JPMorgan Chase maintains its bullish rating on Zhipu and lowers its target prices for Zhipu and MiniMax

JPMorgan Chase has released a report stating that the stock price of Zhipu has experienced an excessive correction and maintains an overweight rating, lowering the target price of Zhipu from HKD 2400 to HKD 1600 and the target price of MiniMax from HKD 240 to HKD 160. JPMorgan estimates that Zhipu ARR is about $1 billion, DeepSeek is about $500 million, MiniMax and Kimi are about $300 million each, and China's leading independent model suppliers total about $2.1 billion, compared to Anthropic ARR of about $69 billion. The report analyzed the impact of the release of Kimi K3 on the valuation and commercialization of China's AI model industry.