"K2"发布后很快成为最受国际关注的国产开源大模型，其不仅登顶全球开源模型榜单，还被《自然》杂志评价为 世界迎来"又一个DeepSeek时刻"。今年9月，K2更新了0905版本，进一步提升了其在真实编程任务中的表现，11 月 6 日，其推出并开源了K2 Thinking。 从2025年初和DeepSeek发布"撞车"，到7月以K2模型重回舞台中心，再到9月带来更高编程能力并推出智能体服 务，月之暗面的这一年犹如坐过山车。这家曾经的"中国最受期待的大模型公司"，在经历了用户增长失速、市场 竞争加剧的困境后，正在通过战略调整和产品创新为自己赢得下一次叙事机会。而这家诞生于北京的AI企业，其 发展历程也折射出北京在全球AI产业浪潮中正扮演着越来越重要的角色。 新京报贝壳财经记者探访这家总部位于北京海淀的公司得知，"K2"由创始人杨植麟命名。事实上，这个名字也代 表了月之暗面当前所面临的挑战以及他们所做出的决定——攀登者需直面险峰，而创新者需直面未知的暗面。 聚焦基础研发，Kimi"重回牌桌" 2025年初，当DeepSeek以惊人的速度席卷市场时，月之暗面或许是最受冲击的AI公司之一。不仅是模型发布时 间"撞车"， ...

Core Insights - The company "月之暗面" (Kimi) is gaining attention in the large model industry due to rumors of a new round of financing amounting to hundreds of millions of dollars, with potential involvement from the well-known VC firm a16Z [1] - The company has rapidly risen in 2023, completing multiple financing rounds and accumulating over 11 billion yuan in total funding, with notable investors including Sequoia Capital and Alibaba [3] - The core product Kimi has been recognized for its long-text processing capabilities and is seen as a leading domestic product in the chatbot sector [3] - The company is facing intense competition within the "six small dragons" of the large model landscape [4] - The valuation of competitors like Zhiyu AI and MiniMax has surpassed that of Kimi, with Zhiyu AI valued at 40 billion yuan and MiniMax at 30 billion yuan [5] - User growth has slowed significantly, with Kimi's monthly active users at approximately 27 million, far below competitors like Doubao and DeepSeek [6] - The commercialization efforts of Kimi are struggling, with the model Kimi K2 not appearing in the top 20 model usage rankings [7] - The founder's strategic choice emphasizes a commitment to core technology and long-text processing, opting to focus on the K2 model while rejecting a shift to more easily monetizable B2B or B2G markets [7] - The company is prioritizing overseas markets for growth, aiming for 100 million USD in revenue within a year through both domestic and international markets [9] - The future remains uncertain as the competitive landscape may shift with the release of new products like DeepSeek R2 [9]