I don’t get it. No matter how good MiniMAX and Zhipu’s large model performance and reputation are, no matter how tight the Token supply is, can they really profit just by selling Tokens? After all, even OpenAI and Anthropic are losing money selling Tokens. The ultimate winner in AI commercialization definitely won’t be the ones making fancy lobster toys for developers. It’ll be the ones targeting real consumers. And this is exactly Alibaba’s advantage. Alibaba’s ecosystem—Alipay, Taobao Tmall, Flash Sale, Maoyan, Gaode— basically covers every aspect of daily life for Chinese people. And the 3 billion RMB red envelope campaign for the Qianwen AI APP seamlessly integrates them into the AI Agent workflow with almost zero friction. This is an edge that Tencent and Toutiao simply can’t match.