On March 10, 2026, a milestone was written in the map of China's AI industry. At today's closing of the Hong Kong stock market, AI large model unicorn MiniMax saw a significant surge in its stock price, with a closing gain of more than 22%. With this strong performance, MiniMax's total market capitalization reached 382.6 billion HKD, officially surpassing the veteran internet giant BAIDU (total market capitalization of 332.2 billion HKD).

From being one of the "Big Model Six Little Dragons" to now leading in market value, MiniMax's rise is not only a狂欢 for the capital market but also a victory in the logic of AI commercialization.

Revenue increased by 158.9%: Not just computing power, but also financial strength

The latest financial data disclosed by MiniMax shows that its commercialization process has far exceeded market expectations. During this period, the company's total revenue reached 790.38 million USD, a sharp increase of 158.9% year-on-year.

More notably, its income structure is extremely healthy. MiniMax more than 70% of its revenue comes from international markets, which marks that Chinese large models have successfully moved beyond mere domestic competition and established strong competitiveness in complex global markets. At the same time, its gross profit margin has risen to 25.4%, with a gross profit of 200.79 million USD. After adjustments, the net loss significantly narrowed to 250 million USD, demonstrating strong risk resistance and profit potential.

BAIDU's AI transformation defense battle: Although stable, it seems heavy

In contrast, as the "Whampoa Military Academy" of China's AI field, BAIDU has delivered a steady performance of 129.1 billion yuan in total revenue in 2025, with AI business contributing 40 billion yuan. However, in terms of imagination in the capital market, it clearly faces a serious challenge from emerging forces.

BAIDU's Q4 total revenue was 32.7 billion yuan, an increase of only 5% year-on-year. Although its AI business income now accounts for 43% of general business income, and its autonomous driving "Rabbit Fast Run" has been launched in Switzerland, against the "AI-native force" like MiniMax, which opened with a 42% increase and then continued to surge, BAIDU needs to find more explosive growth points in the market capital defense battle.

The second half of the large model: A final showdown between globalization and profitability

The historic crossover of MiniMax's market capital exceeding BAIDU indicates that the focus of competition in the large model industry has completely shifted.

If 2024 was about "parameters" and "rankings", and 2025 was about "implementation", then entering 2026, whether it can generate real money in the global market and whether it can continue to raise its gross profit margin will be the key to who can stay in the lead. As MiniMax firmly stands at the 380 billion mark, the golden era of China's new AI forces may have just begun.