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MiniMax中报：ToB收入占比升到63%，毛利率为什么反而降到18%？ episode artwork

EPISODE · Aug 27, 2026 · 7 MIN

MiniMax中报：ToB收入占比升到63%，毛利率为什么反而降到18%？

from 投研随身听 · host 慢研播客

2026年上半年，MiniMax收入同比增长283.1%，开放平台和企业服务收入增长703.1%，B端收入占比从30.3%升至63.4%，综合毛利率却降至17.9%。本期重新拆解MiniMax的利润地图：决定单位经济性的已经不是B端和C端，而是文本、多模态与语音。节目也会讲到Token增长20倍、客户和开发者超过200万以后为什么仍没有自然形成提价能力，H3开源带来的社区影响力与商业定价取舍，以及物业、厂房及设备增长47.7倍以后，自建算力怎样让这门生意明显变重。信息截止：2026-08-27。本节目不构成投资建议。

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MiniMax中报：ToB收入占比升到63%，毛利率为什么反而降到18%？

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