被阿里看中的MiniMax，市值何以上千亿？

Core Viewpoint - MiniMax, a domestic AI model company, has successfully listed on the Hong Kong Stock Exchange, achieving significant market capitalization and rapid revenue growth, while facing potential legal challenges related to copyright infringement [3][22][36]. Group 1: Company Overview - MiniMax was listed on the Hong Kong Stock Exchange on January 9, 2026, with an opening price of HKD 235.4 per share, a 42.7% increase from its issue price of HKD 165 [3][22]. - The company's market capitalization reached HKD 1,066 billion on its first trading day, surpassing that of its competitor, Zhiyuan [3][22]. - MiniMax's stock price continued to rise, closing at HKD 345 on the same day, marking a 109.09% increase [3][22]. Group 2: Financial Performance - MiniMax's total revenue grew from USD 346,000 in 2023 to USD 3,052,300 in 2024, representing a year-on-year increase of 782% [4][26]. - For the first three quarters of 2025, the company's revenue reached USD 5,343,700, with projections estimating total revenue of approximately USD 6,600,000 for the year [4][30]. - Despite revenue growth, MiniMax reported adjusted net losses increasing from USD 120,000 in 2022 to USD 2.44 million in 2024, with expectations of further losses in 2025 [4][30]. Group 3: Revenue Sources - Over 70% of MiniMax's revenue comes from AI-native products aimed at individual users, with the remainder from enterprise services [6][26]. - The company has diversified its offerings, including products like MiniMax (intelligent agent application) and Hailuo AI (visual generation platform) [8][28]. Group 4: Market Position - MiniMax is ranked as the tenth largest AI model technology company globally, with a market share of 0.3% [9][30]. - The global AI model market is projected to reach USD 22 billion by 2025, with MiniMax expected to capture a small portion of this market [9][30]. Group 5: Legal Challenges - In September 2025, MiniMax faced a lawsuit from major film production companies, including Disney and Universal Pictures, alleging copyright infringement related to its Hailuo AI platform [5][36]. - The potential damages claimed could reach USD 75 million if the plaintiffs succeed in their case [5][38]. - MiniMax's board believes the claims lack substantial evidence and that the likelihood of a significant legal penalty is low [39][40].