12 月 21 日，通用人工智能（AGI）公司 MiniMax（稀宇科技）通过港交所上市聆讯，并首次刊发聆讯后资料集（PHIP）版本招股书。继智谱 AI 于 12 月 19 日披露招股书后，MiniMax 成为"大模型六小虎"中第二家通过港交所聆讯的中国大模型企业，若按计划于明年初完成上市，这家成立于 2022 年初的公 司，将成为全球范围内从创立到登陆资本市场用时最短的 AI 企业之一。 在通用大模型赛道尚未走出"长期投入期"的背景下，资本市场已经率先迎来新的叙事节点。 385 人历时 4 年冲刺 AGI 全球第一股，MiniMax 赴港 IPO 聆讯 MiniMax 成立于 2022 年初，被认为是国内首批大规模应用"混合专家"（MoE）架构的公司之一——这种方法后来被 DeepSeek 采用并推广。 MiniMax 在招股书中将自身定位为"生而全球化"的 AI 企业，核心目标是研发具备国际竞争力的通用人工智能模型，并面向全球市场展开业务布局。截至 2025 年 9 月 30 日，MiniMax 持有的现金及现金等价物余额约为 10.46 亿美元，为其持续投入模型研发和算力资源提供了较为充足的资金保障。 ...

Core Viewpoint - The article discusses the recent developments of MiniMax, a Chinese AI company, as it approaches its IPO, highlighting its rapid growth and positioning in the general artificial intelligence (AGI) sector amidst a changing capital market narrative [2][15]. Group 1: Company Overview - MiniMax, founded in early 2022, is recognized as one of the first companies in China to apply the "Mixture of Experts" (MoE) architecture on a large scale [4]. - The company aims to develop globally competitive AGI models and has a cash balance of approximately $1.046 billion as of September 30, 2025, ensuring sufficient funding for ongoing model development and computational resources [4]. - MiniMax has a workforce of 385 employees with an average age of 29, indicating a youthful and dynamic leadership team [4]. Group 2: Product Development - MiniMax plans to release the abab 6.5 model in the first half of 2024, which is expected to be one of the first commercialized trillion-parameter MoE models in China [8]. - The company has developed a multi-modal model system covering text, speech, images, and video, with capabilities being modularized for unified output to products and APIs [8]. - MiniMax has launched several AI-native products, including "海螺 AI" for multi-modal content creation and "星野" for virtual companionship, which have gained traction in both domestic and international markets [9]. Group 3: Financial Performance - MiniMax's R&D expenditures from 2022 to 2025 are projected to total approximately $500 million, significantly lower than OpenAI's estimated $40 billion to $55 billion, showcasing a high efficiency in investment [10]. - The company's gross margin improved from -24.7% in 2023 to 12.2% in 2024, and further to 23.3% in the first nine months of 2025, attributed to revenue growth and operational efficiency [11]. - Revenue has shown a rapid increase, with figures of $0 in 2022, $3.46 million in 2023, and $30.52 million in 2024, with a projected revenue of approximately $53.44 million for the first nine months of 2025, indicating a year-on-year growth of over 170% [12]. Group 4: Market Position and Capitalization - MiniMax has attracted significant investment, completing seven funding rounds with early investors including prominent firms like Tencent and Alibaba, achieving a valuation of over $4.2 billion after its latest funding round [14]. - The company has expanded its paid user base from approximately 119,700 in 2023 to about 1.77 million by September 30, 2025, serving over 200 million individual users globally [14]. - The IPO process for MiniMax is seen as a signal for the broader industry, pushing companies to focus on quantifiable metrics and operational narratives rather than just technological capabilities [15][16].