最快上市AI公司？MiniMax闪电冲击港股：C端收入超七成

Core Viewpoint - MiniMax, a leading AGI company, is set to break IPO records, potentially becoming the fastest AI company to go public since its establishment [1] Financial Performance - MiniMax reported revenues of $3.46 million in 2023, projected to reach $30.52 million in 2024, and $53.44 million in the first nine months of 2025, marking a year-on-year growth of over 170% [2][3] - The company has experienced significant net losses, with figures of $73.73 million in 2022, $269 million in 2024, and $465 million in 2025, with losses exceeding $512 million in the first nine months of 2025 [4] - R&D expenses have been substantial, with costs of $10.56 million in 2023, $70 million in 2024, and $189 million in 2025, although the percentage of R&D expenses relative to total revenue has decreased over time [4] User Growth and Market Reach - As of September 30, 2025, MiniMax has over 212 million individual users across more than 200 countries, with monthly active users increasing from 3.14 million in 2023 to 27.62 million in 2025 [3] - The majority of MiniMax's revenue, over 70%, comes from international markets, with significant contributions from Singapore and the U.S. [8] Product Strategy - MiniMax focuses on consumer-facing AI applications, with over 70% of its revenue derived from AI-native products, including key applications like Talkie and Hailuo AI [2][3][7] - The company has developed a strong product matrix, with Talkie generating $17.46 million and Hailuo AI contributing $18.75 million in revenue during the first nine months of 2025 [7] Cost Management and Profitability - MiniMax has managed to reduce its sales and marketing expenses by 26% while increasing R&D spending by only 30% in the first nine months of 2025, indicating improved cost efficiency [5] - The adjusted net loss for 2025 is nearly flat compared to the previous year, with gross margins improving from -24.7% in 2023 to 23.3% in 2025 [4]