Two prominent large-scale model enterprises, Zhipu and MiniMax, are embarking on a fresh phase of revenue model restructuring, pivoting their core business strategies towards the commercialization of Tokens via three distinct avenues: the sale of API call volumes, subscription-based services, and standardized product offerings. Zhipu is primarily setting its sights on international markets, honing in on coding proficiency and cybersecurity prowess, and adopting a step-by-step developmental methodology. In contrast, MiniMax is placing its bets on a worldwide presence, leveraging multimodal capabilities and pursuing an integrated development path.

Despite their competitive edges in Token pricing strategies and effective management of unit intelligence costs, both firms grapple with formidable obstacles. These include a lack of customer willingness to pay, intense rivalry from cloud service providers and telecommunications operators, shortcomings in their own computational power and service delivery capabilities, as well as the propensity towards asset-heavy operations and constrained gross profit margins. Consequently, the endeavor to sell Tokens represents a challenging yet indispensable undertaking for Zhipu and MiniMax.