押注AI，米哈游投资首战告捷！MiniMax今日再度大涨

Core Insights - MiniMax, an AI large model company, successfully went public on the Hong Kong Stock Exchange under the code "0100.HK," with its stock price soaring 109.09% on the first day, reaching a market capitalization of over HKD 100 billion, setting a record for institutional subscriptions in recent years [1] - The company has attracted significant investments from top-tier institutions such as Alibaba, Tencent, Hillhouse Capital, and Sequoia China, with cornerstone investors collectively subscribing HKD 27.23 billion, accounting for nearly 70% of the offering size, which supported the stock price [1] - MiHoYo, a gaming industry player, made its first successful investment in a listed company through MiniMax, reflecting the gaming sector's long-term commitment to the AI industry [1][2] Company Overview - MiniMax was established in early 2022 and is a global general artificial intelligence (AGI) company focused on multimodal model development, making it one of the few companies in China with a high international revenue from large models [4] - The company has a young team of 385 members, with an average age of 29, and nearly 74% of its workforce in research and development, including over 30% returning overseas talent [4] - MiniMax's founder and CEO, Yan Junjie, has a strong academic background, holding a PhD from the Chinese Academy of Sciences and experience at SenseTime [4] Financial Performance - MiniMax reported revenue of USD 53.4 million (approximately RMB 380 million) for the first three quarters of 2025, representing a year-on-year growth of 174.7%, with over 70% of its revenue coming from international markets [5] - The company has accumulated over 212 million users for its AI products, with a rapid increase in paying users [5] - Despite its growth, MiniMax is facing significant losses, with a total loss of approximately USD 1.32 billion, highlighting the challenges of maintaining technological leadership and converting its large user base into sustainable profits [6] Industry Trends - The case of MiHoYo exemplifies the gaming industry's broader embrace of AI, as companies seek to enhance content production, user experience, and operational maintenance through AI technologies [7] - Major gaming companies like Tencent and NetEase are integrating AI tools into their games, indicating a strategic shift towards AI as a core component of game development and user engagement [7] - The Chinese large model market is projected to exceed RMB 70 billion by 2026, with the gaming sector viewed as a critical area for the application and commercialization of large model technologies [7][8]