MiniMax招股书揭晓与阿里联盟，阿里间接持股13.66%

21世纪经济报道12-22 10:58

21世纪经济报道记者陈归辞　　12月21日，递交上市申请的MiniMax携招股书浮出水面。　　MiniMax通过港交所聆讯后披露的招股书显示，2023年、2024年及2025年前三季度，MiniMax的收入分别为246.0万美元、3052.3万美元及5343.7万美元；净亏损分别为2.69亿美元、4.65亿美元及5.12亿美元；毛利率分别为-24.7%、12.2%及23.3%。　　...

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陈归辞\n　　12月21日，递交上市申请的MiniMax携招股书浮出水面。\n　　MiniMax通过港交所聆讯后披露的招股书显示，2023年、2024年及2025年前三季度，MiniMax的收入分别为246.0万美元、3052.3万美元及5343.7万美元；净亏损分别为2.69亿美元、4.65亿美元及5.12亿美元；毛利率分别为-24.7%、12.2%及23.3%。\n　　...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2025-12-22/doc-inhcruir8012619.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B0JY6N72.USD","symbol_name":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","start_time":0,"source_url":"https://finance.sina.com.cn/roll/2025-12-22/doc-inhcruir8012619.shtml","article_id":"2593610880","we_media_id":null,"thumbnails":[],"rights":{"source":"sina","url":"https://finance.sina.com.cn/roll/2025-12-22/doc-inhcruir8012619.shtml","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.art_tit_h1{#titleStyle#}a{#lv2TextColor#}.art_time, .art_cite{#sourceStyle#;} .art_cite{margin-left: 3px;}","selectors":".module-article, article","filters":"header, .voice2, .tags, 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陈归辞\n　　12月21日，递交上市申请的MiniMax携招股书浮出水面。\n　　MiniMax通过港交所聆讯后披露的招股书显示，2023年、2024年及2025年前三季度，MiniMax的收入分别为246.0万美元、3052.3万美元及5343.7万美元；净亏损分别为2.69亿美元、4.65亿美元及5.12亿美元；毛利率分别为-24.7%、12.2%及23.3%。\n　　MiniMax收入主要来源于Al原生产品和开放平台及其他基于AI的企业服务。2025年前三季度，其AI原生产品收入在总收入中占比71.1%，产品包括智能Agent应用MiniMax、视觉生成平台海螺AI、音频生成工具MiniMax语音、全模态交互平台Talkie/星野。\n　　其中，2025年前三季度，海螺AI收入为1746.4亿美元，在总收入中占比32.6%；Talkie/星野收入为1875亿美元，在总收入中占比35.1%。\n　　MiniMax的开放平台向企业客户和开发者提供开放API及服务，其他基于AI的企业服务主要包括根据企业需求安排专属资源及授权交付成果，客户涉及智能硬件、医疗健康、文旅及金融及互联网服务等行业。2025年前三季度该部分收入在总收入中占比28.9%。\n　　业务重心在C端的MiniMax，超七成收入由海外市场贡献。2025年前三季度，其海外市场收入为3.9亿美元，在总收入中占比73.1%。其中，新加坡市场收入在总收入中占比24.3%，美国市场收入在总收入中占比20.4%。\n　　21世纪经济报道发现，招股书的披露，也让MiniMax与阿里之间联盟关系的细节得以详细披露。\n　　招股书显示，截至2025年12月15日，阿里巴巴集团控股有限公司通过联营公司对MiniMax间接持股13.66%，并持有3.64%的投票权。阿里战略投资部总经理陈英杰获委任为 MiniMax 的非执行董事。\n　　资本联动正转化为双方持续扩大的业务合作。\n　　招股书显示，MiniMax自2022年起持续向阿里云计算有限公司（下称“阿里云”）采购云计算服务，相关交易金额不断攀升。与此同时，自2023年起，MiniMax向阿里销售API服务也产生交易金额，相关交易金额亦持续增长。双方的双向合作将在未来延续。\n　　具体而言，据招股书披露，2022年、2023年、2024年及2025年前三季度，MiniMax向阿里云购买云计算服务的金额分别为约4万美元、310万美元、1000万美元及5840万美元。\n　　而2022年、2023年、2024年及2025年前三季度，MiniMax向阿里销售API服务的金额分别约为0、4.14万美元、3.33万美元及23.3万美元。\n　　MiniMax与阿里双方已就明年起采用API的数个新项目达成协议，MiniMax将在未来三年为阿里运营的业务提供API服务，预计该收入将显著增长。\n　　招股书称，由于双方合作尚处于初期扩展阶段，2025年度收入规模仍相对较小，于初步整合与试点测试完成后，API使用近几个月才开始扩大规模。MiniMax预期将与阿里共同拓展使用场景与流量规模，未来三年向阿里提供的API服务预期金额将不低于200%。\n　　同时，招股书也明确了未来三年对阿里云计算服务采购金额的上限，2026年、2027年及2028年的年度上限分别为1.15亿美元、1.25亿美元及1.35亿美元。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：宋雅芳","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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