以下文章来源于智能涌现 ，作者周鑫雨 智能涌现 . 直击AI新时代下涌现的产业革命。36氪旗下账号。 从"六小虎"最早IPO的企业，到2025年最快成为独角兽的AI公司，为何都出自"商汤系"？ 文 ｜ 周鑫雨 编辑 ｜ 苏建勋 来源｜ 智能涌现（ID： AIEmergence） 封面来源 ｜ 企业官方 在硬件领域，让投资人们集体FOMO（害怕错过）的一个词，是"大疆系"。AI领域，近来让人同样心颤的，则是"商汤系"： 如果你曾驾车驶过上海中环路，可能会在高架上看到商汤科技如同航空母舰般的大楼。其实只需从大楼后面的林荫道步行十几分钟，就能抵达另一家AI独 角兽：上海稀宇科技有限公司，它有一个更广为人知的名字：MiniMax。 两家AI公司比邻而居，创始团队更是有颇深的渊源。MiniMax的创始人是前商汤科技副总裁、研究院副院长及智慧城市事业群CTO闫俊杰。 就在2025年12月下旬，MiniMax和另一家大模型创业公司智谱AI，分别通过港交所聆讯，并发布了招股书，预计最早在2026年1月上市。 靠着模型和ToC产品并行的商业化布局，MiniMax是为数不多已经迈入"亿元年营收俱乐部"的中国AI公司。招股书显示， ...

Core Insights - The article highlights the emergence of AI companies from the "SenseTime system," particularly focusing on MiniMax and its rapid growth in the AI sector, positioning it as a significant player alongside other startups like Vivix AI [1][4]. Financial Performance - MiniMax has achieved significant revenue growth, with a reported income of $53.437 million for the first nine months of 2025, surpassing its total revenue of $30.523 million for the entire year of 2024 [2][3]. - The company is nearing breakeven for its consumer products, indicating a positive trend in its financial health [2]. Company Background - MiniMax was founded by Yan Junjie, a former executive at SenseTime, showcasing a strong connection between the two companies [1][5]. - The company is part of a broader trend where many successful AI startups are emerging from the SenseTime ecosystem, leveraging the technical expertise and experience gained from their parent company [4][7]. Market Position - MiniMax is recognized as one of the few Chinese AI companies that have entered the "billion-yuan annual revenue club," reflecting its competitive position in the market [2]. - The company has developed a diverse product matrix, including notable AI applications like Talkie and the MoE model, which have received positive feedback both domestically and internationally [12][13]. Talent and Expertise - The success of MiniMax and other SenseTime-affiliated startups is attributed to the unique combination of technical skills and practical experience possessed by their founders, many of whom have a strong background in AI research and development [9][10]. - The article emphasizes the importance of having both technical achievements and a comprehensive product development history in the AI startup landscape [9][11]. Investment Landscape - The rapid growth and promising prospects of MiniMax have attracted significant investment interest, with the company expected to go public in early 2026 [2][5]. - Other startups from the SenseTime ecosystem, such as Vivix AI and VAST, have also seen substantial valuations and funding, indicating a robust investment climate for AI ventures linked to SenseTime [4][15].