American and silver securities: Maintaining Mini Max buy-in at a target cost of HK$500

On 7 July, the United States Bank for Securities and Development reported that an investor conference for MiniMax had recently been held, at which investors had focused on the road map for the development of future models, the acquisition of energy in the geopolitical situation, and the progress of income opportunities and coding capacity in overseas markets. The report states that Mini Max ' s annual recurrent income (ARR) reached $400 million in April of this year, and management indicated that there had been a marked shift in the revenue structure, with a significant increase in the share of corporate and cloud-based API contributions and confidence in achieving at least $1 billion ARR by 2026. Management also revealed that the recently launched M3 model, a primary multi-modular system with 42.8 billion parameters, performed well in multi-modular missions and at the front end of the design, and believed that increasing the size of the parameters and increasing capital efficiency on a continuous basis could maintain a stable M3 rate over the long term. The Bank noted that Mini Max had the opportunity to be integrated into the Port Unit on 6 August and could provide liquidity support to maintain the “buy-in” rating at a target cost of HK$500。