由于研发开支的持续高企，MiniMax的亏损依然严重，目前已经累计亏损超13亿美元。具体来看，公司 2022年、2023年、2024年分别录得净亏损7372.9万美元、2.69亿美元、4.65亿美元，亏损规模逐年扩 大；2025年前三季度净亏损已达5.12亿美元，超过2024年全年水平。公司对此解释称，亏损主要源于大 模型研究与开发及AI基础设施方面的重大初始投资，以及金融负债公允价值亏损。 公开资料显示，MiniMax成立于2022年初，核心定位为全球化通用人工智能企业，和智谱、阶跃星辰、 百川智能等并称为"AI大模型'六小虎'"，是行业内少数早期即布局全模态研发的大模型公司之一。 分地区来看，海外市场是其重要增长引擎，收入占比从2023年的19.2%攀升至2025年前三季度的 73.1%，业务覆盖全球200多个国家及地区。 不过，作为技术密集型企业，MiniMax的研发投入始终保持高位且持续扩大。2022年至2024年，公司研 发投入分别为1056万美元、7000.2万美元、1.89亿美元，呈逐年攀升态势。2025年前三季度研发投入进 一步增至1.8亿美元，占当期总收入的337.4%，主要用于云计算服务采 ...

Group 1 - MiniMax has received approval from the China Securities Regulatory Commission and passed the Hong Kong Stock Exchange hearing, positioning itself to become the "first AGI stock globally" [1] - The global AI market is projected to grow from $189 billion in 2023 to $4.8 trillion by 2033, representing a nearly 25-fold increase in just ten years [1] - MiniMax is recognized as a leading AGI technology company, excelling in multi-modal self-research across text, vision, and audio, with its text model MiniMax M2 ranking in the top five globally [1] Group 2 - MiniMax has launched a series of AI-native applications and an open platform, boasting over 212 million users across more than 200 countries and regions [2] - The company's business model primarily relies on global subscription fees and model usage revenue, making it a sustainable example of AI commercialization [2] - As a leader in the domestic large model sector, MiniMax has demonstrated its technical and commercial capabilities in the global market, filling a gap in the capital market for large model entities upon its IPO [2]