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MiniMax上市招股书深度解读：AI巨头的财务与前景

2025-12-22 分类：前沿哨所阅读(3) 评论(0) 赞(0)

智谱 GLM，支持多语言、多任务推理。从写作到代码生成，从搜索到知识问答，AI 生产力的中国解法。

MiniMax作为国内头部AI厂商在港股上市，其招股书显示2025年前9个月收入达5343万美元，同比增长174%，ToC业务毛利率从负转正至4.7%，ToB业务毛利率高达69.4%。研发开支是收入的3倍多，主要用于模型训练。公司现金流健康，账上现金10亿美元，能支撑运营3.58年。累计用户2.12亿，MAU 2760万，付费用户增长显著。业务模式聚焦ToC情感陪伴、Agent和视频生成，与智谱对比展现出更健康的商业逻辑。尽管面临迪士尼侵权诉讼，但发展前景乐观，值得科技读者关注。

原文链接：Linux.do

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未经允许不得转载：Toy Tech Blog » MiniMax上市招股书深度解读：AI巨头的财务与前景

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