智通财经记者 | 徐美慧 伍洋宇 智通财经编辑 | 文姝琪 继昨日（1月8日）"全球大模型第一股"智谱AI登陆资本市场后，今日（1月9日），MiniMax（稀宇科技）正式在港交所主板挂牌上市。 MiniMax上市首日开盘涨42%，报235.4港元/股，市值约719亿港元。 "在MiniMax内部，我们一直强调一句话，模型即产品（Model is Product）。"MiniMax公共事务部高级总监乔卓真仪在接受智通财经等媒体采访时表示。 针对外界对于大模型应用形态的讨论，乔卓真仪表示，MiniMax不刻意押注"Super App"，MiniMax的核心竞争力，从来不是某一款具体产品，而是模型能力 本身。"大家慢慢会发现，在大模型的优等生班级里，每个人都要有自己的特长。" 在这次IPO中，MiniMax获得了资本市场的青睐。MiniMax本次IPO拟发行2920万股，定价为每股165港元，其行使了15%的发售量调整权，最终融资规模达 48.2亿港元。 然而，作为硬科技企业，高强度的研发投入仍是MiniMax目前亏损的一大原因。招股书显示，2022年、2023年、2024年及截至2024年及2025年前三季度分别 ...

Group 1 - MiniMax's IPO attracted approximately 420,000 subscriptions, with an oversubscription rate of 1848 times, and is set to debut on the Hong Kong stock market on January 9, with stock code 0100 [2] - The IPO price range for MiniMax is set between HKD 151 and HKD 165 per share, with a base issuance scale of 25.3892 million shares, aiming to raise approximately HKD 38.34 to 41.89 billion [2] - MiniMax has secured 14 cornerstone investors, including notable institutions such as Alibaba and Eastspring, with a total subscription amount of HKD 27.23 billion, accounting for 69.8% of the global offering [2] Group 2 - MiniMax, established in early 2022, focuses on the development of multimodal models and has launched several AI-native products, serving over 200 million individual users and more than 100,000 enterprise clients globally [3] - For the first three quarters of 2023, 2024, and 2025, MiniMax reported revenues of USD 2.46 million, USD 30.52 million, and USD 53.44 million, respectively, with net losses of USD 269 million, USD 465 million, and USD 512 million [3] - The company's AI-native product revenue accounted for over 70% of total revenue in the first three quarters of 2025, with significant contributions from products like Hailuo AI and Talkie [4] Group 3 - MiniMax's overseas market revenue constituted 73.1% of total revenue in the first three quarters of 2025, with Singapore and the United States contributing 24.3% and 20.4%, respectively [4] - Recently, MiniMax partnered with Zhiyuan Robotics to provide comprehensive AI technology support, enhancing user interaction through customized voice synthesis [4] Group 4 - Another AI model company, Zhiyuan, also experienced significant interest in its IPO, attracting 206,000 subscriptions with an oversubscription rate of 1164 times, expected to list on January 8 [5] - Zhiyuan plans to issue 37.4195 million shares, with an expected fundraising of approximately HKD 43 billion, and has secured cornerstone investments totaling HKD 29.8 billion [6] - Zhiyuan's revenue for 2022, 2023, 2024, and the first half of 2025 is projected to be HKD 57.4 million, HKD 124.5 million, HKD 312.4 million, and HKD 190.9 million, respectively, with net losses increasing significantly [6][7]

Core Viewpoint - MiniMax (稀宇科技) has officially launched its IPO in Hong Kong, aiming to raise up to HKD 4.19 billion (USD 538 million) with a share price range of HKD 151 to 165, and is expected to have a market capitalization exceeding HKD 40 billion upon listing [1][3]. Group 1: IPO Details - The IPO will issue 25.389 million shares, with the subscription period running until January 6, 2026 [1]. - The stock is expected to be listed on January 9, 2026, under the ticker "HK00100" [1]. Group 2: Investor Participation - MiniMax has secured 14 cornerstone investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with a total subscription amount of approximately USD 350 million (about HKD 27.23 billion) [3][4]. Group 3: Financial Performance - The company's operating expenses are projected to increase from USD 14.4 million in 2022 to USD 100.4 million in 2023, and further to USD 290.4 million in 2024, primarily due to investments in third-party cloud services for training [5]. - MiniMax reported net losses of USD 73.7 million, USD 269.2 million, and USD 465.2 million for the years ending in 2022, 2023, and 2024, respectively [5]. Group 4: Cash Flow and Use of Proceeds - As of September 30, the company had a cash balance of approximately USD 1.046 billion, which, assuming a monthly cash burn of USD 28.1 million, would sustain operations for about 37 months without IPO proceeds [5]. - If the shares are priced at the lower end of the range (HKD 151), the proceeds from the IPO would allow for approximately 54 months of operation [5][6]. - Approximately 90% of the net proceeds from the IPO are planned for R&D over the next five years, with 70% allocated to developing large models and 20% to AI-native products [6]. Group 5: User Growth and Market Reach - MiniMax's self-developed multimodal models and AI-native applications have served over 200 million individual users from more than 200 countries and regions, as well as over 100,000 enterprise clients and developers from more than 100 countries [9]. - The company has seen significant user growth in its AI-native products, with projections indicating a rise from 11,131 users in 2023 to 212,247 by 2025 [11]. Group 6: Company Profile - MiniMax was established in early 2022 and focuses on the development of multimodal models, having created a series of models including MiniMax M2, Hailuo 2.3, Speech 2.6, and Music 2.0 [7]. - The company employs 385 people, with an average age of 29, and approximately 74% of its workforce is dedicated to R&D [12].

随着全球AGI赛道从"百模大战"进入整合期，MiniMax的上市进程备受市场瞩目。它让我们得以一窥， 在ChatGPT点燃全球战火后，中国原生AI大模型公司如何烧钱研发、攻城略地，并探索可持续的商业化 道路。 AI公司的IPO纪录有望刷新。12月21日，全球领先的通用人工智能（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，有望刷新纪录，成为从成立到IPO历时最短的AI 公司。 对于一家尚未盈利的特专科技公司，投资者愿意为什么买单？MiniMax的答案是产品。 在商业模式上，MiniMax将赌注押在了C端，即直接面向消费者的AI原生应用，收入占比已超70%。招 股书显示，MiniMax在2023年营收为346万美元，2024年营收为3052万美元，2025年前九个月营收为 5344万美元，同比增长超过170%。 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，其中海外市场收入贡献占比超70%。 AI原生产品贡献增量 作为一家处于高速扩张期的研发驱动型AI公司，MiniMax的财务也呈现 ...

48小时内，MiniMax与智谱 在港交所完成终局一战 出品｜虎嗅科技组 作者｜宋思杭 以下文章来源于AGI接口 ，作者宋思杭 AGI接口 . AI卷起的财富风暴。 编辑｜苗正卿 头图｜视觉中国 国内大模型公司稀宇科技MiniMax（ 以下简称"MiniMax" ）于2025年12月21日晚在港交所公示招股书，距 离智谱披露招股书仅相隔48小时。 两家被外界普遍视为最具潜力的国内大模型公司，几乎同时走到资本市场门口。但至于究竟谁会是"全球大 模型第一股"？答案暂未揭晓。 从MiniMax披露的招股书来看，前两年收入增长曲线尤为陡峭。2023 年和 2024 年，公司营收分别为 346 万美元（ 约合人民币 2436 万元 ）和 3052 万美元（ 约合人民币 2.1 亿元 ），同比增长 782.08%；截至 2025 年 9 月 30 日，MiniMax 实现营收 5344 万美元（ 约合人民币 3.77 亿元 ），同比增长174.76%。 需要注意的是，与智谱的招股书采用人民币口径不同，MiniMax以美元作为主要计量单位。这一差异更多 反映的是，两家公司主要经济活动所在市场的不同。其中，MiniMax的收 ...

Core Viewpoint - Daiwa's report indicates that Baidu Group-SW (09888) has slightly exceeded expectations in revenue and operating profit for Q3 2025, driven by other income and tax benefits [1] Group 1: Financial Performance - Baidu's core business revenue and operating profit for Q3 2025 are better than expected [1] - The report highlights a 21% year-on-year increase in Baidu's cloud service revenue [1] Group 2: Investment Rating - Daiwa maintains a "Buy" rating for Baidu and raises the target price from HKD 158 to HKD 162 [1] - The report emphasizes the positive impact of new financial disclosures related to AI-native products [1]

Core Viewpoint - Daiwa's report indicates that Baidu Group-SW (09888) is expected to have slightly better-than-expected revenue and operating profit for Q3 2025, driven by other income and tax benefits [1] Group 1: Financial Performance - The report maintains a "Buy" rating for Baidu and raises the target price from HKD 158 to HKD 162 [1] - Baidu's cloud service revenue increased by 21% year-on-year in Q3 [1] Group 2: Strategic Developments - The company announced new financial disclosures related to AI-native products [1]

Core Insights - The article emphasizes the transformative impact of AI on business operations, highlighting the necessity for organizations to adapt or risk obsolescence. It outlines a growth path from L1 to L5 in AI implementation, indicating a shift from efficiency improvements to fundamental business model transformations [1][2]. Group 1: AI Implementation Framework - The AI implementation framework consists of five levels (L1 to L5), where L1 focuses on enhancing individual job efficiency through AI tools, while L5 represents the creation of native AI platforms that redefine business value networks [3][5][8]. - L1 involves using AI as a new tool to empower job functions, emphasizing the importance of generating revenue before focusing on cost reduction to foster acceptance of AI initiatives [5][6][7]. - L2 expands AI's role to drive transformations across six business scenarios: business strategy, customer value, product innovation, brand marketing, holistic operations, and organizational effectiveness [9][10]. Group 2: Business Strategy and Insights - Understanding the essence of a business is crucial for strategic planning, as it determines the logic of operations and market positioning. This involves asking fundamental questions about the business's purpose and future direction [10][12]. - Industry research is essential for identifying market boundaries, growth potential, and competitive positioning. Companies should adopt a holistic view of their industry to avoid misjudgments about market opportunities [15][17]. - Decision-making processes can be enhanced through AI, which can streamline meeting outcomes and ensure actionable insights are captured and followed up on [19][20]. Group 3: Customer Value and Product Innovation - Enhancing customer value requires a deep understanding of user needs, which can be achieved through AI-driven insights that analyze user behavior and preferences [21][23]. - Product innovation processes can be significantly accelerated by AI, which can automate data collection and analysis, leading to faster design and market readiness [24][25]. - AI can also optimize brand marketing strategies by generating relevant content and aligning marketing efforts with consumer interests and seasonal trends [26][27]. Group 4: Operational Efficiency and Future Outlook - AI is transforming operational processes, such as lead management and proposal generation, by automating routine tasks and improving response times, thereby increasing overall efficiency [28][30]. - The shift from traditional software to AI-native products represents a paradigm shift in how businesses operate, focusing on results and adaptability rather than fixed functionalities [31][33]. - The future of organizations will be characterized by AI-driven capabilities that redefine roles and responsibilities, necessitating a reevaluation of talent management and organizational structures [39][41].

Core Insights - The article emphasizes the necessity of integrating AI into various business functions, highlighting that AI is not just a tool for cost reduction but a transformative force for survival and growth in the modern business landscape [2][6][57] Group 1: AI Implementation Framework - The article outlines a growth path for AI implementation from L1 to L5, where L1 focuses on enhancing individual work efficiency through AI tools, and L5 represents the creation of AI-native organizations [3][6][39] - L1 involves mastering AI tools to improve personal productivity, while L2 emphasizes applying AI in business scenarios to drive strategic insights and operational efficiency [8][13] - The transition from L1 to L5 signifies a shift from merely enhancing existing processes to creating entirely new business models and ecosystems driven by AI [39][42] Group 2: Business Transformation through AI - AI can drive transformation across six key business scenarios: business strategy, customer value, product innovation, brand marketing, holistic operations, and organizational effectiveness [14][27] - Understanding the essence of a business is crucial for strategic insights, as illustrated by the example of pet food, where recognizing the emotional bond between pets and owners shifts the focus from cost to quality and nutrition [15][20] - Industry research is essential for identifying market opportunities and understanding competitive dynamics, with AI tools significantly lowering the barriers to conducting comprehensive industry analyses [22][24] Group 3: Enhancing Customer Value - To enhance customer value, businesses must focus on understanding user needs, identifying core users, and addressing barriers to satisfaction, shifting from a focus on functional value to emotional value [27][29] - The article discusses the importance of creating a three-pronged system for brand engagement: content generation, business conversion, and relationship management in digital private domains [29][30] Group 4: Product Innovation and Marketing - AI can streamline the product innovation process by automating user feedback analysis and enhancing design capabilities, allowing for rapid prototyping and market responsiveness [30][32] - The marketing landscape is evolving with AI, enabling companies to create targeted campaigns and optimize content generation, significantly reducing the time required for marketing planning [32][33] Group 5: Organizational Evolution in the AI Era - The article posits that AI will redefine organizational structures, necessitating a shift from traditional roles to a model where individuals and AI agents collaborate to achieve business objectives [49][51] - Companies must adapt to the changing nature of work, where AI enhances productivity and alters the dynamics of job roles, leading to new challenges in compensation and performance evaluation [51][52] Group 6: Future Outlook - The future of business will be characterized by AI-native organizations that leverage AI for decision-making, operational efficiency, and customer engagement, fundamentally altering the competitive landscape [48][57] - The article concludes with a call to action for businesses to embrace AI as a core component of their strategy, positioning themselves to thrive in an increasingly AI-driven economy [57][58]

Core Insights - Candle, a social application focused on maintaining intimate relationships, has gained significant traction with over 300,000 users and a monthly revenue exceeding $150,000 within just six months of launch [2][16][19] - The founders, Alex Ruber and Parth Chopra, previously worked at major tech companies and pivoted from a failed AI shopping tool to create Candle, inspired by the challenges of maintaining personal relationships during startup pressures [5][11][12] User Engagement and Growth - Candle's user base includes 150,000 couples, with a monthly active user count exceeding 250,000 and a DAU/MAU ratio of approximately 50%, indicating strong user engagement and retention potential [17][19] - The application has consistently ranked in the top 25 of the Apple App Store, showcasing its popularity and market presence [17] Product Features and Value Proposition - Initially a simple question-and-answer game, Candle has evolved into a comprehensive platform that facilitates daily interactions, date planning, and emotional tracking, emphasizing lightweight and frequent emotional connections [12][13][15] - The app's core value lies in helping users create daily emotional engagement, addressing the issue of emotional detachment in modern relationships [13][19] Business Model and Revenue - Candle operates on a freemium model, offering basic features for free while charging for premium content and functionalities, which has led to an annual recurring revenue (ARR) projection of $1 million [20] - The early monetization strategy signals a strong product-market fit, as users are willing to pay for additional features, indicating a genuine demand for the service [20] Market Trends and Challenges - Candle targets a growing trend of emotional disconnection in relationships exacerbated by modern life pressures, particularly among younger generations [12][20] - The company faces challenges in ensuring long-term user retention and enhancing the depth of user experience while expanding its feature set [21] Investment and Future Plans - The founders plan to reinvest previous seed funding into Candle's development, focusing on hiring more engineers and accelerating product iterations [22] - Existing investors, including Goodwater Capital and Y Combinator, are fully supportive of this new direction, indicating confidence in Candle's growth potential [22]