HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

MiniMax (100 HK) Vs Zhipu AI (2513 HK) - Thoughts on Valuation and the Outlook

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Pre-IPO MiniMax Group - About the Business Model, the Concerns and Thoughts on Valuation

Equity Capital Markets

<ul>
<li>The popularity of MiniMax is significantly higher than Zhipu, as the C-end model has greater growth potential and a more attractive valuation logic than the B-end model of Zhipu. </li>
<li>MiniMax has not yet proven its profit model at present. There is risk of overvaluation. We think current valuation level may have partially overdrawn future expectations on MiniMax.</li>
<li>2025 net loss would expand. An optimistic prediction is if MiniMax’s net loss narrows in 2026, it will be a crucial positive signal, indicating that its profit model is working.</li>
</ul>


The popularity of MiniMax is significantly higher than Zhipu, as the C-end model has greater growth potential and a more attractive valuation logic than the B-end model of Zhipu. 
MiniMax has not yet proven its profit model at present. There is risk of overvaluation. We think current valuation level may have partially overdrawn future expectations on MiniMax.
2025 net loss would expand. An optimistic prediction is if MiniMax’s net loss narrows in 2026, it will be a crucial positive signal, indicating that its profit model is working.


MiniMax Group (100 HK) - There Is "Bubble" In Valuation