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<Research>G Sachs: MINIMAX-WP (00100.HK) 4Q25 Results Beat; TP HKD1,018, Rating Neutral
Recommend 8 Positive 14 Negative 7 |
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Goldman Sachs' report said that MINIMAX-WP (00100.HK)'s first earnings report since listing showed solid performance for 4Q25 and FY25. The 4Q25 revenue was USD26 million, representing a YoY spike of 131%, which was 19% ahead of the broker's projection. The adjusted net loss was USD65 million, better than the broker's expected loss of USD130 million. In the broker's view, MiniMax remains one of the most best positioned companies in China's AI model industry, effectively capturing global growth potential in text/coding, multimodal, and agentic/ co-worker AI fields. The target price was set at HKD1,018 with a Neutral rating, given the assumption of the company's global market share hiking from 0.3% to 2.5% between 2026 and 2030, achieving breakeven in 2029. AASTOCKS Financial News Website: www.aastocks.com |
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