Citi raised the target price of MiniMax from HK$533 to HK$576, saying that the company's strong performance was mainly driven by a 703% year-on-year increase in its open platform enterprise services. Analyst Alicia Yap and others said in the report that thanks to the improved intelligence level of the M3 model, the company's annual recurring revenue exceeded 800 million US dollars in August, and token consumption surged 20 times from January to July. Total revenue for the 2026 fiscal year is forecast to be US$577 million, with an adjusted net loss of US$710 million. Model M3.1 is expected to be released in the second half of 2026, and the M3 Pro model with close to 3 trillion parameters is progressing, which will be a major leap forward.
Zhitongcaijing · 2d ago
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Citi raised the target price of MiniMax from HK$533 to HK$576, saying that the company's strong performance was mainly driven by a 703% year-on-year increase in its open platform enterprise services. Analyst Alicia Yap and others said in the report that thanks to the improved intelligence level of the M3 model, the company's annual recurring revenue exceeded 800 million US dollars in August, and token consumption surged 20 times from January to July. Total revenue for the 2026 fiscal year is forecast to be US$577 million, with an adjusted net loss of US$710 million. Model M3.1 is expected to be released in the second half of 2026, and the M3 Pro model with close to 3 trillion parameters is progressing, which will be a major leap forward.
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