MiniMax Product-Driven Growth: 2025 Annual Revenue Reaches $79M

Hong Kong-listed company MINIMAX-WP (00100.HK) released impressive year-end results for 2025, showing accelerated growth in AI-native products and expanding international presence. The company achieved combined revenue of $79.038 billion USD, reflecting a 158.9% increase compared to last year’s $30.523 million USD. This remarkable growth mainly stems from strategic focus on innovative product offerings and geographic diversification.

AI-Native Products Drive Most of the Growth

The main contributor to revenue growth is the AI-native product segment, generating $53.1 million USD, accounting for 67.2% of total revenue. This segment experienced a 143.4% year-over-year increase, primarily driven by market traction of the Hailuo AI and Talkie platforms. The dual-product strategy has established a strong market presence in conversational AI and social-interactive AI categories, resonating with a global user base.

Additionally, other revenue streams from open platform services and business solutions reached $25.96 million USD, or 32.8% of total revenue, with an impressive 197.8% growth rate. The diversified product portfolio demonstrates the company’s ability to serve various market segments while maintaining growth momentum across all business units.

International Market Dominance: 70% of Revenue from Overseas Operations

The geographic distribution of revenue reveals strategic success in international expansion. More than 70% of the 2025 annual revenue originated from international markets, highlighting the company’s strong competitive position on the global stage and reduced dependence on a single market. The international-focused product strategy contributes to a balanced and sustainable revenue model.

Profitability Surge and Operational Excellence

Financial metrics show significant margin expansion. Gross profit reached $20.1 million USD, reflecting an exceptional 437.2% increase compared to $3.738 million USD recorded in 2024. The gross profit margin increased to 25.4%, a 13.2 percentage point improvement from 12.2% in the prior year. This margin enhancement indicates successful cost optimization initiatives and economies of scale from product diversification.

While reported net loss was approximately RMB 1.872 billion, adjusted net loss was about $250.9 million USD (approximately ¥1.78 billion). The adjusted figure shows a slight increase from $244.2 million USD in 2024, but the adjusted net loss rate clearly declined, indicating improving operational efficiency across all business segments.

Operational expense breakdown demonstrates disciplined cost management: R&D spending reached approximately ¥404 million, with a year-over-year increase; sales and marketing expenses totaled ¥519 million, showing a year-over-year decrease as a proportion of revenue; administrative expenses were around ¥368 million, with modest annual growth.

The 2025 performance validates the company’s AI-centric product strategy and international expansion vision, positioning MiniMax for sustained growth in the rapidly evolving global AI market.