On September 8, MINIMAX-W fell 3.53% in regular trading, trading at 338.0 HKD/share, with turnover of approximately 14.6 billion HKD. The decline came as profit-taking pressure mounted following a sharp multi-session rally, compounded by a broad selloff across the AI and systems software sector.

The stock had surged over 8% intraday on September 7 and gained more than 16% on August 31, accumulating significant short-term gains. Sector peers also weakened notably, with Zhipu falling over 5% and Wenge AI declining over 7%, reflecting broad-based selling pressure on AI large-model names. Industry headwinds from an intensifying price war — triggered by aggressive model pricing adjustments from major cloud providers — further weighed on sentiment, raising concerns over sustained margin compression.

Despite Guotai Haitong maintaining an Overweight rating with a full-year revenue forecast of 500 million USD, and the company's strong underlying fundamentals — including 283.1% year-over-year revenue growth in the first half and August ARR surpassing 800 million USD — the market appeared to shift focus toward near-term risks. These include a first-half gross margin of 17.9% that trailed expectations and ongoing uncertainty around AI sector profitability amid competitive pricing dynamics.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)