Goldman Sachs has reaffirmed its "Buy" rating on MiniMax-W (00100) following discussions with co-founder and president Yeyi Yun at the Communacopia + Technology 2026 conference, keeping the 12-month price target unchanged at HK$760 based on a discounted cash flow (DCF) valuation.

The firm highlighted that the company's annual recurring revenue (ARR) has been steadily climbing since the August launch of the M3 model and multimodal H3, with upcoming updates including M3.1, M3 Pro, and H3.1 expected to further drive momentum. Inference optimization is currently supporting sequential gross margin expansion, and management anticipates continued quarter-over-quarter improvement in the second half driven by ongoing efficiency gains, with medium-term gross margin targets set at mid-teens percentages for large language models and higher levels for multimodal offerings.

Management reiterated that compute capacity remains a critical industry bottleneck, yet through infrastructure optimization and improved resource utilization, existing capacity is sufficient to support the current model pipeline, while confidence remains high in securing adequate capacity for future frontier model development. The open-weight strategy and harness products are accelerating enterprise adoption, bolstered by new clients such as Chinese internet companies and expanding overseas uptake, with enterprise customer revenue contribution now standing at approximately 80%.