注： [1].摘自招股书和公司官网 [2].安永华明会计师事务所（特殊普通合伙） 在此，安永团队热烈祝贺MiniMax在港股主板成功上市，安永团队也将持续助力更多企业登陆资本市场。 关于MiniMax[1] MiniMax是一家全球化的AI大模型公司，致力于"与所有人共创智能"，并自主研发了一系列多模态通用大模型。这些模型支持着公司的核心AI原生品—— 包括MiniMax、海螺AI、MiniMax语音、Talkie/星野，以及面向企业和开发者的开放平台，为全球用户提供极致的智能体验。 2026年1月9日，MiniMax Group Inc.（股票代码：0100.HK，以下简称"MiniMax"）在香港联合交易所主板挂牌上市。 安永作为申报会计师，始终秉承拼搏精神，以坚忍不拔的意志和精益求精的专业态度，克服了上市任务繁重和申报时间紧迫等多方面困难。在整个上市进 程中，安永团队与MiniMax、保荐人及其他中介机构精诚合作，以我们高质高效的工作能力、认真负责的敬业精神和优质的服务赢得了公司管理层、保荐 人及其他中介机构的高度认可和赞扬。 本文是为提供一般信息的用途所撰写，并非旨在成为可依赖的会计、税务、法律或其他 ...

2026.01.10 本文字数：3322，阅读时长大约5分钟 作者 |第一财经 刘晓洁 这两天，两家大模型公司齐聚港交所，估值一个接近700亿港元，一个已经破了千亿港元，市场情绪高 涨。 1月9日，MiniMax（00100.HK）上市首日大涨近110%，收报345港元/股，总市值超过1050亿港元。此 前一日，智谱（02513.HK）先一步挂牌上市，当天上涨超13%，9日股价继续大涨超20%至158.6港元/ 股，总市值来到698亿港元。 两家公司在上市前都获得了超千倍的认购，但从开盘来看，MiniMax获得了更多的市场投票。对于 MiniMax的涨幅行业人士多少也有点惊讶，"一开始预测市场看好这家公司，但也不觉得能涨一倍。" 天使投资人、资深人工智能专家郭涛认为，智谱与MiniMax的市值差距或许源于商业化路径的差异，C 端相较B端能获得更多的溢价。 从整个行业来看，两家公司的上市或许也会改写格局，最明显的是，曾经热议的"大模型六小龙"逐渐淡 出，"AI双雄"的说法出现了。一位押注了大模型的投资人认为，两家公司的上市不仅为赛道"定了价"， 另一方面"市场地位会完全不一样"。 市值分化背后：商业路径之差 在 ...

Core Viewpoint - MiniMax, a technology company specializing in AI models, successfully listed on the Hong Kong Stock Exchange, marking a significant milestone in the global AI industry, particularly in the large model sector [1][13]. Company Overview - MiniMax's IPO involved issuing 29.2 million shares at a price of 165 HKD per share, raising a total of 4.82 billion HKD [3][15]. - The company emphasizes that its core competency lies in its model capabilities rather than specific products, adhering to the philosophy that "Model is Product" [3][15]. - Founded in 2021 by former SenseTime vice president Yan Junjie, MiniMax has established itself as one of the few companies with self-developed multimodal large model capabilities [4][16]. Financial Performance - MiniMax's revenue is projected to reach 53.44 million USD by September 2025, a significant increase from 19.45 million USD in the same period of 2024, driven by the adoption of AI native products and diverse monetization channels [6][19]. - The company has incurred substantial R&D expenses, with losses reported at 10.6 million USD, 70 million USD, 189 million USD, and 139 million USD for the years 2022, 2023, 2024, and the first three quarters of 2025, respectively [7][19]. - Cumulatively, MiniMax has spent 500 million USD since its inception, which is less than 1% of the expenditures of OpenAI, estimated between 40 billion to 55 billion USD [7][19]. Market Positioning - MiniMax has over 200 million individual users and more than 100,000 enterprises and developers across over 200 countries and regions as of September 2025 [6][18]. - The company is positioned in a competitive landscape where it is compared to other AI firms, with a focus on different market segments: one targeting the domestic B2B market and the other focusing on global subscription models [6][18]. Industry Insights - The global large model market is in its early commercialization stage, with projections indicating a growth from 10.7 billion USD in 2024 to 20.65 billion USD by 2029, reflecting a compound annual growth rate (CAGR) of 80.7% [11][23]. - The large model application market is expected to grow from 7.1 billion USD in 2024 to 151.5 billion USD by 2029, with a CAGR of 84.3% [11][23]. - MiniMax's successful IPO reflects investor confidence in the resilience of the Chinese AI industry, with 14 cornerstone investors participating in the IPO, collectively subscribing approximately 2.723 billion HKD [11][23]. Competitive Landscape - The listing of companies like MiniMax is expected to create a tiered structure within the industry, leading to a "Matthew effect" where listed companies gain advantages in business expansion, financing costs, and talent acquisition [12][24]. - The competitive environment is intensifying, with remaining players facing challenges in business acquisition and cost control as the market matures [12][24].

《星岛》记者 周昊 实习记者 胡心兰 深圳报道 1月8日，国内知名大模型企业北京智谱华章科技股份有限公司（02513.HK，下称"智谱"）正式登陆港 交所。公司当天股价走出过山车，开盘涨幅超3%至120港元，更一度跌穿招股价，低至116.1港元，截 至当日收盘报131.5港元，上涨13.17%，港股市值达283.65亿港元。 但张鹏指出，市场已经从2023年的"百模大战"逐渐"收敛"，行业正从同质化竞争转向分层协作，形 成"竞合为主、合作大于竞争"的状态，属于良性发展阶段。 | 智谱(HK:02513) | | | 加自选 | | --- | --- | --- | --- | | HK$131.5 +15.3 +13.17% [2206 | | | 6367 球友关注 已收盘 01-08 16 08:09 北京时间 | | 最高:135.0 | 今开:120.0 | 成交量: 1751.82万股 | 换手:8.12% | | 最低: 116.1 | 昨收:116.2 | 成交额:22.29亿 | 振幅:16.27% | | 52周最高: 135.0 | 量比: -- | 市盈率(动): 与损 | 市盈率(T ...

智通财经APP获悉，近日，备受关注的智谱AI港股招股收官，并将于1月8日以"2513"为股票代码，正式 在港交所主办挂牌上市。届时，"全球大模型第一股"将正式诞生，估值有望达到511亿港元。同日，另 一家AI大模型企业MiniMax计划赴港IPO定价，拟以每股165港元的价格发行新股，且认购需求强劲。 据悉，智谱AI成立于2019年，是"大模型六小龙"中最早成立的企业，按2024年收入计，其在国内独立通 用大模型开发商中位列第一。MiniMax是全球领先的通用人工智能科技公司，旗下已推出MiniMax、 MiniMax语音、海螺AI等产品。2025年前9个月，公司营收同比增长超过170%。 两大AI企业火热登陆港股，再度引爆AI赛道。根据UNCTAD的报告，全球AI市场规模预计将从2023年 的1890亿美元飙升至2033年的4.8万亿美元。作为AI应用层的典型代表，AIGC软件A股上市公司万兴科 技（300624.SZ）等AI头部企业，也再度受到市场关注。 从AI产业层面看，大模型正推进AI企业的发展分化。以智谱AI为代表的通用大模型厂商，核心在于夯 实模型底座，通过API调用向开发者和企业输出通用智能能力 ...

整体来看，智谱AI、MiniMax与万兴科技代表了大模型时代三种不同的发展路径：通用模型不断抬升能 力上限，多模态平台拓展应用广度，而应用型企业则在聚焦于将模型能力持续转化为工具的生产力。产 业竞争的焦点不再是"谁的模型更强"，而是能否结合自身擅长纵深发展，将模型能力转化为可复制、可 持续进阶的产品力与服务力。 从AI产业层面看，大模型正推进AI企业的发展分化。以智谱AI为代表的通用大模型厂商，核心在于夯 实模型底座，通过API调用向开发者和企业输出通用智能能力；MiniMax则以多模态大模型为核心，强 调文本、语音、视频等能力的协同发展。万兴科技的AI发展则围绕数字创意内容生产这一高频场景， 其自研大模型聚焦于音视频领域，并与自身软件产品深度融合，覆盖完整的创作流，AIGC应用可覆盖 影视制作、广告营销、媒体机构、企业数字化转型等核心场景，具备持续、高频的使用特征。 公开信息显示，万兴科技是中国数字创意软件领域产品覆盖面广、营收体量大、全球化程度高的A股上 市公司，业务覆盖200多个国家和地区，累计活跃用户超过20亿，被视为"中国版Adobe"。2025年6月， 万兴科技重磅推出万兴天幕音视频多媒体大模型2 ...

Core Insights - The first batch of large model companies in China, including Zhiyu AI and MiniMax, are set to go public, marking a significant milestone in the AI startup landscape by the end of 2025 [1][5] - These companies are taking different paths in their business models, with Zhiyu AI focusing on technology infrastructure and MiniMax targeting consumer applications [1][2] Company Strategies - Zhiyu AI, founded in 2019, has a strong academic background and focuses on a full-stack self-developed approach, primarily generating revenue through Model as a Service (MaaS), which contributed 84.8% of its revenue in the first half of 2025 [6][10] - MiniMax, established in early 2022, adopts a "technology as product" strategy, with a significant portion of its revenue coming from AI-native products, which accounted for 71.4% of total revenue in 2024 [11][12] Financial Performance - Zhiyu AI's valuation reached 24.4 billion yuan, making it a leader among domestic large model companies, with a market share of 6.6% in the general large model development sector [6][10] - MiniMax reported revenues of $3.46 million in 2023, $30.52 million in 2024, and $53.44 million in the first three quarters of 2025, with overseas revenue becoming a significant contributor [11][12] Market Trends - The global large model market is expected to grow from $10.7 billion in 2024 to $20.65 billion by 2029, with a compound annual growth rate (CAGR) of 80.7% [16] - The Chinese large language model market is projected to reach 53 billion yuan in 2024, with enterprise clients contributing 47 billion yuan [15] Competitive Landscape - Zhiyu AI's focus on B-end clients aligns with the market's payment structure, while MiniMax's C-end strategy allows it to avoid direct competition with giants like OpenAI and Google [15][18] - Both companies are exploring potential expansions into each other's domains, with Zhiyu AI looking to enhance consumer electronics and MiniMax expressing intentions to develop B-end services [21] Challenges and Risks - Zhiyu AI faces risks related to client concentration, with its largest client contributing 19% of revenue and the top five clients accounting for 45.5% [10] - MiniMax is dealing with copyright lawsuits from major film studios, which could pose financial risks despite the company's belief in the lack of merit in these claims [14]

得益于近年行业迎来爆发式增长，AI概念也成为了资本市场的宠儿。 近期，主营GPU的摩尔线程（688795.SH）、沐曦股份（688802.SH）已在A股上市，壁仞科技（06082.HK）已经结束了港股市场的招股，当下在暗盘交易中 涨幅约73%。此外，大模型环节的智谱（02513.HK）则于昨日在港股市场启动招股。 公司已经自主研发了一系列大模型，包括MiniMax M系列、Hailuo-02、Speech-02 和Music 2.0，具备代码和Agent能力，以及长上下文处理能力，能够理解、 生成并整合包括文本、音频、图像、视频和音乐在内的多种模态。 发售价为每股151-165港元，假设超额配股权未获行使，以定价区间中值158港元计算，预期募集资金净额为约38.18亿港元。其中，约70%将投入大模型的研 发；约20%用于AI原生产品的开发、改进及全球规模化；剩余约10%被分配至营运资金及一般企业用途。 MiniMax的招股期为12月31日至2026年1月6日，预期将于1月9日上市，每手20股，入场费为3333.28港元。 | 申請認購的 | 申請／成功 | 申請認購的 | 申請／成功 | 申請認購的 | 申請 ...

MINIMAX-WP(00100)于2025年12月31日至2026年1月6日招股，该公司拟全球发售2538.92万股，其中， 香港公开发售占5%，国际发售占95%，另有超额配股权15%。每股发售价151港元-165港元，A类普通 股将以每手20股A类普通股为单位进行交易，预期A类普通股将于香港时间2026年1月9日(星期五)上午 九时正在联交所开始买卖。 假设发售量调整权或超额配股权未获行使及发售价为每股发售股份158.00港元，我们预计将收取全球发 售所得款项净额约38.18亿港元。其中，约90%将用于我们未来五年的研发，包括开发我们的大模型和 我们的AI原生产品;剩余约10.0%将被分配至营运资金及一般企业用途。 MiniMax是一家全球化的AI大模型公司。我们由一群极具前瞻性的工程师创立，致力于推动人工智能科 技创新，实现可执行各种人类智力任务的能力，包括学习、推理、规划以及泛化多元领域知识。 本公司认为，基石配售将有助于提升本公司形象，并表明有关投资者对我们的业务及前景充满信心。本 公司通过本集团的业务网络、先前的融资或全球发售的整体协调人及资本市场中介人的介绍，结识了各 基石投资者。 我们不断将模 ...

Group 1 - Zhiyu is a leading independent general large model vendor in China, offering a matrix of models including small edge models, economical models, and flagship large models with hundreds of billions of parameters to meet diverse customer needs [1] - Zhiyu's one-stop MaaS platform integrates AI models and intelligent tools, providing four types of models: language models, multimodal models, agent models, and code models, along with a wide range of agent templates and tools [1] - Zhiyu's revenue is rapidly growing, with projected revenues of 125 million, 312 million, and 191 million yuan for 2023, 2024, and the first half of 2025, respectively, reflecting year-on-year growth rates of 116.93%, 150.86%, and 325.03% [1] Group 2 - MiniMax has launched a series of native AI multimodal products targeting global C-end customers, featuring self-developed large models like MiniMax M2, Hailuo-02, and Speech-02, which can process long contexts and integrate text, visual, and audio modalities [2] - MiniMax's revenue primarily comes from C-end subscriptions and online marketing services, with projected revenues of 3.46 million, 30.52 million, and 53.44 million USD for 2023, 2024, and the first nine months of 2025, respectively [2] - As of September 30, 2025, MiniMax's average monthly active users (MAU) reached approximately 27.6 million, with paid users of AI native products totaling around 1.77 million [2] Group 3 - Pacific Securities believes that the listing of AI large model companies will catalyze the AI industry, positively impacting AI applications and computing power [3] - The firm recommends several companies including Kingsoft Office, Fengzhushou, Yonyou Network, Hehe Information, Entropy Technology, and CloudWalk Technology as key players in the AI application explosion [3] - The surge in AI applications is expected to significantly increase the demand for computing power, with recommendations for companies like Haiguang Information, Lenovo Group, and Caltech [3]