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MiniMax: Focusing on AI model intelligence and cost efficiency, the long-term gross profit margin target is high double digits (HSBC)

2026-07-29·ima-daily5min-0729-04-c90e69eb5a

Street Signal | MiniMax: Focusing on AI model intelligence and cost efficiency, the long-term gross profit margin target is high double digits (HSBC)

HSBC pointed out after the management meeting that MiniMax is committed to achieving superior intelligence and cost efficiency in fierce competition, and its long-term gross profit margin target for its open platform is high double digits.

The company is promoting the M3 Pro text model and Hailuo 3 multi-modal model, and through self-developed computing power clusters and cross-disciplinary collaborative research and development, it has reduced the cost of training inference and dependence on cloud vendors, and the level of model intelligence has been significantly improved.

The market had previously had doubts about MiniMax's high investment and profit model. This meeting demonstrated its path to cost reduction and efficiency improvement.

The implication of the potential transaction is that investors should continue to pay attention to the commercialization progress of its model and the ability of infrastructure expansion to realize profitability.

One-sentence conclusion: MiniMax has shown a clear path to improving long-term profitability through self-developed AI infrastructure and model iteration, and its commercialization process is the key to the future. Positive/negative: Positive for MiniMax (0100.HK).

The current stock price has not fully reflected its potential for profit margin improvement, and the market's expectations for its commercialization progress are still conservative. Catalysts:

1) The official release and market response of the M3 Pro and Hero 3 models;

2) The number of monthly active users and payment conversion rate of the open platform;

3) The company's next quarter financial report, pay attention to changes in gross profit margin.

Full text

MiniMax: Focusing on AI model intelligence and cost efficiency, the long-term gross profit margin target is high double digits (HSBC)

HSBC pointed out after the management meeting that MiniMax is committed to achieving superior intelligence and cost efficiency in fierce competition, and its long-term gross profit margin target for its open platform is high double digits. The company is promoting the M3 Pro text model and Hailuo 3 multi-modal model, and through self-developed computing power clusters and cross-disciplinary collaborative research and development, it has reduced the cost of training inference and dependence on cloud vendors, and the level of model intelligence has been significantly improved. The market had previously had doubts about MiniMax's high investment and profit model. This meeting demonstrated its path to cost reduction and efficiency improvement. The implication of the potential transaction is that investors should continue to pay attention to the commercialization progress of its model and the ability of infrastructure expansion to realize profitability. One-sentence conclusion: MiniMax has shown a clear path to improving long-term profitability through self-developed AI infrastructure and model iteration, and its commercialization process is the key to the future. Positive/negative: Positive for MiniMax (0100.HK). The current stock price has not fully reflected its potential for profit margin improvement, and the market's expectations for its commercialization progress are still conservative. Catalysts: 1) The official release and market response of the M3 Pro and Hero 3 models; 2) The number of monthly active users and payment conversion rate of the open platform; 3) The company's next quarter financial report, pay attention to changes in gross profit margin.

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