<p>Didn't get the mass spectrometry, can only hope for 00100 to get a perfect score.</p>

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

Tencent

TENCENT

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

MINIMAX-WP

KNOWLEDGE ATLAS

<p>The "Hundred Model War" in China's AI industry is coming to an end, with the real players reduced to 10 companies. The most striking conclusion is that the largest profit pool will belong to major companies like Tencent and Alibaba that control distribution, rather than the model companies. Among independent vendors, KNOWLEDGE ATLAS maintains a high gross margin of 59% through localized deployment, while MiniMax breaks through with 73% of overseas revenue and a full-modal product lineup. Models are no longer scarce; monetization is the key</p>

- A report by JPMorgan on China's AI industry indicates a shift from model proliferation to the importance of commercializing capabilities and global reach.  
- The analysis suggests that while independent firms like Zhipu and MiniMax have growth potential, the primary profit pool is likely to concentrate among major platforms like Tencent and Alibaba, due to their distribution and monetization advantages.  
- To survive, independent companies must adopt a "structural neutrality" strategy, enabling them to serve clients without directly competing with major platforms.

Wallstreetcn

China's AI War: The "Hundred Models Battle" has ended, and the largest profit pool belongs to the big companies. How will KNOWLEDGE ATLAS and MiniMax break through?

新用户_Austin