Dongwu Securities: It is recommended to focus on the future of the MINIMAX-WP (00100) multi-modal layout, the benchmark for AI going overseas in China

The Zhitong Finance App learned that Dongwu Securities released a research report stating that MINIMAX-WP (00100) was established in December 2021 to focus on basic research and development of general artificial intelligence technology. The goal is to build a multi-modal large-scale model of international competitiveness and provide products and services to the global market. Since its inception, the company has chosen a global position while laying out consumer products and overseas channels. On 2025/12/21, it passed the Hong Kong Stock Exchange hearing. The Hong Kong stock IPO was launched on December 31, with a stock code of 0100, with an issuance valuation of HK$461-50.4 billion. The plan is to raise more than US$600 million. The total subscription amount for Cornerstone investors is about HK$2.7 billion. It is recommended to pay attention.

The main views of Dongwu Securities are as follows:

The company's business model adopts ToC and ToB two-wheel drive

The consumer business mainly includes Talkie/Hoshino (character interactive entertainment) and Conch AI (Wensheng Video), which contribute revenue players and provide cash flow and massive interaction data. The developer enterprise business is realized through API calls, exclusive resource services, and model authorization, and the characteristics of high gross profit are obvious. The two form a synergy: consumer-side data feed back model iterations, enterprise-side demand guides technology priorities, and a growth flywheel has initially emerged. As of 2025/9/30, the company's products covered more than 212 million individual users, covering more than 200 countries and regions; enterprises and developers had more than 100,000 customers, distributed in more than 100 countries. Revenue is growing rapidly, and the effect of scale is evident. Revenue of US$3.46 million in 2023 increased to US$30.52 million in 2024, a year-on-year increase of more than 7 times; revenue for the first nine months of 2025 was US$53.44 million, an increase of 174% year-on-year.

The technology route is centered on the MoE architecture, which lays out multi-modal parallel R&D earlier than most peers

The company has full-stack self-research and high R&D efficiency. As of September 2025, it has invested about 500 million US dollars in R&D. Iterating multiple models in 2025: The Speech series is leading in the field of speech generation, the Hailuo series video model is at the top of global benchmarks, and the open source models MiniMax-M1 and M2 perform well on the Artificial Analysis list. The competitive advantage is mainly reflected in three aspects. First, global execution is strong. Talkie is leading the way in overseas AI partner circuits. Conch AI uses a large amount of video generation and is willing to pay in overseas markets to avoid price wars. Second, the two-wheel mode is balanced. The consumer business provides scale and data. The enterprise business guarantees high gross profit and stability, and has good resilience to risks. Third, leading R&D efficiency. The team is young, and the management is flat, combined with MoE and self-developed infrastructure, and the unit computing power output is high.

Profit forecasting and investment ratings

The bank expects the company's revenue in 2025-2027 to be US$0.81/1.95/399 million, respectively, with a compound growth rate of over 130%. The gross margin increased from 23% in 2025 to 50% in 2027. The gross margin of the consumer business gradually climbed, and the recovery in the share of corporate business was the main driver. In terms of valuation, the current issue price of MiniMax corresponds to a market value of about HK$461-50.4 billion, with a median value of HK$48.3 billion (approximately RMB 43.4 billion). Combined with the bank's forecast, the corresponding PS for 2025-2027 is 77/32/16 times, respectively, higher than the current level of Shangtang Technology and the Fourth Paradigm. It mainly comes from the premium of higher growth expectations, which matches its compound growth rate and business quality. The bank believes that the company is expected to become a benchmark for the Hong Kong stock AI application layer, benefiting from the dual trends of global AI consumerization and enterprise intelligence.

Risk warning: copyright litigation risk, regulatory policy uncertainty, technology iteration risk.