Market Overview - The market continues to follow the rebound of US stocks, with Hong Kong stocks jumping above 27,000 points but later experiencing volatility, closing up 0.58% [1] - The competition among major companies in large model development is intensifying, transitioning from a "hundred model war" to a focus on commercialization, innovation, and global layout, with the number of capable developers reduced from over 200 to less than 10 [1] AI Model Developments - ByteDance's image generation model Seedream 5.0 has launched on various platforms, enhancing image generation capabilities and allowing precise adjustments [2] - Alibaba has reportedly integrated its new model Qwen 3.5 into the HuggingFace open-source project, indicating an imminent release [2] - The launch of Seedance 2.0 has been highly praised, marking a significant advancement in video generation technology, leading to concerns over privacy and copyright issues [1][2] Company Performance and Strategies - The CEO of Yueda Group has outlined three core strategic directions for the year: "evergreen content, IP+AI, and globalization," which are expected to benefit from the advancements in AI models [2] - Xunce (03317) is positioned as a leader in real-time data infrastructure and analysis solutions, with expectations of being included in the Hong Kong Stock Connect list, leading to a stock increase of over 15% [4] Financial Highlights - Semiconductor company SMIC reported a 2025 Q4 revenue of 17.813 billion yuan, a year-on-year increase of 11.9%, with a net profit of 1.223 billion yuan, up 23.2% [8] - The company anticipates a revenue growth rate higher than the industry average for 2026, with a capital expenditure plan similar to 2025 [8] Industry Trends - The demand for AI-driven applications is driving interest in related stocks, with companies like Xunce and others in the AI data analysis sector gaining attention [3] - The shipping sector is also showing strength, with companies like Pacific Shipping and COSCO Shipping Energy experiencing stock increases due to rising demand for dry bulk shipping [6] Robotics and AI Innovations - Alibaba's Damo Academy has released the RynnBrain model, significantly enhancing robotic capabilities, which is expected to attract investment in the robotics sector [7] - The launch of the Gino1 robot by Geekplus is anticipated to have a broad application in China's logistics sector, contributing to a stock increase of over 11% [6]

Investment Rating - The report assigns a rating of "Buy" for the company [2]. Core Insights - MiniMax is a rare pure-play multimodal model company that focuses on advanced model and AI-native product development, serving over 200 million individual users and more than 100,000 enterprises globally [8][14]. - The company has developed a core multimodal model portfolio, including M2, Hailuo-02, and Speech-02, aiming to enhance efficiency and stability through further integration of multimodal capabilities [8]. - The company has established a scalable monetization model early on, achieving significant revenue growth and positive feedback loops between user scale and income [8]. - Revenue projections for 2025-2027 are estimated at $81 million, $209 million, and $393 million, respectively, with year-on-year growth rates of 164%, 159%, and 88% [8]. - The company is positioned for global market expansion, supported by its comprehensive product offerings and ongoing commercialization efforts [8]. Company Overview - MiniMax focuses on advanced model and AI-native product development, having launched its first large language model in 2022 and continuously iterating on its model capabilities [14]. - The company offers a diverse range of C-end native products and B-end open platforms, including intelligent agents, video/audio generation platforms, and API platforms [19]. - As of September 30, 2025, MiniMax's AI products have served over 200 million individual users and more than 100,000 enterprises across over 100 countries [14]. Financial Analysis - The company has seen rapid revenue growth, with revenue increasing from $3.46 million in 2023 to $30.52 million in 2024, and further to $53.44 million in the first three quarters of 2025, representing a year-on-year growth of 175% [44]. - Gross margin has improved, transitioning from a loss in 2023 to a gross profit of $3.74 million in 2024, with a gross margin of 12% [49]. - The company’s net loss rate has narrowed, indicating potential for profitability as model intelligence and monetization capabilities improve [52]. Industry Analysis - The AI industry is experiencing rapid advancements in large model technology, with significant growth potential and an evolving competitive landscape [56]. - Major players in the market are maintaining a high frequency of model iterations, enhancing their capabilities and performance [57]. - The shift from traditional discriminative AI to large language models is enabling a broader range of applications, including text, image, audio, and video generation [59].

Investment Rating - The report assigns a rating of "Buy" for the company [2]. Core Insights - MINIMAX is a rare pure-play multimodal model company that focuses on advanced model and AI-native product development, with a global strategy from its inception [8][14]. - The company has developed a core multimodal model portfolio, including M2, Hailuo-02, and Speech-02, and aims to enhance efficiency and stability through further integration of multimodal capabilities [8][14]. - The company has a strong user base, serving over 200 million individual users and more than 100,000 enterprises and developers across over 200 countries [14]. - Revenue is projected to grow significantly, with estimates of $81 million in 2025, $209 million in 2026, and $393 million in 2027, reflecting growth rates of 164%, 159%, and 88% respectively [7][8]. - The report suggests a reasonable value of HKD 572.68 per share based on a price-to-sales ratio of 110x for 2026 [8]. Summary by Sections Company Overview - MINIMAX is positioned as a leading player in the AI sector, focusing on advanced model development and AI-native products, with a strong emphasis on global market penetration [14][19]. - The company has launched various consumer and enterprise products, including intelligent agents and video/audio generation platforms, with a diverse revenue model [19][20]. Financial Analysis - The company has shown rapid revenue growth, with revenues increasing from $3.46 million in 2023 to $30.52 million in 2024, and further to $53.44 million in the first three quarters of 2025, representing a year-on-year growth of 175% [45][48]. - Gross margins have improved, transitioning from a loss in 2023 to a gross profit of $1.24 million in 2025, with gross margins reaching 23% [50][51]. - The net loss rate has narrowed, indicating potential for profitability as model intelligence and monetization capabilities improve [53]. Industry Analysis - The AI industry is experiencing rapid advancements in large model technology, with continuous iterations and improvements in model capabilities [57][58]. - The competitive landscape remains dynamic, with both domestic and international players actively releasing new models and enhancing their capabilities [58][60].

智通财经APP获悉，MiniMax-WP(00100)与智谱(02513)在香港股市迎来大幅上涨行情，此前摩根大通发 布研报力推投资者买入这两家新兴人工智能模型开发商的股票。具体来看，智谱股价盘中最高飙升 24%，MiniMax亦录得11%的涨幅。值得关注的是，摩根大通分析师奥利维亚·徐(Olivia Xu)团队首次对 这两家企业进行评级覆盖，均给予"增持"评级。 摩根大通分析师在最新研报中强调，MiniMax与智谱是"捕捉全球AI价值创造下一波浪潮的核心标的"。 报告指出，这两家企业作为最具辨识度的独立大型语言模型开发商，正加速推进全球化业务布局。 此次摩根大通的"增持"评级，标志着华尔街对新一轮中国AI企业上市潮的首批权威回应。值得注意的 是，本周高盛集团亦同步跟进，首次给予芯片设计商上海壁仞科技(06082)和沐曦股份(688802.SH)"买 入"评级，核心逻辑同样指向AI产业的强劲增长前景。 据摩根大通测算，MiniMax的营收增长曲线尤为陡峭——其大部分销售额已来自海外市场，预计2025至 2030年间将以138%的年均复合增长率高速扩张;智谱同期销售额增速预计达127%，两家企业均有望在 202 ...

这两家公司是过去一年因DeepSeek技术突破引发的中国科技热潮中脱颖而出的最新明星企业。今年早 些时候，二者相继登陆港股，乘势于香港股市强劲的AI投资热潮实现股价飙升——MiniMax在短短一个 多月内涨幅高达约230%，智谱同期涨幅更突破170%。 摩根大通分析师在最新研报中强调，MiniMax与智谱是"捕捉全球AI价值创造下一波浪潮的核心标的"。 报告指出，这两家企业作为最具辨识度的独立大型语言模型开发商，正加速推进全球化业务布局。 MiniMax-WP(00100)与智谱(02513)在香港股市迎来大幅上涨行情，此前摩根大通发布研报力推投资者买 入这两家新兴人工智能模型开发商的股票。具体来看，智谱股价盘中最高飙升24%，MiniMax亦录得 11%的涨幅。值得关注的是，摩根大通分析师奥利维亚.徐(Olivia Xu)团队首次对这两家企业进行评级覆 盖，均给予"增持"评级。 此次摩根大通的"增持"评级，标志着华尔街对新一轮中国AI企业上市潮的首批权威回应。值得注意的 是，本周高盛集团亦同步跟进，首次给予芯片设计商上海壁仞科技(06082)和沐曦股份(688802.SH)"买 入"评级，核心逻辑同样指向A ...

该行预测，全球AI潜在市场规模(TAM)将于2030年达到1.4万亿美元，其中企业级应用与消费级应用均 提供巨大的增长空间。虽然智谱及MiniMax近期上市后股价已有显著波动，但投资者仍应布局有关领 域。 该行认为，中国AI行业正迈向以商业化执行力、模型创新及全球拓展能力定义成功的新时期；相信 MiniMax和智谱正脱颖而出，成为最具特色且全球布局加速的两间独立大型语言模型(LLM)开发商。目 前MiniMax超过70%的收入来自海外市场，而两者均正在快速扩展其应用程式介面(API)业务，不仅能多 元化收入来源，并支持更高的利润率，同时亦展现其全球竞争力。 摩根大通发布研报称，首次覆盖智谱(02513)及MiniMax-WP(00100)，均予"增持"评级，目标价分别为 400及700港元，并将其视为捕捉下一波全球人工智能价值创造的首选标的。 ...

该行认为，中国AI行业正迈向以商业化执行力、模型创新及全球拓展能力定义成功的新时期；相信 MiniMax和智谱正脱颖而出，成为最具特色且全球布局加速的两间独立大型语言模型(LLM)开发商。目 前MiniMax超过70%的收入来自海外市场，而两者均正在快速扩展其应用程式介面(API)业务，不仅能多 元化收入来源，并支持更高的利润率，同时亦展现其全球竞争力。 该行预测，全球AI潜在市场规模(TAM)将于2030年达到1.4万亿美元，其中企业级应用与消费级应用均 提供巨大的增长空间。虽然智谱及MiniMax近期上市后股价已有显著波动，但投资者仍应布局有关领 域。 智通财经APP获悉，摩根大通发布研报称，首次覆盖智谱(02513)及MiniMax-WP(00100)，均予"增持"评 级，目标价分别为400及700港元，并将其视为捕捉下一波全球人工智能价值创造的首选标的。 ...

摩根大通预计该公司2026-30年营收年复合增长率达138%，有望在2029年实现盈亏平衡，将其视为把握 2030年全球AI市场1.4万亿美元规模机遇的首选标的之一。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：2月10日，摩根大通首次覆盖MINIMAX-WP，给予增持评级，目标价700港元，潜在上行空 间36%。 摩根大通指出，MiniMax以稀缺的全球化布局脱颖而出，目前超过70%收入来自海外市场，其M2.1模型 在编程和智能体任务方面位列全球领先水平。 ...

Group 1 - MiniMax's stock price rose by 10.7% following a report from JPMorgan, which initiated coverage with an "Overweight" rating and a target price of 700 HKD, indicating a potential upside of approximately 36% from the current price [1] - Since its listing in early January, MiniMax's stock has surged over 230%, reaching a peak of 599.5 HKD [1] - Over 70% of MiniMax's revenue comes from international markets, showcasing its strong global presence and competitive edge in the AI sector [1] Group 2 - JPMorgan forecasts a compound annual growth rate (CAGR) of 138% for MiniMax's revenue from 2026 to 2030, with a break-even point expected in 2029 [1] - The report highlights MiniMax's leading position in internationalization and commercialization compared to another Chinese AI company, Zhiyu, which is projected to have a CAGR of 127% [2] - The Chinese AI industry is transitioning from a phase of intense competition to one focused on commercialization, originality, and global expansion, with MiniMax representing a key player in this evolution [2]

Group 1 - MiniMax's stock price rose by 10.7% following a report from JPMorgan, which initiated coverage with an "Overweight" rating and a target price of 700 HKD, indicating a potential upside of approximately 36% from the current price [1] - Since its listing in early January, MiniMax's stock has surged over 230%, reaching a peak of 599.5 HKD [1] - Over 70% of MiniMax's revenue comes from international markets, showcasing its strong global presence and competitive edge in the AI sector [1] Group 2 - JPMorgan forecasts a compound annual growth rate (CAGR) of 138% for MiniMax's revenue from 2026 to 2030, with a break-even point expected in 2029 [1] - The report highlights MiniMax's leading position in internationalization and commercialization compared to another Chinese AI company, Zhihui, which is projected to have a CAGR of 127% [2] - The Chinese AI industry is transitioning from a phase of intense competition to one focused on commercialization, originality, and global expansion, with MiniMax representing a key player in this evolution [2][3]