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！ 来源：晚点LatePost 智谱:更高的人力成本 更多的算力开支 人力成本 算力成本 单位:亿元 营业成本 (主要用于推理) (3.02) L 其他成本 (7.69) 研发人力开支 研 发 (44.03) 开 算力开支 (30.24) 支 (主要用于训练) සි 累计融资 资 (83.44) 金 量销 开支 (6.1) 其他研发开支 (7.12) ■ 营销人力开支 广告开支 行政 累计营收 开支 (6.85) (4.17) = 其他营销开支 行政人力开支 融资 开支 ■ 其他行政开支 注释:累计融资指公司各轮股权融资中实际收到的现金对价之和;收入和开支取 2022 年至 2025年的总和,2025年度数据取前两个季度。 晚点小数据 ○ 拾 资料来源:智谱招股书、Wind MiniMax:更高的推理成本 更多的广告开支 单位:亿元 营业成本 人力成本 (5.04) 算力成本 (4.76) (主要用于推理) 其他成本 (6.52) 研 研发人力开支 发 (31.49) 开 查 算力开支 (23.41) (主要用于训练) 累计融资 (109) ...

文 | AIX财经，作者 | 王璐，编辑 | 魏佳 在智谱AI披露招股书之后不到48小时，同属"大模型六小龙"的MiniMax（上海稀宇科技有限公司）也公 布了招股书。就在几天前，两家公司已先后通过港交所上市聆讯。两份招股书前后脚亮相，将国内头部 大模型公司的商业路径、财务数据与潜在风险，首次摆到大众面前。 智谱AI的招股书率先引发关注，其持续高投入的研发模式与三年半累计亏损超62亿的金额，成为市场 讨论焦点。外界普遍将其视为深耕底层技术的代表，商业化主要围绕B端客户展开。 MiniMax则呈现出另一条发展轨迹。过去三年零九个月里，其营收8742万美元（约合6.2亿元人民 币），不及智谱AI三年半的表现，但同期累计亏损达13.2亿美元（约合92.9亿元人民币），超过智谱 AI。与此同时，MiniMax在招股书中着重强调了其多模态大模型能力，以及由此孵化出的多款C端产品 矩阵，收入结构更偏向AI产品侧变现。 两家公司的路线差异，让外界的讨论进一步分化。一部分人认为，在目前大模型公司都处在亏损的现状 下，MiniMax"多模态+重产品"的打法，对资金与算力的消耗更为集中，C端应用能否持续覆盖成本仍存 在不确定性。 ...

Core Viewpoint - MiniMax is emerging as a significant player in the AI industry, showcasing rapid growth and innovation with its new models and open-source initiatives, particularly the MiniMax-M1 model, which is being hailed as the "new king of cost-performance" in the AI landscape [1][2][10]. Company Background - MiniMax was founded in early 2022 by Yan Junjie, a PhD graduate from the Chinese Academy of Sciences, who previously held key positions at SenseTime [4][5]. - The company aims to create general artificial intelligence (AGI) and has positioned itself as a technology-driven entity, focusing on high-performance algorithms and models [6][7]. Product Development - MiniMax has been proactive in developing large models, launching its first AI product in October 2022, and has since introduced several consumer-facing products [6][7]. - The company has adopted a unique approach by investing heavily in the Mixture of Experts (MoE) architecture, which has set it apart from competitors still focused on dense models [7][8]. Recent Innovations - The MiniMax-M1 model supports the highest input context of 1 million tokens and has significantly reduced reinforcement learning costs to $530,000, outperforming similar models in efficiency [14][16]. - MiniMax has also launched the Hailuo 02 video generation model, which has expanded its parameter count and data volume, allowing for cost-effective 1080p video generation [17][20]. Market Position and Growth - MiniMax has achieved impressive user engagement, with its models interacting with global users 3 billion times daily, and has established a strong presence in over 200 countries [9][10]. - The company has successfully raised significant funding, with a valuation exceeding $2.5 billion following a recent round of financing led by Alibaba [24][25]. Future Outlook - MiniMax is committed to innovation and aims to carve out its own path in the competitive AI landscape, with aspirations to be among the leading companies in AGI development [28].