J.P. Morgan first gives MiniMax (00100) a "overweight" rating: Global AI pioneer, leading the next wave of value trends.

As of the midday closing on February 10, the stock price of MiniMax (00100) in the Hong Kong stock market rose by 10.7% at one point, with the driving factor attributed to the recent coverage report from J.P. Morgan. J.P. Morgan recently initiated coverage on MiniMax, a Hong Kong-listed company, giving it an "Overweight" rating and setting a target price of 700 Hong Kong dollars, representing approximately 36% upside potential from the current stock price. The report noted that MiniMax, with its rare global DNA and leading technological capabilities, has become a key entry point for investors to capture the global artificial intelligence market in 2030, expected to reach a size of $1.4 trillion. Since its IPO in early January this year, MiniMax's stock price has skyrocketed by over 230%, reaching a peak of 599.5 Hong Kong dollars intraday. As one of China's most recognizable independent large model companies, MiniMax is accelerating its global business expansion. Currently, over 70% of the company's revenue comes from overseas markets, with API services rapidly growing alongside the global developers' ecosystem expansion. J.P. Morgan analyst Olivia Xu's team pointed out, "This highly international revenue structure not only effectively achieves revenue diversification and enhances overall profit margins, but also demonstrates MiniMax's real competitiveness in the global AI landscape." On the technological front, MiniMax's M2.1 large model has ranked in the top tier globally in key indicators such as programming ability and intelligent agent tasks. On the business front, the company has built a balanced matrix spanning consumer-level applications, generative media, and B2B API services, forming a growth flywheel driven by multiple engines. Based on this, J.P. Morgan predicts that MiniMax's revenue compound annual growth rate (CAGR) could reach 138% between 2026 and 2030, with the company expected to achieve break-even in 2029. It's worth noting that the report also compared MiniMax with another Chinese AI leader, KNOWLEDGE ATLAS, projecting a CAGR of 127% for the same period and also expected to be profitable by 2029. J.P. Morgan praised MiniMax for its leading advantage in internationalization and commercialization pace, "not only diversifying revenue sources and increasing profit margins, but also demonstrating global competitiveness." The report further pointed out that the Chinese AI industry is transitioning from the early stage of "Hundred Models War" into a new era where the core competitiveness lies in commercialization ability, model originality, and global deep layout. In this context, MiniMax is not only a technology company but also an important representative of China's AI stepping into the world and participating in the global value chain reconstruction. J.P. Morgan concluded, "MiniMax is one of the top choices to seize the opportunity of the $1.4 trillion global AI market in 2030."