Friedrich: Raises the target price of MINIMAX-W (00100) to HKD 533, maintaining a "Buy" rating.

Fidelity published a research report stating that it has raised the target price for MINIMAX-W (00100) from HKD 506 to HKD 533, maintaining a "Buy" rating. Fidelity pointed out that MiniMax announced its first half-year results and emphasized that the annualized revenue for August has exceeded USD 800 million, surpassing the bank's expectation of USD 580 million. The token consumption scale in July grew 20 times compared to early 2026. The annualized revenue benefited from an increase in the usage of text models in July, as well as the release of H3 in August. The bank indicated that the company focuses on maximizing intelligence while minimizing costs. Gross margins are expected to improve in the second half of the year, with further expansion still possible by 2027. Upcoming models include M3.1, M3 Pro, and H3. The bank reiterated that MiniMax is one of the "best buy" stocks in the field.