招银国际全球市场发展成为一体化的人工智能平台

10Jun2026

CMBInternationalGlobalMarkets|EquityResearch|Initiation

MinimaxGroup(100HK)

Evolvingintoaone-stopAIplatform

MinimaxisoneoftheleadingglobalAIfoundationalmodelcompanies.Thecompanydifferentiatesitselffromothermodelcompaniesintermsof:1)itscommitmenttodevelopingmulti-modalmodelsfromdayone;2)itscost-efficientapproachtodeliverAIintelligence;3)itscapabilitiestoreachandmonetizeonglobaluserbase.Minimax’stotalrevenuereachedUS$79.0mnin2025,upby159%YoY;andAINativeProducts/OpenPlatformandOtherAI-basedEnterpriseServiceseachaccountfor67%/33%oftotalrevenue.Minimaxcurrentlyhasarelativelysmallmarketshareof0.3%intermsofglobalmodel-basedrevenue,accordingtoCIC.Thatsaid,supportedbyitsSOTAmulti-modalmodelcapabilitiesanddiversifiedAIapplications,weexpectMinimaxtogrowata181%revenueCAGRoverFY25-28Eandfurthergainmarketshareintheglobalfoundationmodelmarket.WevalueMinimaxatHK$570.0persharebasedon80xFY26EPS.InitiateatBUY.

Strongcompetitivemoatsacrossmultipleaspects.1)Multi-modalcapabilities:Minimax’smodelsrankedthetop15acrosstext,video,andspeechbenchmarks(perArtificialAnalysis).AndweexpectMinimaxtomaintainitscompetitivenessacrossmultiplemodalities,underpinnedbyitsstrongR&Dcapabilities,talentdensityandefficientorganizationalstructure;

2)strongcostefficiency:MiniMaxMSeriesstrikeanoptimalbalancebetweenperformanceandcosts.MinimaxM3andM2.7areinthemostattractivequadrantofcosttorunintelligenceasperArtificialAnalysis;3)capabilitiestoreachglobaluserbase:MiniMaxhaslaunchedallitsfoundationalmodelsandproductsacrossinternationalmarkets.RevenuefromMainlandChina/overseasmarketaccountedfor27%/73%oftotalrevenueinFY25.

Enormousaddressablemarketforfoundationalmodelproviders.Theglobalfoundationmodelmarketremainsatearlydevelopmentstagewithstronggrowthpotential.PerCIC,theglobalfoundationmodelmarketisexpectedtogrowataCAGRof65%over2025-2029EtoUS$206.5bnin2029E,withapplication/MaaSmarketaccountingfor73%/27%respectively,primarilydrivenbythetechnologicaladvancementandcostreductionoffoundationmodelservices.Minimaxcurrentlyhasarelativelysmallmarketshareof0.3%intermsofglobalmodel-basedrevenue,accordingtoCIC.Thatsaid,supportedbyitsSOTAmulti-modalmodelcapabilitiesanddiversifiedAIapplications,weexpectMinimaxwillcontinuetogainmarketshareintheglobalfoundationmodelmarket.

Totalrevenuetogrowata181%CAGRoverFY25-28E.DrivenbythestrongdemandforAINativeProductsandMinimax’smulti-modalcapabilities,weexpectMinimax’stotalrevenuetogrowata2025-28ECAGRof181%andreachUS$1,748mninFY28E.Supportedbytheoperatingleverageandenhancedefficiency,weexpectadjustednetmargintoimprovefrom-317%inFY25to-19%inFY28E.WevalueMinimaxatHK$570.0pershare(US$22.8bn)basedon80xFY26EPS.OurtargetPSmultipleisatapremiumtotheglobalpeers,mainlyreflecting:1)Minimax’srobustrevenuegrowthoutlookunderpinnedbytheboomingAIdemand;2)Minimax’sstrongmulti-modalcapabilitiesandinferencecostefficiency.

EarningsSummary

TargetPrice HK$570.00

Up/Downside 22.7%

CurrentPrice HK$464.40

ChinaSoftware&ITServicesSaiyiHE,CFA

(852)39161739

hesaiyi@.hk

WentaoLU,CFA

luwentao@.hk

YeTAO,CFA

(852)38505226

franktao@.hk

ShuyinGUO

(852)39163716

guoshuyin@.hk

StockData

MktCap(HK$mn) 145,652.2

Avg3mthst/o(HK$mn) 1,604.4

52wHigh/Low(HK$) NA/NATotalIssuedShares(mn) 313.6Source:FactSet

ShareholdingStructure

YanJunjie 25.6%

Alibaba 12.8%

Source:HKEx

SharePerformance

Absolute Relative

1-mth -37.5% -32.8%

3-mth -53.4% -51.8%

6-mth NM NM

Source:FactSet

12-mthPricePerformance

Source:FactSet

(YE31Dec) FY24A FY25A FY26E FY27E FY28E

Revenue(US$mn) 31 79 285 743 1,748

Adjustednetprofit(US$mn) (244.2) (250.9) (422.7) (478.8) (323.7)

EPS(Adjusted)(US$cents) (224.80) (230.88) (134.78) (152.66) (103.20)

P/S(x) 608.9 235.1 65.2 25.0 10.6

Source:Companydata,Bloomberg,CMBIGMestimates

PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE 1

Contents

Investmentthesis 3

Oneoftheleadingmulti-modalfoundationalmodelproviders 3

Strongcompetitivemoatsacrossmultipleaspects 3

Enormousaddressablemarketforfoundationalmodelproviders 3

Totalrevenuetogrowata181%CAGRoverFY25-28E 3

Minimax:leadingmulti-modalfoundationalmodelproviders 4

Multi-modality:offerSOTAmodelsacrossmultiplemodalities 5

Costoptimization:strongcostefficiencyofmodeltrainingandinference 7

Overseasexpansion:monetizeonglobaluserbase 8

Businessmodel:widerangeofAI-nativeproductsbuiltonSOTA

foundationalmodels 10

Minimax:intelligentagentapplication 10

HailuoAI:VisualGenerationPlatform 12

MiniMaxAudio:AudioGenerationTool 13

Talkie/Xingye:AI-poweredMulti-modalEntertainmentPlatform 14

OpenPlatform 14

Industryanalysis:enormousaddressablemarketforfoundational

modelproviders 16

Competitivelandscape 18

Minimax:financialforecastandvaluation 20

Operatingefficiencyandmarginanalysis 21

Valuation 22

Appendix 23

Investmentrisks 24

FiercecompetitionintheLLMindustry 24

Relativelylowfloatingsharebase 24

ContinuousinvestmentinR&Dmayaffectprofitabilityandcashflow 24

FailuretoattractandretainkeytalentsmayaffectR&Dandoperation 24

Evolvingregulationsmayadverselyaffectbusinessoperation 24

Investmentthesis

Oneoftheleadingmulti-modalfoundationalmodelproviders

MinimaxisoneoftheleadingglobalAIfoundationalmodelcompanies.Thecompanydifferentiatesitselffromothermodelcompaniesintermsof:1)itscommitmenttodevelopingmulti-modalmodelsfromdayone;2)itscost-efficientapproachtodeliverAIintelligence;3)itscapabilitiestoreachandmonetizeonglobaluserbase.Minimax’stotalrevenuereachedUS$79.0mnin2025,upby159%YoY;andAINativeProducts/OpenPlatformandOtherAI-basedEnterpriseServiceseachaccountfor67%/33%oftotalrevenue.Minimaxcurrentlyhasarelativelysmallmarketshareof0.3%intermsofglobalmodel-basedrevenue,accordingtoCIC.Thatsaid,supportedbyitsSOTAmulti-modalmodelcapabilitiesanddiversifiedAIapplications,weexpectMinimaxwillcontinuetogainmarketshareintheglobalfoundationmodelmarket.

Strongcompetitivemoatsacrossmultipleaspects

Minimaxhasestablishedthreemajorcompetitiveedges:1)multi-modalcapabilities:Minimax’smodelsexcelacrossvariousmodalities.AccordingtoArtificialAnalysis,Minimax’smodelsrankedthetop15acrosstext,video,andspeechbenchmarks.AndweexpectMinimaxtomaintainitscompetitivenessacrossmultiplemodalities,underpinnedbyitsstrongR&Dcapabilities,talentdensityandefficientorganizationalstructure;2)strongcostefficiencyofitsmodels:MiniMaxMSeriesstrikeanoptimalbalancebetweenperformanceandcosts,byadoptinganadvancedmodelarchitecture.TheAPIpricingofMiniMax-M2wasUS$0.30permillioninputtokensandUS$1.20permillionoutputtokens,equivalenttoonlyc.8%ofthepriceofleadingoverseasmodels.MinimaxM2.7andM3furtherenhanceditsperformanceandcostefficiency:accordingtoArtificialAnalysis,MiniMax-M3andM2.7areinthemostattractivequadrantofcosttorunintelligence;3)capabilitiestoreachglobaluserbase:MiniMaxhaslaunchedallitsfoundationalmodelsandproductsacrossinternationalmarkets.RevenuefromMainlandChina/overseasmarketgrewby132%/171%YoYtoUS$21.4/57.7mnin2025,eachaccountingfor27%/73%oftotalrevenue.

Enormousaddressablemarketforfoundationalmodelproviders

Theglobalfoundationmodelmarketremainsatearlydevelopmentstagewithstronggrowthpotential.ItstotalmarketsizereachedUS$22.0bnin2025,withapplication/MaaSmarketaccountingfor66%/34%respectively,accordingtoCIC.Lookingahead,theglobalfoundationmodelmarketisexpectedtogrowataCAGRof65%over2025-2029E,toUS$206.5bnin2029E,withapplication/MaaSmarketaccountingfor73%/27%respectively,primarilydrivenbythetechnologicaladvancementandcostreductionoffoundationmodelservices.Minimaxcurrentlyhasarelativelysmallmarketshareof0.3%intermsofglobalmodel-basedrevenue,accordingtoCIC.Thatsaid,supportedbyitsSOTAmulti-modalmodelcapabilitiesanddiversifiedAIapplications,weexpectMinimaxwillcontinuetogainmarketshareintheglobalfoundationmodelmarket.

Totalrevenuetogrowata181%CAGRoverFY25-28E

DrivenbythestrongdemandforAINativeProductsandMinimax’smulti-modalcapabilities,weexpectMinimax’stotalrevenuetogrowby260%/161%/135%YoYtoUS$285/743/1,748mninFY26/27/28E.AINativeProducts/OpenPlatformandOtherAI-basedEnterpriseServiceswilleachaccountfor45%/55%oftotalrevenueinFY28E,vs.67%/33%inFY25.Supportedbytheoperatingleverageandenhancedefficiency,weexpectadjustednetmargintoimprovefrom-317%inFY25to-148%/-64%/-19%inFY26/27/28E.WevalueMinimaxatHK$570.0pershare(US$22.8bn)basedon80xFY26EPS.OurtargetPSmultipleisatapremiumtotheglobalpeers,mainlyreflecting:1)Minimax’srobustrevenuegrowthoutlook(25-28ECAGRof181%)underpinnedbytheboomingAIdemand;2)Minimax’sstrongmulti-modalcapabilitiesandinferencecostefficiency.

Minimax:leadingmulti-modalfoundationalmodelproviders

Foundedin2022,MinimaxisoneoftheleadingglobalAIfoundationalmodelcompanies.Thecompanydifferentiatesitselffromothermodelcompaniesintermsof:1)itscommitmenttodevelopingmulti-modalmodelsfromdayone;2)itscost-efficientapproachtodeliverAIintelligence;3)itscapabilitiestoreachandmonetizeonglobaluserbase.

Thecompanyhasbuiltthreeproductlayers:1)thefoundationmodellayeroffersintelligencesupporttoMinimax’sAInativeproductsandOpenPlatform,includinglargelanguagemodels(MiniMaxMSeries),videogenerationmodels(Hailuo),andmodelsforspeechandmusicgeneration(Speech-02);2)theAI-nativeproductlayeroffersAIexperiencetoindividualusers,developersandenterprises,includingintelligentagentapplication(MiniMax),visualgenerationplatform(HailuoAI),audiogenerationtool(MiniMaxAudio),andmulti-modalentertainmentplatform(Talkie/Xingye);3)MinimaxOpenPlatform:offersscalableandconfigurableAIservicestoenterprisecustomersanddevelopersthroughpublicAPIsandservices.

Figure1:Minimax:productoverview

AI-nativeproductofferings

Monetization

Introduction

Products

MiniMax

IntelligentAgentApplication

HailuoAI

VisualGenerationPlatform

MiniMaxisanintelligentAIagentapplication,whichis

designedtoautonomouslyperformawiderangeoftasksthroughnaturallanguageinstructions.SupportedbyMinimax’sfoundationmodels,MiniMaxAgentcanplan,reason,andexecutecomplexactionssuchascoding,research,documentdrafting,andpresentationcreationwithinaunifiedworkspace.

HailuoAIfullyintegratesHailuo-02model.Itisofferedinbothwebandappforms,andisdesignedforreal-time,high-qualityimageandvideogeneration.

In-apptop-up

Subscriptions

In-apptop-up

Subscriptions

MiniMaxAudio

AudioGenerationTool

MiniMaxAudioisdesignedtoprovideuserswithhigh-fidelityaudiogenerationcapabilities.Accessibleviawebplatform,MiniMaxAudiointegratesthecompany’sSpeech-02modeltosupportinteractiveaudiosynthesisandgeneratenatural,high-qualityspeechfromtextinput.

In-apptop-up

Subscriptions

Talkie/Xingye

Multi-modalEntertainmentPlatform

MiniMaxOpenPlatform

Talkie(forinternationalmarkets)/Xingye(fordomesticmarket)isagloballyrecognizedAI-nativemulti-modalentertainmentplatform.UsersofTalkie/XingyecanengagewithemotionallyresponsiveAIthemesorvirtualcharacterspoweredbythecompany’sproprietaryAI-models.

OpenPlatformoffersscalable,configurableAIservicestoenterprisecustomersanddevelopersacrossmorethan100countriesandregions.ThroughpublicAPIsandservices,enterpriseanddevelopercustomerscanaccessthecompany’sfoundationmodelsandintegratesuchtext,videoandaudiomodelcapabilitiesintotheirproductsandservices.

In-apptop-up

Subscriptions

Onlinemarketingservice

Token/Project-Based

Subscription

FoundationModelSuite

MiniMaxMSeries

LargeLanguageModel

Hailuo-02

VideoGenerationModel

Speech-02

SpeechGenerationModel

TheMiniMaxMSeries,comprisingMiniMax-M1andMiniMax-

M2,representsMinimax’sflagshipfamilyoflargelanguagemodels.MiniMax-M2.1focusedonimprovingperformanceoncomplex,real-worldtasks,particularlyincodingandworkplace NAscenarios.M2.5achievedgloballyleadingperformanceacross

keyproductivityscenarios,includingcoding,tooluseandworkplaceapplications.

TheHailuo-02seriesmodelgenerateshigh-qualityvideocontentfromavarietyformofinformationinputs.Hailuo-02 NA

offerscinematicvideoquality,advancedpromptadherence,

smoothmotion,andstylediversity.

TheSpeech-02modelseriesisdesignedtogeneratenatural,

high-qualityspeechfromtextinput.Speech-02modeldelivers NAhyper-realistic,personalizedvoicesynthesisacrossmultiple

languages.

Music-02

MusicGenerationModel

MiniMaxMusic2.0isthemusicsynthesismodeldesignedformusiccomposition,accompaniment,andbackgroundaudio NAgeneration.

Image-01

VideoGenerationModel

Image-01modelenablescinematicqualityimagegeneration

fromtextprompts.Itsupportscharacterstylingandother NAcreativecompositions.

Source:Companydata,CMBIGM

Minimax’stotalrevenuereachedUS$79.0mnin2025,upby159%YoY.Bysegment,revenuefromAINativeProducts/OpenPlatformandOtherAI-basedEnterpriseServicesgrewby143%/198%toUS$53.1/US$26.0mn,accountingfor67%/33%oftotalrevenue.Byspecificproduct,revenuefromTalkie&Xingye/HailuoAI/OpenPlatformandOtherAI-basedEnterpriseServices/MinimaxVoice/Minimaxeachrepresented35%/33%/29%/2%/1%oftotalrevenuein9M25.

Figure2:Minimax:revenuetrend Figure3:Minimax:revenuemix(9M25)

(US$mn) MiniMax

90

80

70

60

50

40

30

20

10

0

2023 2024 2025

900%

800%

700%

600%

500%

400%

300%

200%

100%

0%

OpenPlatformandOtherAI-basedEnterpriseServices29%

1%

HailuoAI

33%

Minimax

OpenPlatformandOtherAI-basedEnterpriseServicesAINativeProducts

YoY(RHL)

Talkie/Xingye

35%

Voice

2%

Source:Companydata,CMBIGM Source:Companydata,CMBIGM

Multi-modality:offerSOTAmodelsacrossmultiplemodalities

Minimaxisoneofthefirstandafewfoundationalmodeldevelopersthathavefirst-partymodelsacrossallmodalities,includinglanguage,speech,image,andvideomodels.Byintegratingmulti-modalcapabilities,MinimaxiscapableofofferingAI-nativeproductsthatcanhandlecomplexandmulti-dimensionalinteractionsacrosstext,visualandaudio.Themulti-modalmodelssupportMinimaxtoachievehigherlevelofAIintelligence,asreal-worldhumaninteractionisinherentlymulti-modal.

Figure4:Minimax:oneofafewplayerswithfirst-partymodelsacrossallmodalities.

Source:ArtificialAnalysis,CMBIGM

Moreover,Minimax’smodelsexcelacrossvariousmodalities.AccordingtoArtificialAnalysis,Minimax’smodelsrankedthetop15acrosstext,video,andspeechbenchmarks.AndweexpectMinimaxtomaintainitscompetitivenessacrossmultiplemodalities,underpinnedbyitsstrongR&Dcapabilities,talentdensityandefficientorganizationalstructure.

Figure5:Minimax:…andexcelsinmultiplemodality

Source:ArtificialAnalysis,CMBIGMNote:dataasof8Jun2026

Tofullyutilizethemulti-modalcapabilitiesofMinimax’smodels,MinimaxintroducedMMX-CLIinApr2026,anall-modalcommand-linetooldevelopedforAIagents.AgentscandirectlyinvokeitinenvironmentssuchasClaudeCodeorOpenClawwithoutbuildinganMCPserver,supportingfortext,image,video,speech,musicgeneration,andvisualunderstandingcapabilities.

Figure6:Minimax:MMX-CLI

Source:Companydata,CMBIGM

MinimaxM3,Minimax’slatestfoundationalmodel,isanativelymultimodalmodelthathasundergonemixed-modalitytrainingfromStep0andsupportsmuti-modalinput.Thistrainingapproach,withtextandothermodalitiesinterleavedwithinasequence,allowsMinimaxM3to:1)achievedeepalignmentbetweentextualandvisualsemanticspaces;2)scalethetrainingdatatotheorderof100trilliontokens.

Costoptimization:strongcostefficiencyofmodeltrainingandinference

MiniMaxMSeriesmodelsalsostrikeanoptimalbalancebetweenperformanceandcosts,byadoptinganadvancedarchitecture.TheAPIpricingofMiniMax-M2wasUS$0.30permillioninputtokensandUS$1.20permillionoutputtokens,equivalenttoonlyc.8%ofthepriceofleadingoverseasmodels.AndrunningagentsonMinimaxM2.5continuouslyforonehouratanoutputspeedof100tokenspersecondcostsonlyUS$1,and4agentscanoperatecontinuouslyforanentireyearwithabudgetofUS$10,000.MinimaxM2.7andM3furtherenhanceditsperformanceandcostefficiency,underpinnedbytheinnovationinarchitecture:accordingtoArtificialAnalysis,MiniMax-M3andM2.7areinthemostattractivequadrantofcosttorunintelligence.

Figure7:Minimax-M3&M2.7inthemostattractivequadrantofcosttorunintelligence

Source:ArtificialAnalysis,CMBIGMNote:dataasof8Jun2026

Toimprovecontextscalingandagenticcapabilities,MinimaxM3modelinnovatedontheattentionmechanismandintroducedMinimaxSparseAttention(MSA)architecture.TheMSAarchitecturecanpartitiontheKVintoblocksmoreprecisely,achievinghighereffectivecontextcoverage.ThisallowsM3'sper-tokencomputetobejust1/20thatoftheprevious-generationmodel.MinimaxM3Modelachievedaspeedupofover9xintheprefillingstageandover15xinthedecodingstage,whiletheMSAalsomatchedfullattentiononthevastmajorityofcapabilities.

Figure8:MinimaxSparseAttention

Source:Companydata,CMBIGM

Overseasexpansion:monetizeonglobaluserbase

MiniMaxhaslaunchedallitsfoundationalmodelsandproductsacrossinternationalmarketsfromdayone,whichenablesthecompanytocapturecommercialopportunitiesinanenormousglobalfoundationmodelmarketofoverUS$300bn.Bygeography,revenuefromMainlandChina/overseasmarketgrewby132%/171%YoYtoUS$21.4/57.7mnin2025,eachaccountingfor27%/73%ofMinimax’stotalrevenue.

Figure9:Minimax:revenuetrend(bygeography)

(US$mn)60

Figure10:Minimax:revenuemix(9M25,bygeography)

Mainland

50 Others

28%

40

China27%

30

20

10

0

2023

2024

9M25

United

Singapore

Others UnitedStates Singapore MainlandChina

States20%

24%

Source:Companydata,CMBIGM Source:Companydata,CMBIGM

Businessmodel:widerangeofAI-nativeproductsbuiltonSOTAfoundationalmodels

Basedonitsmulti-modalfoundationmodelsuite,MinimaxoffersawiderangeofAI-nativeapplicationsandproducts,includingMinimaxChat/Agent,HailuoAI,MinimaxAudio,Talkie/XingyeandOpenPlatform.Itsproductstargetbothconsumersandenterprises,monetizingthroughconsumersubscriptions,token-basedin-apppurchases,onlinemarketingserviceandAPImonetization.

Figure11:Minimax:AI-nativeproductofferings

Productname Targetusers Keyunderlyingmodels Primaryusecases Monetizationmodel

MiniMax Individual(B2C) Text,Video,Speechand

Music

IntelligentAgentApplication

Freemium,subscriptions,token-basedin-apppurchases

Freemium,subscriptions,token-basedin-apppurchases

FlagshipVisualGenerationPlatform

Individual(B2C) Video

HailuoAI

MiniMaxAudio Individual(B2C) SpeechandMusic AudioGenerationTool Freemium,subscriptions,token-basedin-

apppurchases

Individual(B2C) Text,Video,Speechand Multi-modal Freemium,subscriptions,onlinemarketingMusic EntertainmentPlatform service,in-apppurchases

Talkie/Xingye

OpenPlatform Enterpriseand

Developer(B2B)

Text,Video,SpeechandMusic

APIPlatform Freemium,token-basedAPIbilling,subscription,enterpriselicensing

Source:Companydata,CMBIGM

Minimax:intelligentagentapplication

MiniMaxisanintelligentAIagentapplication,whichisdesignedtoautonomouslyperformawiderangeoftasksthroughnaturallanguageinstructions.SupportedbyMinimax’sfoundationmodels,MiniMaxAgentcanplan,reason,andexecutecomplexactionssuchascoding,research,documentdrafting,andpresentationcreationwithinaunifiedworkspace.

Figure12:Minimax:agentapplication

Source:Companydata,CMBIGM

MiniMaxM2.7hasreachedthelevelofSOTAmodelsinvariousareas:1)softwareengineering:OnSWE-Pro,whichcoversmultipleprogramminglanguages,M2.7achieveda56.22%accuracyrate,matchingGPT-5.3-Codex.Itevendelivershigherscoreonbenchmarksclosertoreal-worldengineeringscenarios,suchasSWEMultilingual(76.5)andMultiSWEBench(52.7);2)officecollaboration:IntheGDPval-AAevaluation,whichmeasuresthiscapabilitytopossessprofessionalknowledgeacrossvariousfields,M2.7achievedanELOscoreof1,495among45models,secondonlytoOpus4.6,Sonnet4.6,andGPT5.4,andsurpassingGPT5.3;3)entertainment:BasedonM2.7,MinimaxbuiltOpenRoom,aninteractionsystembasedonanagentharnessthatliberatesAIinteractionfromplaintextstreamsandplacesitwithinaWebGUIspacewhereeverythingisinteractive.

Figure13:Minimax:agentusecases

Source:Companydata,CMBIGM

ThecompanyupgradedMinimaxAgentplatformtoMavisinMay2026,introducingseveralnewfunctions:1)MinimaxAgentTeams,whichallowsmultipleagentswithskillstoworkinparallel,significantlyimprovingtheagents’capabilitytocompletecomplicatedtasks;2)mergingTokenPlanandAgentPlan,whichgrantsubscribersaccesstoallMinimax’sofferingsincludingagents,M2.7,video,musicandaudiomodels.TheupgradefurtherenhancedMinimaxagenticcapabilitiesanddroveuptokenconsumption.

Figure14:MinimaxAgentTeams

Source:Companydata,CMBIGM

Monetization:MiniMaxAgentemploysatieredmonthlysubscriptionmodel,featuringthe“Basic”planatUS$19.0permonthandthe“Pro”planatUS$69.0permonth.Thesepremiumsubscriptionsincludeexclusivebenefitssuchaspeak-hourpriorityaccessandearlyaccesstobetafeatures.Additionally,usersmaypurchasetask-executioncreditsatUS$39.0per5,000credits,whichcanbeappliedtoexecutesupplementarytasksviatheMiniMaxAgent.Inaddition,MiniMaxAgentoffersateamplanunderwhichusersarechargedUS$15perseatpermonth,providingeachteamwithasharedmonthlycreditpoolandenhancedfeatures.

HailuoAI:VisualGenerationPlatform

HailuoAIisMinimax’sflagshipvisualgenerationplatform,designedforreal-time,high-definitionvideoandimagesynthesis.HailuoAIservescreators,advertisers,andeverydayusers,offeringintuitivetoolsforcraftingvisualcontentthroughtextandimageinputs.

Monetization:HailuoAIemploysatieredsubscriptionmodel,withplansstartingatUS$9.99permonthforthe“Standard”tierandscalingtoUS$199.99permonthforthe“Max”tier.Premiumsubscriptionsunlockmorefunctionalityincluding1080presolutionoutputs,watermark-freeoutputs,andpriorityaccesstonewfeatures.Complementingsubscriptiontiers,usersmaypurchasetop-upcreditswithintheHailuoAI.

Figure15:Minimax:HailuoVideo

Source:Companydata,CMBIGM

MiniMaxAudio:AudioGenerationTool

MiniMaxAudioisMinimax’saudiogenerationtool,whichprovidesuserswithhigh-fidelityspeechandmusicgenerationcapabilities.WithintheMiniMaxAudioplatform,userscanalsogeneratespeechusingtheSpeech-02modelbytypingcustomtextacrossmorethanonelanguage.Theycanselectvoicesfromacuratedlibraryofpresetswithdifferentemotionsandstyles,adjustpitchandspeed,andmanagetheirownvoiceprofiles,andpreview/exportvoiceoutputs.

Monetization:MiniMaxAudioadoptsacredit-basedconsumptionmodel,pricedatUS$50.0permillioncredits.Additionally,usersmaychoosefromtieredmonthlysubscriptionplansfrom“Starter”planpricedatUS$5.0permonthto“Pro”planpricedatUS$99.0permonth.Thesepremiumsubscriptionsofferbenefitssuchasacceleratedspeechgeneration,theabilitytogeneratespeechwithspecifiedemotionsandlanguages,andaccesstoanexpandedlibraryofmorethan100distinctvoices.

Figure16:Minimax:MinimaxAudio

Source:Companydata,CMBIGM

Talkie/Xingye:AI-poweredMulti-modalEntertainmentPlatform

Talkie(forinternationalmarkets)andXingye(forChinesedomesticmarket)areemotionallyintelligentAI-nativemulti-modalentertainmentplatformdesignedforreal-timehuman-AIinteractionexperience.Talkie/Xingyeenablesuserstoco-create,customize,andinteractwithvirtualthemesandcharactersthatexhibitmemory,emotion,anddynamicpersonality.

Monetization:Talkie/Xingyehavevariousmonetizationmethodsincludingonlinemarketingservices,subscriptionservicesandin-apppurchases.Usersmaypurchasein-appcreditswhichcanbespentin-appitems.Additionally,amonthlymembershipsubscriptionoffersenhancedfeaturessuchasmorechatreplyregenerations,enhancedchatmemoryandfasterresponse.Additionally,MinimaxgeneratesonlinemarketingservicerevenuethroughTalkie,whichoffersintegratedmarketingandpromotionalservices.

Figure17:Minimax:Talkie/Xingye

Source:Companydata,CMBIGM

OpenPlatform

MinimaxOpenPlatformoffersscalable,customizableAIservicestoglobalenterprisecustomers.ThroughpublicAPIs,servicesandcloudSDKs,enterpriseanddevelopercustomerscanaccessMinimax’sfoundationmodelsuiteandintegrateMinimax’sfoundationmodelintotheirownproductsandserviceswithouttheneedforindependentfoundationmodeldevelopment.

Monetization:MinimaxOpenPlatformmainlymonetizedthroughusage-basedpricing,wherefeesarechargedper“token”,“videoclips”,or“characters”.Subscriptiontiersprovidefixed-feeaccess,rangingfromentry-levelplansfortestingtopremiumoptionswithenhancedfeat