MiniMax
ConvictionContext
Dual engine: (1) AI-native consumer products (Talkie AI-companion, Hailuo video) via subscription + in-app spend, US$53.1M FY2025 rev (+143.4%); (2) Open Platform / enterprise-developer API (usage-metered inference across LLM/video/speech/music), US$26.0M FY2025 rev (+197.8%). >70% of revenue from international markets.
Revenue
FY2025 US$79.0M+158.9% YoY); 9M2025 US$53.4M (+174.7%, per prospectus). Sacra estimates ~US$300M annualized run-rate by mid-2026 on enterprise-API acceleration (third-party estimate, unverified).Rev growth
+158.9% FY2025 YoY~US$30.5M in 2024 -> US$79.0M in 2025); 9M2025 +174.7% (prospectusGross margin
25.4% FY2025up from 12.2% in 2024; -24.7% in 2023 per prospectus) — low for software, reflecting heavy inference/compute cost of goodsOp margin
deeply negative. FY2025 IFRS net loss US$1,871.6Mup ~302% YoY from US$465.2M) — largely non-cash fair-value changes on convertible/preferred instruments that convert at listing; ADJUSTED net loss US$250.9M (roughly flat vs US$244.2M in 2024). The adjusted loss (~3.2x revenue) is the truer read of operating burn.Capex intensity
not disclosed as traditional capex — training/inference compute is largely rentedcloud/GPU) and flows through opex/COGS rather than owned-datacenter capexMarket cap
~US$13.5BHKEX: 0100 / 00100; HK$105.07B on 313.64M shares, last close 6-Jul-2026). Publicly listed on the Hong Kong Stock Exchange since 9-Jan-2026 — a foreign-listed public company, not pre-IPO.The read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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