MiniMax上市一个月涨超413%，蛇年收官日市值逼近2800亿港元

Group 1 - MiniMax, an AI company, reached a record high stock price of 886 HKD on February 16, marking a cumulative increase of over 413% since its IPO on January 9, 2023, with a market capitalization exceeding 265.6 billion HKD [1] - The company’s flagship programming model, M2.5, was launched on February 12, designed for agent scenarios and capable of producing code that constitutes 80% of new submissions within the company [2] - MiniMax's revenue for the first three quarters of 2025 was reported at 53.437 million USD, reflecting a year-on-year growth of over 170%, with more than 70% of revenue coming from overseas markets [3] Group 2 - The company has received an "overweight" rating from Guotai Junan, with a target price of 620 HKD, highlighting its leading performance in multi-modal models and strong cash reserves [2] - Morgan Stanley's report indicates that MiniMax is a rare company in the AI foundational model sector, with expected revenue compound annual growth rate of 138% from 2025 to 2030, and profitability anticipated starting in 2029 [2] - MiniMax has a global user base exceeding 212 million, with business operations in over 200 countries and regions [3]