Goldman Sachs has issued a research report stating that MiniMax (00100) is currently assigned a target price of HK$1,018. The company announced its first financial results since listing, showing robust performance for the fourth quarter and full year of 2025. Fourth-quarter revenue reached $26 million, representing a 131% year-over-year increase and surpassing the bank's forecast by 19%.

The report indicates that MiniMax remains one of the most competitive companies in China's artificial intelligence model industry, well-positioned to capture global growth opportunities in text/coding, multimodal, and agentic/collaborative AI. Assuming the company's global market share rises from 0.3% to 2.5% between 2026 and 2030, it is projected to achieve breakeven by 2029. Goldman Sachs forecasts MiniMax's revenue for 2026 and 2027 at $250 million and $980 million, respectively.