MiniMax (0100.HK) Key Takeaways from Senior Management Meeting

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MiniMax (0100.HK) Key Takeaways from Senior Management Meeting

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24 Jul 2026 05:48:38 ET │ 13 pages

MiniMax (0100.HK)

Key Takeaways from Senior Management Meeting

CITI'S TAKE

On July 23, we attended a meeting for sell-side analysts hosted by MiniMax

in Shanghai where Dr. Yan Junjie, Chairman and CEO, and Ms. Yun Yeyi, ED

and COO, shared their thoughts and answered questions regarding the Buy / High Risk

industry landscape, MiniMax’s strategic focus i.e. extreme intelligence at Price (23 Jul 26 16:10) HK$199.30

extreme cost-efficiency, the company’s edges in computing infrastructure,

Target price HK$533.00strategies to optimize each step of its training process, coding and agentic

tasks as focus of improvement for next foundational model, and thoughts Expected share price return 167.4%

on multimodal capabilities with Hailuo 3 to launch soon. We believe Expected dividend yield 0.0%

MiniMax possesses edges in infrastructure, and with management

Expected total return 167.4%presenting clearer strategies on optimizing training processes, we see an

improving outlook for next version of the foundational model. Investor Market Cap HK$69,603M

sentiment will likely remain skeptical until MiniMax proves the next version US$8,877M

of its models can deliver better capabilities – hence we see Hailuo 3, to be

launched soon, as a potential catalyst. Maintain Buy/High Risk.

Thoughts on industry landscape — Management believes the LLM industry is Price Performance

entering a phase of explosive growth with intense competition, characterized by

(RIC: 0100.HK, BB: 100 HK)persistent computing scarcity and high user churn. Over the next several months,

model scale could further expand quickly, achieving 3tn-parameter levels, while