Mini Max CEO Yan Junjie held an analyst exchange meeting; Goldman Sachs maintained the target price of Mini Max at HK$860; Citigroup lowered the target price of Bawangchaji to US$15.2; Goldman Sachs; lowered the target price of Supor to 52 yuan
Goldman Sachs: Maintain a buy rating on MiniMax and maintain the target price at HK$860. On July 24, Goldman Sachs released a research report on the minutes of the CEO exchange meeting for MiniMax (0100.HK). The report stated: On July 23, we went to the Shanghai headquarters of MiniMax (Xiyu Technology) to participate in an analyst exchange meeting held by the company’s founder and CEO Dr. Yan Junjie and the management team.
Goldman Sachs: Maintain MiniMax buy rating, target price maintained at HK$860 On July 24, Goldman Sachs released a research report on the minutes of the CEO exchange meeting for MiniMax (0100.HK). The report stated: On July 23, we went to the Shanghai headquarters of MiniMax (Xiyu Technology) to participate in an analyst exchange meeting held by the company’s founder and CEO Dr. Yan Junjie and the management team. The key topics discussed at this meeting include: the company will create the ultimate cost-effectiveness for each of its models as its core strategy; among the independent AI laboratory groups, the company is an early pioneer in laying out the construction of computing power infrastructure; the current development pattern of the large language model industry, and in addition to model performance, the importance of pricing, agent capabilities, and industry vertical landing capabilities continues to increase; at the same time, the multi-modal technology route is the company's core differentiated competitive advantage. Goldman Sachs said that the core strategy of MiniMax focuses on the ultimate cost-effectiveness of the model. The M3 model processes trillions of tokens per day and has a healthy API business gross profit margin. The 3 trillion parameter M3 Pro will be launched from September to October 2026, relying on technologies such as sparse attention to reduce costs; starting from September 2025, long-term rental/self-built computing power clusters will form cost barriers; multi-modality is a differentiation advantage, and the all-round large model H3 will be launched soon. The financial side predicts that revenue will continue to increase from 2026 to 2028, and losses will narrow significantly in 2028. The inclusion of Hong Kong Stock Connect in August 2026 is expected to bring incremental funds. Goldman Sachs maintains a buy rating on MiniMax and maintains its 12-month target price at HK$860. Goldman Sachs: Maintain buy rating on Supor, lower target price to 52 yuan, pressure on export business drags down profits On July 24, Goldman Sachs released a research report on Supor (002032.SZ). The report maintained the company's buy rating, lowered the 12-month target price from 53 yuan to 52 yuan, and also lowered the earnings per share forecast from 2026 to 2028 by 3% to 6%. In terms of performance, Supor's preliminary performance in the second quarter of 2026 was lower than expected, with revenue of 11.41 billion yuan and net profit of 868 million yuan, down 0.6% and 7.7% year-on-year respectively. From this, it is estimated that the year-on-year declines in revenue and net profit in the second quarter of 2026 will expand to 3% and 18%. In the second quarter, exports fell by about 10% year-on-year, dragging down overall profits; domestic revenue growth flatlined, and gross profit margins benefited from a slight increase in product structure optimization. However, intensified competition pushed up expenses and shrinking revenue scale dragged down net profit margins. The company's management expects that cost pressure will continue in the second half of the year. New products, cost reductions, and hedging can partially offset the pressure, and the dividend ratio will be lower than the 100% level of the previous two years. At the mid- to long-term level of the industry and enterprises, the domestic market still has room for growth relying on innovative categories, and overseas business can deepen cooperation with parent company SEB to increase global share. Goldman Sachs believes that the current downward pressure faced by Supor is mainly caused by cyclical factors. Supor is still one of the leading companies in the operating efficiency of traditional small household appliances. Citigroup: Maintain a high-risk buy rating on Bawangchaji and lower the target price to $15.2 Citigroup released a forward-looking report on the second-quarter earnings of Chaji (CHA.US) on July 21, maintaining a high-risk buy rating on the stock and lowering the target price from US$24.6 to US$15.2. Citigroup estimates that Bawang Tea Ji’s average monthly GMV (gross merchandise transaction) per store in the Chinese market in the second quarter of 2026 will be more than 350,000 yuan (356,000 yuan in the first quarter and 404,000 yuan in the second quarter of 2025), and the group’s overall sales will be basically flat year-on-year. Starting from 2026, Bawang Chaji franchisees will switch to a revenue sharing model based on GMV: Bawang Chaji will charge a higher share rate, but reduce the markup for supply to franchisees. At the financial level, although the absolute value of gross profit composition has undergone technical adjustments, this model has limited impact on the gross profit margin related to franchisee transactions and the group's overall revenue. Citigroup estimates that Bawang Chaji's non-GAAP operating profit margin in the second quarter of 2026 will be approximately 17%, which is basically the same as the previous quarter (17.1% in the first quarter) and has declined year-on-year (19.8% in the second quarter of 2025). After excluding the estimated share-based payment expenses (SBC) of approximately 40 million yuan, non-GAAP net profit in the second quarter is expected to be approximately 500 million yuan (first quarter: 507 million yuan).
Most listed ready-made tea beverage companies will face a higher performance base in the second half of 2026 - they benefited significantly from the price war on takeaway platforms in the second half of 2025; while Bawang Tea Ji's participation in subsidies is limited, there will be less pressure on the base in the second half of 2026. The transformation work of the company's approximately 400 domestic franchise stores into direct sales (DTC) has been basically completed by the end of 2025. Citigroup expects that the year-on-year decline in same-store GMV will continue to narrow in the third quarter of 2026 and return to positive growth in the fourth quarter. Affected by the weaker-than-expected same-store sales recovery in the first half of the year, the reduction of the net expansion store target in the Chinese market to about 300 stores in 2026, and the impact of weakening operating leverage, Citigroup has lowered Bawang Tea Ji's 2026/2027 fiscal year revenue forecast by 18% and 27% respectively, and its non-GAAP net profit forecast by 25% and 30% respectively.
Most listed ready-made tea beverage companies will face a higher performance base in the second half of 2026 - they benefited significantly from the price war on takeaway platforms in the second half of 2025; while Bawang Tea Ji's participation in subsidies is limited, there will be less pressure on the base in the second half of 2026. The transformation work of the company's approximately 400 domestic franchise stores into direct sales (DTC) has been basically completed by the end of 2025. Citigroup expects that the year-on-year decline in same-store GMV will continue to narrow in the third quarter of 2026 and return to positive growth in the fourth quarter. Affected by the weaker-than-expected same-store sales recovery in the first half of the year, the reduction of the net expansion store target in the Chinese market to about 300 stores in 2026, and the impact of weakening operating leverage, Citigroup has lowered Bawang Tea Ji's 2026/2027 fiscal year revenue forecast by 18% and 27% respectively, and its non-GAAP net profit forecast by 25% and 30% respectively.