引爆港股A股两地行情，市场为何「抢购」MiniMax？

Core Viewpoint - The AI sector in both Hong Kong and A-shares has seen significant growth, with MiniMax's unique approach to AI applications and its strong financial performance positioning it favorably in the market [2][3][16]. Group 1: Market Performance - In the Hong Kong market, companies like iFlytek Medical Technology and Fourth Paradigm saw stock increases of approximately 20% and 7%, respectively [2]. - A-share AI stocks experienced a rare resonance, with Kunlun Wanwei hitting a 19.99% limit up and 360 increasing over 6%, leading to a 5% rise in the Wande Multi-Modal Model Index [2]. - MiniMax's public offering was met with overwhelming demand, achieving 1837 times oversubscription in the public offering segment and 37 times in the international offering, potentially raising around 5.54 billion HKD [2]. Group 2: Company Overview - MiniMax reported a revenue of 53.44 million USD for the first nine months of 2025, marking a year-on-year growth of 174.7% [3][12]. - The company has over 200 million individual users across more than 200 countries, with over 70% of revenue coming from overseas markets [3]. - MiniMax's M2 model became the first Chinese model on OpenRouter to exceed a daily token consumption of 50 billion [3]. Group 3: AI Native Applications - MiniMax's CEO emphasized the importance of "model as product," arguing that the core product in the era of large models is the model itself, rather than APIs or applications [5]. - The company has shifted its focus from balancing models and products to concentrating on model capabilities, leading to significant advancements in video modeling technology [6][7]. Group 4: Financial Metrics - MiniMax's revenue from AI native products is projected to reach 38.02 million USD in 2025, with a gross margin of 71.1% [9]. - The company has seen a substantial increase in paid users, with a 15-fold growth in AI native product paid users over less than two years [8]. - The adjusted net loss increased only by 8.6% despite a significant revenue increase, indicating a reduction in loss per unit of revenue by 60% [12]. Group 5: Organizational Efficiency - MiniMax employs 385 people with an average age of 29, and 73.8% of its workforce is in research and development [15]. - The company has achieved high output efficiency, with over 80% of its code generated by AI, demonstrating a focus on talent density rather than sheer manpower [15]. - MiniMax's cash reserves exceed 1.1 billion USD, allowing for over 53 months of operational sustainability without additional fundraising [11].