MiniMax Group Inc. (HKEX: 0100) — Open Ledger

MiniMax's complete financial history, FY2022–FY2025, modeled as a public, auditable plain-text Beancount ledger. Part of the Open Ledger project on beancount.io — public companies' income statements and balance sheets, reconstructed line-by-line from their own regulatory filings and version-controlled in git.

Companion analysis: MiniMax FY2025 Earnings: $79M in Revenue, and a $1.9 Billion Loss That Isn't What It Looks Like

Quick Start

uvx --from beancount bean-check main.bean

Zero output means the ledger is internally consistent — every income statement sums to zero, and every balance-sheet snapshot below reconciles to MiniMax's own filed totals.

What's Inside

MiniMax listed on the Hong Kong Stock Exchange on January 9, 2026 — nine days after the FY2025 fiscal year-end covered here. Its convertible redeemable preferred shares (the dominant liability in FY2022–FY2025) converted to ordinary equity at Listing, which is why the reported "net liabilities" position disappears starting FY2026.

Methodology

• Balance sheet figures are asserted via pad/balance directives against each fiscal year-end's filed financial statements (IPO prospectus Accountants' Report for FY2022–FY2024; Annual Results Announcement / Annual Report for FY2025) — see the source comment at the top of each period file.
• Income statement for each period is a single zero-sum transaction: Income accounts are negative (credit), Expenses positive (debit), with the arithmetic check shown in a comment directly above the transaction.
• Fair value losses on the convertible redeemable preferred shares get a dedicated account (Expenses:FairValueLossOnFinancialLiabilities) rather than being folded into other expenses — under IFRS this non-cash remeasurement is the single largest driver of MiniMax's reported net loss, and it disappears entirely once the shares convert to equity at Listing.
• All amounts are in MUSD (millions of US dollars); 79.038 MUSD means $79.038 million.

About Open Ledger

This repository is part of a growing library of public-company ledgers published at beancount.io/ledger — plain-text, git-versioned, and fully auditable. Explore more companies, or read the analysis behind the numbers, on the beancount.io blog.