基础设施完善，关注垂类AI应用布局机会

01 /CONTENTS 0102030405 MiniMax01 2026MiniMax52210MiniMax3 B2025GLM Coding Plan24.2MiniMaxCCMiniMaxAgentAITalkie╱2002.36 DeepSeek V402 264 24DeepSeekDeepSeek-V4AgentAgentSonnet 4.5Opus 4.6Gemini-Pro-3.1 Hy3 preview03 AIAIHy3 preview428OpenRoutertokenAI2643D2.0HY-World 2.0AI 04 AI1030HappyOysterHappyHorse AI40%AI30%50%AIARR6100300AI8 C05 QuestMobile3.4AIAPPAICAI MiniMaxAICAIAIAIAIAI AnthropicBAI07 The InformationAIAnthropicOpenAI34AIAI80066AnthropicOpenAI80089%Anthropic650026Q180AIB Open AIC08 262 10OpenAIChatGPT8ChatGPT GoChatGPT ProBusiness Enterprise EducationOpenAIChatGPTAI OpenAIC+ AI09 26Q1Gemini Enterprise40%160Token25Q410026Q163%Backlog22204620GCPTPUTPU2026202724OPM2.8 PCT32.9%TPUAIB AI10 AIGEOTokenAPISeedanceAIAIAI GEO GEOAIPCAIDeepSeekKimiAIGEO AIAIAI--AI GEO12 SEO123PageRank4SEO GEOAI1AI2sss345GEO GEO13 SEO480500Statista2025SEO48020302025500 GEOGEO30GEO2025Q2GEO200%78%AIGarter202625%AI202850%AI2025GEO112GEO292030240 Token14 GEOTokenTokenAPIAPI SacraTokenOpenRouter20255GMV19001Sacra2026OpenRouter5000Token202552026420AI OpenRouterGPTBERTOpenRouter TokenAPItoken 20 15 20253507.897.68%6.831.35%20252570.767.92%204.5510.23% ARPU20261-3971.722.54%13.38% 16 2025153229%100 AIAI 17 20263 Google Epic Games1Google Play20%10%2 GoogleAppGoogle320329 30App StoreiOSiPadOSApple AppApp30%25% 25A2618 A2025Kingshot202520262026 AI19 12AI42D3D5IBMAIWatson906 AI20 AIAIGCAIGC60%AIAI50% AI21 IPPIAA202402025300+/202581000+/20241/20/202580/20258400/ROI1.8ROI1.1++100 2024IP1689202340.63%202520212029308912.83% 22 AI++AI 23 1.AISeedance 2.AIAIAI 3.AITokenAPI THANKS FORLISTENING