透视智谱 MiniMax招股书 AI公司担心的事情也在影响你

21世纪经济报道
Dec 24, 2025

21世纪经济报道记者 王俊 实习生 蔡欣佁  12月19日、21日,“AI六小龙”智谱和MiniMax在48小时内先后通过港交所聆讯,并披露了招股书。  对两家公司千页招股书里的商业模式、财务表现已有不少解读,但在商业故事之外,我们发现还有很多亮点值得关注,包括大模型的叙事变化与合规担忧:  1、安全、可信成为大模型竞争力的重要维度  安全、可信不再是被动披露的“成本项”,而是直接关系到产品是否...

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