Goldman Sachs has reiterated its Buy rating on MiniMax-W (00100) following a discussion with co-founder and President Yeyi Yun at the Communacopia + Technology 2026 conference. The investment bank maintains a 12-month price target of HK$760, based on a discounted cash flow (DCF) valuation model.

Since the launch of the M3 model and multimodal H3 in August, the company's annual recurring revenue (ARR) has been steadily climbing. Goldman notes that upcoming releases, including M3.1, M3 Pro, and H3.1, are expected to further support this upward trajectory. The bank highlights that inference optimization is driving sequential gross margin expansion.

Management anticipates that the second half of the year will see further sequential gross margin improvements, fueled by ongoing inference optimization and enhanced model efficiency. The medium-to-long-term gross margin target for large language models is set at mid-teens percentages, with multimodal products expected to achieve even higher margins. Management reiterated that compute supply remains a critical industry constraint; however, through infrastructure optimization and improved resource utilization, existing compute capacity is sufficient to support the current model pipeline. They also expressed confidence in securing adequate capacity for future frontier model development.

The open-weight strategy and harness products are accelerating enterprise adoption, supported by new clients from Chinese internet companies and expanding overseas usage. Enterprise customer revenue now accounts for approximately 80% of total revenue.