Large model companies are quietly transitioning from "pure software" to an integrated software-hardware strategy. Recently, Guangzhou Xiyu Jizhi Technology Co., Ltd. was officially established, with a registered capital of 70 million RMB, and its legal representative is Shi Xinhong. The business scope clearly points to the sales of intelligent robots, AI hardware, development of AI application software, and industry system integration services — this marks that the leading large model enterprise MiniMax in China is accelerating its entry into the AI hardware and embodied intelligence sectors through a physical subsidiary.
Shareholding penetration shows that the company is 100% controlled by an affiliated entity of MiniMax, Shanghai XiYu Jizhi Technology Co., Ltd., and it is an important strategic layout in the South China region. This move not only strengthens MiniMax's depth capabilities in the artificial intelligence industry chain, but also highly aligns with its previously emphasized "technology implementation and scenario closure" strategy after its Hong Kong stock market listing.
Currently, as large model technology becomes more mature, relying solely on API calls or SaaS services is no longer sufficient to build long-term barriers. Tech giants including Alibaba, ByteDance, and Tencent have all invested heavily in AI terminal devices. MiniMax's establishment of a company for hardware sales and system integration may aim to find a physical carrier for its large model capabilities — whether it is intelligent service robots, industry-specific AI terminals, or embedded solutions for B-end customers, they could all become new commercialization paths for the company.
Notably, although MiniMax has shown strong performance in the capital market (with a gain of over 109% on its first day of Hong Kong listing), the issue of low C-end product payment conversion rate remains under attention. By laying out hardware and system integration, the company is expected to tap into the high-margin government and enterprise market, enhancing the stability of its overall revenue structure.
Guangzhou, as a key hub for artificial intelligence and intelligent manufacturing in the Guangdong-Hong Kong-Macao Greater Bay Area, has a complete electronic manufacturing ecosystem and rich application scenarios. By establishing a wholly-owned subsidiary here, MiniMax can easily access supply chain resources and quickly respond to the demand for AI + industry solutions from customers in the South China region.
From "making models" to "building machines," MiniMax's step may be a key signal of Chinese large model companies moving towards full-stack capabilities.
