Zhi Tong Cai Jing·2026-01-13 04:24Core Viewpoint - MiniMax is positioned as a leading player in the AI industry, leveraging a "counter-consensus" strategy focused on model intelligence breakthroughs, which allows it to stand out amid intense competition in the generative AI wave [1] Group 1: Company Strategy and Development - MiniMax has gained recognition as one of the first companies in Shanghai to obtain large model registration, showcasing its strong development potential through deep technical expertise and commercial foresight [1] - The company founder, Yan Junjie, possesses top-tier research capabilities and ToB commercialization experience, having previously led a team to create a leading facial recognition algorithm that generated over 2 billion yuan in smart city business revenue [1] - The strategic focus will shift to "technology iteration" by 2025, with plans to streamline inefficient teams and reduce marketing expenses, concentrating efforts on core areas such as multimodal interaction [1] Group 2: Financial Performance and Growth Potential - In the first three quarters of 2025, MiniMax achieved total revenue of $53.44 million, a year-on-year increase of 175%, with a diversified revenue structure driven by three main business segments [2] - The ToB business boasts a gross margin of 69.4%, while C-end products have also achieved a positive gross margin of 4.7%, indicating a significant recovery in profitability [2] - Projections indicate that from 2025 to 2027, the company's revenue will maintain over 90% high-speed growth, with Non-GAAP gross margins expected to rise to 55% and net loss rates continuing to narrow [2]