以下文章来源于黄青春频道 ，作者黄青春Youth 黄青春频道 . 看清流量迁徙的切面 大模型军备竞赛已倍速到抢 滩港交所阶段 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 题图｜MiniMax 伙伴日现场 AI 热浪持续炙烤着大众的神经，大模型行业的军备竞赛已倍速到抢滩港交所阶段。 今天（1 月 9 日），MiniMax（稀宇科技）港交所上市无疑会占据各大媒体版面的 C 位，按 165 港元发行 价、2919.76 万股全球发行规模估算，公司市值有望快速突破 500 亿港元。 这种乐观预期源于两点：一是，IPO 认购热度空前——MiniMax 港股 IPO 孖展金额（融资保证金）超 2533 亿港元，公开发售超额认购 1209 倍，参与机构超 460 家， 创下近年港股机构认购纪录，市场情绪持 续高涨； 二是，MiniMax 成长速度刷新行业认知—— 成立不足四年即成功 IPO，有望成为 AI 领域最快上 市企业。 再加上创始团队笑脸相迎与投资人会师港交所，是媒体喜闻乐见的叙事样本，即便中国大模型首次被当 作"基础设施型资产"来定价，也能使早期投资人在这波时代情绪中斩获数百倍乃至千倍的投资回报，必将 成为 ...

12月31日，MiniMax启动招股。根据招股书，MiniMax本次IPO拟发行25,389,220股，定价区间为151至165港元/股，在不考虑发 售量调整权及超额配股权行使的情况下，发行估值将介于461.23亿-503.99亿港元间，预计将于1月9日正式挂牌交易。 值得注意的是，MiniMax此次引入了包括Aspex、Eastspring、MiraeAsset、阿里及易方达在内的14家基石投资者，认购总额约 27.23亿港元。投资者类型横跨国际长线、头部科技、中资长线及产业战略等多个维度。这是长线资本的罕见共识。 要知道，长线基金通常投资门槛很高，往往青睐已经证明过商业模式或技术壁垒的企业。长线资金愿意长期持有MiniMax，代 表对MiniMax商业模式的自造血能力的认可。 Aspex、Eastspring及MiraeAsset等长期布局的国际资产管理巨头现身基石名单，它们历来对参与港股IPO基石极为审慎，此次出 手或许是认可MiniMax作为全球AI第一梯队的投资稀缺性。 此前，MiniMax已获得米哈游、阿里、腾讯、小红书、高瓴、IDG、红杉、经纬、明势、中国人寿等机构的投资和支持，这 家"人均95 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：华尔街见闻 如果说，去年是国内大模型的应用元年，那么2025年无疑是行业的分化之年。此刻你选择的叙事，决定 了你看到的世界。 当幻方背后的DeepSeek年初异军突起，当字节跳动的豆包以巨量流量覆盖C端，当阿里与蚂蚁系快速占 领广告牌，市场的共识似乎正在凝固：AI最终将是一场属于巨头的游戏。在这个叙事里，AI创业公司 要么成为巨头的附庸，要么在垂直赛道里做一个小而美的"工具"。 但年末，闪击港股的MiniMax，将"头部通吃"的叙事撕开了一道裂缝。这家成立不足4年、员工规模仅 385人、核心团队平均年龄29岁的独角兽公司，以一种近乎反直觉的姿态站在了IPO的门口。 在没有背靠任何单一互联网大厂流量池的情况下，它跑通了从模型到商业化的闭环，靠Talkie、海螺等 产品在 C 端跑出真实规模，既有用户，也有收入；在全行业深陷亏损时，它手握11亿美元现金储备， 足以在零融资状态下支撑50个月 ；它用不到OpenAI 1%的资金投入，将全模态模型做到了全球第一梯 队。 这家AI"新势力"，一举让互联网企业的"饱和式烧钱"传统打法祛魅。见识 ...

截至2025年9月底，MiniMax共有员工385人，平均年龄29岁，研发人员占比近74%，董事会平均年龄32岁。这支极致年轻 的AI原生组织以扁平化的管理架构，在不到四年的时间里实现了文本、视频、语音全模态模型领先，以及全球化产品的研发与 运营，人效居于行业前列。 资料显示，MiniMax成立于2022年初，是一家"生而全球化"的AI公司，致力于研发具备国际竞争力的通用模型。基于自研 大模型，MiniMax成功打造了覆盖C端与B端的AI原生产品矩阵，包括海螺AI、Talkie和星野等，并为企业用户和开发者提供开 放平台服务。 截至2025年9月30日，MiniMax已有超过200个国家及地区的逾2.12亿名个人用户以及超过100个国家的13万企业客户。值得 关注的是，其2025年前九个月营收同比增长超过170%，海外市场收入贡献占比超70%，展现出卓越的全球市场开拓能力与收入 结构的健康多元。 MiniMax专注全模态模型自研，技术迭代密集，模型进展每年上一个台阶，实现持续突破，是"全球唯四全模态进入第一梯 队"的大模型公司。 在持续高强度研发投入、快速迭代全模态模型的同时，MiniMax的商业化效率与组织 ...

Core Viewpoint - MiniMax, a leading AI model unicorn, has officially passed the Hong Kong Stock Exchange hearing, signaling its IPO ambitions amidst discussions of a bubble in the AI sector, particularly concerning OpenAI and other major players [1][3]. Group 1: Company Overview - MiniMax has raised over $1.5 billion in funding within four years, attracting investments from notable firms such as MiHoYo, Alibaba, Tencent, and others [3][26]. - The company aims to develop a global general artificial intelligence (AGI) and has a presence in over 200 countries, with 70% of its revenue coming from international markets [3][29]. - MiniMax's total expenditure has been approximately $500 million, significantly less than competitors like OpenAI, which has spent between $40 billion to $55 billion [29][30]. Group 2: Technological Advancements - MiniMax is one of the few companies that have focused on multimodal model development since its inception [4]. - The company has released several models, including the M1 and M2 text models, achieving top rankings in performance metrics [8][9]. - MiniMax's speech model, Speech 01, and its subsequent versions have been recognized for their comprehensive capabilities, supporting over 40 languages and generating over 2.2 billion hours of speech [11][12]. - The video model Hailuo has also achieved high rankings in independent tests, demonstrating its advanced capabilities in video generation [13]. Group 3: Business Model and Financial Performance - MiniMax employs a "model-as-product" strategy, focusing on subscription services and cloud API sales, which contribute to a sustainable revenue model [15][18]. - The company reported revenues of $3.46 million in 2023, projected to soar to $30.52 million in 2024, marking a year-on-year increase of 782.2% [17]. - By the first nine months of 2025, MiniMax's revenue reached $53.44 million, reflecting a 175% increase compared to the previous year [17]. - The gross margin improved from -24.7% in 2023 to 23.3% in the first nine months of 2025, indicating enhanced profitability [19][20]. Group 4: Research and Development Efficiency - MiniMax's R&D expenses have increased significantly, with cloud computing costs for training rising from $4.15 million in 2022 to $142.4 million in the first nine months of 2025 [22][23]. - Despite ongoing losses, the adjusted net loss has been decreasing relative to revenue growth, suggesting a successful business model [24]. - The company has a cash reserve of $1.102 billion, sufficient to sustain operations for over 53 months without additional funding [24]. Group 5: Team Composition and Culture - Founded in 2022, MiniMax has a young team with an average age of 29, and 73.8% of its 385 employees are in R&D roles [25][28]. - The leadership team includes experienced individuals from SenseTime, contributing to the company's strong technical foundation and operational efficiency [26][27]. - The organizational structure is highly flat, promoting rapid decision-making and efficiency, with over 80% of the code being generated by AI [28][29].

12月21日，全球通用人工智能（AGI）公司MiniMax（稀宇科技）首次刊发其聆讯后资料集 （PHIP）版本的招股书资料，有望刷新记录，成为从成立到IPO 历时最短的AI公司，标志着 中国力量在国际资本市场迈出关键一步。 MiniMax成立于2022年初，是一家"生而全球化"的AI公司，致力于研发具备国际竞争力的通用 模型。基于自研大模型，MiniMax 成功打造了覆盖C端与B端的 AI 原生产品矩阵，包括海螺 AI、Talkie和星野等，并为企业用户和开发者提供开放平台服务。 截至2025年9月30日，MiniMax已有超过200个国家及地区的逾2.12亿名个人用户以及超过100 个国家的13万企业客户。值得关注的是，其2025年前九个月营收同比增长超过170%，海外市 场收入贡献占比超70%，展现出卓越的全球市场开拓能力与收入结构的健康多元。 MiniMax专注全模态模型自研，技术迭代密集，模型进展每年上一个台阶，实现持续突破， 是"全球唯四全模态进入第一梯队"的大模型公司。 语音领域，于2023年推出国内首个基于Transformer架构的语音大模型Speech 01，随后在2024 年将综合性能提升 ...

【导读】MiniMax通过港交所聆讯，成立不足4年将刷新AI公司IPO纪录 12月21日，全球领先的通用人工智能公司MiniMax通过港交所聆讯，并刊发聆讯后资料集版本的招股书资料。 MiniMax成立至今仅有4年。若完成港股上市，MiniMax将是当前从成立到上市历时最短的AI公司，有望刷新港股AI公司的IPO纪录。 这意味着，国际资本市场将迎来一家"生而全球化"的中国AI公司。MiniMax致力于研发具备国际竞争力的通用模型，海外收入占营收比例 已超70%。 "生而全球化"特色显著 已经实现商业化能力质变 在MiniMax披露的最新招股书中，有一项数据在AI公司中较为罕见。2025年前三季度，公司营业收入同比增长超170%，并且海外收入占 比超70%。 上述亮眼数据说明，MiniMax正处于快速发展阶段，并且收入结构具备极强的地域扩张能力。 探究可见，不同于传统互联网公司的全球化出海路径，即在国内验证成功的模式搬到海外，MiniMax的全球化出海路径是"生而全球化"。 招股书显示，MiniMax的目标是打造全球最具扩展性的AI业务。目前，MiniMax通过在北美、东南亚及欧洲市场的深度渗透，完成了用户规 ...

Group 1 - The core viewpoint of the article discusses the strategic hiring by Meta, focusing on the "CV Triangle" and its implications for the evolution of visual AI towards multimodal capabilities [4][5][6] - The "CV Triangle" consists of three key researchers from OpenAI Zurich, previously from GoogleBrain, whose work has significantly influenced the development of modern multimodal AI frameworks [5][6] - The article outlines five representative works led by the "CV Triangle," including S4L, BiT, ViT, MLP-Mixer, and PALI, which collectively contribute to the advancement of visual AI and its integration with other modalities [5][6][7] Group 2 - The article highlights the milestones necessary for the transition from visual AI to multimodal AI, emphasizing the importance of continuous research and development in this field [8]

New Energy Vehicles - Lithium carbonate futures have fallen below 60,000 [1] - Concerns arise over a new price war initiated by BYD, with industry insiders suggesting that "hidden price cuts" may persist long-term [1] Technology Developments - Tencent is set to release the world's first multimodal model "Hunyuan-O" [2] - Microsoft has open-sourced a browser agent that can track and control intelligent agents in real-time [2] - Apple is expected to undergo a design revolution for its all-platform operating system [2] - A new myasthenia gravis drug, Udis, has been launched in China by UCB [2] - Apple is rumored to adjust its release strategy to launch two new iPhone models each year [2] - OpenAI plans to establish an office in Seoul within the next few months [2] - Xiaomi has denied rumors that its Xuanjie O1 is a custom chip for Arm [2] - Samsung's HBM3E has nearly passed Nvidia's single-chip certification, although final product certification may be delayed until the second half of the year [2] E-commerce and Delivery Services - Meituan reported that the average monthly income for high-frequency delivery riders in first-tier cities is 10,010 yuan [2] - Meituan's CEO Wang Xing responded to JD.com's 10 billion yuan subsidy for food delivery, stating that the company will spare no effort to win the competition [2] - Approximately 52% of Meituan's new code is generated by AI [2]

Group 1 - Wang Jianlin sells 48 Wanda Plaza properties to a consortium including Tencent and other familiar investors, with the transaction approved unconditionally by the State Administration for Market Regulation [3] - NIO responds to a fire incident at a charging station, stating that its vehicles were ignited by another brand's vehicle, with no injuries reported [3] Group 2 - Dong Mingzhu and Meng Yutong's joint live-streaming event achieved sales of 5 million yuan, with viewership reaching 2.92 million, a significant increase compared to the usual 40 viewers [5] Group 3 - BYD launches a promotional campaign with price reductions on 22 models, with discounts up to 53,000 yuan, indicating a competitive shift in the automotive market [12] - BYD's electric vehicle sales in Europe reached 7,231 units in April, a 169% year-on-year increase, surpassing Tesla for the first time [19] Group 4 - Nvidia plans to launch a new AI chip for the Chinese market, priced between $6,500 and $8,000, significantly lower than the previous H20 chip [9][10] - Apple is expected to release a smart home hub by the end of the year, which has been delayed due to challenges in AI development [10] Group 5 - Guangzhou is set to introduce measures to support the gaming and esports industry, including funding and tax incentives [19] - The Middle East smartphone market saw a 4% decline in Q1 2025, with Samsung, Transsion, and Xiaomi leading the market [20]