Goldman Sachs: MiniMax's performance last season exceeded expectations, target price 1,018 yuan, rating "Neutral"

AASTOCKS
2026.03.03 02:31

Goldman Sachs research report indicates that MiniMax (00100.HK) has released its first performance report since going public, showing robust performance for the fourth quarter and the full year of 2025. The fourth quarter revenue was USD 26 million, a year-on-year increase of 131%, which is 19% higher than the bank's expectations; the adjusted net loss was USD 65 million, better than the bank's expected loss of USD 130 million.

The bank believes that MiniMax remains one of the most advantageous companies in China's artificial intelligence model industry, effectively capturing the global growth potential in text/coding, multimodal, and agent/collaborative artificial intelligence fields. It now sets a target price of HKD 1,018, with a "Neutral" rating, assuming that the company's global market share will increase from 0.3% to 2.5% between 2026 and 2030, and will achieve breakeven in 2029.

Goldman Sachs expects MiniMax's revenue to be USD 250 million and USD 980 million for 2026 and 2027, respectively

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