MiniMax Market Value Surpasses Baidu After 22% Stock Surge

Deep News03-10

MiniMax's share price surged more than 22% in Hong Kong trading on March 10, pushing its total market capitalization to HK$382.6 billion and surpassing that of Baidu. By the market close, Baidu's shares had risen 2.90%, giving it a total market value of HK$332.2 billion.

According to MiniMax’s full-year 2025 earnings report, the company recorded total revenue of $79.038 million, a year-on-year increase of 158.9%, with over 70% of revenue coming from international markets. Gross profit reached $20.079 million, up 437.2% compared to the same period last year, while the gross margin improved to 25.4%, indicating a notable enhancement in profitability. On an adjusted basis, the net loss was $250 million, with the loss ratio narrowing significantly year-over-year.

In contrast, Baidu reported total revenue of RMB 129.1 billion for 2025, with AI-related business revenue reaching RMB 40 billion. In the fourth quarter, Baidu's total revenue was RMB 32.7 billion, up 5% year-on-year, with AI business accounting for 43% of Baidu’s core revenue.

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