MINIMAX-WP（00100）：IPO点评

Investment Rating - The report assigns an IPO-specific score of 6.1, suggesting a recommendation to subscribe to the IPO of MiniMax [7][10]. Core Insights - MiniMax, established in 2021, is a global AI large model company with significant growth, reporting a total revenue of $53 million for the first nine months of 2025, a 175% year-on-year increase [1]. - The global large model market is expected to grow at a compound annual growth rate (CAGR) of 75%, reaching $22 billion in revenue by 2025 [2]. - MiniMax holds a 0.3% market share in the global large model market, ranking 10th overall and 4th among pureplay companies [2]. Company Overview - MiniMax launched its open-source large-scale mixed attention inference models, MiniMax M1 and M2, in June and October 2025, respectively [1]. - The company serves over 200 countries and regions, with more than 200 million users across its AI-native products [1]. Financial Performance - For the first nine months of 2025, MiniMax reported total revenue of $53 million, with AI-native products contributing $38 million, accounting for 71% of total revenue [1]. - The adjusted net loss for the same period was $186 million, compared to $170 million in the previous year [1]. Industry Status and Outlook - The global large model market is projected to reach approximately $200 billion by 2029, with application and MaaS revenues expected to grow significantly [2]. - MiniMax's competitive positioning is highlighted by its ranking among the top players in the industry, with major competitors including OpenAI, Google, and Microsoft [2]. Strengths and Opportunities - MiniMax has a leading capability in foundational model research, with its MiniMax M2 model ranking 5th in global open-source model benchmark tests [3]. - The company possesses multimodal capabilities, including text, video, and voice generation models, with proven commercialization [3]. - A strong research team is anticipated, with plans to recruit 150 top AI researchers over the next five years [3]. Fundraising and Use of Proceeds - The IPO is expected to raise approximately HKD 38.18 billion, with 90% of the funds allocated for R&D of large models and AI-native products [6]. - The IPO subscription period is set from December 31, 2025, to January 6, 2026, with trading commencing on January 9, 2026 [5].