金吾财讯 | 港股AI应用双雄股价大挫，智谱(02513)跌8.8%，报1036港元；MINIMAX-W(00100)跌5.6%，报438.4元。
分析指出，智谱自5月29日创下1993港元历史峰值后，该股累计跌幅逼近50%，市值较高点蒸发超4000亿港元；6月8日纳入恒生科技指数以来，两个交易日累计跌幅超20%。智谱将于7月8日迎来首批限售股解禁，涉及约1198.59万股基石投资者股份。2025年年报显示，公司营收7.24亿元，同比增长131.9%，净亏损47.18亿元，高点市销率超千倍。
MiniMax自3月高点以来股价腰斩，6月1日新模型M3发布后单日收跌15.71%。公司7月将迎来大规模解禁，46.44%股份转为流通，当前流通盘仅5%，叠加早期股东浮盈较高，市场抛压风险上升。2025年其B端收入同比增197.8%，但C端收入增速明显下滑，M3上调定价后在国内市场竞争力受限。公司2025年综合毛利率升至25.4%，亏损规模有所收窄，短期走势取决于解禁消化情况，中期需依靠中报验证M3商业化效果，长期还要应对行业价格战与融资环境变化。
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