On January 13, China Securities Co., Ltd. (CSC) released a research report, assigning a "Buy" rating to MiniMax (00100). As the generative AI wave sweeps across the globe, MiniMax is distinguishing itself from industry competition with its "counter-consensus" strategic focus, concentrating on breakthroughs in model intelligence. As one of the first companies in Shanghai to obtain a large model filing, the company demonstrates strong development potential through its deep technical expertise and commercial foresight.
MiniMax possesses a profound understanding of the core logic of the AI era, abandoning the traditional mindset of "traffic as a moat" and intensely concentrating resources on model research and development. The company's founder, Yan Junjie, combines top-tier research capabilities with ToB commercialization experience, having previously led a team to develop industry-leading facial recognition algorithms and generated over 2 billion yuan in smart city business revenue, laying a solid foundation for the company's technology implementation and business expansion.
After shifting its strategic focus to "technological iteration" in 2025, the company streamlined inefficient teams, reduced marketing expenses, and concentrated efforts on core areas like multimodal interaction, launching innovative models such as Video-01 and end-to-end voice, thereby building a differentiated competitive advantage.
On the technical front, MiniMax accurately grasps the trends of the second half of the Scaling Law, achieving continuous breakthroughs in architectural innovation and inference optimization. The company has deeply cultivated the multimodal field, forming a unique layout of "high-sensory interaction + productivity tools." Its C-end products like Talkie/星野 have amassed vast amounts of RLHF data, while Conch AI and the open platform contribute high-margin cash flow.
In the first three quarters of 2025, the company achieved total revenue of $53.44 million, a surge of 175% year-on-year, with the revenue structure showing a diversified pattern driven by "three pillars." The gross margin for its ToB business reached a high of 69.4%, and its C-end products also achieved a positive gross margin of 4.7%, indicating a significant recovery in profitability.
The commercial potential continues to be unlocked, with a clear and promising growth trajectory. CSC predicts that the company's revenue will maintain a high growth rate of over 90% from 2025 to 2027, with the Non-GAAP gross margin expected to rise to 55% and the net loss ratio continuing to narrow.
As inference costs are optimized and a new generation of multimodal models are launched, the company is poised to carve out a larger market space in the field of AI-native applications. At the critical juncture where the AI industry is transitioning from tools to "digital employees," MiniMax, with model intelligence as its moat, supported by its technical积淀, team advantages, and clear commercialization path, is unlocking the vast opportunities in the trillion-yuan labor market, emerging as a promising leader in the AI field.
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