Today, as the Hong Kong stock market closed, MiniMax witnessed a remarkable surge in its stock price, soaring by over 22%. Consequently, its total market value reached HK$382.6 billion, surpassing that of Baidu, which stood at HK$332.2 billion. During the reporting period, MiniMax reported a total revenue of US$79.038 million, marking a significant year-on-year increase of 158.9%. Notably, over 70% of this revenue was generated from international markets. The company’s gross profit amounted to US$20.079 million, with the gross profit margin expanding to 25.4%. Moreover, the adjusted net loss was recorded at US$250 million, indicating a substantial narrowing of the loss rate. Additionally, it was revealed that Baidu’s total revenue for 2025 amounted to RMB 129.1 billion, with RMB 40 billion derived from its AI business. In the fourth quarter alone, Baidu’s total revenue reached RMB 32.7 billion, representing a year-on-year increase of 5%, with AI business revenue contributing 43% to the overall business revenue.