Goldman Sachs released a research report saying that it had a conversation with MiniMax-W co-founder and president Yeyi Yun at the Communacopia+ Technology 2026 conference and maintained a “buy” rating. Based on DCF estimates, the 12-month target price remained unchanged at HK$760. The bank pointed out that since the M3 model and multi-modal H3 were launched in August, the company's ARR has continued to rise, and it is expected that updates such as M3.1, M3 Pro and H3.1 will soon be launched. Reasoning optimization is supporting the month-on-month expansion of gross margin. The company expects gross margin to improve month-on-month in the second half of the year, benefiting from continuous inference optimization and improved model efficiency. The medium- to long-term gross margin target is for large-scale language models to reach medium to double digits, and multi-modal products are higher.

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