CICC has issued a research report initiating coverage on MINIMAX-WP (00100) with an Outperform rating and a target price of HK$1,109.00. The valuation is based on a P/S methodology, corresponding to a 2027 valuation multiple of 75x. The company is recognized as one of the few domestic entities that have successfully demonstrated capabilities in both foundational model technology and the commercialization of global AI-native applications, marking its uniqueness within the AI sector. Key perspectives from CICC are outlined as follows:
The company is among the earliest domestic foundational model developers to commit to a native full-modality integration approach. As Agent and World Models advance, comprehensive multimodal understanding and generation are increasingly becoming critical foundational capabilities. Since its inception, the company has concurrently advanced research and development in text, speech, and video models, betting on full-modality integration to form a unified technology stack and accumulate first-mover experience.
It stands as a rare domestic foundational model developer that has validated its ability to achieve scale monetization in overseas markets. For the first three quarters of 2025, overseas revenue accounted for over 73% of the total, covering more than 200 countries and regions. By utilizing AI-native products and a developer platform to directly reach users with high payment willingness, the company has rapidly expanded in mature markets such as Europe and the US, achieving self-sustaining growth and obtaining genuine market feedback.
The company firmly implements a "technology as product" strategy, with its "front-store, back-factory" model accelerating the alignment and iteration between models and products. It requires that model capabilities be directly reflected in the product experience. With highly synergistic R&D and product teams, new model capabilities can be rapidly productized and launched to market, reducing friction and losses during the technology conversion process.
As an AI-native organization upholding an efficient operational philosophy, the company boasts high talent density and personnel efficiency. It deeply embeds AI capabilities into internal workflows. As of Q3 2025, the company had only 385 employees, with R&D personnel comprising 73.8%. The organizational structure maintains no more than three levels below the CEO. This AI-native, flat, and efficient organization supports the rapid iteration of both models and products.
What is the key differentiating view from the market? The analysis believes the company holds an advantage in developing integrated multimodal models for understanding and generation. Its "technology as product" approach, global footprint, and high operational efficiency are considered distinctive and scarce qualities.
Potential catalysts include the release of new model versions by the company and broader industry technological advancements.
Regarding profit forecast and valuation, the analysis projects the company's revenue for 2025-2027 to be $0.71 billion, $2.28 billion, and $5.98 billion, respectively, with a CAGR of 170% from 2024 to 2027. The firm is optimistic about the company's native full-modality technical capabilities and their application realization, hence the Outperform rating and HK$1109 target price (based on 75x 2027 P/S), implying a 31% potential upside from the current share price. The company currently trades at 57x its 2027 P/S.
Risks include the pace of technological evolution, intensifying competition, regulatory compliance challenges, talent retention, and market volatility.