[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-minimax-first-earnings-report-hk-listing-en":3,"article-related-minimax-first-earnings-report-hk-listing-en":23,"series-industry-5329c9ba-9177-4d02-be47-6ef90cd3134e":66},{"id":4,"title":5,"content":6,"summary":7,"source":8,"source_url":9,"author":10,"image_url":10,"keywords":10,"language":11,"translated_content":10,"views":12,"is_premium":13,"created_at":14,"updated_at":14,"cover_image":15,"published_at":14,"rewrite_status":16,"rewrite_error":10,"rewritten_from_id":17,"slug":18,"category":19,"related_article_id":20,"status":21,"google_indexed_at":22,"x_posted_at":10,"tweet_text":10,"title_rewritten_at":10,"title_original":10,"key_takeaways":10,"topic_cluster_id":10,"embedding":10,"is_canonical_seed":13},"5329c9ba-9177-4d02-be47-6ef90cd3134e","MiniMax财报首秀：收入同比增159%","\u003Cp>\u003Cstrong>MiniMax\u003C\u002Fstrong>递交港股上市后的首份年度成绩单，数据很硬：总收入达到\u003Cstrong>7903.8万美元\u003C\u002Fstrong>，同比增长\u003Cstrong>158.9%\u003C\u002Fstrong>。更值得注意的是，\u003Cstrong>73%\u003C\u002Fstrong>收入来自海外，说明这家公司卖的不只是“中文AI”，而是面向全球用户的产品和模型能力。\u003C\u002Fp>\u003Cp>如果只看增长率，这份财报已经够吸睛；但更有意思的是它背后的结构变化。MiniMax正在把自己从一家大模型公司，推向一家同时做模型、应用和平台能力的AI公司，这种打法在今天的中国AI创业公司里并不多见。\u003C\u002Fp>\u003Ch2>收入、毛利和用户数，财报里最硬的三组数字\u003C\u002Fh2>\u003Cp>先看最直接的经营数据。MiniMax在报告期内实现总收入\u003Cstrong>7903.8万美元\u003C\u002Fstrong>，其中AI原生产品收入为\u003Cstrong>5307.5万美元\u003C\u002Fstrong>，开放平台收入为\u003Cstrong>2596.3万美元\u003C\u002Fstrong>。前者更像消费端和订阅端的验证，后者则说明开发者和企业客户愿意为它的模型和接口买单。\u003C\u002Fp>\u003Cp>毛利变化也很关键。公司毛利达到\u003Cstrong>2007.9万美元\u003C\u002Fstrong>，毛利率从2024年的\u003Cstrong>12.2%\u003C\u002Fstrong>提升到\u003Cstrong>25.4%\u003C\u002Fstrong>。这不是简单的“卖得更多”，而是单位算力、单位推理成本和基础设施配置都在变得更有效率。\u003C\u002Fp>\u003Cp>用户规模同样夸张。截至目前，MiniMax累计服务超过\u003Cstrong>2.36亿\u003C\u002Fstrong>名用户，企业客户和开发者达到\u003Cstrong>21.4万\u003C\u002Fstrong>，覆盖\u003Cstrong>200多个国家和地区\u003C\u002Fstrong>。对一家还在扩张中的AI公司来说，这种覆盖范围意味着产品已经越过单一市场的天花板。\u003C\u002Fp>\u003Cul>\u003Cli>总收入：\u003Cstrong>7903.8万美元\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>同比增速：\u003Cstrong>158.9%\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>海外收入占比：\u003Cstrong>73%\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>毛利率：\u003Cstrong>25.4%\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>累计用户：\u003Cstrong>2.36亿+\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>企业客户与开发者：\u003Cstrong>21.4万\u003C\u002Fstrong>\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>闫俊杰的判断：AI平台价值取决于智能密度和Token吞吐\u003C\u002Fh2>\u003Cp>MiniMax创始人兼CEO闫俊杰给出了一个很直白的公式：\u003Cstrong>AI平台价值 = 智能密度 × Token吞吐量\u003C\u002Fstrong>。这句话听起来像工程团队的语言，但其实很接近今天AI商业模式的本质：模型越能干活，用户越愿意持续调用，Token消耗就越能放大收入。\u003C\u002Fp>\u003Cp>这也是为什么MiniMax一直强调“全模态”和“产模一体”。它不只做语言模型，还做视频、语音和音乐等多种模态产品。这样做的结果是，模型能力可以反过来推动应用增长，而应用数据又继续喂给模型迭代，形成一个自我强化的循环。\u003C\u002Fp>\u003Cp>MiniMax的这条路和\u003Ca 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