Goldman Sachs Reiterates Buy Rating On MiniMax, Sets HK$860 Target Price

Goldman Sachs said MiniMax-W's multimodal strategy is a key differentiator and that its H3 model is in the final stage before launch and is expected to debut soon, according to 36Kr. The bank said founder and CEO Yan Junjie told analysts that MiniMax will focus on optimizing each model's cost performance, noting that its M3 model is already processing trillions of tokens a day and that open-platform/API revenue has reached a healthy gross margin level. Goldman Sachs said it maintains a buy rating on MiniMax and a target price of HK$860, and expects the upcoming M3 Pro, slated for September to October, to offer significant cost efficiency and ultimately help the company reach a high double-digit gross margin.