公司商业模式采取ToC和ToB双轮驱动 消费者业务主要包括Talkie/星野（角色互动娱乐）和海螺AI（文生视频），贡献收入主体，提供现金流 和海量交互数据。开发者企业业务通过API调用、专属资源服务和模型授权实现，高毛利特性明显。两 者形成协同：消费者端数据反哺模型迭代，企业端需求引导技术优先级，增长飞轮已初步显现。截至 2025/9/30，公司产品覆盖个人用户超过2.12亿，覆盖200多个国家和地区；企业和开发者客户超过10 万，分布在100多个国家。收入快速增长，规模效应显现。2023年收入346万美元，2024年增长至3052万 美元，同比增幅超过7倍；2025年前九个月收入5344万美元，同比增长174%。 技术路线以MoE架构为核心，早于多数同行布局多模态并行研发 公司全栈自研，研发效率高，截至2025年9月累计投入研发约5亿美元。2025年迭代多个模型：Speech系 列在语音生成领域领先，Hailuo系列视频模型在全球基准测试中位居前列，开源模型MiniMax-M1和M2 在Artificial Analysis榜单表现突出。竞争优势主要体现在三个方面。第一，全球化执行力强。Talkie在海 ...

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Core Viewpoint - Runjian Co., Ltd. has signed a strategic cooperation framework agreement with JD Technology to collaborate on AI applications, intelligent computing cloud expansion, and AIDC cooperation, aiming to promote the commercialization of AI technology [1] Group 1: AI Integration and Industry Empowerment - The two parties will deepen the integration of AI technology with industry practices, leveraging their technical advantages in industry model development, intelligent agent distillation, and multi-agent system construction to explore AI solutions in smart agriculture, intelligent parks, digital cultural tourism, and smart retail [2] Group 2: Joint Construction of Intelligent Computing Cloud Platform - Both companies will invest core resources to deploy JD Cloud's dedicated high-performance intelligent computing nodes at the Nanning Wuxiang Cloud Valley Intelligent Computing Center, aiming to jointly create a cloud service node in Guangxi [2] Group 3: Runjian Cloud Upgrade and Expansion - JD plans to support Runjian in upgrading its "Runjian Cloud" technology and brand enhancement, utilizing JD's extensive market channels to promote "Runjian Cloud" products and services across diverse markets [2] Group 4: Full-Stack Cooperation in AIDC - The collaboration will include full-stack deep cooperation in computing power, covering infrastructure, cluster services, maintenance services, and intelligent scheduling platform construction, aiming to build an efficient and reliable advanced computing service system [2] Group 5: Other Areas of Cooperation - The cooperation scope will extend to areas such as computing, AIDC construction and maintenance services, software development, system integration, data center leasing, network security, telecom value-added services, and supply chain collaboration for network equipment and servers [2]

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - MiniMax is positioned as a benchmark for AI expansion in China, focusing on multi-modal development to build competitive large models for the global market [7]. - The company has adopted a dual-driven business model (ToC and ToB), with consumer products generating significant cash flow and enterprise services providing high margins [7]. - MiniMax's revenue is projected to grow significantly, with estimates of $80.88 million in 2025 and $398.66 million in 2027, reflecting a compound annual growth rate of over 130% [7]. - The company has a strong global execution capability, with products covering over 2.12 billion personal users and more than 100,000 enterprise clients across 200 countries [7]. Summary by Sections Company Overview - MiniMax was established in December 2021, focusing on general AI technology development and aiming for global market presence [12]. - The company has raised over $1.5 billion in funding, with notable investors including Alibaba and Xiaomi, which supports its high R&D intensity [12][13]. - As of September 2025, MiniMax has a workforce of 385 employees, predominantly young and tech-focused, enhancing its execution efficiency [12]. Business Model - The company operates a dual-driven model, with consumer business leading in scale and cash flow, while developer enterprise business supports high margins [30]. - Consumer products include Talkie and Hailuo AI, which have shown strong performance in overseas markets, particularly in North America [31][34]. - Developer enterprise business generates revenue through API calls and model licensing, with a significant increase in paid clients from 400 in 2024 to approximately 2,500 in 2025 [39]. Technology Route and Competitive Advantages - MiniMax's core technology strategy is based on a multi-modal architecture, focusing on language, vision, and speech models [43]. - The company emphasizes a system engineering approach, ensuring high efficiency in model training and deployment [44][46]. - MiniMax's ability to rapidly iterate and improve its models positions it favorably against competitors, as it can unlock new application scenarios with each model upgrade [47][48].

瑞财经 刘治颖 大模型企业MiniMax（0100.HK）将于明日在港交所上市，发行价为165港元，发行2538.92万股，募资41.89亿港元。 MiniMax此次引入包括Aspex、Eastspring、Mirae Asset、泰康人寿、汇添富香港、阿里巴巴及易方达基金管理等在内的14家基石投资者，认购总额3.5亿美元 （约27.23亿港元）。 | | | | | 假設發售量調整權未獲行使 | | | | 假設發售量調整權獲悉數: | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 發售股份 | 假設超額配股權 | | 假設超額配股權 | | 假設超額配股權 | | 假設 | | 基石投資者 | 投資金額(1) | 數目(2) | 未獲行使 | | 獲悉數行使 | | 未獲行使 | | 獲 | | | | | 估变音 | 估已發行 | 估资售 | 估已發行 | 估变售 | 估已發行 | 估愛售 | | | | | 股份的 | 股份的 | 股份的 | 股份的 | 股份的 | 股份的 | 股份的 | | | (美元) ...

趋势3：多智能体系统决定应用上限，Agent时代的"TCP/IP"初具雏形 复杂问题的解决依赖多智能体协同。随着MCP、A2A等通信协议趋于标准化，智能体间拥有了通用"语 言"。多智能体系统将突破单体智能天花板，在科研、工业等复杂工作流中成为关键基础设施。 趋势4：AI Scientist成为AI4S北极星，国产科学基础模型悄然孕育 AI在科研中的角色正从辅助工具升级为自主研究的"AI科学家"。科学基础模型与自动化实验室的结合， 将极大加速新材料与药物研发。报告强调，我国需整合力量，加快构建自主的科学基础模型体系。 趋势5：AI时代的新"BAT"趋于明确，垂直赛道仍有高盈利玩法 经济观察网2026年1月8日，北京智源人工智能研究院发布年度报告《2026十大AI技术趋势》。报告指 出，人工智能的演进核心正发生关键转移：从追求参数规模的语言学习，迈向对物理世界底层秩序的深 刻理解与建模，行业技术范式迎来重塑。 趋势1：世界模型成为AGI共识方向，Next-State Prediction或成新范式 行业共识正从语言模型转向能理解物理规律的多模态世界模型。从"预测下一个词"到"预测世界下一状 态"，NSP范式标志着 ...

格隆汇1月8日丨润建股份(002929.SZ)公布，公司与京东科技签署了《战略合作框架协议》，拟围绕AI 应用、智算云拓展、智算AIDC合作等多领域开展合作，促进AI技术商业化应用。 1、【AI融合与产业赋能】双方携手深入拓展人工智能技术产业融合与商业实践，计划通过整合双方在 行业模型开发、智能体蒸馏与协同、多智能体系统构建等方面的技术优势，结合双方在AI商业化推广 的能力，共同探索推进AI解决方案在智慧农业、智能园区、数字文旅、智慧零售等领域的规模化落地 与价值创造；2、【共建智算云平台】双方共同投入核心资源，在南宁五象云谷智算中心合作部署京东 云专属高性能智算节点，计划联合打造广西云服务节点，合作采用"共同、共建、共营、共享"的创新模 式，实现双方在云计算与智算领域的深度协同和共赢；3、【润建云升级与拓展】京东计划依托其领先 的云技术架构及庞大生态资源体系支持，全方位协助润建股份完成"润建云"的技术升级和品牌强化，同 时借助京东广泛的市场渠道，共同推动"润建云"产品与服务在多元化市场的业务拓展；4、【智算AIDC 全栈合作】双方拟在算力领域开展全栈式深度合作，涵盖算力基础设施、算力集群服务、算力维保服 务 ...

Core Viewpoint - Meta announced the acquisition of AI startup Manus for several billion dollars, marking its third-largest acquisition to date [3]. Group 1: Acquisition Details - Manus was founded by Chinese entrepreneurs and had its core technology team based in Beijing and Wuhan before relocating to Singapore in June 2025 [3]. - The acquisition is currently under scrutiny by relevant authorities to assess whether it violates technology export control regulations [4]. Group 2: Regulatory Concerns - Authorities are evaluating whether the transfer of Manus employees and technology to Singapore, followed by the sale to Meta, requires an export license [4]. - The review is in its preliminary stage, and no formal investigation has been initiated yet; however, if violations are found, domestic authorities may intervene in the transaction [4]. Group 3: Expert Opinions - Experts suggest that domestic review may not necessarily apply to the Singapore entity's acquisition but rather focus on how the original domestic company and personnel transitioned abroad [4].

2026年1月8日，由南山区打造的常态化、品牌化投融资服务平台"X-Day"西丽湖路演社2026年度首场活 动"启航·未来早期投资专场"在深圳大学城国际会议中心成功举办。本次活动聚焦萌芽期、初创期科技 项目"从0到1"的成长需求，深度链接西丽湖国际科教城X9高校院所联盟的源头创新资源，为前沿科技 项目与顶 级资本搭建了高效精准的对接桥梁。 现场特邀银杏谷资本创始人、董事长陈向明，金沙江联合资本管理合伙人周奇，峰瑞资本合伙人马睿， 啟赋资本合伙人宋昶，南科大资产公司总经理曹洪亮，力合创投副总经理康绳祖，汇通金控副总经理胡 再霞，南山战新投副总经理黄恒中，工商银行深圳南山支行副行长黎佳楠，国寿财险深圳分公司总经理 助理石峰担任点评嘉宾，为项目发展与资本对接提供专业见解。 此外，路演通过Ai南山、投资界、深交所科融通V-Next、中国基金报、创业邦、甲子光年等多个平台进 行同步直播，线上线下联动打破空间界限。 前沿项目，捕捉硬核科技新机遇 此次活动精心筛选六个锚定未来产业方向的优质早期项目登台路演，充分彰显南山区科创生态的蓬勃活 力与深厚底蕴。路演项目矩阵全面覆盖人工智能、新能源、先进制造等多个战略新兴赛道，技术创 ...

Core Viewpoint - Dongwu Securities expresses optimism about Zhipu AI's strengths in local model technology, open-source ecosystem, and local implementation capabilities, anticipating stable growth in local business and cloud services as the main growth driver, suggesting to pay attention to the company [1] Company Overview - Zhipu AI, established in 2019, is a leading independent general large model developer in China, originating from Tsinghua University's Knowledge Engineering Group (KEG) [1] - The company has developed its own GLM (General Language Model) pre-training framework, which differs from mainstream GPT architectures, offering unique advantages in long text understanding, logical reasoning, and low hallucination rates [1] - Zhipu AI follows a dual strategy of open-source and commercialization, creating a comprehensive model matrix covering language, multimodal, code, and intelligent agent fields, with flagship products GLM-4.5 and GLM-4.7 ranking high in international benchmark tests [1] Market Position - According to Frost & Sullivan data, Zhipu AI ranks first among independent general large model developers in China and second overall, with a market share of 6.6% as of 2024 [2] - By mid-2025, the company has served over 8,000 institutional clients, with 9 out of the top 10 internet companies in China using GLM models [2] - The global download volume of open-source models exceeds 45 million, with over 2.7 million registered developers on the MaaS platform, and daily token consumption reaching 4.2 trillion by November 2025 [2] Business Model - The business model centers around the MaaS (Model as a Service) platform, driven by both localized and cloud deployments [3] - Localized deployment targets government and enterprise clients, providing private operation and customization services, accounting for 84.8% of revenue in the first half of 2025 with a gross margin of 59% [3] - Cloud deployment, through API calls and subscription services, is rapidly growing, making up 15.2% of revenue in the first half of 2025, with a focus on increasing API revenue share in the long term [3] Financial Performance - Historical financial performance shows high revenue growth, with revenues of 0.57 million, 1.25 million, and 3.12 million yuan from 2022 to 2024, reflecting a compound annual growth rate of over 130% [3] - In the first half of 2025, revenue reached 1.91 billion yuan, a year-on-year increase of 325%, surpassing the total revenue for 2023 [3] IPO Details - The IPO price is set at 116.20 HKD per share, with a global offering of 37.42 million H shares, raising approximately 4.3 billion HKD, leading to a market capitalization of about 51.1 billion HKD post-funding [4] - The raised funds will primarily enhance general large model research (about 70%), optimize the MaaS platform infrastructure (about 10%), expand ecosystem cooperation and strategic investments (about 10%), and supplement working capital [4] - Key investors include prominent institutions such as Shanghai Gao Yi, GF Fund, and Taikang Life, with the founding team controlling about 33% of shares through a concerted action agreement [4] Competitive Advantages - The company's core competitive advantages lie in its full-stack self-research technology system, leading model performance, open-source ecosystem, and deep adaptation to domestic computing power [4] - The R&D personnel account for 74%, with a core team from Tsinghua KEG, possessing deep academic accumulation in natural language processing [4] - The rapid iteration of the GLM series, particularly GLM-4.7, shows strong performance in programming scenarios, while AutoGLM enables AI to autonomously operate smartphones and computer GUIs, marking a new paradigm for agents [4] Revenue Forecast - Revenue projections for 2025-2027 are estimated at 790 million (up 151%), 1.55 billion (up 97%), and 3.22 billion (up 108%), with a gradual shift from localized to cloud-dominated revenue structure [5] - The overall gross margin is expected to reach 50% in 2025, stabilizing around 51% in 2026-2027, with cloud gross margins improving from low levels to 40% [5] - The valuation for Zhipu AI in 2026 is projected at a PS ratio of 30 times, higher than comparable companies, but with significant room for compression as revenue grows rapidly [5]