D
![MINIMAX]()
![Minimax revenues AI Products Al enterprise service Revenues Total revenues yoy%]()
![Minimax revenues mix % of Al products % of enterprise service % 100% Research rc]()
![Minimax Type Version Release Version Gap APIPricing abab 1 4/22 / abab 5.5 11/23]()
+7
LLM losses widened 360%, MiniMax still a 'darling'?
Old guard bows out, new contender steps in. Today, HK's 'hot pick' and China's independent model developer $MINIMAX-W(00100.HK) released its FY2025 report card. However, vs. a share price up 4.5x in two months, Dolphin Research's estimated Q4 print looks softer.
Let's dig in: I) Revenue — consumer slowed, enterprise accelerated; is the mix improving? A 'C down, B up' pattern points to a healthier mix.1) Revenue growth eased: FY2025 revenue totaled $79 mn (+~160% YoY), still surging. With 3Q revenue already disclosed, we can infer...MiniMax