External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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...