Shares of MiniMax Group Inc surged as much as 21% after the Chinese AI firm reported revenue more than doubled to $79.0 million in its first earnings since listing in Hong Kong. Revenue grew 158.9% from $30.5 million a year earlier, driven by rapid adoption of its AI-native products and enterprise services.

Revenue from AI-native products climbed 143% to $53.1 million, while Open Platform and other AI-based enterprise services nearly tripled to $26.0 million. Gross profit increased more than fourfold to $20.1 million, with margin improving to 25.4% from 12.2% a year earlier, reflecting improved model efficiency and infrastructure optimization.

Despite strong top-line growth, MiniMax reported a net loss of $1.87 billion for the year, compared to $465.2 million a year ago, largely due to fair value losses on financial liabilities linked to preferred shares ahead of its January listing. On a non-IFRS basis, adjusted net loss widened marginally to $250.9 million. The company said it would continue investing heavily in research and development as it scales its large language and multi-modal AI models.