JPMorgan has identified Zhipu AI as a winner in China's generative AI space, maintaining its overweight rating while downgrading rival MiniMax to neutral.
The two companies' commercialization paths diverged after mid-March. Zhipu demonstrated pricing power with its GLM-5 series of large language models, raising service prices. MiniMax, on the other hand, failed to show equivalent pricing power in code and language models and has pivoted to a broader tool suite including video generation and consumer apps. JPMorgan noted that Zhipu enjoys clearer model visibility and pricing advantages in a fiercely competitive market.
At the Hong Kong market close, Zhipu shares surged over 32.5%, while MINIMAX-W rose 6.7%.