每经记者｜可杨 每经编辑｜陈旭 2月2日，面壁智能联合创始人兼CEO（首席执行官）李大海接受包括《每日经济新闻》记者在内的媒体 记者采访时表示，新一代人机交互方向已现曙光，但真正的跃迁不会一蹴而就，而是伴随云端与端侧模 型能力持续提升逐步发生。在这一过程中，全模态模型是否能够成为连接数字智能与物理世界的具身大 脑，正在成为产业关注的核心问题。 全模态不是功能叠加 随着AI开始进入物理世界，当其驱动机器人或可穿戴设备时，传统的人机交互模式开始显现弊端。 清华大学计算机系长聘教授、面壁智能联合创始人兼首席科学家刘知远认为，对人类而言，听、说、看 本身是多通道并行的，人可以在说话的同时继续听、继续看，这些过程并不会彼此阻碍。但在人机交互 层面，此前的大多数模型都很难具备这种能力，"一旦你开始说，就没有办法看了，有这样那样的问 题"。 这种交互方式的缺陷，限制了AI走向具身智能的深度。在刘知远看来，拟人化、高度自然的交互能 力，是让机器人、智能终端更像人的关键一步。"它（全模态模型）和让我们未来的机器人、智能终端 能够像人一样去进行自然交互，可能离得更近。" 依照这一判断，具身智能并不是一个独立分支，而是对模型交互能 ...

Core Viewpoint - The article highlights the rapid rise of MiniMax (稀宇科技) in the AI industry, emphasizing its successful IPO on the Hong Kong Stock Exchange and the significant market interest it has generated, with a potential market valuation exceeding 50 billion HKD [6][7]. Group 1: IPO and Market Response - MiniMax's IPO on January 9, 2024, was marked by unprecedented subscription enthusiasm, with a total subscription amount exceeding 253.3 billion HKD and an oversubscription rate of 1,209 times, setting a record for institutional subscriptions in Hong Kong [6]. - The stock opened strong, reaching a peak of 211.2 HKD per share, closing at 205.6 HKD, reflecting a 24.6% increase on its first day [7]. Group 2: Company Background and Leadership - MiniMax was founded by Yan Junjie, a former vice president at SenseTime, who has a strong background in AI technology, particularly in facial recognition and natural language processing [12][20]. - The company has a notably young team, with an average employee age of 29, yet it has achieved significant productivity, with a research and development investment of only 500 million USD compared to OpenAI's estimated 40-55 billion USD [12][20]. Group 3: Technological Advancements and Product Development - MiniMax has focused on developing a full-stack AI business model, achieving significant milestones in various AI modalities, including text, audio, and video generation [20][22]. - The company launched its AI social platform Talkie, which allows users to create virtual intelligent agents, and has developed the MoE (Mixture of Experts) model, becoming the first in Asia to commercialize this architecture [16][20]. Group 4: Financial Performance and Growth - In the first three quarters of 2025, MiniMax reported revenues of 53.4 million USD, surpassing the total revenue of 30.5 million USD for the entire year of 2024, marking it as one of the few AI companies in China to achieve over 100 million USD in annual revenue [23][24]. - The company has shown a significant improvement in gross margin, increasing from -24.7% in 2023 to 23.3% in the first three quarters of 2025 [23]. Group 5: Market Position and Future Outlook - MiniMax's business model is driven by both B2C and B2B segments, with over 2.12 billion users and a notable 71.1% of revenue coming from subscription and paid services [22][24]. - The company has raised over 1.5 billion USD in funding from prominent investors, indicating strong confidence in its technology and growth potential [27][28].

Core Insights - MiniMax is set to launch its IPO on December 31, with a share price range of HKD 151 to 165, aiming for a valuation between HKD 461.23 billion and 503.99 billion [2] - The company has attracted 14 cornerstone investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with total subscriptions amounting to approximately HKD 27.23 billion, indicating strong long-term investor confidence [2] - MiniMax has received backing from major institutions like miHoYo, Alibaba, Tencent, and Sequoia, positioning itself as one of the fastest-growing AI companies globally [3] Company Overview - Founded in early 2022, MiniMax focuses on developing full-modal models and has launched several AI-native products, including Hai Luo AI and Talkie [3] - The company has spent around USD 500 million since its inception, significantly less than larger firms' annual budgets for single AI applications, yet has achieved a comprehensive full-modal layout [3] - MiniMax has over 200 million individual users across more than 200 countries and regions, with a revenue growth of over 170% year-on-year for the first nine months of 2025, and over 70% of its revenue coming from international markets [3] Market Context - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, indicating a 25-fold increase in just ten years [4] - MiniMax aims to leverage the capital market to solidify its position in the industry amidst competition from giants like Google and OpenAI [4] - The company views its IPO as a new starting point, emphasizing the need for continued effort in the face of evolving challenges in AGI technology [4]

Core Viewpoint - The emergence of MiniMax challenges the prevailing narrative that AI is a game dominated by tech giants, showcasing that innovative startups can thrive without relying on massive funding and resources [1][2][3] Group 1: Company Overview - MiniMax, a unicorn company founded less than four years ago, has a workforce of 385 employees with an average age of 29, positioning itself for an IPO without backing from any major internet company [1][24] - The company has successfully created a closed loop from model development to commercialization, generating real user engagement and revenue through products like Talkie and Hailuo [1][24] - MiniMax holds $1.1 billion in cash reserves, allowing it to sustain operations for 50 months without additional financing [1][24] Group 2: Financial Performance - MiniMax has spent approximately $500 million since its inception, significantly less than the annual marketing budgets of major tech firms for a single AI application [3][27] - The company's cloud computing service expenses related to training have dramatically decreased from 1365% of revenue in 2023 to 266.5% in the first nine months of 2025, indicating a shift from a cash-burning phase to a period of compounding commercial returns [9][30] - By the end of September 2025, MiniMax generated approximately $53 million in revenue, demonstrating high revenue per employee efficiency compared to other AI unicorns [16][37] Group 3: Market Strategy - MiniMax has shifted its focus to international markets, with over 70% of its revenue coming from overseas, making it the most internationally oriented AI company in China [12][34] - The company avoids the domestic price war by targeting markets with higher willingness to pay, such as North America and Europe, where SaaS payment habits are more established [12][34] - MiniMax's products have shown competitive superiority, with its voice model surpassing global benchmarks and its video generation model ranking second in authoritative evaluations [13][35] Group 4: Organizational Structure and Culture - MiniMax's team consists of a high percentage of young talent, with 74% of employees in research and development roles and over 30% being returnees from overseas [15][36] - The company employs a flat organizational structure with no more than three layers, facilitating rapid decision-making and efficient communication [38] - Over 80% of MiniMax's code is generated with AI assistance, reflecting its unique management philosophy that leverages AI capabilities for operational efficiency [37][38] Group 5: Industry Narrative - The prevailing narrative in the AI industry is shifting from one that emphasizes resource dominance by large firms to one that values efficiency and innovation from agile startups like MiniMax [20][41] - MiniMax exemplifies the potential for smaller companies to challenge established giants by utilizing first principles thinking and organizational efficiency to maximize output with limited resources [20][41]

Group 1 - MiniMax, a leading AGI company, aims to become the fastest AI company from establishment to IPO, having been founded in early 2022 [1] - The company has developed a comprehensive AI product matrix for both C-end and B-end markets, including products like Hai Luo AI, Talkie, and Xing Ye [1] - As of September 30, 2025, MiniMax has over 212 million individual users across more than 200 countries and regions, and 130,000 enterprise customers from over 100 countries [1] Group 2 - MiniMax's revenue grew by over 170% year-on-year in the first nine months of 2025, with over 70% of its revenue coming from international markets [1] - The company has maintained a nearly flat adjusted net loss compared to the previous year, indicating effective cost management despite rapid growth [2] - MiniMax employs 385 people with an average age of 29, and 74% of its workforce is dedicated to research and development, showcasing a young and efficient organizational structure [2] Group 3 - The company is recognized as one of the four leading companies in the global full-modal model space, with continuous technological advancements [1][2] - MiniMax's upcoming IPO in Hong Kong is highly anticipated, as it is expected to become a rare asset in the global AGI sector and a competitive AI leader [2]

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].

Core Viewpoint - MiniMax, a global AGI company, is set to become the fastest AI company from establishment to IPO, marking a significant step for Chinese enterprises in the international capital market [1] Group 1: Company Overview - MiniMax was founded in early 2022 and focuses on developing globally competitive general models [1] - The company has created a product matrix covering both C-end and B-end AI native products, including Hailuo AI, Talkie, and Xingye [1] - As of September 30, 2025, MiniMax has over 212 million individual users across more than 200 countries and regions, and 130,000 enterprise clients from over 100 countries [1] Group 2: Financial Performance - MiniMax's revenue grew by over 170% year-on-year in the first nine months of 2025, with over 70% of revenue coming from international markets [1] - The adjusted net loss remained nearly flat compared to the previous year, indicating effective loss reduction amid rapid growth [3] - The company spent approximately $500 million (around 3.5 billion RMB) since its inception, significantly less than OpenAI's cumulative expenditure of $40 billion to $55 billion [3] Group 3: Technological Advancements - In 2023, MiniMax launched the first domestic speech large model based on the Transformer architecture, Speech 01, and improved it to the top global performance with Speech 02 in 2024 [2] - The company released the Video-01 model in August 2024, achieving industry-leading standards, and the upgraded Hailuo-02 in June 2025 ranked second globally in video evaluation [2] - The new generation text model, MiniMax M2, was released in October 2025, ranking among the top five globally and first in open-source models [2] Group 4: Organizational Efficiency - As of September 30, 2025, MiniMax employed 385 people, with an average age of 29 and nearly 74% being R&D personnel [4] - The company operates with a flat management structure, achieving leading positions in text, video, and speech models within four years [4] - MiniMax has received investments from top institutions such as MiHoYo, Alibaba, Tencent, and Sequoia, positioning it as one of the fastest-growing and highest-valued AI tech companies [4]

Core Viewpoint - MiniMax is set to break the IPO record for AI companies in Hong Kong, having achieved significant growth and international revenue within just four years of establishment [2][3][5]. Group 1: Company Overview - MiniMax has been operational for less than four years and aims to become the fastest AI company to go public in Hong Kong [3]. - The company focuses on developing globally competitive general models, with over 70% of its revenue coming from international markets [5][7]. - MiniMax has achieved a remarkable revenue growth of over 170% year-on-year in the first three quarters of 2025 [7][8]. Group 2: Business Model and Product Development - Unlike traditional internet companies, MiniMax's globalization strategy is characterized as "born global," focusing on deep penetration in North America, Southeast Asia, and Europe [9]. - The company has developed a product matrix covering both consumer and business sectors, including products like Hailuo AI and Talkie [11]. - MiniMax's Video-01 model, released in August 2024, reached top industry standards, and the upgraded Hailuo-02 model ranked second globally in a video evaluation [12][13]. Group 3: Financial Health and IPO Strategy - As of September 30, 2025, MiniMax reported a cash reserve of $1.102 billion, indicating strong financial health [22]. - The company does not require IPO funding for survival, as its current cash reserves can sustain operations for over 53 months [23]. - The net proceeds from the IPO will be allocated to R&D for large models and AI-native products, as well as general corporate purposes [26]. Group 4: Organizational Efficiency - MiniMax is recognized as a "most dynamic AI target," with a young leadership team averaging 32 years old, which contributes to its agile decision-making [18]. - The company operates with a streamlined organizational structure, maintaining high efficiency in resource utilization compared to competitors [19]. - MiniMax has spent approximately $500 million since its inception, significantly less than competitors like OpenAI, which has spent between $40 billion to $55 billion [19]. Group 5: Market Position and Future Outlook - MiniMax is positioned to capture opportunities in the upcoming decade of productivity transformation, with backing from top-tier investors [24][25]. - The company aims to establish a new benchmark for human intelligence civilization from its base in Hong Kong, a global financial hub [26].

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]