「AI新世代」直面OpenAI竞争！MiniMax通过港交所聆讯，海外收入占比超七成

Core Insights - MiniMax, part of the "AI Six Tigers," has reported impressive revenue growth, achieving over $53 million in revenue in the first three quarters of 2025, which is approximately 376 million RMB, despite ongoing losses typical for AI companies [2][3] - The company has a significant global presence, with 73% of its revenue coming from international markets, operating in over 200 countries and regions [2][7] - MiniMax's user base has grown to over 212 million, with approximately 1.77 million paying users, indicating successful commercialization of its AI products [3] Revenue and Financial Performance - MiniMax's revenue for 2023, 2024, and the first three quarters of 2025 was $346 million, $30.52 million, and $53.44 million respectively [3] - The company's gross margins have improved, with figures of -24.7%, 12.2%, and 23.3% for the same periods, although they remain lower compared to competitors like Zhizhu [3][4] - The sales costs as a percentage of total revenue have decreased from 124.7% in 2023 to 76.7% in 2025, reflecting improved cost efficiency [5] Losses and Investment - MiniMax reported losses of $269 million, $465 million, and $512 million for 2023, 2024, and the first three quarters of 2025, attributed to significant investments in R&D and AI infrastructure [6] - The company has raised approximately $1.5 billion since its inception, maintaining a cash balance of over $1 billion as of September 2025, indicating a strong financial position relative to its expenditures [8] Market Position and Competition - MiniMax ranks as the tenth largest model technology company globally, with a market share of 0.3%, while OpenAI leads with a 30.1% share [8] - The company faces intense competition from industry giants like OpenAI and Google, which presents both challenges and opportunities for growth [7][8] - Analysts suggest that MiniMax's upcoming IPO could provide a valuation premium in a market eager for AI model companies, but long-term success will depend on technological advancements and product effectiveness [9]