Wall Street on MiniMax Earnings: ARR Breaks $800M in August, Gross Margin Expected to Improve in H2

MiniMax's total revenue in H1 reached $116.6 million, up 283% year-over-year, with open platform revenue surging 703% year-over-year. The biggest highlight is ARR breaking through $800 million in August, far exceeding Jefferies' forecast of $580 million, with July token consumption already at 20 times the level at the start of the year. Gross margin was dragged by short-term factors, but management made it clear it will improve in H2. UBS has a target price of HK$500, while Jefferies raised its target price to HK$533.