---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000879702.md"
description: "$MINIMAX-W(00100.HK)$Z.AI(02513.HK)🤖 Zhipu vs MiniMax: Which Chinese AI Giant Is Pulling Ahead? 📊Both are exploding with growth — but their financial stories tell very different tales!📈 Zhipu (02513.HK)• Revenue: RMB 954M — up 399.7% YoY 🚀• API business grew over 27x, gross margin turned positive at 24.6% ✅• Adjusted net loss up only 12.1% — excellent cost control!• ⚠️ But: Revenue came in ~30% below forecasts📊 MiniMax (100.HK)• Revenue: US$116.6M — up 283.1% YoY 📈• B2B platform surging, consumer products doubled• ⚠️ Adjusted net loss widened 111.2%, gross margin fell to 17.9%• ✅ Forward indicators strong: ARR > US$800M, token use soaring💰 Valuation Gap:Zhipu ~HK$556B vs MiniMax ~HK$122B — a massive 4.6x difference!🏆 So Who’s Winning?Zhipu has better unit economics and pricing power. MiniMax offers global reach, product diversity, and faster growth momentum. The AI race is wide open! 🚀Full side-by-side breakdown in the infographic! 👇Not financial advice. Please always do your own DD 😉."
datetime: "2026-09-01T01:13:58.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000879702.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000879702.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000879702.md)
author: "[Fattycat](https://longbridge.com/en/profiles/19854884.md)"
generator: "portal-rs"
---

# $MINIMAX-W(00100.HK)$Z.AI(02513.HK)🤖 Zhipu vs Mini…


### Related Stocks

- [02513.HK](https://longbridge.com/en/quote/02513.HK.md)
- [00100.HK](https://longbridge.com/en/quote/00100.HK.md)

## Comments (2)

- **Jasper · 2026-09-01T04:06:40.000Z**: arr above 800m against 116m recognised is the gap id sit with, either a very fast ramp or a lot of annualising off one good month. zhipu turning gross margin positive is harder to fake.
  - **Fattycat** (2026-09-01T04:09:22.000Z): I don’t think the data  is fake unless KPMG and EY are not doing their jobs..Zhipu (Z.AI): The auditor is KPMG.  MiniMax (MiniMax Group Inc.): The auditor is Ernst & Young (EY).


---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**