成立不足四年 MiniMax通过港交所聆讯

Group 1 - MiniMax, a general artificial intelligence company, aims to set a record for the shortest time from establishment to IPO, having been founded in 2022 and publishing its prospectus on December 21 [1] - The company has undergone five rounds of financing since its inception, attracting investments from top institutions such as MiHoYo, Alibaba, Tencent, Xiaohongshu, Hillhouse, IDG, Sequoia, Jingwei, Mingshi, and Yunqi [1] - MiniMax has developed a product matrix covering both C-end and B-end AI native products, including products like Hai Luo AI, Talkie, and Xingye [1] Group 2 - In the voice domain, MiniMax launched China's first voice large model, Speech 01, in 2023, with plans to enhance its performance to the world's best with Speech 02 in 2024, having generated over 220 million hours of speech [1] - The company achieved a significant milestone in video generation with the release of the Video-01 model and Hai Luo AI product in August 2024, reaching top industry standards at that time [1] - In the text model sector, MiniMax plans to release and open-source its next-generation text large model, MiniMax M2, in October 2025, which is expected to rank among the top five globally and first in open-source [1] Group 3 - MiniMax has effectively narrowed its adjusted net loss while achieving rapid growth, with a nearly flat loss compared to the previous year, attributed to diversified revenue models and efficient expense management [2] - In the first nine months of 2025, the company reported over 170% year-on-year revenue growth, with R&D expenses increasing by 30% and sales and marketing expenses decreasing by 26% [2] - Since its establishment, MiniMax has spent a total of $500 million (approximately 3.5 billion RMB), which is lower than its international peers [2]