MiniMax Group (SEHK:00100) H2 2025 Earnings call March 02, 2026 07:00 AM ET Company ParticipantsKenneth Fong - Managing DirectorThomas Chong - Managing DirectorYan Junjie - Founder and CEONone - Company RepresentativeConference Call ParticipantsAlex Yao - Managing Director and Senior Equity AnalystNone - AnalystNone - AnalystNone - AnalystOperatorGood day, ladies and gentlemen. Thank you for standing by. Welcome to the MiniMax Group 2025 full year financial results conference call. Please note that English ...

Financial Data and Key Metrics Changes - For the full year 2025, the company generated $79 million in revenue, representing a 159% year-over-year increase [11] - Gross profit reached $20 million, up 437% year-over-year, with gross margin improving to 25.4%, an increase of 13 percentage points from 12.2% in 2024 [14] - Adjusted net loss for the year was $250 million, but the adjusted net loss margin narrowed significantly as commercialization advanced [15] Business Line Data and Key Metrics Changes - Revenue from AI-native products reached $53 million, up 143% year-over-year, while revenue from the open platform was around $26 million, up 198% year-over-year [11] - The average daily token consumption across the M2 tech model series was more than six times the level recorded in December 2025, with token consumption from coding plans growing by more than tenfold [6] Market Data and Key Metrics Changes - As of December 31, 2025, the company had served more than 236 million users across over 200 countries and regions, with international markets accounting for more than 70% of total revenue [12] - Revenue from international markets represented over 50% of total revenue for the open platform, indicating strong traction in global markets [12] Company Strategy and Development Direction - The company aims to evolve from a large model company into a platform company for the AI era, focusing on defining and advancing new intelligence paradigms [17][18] - Strategic priorities include enhancing software development capabilities, improving workplace productivity, and advancing multimodal content generation [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in becoming a core builder of the AI platform ecosystem, highlighting the acceleration of the AI industry and breakthroughs in model capabilities [18] - The company anticipates significant advancements in intelligence levels in 2026, with expectations for AI to transition from a tool to a colleague-level collaborator [16] Other Important Information - The company has established a model coverage across video, speech, and music, with significant advancements in each area [9] - The internal use of AI agents has improved organizational efficiency, with nearly 90% of employees supported by AI intern agents [40] Q&A Session Summary Question: How does MiniMax define an AI era platform company? - Management emphasized that the AI market is not zero-sum and that unique, differentiated innovation can create market fit, allowing MiniMax to become a platform company [20] Question: Will focusing on cross-modality hinder R&D development? - Management clarified that integrating modeling modalities is essential for improving intelligence and that their approach is designed to achieve greater breakthroughs [24][25] Question: How does MiniMax view the transformation of programming intelligence? - Management explained that L4 to L5 levels of intelligence represent significant advancements, with expectations for office productivity to replicate the rapid progress seen in coding [29] Question: Is the explosive growth in token consumption a one-time event? - Management views the growth as the beginning of a long-term trend, supported by proactive preparations for high-impact market opportunities [36] Question: What insights have been gained from the internal use of AI agents? - Management noted that the deployment of AI agents has accelerated feedback loops and improved organizational workflows, allowing for clearer R&D priorities [41][43]