SCS(SH:601555) Zhi Tong Cai Jing·2026-01-08 12:38Core Insights - MINIMAX-WP, established in December 2021, focuses on developing foundational technologies for general artificial intelligence, aiming to create internationally competitive multimodal large models and provide products and services globally [1] - The company has a dual-driven business model targeting both consumers (ToC) and enterprises (ToB), with significant revenue contributions from its consumer products and high-margin enterprise services [1][2] Business Model - The consumer segment includes Talkie (interactive entertainment) and Hailuo AI (text-to-video), which are the main revenue sources, providing cash flow and vast interaction data [1] - The enterprise segment generates revenue through API calls, dedicated resource services, and model licensing, showcasing high gross margins [1] - Both segments create a synergistic effect: consumer data feeds back into model iteration, while enterprise demand guides technological priorities, indicating an emerging growth flywheel [1] Market Reach and Growth - As of September 30, 2025, the company's products have reached over 212 million individual users across more than 200 countries, with over 100,000 enterprise and developer clients in over 100 countries [1] - Revenue is rapidly increasing, with 2023 revenue at $3.46 million, projected to grow to $30.52 million in 2024 (over 700% year-on-year increase), and $53.44 million in the first nine months of 2025 (174% year-on-year growth) [1] Technology and Competitive Advantage - The company employs a MoE architecture for its technology, leading in multimodal parallel research ahead of many competitors [2] - With a cumulative R&D investment of approximately $500 million by September 2025, the company has developed multiple models, including leading speech generation and video models [2] - Competitive advantages include strong global execution, balanced dual business models, and high R&D efficiency due to a youthful and flat management structure [2] Financial Projections - Revenue forecasts for 2025-2027 are $81 million, $195 million, and $399 million, respectively, with a compound annual growth rate exceeding 130% [3] - Gross margins are expected to increase from 23% in 2025 to 50% in 2027, driven by rising consumer business margins and a recovering enterprise business share [3] - The estimated market capitalization for the IPO is between HKD 461 billion and HKD 504 billion, with a midpoint valuation of HKD 483 billion (approximately RMB 434 billion) [3]