Guosen Securities has issued a research report maintaining an "Outperform" rating on MINIMAX-WP (00100). The report highlights MINIMAX-WP's leadership in trimodal technology, outstanding value-for-money, and a revenue mix where overseas income accounts for 73%. The B2B open platform is identified as a core growth engine. Key metrics to monitor include API call volumes on the open platform and user growth trends for AI video services.

Due to a recent surge in API call volumes, revenue forecasts for 2026 and 2027 have been raised. Guosen Securities now projects MINIMAX-WP's revenue to reach $250 million in 2026, $650 million in 2027, and $1.29 billion in 2028. The main points from the report are as follows.

MINIMAX-WP reported a significant revenue increase and a substantial narrowing of its adjusted loss margin in 2025. Full-year revenue reached $79.04 million, representing a 159% year-over-year increase. Revenue from native AI products amounted to $53.07 million, up 143% year-over-year and accounting for 67.2% of total revenue. Revenue from the open platform and other AI-based enterprise services grew 198% year-over-year to $25.95 million.

Internationally, overseas revenue constituted 73% of the total, a 3 percentage point increase from the previous year. As of December 31, 2025, MINIMAX-WP had served over 236 million users across more than 200 countries and regions, alongside 214,000 enterprise clients and developers from over 100 countries and regions.

The improvement in gross margin and a reduction in sales expenses contributed to the narrower adjusted loss margin. The adjusted loss margin for 2025 improved significantly, narrowing by 483 percentage points year-over-year to 317%. The gross margin rose to 25%, a 13 percentage point increase from the previous year, primarily driven by enhanced model and system efficiency, along with optimised infrastructure configuration. Sales expenses in 2025 decreased by 40%, attributed to organic growth and word-of-mouth driving the native AI product business, which reduced the need for promotional spending.

Regarding cash position, the company held a cash balance of $1.05 billion as of the end of 2025. This included $510 million in cash and cash equivalents, $510 million in financial assets measured at fair value through profit or loss, $20.4 million in restricted cash, and $13.8 million in term deposits.

Since the start of 2026, token consumption has grown rapidly. According to an earnings call, the average daily token consumption for the M2 series text models in February 2026 had increased to over six times the level of December 2025. Token consumption from the Coding Plan specifically saw an increase of more than tenfold. The company's Annual Recurring Revenue (ARR) exceeded $150 million as of February 2026.

For 2026, MINIMAX-WP plans to focus on development in three key areas: programming, office productivity, and multimodal creation. In programming, the aim is to achieve L4-L5 level intelligence, evolving from a "tool" to a "colleague-level" collaborator. In office productivity, the company intends to replicate the rapid progress seen last year in the programming domain, expecting significant improvements in the delivery capabilities and penetration of AI agents. For multimodal creation, the goal is to progress towards generating "directly deliverable" content, with outputs becoming more stream-like and real-time.

The report concludes with risk warnings, including potential underperformance in revenue growth of core products, high costs and expenses hindering profitability improvement, over-reliance on marketing for user acquisition in C-end products, changes in overseas regulatory policies, and risks related to AI-associated copyright and intellectual property litigation.