External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>MiniMax reported 1H26 results: total revenue grew by 283% YoY to US$117mn, 17% ahead of Visible Alpha (VA) consensus estimates, primarily driven by the strong demand for model API and the Token Plan.</li><li>Adjusted net loss widened by 111% YoY to US$293mn, higher than the VA consensus of US$200mn, mainly due to the increase in cloud services expenses related to model training.</li><li>Supported by the launch of new models like M3 and H3, token consumption and monetization accelerated: 1) token consumption in Jul 2026 grew to 20x that of Jan 2026; 2) ARR surpassed US$800mn in Aug 2026, up from US$150/400mn in Feb/May 2026.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MiniMax reported 1H26 results: total revenue grew by 283% YoY to US$117mn, 17% ahead of Visible Alpha (VA) consensus estimates, primarily driven by the strong demand for model API and the Token Plan.Adjusted net loss widened by 111% YoY to US$293mn, higher than the VA consensus of US$200mn, mainly due to the increase in cloud services expenses related to model training.Supported by the launch of new models like M3 and H3, token consumption and monetization accelerated: 1) token consumption in Jul 2026 grew to 20x that of Jan 2026; 2) ARR surpassed US$800mn in Aug 2026, up from US$150/400mn in Feb/May 2026.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MiniMax Group (100 HK) - 1H26 Review: Strong Monetization...

<ul><li>We hosted an NDR meeting with MiniMax’s capital market team on 17 Jul.</li><li>Our key takeaways include: 1) M3 model family should expect several upgrades in 2H26, with one focusing on post-training to improve coding/agentic capabilities and the other focusing on scaling to increase model size; 2) Hailuo 3 video model has completed training which has been preparing for launch in the coming weeks; 3) monetization remains on track, with ARR reaching US$400mn by endMay and ARR target being unchanged at US$1bn by end-FY26.</li><li>The company’s current valuation offers attractive risk-reward at 9x end-FY26 ARR, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We hosted an NDR meeting with MiniMax’s capital market team on 17 Jul.Our key takeaways include: 1) M3 model family should expect several upgrades in 2H26, with one focusing on post-training to improve coding/agentic capabilities and the other focusing on scaling to increase model size; 2) Hailuo 3 video model has completed training which has been preparing for launch in the coming weeks; 3) monetization remains on track, with ARR reaching US$400mn by endMay and ARR target being unchanged at US$1bn by end-FY26.The company’s current valuation offers attractive risk-reward at 9x end-FY26 ARR, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MiniMax Group (100 HK) - NDR Takeaway: Upbeat on Model Upgrade in 2H26; Monetization on Track

<ul><li>Minimax is one of the leading global AI foundational model companies.</li><li>The company differentiates itself from other model companies in terms of: 1) its commitment to developing multi-modal models from day one; 2) its cost-efficient approach to deliver AI intelligence; 3) its capabilities to reach and monetize on global user base.</li><li>Minimax’s total revenue reached US$79.0mn in 2025, up by 159% YoY; and AI Native Products/Open Platform and Other AI-based Enterprise Services each account for 67%/33% of total revenue. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minimax is one of the leading global AI foundational model companies.The company differentiates itself from other model companies in terms of: 1) its commitment to developing multi-modal models from day one; 2) its cost-efficient approach to deliver AI intelligence; 3) its capabilities to reach and monetize on global user base.Minimax’s total revenue reached US$79.0mn in 2025, up by 159% YoY; and AI Native Products/Open Platform and Other AI-based Enterprise Services each account for 67%/33% of total revenue. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minimax Group (100 HK) - Evolving into a One-Stop AI Platform

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881 between Jan 2 and Jun 30, 2026.</li><li>However, we believe the headline index performance fails to capture the true market dynamics, particularly the ongoing AI-driven structural rally across AI foundation model, semiconductor memory and PCB names.</li><li>As a result, we believe that HSI is no longer a reliable benchmark for capturing “growth beta” in Hong Kong equities.</li></ul>

In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881 between Jan 2 and Jun 30, 2026.However, we believe the headline index performance fails to capture the true market dynamics, particularly the ongoing AI-driven structural rally across AI foundation model, semiconductor memory and PCB names.As a result, we believe that HSI is no longer a reliable benchmark for capturing “growth beta” in Hong Kong equities.

Market Strategy – When the Index Falls Behind – HSI Distortion in an AI-Driven Market

China

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

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MiniMax (100 HK)

MiniMax Group (100 HK) - 1H26 Review: Strong Monetization...

Adjusted net loss widened by 111% YoY to US$293mn, higher than the VA consensus of US$200mn, mainly due to the increase in cloud services expenses...

CMB International

MiniMax Group (100 HK) - NDR Takeaway: Upbeat on Model Upgrade in 2H26; Monetization on Track

We hosted an NDR meeting with MiniMax’s capital market team on 17 Jul. Our key takeaways include: 1) M3 model family should expect several upgrades...

CMB International

Minimax Group (100 HK) - Evolving into a One-Stop AI Platform

The company differentiates itself from other model companies in terms of: 1) its commitment to developing multi-modal models from day one...

CMB International

Market Strategy – When the Index Falls Behind – HSI Distortion in an AI-Driven Market

In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881...

Quam Securities

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