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<Research>CMS Initiates MINIMAX-WP (00100.HK) with Strongly Recommend Rating, Expects Continued High Revenue Growth
Recommend
5
Positive
15
Negative
10
MINIMAX-WP (00100.HK) logged a YoY leap in revenue of 158.9% to USD79 million in 2025, with an adjusted net loss of USD251 million, versus a net loss of USD240 million in the same period of 2024, China Merchants Securities (CMS) research report indicated.

Considering the company's full-modality self-developed closed-loop advantage, CMS was bullish about the revenue growth driven by continuous iteration of its model capabilities, paired with high industry prosperity.

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The broker initiated coverage with a Strongly Recommend rating on MINIMAX but did not provide a target price. It expected MINIMAX's revenue to soar by 188%, 162%, and 107% in 2026, 2027, and 2028, respectively, reaching USD230 million, USD600 million, and USD1.23 billion. The adjusted net losses were expected to be USD490 million, USD590 million, and USD590 million for 2026-28, respectively.
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