JP Morgan: MINIMAX (00100) token demand growth fast helps revenue growth rated "hold"

JPMorgan Chase released a research report, stating that MiniMax (00100) is rated as "Buy" due to its strong technological capabilities in the AI basic model field, its potential for commercialization in multiple modes, and its global scalability, all of which are rare in combination. The target price is HK$1000, based on a forecasted P/E ratio of 30 times in 2030, and using a 15% weighted average cost of capital to discount the future value. MINIMAX The performance of the fourth quarter of 2025 was outstanding, with revenue higher than market consensus expectations. The gross profit margin reached 29.7%, further improving from 23.3% in the first nine months of 2025. More importantly, the company disclosed that the demand for its tokens has been growing rapidly since 2026; the daily average token consumption of the M2 series text models increased by 6 times from December to February, indicating that this strong API demand provides visibility for the company to double its revenue growth this year.