型公司的估值金额。 这是一个恰切的时间点，ChatGPT 在业界投下的震撼弹已经过去三年，经历了百模大战的喧嚣，留在 牌桌上的中国大模型选手，在证明了自己创新与技术能力不逊色于任何人之后，开始向资本市场发起 冲刺。 在 "少年走向成年" 的关键转型期，市场期待大模型公司如何向所有人论证，"新奇类、炫技型" 的模 型技术向 "实际类、适配型" 的大模型端到端落地的过程。 作为百团大战中第一家成功 "上岸" 的公司，智谱给出的回答不那么让人满意。招股书披露的亏损规模 远大于收入增长，而研发费用还在大幅增加，似乎没有要停止 "烧钱" 的趋势。 如果是一个成熟公司，这样的资产负债表实在让人难以满意，但大模型是特殊的。 智谱是中国成立最早的独立大模型公司之一，但它也只有不到 6 年历史，AI 行业让无数人兴奋的原因 是它在潜在未来的革命性，而这很难从过往的历史中直接推导出来，因为变革往往在某个时刻突然以 指数级形式发生。 这是智谱的赌注，或者可 ...

Core Viewpoint - The semiconductor chip industry is experiencing a strong rebound, highlighted by the performance of the first Hong Kong ETF focused on the chip sector, which saw a daily increase of 1.58% and a trading volume of 52.89 million yuan [1][8]. Group 1: ETF Performance - The Hong Kong Information Technology ETF (159131) opened high and closed with a gain of 1.58%, recovering its 5-day moving average [1][8]. - The ETF's underlying index has a price-to-earnings ratio of 33.23, which is at the 37.9% percentile over the past three years, indicating significant room for growth compared to its peak earlier in the year [3][10]. Group 2: Key Stocks Performance - Over 70% of the ETF's constituent stocks showed positive performance, with SenseTime-W leading with an increase of over 8%, followed by SMIC and Kinsus Interconnect Technology, both rising by 6% [4][11]. - The ETF is heavily weighted towards semiconductor and electronic companies, with SMIC holding a weight of 20.48% and Xiaomi Group-W at 9.53% [6][13]. Group 3: Technological Advancements - Researchers from Shanghai Jiao Tong University have made a breakthrough in optical computing chips, which could alleviate issues in the AI industry related to high costs, slow training, and energy consumption [2][9]. - The development of optical computing chips is expected to provide disruptive pathways for real-time AI, edge AI, and green AI applications, potentially transforming business and operational models in the AI sector [2][9]. Group 4: Market Trends and Future Outlook - The IPO of Zhizhu AI, regarded as the "Chinese version of OpenAI," signals a new phase in China's large model industry, focusing on technological strength and sustainable business models [3][10]. - The investment attractiveness of the Hong Kong chip sector is highlighted by its favorable valuation compared to other major tech indices, suggesting a strong potential for future growth [3][10].

小虎要长成猛虎了。 12月19日，中国大模型六小虎之一智谱，通过港交所聆讯，正式向IPO发起冲击。 两天后，六小虎中的另一虎MiniMax（稀宇科技）也同样来到这一步，争夺全球大模型第一股。 不论这两家中国公司谁能先成功上市，都意味着在资本化程度上将领先OpenAI等美国一众大模型巨头。 国产大模型有1%的概率成为OpenAI 恰好沐曦和摩尔线程市值就在3000亿元人民币左右。 都说国产GPU有1%概率成为英伟达，因而估值就是1%的英伟达，对应市值是440亿美元（3097亿元人民币）。 搬到大模型领域，这个逻辑依然行得通。 12月18日，外媒消息，OpenAI正在洽谈千亿美元融资，估值可能达到8300亿美元，其1%是83亿美元（约584亿元人民币）。 今年7月MiniMax完成近3亿美元融资，估值达到约300亿元人民币；智谱则累计已完成数十轮融资，仅今年就斩获超30亿元，估值约在300-400亿元人民币 区间。 甚至还不到1%，为什么差距能这么大？ 2022年，ChatGPT横空出世，2个月内用户数破亿，成为互联网史上增长最快的应用。 从聊天助手ChatGPT到视频生成Sora，再到推理模型o3、智能体工具A ...

Group 1: Financing Trends - The technology and manufacturing sectors, along with healthcare, continue to dominate the financing market with a high density of cases and significant funding amounts [1] - In the past week, over 20 financing cases were reported in the technology and manufacturing sectors, including multiple transactions exceeding 500 million RMB [1] - The healthcare sector is also showing steady growth, with large transactions and innovative sub-sectors receiving attention [1] Group 2: Regional Financing Distribution - The majority of financing activities were concentrated in Jiangsu Province, Beijing, and Guangdong Province, with 7, 6, and 5 cases respectively [3] Group 3: Active Investment Institutions - Yizhuang Guotou and Guoke Investment were notably active, each disclosing 2 investments primarily in the technology and manufacturing, as well as healthcare sectors [5] Group 4: Notable Financing Cases in Healthcare - Beijing Bohui Biotechnology completed nearly 100 million RMB in A+ round financing, led by Yizhuang Guotou, to accelerate clinical progress and expand its pipeline [7] - Suzhou Jishi Medical Technology completed A round financing, focusing on eye disease treatment and prevention solutions [8] - Suzhou Baifu Laser Technology completed over 100 million RMB in C round financing to enhance product development and market expansion [9] - Kangyuan Bochuang completed 250 million RMB in B round financing to advance research in tumor immunity and next-generation kinase inhibitors [10] Group 5: Notable Financing Cases in Technology and Manufacturing - Chengdu Xinglian Xintong completed over 100 million RMB in B round financing to strengthen its position in the satellite communication sector [17] - Suzhou Xinshi Nuo Semiconductor Equipment completed over 500 million RMB in A+ round financing to enhance its capabilities in semiconductor automation [18] - Shanghai Fangqing Technology completed over 500 million RMB in Pre-A round financing to advance its distributed AI computing architecture [20] Group 6: Additional Notable Financing Cases - Shenzhen Haodian Technology completed over 100 million RMB in B round financing, focusing on lithium battery adhesive development [21] - Suzhou Junji Gene Technology completed nearly 100 million RMB in A round financing to enhance its automated gene technology applications [22] - Jiangxi Panmeng Semiconductor completed over 100 million RMB in A+ round financing for capacity expansion and technology development [39]