Cathay Pacific Haitong: Maintaining the MINIMAX-W (00100) “Gain” Rating and Expected Revenue of US$500 Million This Year

The Zhitong Finance App learned that Cathay Pacific Haitong released a research report stating that MINIMAX-W (00100) is expected to have operating revenue of 500 million, 1.46 billion and 3.57 billion US dollars from 2026 to 2028. Considering that the company is the target of the scarce global multi-modal model of Hong Kong stocks, the bank gave 2026 40 times PS and a target price of HK$449, maintaining the “gain” rating.

According to the report, MINIMAX's revenue for the first half of 2026 was US$117 million, up 283.1% year on year; gross profit of 20 million US dollars, up 464.8% year on year; gross profit margin was 17.9%, up 5.7 percentage points year on year, mainly driven by improved infrastructure efficiency. R&D expenditure was US$300 million, an increase of 138.8% year over year, which is significantly lower than the revenue growth rate. ARR surpassed 800 million US dollars in August, and the growth rate was over 400% in half a year.

According to the report, the MINIMAX open platform and other AI-based enterprise service revenue was 74 million US dollars, up 703.1% year on year, accounting for 63.4% of total revenue; revenue from AI native products was 43 million US dollars, up 100.9% year on year. Overseas revenue accounts for 60.8%, covering more than 230 countries and regions. During the period, the company released MiniMax M3 and the open-source MiniMax H3. As of the first half of 2026, the company had a cash balance of US$1.32 billion; after the period, it completed a placement of 35.6 million Class A common shares, raised a net capital of HK$9.44 billion, and issued HK$6.5 billion zero-interest guaranteed convertible bonds.