Citi has released a research report stating that MiniMax-W (00100) recently unveiled its general-purpose multimodal generation model, H3. This model supports unified multimodal context understanding across text, images, video, and audio, and can generate up to 15 seconds of dual-channel native audio video at 2K resolution. With commercial-grade content generation capabilities, it is widely applicable to scenarios such as advertising, brand marketing, e-commerce, product design, UI/UX, and gaming.

Citi maintains a 'Buy/High Risk' rating on MiniMax with a target price of HK$533. Citi notes that H3's price per second at 2K resolution is less than one-third of mainstream models, and less than half at 768P resolution, offering significant cost competitiveness.

Citi believes this reflects further intensifying competition in the AI video generation industry. Given Seedance's dominant position in the Chinese market and MiniMax's Hailuo brand recognition among overseas users, the firm suggests this could push Kuaishou-W (01024) to release a long-awaited update for Kling. While direct comparisons of user feedback are difficult at this stage, Citi believes MiniMax H3, leveraging its price advantage, could serve as an alternative for price-sensitive users.