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

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

Pre-IPO RoboTechnik Intelligent Technology (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

<ul>
<li>MiniMax's "multimodal + heavy product" approach does show strong revenue growth potential, but cost pressure of this "multimodal operation" is clear. The profitability of MiniMax’s core C-end business is weak.</li>
<li>The high-end pricing of its IPO reflects more the market's optimism about China's AI global narrative and short-term growth momentum rather than a valuation based on a robust financial model.</li>
<li>Considering Zhipu AI’s higher gross margin based on its B-end technology path, we think in the short term, reasonable MiniMax's valuation is close to or slightly lower than Zhipu AI.</li>
</ul>


MiniMax's "multimodal + heavy product" approach does show strong revenue growth potential, but cost pressure of this "multimodal operation" is clear. The profitability of MiniMax’s core C-end business is weak.
The high-end pricing of its IPO reflects more the market's optimism about China's AI global narrative and short-term growth momentum rather than a valuation based on a robust financial model.
Considering Zhipu AI’s higher gross margin based on its B-end technology path, we think in the short term, reasonable MiniMax's valuation is close to or slightly lower than Zhipu AI.


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