Magrida: MiniMax transformed into a native AI platform

Analysts at Macquarie stated in a research report that MiniMax is leveraging its unique multimodal capabilities to transition into a native AI platform. These analysts noted that MiniMax has evolved from a research-driven model developer into an AI-native intelligent platform. They pointed out that the accelerated development based on intelligent agents is driving a structural increase in token consumption, creating ample opportunities for monetization. The analysts stated, "We believe that with its compelling cost advantage, MiniMax is uniquely positioned in the era of intelligent agents." They mentioned that MiniMax's outstanding cost efficiency has accelerated its adoption in international markets, with 73% of its revenue currently coming from overseas markets. Macquarie initiated coverage on MiniMax with an outperform rating and a target price of HK$1,100.00. The stock is currently trading at HK$865.50.