Crazy spending! A loss of 12.867 billion yuan in one year, an average daily loss of 35.25 million yuan. The performance of the large model MINIMAX has been released, with the stock price retreating more than 22% from its all-time high, and market value evaporating by 66 billion Hong Kong dollars.

One of the major Hong Kong stock market large models, MINIMAX's performance is out, with nearly 13 billion yuan in losses in 2025!
On the evening of March 2, MINIMAX released its fiscal year 2025 financial report. The announcement shows that MINIMAX's revenue for FY2025 was $79 million, a year-on-year increase of 158.9%. Over 70% of the revenue came from international markets. The annual loss was $1.87 billion, a 302.3% increase year-on-year. Adjusted net loss was $251 million, up 2.7% from $244 million in the same period last year.
Calculated at an onshore RMB to USD exchange rate of 6.8806, MINIMAX's loss reached 12.867 billion yuan, close to 13 billion yuan, with an average daily loss of over 35.25 million yuan, clearly showing the speed of money burning.
Regarding this performance loss, MINIMAX explained that it was due to fair value losses on financial liabilities, increasing from $21.42 million in 2024 to $158.99 million in 2025. MINIMAX stated that this was mainly due to the company's valuation continuously increasing, leading to significant remeasurement losses on preferred shares.
However, MINIMAX's R&D investment is not substantial. MINIMAX's R&D expenditure was $25.28 million, a 33.8% increase. Additionally, MINIMAX mentioned that as of December 31, 2025, it had served over 236 million users across more than 200 countries and regions, as well as 214,000 enterprise customers and developers from over 100 countries and regions.
Since going public on January 9, the Hong Kong stock market's two major large models, MINIMAX and Zhipu, have seen their stock prices continuously rise, with astonishing gains.
However, Zhipu and MINIMAX stock prices then quickly fell back. MINIMAX retreated more than 22% from its high, and Zhipu more than 24%. As of today's close, MINIMAX was trading at HKD 752.5 per share, with the combined market value of both shrinking by over 100 billion Hong Kong dollars. Among them, MINIMAX's market value evaporated by over 66 billion Hong Kong dollars. $BNB