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MINIMAX-WP, with Feb's ARR USD150M+, Transitioning from Large Model to AI Platform Company
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Yan Junjie, the founder and CEO of MINIMAX-WP (00100.HK), disclosed at the 2025 full-year results briefing that the company's ARR (Annual Recurring Revenue) exceeded USD150 million as of February 2026, Chinese news broke. The number of new registered users increased to more than four times that of December 2025.

Yan stated that MiniMax will transition from a large model company to a platform company in the AI era, defining the value of the AI platform as "intelligent density x token throughput".

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The future core competition in the AI industry will be about defining the intelligent boundary, the CEO opined. When this boundary is breached, it will create numerous new scenarios and users, further forming a new ecosystem and new commercialization benefits.
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