MINIMAX-WP (00100) saw its shares rise more than 7% at the start of trading. At the time of writing, the stock was up 6.88%, trading at HK$877.50, with a turnover of HK$351 million.

MiniMax recently released its full-year results for 2025, reporting total revenue of $79.038 million, a significant year-on-year increase of 158.9%. More than 70% of this revenue came from international markets. Gross profit reached $20.079 million, surging 437.2% compared to the previous year, while the gross profit margin improved to 25.4%. Ahead of the 2026 Lunar New Year, MiniMax launched its new-generation foundational model, M2.5, which drove rapid growth in model usage. By February 2026, the average daily token consumption for the M2 series text models had increased to more than six times the level seen in December 2025.

Goldman Sachs noted that the company delivered robust performance in both the fourth quarter and the full year of 2025. Fourth-quarter revenue was $26 million, up 131% year-on-year and 19% higher than the bank's expectations. The firm believes MiniMax remains one of the most competitive companies in China's AI model industry. CICC also stated that MiniMax's 2025 results exceeded both its own and market expectations, expressing optimism that the company's text, video, and other models will continue to rank among the top tier globally.