MiniMax市值破千亿，上市首日涨幅超100%，AI应用Talkie贡献六成收入

Core Viewpoint - MiniMax, a general artificial intelligence company, successfully listed on the Hong Kong Stock Exchange on January 9, 2026, with a share price of HKD 165, closing at HKD 345 on the first day, marking a 109.09% increase and a market capitalization exceeding HKD 100 billion [1] Group 1: Company Overview - MiniMax was founded in 2021 by CEO Yan Junjie, who holds a PhD from the Chinese Academy of Sciences and previously held an executive position at SenseTime [1] - The company focuses on consumer-oriented (C-end) and global development paths from its inception [1] - MiniMax has developed multimodal model technologies, including text model MiniMax M2, video model Hailuo 02, and voice model Speech 02 [1] Group 2: Product and Revenue - The company has launched several AI-native products, including the AI companionship application Talkie/Xingye and the visual generation platform Hailuo AI [1] - According to the prospectus, Talkie/Xingye contributed 63.7% of the total revenue in 2024 [1] - As of September 2025, MiniMax's AI native products have served over 212 million individual users globally, with over 70% of revenue coming from overseas markets [1] Group 3: Financial Performance - MiniMax's revenue has grown rapidly, with total revenue of USD 30.52 million in 2024, increasing to USD 53.437 million in the first three quarters of 2025 [2] - The company is currently in a loss position due to high R&D investments, with an adjusted net loss of USD 345 million from 2022 to 2024 [2] Group 4: Investment and Legal Issues - Prior to its IPO, MiniMax secured multiple rounds of investment from major firms including Alibaba, Tencent, MiHoYo, Hillhouse, IDG Capital, and Sequoia China [2] - Alibaba, through Alisoft China, holds a 12.52% stake, making it the second-largest shareholder [2] - In September 2025, MiniMax faced a copyright infringement lawsuit from several U.S. film production companies, including Disney and Universal Pictures, regarding its visual generation platform Hailuo AI [2] - The company believes the allegations lack factual basis and sufficient evidence, and plans to contest the lawsuit [2] Group 5: Market Position - According to ZhiShi Consulting, MiniMax ranks as the tenth largest model technology company globally by revenue based on models in 2024, holding a market share of 0.3% [2] - The global large model market is expected to reach USD 22 billion by 2025, with MiniMax projected to maintain approximately 0.3% market share [2]