MiniMax上半年收入同比增283%，但经调整亏损扩大且收入进度低于全年预期

Chinese artificial intelligence firm MiniMax on Wednesday posted a 283 per cent surge in first-half revenue to US$116.6 million, powered by a 700 per cent jump in its enterprise business, though top-line growth remains off pace to hit full-year analyst forecasts.
Revenue for the six months ended June 30 accounted for roughly 32 per cent of the US$363.77 million expected by analysts for the full year 2026, according to estimates compiled by Bloomberg. The company reported full-year revenue of US$79 million for 2025.
The top-line growth was largely driven by MiniMax’s enterprise-facing business. Revenue from its Open Platform and other AI-based enterprise services jumped more than 703 per cent year on year to US$73.9 million from US$9.2 million.
This segment accounted for 63.4 per cent of its total revenue, expanding from just 30.3 per cent a year earlier, reflecting growth in paying users and enterprise customers, according to MiniMax. Revenue from other AI-native products also doubled.
On the bottom line, total loss for the period narrowed 11 per cent to US$358 million. However, adjusted net loss expanded 111.2 per cent to US$293 million from about US$139 million a year earlier, the company said.
Gross profit grew more than five-fold to US$20.8 million from US$3.7 million, as gross profit margin increased to 17.9 per cent from 12.1 per cent in the same period a year earlier, according to MiniMax.
Shares of Hong Kong-listed MiniMax closed up 1.13 per cent at HK$303 on Wednesday ahead of the earnings announcement.

Founded in 2021, Shanghai-based MiniMax is known for its M-series large language models (LLMs), its latest H3 video-generation model and popular consumer apps such as video-creation tool Hailuo AI.
The company said in May that its annual recurring revenue – a key metric that projects current monthly subscription income over a 12-month period – reached about US$300 million, doubling from February.
MiniMax and Beijing-based Zhipu AI, China’s first two publicly traded LLM developers, saw valuations soar after blockbuster initial public offerings (IPOs) in January, but both now trade at a fraction of their peaks.
MiniMax has fallen about 77 per cent from its all-time high of HK$1,330 in March, while Zhipu AI, known internationally as Z.ai, closed at HK$1,030 on Wednesday, about a third of its record high of HK$2,980 in June.
Following a July plunge partly triggered by its post-IPO stock lock-up expiry, MiniMax founder and CEO Yan Junjie pledged to forgo his salary until the company achieves artificial general intelligence – in a bid to boost morale.
Both firms face intense rivalry from Chinese AI model developers such as Moonshot AI and DeepSeek while striving to catch up with US frontier labs including Anthropic and OpenAI.
MiniMax’s latest LLM, the M3, launched in June, had “yet to establish a clear advantage on either capability or cost-performance”, leaving it “vulnerable to stronger models at one end and DeepSeek’s historically aggressive economics at the other”, JP Morgan analysts wrote in a note earlier this month.
The coming M3.1 model would be a “key test” of whether its LLM could “regain relevance on the capability-cost frontier”, JP Morgan analysts Olivia Xu, Alex Yao and Daniel Chen said.