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China · public_or_public_adjacent
MiniMax
MiniMax is the app-native China lab pattern: global consumer and creative tools can grow fast, but losses show that app distribution does not remove frontier burn. Update, H1 2026 results: the app-native framing is now half wrong. Revenue grew 283.1% to $116.6M, more than all of FY2025, but the growth was enterprise API - Open Platform up 703.1% to 63.4% of revenue - while consumer products merely doubled. Selling expense FELL 17.9%. So distribution is not the engine; developers are. The burn point holds and hardens: gross margin 17.9%, net loss $358.0M, R&D 14.3x gross profit.
MiniMaxHailuo
Financial metrics
| Metric | Period | Value | Source | Confidence |
|---|---|---|---|---|
| revenue | FY2025 | 79 USD_millions | reported | medium |
| net_loss | FY2025 | 1870 USD_millions | reported | medium |
| international_revenue_mix | FY2025 | 70 percent | reported | medium |
| gross_margin | H1 2026 | 17.9 percent | reported | high |
| gross_profit | H1 2026 | 20.8 USD_millions | reported | high |
| net_loss | H1 2026 | 358 USD_millions | reported | high |
| adjusted_net_loss | H1 2026 | 293 USD_millions | reported | high |
| rnd_expense | H1 2026 | 296.9 USD_millions | reported | high |
| selling_expense | H1 2026 | 27 USD_millions | reported | high |
| cash | H1 2026 | 1322.8 USD_millions | reported | high |
| users | H1 2026 | 300 millions | reported | medium |
| open_platform_revenue_mix | H1 2026 | 63.4 percent | reported | high |
Revenue mix
open_platform_enterprise63.4%
ai_native_products36.6%
Risks
- - loss scale
- - consumer app volatility
- - creative tooling competition