稀宇科技近日发布的聆讯后资料集（PHIP）版本的招股书显示，凭借自研的多模态大模型和一系列人 工智能原生产品矩阵，稀宇科技已累计为全球逾2.12亿名个人用户和超过13万家企业客户提供服务。如 今，稀宇科技正成为全球通用人工智能（AGI）技术落地赛道中的标志性资本标的。 冲刺港股上市 稀宇科技成立于2022年初，也是国内第一批大模型企业。公司创始人闫俊杰生于1989年，曾任商汤科技 副总裁。自成立以来，稀宇科技致力于推动人工智能科技前沿发展，实现通用人工智能。 近年来稀宇科技自主研发了一系列多模态通用大模型，包括MiniMax M2、Hailuo 2.3、Speech 2.6和 Music 2.0，能够理解、生成并整合包括文本、音频、图像、视频和音乐在内的多种模态。基于这些自研 模型，稀宇科技还推出了一系列人工智能原生产品，包括MiniMax Agent、海螺AI、MiniMax Audio、 星野等，以及面向企业和开发者的开放平台。 新华财经上海12月23日电（记者高少华）继国产图形处理器（GPU）厂商竞相上演IPO狂欢后，国产大 模型阵营也开始向着IPO发起冲刺。上海大模型独角兽稀宇科技（MiniMax）近 ...

成立至今仅四年，MiniMax稀宇科技或将创下AI企业从成立到 IPO的最快纪录。 12月21日，MiniMax稀宇科技首次刊发其聆讯后资料集（PHIP）版本的招股书资料，有望以"全球化AGI第一股"身份在港交所挂牌上市。 过去一年，MiniMax的技术实力持续兑现：自主研发的多模态通用大模型矩阵初具规模，旗下开源文本大模型M2更在权威测评榜单 Artificial Analysis (AA) 中脱颖而出，斩获全球总分前五、开源赛道第一的亮眼成绩。 而比技术突破更具差异化的，是MiniMax与生俱来的全球化基因。 作为国内独树一帜的全球化AGI公司，其早在创立之初便跳出了国内赛道的同质化内卷，推出了包括Talkie星野和海螺AI在内的AI 原生产品矩阵，实现C 端与B端市场的全面覆盖。 招股书显示，截至2025年9月30日，其AI原生产品累计为来自超过200个国家及地区的逾2亿名个人用户，以及来自超过100个国家及地区的10万家企业提 供服务。 时至如今，其技术上的突破正在全球市场收获商业化的正向回馈。数据显示，其2025年前九个月营收同比增长超过170%，海外市场收入贡献占比超 70%，展现出卓越的全球市场 ...

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 ...

Core Viewpoint - Both Zhipu and MiniMax, two AI model unicorns, have reportedly passed the Hong Kong Stock Exchange hearing, indicating their readiness for public listing [1][2]. Group 1: Zhipu Overview - Zhipu, established in 2019, is one of the "Six Little Tigers" in large models, having developed the GLM-130B bilingual pre-trained model and the ChatGLM dialogue model [4]. - The company has generated over 100 million RMB (approximately 14 million USD) in annual recurring revenue (ARR) from its software tools and model business [4]. - Zhipu aims for over 100% revenue growth by 2025 and is diversifying its revenue structure, targeting a 50% contribution from its API business [4]. - The API platform currently serves over 2.7 million paying customers, including major Chinese tech firms [4]. - In September, Zhipu launched an AI-driven coding tool subscription plan priced at 20 RMB per month, significantly lower than competitors [5]. - The company has completed 17 rounds of financing, with the latest round in July raising 1 billion RMB [5][6]. Group 2: MiniMax Overview - MiniMax, founded in 2021, has developed a series of multimodal general models, showcasing strong capabilities in code and agent functions [9]. - The MiniMax M2 model ranks among the top five globally on the Artificial Analysis (AA) leaderboard, establishing itself in the first tier of text models [10]. - MiniMax's investor base includes prominent firms such as Alibaba, Hillhouse Capital, and Tencent, with a recent C round financing in July raising nearly 300 million USD, leading to a valuation of 4 billion USD [10].

12月17日晚间，《每日经济新闻》记者从知情人士处获悉，MiniMax（稀宇科技）已拿到证监会备案且 通过港交所聆讯。截至发稿，MiniMax尚未对此消息给出回应。 值得注意的是，北京智谱华章科技股份有限公司也于12月17日通过港交所上市聆讯。"全球大模型第一 股"花落谁家尚是一个未知数。 7月，每经记者从接近MiniMax的知情人士处了解到，MiniMax即将完成近3亿美元（约合人民币22亿 元）新融资，本轮融资后公司估值将超过40亿美元（约合人民币288亿元）。 在此之前的2024年3月，MiniMax完成的B轮6亿美元（约合人民币43亿元）融资中，投资方为阿里巴 巴，融资后的估值达到25亿美元（约合人民币180亿元）。2023年6月，MiniMax完成了超2.5亿美元的A 轮融资，投资方为腾讯投资。 值得一提的是，今年7月16日，英伟达（NVIDIA）创始人兼首席执行官黄仁勋身着唐装亮相第三届链 博会开幕式，并在演讲中提及多家中国公司。黄仁勋表示，由中国孕育并开源共享的DeepSeek、 Alibaba、Tencent Hunyuan、MiniMax、Baidu Ernie Bot等世界级大模型正在推动 ...

Chinese artificial intelligence start-up MiniMax plans to channel funds from its proposed Hong Kong initial public offering (IPO) into research and development as it seeks to compete with global and domestic rivals, according to a person familiar with the matter. With 70 per cent of its revenue generated overseas, MiniMax was targeting Hong Kong's international investor base and capital market, the person said. The Shanghai-based firm, backed by Alibaba Group Holding and Tencent Holdings, was aiming for ...

Group 1 - The core viewpoint of the news highlights the strong performance of the big data industry ETF (516700), which rose by 1.5% in intraday trading, with notable gains from stocks like Shiji Information, Yidian Tianxia, and Chuangye Huikang [1] - Alibaba's flagship AI application "Qianwen" was officially opened for public testing on November 16, indicating a significant shift of AI technology from enterprise to consumer applications [1] - Recent government directives emphasize achieving 100% domestic substitution for central and state-owned enterprises by 2027, covering the entire industrial chain of operating systems and databases, which is expected to accelerate the technological adaptation and ecosystem development of domestic software companies [1] Group 2 - The top ten weighted stocks in the big data industry ETF include Zhongke Shuguang, Keda Xunfei, Langchao Information, Ziguang Co., Hengsheng Electronics, Tuowei Information, Shenxinfeng, Runze Technology, China Great Wall, and Yongyou Network [2] - MiniMax's release of the full-modal "family bucket" and its text model M2 achieving the top position among global open-source models signifies a critical leap for Chinese AI technology from following to leading [1] - The full-modal product matrix showcases a comprehensive technological layout, with significant efficiency improvements in models such as Hailuo 2.3 and Speech 2.6, reflecting a commitment to high-quality technology [1]

Core Viewpoint - MiniMax, a Shanghai-based AI unicorn, has launched a comprehensive multimodal model suite called "全家桶," marking a significant breakthrough for Chinese AI companies in the multimodal technology field and opening new avenues for commercialization [1][2]. Group 1: Investment Insights - MiniMax's multimodal "全家桶" encompasses a technology system covering text, vision, speech, and music, with its text model M2 ranking among the top globally in authoritative evaluations [2]. - The M2 model has achieved a breakthrough in balancing performance, speed, and cost, establishing a new benchmark in model efficiency and cost control [3]. Group 2: Model Performance - M2's inference cost is as low as $0.53 per million tokens, which is only 8% of Claude 4.5 Sonnet's cost, while its inference speed is nearly double that of the latter [3]. - Following its release, M2's API call volume surged, ranking fourth globally and first among domestic models within five days, demonstrating its excellent balance between high performance and low cost [3]. Group 3: Product Matrix and Technical Layout - The "全家桶" model suite includes Hailuo 2.3 for video generation, which supports generating native 1080p videos for up to 10 seconds, and Speech 2.6, optimized for voice agent scenarios with a response time reduced to 250 milliseconds [4]. - Music 2.0 can generate complete songs lasting up to 5 minutes, showcasing the company's commitment to high-quality generation and stability through the use of a complete attention mechanism [4].

Core Viewpoint - MiniMax, a Shanghai-based AI unicorn, has launched a comprehensive multimodal model suite called "全家桶," marking a significant breakthrough in China's AI technology landscape, particularly in multimodal capabilities [1][2]. Group 1: Product Launch and Performance - MiniMax's multimodal suite includes four major models: the text model M2, video generation model Hailuo 2.3, speech model Speech 2.6, and music model Music 2.0 [2][4]. - The text model M2 has achieved a remarkable position in the global rankings, being the first Chinese open-source model to enter the top tier of the Artificial Analysis (AA) leaderboard, with 10 billion active parameters and a total of 230 billion parameters [2][3]. Group 2: Cost Efficiency and Market Impact - M2 has set a new benchmark in model efficiency and cost control, with a reasoning cost as low as $0.53 per million tokens, which is only 8% of the cost of Claude 4.5 Sonnet, while achieving nearly double the reasoning speed [3]. - Following its release, M2's API call volume surged, ranking fourth globally and first among domestic models within just five days, demonstrating its strong market performance and potential for commercial application [3]. Group 3: Technical Innovations - The multimodal product matrix emphasizes generating quality and stability, with Hailuo 2.3 capable of producing 10-second native 1080p videos, and Speech 2.6 optimized for voice agent scenarios with a response time of 250 milliseconds [4]. - MiniMax's commitment to using a complete attention mechanism, despite industry trends favoring simplified versions, reflects its dedication to high-quality model performance in complex reasoning scenarios [4].

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential increase of over 15% relative to the CSI 300 index [4][10]. Core Insights - Recently, Shanghai AI unicorn MiniMax launched a comprehensive multimodal AI model suite called "All-in-One," with its text model M2 topping global open-source model rankings, marking a significant breakthrough for Chinese AI companies in the multimodal technology sector [2][3]. - The M2 model, featuring a lightweight architecture with 10 billion active parameters (total parameters of 230 billion), achieved a top-five ranking in the global Artificial Analysis (AA) leaderboard, becoming the first Chinese open-source model to enter this elite tier [5]. - M2 sets a new benchmark in model efficiency and cost control, with a reasoning cost as low as $0.53 per million tokens, which is only 8% of Claude 4.5 Sonnet's cost, while its reasoning speed is nearly double that of the latter [5]. - The rapid increase in API call volume post-launch, reaching fourth globally and first among domestic models within five days, validates M2's exceptional balance between high performance and low cost, providing a successful case for the commercialization of domestic models on a global scale [5]. Summary by Sections - **Investment Recommendation**: The report emphasizes the significance of MiniMax's multimodal "All-in-One" model suite, which encompasses text, video, voice, and music technologies, showcasing a complete technical layout aimed at ensuring generation quality and stability [5]. - **Model Performance**: The M2 model's cost-effectiveness and performance have been highlighted, with a reasoning cost of $0.53 per million tokens and a significant increase in API usage, indicating strong market demand [5]. - **Technological Advancements**: MiniMax's commitment to using a complete attention mechanism, despite industry trends favoring simplified versions, underscores its dedication to quality and long-term investment in foundational algorithm research [5].