CROSBY Research – MiniMax Group (100 HK/NR): FY25 turnover beats market expectation

3 Mar 2026

Newly debuted on HKEX in Jan this year, MiniMax announced its first FY25 results. The company’s turnover came in better than expected, amounting to USD79.0m and representing a YoY increase of 158.9%. This growth was driven by significant advancements in the intelligence of its foundation models and the continued expansion of its monetization channels- AI native products, the Open Platform and other AI-based enterprise services.