The Zhitong Finance App learned that Jefferies released a research report stating that it raised the MINIMAX-W (00100) target price from HK$506 to HK$533, maintaining a “buy” rating. Jefferies pointed out that MiniMax announced results for the first half of the year and highlighted that the annualized revenue in August had already exceeded 800 million US dollars, which was higher than the bank's forecast of 580 million US dollars. Token consumption increased 20 times in July compared to the beginning of 2026. Annualized revenue benefited from increased usage of the text model in July and H3, which was released in August.

The bank said the company is focused on maximizing intelligence and minimising costs. Gross margin will improve in the second half of the year, and there is still room for further expansion in 2027. Upcoming models include M3.1, M3 Pro, and H3.1. The bank reaffirmed that MiniMax is one of the “best buy” stocks in the sector.

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