SIASUN(SZ:300024) Nan Fang Du Shi Bao·2026-01-19 09:12Core Viewpoint - MiniMax, a leading AI company focused on multimodal model development, has made significant strides in the market, achieving a record IPO on the Hong Kong Stock Exchange within just over four years of its establishment [1][4]. Group 1: Company Overview - MiniMax was founded at the end of 2021 and specializes in the research and development of multimodal models [1]. - The company completed its IPO on January 9, 2026, with an initial offering price of 165 HKD per share, experiencing a surge of over 70% on its opening day, leading to a market capitalization exceeding 90 billion HKD [1]. - The company is recognized as one of the first in Shanghai to receive approval for large model registration, focusing heavily on model intelligence breakthroughs [2]. Group 2: Financial Performance - In the first three quarters of 2025, MiniMax reported total revenue of 53.44 million USD, marking a year-on-year increase of 175% [2]. - The gross margin for its ToB (business-to-business) operations reached 69.4%, while C-end (consumer-end) products achieved a positive gross margin of 4.7% [2]. - Projections from CITIC Securities indicate that MiniMax's revenue will maintain a high growth rate of over 90% from 2025 to 2027 [2]. Group 3: Subsidiary Developments - MiniMax has established five wholly-owned subsidiaries, with the latest being Guangzhou Yiyu Jizhi Technology Co., Ltd., registered on January 14, 2026, with a capital of 70 million CNY [3][4]. - The Guangzhou subsidiary is positioned as a significant expansion in the South China region, with its business scope prominently featuring "intelligent robot sales," unlike other subsidiaries [3][4]. - The establishment of the Guangzhou subsidiary is seen as a strategic move following the IPO, indicating MiniMax's commitment to expanding its footprint in the robotics sector [4]. Group 4: Strategic Partnerships - MiniMax has entered into a strategic partnership with ZhiYuan Robotics, providing comprehensive AI technology support for text-to-speech applications, which is expected to enhance the integration of multimodal AI technologies in robotics [5]. - This collaboration aims to accelerate the application of full-modal AI technology in the robotics industry, highlighting MiniMax's focus on AI and robotics [5].