MiniMax Group Inc. （「本公司」） 香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的 內容概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立以不同投票權控制的有限公司） 的聆訊後資料集 重要提示：閣下如對本文件的任何內容有任何疑問，應諮詢獨立專業意見。 MiniMax Group Inc. （於開曼群島註冊成立以不同投票權控制的有限公司） 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、本公司的保薦人、整體協調人、顧問或承銷團成員 表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記 前，本公司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或 ...

专题：2025年深圳香蜜湖金融年会 2025年12月20-21日，第二届"深圳香蜜湖金融年会"将在深圳市福田区隆重举行，本届年会以"识变局， 开新局——促进粤港澳大湾区科技-产业-金融良性循环"为主题。会议上，香港理工大学人工智能物联 网研究院研究员李鸣称，2025年我国的人工智能大模型产业快速发展。通过开源策略打破垄断，推动开 放生态，通过工程创新降低了部署门槛，加速了AI技术普惠化，重塑了产业格局，但目前我们依然看 到大模型也存在诸多挑战。 李鸣称，中国深度求索、字节豆包以及阿里通义、千问、腾讯的混元大模型表现突出，同时德国、法 国、韩国也在积极布局AI产业。2025年我国的人工智能大模型产业快速发展，截至11月1日，国内累计 有611个生成式人工智能服务完成备案，同时有306个生成式人工智能应用或功能完成登记，尤其是 DeepSeek通过开源策略打破垄断，推动开放生态，通过工程创新降低了部署门槛，加速了AI技术普惠 化，重塑了产业格局。 但是我们依然看到大模型也存在诸多的挑战，一是人工智能治理难，这里包括模型的可解释性、数据质 量、隐私安全等问题。二是专业人才少，具备算法研究能力的高端人才严重不足，懂技 ...

Core Insights - The article discusses the financial performance and growth trajectory of a company specializing in large models, highlighting its significant revenue growth and high gross margins. Group 1: Financial Performance - The company reported revenues of 57.4 million, 124.5 million, and 312.4 million for the years 2022, 2023, and 2024 respectively, achieving a compound annual growth rate of 130% over these three years [1] - The gross margins for the years 2022, 2023, and 2024 were 54.6%, 64.6%, and 56.3% respectively, with a gross margin of 50% reported for the first half of 2025 [2] Group 2: Market Position and Technology - The company has empowered over 12,000 enterprise clients, more than 80 million end-user devices, and over 45 million developers, making it the largest independent general-purpose large model vendor in China [2] - Established in 2019, the company is recognized for its original GLM pre-training architecture and has developed a comprehensive model matrix covering language, code, multimodal, and intelligent agents [2] - The company has a high R&D investment, with expenditures of 84.4 million, 528.9 million, and 2.1954 billion for the years 2022, 2023, and 2024, and 1.5947 billion in the first half of 2025, totaling approximately 4.4 billion in R&D investments [2] Group 3: Investment and Industry Impact - The company has received recognition from various investment institutions, including state-owned enterprises and venture capital firms, completing eight rounds of financing totaling over 8.3 billion [3] - As the first company among the "six small dragons" of large models to initiate an IPO, it aims to become the "first global large model stock," marking a significant milestone in the transition of China's AI large model industry from a technology race to capital validation [3] - The IPO is expected to provide global investors with an opportunity to share in the technological dividends of China's AI foundational layer, potentially reshaping the valuation logic of Chinese tech stocks in the capital market [3]

人民财讯12月19日电，近日，记者获悉，AI大模型"六小虎"之一MiniMax(稀宇科技)已拿到证监会备案 且通过港交所聆讯。MiniMax成立于2021年，自主研发了一系列多模态通用大模型，包括MiniMax M2、Hailuo2.3、Speech2.6和Music2.0。截至目前，MiniMax未予置评。 ...

12月18日，三大指数涨跌不一，沪指低开回升，创业板指低开低走跌超2%。沪深两市成交额1.66万亿，较上一个交易日缩量1557亿。截至收盘，沪指涨 0.16%，深成指跌1.29%，创业板指跌2.17%。 | 大涨板块 | 251218 (周4) | 251217 (周3) | 251216 (周2) | 251215 (周1) | | --- | --- | --- | --- | --- | | 1 | 航天15 | 液冷服务器14 | 无人驾驶10 | 航天19 | | 2 | AI医疗11 | 光通信16 | 大消费16 | 大消费21 | | 3 | 大消費22 | 锂电池10 | 数字人民币4 | 福建自贸/海西概: | | 4 | IP经济/谷子经济3 | PCB板9 | 航天12 | 光伏5 | | 5 | 光通信3 | 大消费8 | 智能电网2 | 智能电网5 | | 6 | ST股12 | ST股7 | STHIS | STH56 | | 7 | 无人驾驶3 | 航天4 | 股权转让1 | 股权转让3 | | 8 | 福建自贸/海西概念3 | 大金融4 | 大金融1 | 机器人3 | | 9 ...

IPO的高光终于来到了大模型创企。 12月17日，国内知名大模型创业独角兽智谱（Z.AI）与MiniMax（稀宇科技）同日传出通过港交所聆讯 的消息。 业内知情人士告诉21世纪经济报道记者，两家公司都在紧锣密鼓地抢抓上市时点，招股书挂网时间甚至 都格外被留意。"毕竟，外界真的很看重到底谁是'大模型第一股'。" "AI六小龙"里跑出来的两家明星公司，在历经近三年的算力竞赛与商业化摸索后，他们的业务方向和商 业模式并不趋同，一家深耕文本基座模型，服务企业开发者，偏向To B；一家押注全模态与全球化，直 接面向消费者，更偏ToC。 严格来讲，这两家公司均属于本轮AI大模型的第一波IPO阵营。相比纠结谁能拿下 "第一股" 的头衔， 更值得关注的是其背后折射的AI产业发展脉络，以及创业企业在巨头环伺的竞争格局中，如何依托这 两种典型生存路径站稳脚跟。 截至发稿，两家公司的招股书尚未披露，21世纪经济报道记者了解到，智谱是国内收入规模最大的独立 大模型厂商；MiniMax年度经常性收入已达1亿美元级别，其中约三分之二来自C端。 （资料图） 清华基因对阵商汤信仰 智谱带有鲜明的清华基因。公司成立于2019年，由清华大学技术 ...

Core Viewpoint - Both Zhipu and MiniMax, two AI model unicorns, have reportedly passed the Hong Kong Stock Exchange hearing, indicating their readiness for public listing [1][2]. Group 1: Zhipu Overview - Zhipu, established in 2019, is one of the "Six Little Tigers" in large models, having developed the GLM-130B bilingual pre-trained model and the ChatGLM dialogue model [4]. - The company has generated over 100 million RMB (approximately 14 million USD) in annual recurring revenue (ARR) from its software tools and model business [4]. - Zhipu aims for over 100% revenue growth by 2025 and is diversifying its revenue structure, targeting a 50% contribution from its API business [4]. - The API platform currently serves over 2.7 million paying customers, including major Chinese tech firms [4]. - In September, Zhipu launched an AI-driven coding tool subscription plan priced at 20 RMB per month, significantly lower than competitors [5]. - The company has completed 17 rounds of financing, with the latest round in July raising 1 billion RMB [5][6]. Group 2: MiniMax Overview - MiniMax, founded in 2021, has developed a series of multimodal general models, showcasing strong capabilities in code and agent functions [9]. - The MiniMax M2 model ranks among the top five globally on the Artificial Analysis (AA) leaderboard, establishing itself in the first tier of text models [10]. - MiniMax's investor base includes prominent firms such as Alibaba, Hillhouse Capital, and Tencent, with a recent C round financing in July raising nearly 300 million USD, leading to a valuation of 4 billion USD [10].

Group 1 - Ant Group's AI health application "AQ" has been upgraded to "Ant Aifu," with over 15 million monthly active users, 55% of whom are from third-tier cities, highlighting its inclusive characteristics [2] - The perception of the health sector as a "low-frequency track" is changing due to advancements in AI technology, with online consultation platforms becoming high-frequency user entry points [2] - More than 500 renowned doctors have established "AI avatars" on the "Ant Aifu" platform, which have collectively answered over 27 million health inquiries [2] Group 2 - Ant Group has upgraded its "Digital Health Division" to "Health Business Group," emphasizing its strategic focus on the health industry, which is projected to exceed 20 trillion yuan in market size by 2025 [3] - AI health applications are expected to seize historical opportunities as traditional models struggle to meet diverse health needs, although they currently serve only as auxiliary tools and do not replace professional medical diagnosis [3] - The competition in the AI health application sector is intensifying, with tech companies vying for data entry points from both hospitals and patients to transform infrequent medical behaviors into frequent health consultations [3] Group 3 - Increased user consultation data on health management platforms will enhance the training of better AI models, which are seen as a technological advantage for internet platforms [4] - The AI medical sector has seen active financing this year, with companies like Noah AI and SenseTime Medical securing significant funding, although many AI medical firms have yet to establish clear profit paths [4] - Experts emphasize that AI tools should not be limited to single-point assistance but should empower the entire healthcare system, requiring the accumulation of complex data for AI to evolve and solve intricate medical issues [4]

Core Viewpoint - Ant Group's AI health application "AQ" has been upgraded to "Ant Aifu," with over 15 million monthly active users, highlighting its significant reach in lower-tier cities and its role in transforming the healthcare sector from low-frequency to high-frequency user engagement [3][5]. Group 1: Application and User Engagement - The AI health application has attracted 55% of its users from third-tier cities, showcasing its inclusive nature [3]. - Dr. Duan Tao from Shanghai Oriental Hospital has launched an "AI avatar" on the Ant Aifu app, receiving 160,000 consultations, indicating the app's effectiveness in addressing common pregnancy-related inquiries [4]. - Over 500 renowned doctors have established their "AI avatars" on the platform, collectively answering over 27 million health inquiries, demonstrating the app's extensive user engagement [5]. Group 2: Market Potential and Strategic Moves - Ant Group has restructured its digital healthcare division into a "Health Business Group," emphasizing its commitment to the health industry, which is projected to exceed 20 trillion RMB by 2025 [5]. - The shift towards AI health management applications is seen as a historic opportunity to meet diverse health needs as traditional models struggle to keep up [5]. Group 3: Competitive Landscape and Future Outlook - The competition in the AI health application sector is intensifying, with tech companies vying for data entry points from both hospitals and patients to convert infrequent medical interactions into frequent health consultations [6]. - Recent funding activity in the AI healthcare sector indicates a vibrant investment landscape, with companies like Noah AI and SenseTime Medical securing significant financing, although many still lack clear profitability paths [6]. - Experts emphasize the need for AI tools to evolve beyond single-point assistance to become integral to the healthcare ecosystem, enhancing their value through comprehensive data accumulation and analysis [7].

Core Insights - The core viewpoint of the articles highlights the significant role of AI health applications, particularly the upgraded "Ant Fortune" app, in transforming healthcare consultations, especially in the context of pregnancy-related inquiries and enhancing male participation in the process [1][3]. Group 1: AI Health Application Development - The "Ant Fortune" app has over 15 million monthly active users, with approximately 55% from lower-tier cities, showcasing its inclusive nature [1]. - AI applications are increasingly seen as a solution to repetitive inquiries in healthcare, with 70% of offline consultations related to basic lifestyle questions during pregnancy [3]. - The app has attracted 160,000 consultations for its AI avatar of Dr. Duan Tao, a prominent obstetrician, indicating a growing acceptance of AI in healthcare [3]. Group 2: Market Potential and Strategic Moves - The Chinese health industry is projected to exceed 20 trillion RMB by 2025, presenting a significant opportunity for AI health management applications [3]. - Ant Group has upgraded its "Digital Health Division" to a "Health Business Group," emphasizing its commitment to the health sector as a strategic pillar [3]. - The competition in the AI health application space is intensifying, with tech companies vying for data entry points from both hospitals and patients to convert infrequent medical interactions into frequent health consultations [4]. Group 3: Investment and Innovation - The AI medical sector has seen active financing, with companies like Noah AI and SenseTime Medical securing substantial funding, indicating investor confidence in the sector's growth potential [4]. - Despite the funding activity, many AI medical companies have yet to establish clear profit pathways, necessitating the development of competitive and differentiated products to justify their valuations [5]. - Experts emphasize the need for AI tools to evolve beyond simple assistance to become integral to the healthcare system, requiring the accumulation of complex data for improved problem-solving capabilities [5].