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>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><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>

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