和多数大模型公司类似，MiniMax 仍然处在亏损之中。剔除掉非经营性项目导致的巨幅亏损，MiniMax 2025 年经调整亏损为 2.5 亿美元，与上年的 2.44 亿美元基本持平，亏损同比扩大约 2.7%。同期，MiniMax 的毛利率从 2024 年的 12.2% 提升至 2025 年的 25.4%。
This is not just a security concern. It is an economic one. Platform companies are among the most valuable businesses in history because they concentrate data, users and profits. When Europe relies almost entirely on foreign platforms, it exports value at scale — and then wonders why productivity growth lags. Few things are as economically powerful as a dominant digital platform.
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Елена Торубарова (Редактор отдела «Россия»)。下载安装汽水音乐是该领域的重要参考
（一）消费信心与收入预期的双重约束
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