实测MiniMax M2.1之后，我们终于看懂了其招股书里的技术底气

Core Insights - MiniMax (稀宇科技) has submitted its IPO prospectus to the Hong Kong Stock Exchange, revealing over $1 billion in cash reserves and a 174.7% year-on-year revenue increase for the first nine months of 2025, while controlling adjusted net losses to $186 million [1][22] - The launch of the MiniMax M2.1 model showcases significant advancements in multi-language coding capabilities and improved performance metrics, positioning the company as a strong competitor in the AI industry [2][4] Financial Performance - MiniMax reported a revenue of $30.523 million for the first nine months of 2023, with a gross profit margin of 12.2% [18] - The company's R&D expenses grew by only 30% compared to the 174.7% revenue growth, indicating a more efficient use of resources [18][19] - The adjusted net loss for the same period was $186 million, reflecting a strategic focus on growth while managing costs [1][18] Product Development - The MiniMax M2.1 model achieved a state-of-the-art (SOTA) score of 72.5% in the SWE-bench Multilingual evaluation, surpassing competitors like Gemini 3 Pro and Claude Sonnet 4.5 [2][4] - M2.1 expands beyond Python to support multiple programming languages, including Rust, Java, and C++, addressing previous limitations in code generation [4][5] - The model integrates advanced features such as realistic scientific simulations and improved user interface aesthetics for both web and app development [2][4] Market Positioning - MiniMax aims to penetrate the B2B productivity market, moving beyond consumer applications to address enterprise-level automation needs [21][23] - The company’s strategy includes leveraging its C-end products as data flywheels and cash cows to support its growth in the enterprise sector [23] - The successful launch of M2.1 is seen as a critical step in establishing MiniMax's credibility and capability in the competitive AI landscape [22][23]