人均「95后」，账上超十亿美金，MiniMax叩响港股大门

Core Viewpoint - The rapid pace of IPOs for AI startups, exemplified by MiniMax, highlights the growing significance and potential of artificial general intelligence (AGI) in the market [2][5]. Company Overview - MiniMax, founded in December 2021 and headquartered in Shanghai, focuses on developing multi-modal artificial intelligence technologies [4]. - The company is recognized for its foundational models MiniMax M1 and M2, as well as AI-native products like Hailuo AI and Xingye [4]. Market Position and User Base - MiniMax is poised to set a record as the fastest AI company from establishment to IPO [5]. - The company has over 2.12 billion personal users across more than 200 countries and regions, with over 100,000 enterprises and developers [9]. - The average monthly active users of AI-native products surged from 3.14 million in 2023 to 27.62 million in the first nine months of 2025, indicating strong user engagement [9]. Financial Performance - For the first nine months of 2025, MiniMax reported revenues of $53.44 million, a year-on-year increase of approximately 174.7% [9]. - The revenue primarily comes from AI-native product subscriptions and enterprise services, with a gross margin of 69.4% for B2B services [10]. - The adjusted net loss for the same period was $186 million, reflecting a slight increase of 8.6% despite significant revenue growth [22]. Research and Development - MiniMax has a strong focus on R&D, with expenditures reaching $180 million in the first nine months of 2025, accounting for 337.4% of total revenue [22]. - The company has made significant advancements in multi-modal AI technologies, launching several models that have gained international recognition [13][15]. Leadership and Organizational Structure - The executive board of MiniMax is notably young, with an average age of 32, reflecting the company's tech-driven and innovative culture [29][30]. - The leadership team is deeply involved in R&D and business operations, aligning with the company's focus on long-term technological investment and efficiency [31]. Future Plans - MiniMax plans to use approximately 70% of the funds raised from the IPO for R&D over the next five years, focusing on model upgrades and AI-native product development [34]. - The company aims to enhance social productivity and individual quality of life through its vision of "Intelligence with Everyone" [37].