Zhipu AI recently passed a hearing with the Hong Kong Stock Exchange. Information shows that Zhipu is a leading independent general-purpose large model developer in China, with a model matrix covering various parameter scales including small on-device models, economical models, and flagship large models with hundreds of billions of parameters, which can specifically meet the particular needs of different clients. Zhipu combines AI models and intelligent agent tools into integrated products through a one-stop MaaS platform. This platform mainly provides four types of models: language models, multimodal models, intelligent agent models, and code models, along with a wide selection of intelligent agent templates and tools, enabling three-step fine-tuning for specialized models and no-code application development, and supports both on-premise and cloud deployment methods. Zhipu's revenue is growing rapidly, currently primarily coming from on-premise deployment. For 2023, 2024, and the first half of 2025, Zhipu's revenue was 125 million yuan, 312 million yuan, and 191 million yuan respectively, with year-on-year growth rates of 116.93%, 150.86%, and 325.03%. Revenue from on-premise deployment accounts for a relatively high proportion, constituting 85% of total revenue in the first half of 2025. In terms of customer type, the internet and public service sectors are the main sources of revenue, accounting for approximately 72% and 68% collectively in 2024 and the first half of 2025, respectively.
MiniMax has launched a series of native AI multimodal products targeting global consumer end-users. The company's self-developed large model portfolio, centered on MiniMax M2, Hailuo-02, and Speech-02, possesses long-context processing capabilities and can understand, generate, and fuse multiple modalities such as text, vision, and audio. These models support the company's core AI-native products—including MiniMax, Conch AI, MiniMax Voice, Talkie/Starfield, as well as an open platform for enterprises and developers. The company's consumer user base has grown rapidly; as of September 30, 2025, the company's average MAU was approximately 27.6 million, and the number of paying users for its AI-native products was about 1.77 million. MiniMax's revenue primarily comes from consumer subscriptions and online marketing services. For 2023, 2024, and the first nine months of 2025, MiniMax's operating revenue was $3.46 million, $30.523 million, and $53.437 million, respectively. In the first nine months of 2025, revenue from the company's AI-native applications was $38.02 million, accounting for 71.1% of total revenue, while enterprise service revenue was $15.42 million, accounting for 28.9% of revenue. Among these, subscription revenue from the main products Conch AI and Talkie/Starfield, along with online marketing service revenue, contributed significantly.
Pacific Securities believes that the successive listings of large AI model companies are catalyzing the AI industry and are expected to positively impact both AI applications and computing power. Key recommendations include Kingsoft Office, Fengzhushou, Yonyou Network, Hehe Information,熵基科技 (Shangji Technology), and云从科技 (Cloudwalk Technology). The explosion of AI applications will also lead to a significant increase in demand for computing power, with key recommendations focusing on Hygon Information, Lenovo Group, and Colorlight.
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