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UBS: The training cost for China’s top AI models is about one-tenth of overseas industry leaders

2026-07-24 17:06:22

Abstract generation in progress

Golden Finance reported that on July 24, UBS Securities China Internet industry analyst Xiong Wei said at a media briefing that as demand is segmented, pricing power among different model tiers is diverging. According to statistics, the training cost of China’s top models is about one-tenth of that of overseas leading players. In terms of inference costs, the API pricing for China models is about 10% to 20% of the average pricing of overseas comparable models, while still maintaining a gross margin level of 20% to 40%. It is slightly lower than that of U.S. peers, but it remains a very healthy level. Moreover, this advantage is not driven by aggressive subsidies or vendors’ frantic concessions, but by structural cost-efficiency advantages, including training algorithm innovation and architecture design, differences in model strategy focus, and coordination across open-source ecosystems, among other factors. (Securities Times)

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