MiniMax Group (0100.HK): Takeaways from Founder/CEO meeting: Pursuing ultimate price-to-performance; reiterate Buy

Research evidence excerpt

MiniMax Group (0100.HK): Takeaways from Founder/CEO meeting: Pursuing ultimate price-to-performance; reiterate Buy

Goldman Sachs MiniMax Group (0100.HK)

capabilities: the company commented that their M2 model series outperformed peers

in time-to-market and on price-to-performance earlier this year, but acknowledged its

upcoming M3 Pro has lagged slightly as the company pursued a two-model within the

M3 family and as the company was ramping up its self-operated computing clusters over

1Q26. With Chinese players’ focused on post training data and reinforcement learning

that is bringing coding performance uplift across the board (where MiniMax is focusing

on as well), the company believes user switching between models can be fast and sees

pricing/cost efficiencies/speed to become other drivers to user adoption amongst the

handful of 3 trillions parameter sizes models to be launched from Chinese players over

the next few months.

4) Multi-modal approach as a key differentiation, where the company continues to

iterate/refine M3 multi-modal capabilities that will be applied to M3 Pro. Meanwhile, its

upcoming H3 model will be more than a video-generation model (Hailuo) but a new

architecture as an Omni-model, that understands all modals (text, image, video, audio,

music) with stable output across video, image, audio based on user needs/prompts. The

company expects imminent launch of its H3 model (that is in its final stages of launch

preparations) with implications to the multi-modal industry landscape (offering

alternatives to existing video generation products).

Implications: We view multiple positive share price drivers from here; positive

skewed risk-reward

With MiniMax eligible for Southbound Connect from Aug 2026 and given the steep

market cap discount (US$8.5bn) vs.