Large modeling companies concentrate on going public to catalyze the AI industry. Pacific Securities recommends keeping an eye on Hygon Information Technology, Lenovo, and others.

Recently, Zhipu went through a hearing at the Hong Kong Stock Exchange. Data shows that Zhipu is a leading independent general model manufacturer in China, with its model matrix covering a variety of parameter scales such as small models on the end side, economic models, and flagship large models with billions of parameters, which can specifically meet the specific needs of different clients. Zhipu integrates AI models and intelligent body tools into integrated products through a one-stop MaaS platform. The platform mainly provides language models, multimodal models, intelligent body models, code models, and a wide range of intelligent body templates and tool selections, enabling three-step fine-tuning of dedicated models and codeless application development, supporting both local deployment and cloud deployment. Zhipu's revenue is rapidly growing, with the current revenue mainly coming from local deployment. In the first half of 2023, 2024, and 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% respectively. Local deployment revenue accounts for a high proportion, with 85% of total revenue in the first half of 2025. In terms of customer types, the Internet and public services are the main sources of revenue, accounting for about 72% and 68% in the first half of 2024/2025. MiniMax launched a series of native AI multimodal products for global C-end customers. The company's self-developed large models, including MiniMax M2, Hailuo-02, and Speech-02, have the ability to process long contexts, understand, generate, and integrate multiple modes such as text, vision, audio, etc. These models support the company's core AI native products, including MiniMax, Hailuo AI, MiniMax Voice, Talkie/Hoshino, and the open platform for enterprises and developers. The company's C-end user base is growing rapidly, with an average MAU of about 27.6 million as of September 30, 2025, and approximately 1.77 million paid users of AI native products. MiniMax's revenue mainly comes from C-end subscriptions and online marketing services. In the first nine months of 2023, 2024, and 2025, MiniMax's operating revenue was 34.6/305.23/534.37 million US dollars. In the first nine months of 2025, the company's AI native application revenue was 38.02 million US dollars, accounting for 71.1% of revenue, and enterprise service revenue was 15.42 million US dollars, accounting for 28.9% of revenue. Among them, the subscription revenue of core products Hailuo AI, Talkie/Hoshino, and online marketing services made a significant contribution. Pacific Securities believes that AI large model companies are beginning to go public, catalyzing the AI industry and having a positive impact on AI applications and computing power. Key recommended companies include Beijing Kingsoft Office Software, Inc, Fengzhushou, Yonyou Network Technology, Intsig Information, Zkteco Co., Ltd., and Yun Cong Technology. The explosion of AI applications will also lead to a significant increase in computing power demand, with key recommendations for Hygon Information Technology, LENOVO GROUP, Colorlight Cloud Tech, and others.