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<Research>JPM: MINIMAX-WP (00100.HK) Token Demand Rapid Growth Boosts Rev. Growth; Rating Overweight
Recommend 7 Positive 11 Negative 7 |
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MINIMAX-WP (00100.HK) delivered excellent 4Q25 results, with revenue exceeding market consensus expectations, according to JPMorgan's research report. Gross margin reached 29.7%, further improving from 23.3% in 9M25. More importantly, the Company disclosed that, since 2026, its token demand has grown rapidly; the daily average token consumption of the M2 series text model surged by 6x in February 2026 from that in December 2025. This strong API demand is believed to provide visibility for the Company's revenue to spike over 1x this year. Therefore, JPMorgan rated MINIMAX-WP at Overweight due to its rare combination of technical strength, multi-modal commercialization potential and global scalability in the AI foundation model field, with a target price of $1,000, based on a projected 2030 PE ratio of 30x, discounted to present value using a 15% weighted average cost of capital (WACC). AASTOCKS Financial News Website: www.aastocks.com |
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