Systems Software

MINIMAX-W

Today’s Key News Recap

NVDA

09988

BABA

89988

AAPL

09660

HHZD

00100

HBBD

HUAWEI

02097

KBAB

BABO

BABX

NVDL

07788

07388

NVDY

NVDD

NVDX

0413 | Dolphin Focus — 🐬 Macro/Industry. 1) Trump announced that, after US-Iran talks in Pakistan collapsed, the US military will at 10:00 ET on Apr 13 (10pm Beijing time tonight) impose a full blockade of Iranian ports and the Strait of Hormuz.It will intercept all vessels to and from Iran and cut off its oil exports. Iran's military issued a hardline response, stating any US approach will be treated as a provocation and met with firm retaliation.This would sharply elevate geopolitical risk and disrupt shipping, chemicals and related supply chains. It would also reinforce expectations that the Fed keeps rates higher for longer, putting near-term pressure on HK stocks and growth names.

NVIDIA

BABA-W

Alibaba

BABA-WR

Apple

HORIZONROBOT-W

HorizonRobo HK SDR1to1

Alibaba HK SDR 5to1

Huawei

MIXUE GROUP

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

MiniMax M2.7 open-sourced globally; AAPL's first foldable slated for Fall 2026 | Daily News Recap

智谱

Financial Analysis

02390

02513

MINM

FIEE

Up 6x in a single quarter, the investor darling and foundation-model poster child—Zhipu—has reported as well.Against such a parabolic stock move, 2H25 performance looks much calmer—but does it even matter?Straight to the point: 1) Revenue: API biz ARR reached RMB 250 mn in Mar.Everything else is minor.Among domestic independent model vendors, $KNOWLEDGE ATLAS(02513.HK) is a pure homegrown LLM player, with talent anchored in universities and a client base largely comprising the Gov. and SOEs on the B2B side.Execution is heavy on on-prem deployment and delivery...

ZHIHU-W

Zhihu

KNOWLEDGE ATLAS

Minim

FiEE

Zhipu: RMB 700mn profit vs. RMB 3.2bn loss? Dream first—fretting over losses is small-minded

MiniMax

Deep Research

GOOG

GOOGL

DPSK

OpenAI

DXYZ

In the business-model analysis 'Deep Dive into MiniMax and Zhipu: Are Foundation Models, Compute Intensity and Financing Stamina the Decider?', Dolphin Research argued that amid high costs and rapid iteration, the foundation-model industry has turned into a brutal test of financing endurance. But the true core of that money magnetism rests on two fundamentals for model companies: 1) model capability; 2) product and commercial execution. This piece focuses on how $MINIMAX-W(00100.HK) performs on those two fronts...

Alphabet - C

Alphabet

DeepSeek

Destiny Tech100

MiniMax’s sky‑high valuation: bubble or the future?

美图公司

01357

Beijing time on Mar 27, after the HK close and before the US open, $MEITU(01357.HK) released its FY25 results. The 2H25 read-through was weak, with revenue below expectations and a sizable GP miss.Expense control beat by a wide margin, keeping OP roughly in line. That said, the subscription user ecosystem that underpins recurring revenue is under heavy pressure, so Dolphin Research’s overall take is negative.On the earnings call, management addressed the 'AI will eat software' narrative, stressing that models are infrastructure while applications are the value-delivery layer. The two are complementary rather than substitutes...

MEITU

Meitu: AI Agent Era — Can Niche SaaS Survive?

Xiaomi

Conference Minutes

PLUS

HXXD

01810

81810

XIACY

688111

INTC

04335

NVDQ

1) Xiaomi Spring Launch: Key Points. $XIAOMI-W(01810.HK) The event's highlights were the SU7 refresh and progress on its AI foundation model. a) New-gen SU7: essentially a mid-cycle refresh. Exterior changes are minor, with the focus on hardware upgrades and a small price bump. On configs, the update favors the Standard and Pro trims. Across the lineup, standard kit now includes the V6s Plus super e-motor, lidar and 4D mmWave radar, NVIDIA Thor-U, the Jiaolong chassis, and front four-piston fixed calipers. Pricing-wise...

ePlus

MediaAlpha

Pros

Xiaomi HK SDR 2to1

XIAOMI-W

XIAOMI-WR

Xiaomi Corporation

Kingsoft Office

Intel

INTEL-T

T-Rex 2X Inverse NVIDIA Daily Target ETF

Plus500 Ltd.

Xiaomi (Spring Launch): SU7 gets a quiet refresh; MiMo free for a limited time to climb the charts

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MSFT

LULU

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HTHT

ATAT

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TCEHY

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0318 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) The Fed kicked off its two-day FOMC meeting on Mar. 17 local time. The market broadly expects the policy rate to stay at 3.50%–3.75%.However, sticky inflation (PPI at 2.9%) and a Middle East-driven oil spike (WTI above $100) are tightening expectations for 2026 cuts. Investors are dialing back the number of cuts priced in. If the dot plot due on the 18th indicates just one cut in 2026—or none at all...

Microsoft

Meta Platforms

Micron Tech

Lululemon

TME-SW

Tencent Music

HWORLD-S

H World

Atour

TENCENT

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

MiniMax debuts M2.7, shows a 'self-evolving' model; META trims 'metaverse' again | Daily News Recap

00586

Old guard bows out, new contender steps in. Today, HK's 'hot pick' and China's independent model developer $MINIMAX-W(00100.HK) released its FY2025 report card. However, vs. a share price up 4.5x in two months, Dolphin Research's estimated Q4 print looks softer.Let's dig in: I) Revenue — consumer slowed, enterprise accelerated; is the mix improving? A 'C down, B up' pattern points to a healthier mix.1) Revenue growth eased: FY2025 revenue totaled $79 mn (+~160% YoY), still surging. With 3Q revenue already disclosed, we can infer...

CONCH VENTURE

LLM losses widened 360%, MiniMax still a 'darling'?

002245

VERX

Below is Dolphin Research's MiniMax FY25 earnings call Trans.Section 1 covers the detailed discussion.1.1 outlines management's core messages.1) Language model. For model iteration, M2/M2.1 were updated in 2025, and M2.5 was released in Feb 2026.Breakthroughs centered on coding, tool invocation, and office use cases.b) Key metrics. M2.5 set a new SWE-bench record in coding.Token efficiency improved 37% vs M2.1...

Jiangsu Azure Corporation

Vertex

MiniMax (Trans): Doubling down on coding, productivity, and multimodal use cases

DUOL

TMUS

603020

SIRI

COIN

BYTED

SHOP

09999

NTES

09899

ABNB

AMAT

0212 | Dolphin Research Focus: 🐬 Macro/Industry 1) Doubao announced that its video-generation model Seedance 2.0 is now integrated into the Doubao app, desktop client, and web version. Users can create 5s/10s short videos from text prompts and produce clone-style videos, with upgrades to image quality, generation speed, and content fidelity. Leveraging ByteDance's ecosystem should accelerate user adoption and engagement, pushing AIGC toward mainstream, practical use...

Duolingo

T-Mobile US

Apple Group

Sirius XM

Coinbase

ByteDance

Shopify 

NTES-S

NetEase

NETEASE MUSIC

Airbnb

Applied Materials

LLMs race ahead as AI apps surge; Apple revamps Siri amid tech bottlenecks｜Daily News Recap

MiniMax stock price rises more than 6% again

MiniMax Upgrades Desktop Agent to Mavis with New Agent Teams Feature

MiniMax Launches '10xTeam' Collaboration Plan

MiniMax Analyzes Technical Reasons for M2 Model's Failure to Recognize Ma Jiaqi

Total valuation of China's Four AI Giants exceeds 1 Trillion Yuan

Five Departments Jointly Issue New Regulations Banning Virtual Intimate Services to Minors

Goldman Sachs Upgrades MiniMax Stock Rating to Buy with a Target Price of HKD 1,000

Visual China's Q1 Net Profit Soars 1,240%, Primarily Due to MiniMax Stock Price Fluctuations

Morgan Stanley Raises MiniMax Target Price, Sees Value in China's AI

UBS Report: MiniMax Stock Undervalued, Target Price at HKD 1,000

Citibank first covers MINIMAX-W with a Buy rating

VP of Xiyu Technology Xu Zizhao Analyzes the Development of Large Model Industry at the Forum

JP Morgan Maintains Overweight Ratings for KNOWLEDGE ATLAS and MINIMAX-W

Macquarie Initiates Coverage of MiniMax with a Target Price

Jefferies Gives MiniMax a Buy Rating with a Target Price of HKD1,118

Morgan Stanley Sees Strong AR Growth for MiniMax-W, Maintains Overweight Rating

MiniMax Changes Open Source Agreement for MiniMax2.7 Model, Sparks Controversy

MiniMax Reports 158.9% Increase in 2025 Revenue and Launches New Products

MiniMax Launches M2.7 Model

Guosheng Securities initiates coverage of MINIMAX-W with a 'Buy' rating

HINSANG GROUP

RIVERINE CHINA

PASHUN INT RTS

BRAINAURORA-B

SOFTMEDX

GOLDENPOWER

ZHONGKE GROUP

VISION SYNERGY

GEMILANG INTL

GHPC

MiniMax (00100.HK) 2025 Full Year Performance Live Broadcast

01339

06099

00883

01766

06656

01772

PICC GROUP(01339) rose 7.41%, with a trading turnover 822.3 Million HKD, and a year-to-date fell 16.3%. CMSC(06099) rose 6.48%, with a trading turnover 275.5 Million HKD, and a year-to-date rose 6%. KNOWLEDGE ATLAS(02513) fell 9.41%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 786.4%. MINIMAX-W(00100) fell 7.19%, with a trading turnover 612.5 Million HKD, and a year-to-date rose 350%.

Top 5 HK Stock Gainers/Losers (>100B) (5.19)

MINIMAX-W(00100.HK)

Top 5 HK Stock Gainers/Losers (>100B) (5.19)

JPM: DeepSeek V4 Has First-Party Cost Advantage; KNOWLEDGE ATLAS , MINIMAX-W Must Strengthen Positioning to Compete

Top 5 HK Stock Gainers/Losers (>100B) (5.14)

Trump brings Nvidia CEO to high-stakes Beijing summit

CN Ambassador to US' Remarks Boost MINIMAX-W, which Leaps 18%+ at End w/ HKD256.5B+ Mkt Cap

Top 5 HK Stock Gainers/Losers (>100B) (5.13)

Top 10 HK Stock Gainers (5.13)

Hong Kong stock movement: MINIMAX-W rises 15.06%, driven by the AI industry boom and the "10x Team" plan boosting stock prices

Chinese AI Startup MiniMax Launches New Cross-Sector Recruitment Program for Top Experts

Top 5 HK Stock Gainers/Losers (>100B) (5.12)