最快上市AI公司诞生？MiniMax通过港交所聆讯，成立不足四年

Core Viewpoint - MiniMax, a global AGI company, is set to become the fastest AI company from establishment to IPO, marking a significant step for Chinese enterprises in the international capital market [1] Group 1: Company Overview - MiniMax was founded in early 2022 and focuses on developing globally competitive general models [1] - The company has created a product matrix covering both C-end and B-end AI native products, including Hailuo AI, Talkie, and Xingye [1] - As of September 30, 2025, MiniMax has over 212 million individual users across more than 200 countries and regions, and 130,000 enterprise clients from over 100 countries [1] Group 2: Financial Performance - MiniMax's revenue grew by over 170% year-on-year in the first nine months of 2025, with over 70% of revenue coming from international markets [1] - The adjusted net loss remained nearly flat compared to the previous year, indicating effective loss reduction amid rapid growth [3] - The company spent approximately $500 million (around 3.5 billion RMB) since its inception, significantly less than OpenAI's cumulative expenditure of $40 billion to $55 billion [3] Group 3: Technological Advancements - In 2023, MiniMax launched the first domestic speech large model based on the Transformer architecture, Speech 01, and improved it to the top global performance with Speech 02 in 2024 [2] - The company released the Video-01 model in August 2024, achieving industry-leading standards, and the upgraded Hailuo-02 in June 2025 ranked second globally in video evaluation [2] - The new generation text model, MiniMax M2, was released in October 2025, ranking among the top five globally and first in open-source models [2] Group 4: Organizational Efficiency - As of September 30, 2025, MiniMax employed 385 people, with an average age of 29 and nearly 74% being R&D personnel [4] - The company operates with a flat management structure, achieving leading positions in text, video, and speech models within four years [4] - MiniMax has received investments from top institutions such as MiHoYo, Alibaba, Tencent, and Sequoia, positioning it as one of the fastest-growing and highest-valued AI tech companies [4]