Ge Long Hui·2026-01-13 04:25Core Insights - MiniMax is positioned as a leading AI company in the Hong Kong stock market, transitioning from a "computing power competition" to an "intellectual competition" with a unique strategic vision and technological depth [1] - CITIC Securities has initiated coverage with a "buy" rating, highlighting the company's potential for commercialization as model intelligence improves [1] Group 1: Strategic Positioning - MiniMax has abandoned the "traffic is king" mindset of the mobile internet era, focusing instead on the competitive advantage of model intelligence in the AI era [1] - The company plans to reduce inefficient ToB sales teams and lower C-end customer acquisition costs starting in 2025, reallocating resources towards architectural innovation and optimization [1] Group 2: Team and Technology - The founder, Yan Junjie, possesses a strong research background and practical commercialization experience, having led a team to create the industry’s leading facial recognition algorithm, generating over 2 billion yuan in smart city business revenue [2] - MiniMax has developed a unique ecosystem in the multi-modal field, combining high-sensory interaction and productivity tools, with products like Talkie and Xingye accumulating vast amounts of RLHF data for model optimization [2] Group 3: Financial Performance and Growth Forecast - In the first three quarters of 2025, MiniMax's total revenue surged by 175% year-on-year to 53.44 million USD, driven by a diversified revenue structure from Talkie/Xingye, Hailuo AI, and the open platform [3] - CITIC Securities forecasts an average annual revenue growth rate exceeding 120% from 2025 to 2027, with Non-GAAP gross margins expected to rise from 25% to 55% [3] - The company aims to capture a larger share of the global labor market, projected at 13 trillion USD, as new multi-modal models are implemented [3]