MiniMax于2021年6月30日注册成立，成立距今仅4年多，是一家全模态AI公司，基于自研大模型打 造了覆盖B端和C端的AI原生产品矩阵，包括海螺AI、Talkie、星野等，同时也为企业用户和开发者提 供开放平台服务。 来源丨游戏葡萄（ID：youxiputao） 作者丨以撒&青晖 图源丨Midjourney 港交所12月21日披露，MiniMax （上海稀宇极智科技有限公司） 通过港交所聆讯，拟在港股主板上 市。 就目前情况来看，MiniMax算得上中国成长最快、估值最高的AI科技公司。 在2023年，腾讯和米哈游就都曾参股MiniMax；去年4月，米哈游被曝又追加了一轮投资。一同参与 过MiniMax投资的，还包括阿里巴巴、小红书、高瓴、IDG、红杉、经纬、明势、云启等等企业。 主要股東 就董事所知,紧隨[編纂]完成後(假設[編纂]未獲行使),以下人士將於股份或本 公司相關股份中擁有根據《證券及期貨條例》第XV部第2及3分部條文須向我們披露的 權益及／或淡倉,或直接或間接擁有附帶權利可在任何情況下於本公司股東會上投票 的任何類別股本面值10%或以上的權益: | | | | 促[繼纂] | 佔[編纂] ...

Core Insights - MiniMax is poised to set a record for the fastest IPO from establishment to listing among AI companies, having been founded only four years ago [1] - The company aims to be the "first global AGI stock" listed on the Hong Kong Stock Exchange, showcasing its technological advancements and global market reach [2] Technological Advancements - MiniMax has developed a multi-modal general model matrix, with its open-source text model M2 ranking in the top five globally and first in the open-source category according to the Artificial Analysis (AA) evaluation [2][14] - The company has launched a series of AI-native products, including MiniMax Agent and Talkie, which support multiple languages and cater to both consumer and business markets [3][7] Global Market Strategy - MiniMax has established a global presence, serving over 200 million individual users and 100,000 enterprises across more than 200 countries and regions [3] - The company reported a revenue growth of over 170% year-on-year for the first nine months of 2025, with over 70% of its revenue coming from international markets [3] Business Model and Revenue Streams - MiniMax has diversified its revenue channels, including subscription services, in-app purchases, and enterprise APIs [9] - The number of paid users for its AI-native products is projected to grow from approximately 119,700 in 2023 to about 177,160 by September 30, 2025 [8] Team and Management - The company has a youthful workforce, with an average employee age of 29 and 74% of its staff in research and development roles [11] - The flat management structure has contributed to its rapid technological advancements and global product development [11] Vision and Future Outlook - MiniMax's founder emphasized the importance of serving customers directly and maintaining a technology-driven approach as core principles for the company's growth [6] - The company aims to make AGI accessible and beneficial to the public, moving beyond theoretical models to practical applications [15][16]