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

BlockBeats News, March 2nd, Hong Kong-listed company MINIMAX-WP (00100.HK) released its 2025 full-year financial report after the market today.

Total revenue was $79.038 million, a year-on-year increase of 158.9%, compared to $30.523 million in 2024;

Revenue from AI native products was $53.1 million, accounting for 67.2%, a year-on-year growth of 143.4%, mainly driven by Hailuo AI, Talkie, etc.;

Revenue from other open platforms, enterprise services, etc., was $25.96 million, accounting for 32.8%, a year-on-year increase of 197.8%;

More than 70% of the 2025 full-year revenue came from international markets.

Gross profit was $20.1 million, a year-on-year increase of 437.2%, compared to $3.738 million in 2024;

Gross margin was 25.4%, a year-on-year increase of 13.2 percentage points, significantly improved from 12.2%, mainly due to economies of scale and cost optimization.

Net loss was approximately RMB 1.872 billion, a year-on-year increase of 302.3%, compared to RMB 465 million in 2024;

Adjusted net loss was $250.9 million, approximately RMB 1.78 billion, slightly higher than $244.2 million in 2024, but the adjusted net loss rate significantly narrowed, indicating improved operational efficiency.

R&D expenses increased by approximately RMB 404 million year-on-year; sales and marketing expenses decreased by approximately RMB 519 million year-on-year; administrative expenses increased by approximately RMB 368 million year-on-year.