MiniMax已经转动港交所的门把手。 12月22日，据中国证监会网站，证监会国际合作司发布关于MiniMax境外发行上市备案通知书，公司拟 发行约3357.72万股境外上市普通股并在香港联合交易所上市。 如果成功在港交所上市，那么MiniMax有望成为从成立到IPO历时最短的AI公司。 能否获得更长期、更规模化的资金支持，影响AI初创企业竞争周期。 A 对现阶段的AI初创企业来说，上市意味着下一阶段的开启。 巨头拥有充足的现金流，可以支持高投入的研发。尽管如此，近一年也可以频繁看到巨头做出更多资本 获取的选择。而初创公司则阶段性融资和商业化并行。光是在2025年，硅谷明星创企争相融资，消息一 个接着一个，围绕算力、模型和长期研发的资金争夺已经进入白热化阶段。 很多人认为上市是中国AI企业的"救命药"，MiniMax也不例外，但其实，只要看了招股书就会知道，在 此之前，MiniMax净亏损率收窄、毛利率逐步由负转正，已经跨过了临界点，走在了健康发展的阳关道 上。上市对于MiniMax来说，不是救命，而是向AGI 冲刺的加速器。 对AI行业，尤其是中国AI创企来说，终于有公司走到这一步，也是行业可为、可信的一次 ...

来源：子弹财经 国内大模型企业正加速叩响资本市场大门。 12月17日，全球领先的通用人工智能科技公司MiniMax（稀宇科技）正式通过港交所聆讯并完成证监会 备案。有消息透露，MiniMax计划于2026年1月在港挂牌上市。若成功，这标志着其创下全球AI公司从 成立到上市的最快纪录。 盈利空间的持续优化更显发展韧性。MiniMax的毛利从2023年的-24.7%快速转正，于2024年达到 12.2%，并在2025年前九个月进一步提升至23.3%。 | | | 截至12月31日止年度 | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | 美元 | 美元 | 美元 | 美元 | 美元 | | | | | | (未經審計) | | | | | | (千元) | | | | 年內／期內虧損淨額 | (73,728) | (269,246) | (465.238) | (304,342) | (512,013) | | 加: | | | | | | | 股份支付費 ...

2025年末的全球资本市场，AGI（通用人工智能）赛道正上演"冰火两重天"：一边是行业洗牌加速、中 小玩家因算力与资金压力陆续出清，另一边是头部企业估值狂飙、资本争抢核心标的。12月21日晚间， 国产AI独角兽MiniMax（上海稀宇极智科技有限公司）在港交所披露易正式刊登聆讯后招股书 （PHIP）。此前的12月17日，公司已顺利通过港交所上市聆讯并获得中国证监会备案，若进程顺利， 将于2026年1月正式挂牌。这家成立仅四年的企业不仅即将创下全球AI公司从成立到IPO的最快纪录， 更有望成为全球资本市场首个纯AGI主业上市公司，为中国AI力量敲开国际资本大门。几乎同一时段， 行业龙头OpenAI传出新一轮千亿融资计划，投后估值或将飙升至8300亿美元，创下全球科技初创企业 估值峰值。8300亿估值引爆赛道！AGI成资本最确定性押注方向OpenAI的估值变化，堪称全球AGI赛道 热度的"晴雨表"。近日，在短短48小时内，其估值从5000亿美元跃升至8300亿美元，远超传统SaaS公司 的估值水平。这一夸张估值背后，实际上是投资者对其在AGI赛道推动商业化落地的强烈信心。然而， 当前资本的狂热并非盲目跟风。UNC ...

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Group 1 - Walt Disney, Comcast's Universal, and Warner Bros Discovery have jointly filed a copyright lawsuit against China's MiniMax [1] - The lawsuit alleges that MiniMax's image- and video-generating service Hailuo AI was built from copyrighted materials without authorization [1]

Group 1 - The global business evolution has shifted from "brand going global" to "AI-driven globalization," amidst ongoing economic uncertainty and challenges in cross-border e-commerce growth [1][5] - AI has emerged as a critical factor for cross-border enterprises to accelerate their overseas expansion and seek growth opportunities [2][5] - Companies like PatPat and Plaud.ai are leveraging AI technologies to enhance user experience, optimize marketing strategies, and significantly increase sales [3][4] Group 2 - PatPat's net sales for 2024 are projected to reach $36.3 million (approximately 260 million RMB), driven by AI's support in marketing and payment localization [3][4] - Plaud.ai's annual revenue is expected to hit $250 million (around 1.78 billion RMB), marking a doubling of revenue compared to the previous year [4] - Stripe plays a crucial role in facilitating the global expansion of various companies, with 78% of the firms on the Forbes AI 50 list choosing to collaborate with Stripe [6][7] Group 3 - Stripe is projected to handle a staggering $1.4 trillion (approximately 10 trillion RMB) in global transaction volume in 2024, nearly equivalent to Australia's annual GDP [7] - A forum hosted by Stripe in Shenzhen will focus on discussing global business transformation and growth strategies in the AI era, emphasizing cross-border opportunities [7]

Core Insights - MiniMax, a Shanghai-based AI company, has launched the world's first open-source large-scale hybrid architecture inference model, MiniMax-M1, which ranks second globally among open-source models [1] - The company has also released video generation model Hailuo 02, which achieved 300 million views within a week of its release on social media [1][6] - MiniMax distinguishes itself by not following mainstream dense architectures and traditional attention mechanisms, focusing instead on AGI since before the rise of ChatGPT [1][8] Performance and Cost Efficiency - The competition in large models is shifting from mere parameter scale to efficiency, cost, and overall implementation capabilities [2] - M1 supports an impressive context input of 1 million tokens, comparable to Google's latest closed-source model Gemini 2.5 Pro, while its reinforcement learning phase cost only $535,000 [2] - Hailuo 02 directly competes with Google's third-generation video generation model Veo3, showcasing superior performance in generating coherent and logical video sequences [3] Innovation in AI Video Generation - Hailuo 02 has pioneered a new category of AI video called "Animal Olympics" [4] - The development of Hailuo 02 involved collaboration with a diverse team of directors, screenwriters, and artists to ensure high-quality output [5] - High-quality data, innovative algorithms, and meticulous training processes are cited as key factors in the success of Hailuo 02 [6] Strategic Positioning - MiniMax remains one of the few startups still committed to foundational model research amidst a trend of major companies reducing their efforts in this area [7] - The company is exploring "sparse activation" MoE architecture to reduce computational costs, diverging from the prevalent dense architecture approach [8] - MiniMax aims to stay competitive in the long-term race of large model development, collaborating with other major players in Shanghai's AI ecosystem [9]

Core Viewpoint - MiniMax has launched a new AI model, M1, claiming its performance can compete with top models from OpenAI, Anthropic, and Google DeepMind, while its training and operational costs are significantly lower [1][3]. Group 1: Model Performance and Cost - MiniMax's M1 model reportedly matches the intelligence and creativity of leading models but was trained at a cost of only $534,700, which is nearly 200 times lower than the estimated training cost of ChatGPT-4o, potentially exceeding $100 million [3]. - The introduction of M1 could disrupt the market demand for OpenAI's products, as OpenAI has already begun to reduce prices for its models to maintain market share [4]. Group 2: Market Impact and Industry Reactions - If M1's performance is validated, it may affect the profitability of cloud service providers like Amazon AWS, Microsoft Azure, and Google Cloud, as companies may not need to invest heavily in computational resources [5]. - The announcement of M1 has not yet caused significant market fluctuations, unlike the previous launch of DeepSeek's R1 model, which led to a 17% drop in Nvidia's stock price [5]. Group 3: Model Features and Accessibility - M1 features a context window of 1 million tokens, allowing it to process more data than some leading models, such as OpenAI's o3 and Anthropic's Claude Opus 4, which have context windows of approximately 200,000 tokens [7][8]. - Users can access M1 for free through its API, and developers can download the entire model to run on their own resources, which may enhance its adoption [7]. Group 4: Company Background and Support - MiniMax is backed by major Chinese tech companies like Tencent and Alibaba, although details about its employee size and CEO are limited [6].