Soochow Securities released a research report stating that MINIMAX-WP (00100) was established in December 2021, focusing on the research and development of foundational technologies for general artificial intelligence, with the goal of building internationally competitive multimodal large models and providing products and services to the global market. From its inception, the company has adopted a global positioning, simultaneously developing consumer products and overseas channels. It passed the Hong Kong Stock Exchange hearing on December 21, 2025, and initiated its Hong Kong IPO on December 31, with stock code 0100, an issuance valuation of HKD 46.1-50.4 billion, plans to raise over USD 600 million, and cornerstone investors subscribing for a total of approximately HKD 2.7 billion. Attention is recommended.
The company's business model adopts a dual-drive approach of ToC and ToB. The consumer business primarily includes Talkie/星野 (character interaction entertainment) and Hailuo AI (text-to-video), constituting the main revenue contributors and providing cash flow and massive interactive data. The developer and enterprise business is realized through API calls, dedicated resource services, and model licensing, exhibiting clear high-margin characteristics. The two form synergies: consumer-side data feeds back into model iteration, while enterprise-side demand guides technology priorities, with a growth flywheel already beginning to appear.
As of September 30, 2025, the company's products cover over 212 million individual users across more than 200 countries and regions; it has over 100,000 enterprise and developer customers distributed across more than 100 countries. Revenue is growing rapidly, and economies of scale are becoming apparent. Revenue was USD 3.46 million in 2023, growing to USD 30.52 million in 2024, a year-on-year increase of over 7 times; revenue for the first nine months of 2025 was USD 53.44 million, a year-on-year increase of 174%.
The technical roadmap is centered on a Mixture-of-Experts (MoE) architecture, with an early start on parallel multimodal R&D compared to most peers. The company employs full-stack in-house R&D, resulting in high R&D efficiency, with a cumulative R&D investment of approximately USD 500 million as of September 2025. In 2025, it iterated multiple models: the Speech series leads in the field of speech generation, the Hailuo series of video models ranks at the forefront in global benchmark tests, and the open-source models MiniMax-M1 and M2 performed outstandingly on the Artificial Analysis leaderboard.
Competitive advantages are mainly reflected in three aspects. First, strong global execution capability. Talkie leads in the overseas AI companion track, Hailuo AI sees high usage volume for video generation, and the overseas market exhibits high willingness to pay, avoiding price wars. Second, a balanced dual-drive model. The consumer business provides scale and data, while the enterprise business ensures high margins and stability, resulting in relatively good risk resistance. Third, leading R&D efficiency. The team is young with flat management, combined with the MoE architecture and self-developed infrastructure, yielding high output per unit of computing power.
For profit forecasts and investment rating, the institution expects the company's revenue for 2025-2027 to be USD 0.81 billion, USD 1.95 billion, and USD 3.99 billion, respectively, with a compound growth rate exceeding 130%. The gross margin is projected to increase from 23% in 2025 to 50% in 2027, driven mainly by the gradual ramp-up of the consumer business gross margin and the recovering proportion of the enterprise business.
Regarding valuation, MiniMax's current issuance price corresponds to a market capitalization of approximately HKD 46.1-50.4 billion, with a midpoint of HKD 48.3 billion (approximately RMB 43.4 billion). Based on the institution's forecasts, the corresponding Price-to-Sales (P/S) ratios for 2025-2027 are 77x, 32x, and 16x, respectively, higher than the current levels of SenseTime and 4Paradigm, primarily due to a premium from higher growth expectations, which matches its compound growth rate and business quality.
The institution believes the company has the potential to become a benchmark in the Hong Kong stock market's AI application layer, benefiting from the dual trends of global AI consumerization and enterprise intelligence.
Risk warnings include copyright litigation risks, regulatory policy uncertainty, and technological iteration risks.