上海诞生的AI大模型上市公司：全球用户超过2亿，你可能也用过

Core Viewpoint - MiniMax, a company focused on general artificial intelligence (AGI), successfully went public in Hong Kong, becoming the second AGI-based model company to do so globally and achieving a market valuation of 105.379 billion HKD [1] Company Overview - MiniMax was established in December 2021 and is recognized as one of the "Six Little Tigers" of China's large model sector, alongside other notable companies [3] - The company has completed seven rounds of financing, attracting investments from major firms such as Alibaba, Tencent, and Sequoia Capital, with a valuation reaching 4.24 billion USD (approximately 2.96 billion RMB) [3] Market Position - According to a report, MiniMax ranks tenth in the global model market with a market share of 0.3% [3][4] - The company is one of the few in the world to excel in text, video, audio, and music modalities, utilizing advanced architectures like Mixture of Experts (MoE) [7] Product Offerings - MiniMax has launched several consumer-oriented products, including MiniMax Agent, Hailuo AI, MiniMax Audio, and Talkie/Xingye, with significant user engagement [9] - Hailuo AI has helped create over 590 million videos, while Talkie/Xingye has reached 147 million users, with 11 million monthly active users from overseas [9] Financial Performance - MiniMax began generating revenue in 2023, with earnings of 3.46 million USD, which surged by 782% to 30.52 million USD in 2024, and reached 53.44 million USD in the first three quarters of 2025, reflecting a year-on-year growth of 174.68% [11] - The company’s revenue is primarily driven by AI-native products, which account for over 70% of total revenue, with a significant portion coming from subscription services [12] Losses and Investments - Despite revenue growth, MiniMax has not yet reached a profitability inflection point, with cumulative net losses amounting to 1.32 billion USD (approximately 9.22 billion RMB) from 2022 to the first three quarters of 2025 [12] - The company has invested approximately 450 million USD (about 3.14 billion RMB) in research and development as of September 2025 [12] Competitive Landscape - MiniMax faces competition from major internet companies like ByteDance, Alibaba, and Tencent, particularly in its consumer product offerings [13] - The company is also dealing with legal challenges, including a lawsuit from Disney regarding copyright infringement related to Hailuo AI [13]