MiniMax通过港交所聆讯，成立不足四年用户超2.12亿

Group 1 - MiniMax, an AGI company, published its post-hearing prospectus, reporting over 212 million individual users and 130,000 enterprise clients across more than 200 countries and regions by September 30, 2025 [1] - The company achieved a revenue growth of over 170% year-on-year for the first nine months of 2025, with over 70% of its revenue coming from international markets, indicating strong global market expansion and diverse revenue structure [1] - MiniMax was established in early 2022 and has developed a range of AI-native products for both consumer and business sectors, including Hai Luo AI, Talkie, and Xing Ye, while also providing an open platform for enterprise users and developers [1] Group 2 - The adjusted net loss for MiniMax is nearly flat compared to the same period last year, reflecting effective loss reduction amid rapid growth, supported by a diversified revenue model and efficient cost management [1] - For the first nine months of 2025, while revenue increased by over 170%, R&D expenses grew by 30%, and sales and marketing expenses decreased by 26% [1] - Since its inception until September 2025, MiniMax has spent $500 million (approximately 3.5 billion RMB), in contrast to OpenAI's cumulative expenditure of $40 billion to $55 billion [2]