CICC: MINIMAX (00100) outperformed expectations in performance last year, rating it "outperforming the industry" with a target price of HKD 1109.

China International Capital Corporation released a research report stating that MiniMax-WP (Xiyu Technology) (00100) exceeded the performance expectations of the industry and the market for the year 2025, with revenue of 79.04 million US dollars, a year-on-year growth of 158.9%, surpassing the industry and market expectations by 11%. The company's profit forecast for 2026/2027 remains unchanged, maintaining a "outperform industry" rating and a target price of 1109 Hong Kong dollars. Looking ahead to the 2026 model, the company is optimistic about the company's continued leading position in global text, video, and other models. The 1M3 text model is expected to benchmark against top closed-source models and deepen its expertise in specific scenarios. According to the company team's discussions on public forums, the company may systematically upgrade long-context, multimodal unification, and mathematical and logical reasoning capabilities of the M3 model, while continuing to enhance stability and task completion rates in real-world workflows such as office work and development. In the wave of unified tokenization and integrated understanding, the evolution of the Hailuo-03 video model is worth looking forward to: Leveraging the company's "self-developed closed-loop advantage in all modalities," the company believes that the evolution of Hailuo is expected to advance towards end-to-end native multimodal architecture, achieve deep understanding through unified tokenization, integrate understanding and generation in a single Transformer, and further strengthen its leading advantages in complex instruction adherence and physical consistency.