三季度收入超5000万美元、70%来自海外，中国AI独角兽拟港股上市

Core Insights - MiniMax, a domestic AI model unicorn, has received approval from the China Securities Regulatory Commission and passed the Hong Kong Stock Exchange hearing, planning to go public in January 2026 [2] - Founded in November 2021, MiniMax focuses on general artificial intelligence (AGI) and has differentiated itself from competitors by pursuing a "model + product" dual approach [2] - The company has raised significant funding, including nearly $390 million in a Series C round, achieving a post-money valuation exceeding $4 billion [2] - MiniMax's revenue for the first nine months of 2025 is projected to reach $53.44 million, showing substantial growth from previous years [3] Financial Performance - Revenue for 2023, 2024, and the first nine months of 2025 is reported as $3.46 million, $30.52 million, and $53.44 million respectively [3] - The company has incurred significant losses, with net losses of $73.73 million in 2022, $269.25 million in 2023, and projected losses of $512.01 million in 2025 [4] - Adjusted net losses from 2022 to the first nine months of 2025 are $12.15 million, $89.07 million, $244.24 million, and $186.28 million respectively [4] Product and Market Strategy - MiniMax operates with a dual focus on model development and product offerings, including large language models and video generation models [5] - The company has launched several products, with over 71% of its revenue coming from C-end subscriptions in the first nine months of 2025 [5] - MiniMax's overseas revenue accounts for over 70% of total revenue, with North America, Southeast Asia, and Europe as key markets [5] User Engagement and Growth - MiniMax's AI products have served over 212 million individual users and more than 100,000 enterprise clients across over 200 countries [18] - The average monthly active users increased from 3.15 million in 2023 to 27.64 million in the first nine months of 2025 [18] - The number of paying users grew from 119,800 in 2023 to over 1.77 million by the first nine months of 2025 [18] Competitive Landscape - MiniMax's Talkie application has shown significant growth, with revenue contributions increasing from 21.9% in 2023 to 63.7% in 2024 [9] - The company faces competition in the AI companion space, necessitating continuous product iteration and compliance with regulatory standards [11] - MiniMax's Hailuo AI has also emerged as a strong revenue contributor, with $17.46 million in revenue in the first nine months of 2025 [12] Investment and Leadership - Major investors include Alibaba, Tencent, and MiHoYo, with Alibaba holding a 15.04% stake [18] - Key leadership includes non-executive directors from Alibaba and MiHoYo, indicating strong strategic oversight [19]