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MiniMax Group Inc. 2025 Financial Results Overview

MiniMax Group Inc. has released its financial results for the year ending December 31, 2025, reflecting remarkable growth despite some operational challenges. The company, listed on the Hong Kong Stock Exchange (HKEX: 00100), reported a staggering 158.9% increase in total revenue, amounting to US$79.0 million. A majority of this revenue, over 70%, was generated from international markets.

Key Highlights

Celebrated for its rapid growth, MiniMax’s gross profit soared by 437.2% year over year, reaching US$20.1 million. This impressive rise led to an increased gross profit margin of 25.4% — an enhancement of 13.2 percentage points from 2024. However, the company posted an adjusted net loss of US$250.9 million, a slight increase compared to the US$244.2 million loss in the previous year.

As of the end of 2025, MiniMax had successfully engaged over 236 million users in more than 200 countries and regions, alongside 214,000 enterprise customers.

Dr. Yan Junjie, MiniMax’s Co-founder and CEO, attributed this success to the establishment of full-modality R&D capabilities. The company advanced key modalities such as language, video, speech, and music, positioning itself competitively on a global scale.

He commented, “In 2025, we made substantial technological advancements, continuously upgrading our AI-native product portfolio. Our strategic direction is evolving towards a platform-centric model, aiming to redefine intelligence in the AI era.”

Financial Performance Analysis

MiniMax’s revenue stream from AI-native products surged by 143.4%, increasing from US$21.8 million in 2024 to US$53.1 million in 2025. This surge can be attributed to heightened user engagement and increased customer willingness to invest in the company's offerings, including standout products like Hailuo AI.

Revenue generated from the Open Platform and other AI-based services jumped by 197.8%, rising from US$8.7 million in 2024 to US$26.0 million in 2025, primarily driven by a significant increase in the number of paying users.

While gross profit witnessed an impressive hike, selling and distribution expenses saw a decline from US$87 million in 2024 to US$51.9 million in 2025, representing a decrease of 40.3%. The growth in the AI-native product sector stemmed mostly from organic growth and referrals, reducing the need for promotional expenses.

Contrastingly, administrative expenses escalated by 155.9% from US$14.4 million to US$36.8 million, largely influenced by rising staff costs due to increased headcount and share-based payments.

Research and development expenses increased by 33.8%, climbing from US$189 million in 2024 to US$252.8 million in 2025, reflecting continuous investments in cloud services essential for training activities. Noteworthy is that the growth rate in R&D expenses lagged behind revenue growth, suggesting improved efficiency in those operations.

Looking Ahead

For 2026 and beyond, Dr. Yan outlined a vision where AI transitions from being a tool to a collaborative entity. As the firm expects model intelligence to significantly progress, the focus will be on further innovations tailored towards enhancing user experiences and operational capabilities. The introduction of L4 to L5 levels of coding intelligence is anticipated, which could transform workplace functionalities.

MiniMax’s product developments have led to the launch of several groundbreaking models and services. By February 2026, they unveiled M2.5, which significantly outperformed previous versions in productivity scenarios, affirming the company's commitment to innovation.

Conclusion

MiniMax's 2025 financial outcomes illustrate both the exceptional growth trajectory of the company and its dedication to advancing AI technologies. While the path ahead may present challenges, the strategic initiatives laid out by the leadership suggest an optimistic outlook for future achievements and market expansion. As the company continues to refine its operations and product offerings, it stands poised to redefine the benchmarks of success in the AI landscape.