J.P. Morgan: Downgrade MiniMax to Neutral and Lower Target Price.

JPMorgan Chase stated that compared to its peers, MiniMax has not introduced any new domestic SOTA models since the M2 model, and from a pure model capability perspective, MiniMax is still in the catching-up stage. The company's rating has been downgraded to neutral, with its target price lowered from HK$1100 to HK$400. Analysts Olivia Xu et al. pointed out in their report that MiniMax has lowered the price of M3 to align with the price range of DeepSeek, while the price of APIs from DeepMind has doubled this year, and sales continue to grow. As the industry's revenue generation paths gradually converge on APIs, coding, intelligent agents, and enterprise workflows, the superiority of model capabilities becomes increasingly crucial, as pricing power will depend more on capabilities rather than just product coverage or scale of use. The company's revenue forecast for 2026-2027 has been raised by 34%-74%, but lowered for 2028-2030 by 5%-21%. The rating of MiniMax is still maintained as overweight, due to its continued introduction of SOTA models and clearer realization of commercial value.