MiniMax 2025 Annual Report: Total Revenue $79.038M YoY Growth of 158.9%, Over 70% of Revenue from International Markets

On March 2, HKEX-listed firm MINIMAX-WP (00100.HK) released its full-year 2025 fiscal report after market close today. Total revenue reached $79.038 million, up 158.9% year-over-year (YoY) from $30.523 million in 2024. AI-native product revenue totaled $53.1 million (67.2% of total revenue), with a 143.4% YoY jump—driven primarily by Hailuo AI, Talkie, and other offerings. Other revenue from open platforms, enterprise services, and related segments hit $25.96 million (32.8% of total), surging 197.8% YoY. Over 70% of full-year 2025 revenue originated from international markets. Gross profit stood at $20.1 million, up 437.2% YoY from $3.738 million in 2024. Gross margin rose to 25.4%, a 13.2 percentage point YoY improvement from 12.2%—a notable boost fueled by economies of scale and cost optimization. Net loss was approximately RMB 1.872 billion, up 302.3% YoY from RMB 465 million in 2024. Adjusted net loss was $250.9 million (equivalent to ~RMB 1.78 billion), slightly wider than the $244.2 million in 2024—but the adjusted net loss rate narrowed significantly, signaling improved operational efficiency. R&D expenses increased ~RMB 404 million YoY; sales and marketing (S&M) expenses fell ~RMB 519 million YoY; administrative expenses rose ~RMB 368 million YoY.