Western Securities: Accelerating the Industrialization of AI, Domestic Leading Model Manufacturer ARR Achieves a Leapfrog.

West Securities released a research report stating that the commercialization process of AI large models has achieved a "quantum leap" from 1 to 10, with domestic leading model manufacturers represented by Zhipu and MiniMax showing exponential growth in paid token consumption and ARR. Especially in core scenarios such as AI coding, user growth is rapidly increasing. The application of large models is gradually forming a virtuous cycle of "quantity and price rising", and its commercial value is being validated by the market, with large model manufacturers gaining pricing power in core scenarios such as programming. In terms of AI engineering, the emergence of the new concept of Harness Engineering, along with the passive open source of Claude Code, is expected to accelerate the process of large-scale deployment of Agent applications.