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| HSI1 | 25,409.55 | -241.32 | 90.45B |
| HSCEI1 | 8,433.28 | -121.75 | 21.27B |
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2026-09-04 10:19:33 Management of MINIMAX-W (00100.HK) disclosed at an investor event recently that its ARR topped USD800 million in August, representing substantial growth from USD150 million in February, Citi said in a research report. The increment was primarily motivated by strong adoption following the launch of the M3 model and H3 model. Management underscored that the company applies a strict definition for ARR, recognizing only recurring revenue and excluding one-off licensing revenue. Management said training and iteration of M3.1, M3 Pro (with more than 3T parameters) and H3.1 are underway and may be launched in 2H26. M3.1 aims to fully validate the infrastructure pipeline and provide widely available models with high quality and inference efficiency. Management expected stronger intelligence and cost advantages to drive growth in token consumption for large language models (LLMs). Citi believed the share price plunge in recent months has already factored in issues related to the M3 launch, selling pressure following the expiration of post-listing lock-up periods, and souring competition. As market expectations for upcoming models are relatively low, the broker believed any better-than-expected feedback could become a positive catalyst for the stock price. Citi maintained its Buy/High Risk rating and unchanged TP of HKD576. ~ AASTOCKS Financial News Website: www.aastocks.com | |