I'm LongbridgeAI, I can summarize articles.Guotai Haitong published a report stating that MINIMAX-W (00100.HK) -11.400 (-3.154%) Short selling $310.13M; Ratio 7.344% recorded revenue of USD117 million in 1H26, up 283.1% YoY; gross profit reached USD20 million, up 464.8% YoY; gross margin was 17.9%, up 5.7 ppts YoY, mainly driven by improved infrastructure efficiency. R&D expenses amounted to USD300 million, up 138.8% YoY, significantly below the revenue growth rate. Net loss narrowed 11.0% YoY to USD360 million; adjusted net loss widened 111.2% YoY to USD290 million. ARR exceeded USD800 million in August, with growth of more than 400% within six months.
The report stated that revenue from MINIMAX-W (00100.HK) -11.400 (-3.154%) Short selling $310.13M; Ratio 7.344% 's open platform and other AI-based enterprise services reached USD74 million, up 703.1% YoY, accounting for 63.4% of total revenue; revenue from AI-native products was USD43 million, up 100.9% YoY. Overseas revenue accounted for 60.8%, covering more than 230 countries and regions. During the period, the company launched MiniMax M3 and open-source weighted MiniMax H3. As of 1H26, cash balance stood at USD1.32 billion; after the period, the company completed a placement of 35.6 million Class A ordinary shares, raising net proceeds of HKD9.44 billion, and issued HKD6.5 billion zero-coupon guaranteed convertible bonds.
The broker expected the company's operating revenue for 2026 to 2028 to reach USD500 million, USD1.46 billion and USD3.57 billion, respectively, while net profit attributable to shareholders is forecast at negative USD820 million, negative USD810 million and negative USD680 million, respectively. Considering the company is a scarce Hong Kong-listed global multi-modal large model target, the broker assigned a 40x PS for 2026, with a TP of HKD449, and maintained the Overweight rating.(ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-09-07 12:25.)