MiniMax (00100) performance conference call: committed to transforming from an AI research and development company to a platform-based AI company.

MiniMax held a conference call on the evening of March 2, 2026 (Monday) at 8:00 pm Beijing time (7:00 am US Eastern time) to discuss performance. The transcript of the Q&A session is as follows: Q: In the AI era, companies like Google and OpenAI are understood as platform companies. Why does MiniMax, as a startup, have the opportunity to become an AI platform company? A: AI is currently a market where incremental growth far exceeds existing stock, and it has not entered the stock game. As long as a company has its own innovation points and uniqueness, it can find opportunities in a rapidly changing environment. With the continuous improvement of model development and infrastructure capabilities, the company will have significant innovation space in areas such as programming, office work, and interactive entertainment in the next 2-3 years, bringing huge market potential. Specifically, this is reflected in three aspects: First, at the model level, model capabilities are highly dependent on long-term accumulation, rapid iteration, and unique cross-modal capabilities to form high barriers. In the past 108 days, the company has continuously released three versions - M2, M2.1, and M2.5, each iteration leading to significant growth in users and calls; the company has been accumulating cross-modal capabilities since its inception, demonstrating its uniqueness in the startup industry, enabling the company to amplify its advantages in the trend of multi-modal integration. Second, at the product level, the company, with its innovative "model + product" integrated capability, allows model capabilities to directly define product capabilities, creating competitive advantages that most companies cannot replicate. Third, at the ecosystem level, the company has helped developers reduce barriers with the high cost-effective model open claw, and further reduced user usage costs through the Agent product, preliminarily verifying the ability to help ecosystem development. In the future, MiniMax plans to continue to break through the boundaries of intelligence with the next-generation M3 and Hailuo 3 models, and build unique products and ecosystems around its own models. The company is expected to become a startup company that can achieve the above content in Asia apart from a few major factories. Q: The company has always emphasized the finality of multi-modal AI. If competitors break through with single mode and then reverse integrate, could this be a faster path to take? Under such circumstances, would the company's multi-modal strategy become a slower and heavier burden? A: The company believes that multi-modal integration is the fundamental premise for improving intelligence continuously and has been the company's direction since its inception. In the pa [...]