First Read: MiniMax Group "AIC 2026: Accelerating monetization with key..."

Research evidence excerpt

First Read: MiniMax Group "AIC 2026: Accelerating monetization with key..."

Global Research

26 May 2026ab

First Read

EquitiesMiniMax Group

AIC 2026: Accelerating monetization with key China

model upgrades ahead Internet Services

12-month rating Buy

12m price target HK$1,000.00

Accelerating ARR ramp-up amid surging demand

We hosted MiniMax management at UBS AIC 2026. Management shared an

accelerating ARR growth trend, with ARR in Apr up >100% vs Feb 2026, improving from Price (26 May 2026) HK$769.00

>50% growth from Feb 2026 vs Dec 2025. This was mainly driven by rapid growth in RIC: 0100.HK BBG: 100 HK

API and Token Plan revenue, whose contribution increased from c30% in 2025 to c50%

Trading data and key metrics

currently. Subscription revenue (mainly from Hailuo AI app) also remains solid. As such,

management is targeting US$1bn ARR by end-2026. Management believes industry 52-wk range HK$1,238.00-345.00

competition is not a near-term concern, as demand growth still far outpaces supply, and Market cap. HK$241b/US$30.8b

improving model performance can unlock more use cases and further expand the Shares o/s 314m (ORD)

addressable market, while MiniMax aims to maintain top-tier model intelligence with Free float 74%

differentiated features to capture the structural tailwind. Avg. daily volume ('000) 1,756

Avg. daily value (m) HK$1,585.4

Continued model iterations with differentiated positioning Common s/h equity (12/26E) US$-2.48b

On text models, the company expects to launch a major update, the M3 series, in the P/BV (12/26E) NM

near term (early June), with likely larger model size than M2.7 and improved long Net debt to EBITDA (12/26E) 2.2x

context, multimodal understanding and agentic capabilities. The company also plans to

EPS (UBS, diluted) (US$)