Jan-Mar 2026 Alibaba AI-related product revenue
Alibaba disclosed RMB8.971B (~$1.3B) of AI-related product revenue inside Cloud Intelligence. This is stronger than generic cloud revenue, but it is still Alibaba platform revenue around Qwen, Bailian, training, inference, and cloud AI products, not a clean Qwen product/API line.
via Alibaba results / SCMPAs of 2026-03-03
MiniMax reported 573.5M CNY (~$79M) FY2025 revenue, up 158.9% YoY, with ARR above $150M.
via MiniMax results / KR AsiaAs of 2026-03-31
Zhipu reported RMB724M (~$105M) FY2025 revenue, with cloud/API revenue growing quickly. Chinese financial media also report MaaS API ARR around RMB1.7B (~$250M) as of March 2026, so the older 2024/H1 2025 framing is now stale.
via Knowledge Atlas annual reportARR, Apr 2026
Moonshot reportedly passed $200M ARR while Kimi reached 50M+ monthly active users.
via TechCrunchAs of 2026-04-15
StepFun reportedly generated about 500M CNY (~$69M) in 2025 revenue, with a 2026 forecast near 1.2B CNY (~$165M).
via CMBI citing CaijingAI-specific revenue unavailable
ByteDance does not disclose Seed/Doubao revenue. 36Kr reports Volcano Engine leading public-cloud model calls and highlights Doubao's phone/agent push as an ecosystem-control test.
via 36KrMiMo revenue not broken out
Xiaomi reported $14.63B in FY2025 Smart EV + AI segment revenue, but MiMo revenue is not separately disclosed.
via Sina FinanceFY2025 embedded disclosure
Tencent does not disclose Hunyuan revenue separately. Signal comes from cloud, Yuanbao, and platform reach.
via Tencent annual reportNo lab revenue line
LongCat fits Meituan workflows, but no separate revenue disclosure exists yet.
Healthcare pivot
Baichuan has a concrete healthcare vertical, but scale remains unclear.
API pricing only
DeepSeek has API pricing and huge model impact, but no disclosed revenue scale.
via 36KrFrontier exit Q1 2025
01.AI is context now; its frontier team was absorbed into Alibaba.