12月19日-20日，"第二十二届中国国际金融论坛"在上海举行，主题为：数字经济时代的智能金融生态 构建。南京证券首席信息官张之浩出席并演讲。 张之浩谈到，现在大模型正在引领整个生产力的变革，催生出新的生产力。 专题：第二十二届中国国际金融论坛 12月19日-20日，"第二十二届中国国际金融论坛"在上海举行，主题为：数字经济时代的智能金融生态 构建。南京证券首席信息官张之浩出席并演讲。 张之浩谈到，现在大模型正在引领整个生产力的变革，催生出新的生产力。 他提到，在人工智能创新技术发展的前提下，金融行业前几年是对内服务为主，比如说代码生成、质 检。今年，随着大模型，尤其是算力成本急剧下降，证券行业开始对客服务，当前投顾客服占到12%的 比例，前台场景的占比逐步提升。同时，一些营销类的活动和赋能逐步开始落地。 他提到，在人工智能创新技术发展的前提下，金融行业前几年是对内服务为主，比如说代码生成、质 检。今年，随着大模型，尤其是算力成本急剧下降，证券行业开始对客服务，当前投顾客服占到12%的 比例，前台场景的占比逐步提升。同时，一些营销类的活动和赋能逐步开始落地。 所以，在他看来，从2025年开始，在证券行业中，无 ...

12 月 21 日，通用人工智能（AGI）公司 MiniMax（稀宇科技）通过港交所上市聆讯，并首次刊发聆讯后资料集（PHIP）版本招股书。继智谱 AI 于 12 月 19 日披露招股书后，MiniMax 成为"大模型六小虎"中第二家通过港交所聆讯的中国大模型企业，若按计划于明年初完成上市，这家成立于 2022 年初的公 司，将成为全球范围内从创立到登陆资本市场用时最短的 AI 企业之一。 在通用大模型赛道尚未走出"长期投入期"的背景下，资本市场已经率先迎来新的叙事节点。 385 人历时 4 年冲刺 AGI 全球第一股，MiniMax 赴港 IPO 聆讯 MiniMax 成立于 2022 年初，被认为是国内首批大规模应用"混合专家"（MoE）架构的公司之一——这种方法后来被 DeepSeek 采用并推广。 MiniMax 在招股书中将自身定位为"生而全球化"的 AI 企业，核心目标是研发具备国际竞争力的通用人工智能模型，并面向全球市场展开业务布局。截至 2025 年 9 月 30 日，MiniMax 持有的现金及现金等价物余额约为 10.46 亿美元，为其持续投入模型研发和算力资源提供了较为充足的资金保障。 ...

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].

Group 1 - The Hong Kong Stock Exchange (HKEX) is experiencing a surge in technology stock listings as the year-end approaches, with companies like MiniMax and Zhiyu Technology making significant moves [1][2] - MiniMax, an AI company, has received approval from the China Securities Regulatory Commission and passed the HKEX listing hearing, with a post-financing valuation exceeding $4 billion after raising nearly $300 million in July 2024 [1] - Zhiyu Technology, established in 2019 and focusing on foundational model development, has also submitted its prospectus to the HKEX, positioning itself as a major competitor in the AI space [1] Group 2 - Birun Technology has passed the HKEX hearing and is set to launch its IPO, aiming to become the "first GPU stock" in Hong Kong, with plans to issue approximately 247.69 million shares at a price range of HKD 17-19.6 [2] - The total fundraising amount for Birun Technology's IPO is expected to be between HKD 4.21 billion and HKD 4.85 billion, with the official listing scheduled for January 2, 2026 [2] - The HKEX has introduced the Hong Kong Stock Exchange Technology 100 Index, which tracks the performance of the 100 largest technology companies listed on the exchange, highlighting its commitment to supporting the technology sector [2]

招股书显示，智谱在2022年至2024年的亏损额为1.44亿元、7.88亿元、29.58亿元，2025年上半年录得亏 损为23.58亿元。 智谱方面称，亏损主要是由于对研发作出重大投资。在报告期内，智谱研发投入逐年增加，2022年至 2024年分别是8440万元、5.29亿元、21.95亿元，占收入的百分比分别是147%、425%、703%。2025年上 半年研发支出为15.95亿元，占总收入的百分比高达835%，而2024年上半年这一百分比数字为1913%。 三年半的时间里累计研发投入超过44亿元。 从毛利率来看，智谱在2022年至2024年、2025年上半年分别是54.6%、64.6%、56.3%和50%。智谱的商 业模式是通过MaaS（模型即服务）平台提供大模型服务，收入主要来源于本地私有化部署，贡献占比 从2022年的95.5%降至2024年的84.5%，到2025年上半年实现收入1.62亿元，在总收入中的占比为 84.8%。来自云端部署的收入为2910万元，贡献占比为15.2%。值得注意的是，智谱MaaS的本地化部署 业务毛利率在2024年全年、2025年上半年分别为66.0%、59.1%；而其云端 ...

Core Viewpoint - MiniMax, a large model company, has filed for an IPO in Hong Kong, reporting significant revenue growth but also substantial losses due to high initial investments in R&D and AI infrastructure [1][2]. Group 1: Financial Performance - MiniMax's projected revenues for 2023 and 2024 are $3.46 million and $30.52 million, respectively, with a revenue of $53.44 million achieved in the first three quarters of 2025, representing a 175% year-on-year growth [1]. - The company reported net losses of $73.73 million, $269 million, $465 million, and $512 million for the years 2022 to 2024 and the first nine months of 2025, totaling approximately $1.32 billion in cumulative losses [2]. - Adjusted net loss rates decreased from 2574% in 2023 to 800% in 2024, with a rate of 349% for the first nine months of 2025 [2]. Group 2: Research and Development - MiniMax's R&D expenditures from 2022 to 2024 were $10.56 million, $70 million, and $189 million, with $180 million spent in the first nine months of 2025, marking a 30% year-on-year increase [2]. Group 3: Market Position and Growth Potential - The global large model market is expected to grow from $10.7 billion in 2024 to $20.65 billion by 2029, with a projected CAGR of 72.7% for the MaaS (Model as a Service) market [3]. - MiniMax ranks tenth among global large model technology companies with a market share of 0.3% based on model-based revenue in 2024 [3]. Group 4: Revenue Structure - Approximately 70% of MiniMax's revenue comes from AI-native products, contrasting with the 78.1% from API usage and enterprise services in 2023, which dropped to 28.6% in 2024 [4]. - In the first three quarters of 2025, AI-native product revenue was $38.02 million, contributing 71.1% to total revenue [4]. Group 5: Product Offerings and User Engagement - MiniMax's AI-native applications include the MiniMax language model, video generation model Hai Luo AI, voice generation tool MiniMax Voice, and the multimodal interaction platform Talkie/Xingye, with revenue models based on user subscriptions and online advertising [5]. - As of September 30, 2025, MiniMax's AI-native product matrix had a monthly active user count of 27.6 million and a total user base exceeding 212 million, with 1.77 million paying users [5][6].

Industry Overview - The Chinese medical artificial intelligence industry has significant growth potential, driven by policy support for rapid development [1] - The market size of China's medical AI is projected to grow from 2.7 billion RMB in 2019 to 8.8 billion RMB in 2023, with a compound annual growth rate (CAGR) of 33.8%. It is expected to reach 315.7 billion RMB by 2033, with a CAGR of 43.1% from 2023 to 2033 [1] Company Capabilities - The company has developed its own foundational large model, the "Xunfei Xinghuo Medical Large Model X1," which is the only medical deep reasoning model trained entirely on domestic computing power. In real-world testing, its general auxiliary diagnosis accuracy reached 94.0% [2] - As of July 2025, the X1 model's performance has been upgraded, achieving a general auxiliary diagnosis accuracy of 95.0%, with improvements in various metrics such as health consultation response rate at 91.5% [2] Product and Service Development - By the end of 2024, the company has provided products and services to over 70,000 grassroots medical institutions across more than 30 provinces and 670 districts, including over 40 of China's top 100 hospitals [3] - The company's revenue from grassroots medical services grew by 52.3% in the first half of 2025, while the revenue from regional management platform solutions surged by 178.1% [3] - The company's To C business, which includes imaging cloud platforms and post-diagnosis management, saw a revenue growth of 10% in the first half of 2025 [3] Financial Projections - Revenue forecasts for 2025 to 2027 are estimated at 850 million RMB, 1.01 billion RMB, and 1.21 billion RMB, corresponding to price-to-sales (PS) ratios of 10.7x, 9x, and 7.5x respectively [4]

朋友们，我是帮主郑重。今天，香港资本市场可能迎来一个历史性的代码：全球大模型第一股！ 主 角，是来自中国AI"六小虎"的智谱AI。 这不是普通的IPO。它背后站着清华顶尖团队，估值高达400亿。更关键的是，它过去三年营收年均增 速超过130%，毛利率保持在50%以上，展现出了难得的商业化锐度。 但这条赛道上，可不止它一位选手。几乎同时冲线的，还有风格迥异的MiniMax。如果说智谱是稳扎稳 打的"重装甲兵团"，靠服务企业和开发者扎根；那MiniMax就是灵活的"游骑兵"，其核心产品在海外青 少年中火爆，70%的收入来自海外。这是一场"学院派"与"产品派"的终极竞速。 帮主看来，无论谁先撞线，意义都已超越公司本身。这意味着资本市场首次为AGI（通用人工智能）基 座模型定价，标志着行业从"烧钱研发"进入"资本验证"的新阶段。对于我们投资者，这提供了一个观察 中国AI顶尖战力的绝佳窗口。 那么问题来了：你看好深耕底层、服务B端的"技术实力派"，还是更青睐打通海外C端市场的"产品明 星"？谁的故事更能赢得市场的长期信任？评论区聊聊你的判断。 我是帮主郑重，关注我，聚焦中长线价值。 ...

文 / 零度 来源 / 节点财经 据港交所12月19日披露，北京智谱华章科技股份有限公司（以下简称"智谱"）向港交所主板递交上市申请，中金公司为独家保荐人。 如果智谱冲击港交所成功，那么它将成为全球首家上市的大模型公司。 而智谱这份招股书，不仅展现了当前大模型企业的盈利情况，也揭示了在百模大战后，大模型企业商业化落地的样本。 值得注意的是，这场"第一股"之争并非独角戏。 12月17日，智谱与同为大模型"六小虎"的MiniMax（上海稀宇极智）双双通过港交所上市聆讯，前者主攻文本基座模型，后者聚焦多模态领域，形成"一 北一南"的竞争格局。 短短两天后，智谱率先披露招股书，被市场解读为在竞速赛中抢占先机。 但资本市场的估值逻辑从来不止于"速度"。对于烧钱属性极强的大模型企业而言，持续亏损的收窄潜力、商业化落地的可持续性，才是决定其能否通过资 本考验的核心。 01 325%营收高增背后，累计亏损62亿 智谱招股书披露的财务数据，精准折射出当前独立大模型厂商的普遍困境。收入高增长与亏损大幅扩大并存，且亏损增速远超收入增速，盈利平衡点尚遥 不可及。 从收入端看，智谱的增长表现堪称亮眼。2022年至2024年，营收分别为 ...

Group 1 - The Hong Kong stock market opened higher on December 22, with major internet stocks showing strength, including Alibaba-W rising over 2% and Bilibili-W and Meituan-W increasing by more than 1% [1] - The Hong Kong Internet ETF (513770) experienced a net inflow of 1.253 billion yuan over the past 10 days, reaching a record high fund size of over 12.2 billion yuan [3][5] - The technology sector is viewed as a long-term investment focus, with expectations of a rebound due to multiple favorable factors after previous adjustments [3] Group 2 - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, heavily investing in leading internet companies like Alibaba-W and Tencent Holdings, with the top 10 holdings accounting for over 73% of the portfolio [5] - The Hong Kong market is currently seen as having high cost-effectiveness, particularly in the technology sector, which is expected to attract more investments as liquidity shocks subside and valuations remain low [3] - The Hong Kong Large Cap 30 ETF (520560) is highlighted as a suitable long-term investment tool, combining high-growth technology stocks with stable dividend-paying companies [6]