中国AI面临变现挑战：算力投入倍增但收入仅为OpenAI等10%

China’s AI challenge is no longer just compute, it is monetization.

All Chinese AI models combined generate only around 10% of the ARR of OpenAI and Anthropic, even as China prepares to double AI infrastructure spending;

China is on track to double AI infrastructure spending to $139 billion this year

the widening gap between capex and revenue is why financing and profitability could become the real constraint on China’s AI expansion.