引爆港股A股两地行情，市场为何「抢购」MiniMax？

Core Viewpoint - MiniMax's successful listing on the Hong Kong Stock Exchange has ignited enthusiasm in the AI sector, with significant stock price increases and market capitalization exceeding HKD 100 billion [3]. Group 1: Market Performance - MiniMax's stock surged by 109% on its debut, leading to a market capitalization surpassing HKD 100 billion [3]. - The AI sector in both Hong Kong and A-shares experienced a notable rally, with companies like iFlytek Medical Technology and Fourth Paradigm seeing increases of approximately 20% and 7%, respectively [5]. - MiniMax's public offering was met with overwhelming demand, achieving 1,837 times oversubscription for the public tranche and 37 times for the international tranche, potentially raising around HKD 55.4 billion through the exercise of the greenshoe option [5]. Group 2: Company Performance - MiniMax reported a revenue of USD 53.44 million for the first nine months of 2025, reflecting a year-on-year growth of 174.7% [6]. - The company has over 200 million personal users across more than 200 countries and regions, with over 70% of revenue coming from international markets [6]. - MiniMax's M2 model became the first Chinese model on OpenRouter to exceed a daily token consumption of 50 billion, indicating its significant usage [7]. Group 3: Business Strategy - MiniMax's CEO emphasizes the concept of "model as product," asserting that the core product in the era of large models is the model itself, rather than applications or APIs [11][12]. - The company has shifted its focus from a dual emphasis on models and products to prioritizing model capabilities, believing that improved model performance will naturally enhance product quality [13]. - MiniMax's revenue model is evolving, with a notable increase in paid user growth, particularly in AI-native applications, as the company anticipates a convergence of B2B and B2C markets [16][18]. Group 4: Financial Health - MiniMax boasts a cash reserve exceeding USD 1.1 billion, allowing for over 53 months of operational sustainability without additional fundraising [24]. - The company's gross margin has improved significantly, moving from -24.7% in 2023 to 23.3% in the first nine months of 2025, while adjusted net losses have only slightly increased despite substantial revenue growth [24][25]. - The company has achieved a remarkable 15-fold increase in paid users for AI-native products within two years, demonstrating effective scaling and cost management [18][26]. Group 5: Organizational Structure - MiniMax employs 385 staff, with an average age of 29 and 73.8% being R&D personnel, showcasing a high talent density and efficient output [26]. - The company utilizes AI to enhance productivity, with over 80% of its code generated by AI, reflecting a commitment to innovation and efficiency [27]. - MiniMax's strategic vision remains consistent since its inception, focusing on long-term goals and maintaining a strong organizational structure to adapt to market changes [28][29].