Equity Snap: MiniMax (100 HK): Key takeaways from management meeting

Research evidence excerpt

Equity Snap: MiniMax (100 HK): Key takeaways from management meeting

27 July 2026

Equity Snap: MiniMax (100 HK) Equities Internet Software & Services

Key takeaways from management meeting China

◆ We met with MiniMax’s CEO, COO and Capital Markets team Ritchie Sun*, CFA

in Shanghai on 23 July 2026. Below are the key takeaways Analyst, Internet Research The Hongkong and Shanghai Banking Corporation Limited

ritchie.k.h.sun@hsbc.com.hk

+852 2822 4392

MiniMax (100 HK, HKD199.30, Hold, TP HKD760.00)

Charlene Liu*

(Priced as of 23 Jul 2026) Head of Internet and Gaming Research, Asia Pacific

The Hongkong and Shanghai Banking Corporation

The goals: MiniMax strives to pursue exceptional intelligence and cost efficiency Limited, Singapore Branch

amid intense competition. As demand remains strong (i.e. tens of trillions of charlene.r.liu@hsbc.com.sg

+65 6658 0615

inferencing tokens per day) and MiniMax has strong inferencing efficiency (details

below), Open Platform can achieve a decent GPM and it aims to achieve high * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

double-digit percentage for Open Platform GPM in the long-term. not registered/ qualified pursuant to FINRA regulations

Model strategy: 1) Text-model: M3 Pro (c3trn parameters) is on track to be

launched in Sep-Oct, with c60bn activated parameters (2% activation ratio), with

further improvement in token throughput, training efficiency and optimization in KV

cache. After training with 8trn data, M3 Pro has already achieved M3’s intelligence

level that was only achieved after training with 40trn data. It has also begun

researching 5trn parameter size model. 2) Multi-modal model: MiniMax believes

native-multi-modal remains an important focus given that: i) it has higher GPM than