"（市值）确实离谱，但暂时无法证伪。"多位布局A、H股的私募投资经理反馈称。在投资经理看来， 稀缺性仍令这两大标的受到追捧—— 智谱依托清华系技术沉淀 ，走to B路线； MiniMax凭借多模态技 术构建全球化C端产品矩阵，海外收入占比超7成 。打开想象的"出海"故事尚难被证伪，中国相较于美 国的电力成本优势又是另一重积极叙事。 不过需要注意的是，减去禁售部分，MiniMax和智谱的真正流通股本仅分别为1700万股和1170万股， 属 于 典型"小股本更容易形成上涨趋势"的香港新经济玩法，在6-12个月锁定期前后则可能面临较大抛压或 盈利审视。毕竟当模型不再稀缺的全球格局下，未来如何变现才是王道。 MINIMAX-WP(H00100) HK] < 會 Q 体市中 02-20 16:10:00 香港时间 报价 讨论 资讯 分析 轮证 财务 简况 970.000 +14.52% HKD 软件服务.HK +0.09% 今开 893.000 最高 980.000 成交量 383.45万 昨收 847.000 最低 809.000 成交额 35.27亿 ≤ -- ADR 0.000 -- % ADR换算价/港股 7 ...

依旧沸腾。 昨日（2月20日），港股马年首个交易日，智谱和MiniMax再次涨疯了。其中，MiniMax收盘股价报涨14.52%，市值一举突破3000亿港元。至此，MiniMax 上市短短两个月内，股价涨幅已超过450%。 始于上海，MiniMax身后掌舵者是一位89年的博士——闫俊杰，他早年任职于商汤科技，后来在2022年投身AGI创业。成长速度惊人，MiniMax仅用4年时 间就实现IPO。闫俊杰也成为中国AI新浪潮的标志性面孔。 短短几天，我们目睹着智谱和MiniMax双双破3000亿市值。此情此景，AI大时代，波澜壮阔。 37岁，他缔造3000亿 闫俊杰，无疑是MiniMax的灵魂人物。 1989年，他出生在河南的一座小县城，本科毕业于东南大学数学专业，后来进入中国科学院自动化研究所攻读博士，继续在清华大学计算机系从事博士后 研究。 博士期间，闫俊杰加入商汤科技，从实习生一路做起，曾任商汤集团副总裁、研究院副院长和智慧城市事业群 CTO。直到2021年底，闫俊杰结束这份工 作，一度做好了去当老师的准备。 但一件事改变了他的想法。闫俊杰曾在MiniMax OpenDay上回忆这段往事：有一天外公告诉他想 ...

Core Insights - MiniMax has achieved a remarkable market capitalization of over 300 billion HKD within two months of its IPO, with a stock price increase of over 450% since its listing [6][20][16] - The company is led by Yan Junjie, a 37-year-old PhD who previously worked at SenseTime and founded MiniMax in 2022 with a mission to create artificial general intelligence (AGI) [17][18] - MiniMax's innovative approach includes the development of the M2.5 programming model, which is designed for agent scenarios and supports full-stack development across various platforms [21] Company Overview - MiniMax was founded in early 2022 in Shanghai, initially operating from a small office [4][17] - The company focuses on developing large models and has launched several AI products, including the flagship M2.5 model and the abab 6 series, which utilizes a Mixture of Experts (MoE) architecture [18][20] - The company has experienced rapid growth, achieving an IPO with an initial price of 165 HKD per share, which surged by 109% on its first day [20][6] Investment and Financial Performance - MiniMax's market value has tripled since its IPO, reaching over 300 billion HKD, with significant increases in stock price observed in January and February [20][6] - The company has attracted notable investors, including miHoYo, Hillhouse Capital, and IDG Capital, with an initial valuation of 200 million USD during its angel investment round [22] - Employees at MiniMax have benefited from the company's success, with an average shareholding value of approximately 28 million HKD per employee [23] Industry Context - The rise of MiniMax is part of a broader trend of young entrepreneurs in China's tech sector, particularly in AI, who are leveraging innovative technologies to disrupt traditional industries [29][24] - The success of MiniMax and similar companies reflects a shift towards technology-focused leadership among younger founders, contrasting with previous generations that emphasized business operations [29][28]

Group 1 - The core viewpoint of the article emphasizes that by 2026, Chinese companies are shifting their focus towards globalization, with the Hong Kong Stock Exchange (HKEX) playing a crucial role in this transition [2] - Many internet and cross-border e-commerce companies are choosing to list in Hong Kong due to the alignment of international investors with overseas business perspectives, leading to more reasonable valuations [2] - Listing in Hong Kong not only serves as a means to raise capital but also provides a strong endorsement for companies seeking licenses and local promotion overseas [2] Group 2 - Zhipu officially listed on the HKEX on January 8, 2026, reporting a significant revenue increase from 124.54 million RMB in 2023 to 312.41 million RMB in 2024, marking a growth of approximately 151.61% [3] - Despite the revenue growth, Zhipu is currently in a loss position due to substantial R&D investments, with net losses of 29.58 billion RMB in 2024 and 23.58 billion RMB in the first half of 2025 [3] - MiniMax, which listed on January 9, 2026, achieved a revenue of approximately 30.52 million USD in 2024, a nearly eightfold increase from 3.46 million USD in 2023, with a revenue of 53.44 million USD in the first three quarters of 2025 [7] Group 3 - Haima Cloud submitted its second listing application to the HKEX on January 30, 2026, focusing on providing cloud computing support for gaming and real-time interactive video [9] - The company reported a revenue of 520 million RMB in 2024, nearly doubling from 290 million RMB in 2022, with a revenue of 580 million RMB in the first ten months of 2025 [9] - Ugreen, after listing on the Shenzhen Stock Exchange, submitted its application to the HKEX, reporting a revenue of approximately 6.17 billion RMB in 2024, with a significant increase to 6.36 billion RMB in the first three quarters of 2025 [12] Group 4 - WOOK submitted its listing application to the HKEX on January 20, 2026, showcasing a revenue of 1.05 billion RMB in 2024, a year-on-year growth of approximately 15.5%, with over 880 million RMB in revenue in the first three quarters of 2025 [14] - The article indicates that the HKEX is becoming a vital platform for Chinese companies to connect with international capital and enhance brand influence [16] - The trend of Chinese companies going global is expected to continue, with a focus on technology barriers and global operational capabilities, providing investors with diversified options [17]

Investment Rating - The report assigns an "Outperform" rating for the company [1] Core Insights - MiniMax is recognized for its high cost-performance ratio, which has garnered positive feedback from overseas developers. The company has integrated its technology into the open-source project Clawdbot, which has gained significant traction in the tech community [3][12] - The company has established a strong presence in over 200 countries, serving more than 200 million individual users and over 100,000 enterprise clients. Its overseas revenue accounts for 73%, with significant contributions from Singapore and the United States [5][23] - MiniMax's innovative models, including the MoE architecture and linear attention mechanism, enhance efficiency and reduce inference costs, positioning the company as a leader in the AI model space [6][38] Company Overview - MiniMax was founded in late 2021 and has rapidly expanded its services globally, focusing on AI products that cater to both consumer and enterprise markets. The company’s revenue model is primarily driven by its AI-native products, which account for 71% of its income [5][20] - The company has a young and dynamic research team, with a significant portion of its workforce having a background in research and development [35][32] Financial Performance - The company reported revenues of $30.52 million in 2024, with a projected increase to $53.44 million in 2025, reflecting a year-on-year growth of 175%. The revenue contributions from its main products are as follows: 29% from the open platform, 33% from Hailuo AI, and 35% from Talkie [58][61] - MiniMax's revenue growth is expected to continue, with projections of $80 million, $190 million, and $395 million for the years 2025, 2026, and 2027, respectively, indicating a strong upward trajectory [9][61] Product and Technology - MiniMax's product offerings include Hailuo AI for video generation, Talkie for AI companionship, and a robust open platform that supports various AI applications. These products are designed to meet diverse user needs and have shown significant market acceptance [44][47][55] - The company’s AI models, particularly the M series, are designed for efficient coding and multi-agent collaboration, achieving a balance between performance and cost [41][38] Market Position - MiniMax has positioned itself as a key player in the AI market, particularly in the video and voice generation sectors, where it ranks among the top in global standings. The company’s innovative approaches and competitive pricing strategies have made it attractive to small and medium enterprises [39][40][44] - The company’s focus on high-quality, cost-effective solutions aligns well with the growing demand for AI applications across various industries, enhancing its market potential [10][62]

Core Viewpoint - The article emphasizes that the combination of the global wave and the artificial intelligence revolution presents significant opportunities for Chinese entrepreneurs, marking a new era of "AI+ going global" as a crucial theme for the future [3][5]. Group 1: AI and Global Expansion - The popularity of generative AI in China surpassed 35% in early 2024, indicating a significant breakthrough in AI technology adoption [3]. - The emergence of humanoid robots during the Spring Festival has brought attention to embodied intelligence, which is expected to become a trillion-dollar industry in China, succeeding the electric vehicle sector [3]. - The demand for cloud services has surged as Chinese companies increasingly view international expansion as a necessity rather than an option, with Alibaba Cloud projected to surpass AWS in growth index by 2025 [5]. Group 2: Stages of Chinese Companies Going Global - Chinese companies have undergone four waves of international expansion, with the current phase being characterized as "full-factor going global," where companies are not just exporting products but also relocating equipment, technology, talent, and capital [11][14]. - The first wave in the mid-1990s involved component manufacturers, followed by the second wave in the late 1990s with "Made in China" products. The third wave in the mid-2010s was marked by the rise of cross-border e-commerce [12][13]. - The current fourth wave sees AI companies inherently designed for global markets, diverging from previous models of internationalization [15]. Group 3: New Challenges for AI Companies - AI companies face unique challenges in their global expansion, as their initial setup is already geared towards international markets, unlike previous generations of companies [15]. - New entrepreneurs are leveraging AI technology to create products aimed at global markets from the outset, with companies like MiniMax achieving rapid success in overseas markets [16][18]. - Established companies like Meitu are also accelerating their international presence, with significant user growth driven by AI features [21][22]. Group 4: Complexities of Global Operations - Companies expanding internationally must navigate a complex landscape characterized by geopolitical tensions and a shift towards a multi-core world, which complicates standardization and compliance [28][29]. - The operational challenges include adapting to diverse regulatory environments and cultural differences across regions, necessitating flexible and adaptive strategies [30][35]. - AI companies require robust cloud infrastructure to support their global operations, with a focus on seamless deployment and compliance with local regulations [36][38]. Group 5: Role of Cloud Services - Alibaba Cloud has emerged as a leading choice for over 80% of Chinese companies going global, providing standardized global technology architecture and support [42]. - The company is investing significantly in AI infrastructure, with plans to establish data centers in multiple countries to support international operations [44]. - The future of cloud services will be critical for AI companies as they seek to establish a competitive edge in global markets, with a focus on operational efficiency and technological support [45][50].

当模型不再稀缺，真正稀缺的，是能把模型变成现金流的能力。 2月9日，摩根大通证券（中国）发布研究报告《中国人工智能行业：全球布局与模型创新驱动新一代领军者》，首次覆盖中国独立大模型厂商智谱与 MiniMax。 报告开宗明义：中国人工智能行业正从"百模大战"阶段，迈向以商业化落地能力、模型创新实力及全球化布局为决定成败之关键的阶段。中国AI市场 正在迅速整合， "具备实力且资金充足的模型开发商数量已从超200家缩减至不足10家。" 摩根大通犀利指出， 国内AI行业最大的利润池恐将流向掌握分发的平台巨头 ；而独立厂商的突围，则取决于谁能通过"结构性中立"找到生存缝隙 ——智谱向内深耕高合规的本地化部署，MiniMax向外拓展高溢价的全球市场。 这一判断的背景并不复杂。报告指出，随着模型训练成本、算力获取门槛和商业化难度持续上升，资本与算力的硬约束开始主导行业结构。换句话 说， 行业已经不再奖励"能不能做模型"，而是奖励"能不能长期活下来"。 在摩根大通看来，这一阶段的核心变化在于：模型能力逐步趋同；资金消耗呈指数级上升；客户开始更关注"交付能力、稳定性与可持续性"。 这意味着， 大模型竞争的主线，正在从技术竞赛， ...

Investment Rating - The report assigns a rating of "Buy" for the company [2]. Core Insights - MiniMax is a rare pure-play multimodal model company that focuses on advanced model and AI-native product development, serving over 200 million individual users and more than 100,000 enterprises globally [8][14]. - The company has developed a core multimodal model portfolio, including M2, Hailuo-02, and Speech-02, aiming to enhance efficiency and stability through further integration of multimodal capabilities [8]. - The company has established a scalable monetization model early on, achieving significant revenue growth and positive feedback loops between user scale and income [8]. - Revenue projections for 2025-2027 are estimated at $81 million, $209 million, and $393 million, respectively, with year-on-year growth rates of 164%, 159%, and 88% [8]. - The company is positioned for global market expansion, supported by its comprehensive product offerings and ongoing commercialization efforts [8]. Company Overview - MiniMax focuses on advanced model and AI-native product development, having launched its first large language model in 2022 and continuously iterating on its model capabilities [14]. - The company offers a diverse range of C-end native products and B-end open platforms, including intelligent agents, video/audio generation platforms, and API platforms [19]. - As of September 30, 2025, MiniMax's AI products have served over 200 million individual users and more than 100,000 enterprises across over 100 countries [14]. Financial Analysis - The company has seen rapid revenue growth, with revenue increasing from $3.46 million in 2023 to $30.52 million in 2024, and further to $53.44 million in the first three quarters of 2025, representing a year-on-year growth of 175% [44]. - Gross margin has improved, transitioning from a loss in 2023 to a gross profit of $3.74 million in 2024, with a gross margin of 12% [49]. - The company’s net loss rate has narrowed, indicating potential for profitability as model intelligence and monetization capabilities improve [52]. Industry Analysis - The AI industry is experiencing rapid advancements in large model technology, with significant growth potential and an evolving competitive landscape [56]. - Major players in the market are maintaining a high frequency of model iterations, enhancing their capabilities and performance [57]. - The shift from traditional discriminative AI to large language models is enabling a broader range of applications, including text, image, audio, and video generation [59].

Investment Rating - The report assigns a rating of "Buy" for the company [2]. Core Insights - MINIMAX is a rare pure-play multimodal model company that focuses on advanced model and AI-native product development, with a global strategy from its inception [8][14]. - The company has developed a core multimodal model portfolio, including M2, Hailuo-02, and Speech-02, and aims to enhance efficiency and stability through further integration of multimodal capabilities [8][14]. - The company has a strong user base, serving over 200 million individual users and more than 100,000 enterprises and developers across over 200 countries [14]. - Revenue is projected to grow significantly, with estimates of $81 million in 2025, $209 million in 2026, and $393 million in 2027, reflecting growth rates of 164%, 159%, and 88% respectively [7][8]. - The report suggests a reasonable value of HKD 572.68 per share based on a price-to-sales ratio of 110x for 2026 [8]. Summary by Sections Company Overview - MINIMAX is positioned as a leading player in the AI sector, focusing on advanced model development and AI-native products, with a strong emphasis on global market penetration [14][19]. - The company has launched various consumer and enterprise products, including intelligent agents and video/audio generation platforms, with a diverse revenue model [19][20]. Financial Analysis - The company has shown rapid revenue growth, with revenues increasing from $3.46 million in 2023 to $30.52 million in 2024, and further to $53.44 million in the first three quarters of 2025, representing a year-on-year growth of 175% [45][48]. - Gross margins have improved, transitioning from a loss in 2023 to a gross profit of $1.24 million in 2025, with gross margins reaching 23% [50][51]. - The net loss rate has narrowed, indicating potential for profitability as model intelligence and monetization capabilities improve [53]. Industry Analysis - The AI industry is experiencing rapid advancements in large model technology, with continuous iterations and improvements in model capabilities [57][58]. - The competitive landscape remains dynamic, with both domestic and international players actively releasing new models and enhancing their capabilities [58][60].

中国AI行业的"百模大战"正在落幕，真正的玩家已缩减至10家。最刺耳的结论是，最大利润池将归掌控分发的腾讯、阿里 等大厂，而非模型公司。独立厂商中，智谱靠本地化部署守住59%高毛利，MiniMax则靠73%的海外收入和全模态产品突 围。当模型不再稀缺，变现才是王道。 硬·AI 作者 | 龙 玥 编辑 | 硬 AI 当模型不再稀缺，真正稀缺的，是能把模型变成现金流的能力。 2月9日，摩根大通证券（中国）发布研究报告《中国人工智能行业：全球布局与模型创新驱动新一代领军 者》，首次覆盖中国独立大模型厂商智谱与MiniMax。 报告开宗明义：中国人工智能行业正从"百模大战"阶段，迈向以商业化落地能力、模型创新实力及全球化 布局为决定成败之关键的阶段。中国AI市场正在迅速整合， "具备实力且资金充足的模型开发商数量已从 超200家缩减至不足10家。" 摩根大通犀利指出， 国内AI行业最大的利润池恐将流向掌握分发的平台巨头 ；而独立厂商的突围，则取 决于谁能通过"结构性中立"找到生存缝隙——智谱向内深耕高合规的本地化部署，MiniMax向外拓展高溢 价的全球市场。 这一判断的背景并不复杂。报告指出，随着模型训练成本、算力 ...