Homegrown large model unicorns are making unprecedented moves to "mine" the global market. On March 2, 2026, MiniMax (Mingzhi Meng) officially released its full-year 2025 financial report. This report not only demonstrates its terrifying revenue growth potential but also reveals that the AI field is still in a high-investment, high-loss "marathon phase."

Key Data: Overseas Markets as the Absolute "Cash Cows"

The report shows that MiniMax achieved a leap in business growth in 2025:

  • Revenue Surge: Total revenue for the year reached 79 million U.S. dollars (approximately 568 million Chinese yuan), increasing by a significant 158.9% compared to the previous year.

  • A Success Story of Going Global: Surprisingly, over 70% of its revenue came from international markets. Thanks to the popularity of AI-native applications like Talkie around the world, MiniMax has successfully realized the "reverse export" of Chinese AI technology.

  • Double Gains in Users and Customers: By the end of 2025, its services had covered over 200 countries and regions, with 236 million individual users and 214,000 enterprise and developer customers.

Profit Abyss: The "Aggressive R&D" Behind the Expanding Losses

Beneath the impressive revenue growth, there remains a heavy financial cost pressure:

  • Expanding Losses: The company suffered a loss of 1.872 billion U.S. dollars (approximately 13.5 billion Chinese yuan) during the year, an increase of 302.3% compared to the previous year.

  • Where Did the Money Go: According to analysis, the huge losses mainly resulted from high investments in computing power leasing, full-modal model (text, video, voice, music) research and development, and global market expansion.

  • Signs of Narrowing Losses: Although the book loss is huge, the adjusted net loss rate has shown some signs of narrowing. Its B-end API business has a strong gross profit margin, showing strong self-sustaining potential.

Industry Insights: Evolution from "Tool" to "Colleague"

CEO Yan Junjie stated that in 2025, MiniMax had built full-modal R&D capabilities. Looking ahead to 2026, MiniMax believes that AI will reach L4-L5 level intelligence