MiniMax Group

0100.HK

Hong Kong Stock Exchange

Exchange

Hong Kong Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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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

For growth stock investors

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

Cash Runway

~4 years

HK$1.1B cash & investments

Quarterly Free Cash Flow

HK$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.

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

no trend

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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