GTHT has issued a research report forecasting MINIMAX-W (00100)'s revenue to reach $500 million, $1.46 billion, and $3.57 billion for the years 2026 through 2028. Given the company's status as a scarce globally-oriented multimodal large model player on the Hong Kong stock exchange, the firm applies a 40x price-to-sales ratio for 2026, arriving at a target price of HK$449 while maintaining an "Overweight" rating.

The report highlights that MINIMAX generated $117 million in revenue during the first half of 2026, reflecting a year-over-year surge of 283.1%. Gross profit came in at $20 million, up 464.8% annually, with gross margin expanding by 5.7 percentage points to 17.9%, primarily fueled by improvements in infrastructure efficiency.

Research and development expenses reached $300 million, representing a 138.8% year-over-year increase, notably below the pace of revenue growth. As of August, annualized recurring revenue exceeded $800 million, posting a growth rate of over 400% within six months.

The report notes that revenue from MINIMAX's open platform and other AI-driven enterprise services hit $74 million, climbing 703.1% year-over-year and accounting for 63.4% of total revenue. AI-native product revenue amounted to $43 million, growing 100.9% annually. Overseas revenue represented 60.8% of the total, covering more than 230 countries and regions.

During the period, the company launched MiniMax M3 alongside the open-source weights model MiniMax H3. As of the end of the first half of 2026, MINIMAX held a cash balance of $1.32 billion. Subsequently, it completed a placement of 35.6 million A-class ordinary shares, raising net proceeds of HK$9.44 billion, and also issued HK$6.5 billion in zero-coupon secured convertible bonds.