Goldman Sachs: MiniMax (00100) outperformed expectations in the last quarter, target price is HKD 1018.

Goldman Sachs released a research report stating that MiniMax (00100) now has a target price of 1018 Hong Kong dollars. The first performance report since going public showed strong performance in the fourth quarter of 2025 and for the full year, with fourth quarter revenue of 26 million US dollars, a year-on-year increase of 131%, 19% higher than the bank's expectations. Goldman Sachs believes that MiniMax is still one of the most competitive companies in the Chinese artificial intelligence model industry, able to effectively capture the global growth potential in the areas of text/coding, multimodal, and agent/collaborative artificial intelligence. Assuming that the company's global market share will increase from 0.3% to 2.5% between 2026 and 2030, and will break even in 2029. Goldman Sachs forecasts that MiniMax will have revenues of 250 million US dollars and 980 million US dollars in 2026 and 2027 respectively.