米哈游投资的独角兽拟上市：4年研发烧掉35亿，员工平均95后

Core Viewpoint - MiniMax, a rapidly growing AI technology company in China, is preparing for an IPO on the Hong Kong Stock Exchange, showcasing significant revenue growth and a strong product matrix in AI applications [2][4]. Group 1: Company Overview - MiniMax was established on June 30, 2021, and has quickly become one of the fastest-growing AI companies in China, focusing on a full-modal AI product matrix that serves both B-end and C-end users [2]. - The company has received investments from major players like Tencent, miHoYo, Alibaba, and Sequoia, indicating strong market confidence [4]. Group 2: Team Composition - The R&D team consists of approximately 385 members, with nearly 74% dedicated to research, divided into specialized groups focusing on text, vision, audio, AI infrastructure, and product development [8]. - The average age of the R&D team is under 30, with key executives also being relatively young, including the CEO at 36 and the COO at 31 [10]. Group 3: Revenue Growth - MiniMax's revenue skyrocketed from $346,000 in 2023 to $30.52 million in 2024, marking a staggering year-on-year growth of 782.2% [12]. - By the first nine months of 2025, revenue further increased to $53.44 million, reflecting a year-on-year growth of over 174% [12][20]. Group 4: Product Performance - The AI-native product revenue reached over $38 million in the first nine months of 2025, accounting for 71.1% of total revenue, a significant increase from approximately $76,000 in 2023 [14]. - Core products like Talkie and Hailuo AI have contributed significantly to user engagement, with Talkie achieving an average monthly active user count of over 20 million [15][17]. Group 5: Financial Metrics - Despite the revenue growth, MiniMax reported an adjusted net loss of $186.28 million in the first nine months of 2025, although this represents a significant improvement from previous years [20]. - The company's gross margin improved from -24.7% in 2023 to 23.3% in the first nine months of 2025, attributed to enhanced efficiency in model inference [19]. Group 6: R&D Investment - MiniMax has invested approximately $138 million in R&D in the same period, with total R&D spending since inception reaching around $500 million [20][22]. - The company aims to leverage China's talent advantage to achieve significant breakthroughs in AI technology, focusing on multi-modal integration [22]. Group 7: Strategic Partnerships - MiniMax has established a strategic relationship with miHoYo, which is both an investor and a client, indicating a strong alignment in the gaming and AI sectors [26][27]. - The collaboration aims to enhance AI capabilities in gaming, particularly in creating intelligent NPC dialogues and emotional interactions [27].