MiniMax通过港交所聆讯：七成收入来自AI原生应用

Core Viewpoint - MiniMax, a large model company, has filed for an IPO in Hong Kong, reporting significant revenue growth but also substantial losses due to high initial investments in R&D and AI infrastructure [1][2]. Group 1: Financial Performance - MiniMax's projected revenues for 2023 and 2024 are $3.46 million and $30.52 million, respectively, with a revenue of $53.44 million achieved in the first three quarters of 2025, representing a 175% year-on-year growth [1]. - The company reported net losses of $73.73 million, $269 million, $465 million, and $512 million for the years 2022 to 2024 and the first nine months of 2025, totaling approximately $1.32 billion in cumulative losses [2]. - Adjusted net loss rates decreased from 2574% in 2023 to 800% in 2024, with a rate of 349% for the first nine months of 2025 [2]. Group 2: Research and Development - MiniMax's R&D expenditures from 2022 to 2024 were $10.56 million, $70 million, and $189 million, with $180 million spent in the first nine months of 2025, marking a 30% year-on-year increase [2]. Group 3: Market Position and Growth Potential - The global large model market is expected to grow from $10.7 billion in 2024 to $20.65 billion by 2029, with a projected CAGR of 72.7% for the MaaS (Model as a Service) market [3]. - MiniMax ranks tenth among global large model technology companies with a market share of 0.3% based on model-based revenue in 2024 [3]. Group 4: Revenue Structure - Approximately 70% of MiniMax's revenue comes from AI-native products, contrasting with the 78.1% from API usage and enterprise services in 2023, which dropped to 28.6% in 2024 [4]. - In the first three quarters of 2025, AI-native product revenue was $38.02 million, contributing 71.1% to total revenue [4]. Group 5: Product Offerings and User Engagement - MiniMax's AI-native applications include the MiniMax language model, video generation model Hai Luo AI, voice generation tool MiniMax Voice, and the multimodal interaction platform Talkie/Xingye, with revenue models based on user subscriptions and online advertising [5]. - As of September 30, 2025, MiniMax's AI-native product matrix had a monthly active user count of 27.6 million and a total user base exceeding 212 million, with 1.77 million paying users [5][6].