According to a research report published by CMB International, MiniMax's mid-term revenue increased 283% year over year, 17% higher than market forecasts, mainly due to strong demand for model APIs and Token Plans. Supported by the launch of the new M3 and H3 models, the pace of token consumption and commercialization accelerated. Token consumption increased 20 times in July this year compared to January; annual recurring revenue exceeded 800 million US dollars in August this year, a significant increase from 150 million and 400 million US dollars in February and May. The bank raised MiniMax's total revenue forecast for 2026 to 2028 by 81.3%, 86.9% and 53.4% to $517 million, $1,389 million and US$2,682 million; based on a market sales ratio of 50 times the 2026 forecast, the target price was raised from HK$570 to HK$580, maintaining a “buy” rating.

According to a research report published by CMB International, MiniMax's mid-term revenue increased 283% year over year, 17% higher than market forecasts, mainly due to strong demand for model APIs and Token Plans. Supported by the launch of the new M3 and H3 models, the pace of token consumption and commercialization accelerated. Token consumption increased 20 times in July this year compared to January; annual recurring revenue exceeded 800 million US dollars in August this year, a significant increase from 150 million and 400 million US dollars in February and May. The bank raised MiniMax's total revenue forecast for 2026 to 2028 by 81.3%, 86.9% and 53.4% to $517 million, $1,389 million and US$2,682 million; based on a market sales ratio of 50 times the 2026 forecast, the target price was raised from HK$570 to HK$580, maintaining a “buy” rating.