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MiniMax Group

0100.HK
21
Software - Infrastructure · Technology
Price
HK$213.00
+5.80 (+2.80%)
Market Cap
HK$66.79B
Exchange
Hong Kong Stock Exchange
Winston Score
21
Winston is worried
Weak fundamentals across most pillars.
Data as of Oct 10, 2026 · filings through Dec 31, 2025

§How the score breaks down

Quality
Weak
4/30
Growth
Mixed
6/20
Cash Flow
Weak
0/10
Stability
Data not available
0/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Not counted
n/a

20 of 95 counted points = Winston Score 21. Pillars marked n/a do not apply to this company and are left out of the total.

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§Winston Score History

The full picture

MiniMax Group Inc is a Chinese artificial intelligence company that builds AI models and tools for creating audio, video, and interactive content. Its core products include text-to-speech, voice cloning, video generation, and AI chatbot technology. The company sells these tools to businesses and developers who want to add AI-generated media to their apps and services.

MiniMax makes money by charging businesses for access to its AI models through an API, meaning companies pay based on how much they use the technology. It operates primarily in China but has been expanding internationally, competing with both Chinese AI firms and global players like OpenAI and ElevenLabs. The company's main competitive edge is its multimodal AI capabilities — handling text, voice, and video together — but its biggest risk is the intense and fast-moving competition in generative AI, where newer models can quickly make existing ones obsolete.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+131.1% YoY

Strong revenue growth

EPS Growth

-739.6% YoY

Earnings declining

R&D Spend

$253M/ year

↑ Rising (+34% vs prior year)

319.8% of revenue

21.3x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

86.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 years

$1.1B cash & investments

Quarterly Free Cash Flow

$1.1B cash & investments at current burn rate

Strong grower

MiniMax Group is growing revenue at 131% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 3y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 305.4M (2022) → 305.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
29.7%
Modest — 29.7% gross margin
Profit after running costs
Operating Margin
-360.0%
Losing money on operations — -360.0%
Return on the money invested
ROCE
-9.3%
Weak — -9.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+131.1%
Fast-growing sales (+131.1% YoY)
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
0/1 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
-276.3%
Burning cash (-276.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
—
Data not available
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
—
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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