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MINIMAX-W Jumps Up 8%+ as UBS Bullish on Model Upgrades Accelerating Monetization
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UBS noted that MINIMAX-W (00100.HK)'s ARR growth is accelerating. ARR in April swelled by more than 100% compared with February, further accelerating from the over 50% growth recorded between February and last December. Management targets achieving USD1 billion in ARR by end-2026. UBS maintained a Buy rating on the stock with a TP of HKD1,000.

The broker said rapid growth in API and Token plan revenue is the key driver, with its revenue contribution rising from less than 30% in 2025 to nearly 50% currently. Meanwhile, subscription revenue from the Hailuo AI application remains solid.

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UBS viewed MINIMAX-W's recent inclusion in the HSTECH and the Hang Seng Composite Index as positive factors, and expected upcoming model iterations and potential inclusion in Southbound Stock Connect to serve as catalysts.
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