Operating Metrics
Operating Metrics Overview
MiniMax demonstrates strong growth across both consumer and enterprise segments. Average MAU grew 6x from 3.1M (2023) to 19.1M (2024) to 27.6M (9M FY25), with cumulative users exceeding 212 million. Paying users expanded 14x from ~120K (2023) to ~1.77M (9M FY25). On the enterprise side, Open Platform paying customers grew 25x from ~100 (2023) to ~2,500 (9M FY25), defined as users consuming ≥$50 in API calls. This dual-track growth validates both consumer product-market fit and enterprise monetization capabilities.
MAU Highlights
6x Growth: Average MAU grew from 3.1M (2023) to 27.6M (9M FY25).
Talkie Dominates: 20M avg MAU in 9M FY25, comprising 73% of total.
Hailuo Surge: 5.6M avg MAU after Q3'24 launch, +160% growth.
Organic Growth: 90% reduction in marketing with strong retention.
MAU Growth Trend
Average Monthly Active Users by Product (thousands)
| Product | 2023 | 2024 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| 🎭 Talkie/Xingye | 2,905 | 14,692 | 12,399 | 20,051 |
| 🎬 Hailuo AI | — | 2,172 | 36 | 5,648 |
| 🤖 MiniMax | 239 | 2,195 | 2,166 | 1,429 |
| 🎙️ MiniMax Audio | — | 47 | — | 494 |
| 📊 AI-Native Products | 3,144 | 19,106 | 14,601 | 27,622 |
| 🔌 Open Platform | 4 | 5 | 4 | 16 |
| 📈 Total | 3,148 | 19,111 | 14,605 | 27,638 |
MAU Composition (9M FY25)
New Users by Product (thousands)
| Product | 2023 | 2024 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| 🎭 Talkie/Xingye | 10,445 | 85,610 | 55,121 | 51,045 |
| 🎬 Hailuo AI | — | 5,735 | 36 | 36,613 |
| 🤖 MiniMax | 686 | 12,855 | 10,283 | 5,516 |
| 🎙️ MiniMax Audio | — | 47 | — | 3,695 |
| 📊 AI-Native Products | 11,131 | 104,247 | 65,440 | 96,869 |
| 🔌 Open Platform | 13 | 29 | 21 | 90 |
| 📈 Total | 11,144 | 104,276 | 65,461 | 96,959 |
Product Highlights
Talkie/Xingye: 147M cumulative users, 20M avg MAU, 1.39M paying users (9M FY25).
Hailuo AI: 42M cumulative users, 5.6M avg MAU in first full year after Q3'24 launch.
MiniMax Audio: 3.7M cumulative users, 494K avg MAU in first year.
Organic Strategy: 90% reduction in marketing spend with strong retention.
Cumulative Users by Product
Cumulative Users by Product (thousands)
| Product | Dec 2023 | Sep 2024 | Dec 2024 | Sep 2025 |
|---|---|---|---|---|
| 🎭 Talkie/Xingye | 10,445 | 65,566 | 96,055 | 147,100 |
| 🎬 Hailuo AI | — | 36 | 5,735 | 42,348 |
| 🤖 MiniMax | 686 | 10,969 | 13,541 | 19,057 |
| 🎙️ MiniMax Audio | — | — | 47 | 3,742 |
| 🔌 Open Platform | 13 | 34 | 42 | 132 |
| 📊 AI-Native Products Total | 11,131 | 76,571 | 115,378 | 212,247 |
| 📈 Grand Total | 11,144 | 76,605 | 115,420 | 212,379 |
Average Monthly Active Users by Product (thousands)
| Product | 2023 | 2024 | 9M FY25 | Growth (2024→9M25) |
|---|---|---|---|---|
| 🎭 Talkie/Xingye | 2,905 | 14,692 | 20,051 | +36% |
| 🎬 Hailuo AI | — | 2,172 | 5,648 | +160% |
| 🤖 MiniMax | 239 | 2,195 | 1,429 | -35%* |
| 🎙️ MiniMax Audio | — | 47 | 494 | +951% |
| 📊 AI-Native Products Total | 3,144 | 19,106 | 27,622 | +45% |
Paying Users by Product (thousands)
| Product | 2023 | 2024 | 9M FY25 | Growth (2024→9M25) |
|---|---|---|---|---|
| 🎭 Talkie/Xingye | 119.7 | 585.5 | 1,390.4 | +137% |
| 🎬 Hailuo AI | — | 64.8 | 311.1 | +380% |
| 🎙️ MiniMax Audio | — | — | 59.8 | New |
| 🤖 MiniMax | — | — | 10.3 | New |
| 📊 AI-Native Products Total | 119.7 | 650.3 | 1,771.6 | +172% |
ARPU Highlights
2.5x AI Products ARPU: Grew from $6 (2023) to $15 (9M FY25).
MiniMax Premium: $73 ARPU reflects agent-focused strategy.
Hailuo AI Growth: ARPU up 56% from $36 (2024) to $56 (9M FY25).
Open Platform: $6,167 per enterprise customer (9M FY25).
ARPU by Product (9M FY25)
Average Spending per Paying Customer (US$)
| Product | 2023 | 2024 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| 🤖 MiniMax | — | — | — | $73 |
| 🎬 Hailuo AI | — | $36 | — | $56 |
| 🎙️ MiniMax Audio | — | — | — | $18 |
| 🎭 Talkie/Xingye | $6 | $8 | $7 | $5 |
| 📊 AI-Native Products Avg | $6 | $11 | $7 | $15 |
| 🔌 Open Platform | $27,020 | $12,454 | $14,813 | $6,167 |
Open Platform Enterprise ARPU Trend
Note: Open Platform ARPU decline reflects rapid customer expansion following official overseas launch in Q4 2024. As the proportion of new users with smaller transaction volumes increased, overall average spending was subject to structural dilution as total paying customers grew from ~100 (2023) to ~2,500 (9M FY25).
Key Insights — What This Means
Growing from 3.1M to 27.6M MAU in ~2 years without massive marketing spend indicates genuine user demand. This organic growth is more sustainable than paid acquisition.
Converting free users to paying (1.77M) proves the product is valuable enough that users will pay. The 6.4% conversion rate (paying/MAU) is healthy for consumer AI products.
Growing from 100 to 2,500 enterprise API customers shows real B2B demand. Enterprise revenue typically has higher margins and longer retention than consumer subscriptions.
Unlike most China AI companies focused domestically, MiniMax serves globally. Talkie (English-first) and Hailuo AI have international user bases — a rare advantage among Chinese AI labs.
Customer Concentration & Diversification
MiniMax's customer base has evolved significantly during the Track Record Period. Top 5 customers accounted for 60.5% of revenue in 2023, declining to 44.1% in 2024 and further to ~21% in 9M FY25, indicating healthy customer diversification. The mix has also shifted from primarily Open Platform (enterprise API) customers to include Talkie's advertising partners.
Top 5 Customers — Year Ended December 31, 2023
| Rank | Customer | Product | Description | Revenue | % of Total |
|---|---|---|---|---|---|
| 1 | Customer A | Open Platform | Comprehensive cultural industry group in Shanghai; digital reading and IP development | $1.3M | 37.2% |
| 2 | Customer B | Open Platform | Office productivity software developer; cross-platform word processing, spreadsheets, presentations | $0.4M | 12.3% |
| 3 | Customer C | Open Platform | Social e-commerce platform; lifestyle sharing, product reviews, online shopping | $0.2M | 6.2% |
| 4 | Customer D | Open Platform | Online recruitment platform operator; HR solutions and job-matching services | $0.1M | 2.7% |
| 5 | Customer E | Open Platform | Digital content innovation company; IP development and digital reading solutions | $0.1M | 2.1% |
| Top 5 Total | $2.1M | 60.5% | |||
Top 5 Customers — Year Ended December 31, 2024
| Rank | Customer | Product | Description | Revenue | % of Total |
|---|---|---|---|---|---|
| 1 | Customer F | Talkie | Technology company in Singapore; digital advertising, cloud service, online solutions | $9.4M | 30.9% |
| 2 | Customer A | Open Platform | Comprehensive cultural industry group in Shanghai; digital reading and IP development | $1.1M | 3.7% |
| 3 | Customer B | Open Platform | Office productivity software developer; cross-platform word processing, spreadsheets, presentations | $1.0M | 3.4% |
| 4 | Customer C | Open Platform | Social e-commerce platform; lifestyle sharing, product reviews, online shopping | $1.0M | 3.2% |
| 5 | Customer G | Talkie | Singapore entity; digital marketing and mobile app monetization services | $0.9M | 2.9% |
| Top 5 Total | $13.4M | 44.1% | |||
Top 5 Customers — Nine Months Ended September 30, 2025
| Rank | Customer | Product | Description | Revenue | % of Total |
|---|---|---|---|---|---|
| 1 | Customer F | Talkie | Technology company in Singapore; digital advertising, cloud service, online solutions | $7.8M | 14.7% |
| 2 | Customer H | Open Platform | AI-powered digital human and video synthesis platform; avatar creation, multilingual video generation | $1.2M | 2.2% |
| 3 | Customer I | Open Platform | Developer-centric platform; infrastructure and APIs for generative AI media, high-speed model inference | $1.0M | 1.8% |
| 4 | Customer J | Open Platform | Chinese AI and big data company; intelligent customer service and conversational AI platforms | $0.9M | 1.6% |
| 5 | Customer K | Talkie | Mobile technology company; app distribution and monetization solutions for carriers, OEMs, advertisers | — | — |
| Top 5 Total | ~$11M | ~21% | |||
📊 Key Observations
Top 5 concentration dropped from 60.5% (2023) to ~21% (9M FY25), reducing customer dependency risk significantly.
In 2023, all top 5 were Open Platform customers. By 2024-2025, Talkie advertising partners became major revenue contributors.
New 9M FY25 customers include AI-native companies (digital humans, generative media, conversational AI) — indicating strong B2B demand.
Multiple top customers are Singapore-based, reflecting Talkie's international focus and MiniMax's global monetization strategy.
Metric Definitions
All registered users for web-based AI-native products and all activated devices for app-based products. Some users may have multiple accounts.
Unique devices that performed at least one action on apps, or registered accounts that logged into web platforms at least once during a month. Includes paying and non-paying users.
Users who made at least one monetary transaction in a given period.
Users who individually consumed ≥US$50 worth of API calls in a given period.
All registered customers who have made API calls. Customers who registered but not made calls are excluded. Platform cannot reliably distinguish between developers and enterprise customers.
For AI products: revenue from in-app top-up and subscriptions ÷ number of paying users. For Open Platform: total revenue ÷ number of paying users.
Note: All metrics are for MiniMax's AI-native products and Open Platform segments. Source: MiniMax IPO Prospectus, January 2026.