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Chinese AI company building large language and multimodal foundation models, powering consumer apps and enterprise APIs.
Chinese AI company building large language and multimodal foundation models, powering consumer apps and enterprise APIs.
Earns from two sides: consumer apps such as Talkie, an AI character-chat app, and Hailuo, a video generator, sold by subscription and in-app purchases, and fees for access to its models by developers and companies. Much of its consumer revenue comes from users outside China. It spends heavily on computing power to train its models.
In one line: A Chinese OpenAI/Character.AI hybrid, building foundation models and consumer AI apps.
Moat: none (data, IP / patents). Competes in a fast-moving, capital-intensive foundation-model race with no durable lead yet.
Headquarters: Shanghai, China · Founded: 2021 · Employees: 415
Size MiniMax (0100.HK) is a Hong Kong Information Technology company (Packaged Software) with a market value of $7.00B, the 212th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$155.80 on 6 Nov 2026.
Performance Over six months the shares fell 81.0%, against +17.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 158.7% over the last twelve months (peer median +14.8%); the operating margin is -406.6% (peer median 16.1%).
Valuation It trades at 75.3× enterprise value to sales against a peer median of 6.5× (most expensive of 21).
Capital Return on invested capital runs 107.9 points below its cost of capital (5.3% WACC).
Next results Next results expected around 8 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | HK$616M | HK$238M | HK$27.1M | HK$0 |
| Revenue growth | — | +159% | +779% | — | — |
| Gross profit | n/a | HK$157M | HK$14.7M | -HK$12.7M | -HK$1.62M |
| EBITDA | n/a | -HK$2.48B | -HK$2.22B | -HK$787M | -HK$111M |
| Net income | n/a | -HK$14.6B | -HK$3.63B | -HK$2.11B | -HK$577M |
| Free cash flow | n/a | -HK$2.25B | -HK$1.81B | -HK$527M | -HK$70.9M |
| Capital expenditure | n/a | HK$9.26M | HK$5.92M | HK$5.46M | HK$2.00M |
| Total debt | n/a | HK$28.3B | HK$12.6B | HK$4.94B | HK$1.14B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| MiniMax 0100.HK | $7.00B | -81% | +159% | -407% | 75.3× | n/a |
| Baba-w 9988.HK | $266B | -25% | +8% | 4% | 1.7× | n/a |
| Bidu-sw 9888.HK | $26.4B | -43% | -1% | 7% | 1.2× | n/a |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 4.4× | 6.4% |
| iflytek 002230.SZ | $13.2B | -20% | +11% | -4% | 3.5× | n/a |
| Kuaishou-w 1024.HK | $16.0B | -39% | +11% | 11% | 0.7× | -4.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0100.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.1% | +1.3% | lowest of 21 |
| 6-month return | -81.0% | +17.6% | lowest of 21 |
| Distance from 52-week high | -88.3% | -18.5% | lowest of 21 |
| Revenue growth (TTM) | +158.7% | +14.8% | highest of 21 |
| Operating margin | -406.6% | 16.1% | lowest of 21 |
| EV / Sales | 75.3× | 6.5× | most expensive of 21 |
| ROIC minus cost of capital | -107.9 pp | +7.1 pp | lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MiniMax 0100.HK | Hong Kong | $7.00B | -81% | +159% | -407% | 75.3× | n/a | n/a |
| Square Enix 9684.T | Japan | $7.02B | +25% | +1% | 20% | 2.7× | -5.4% | -2.1% |
| CD PROJEKT RED Spolka Akcyjna CDR.WA | Poland | $6.80B | +4% | -14% | 54% | 30.6× | 35.0% | -16.5% |
| UiPath PATH | United States | $6.78B | +20% | +15% | 9% | 3.2× | 19.2% | +21.5% |
| Kunlun Tech 300418.SZ | China | $7.33B | -21% | +48% | -21% | 4.3× | n/a | n/a |
| InterDigital IDCC | United States | $7.35B | +2% | -12% | 45% | 8.0× | 13.4% | +18.4% |
| Technology One TNE.AX | Australia | $7.40B | +15% | +14% | 29% | 16.6× | 33.3% | +14.9% |
| Qualys QLYS | United States | $6.59B | +102% | +11% | 35% | 8.8× | 4.7% | +13.1% |
| Duolingo DUOL | United States | $7.51B | +49% | +23% | 12% | 5.3× | 19.8% | +45.0% |
| Sectra SECT-B.ST | Sweden | $6.53B | +27% | +14% | 20% | 16.7× | 29.0% | +16.8% |
| Dropbox DBX | United States | $7.54B | +20% | 0% | 26% | 4.1× | -5.0% | +5.7% |
| Clear Secure YOU | United States | $7.55B | -2% | +23% | 26% | 6.6× | 15.8% | +31.3% |
| Commvault Systems CVLT | United States | $6.48B | +51% | +14% | 10% | 5.2× | 26.9% | +10.3% |
| SentinelOne S | United States | $7.58B | +31% | +21% | -26% | 6.3× | 53.7% | +60.8% |
| Horizon Robotics 9660.HK | Hong Kong | $7.61B | -48% | +46% | -101% | 11.0× | n/a | n/a |
| Empyrean Technology 301269.SZ | China | $7.70B | +5% | +15% | -10% | 34.0× | n/a | n/a |
| Oracle Corporation Japan 4716.T | Japan | $7.73B | +10% | +10% | 32% | 4.0× | -6.9% | +6.5% |
| Zeta Global ZETA | United States | $7.79B | +81% | +36% | 3% | 4.9× | 49.7% | +28.8% |
| International Games System 3293.TWO | Taiwan | $6.27B | 0% | +15% | 59% | 7.7× | -4.0% | +21.2% |
| Sangfor Technologies 300454.SZ | China | $7.84B | +5% | +21% | 2% | 5.2× | 46.1% | +6.9% |
| Navan NAVN | United States | $6.25B | +36% | +35% | -25% | 6.7× | n/a | n/a |