文 | 光子星球
双11前夕，大模型厂商MiniMax入驻天猫，开设其首家品牌官方旗舰店，销售Token订阅套餐产品。目前，店铺已经上架M Plan订阅套餐，包括Go、Explore、Build三档套餐，支持按月、按年购买。
这种在电商平台上架Token订阅套餐的模式，和早年电商售卖手机流量包、话费充值的逻辑相似，运营商将看不见摸不着的资源量化打包，做成按月选购、随用随扣的预付费产品。只是交易标的从通信流量，变成大模型调用算力。
除MiniMax外，今年9月，智谱、阿里云百炼、千问办公等大模型厂商均已开设旗舰店，天猫同期上线“AI空间站”充值中心，将大模型厂商的订阅都放在同一个入口。
AI厂商如火如荼入驻电商平台的背后，是大模型API调用额度，从后台技术接口走向更加标准化的数字商品。
过去两年，大模型竞争的一个核心指标是技术能力，厂商更加关注与维护私有化部署业务的B端客户和专业开发者。而如今，在专业化客户渠道之外，AI模型调用服务的销售渠道逐步打开。
目前，天猫官方确认已经跟大模型公司进行了沟通，主要关于双11会有怎样的组合包销售，按照不同的需求类型，学习类型、家庭类型、一人工作室类型等，希望尽量多覆盖有特色类型的人群。
卖Token正在复刻流量包模式
Token是大模型处理信息的计量单位，也是AI服务的计费单位。
模型读取需求、推理、生成回答，每一步都要消耗Token，就像手机的流量包，每次发信息、刷视频都会消耗流量。大模型厂商在电商平台卖套餐，本质上是在打包出售Token的调用额度。
9月2日，智谱已正式入驻天猫开设官方旗舰店，开售Coding Plan等订阅套餐。9月3日，天猫上线“AI空间站（Token充值中心）”，首批接入阿里云、智谱、Kimi、MiniMax、DeepSeek等国产大模型厂商。
截至目前，智谱、阿里云、MiniMax均已开设官方旗舰店，Kimi和DeepSeek则由禄券旗舰店代理。
两种售卖模式背后反应的是一个厂商的发展节奏。
代理模式的厂商只需要授权分销，不用承接定价、交付、高峰期运维等问题。而开设自营旗舰店，则意味着厂商要独立负责商品上架、客服接待、定价策略与营销活动，同时还需完成平台资质审核，这对厂商的品牌传播能力提出新的要求。有媒体报道，过去几个月，多家模型厂商密集招募品牌传播团队，智谱近期也开始招聘“品牌叙事经理”。
而在产品层面，各大厂商推出的产品套餐具备不少共性。
定价上，具备官方旗舰店的厂商均设置三档及以上价位，并提供个人版与团队版，支持月、季、年多周期订阅。
不同大模型厂商的算力方案将在天猫AI空间站集中展示，在这样的展示框架下，消费者能够自行对比，并根据不同需求选择相应套餐。
而在产品规则上，这类订阅套餐普遍保留5小时滚动窗口，以及周额度的双重限流机制，来减缓峰值算力压力。
本质上，大模型厂商将Token订阅套餐从官网打入电商平台，背后想要复刻的是互联网时代的流量包模式，以及以流量为基底而衍生的整个富媒体生态。
移动互联网发展早期，手机流量采用KB的按量计费模式，彼时的流量费用高且计费上不封顶，用户加载图片、视频等富媒体内容极易产生高额费用，这些情况制约着流量消费。
随着通信基建铺设完成，传输流量的边际成本大幅降低，运营商陆续推出不同的流量包套餐，用户订阅套餐即可获得流量额度。流量包模式提供个人套餐、家庭套餐以及定向流量、闲时流量、通用流量等，从而满足不同场景的差异化流量需求，实现流量资源的高效配置。
这种套餐模式锁定了流量消费的上限、摊薄单位流量成本，并催生出大量的图文、短视频内容需求，由此也衍生出微信、抖音等移动互联网应用生态。
相似的转变如今正在大模型算力市场上演。
当年，各大运营商将流量套餐的售卖从线下营业厅搬入电商平台时，其考量的核心逻辑是抢占新增用户数和入网量。如今，大模型厂商将Token套餐，从官网独家渠道售卖搬运到含有大量C端消费者的电商平台，其核心目的也是为了建立与C端的认知触达与品牌感知。
对于大模型厂商而言，电商平台不仅是一个促成交易的渠道，更是一个面向C端消费者的营销窗口。
作为电商平台，天猫拥有数以亿计的C端消费者。而模型公司以往的用户群体更多指向B端公司、G端政府和D端开发者。当其进入电商平台时，能够更加精准触达C端，消费者的每一次购物检索、页面浏览，都是模型厂商占领消费者心智的机会。
而在套餐划分上，Token套餐的产品划分与流量套餐的产品划分层次颇为相似。Token的套餐产品面对“学习类型、家庭类型、一人工作室类型”等。
以MiniMax的M Plan订阅套餐为例，其划分为Go、Explore、Build三个档位，支持按月、按年购买，这样的产品划分能够满足C端从轻度到高频使用的不同需求。
当模型算力变成标准化、可便捷购买、可自主订阅的数字商品，大模型算力就会像电、像水一样萦绕在我们的生活中。接下来等待的，就是更多人去使用、去探索出属于Token世界的应用与生态。
大模型下沉到电商
随着大模型加速向千行百业落地，国内Token调用量快速攀升。截至2026年6月，我国日均Token调用量突破500万亿，较2024年初的1000亿，两年暴涨超千倍。
巨大的增量需求，正在催生激烈的市场竞争。
今年3月，阿里巴巴宣布设立Alibaba Token Hub（ATH）事业群，以“创造Token、输送Token、应用Token”为核心目标，由集团CEO吴泳铭直接负责。同月，腾讯云将MaaS平台升级为Token Hub。今年5月，三大通信巨头也集体入局，纷纷推出覆盖个人、政企两类用户的Token套餐。
从云厂商到通信巨头再到智谱、MiniMax等独立大模型厂商，Token成为AI产业链上最火热的生意。
智谱2026年上半年财报显示，Token调用类收入为8.25亿元，同比增长2735.7%，占总营收的比重从去年同期的15.2%大幅飙升至86.5%。Token调用业务已成为智谱的收入引擎。
在多数大模型厂商仍处于亏损、投入远高于收益的行业现状下，资本市场愈发看重真实的落地收入。
厂商发展Token业务能够直接产生现金流，向资本市场证明自身商业化潜力。同时，大模型厂商也希望借助电商平台，推出更加多元的Token套餐使用场景，做出更大的商业蛋糕。
但是，从当前现状来看，大模型厂商参与此次双11活动，其营销噱头仍大于实际销售，后面能否释放更大的潜力需要打个问号。
在电商平台上，为满足C端需求，大模型算力服务正在向标准化、大众化的产品形态演进。
第一个转变就是使用门槛降低。
以前的Token购买面向专业开发者，需要用户理解API Key、控制台等专业术语。
以MiniMax为例，用户需要登录MiniMax开放平台，完成实名认证、注册开发者账号，并妥善保管API Key与Group ID，再将密钥填入代码、本地CLI工具或第三方AI客户端中，这一套流程走完才能调用模型。
这样的使用模式将“买Token”和“用Token”拆分为两件事，对于非专业技术用户来说，过程中的每一步都会筛掉一批人。
而当厂商入驻天猫后，用户只需要在天猫店铺选购套餐、完成支付，一键登录绑定个人账号即可。
购买渠道上，用户不用翻越一个又一个的平台，而是在日常的电商直接选购。专业认知上，技术概念被替换为了月卡、年卡、连续订阅等通用名词。整体而言，从面向专业开发者到进入电商平台面向C端消费者，Token套餐产品正在不断朝着低门槛发展。
虽然购买与使用门槛降低了，但是从各大厂商官方旗舰店的售卖数据来看并不那么尽如人意。智谱官方旗舰店一共上架6款产品，最高的一款产品售卖200多份，最低的仅一份。
第二个转变是Token套餐更加标准化。
大模型厂商将自家Token套餐上架天猫、京东这类电商渠道后，需要遵循平台成熟的商品交易规则。在这样的一个电商售卖场景当中，Token套餐转化为条款透明、权责清晰的标准化数字商品。
售前，电商平台需要先审核厂商资质，确保交付链路真实可控。上架后，厂商也需要按照要求将产品相关信息进行清晰的公示。
例如阿里云的Token Plan套餐会将完整的产品简介、支持模型、支持的Agent工具、套餐用量、兑换流程、注意事项等信息标注在产品详情页供用户查询。而在售卖过程中，有客服随时解答消费者疑问，产品价格也可以参加平台促销活动。
相比于官网的套餐产品售后，电商平台上架的Token套餐遵从电商售后体系，自带订单留存、售后咨询等权益。另外，电商平台的“用户评价”也将更真实的套餐使用体验进行及时反馈。
目前，各厂商的官方旗舰店已经出现，或好或坏的用户使用体验记载，这或将影响大众对厂商的品牌认知。
此外，作为电商新品类，各厂商上架的Token套餐计量标准并不统一。
在天猫AI空间站上，同样是最低档位的套餐，千问的Lite版是39元11500Credits/月，智谱的Lite版是118每周10000积分，而MiniMax的Go版是49元，额度上只标注“更多用量”，并未指出具体额度。这对于C端用户而言仍像是技术黑箱。
Token套餐仍属专业圈层的小众产品。厂商虽然已面向电商C端渠道推出产品，但C端销售规模尚未铺开，双11店铺销量也不及预期。
大模型厂商下沉电商，究竟是C端试水，还是持续性商业结构转型，仍待观察。
本文由 AI图鉴自动抓取并翻译，版权归原作者所有；如需查看原文请点下方链接。
Man, Zen, Photons.
On the eve of the double 11th, LLM manufacturer MiniMax entered the Skycat, opened its first brand-name official flagship shop and sold Token's subscription package. Currently, the shop has a M Plan subscription package, including the Go, Excelle and Build packages to support monthly and annual purchases.
This pattern of Token subscriptions on the electrician platform is similar to the logic of the early electrician selling mobile phone traffic packs, call charges top up, whereby the operator packs invisible resources quantization as a monthly selection, with a buttoned pre-paid product. It's just that the subject matter of the transaction is moving from traffic to LLM call calculation.
In September of this year, with the exception of Mini Max, Zhipu, Alibaba Cloud, LLM, and so on, LLM manufacturers have all opened their flagship shops, and Skycats have been connected to the “AI Space Station” Z106Z centre at the same time, placing LLM suppliers' subscriptions at the same entrance.
In the case of AI producers, who are caught in the back of a stationary power plant, LLMAPI calls quota, moving from a back-office technical interface to a more standardized digital commodity.
One of the core indicators of LLM competition over the past two years has been technical capacity, with producers paying more attention to B-end clients and professional developers who maintain privatization deployment operations. Today, however, outside specialized customer channels, the distribution channels for AI-model calls are gradually opening.
At present, Skycat has officially confirmed that it has communicated with LLM, mainly regarding the sale of double 11 packages, with a view to reaching as many people as possible with distinctive types of work, depending on the type of study, family type, one-person studio type, etc.
Selling Token is reseting traffic packs.
Token is the unit of measure for the processing of information in LLM and the unit of accounting for AI services.
Models read demand, reason, generate answers, consume Token at every step, like a mobile phone bag, and consume traffic at every time you send a message, brush a video. The LLM manufacturer, which sells the food package on the electrician platform, is essentially packing to sell Token ' s call quota.
On 2 September, Zhipu was officially admitted to Skycat for the opening of an official flagship shop for subscription packages such as Coding Plan. On 3 September, Skycat came on line “Ai Space Station (Tokentop up Centre)” with the first access to Alibaba Cloud, Zhipu, Kimi, Mini Max and DeepSeek producers.
To date, Zhipu, Alibaba Cloud, Mini Max have all opened official flagship stores, while Kimi and DeepSeek are represented by Cologne Flag stores.
Both modes of sale reflect the pace of a manufacturer's development.
The manufacturer of the agent model needs only to authorize distribution without taking on issues such as pricing, delivery, peak transportation, etc. The opening of a self-employed flag shop means that the manufacturer is independently responsible for the loading, reception, pricing and marketing of goods, as well as the completion of a platform qualification, which places new demands on the branding capacity of the manufacturer. Media reports indicate that, over the past few months, multiple model manufacturers have been intensively recruiting brand communication teams, and that Zhipu has recently begun recruiting “brand profile managers”.
At the product level, there is a commonality of product packages introduced by major producers.
In pricing, manufacturers with official flagship stores have three and above-graded and have provided personal and team versions to support monthly, seasonal and multi-annual subscriptions.
Within the framework of this demonstration, consumers are able to compare themselves and choose the appropriate mix according to different needs.
In terms of product rules, such subscription packages generally retain a five-hour rolling window and a double rate limit mechanism for week quota to reduce peak computing pressure.
In essence, the LLM manufacturer used Token's subscription package from the official network into the electrician platform, behind which the Internet-era traffic pack model and the entire rich media ecology derived from the flow base were sought.
In the early stages of mobile Internet development, mobile phone traffic is based on KB ' s billing model, while traffic costs are high and cost-neutral, and the high cost of media content, such as user loads of pictures, videos and so forth, constrains traffic consumption.
With the completion of the base construction of communications, the marginal costs of transmission traffic have been reduced significantly, and operators have been introducing different flow packages, which will allow users to subscribe to quota. The flow pack model provides individual packages, family packages and targeted, idle, general flows, etc., thus meeting the differentiated flow needs of different scenarios and achieving efficient allocation of flow resources.
This package model locks in the upper limit of traffic consumption, amortizes the unit flow costs and generates a large amount of graphic, short video content demand, which also generates mobile Internet applications such as WeChat and Douyin.
A similar shift is now taking place in the LLM calculator market.
In that year, when major operators moved the distribution of the flow packages from the underground office to the electrician platform, the core logic of their consideration was to seize the number of additional users and access. Today, the LLM manufacturer uses the Token package to sell and move it from the sole-source network to an electrical platform containing a large number of C-end consumers, also with the central aim of creating cognitive contact and brand perception with C-ends.
For LLM manufacturers, the electrical platform is not only a conduit for transactions but also a marketing window for C-end consumers.
As an electrician platform, Skycats have hundreds of millions of C-end consumers. In the past, the model company's user base was more directed towards B, G and D-end developers. When they enter the electrician platform, they reach the C end with greater precision, and every shopping search and page view by the consumer is an opportunity for the model manufacturer to occupy the consumer ' s mind.
On the other hand, the product classification of the Token package is quite similar to that of the flow package. Token's food package deals with “type of study, family type, one-person studio type”.
In the case of the Mini Max M Plan subscription package, which is divided into the Go, Excelle and Build slots to support monthly and annual purchases, this product split meets the different needs of the C end, ranging from light to high frequency.
When model computing becomes a standardized, easy-to-buy, self-subscribeable digital commodity, LLM computing is like electricity and water in our lives. And what we're waiting for is more people to use and explore applications and ecology that belong to the Token world.
LLM went down to the electrician.
As LLM accelerates to land, so does Token ' s call. As of June 2026, our average daily call to Token exceeded 50 trillion, up from 100 billion at the beginning of 2024, two years by a thousand times.
Large incremental demand is generating intense market competition.
In March this year, Alibaba announced the establishment of the Aliba Token Hub (ATH) consortium, with the central goal of “creation of Token, transmission of Token, application of Token”, under the direct responsibility of the group CEO Wu Wae. In the same month, Tencent clouds upgraded the Maas platform to Token Hub. In May of this year, the three major communication giants also joined the collective effort to launch the Token package, which covers both individual and corporate users.
From cloud manufacturers to communications giants to independent LLM producers such as Zhipu and Mini Max, Token became the hottest business in the industry chain.
According to Zhipu2026, in the first half of the first half of the year, Token ' s transfer income amounted to 825 million yuan, an increase of 2735.7 per cent over the same period. The share of total receipts rose sharply to 86.5 per cent from 15.2 per cent in the same period last year. Token has become an income engine for Zhipu.
With most LLM producers still in the situation of industries that are in deficit and with far higher inputs than returns, capital markets increasingly value real landing revenues.
The development of Token operations by manufacturers can directly generate cash flows and demonstrate their potential for commercialization to capital markets. At the same time, the LLM manufacturer would like to introduce a more diverse Token set of scenarios and make more commercial cakes using electric power platforms.
However, in the light of the current situation, the participation of LLM producers in this double 11 campaign, which continues to be marketed more than actually sold, requires a question mark as to whether greater potential can be released later.
On the electrician platform, to meet C-end demand, LLM computing services are evolving towards standardized, popularized product forms.
The first shift is the use of a lower threshold.
Former Token purchases for professional developers require users to understand professional terms such as API Key, console, etc.
In the case of MiniMax, users need to log on to the MiniMax Open Platform, complete the real name authentication, register the developers ' accounts, and secure the API Key and Group ID, and then fill the key in the code, the local CLI tool or the third-party AI client.
This pattern of use makes “buying Token” and “buying Token” split two things, and for unprofessional technology users, every step of the process screens a group of people.
When the manufacturer enters the Skycat, the user will simply have to select the food package at the Skycat shop, complete the payment and enter the personal account booking.
Users do not go over one platform after another on the purchase route, but rather directly select the day-to-day electrician. Professionally, the technical concept has been replaced with generic terms such as monthly cards, annual cards, consecutive subscriptions, etc. Overall, the Token package is moving towards a low threshold, from a professional developer to an electrician platform for C-end consumers.
Although the purchase and use threshold has been reduced, it is less than satisfactory in terms of sales data from the official flag stores of major manufacturers. The official flagship store of Zhipu has a total of six items on board, with the highest one selling more than 200 and the lowest one.
The second shift is a more standardized Token package.
The LLM manufacturer is required to follow mature platform rules for dealing in goods once it has built its own Token set up with Skycats and power lines such as Kyoto. In such a vendor sales scene, the Token package is converted into a standardized digital commodity with transparent and clear terms of reference.
Before they are sold, the electrician platform needs to verify the vendor ' s qualifications to ensure that the delivery chain is truly manageable. Once on board, the manufacturer is also required to make the relevant product information clear.
For example, the Token Plan set of Alibaba Cloud places complete product profiles, support models, supported Agent tools, food packages, conversion processes, attention, etc. on the product details page for user consultation. In the course of the sale, customer service is available to answer consumer questions, and the price of the product can also participate in the platform ' s promotional activities.
Compared to the sale of the web-based food package, the Token package on the electrician platform follows the after-sale system of the electrician, with rights such as retention of the order, after-sale counselling, etc. In addition, the `user evaluation' of the electrician platform provides timely feedback on a more realistic experience with the use of the package.
At present, the official flag stores of manufacturers have emerged, and good or bad user experience has been documented, which may affect public awareness of the manufacturer ' s brand.
In addition, as a new type of electrician, the Token package measures for each manufacturer are not uniform.
On Skycat Ai Station, which is also the minimum set, the Lite version is 39 $11,500 Credits/month, the Lite version of Zhipu is 118 000 points per week, while the Go version of Mini Max is 49 yuan, and the quota is marked “More Usage” and does not indicate specific quota. This is still a technology black box for C-end users.
Token packages are still a small product in professional circles. Although the manufacturer has introduced products to the electrician C-end channel, the C-end sales have not yet been rolled out and the double 11 stores have not been sold as expected.
It remains to be seen whether the LLM plant's downfaller is a C-end test water test or a continuous commercial structural transformation.
Auto-fetched and translated by AI Atlas. All rights belong to the original author.