Research report by China Securities Co., Ltd.: Multi-model capabilities to build barriers MiniMax (00100) opens a new cycle of AI value realization.

On January 13th, China Securities Co., Ltd. released a research report, giving MiniMax (00100) a "buy" rating. In the current wave of generative AI sweeping the globe, MiniMax, with its strategic resilience against the consensus, is focusing on breakthroughs in model intelligence and is standing out in the industry competition. As one of the first companies in Shanghai to obtain filing for large models, the company is demonstrating strong potential for development through its technological expertise and commercial foresight. MiniMax has a deep understanding of the core logic of the AI era, abandoning the traditional mindset of "traffic as a barrier" and focusing resources intensely on model research and development. The company's founder Yan Junjie possesses top scientific research capabilities and ToB commercialization experience and has led the team to create industry-leading facial recognition algorithms, achieving over 2 billion RMB in revenue from smart city business, laying a solid foundation for the company's technological implementation and business expansion. After shifting the strategic focus to "technological iteration" in 2025, by streamlining inefficient teams, reducing marketing expenses, and concentrating efforts on core areas such as multi-modal interaction, MiniMax has launched innovative models such as Video-01 and end-to-end speech, establishing a differentiated competitive advantage. On the technical front, MiniMax accurately grasps the trend in the second half of the Scaling Law, continuously breaking through in architectural innovation and reasoning optimization. The company has deepened its presence in the multi-modal field, forming a unique layout of "high sensory interaction + productivity tools." C-end products such as Talkie/Hoshino accumulate massive RLHF data, while Hailong AI and the open platform contribute to high-gross margin cash flow. In the first three quarters of 2025, the company achieved a total revenue of 53.44 million USD, a significant increase of 175% year-on-year, with a revenue structure showing a diversified pattern driven by the "three pillars", with a high gross profit margin of 69.4% in the ToB business and a positive gross profit margin of 4.7% in C-end products, significantly restoring profitability. The continuous release of commercial potential indicates a clear growth trajectory. China Securities Co., Ltd. predicts that the company's revenue will maintain high-speed growth of over 90% from 2025 to 2027, with the Non-GAAP gross margin expected to increase to 55% and the net loss rate continuously narrowing. With the optimization of inference costs and the implementation of new-generation multi-modal models, the company is expected to open up a larger market space in the field of AI native applications. At a critical juncture in the AI industry's transition from tools to "digital employees," MiniMax is using model intelligence as a moat and is unlocking huge opportunities in the billion-dollar labor market as a leader in the AI field worth looking forward to.