文 | 钱钱 编辑 | 阿景 2026年刚开年，AI圈就跟过年似的热闹。 智谱AI敲钟上市，股价首日涨了不少，月之暗面揣着百亿现金说不IPO，气得投行直跺脚，MiniMax倒 是闷声递了招股书，这下整个行业都在猜，这家公司到底想干嘛。 MiniMax的创始人闫俊杰，早年在商汤科技待过。 那段经历让他看透了传统AI公司的毛病堆人头、刷论文、接定制项目，看着热闹，其实效率低得吓 人。 后来他出来创业，心里就一个念头，要做真正能融入生活的AGI。 闫俊杰这招"反商汤"实验，赌的就是传统AI公司的命门效率。 现在MiniMax整个团队才385人，平均年龄29岁，管理层也就32岁左右。 最有意思的是职级，CEO下面最多三层，信息传得比快递还快。 更绝的是他们的工作方式。 要说MiniMax，真是AI圈的"奇葩"。 你说它是科技公司吧，七成收入靠"虚拟恋人"，你说它是游戏公司吧，又把AGI挂在嘴边。 这种拧巴劲儿，反倒让它成了2026年AI行业最值得琢磨的样本。 385人干出百亿估值，MiniMax的"反套路"生存法 公司80%的编程代码都是AI自己写的，员工天天跟AI协同办公。 这种模式下，人少但活儿不少，效率直接拉满 ...

港交所今天彻底被 MiniMax 刷屏了！1 月 9 日，MiniMax（股票代码00100.HK）正式挂牌上市，一开盘 就炸了 —— 开盘价 235.4 港元，比发行价上限 165 港元涨了 42.67%，没多久股价又冲到 267.8 港元， 总市值直接飙到 719 亿港元。 | MINIMAX-WP(HK:00100) | | | 加目洗 | | --- | --- | --- | --- | | HK$267.8 +102.8 +62.30% | | 文实时行情 | 3720 球友关注 交易中 01-09 10:27:36 北京时间 | | 世高:299.0 | 今开:235.4 | 成交量:1012.99万股 | 换手:4.61% | | 最低:220.0 | 昨收:165.0 | 成交额:22.90亿 | 纸帽:47.88% | | 52周最高:299.0 | 量比:2438.46 | 市盈率(动): 亏损 | 市盈率(TTM): 亏损 | | 52周最低:220.0 | 委比: 97.77% | 市盈率(靜): 亏损 | 市海军:5.46 | | 每股收益:-48.15 | 股息(TTM): -- ...

1月8日，智谱以120港元的开盘价在港交所上市，市值为528.28亿港元。 智谱的发行价为每股116.20港元，对应募资总额约43.48亿港元，其公开发售部分获得约1164倍超额认 购。 而就在明天，MiniMax也将在港交所主板挂牌。MiniMax发行价格为每股151至165港元，对应募集资金 总额38.34亿至41.89亿，公开发售部分超额认购倍数更是高达1209倍。 MiniMax的故事，要从2015年闫俊杰从中科院自动化所博士毕业之后说起。 博士期间，闫俊杰曾是百度AI研究院的实习生，参与早期神经网络优化项目，接触并预见了AI从专用 任务走向通用模型的技术演进路径。 博士毕业后，闫俊杰加入商汤科技，从算法实习生起步，因主导深度学习工具链建设，及通用智能技术 体系搭建，三年内晋升至副总裁，管理规模达700余人的核心研发团队。 相隔一仅日，智谱AI与MiniMax接连登陆港交所，以截然不同的基因与路径，争夺"中国大模型第一 股"之名，也映射出中国AI创业的分化与抉择。 "原生家庭"的差异 2002年，张鹏从清华大学计算机系本科毕业，选择了留校继续攻读研究生，也因此，他遇到了同年入系 攻读博士的唐杰。 20 ...

Core Insights - The article discusses the emergence of MiniMax as a unique player in the AI industry, showcasing a different approach to achieving AGI (Artificial General Intelligence) compared to traditional models like OpenAI [1][4][16] - MiniMax's strategy emphasizes efficiency and monetization capabilities, contrasting with the heavy investment and large teams typical of other AI companies [1][4][16] Company Overview - MiniMax, founded by former SenseTime executive Yan Junjie, has adopted a "light asset, heavy model, high human efficiency" approach, allowing it to maintain a cash reserve of $1.102 billion, sufficient for 53 months of operations [5][16] - The company has spent approximately $500 million since its inception, significantly less than OpenAI's estimated expenditure of $40-55 billion, highlighting its financial efficiency [4][16] Business Model - MiniMax's revenue model is heavily reliant on its C-end business, which contributed over 71% of its revenue as of September 30, 2025, primarily from the Talkie platform [6][11] - The company faces challenges in being perceived as merely a gaming company, which could affect its valuation in the market [8][10] B-end Strategy - MiniMax's B-end business, which generated $1.542 million in revenue and saw a 161% year-on-year increase, is crucial for validating its AGI capabilities and supporting ongoing technological iterations [11][15] - The B-end strategy focuses on providing standardized API services rather than customized solutions, allowing MiniMax to collaborate with over 130,000 enterprise clients globally [13][15] Technological Development - MiniMax integrates AI deeply into its workflows, with approximately 80% of its programming code generated by AI, showcasing a collaborative evolution between AI and human efforts [2][4] - The company aims to position itself as a leader in AGI by embedding its technology into various products, moving beyond the perception of being a mere entertainment platform [10][14] Market Positioning - MiniMax's dual approach of leveraging C-end revenue to support B-end technological advancements is seen as a pragmatic solution to the challenges faced by AI startups [16] - The company is actively working to redefine its identity in the market, distancing itself from gaming associations while emphasizing its technological prowess and AGI ambitions [10][16]

Core Insights - The article highlights the significant focus on MiniMax's B2B business, which is crucial for the company's strength ahead of its IPO, overshadowing its consumer products [3][5]. Group 1: B2B Business Performance - MiniMax's B2B segment generated $1,542 million in revenue during the first three quarters of the year, accounting for nearly 30% of total revenue, with a year-on-year growth rate of 161% [5]. - The gross margin for the B2B services reached 69.4%, an increase of 7 percentage points from the previous year, showcasing the company's effective cost management strategy [7][21]. - MiniMax's approach avoids heavy asset operations by focusing on standardized API services rather than customized deployments, allowing it to maintain competitive pricing amidst a price war in the AI sector [7][21]. Group 2: Business Model and Expansion Strategy - MiniMax employs a "B+C" dual-drive model, which integrates both B2B and B2C strategies, but the B2B side is the primary revenue driver [5][21]. - The company has established a "three-layer expansion" strategy for its B2B business, starting with a well-developed API ecosystem that allows integration with major platforms like Google, Microsoft, and Alibaba [9][11]. - The efficiency improvements in industries such as film and marketing, where costs have been significantly reduced through MiniMax's technology, demonstrate the practical value of its offerings [13][15]. Group 3: Competitive Advantage and Future Outlook - MiniMax's ability to embed its models into various enterprise products positions it as a leader in the AI commercialization space, potentially serving as a template for other Chinese AI companies [21][25]. - The strategic partnership with Alibaba Cloud aims to enhance computational power and market reach, indicating a focus on scaling operations in the AI sector [23]. - The article suggests that MiniMax's B2B business represents an "invisible champion" in AI commercialization, proving that the company can transform technology into a sustainable business model [23][25].

Core Viewpoint - MiniMax, a Chinese AI company, is set to go public with an IPO aiming to raise over $600 million, valuing the company at over HKD 46.1 billion, and is expected to list on January 9, 2026 [2][7]. Group 1: Company Overview - MiniMax is positioned as a global artificial general intelligence (AGI) technology company, with services covering over 200 countries and regions, and 70% of its revenue coming from international operations [12]. - The company has a strong backing from 14 cornerstone investors, including Alibaba and the Abu Dhabi Investment Authority, with total subscriptions amounting to approximately HKD 27.23 billion [7][8]. Group 2: Market Context - December 2025 marks a significant period for IPOs in Hong Kong, with 25 companies having completed listings, making it the busiest month since 2019 [9]. - MiniMax and another company, Zhiyuan, are both entering the market around the same time, creating a competitive atmosphere that splits investor attention [10]. Group 3: Financial Performance - MiniMax's revenue has shown remarkable growth, reaching $3.46 million in 2023 and projected to soar to $30.52 million in 2024, representing a year-on-year increase of 782.2% [35]. - For the first nine months of 2025, revenue surged by 175% to $53.44 million, significantly surpassing the previous year's total [36]. - The company has improved its gross margin from -24.7% in 2023 to 23.3% in the first nine months of 2025, indicating a positive trend in profitability [38]. Group 4: Product Development - MiniMax has released several models, including the M1 and M2 text models, with M2 achieving top rankings in performance metrics [20][21]. - The company has also developed a voice model, Speech 01, and its upgraded version, Speech 02, which supports over 40 languages and has generated over 2.2 million hours of speech [24]. - MiniMax's video model, Hailuo, has been recognized for its capabilities in generating videos and has helped create over 590 million videos globally [28]. Group 5: Investment and Support - MiniMax has raised over $1.5 billion in funding from various strategic investors, including major tech companies and venture capital firms, positioning it as a leading player in the AGI space [50]. - The company has a cash reserve of $1.102 billion as of September 30, 2025, which is sufficient to sustain operations for over 53 months without additional funding [46].

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].

刚刚，上海大模型独角兽MiniMax，正式通过港交所聆讯，吹响了IPO冲刺号角。 克雷西 杰西卡 发自 凹非寺 量子位 | 公众号 QbitAI 这这这……这招股书一披露，不是里里外外都在讲OpenAI和美国大模型巨兽们的泡沫之大吗？ 历数MiniMax的过往经历，这家大模型独角兽在市场当中一骑绝尘，也绝非偶然—— 更早之前，这家公司在资本市场的融资能力同样一流，成立四年间，已吸引米哈游、阿里巴巴、腾讯、小红书、小米、金山、PCG和正大集团等知名机构 投资站台，累计融资已超15亿美元。 但直到招股书披露，更重要的资本吸引力原因才完全明确—— 不仅因为全模态能力全球领先，更关键的是，累计花费只用了5亿美元，不到OpenAI的1%。 所以，MiniMax到底都做了些什么？ MiniMax是谁？ 如果用MiniMax给自己的定位来说，这是一家全球化的通用人工智能（AGI）科技公司。 全球化不难理解，MiniMax的服务已经覆盖了全球200多个国家和地区，国际化业务收入占比达70%，公司人才也有30%拥有海外背景。 AGI，则是MiniMax的终极探索目标。 具体实现上，MiniMax将可扩展性（Scalabilit ...

Core Viewpoint - MiniMax, a leading AI model unicorn, has successfully passed the Hong Kong Stock Exchange hearing, signaling its IPO ambitions amidst discussions about the bubble in large AI models like OpenAI [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][62]. - The company has a global presence, serving over 200 countries, with 70% of its revenue coming from international markets [6][42]. - MiniMax aims to achieve Artificial General Intelligence (AGI) and views scalability as a core driver towards this goal [8][7]. Group 2: Technological Advancements - MiniMax is one of the few companies that invested in multimodal model development from its inception [10]. - The company has released several models, including the M1 and M2 text models, with M2 achieving top rankings in performance and cost efficiency [16][17]. - MiniMax has also developed leading models in voice, music, and video, with its video model Hailuo ranking in the top tier of international tests [20][25][26]. Group 3: Financial Performance - MiniMax's revenue surged from $346,000 in 2023 to $30.52 million in 2024, marking a 782.2% increase [39]. - By the first nine months of 2025, revenue reached $53.44 million, significantly surpassing the previous year's total [40]. - The company has achieved a gross margin improvement from -24.7% in 2023 to 23.3% in the first nine months of 2025 [45][46]. Group 4: Operational Efficiency - MiniMax's R&D expenses have increased significantly, but the efficiency of these investments has improved, with training-related cloud computing costs as a percentage of revenue decreasing from over 1365% in 2023 to 266.5% in 2025 [52][54]. - The company has a cash reserve of $1.102 billion, sufficient to sustain operations for over 53 months without additional fundraising [58][59]. - MiniMax's team is young, with an average age of 29, and a high proportion of R&D personnel, which contributes to its innovative and efficient operational model [70][71].

一边是巨头加持的技术标杆，一边是高校系硬核营收，两家均暂未正面回应上市细节。谁将成为全球大 模型第一股，让我们持续关注。 MiniMax手握2.12亿全球用户、10万企业客户，阿里腾讯连续注资，估值冲40亿美元，还被黄仁勋点名 力挺。自研M2模型全球开源第一，多模态能力覆盖文本、音视频全场景。 智谱AI则由清华大学计算机系技术成果转化而来，是大模型"六小虎"之一。目前有270万API付费用户， 并预计在2025年营收实现100%以上的增长。 资本市场迎来大模型公司IPO热潮，12月17日MiniMax和智谱同日闯过港交所聆讯，"全球大模型第一 股"争夺战正式打响！ ...