MiniMax released its H1 2026 results on August 26, with total revenue reaching $116.6 million, a year-on-year increase of 283%. Among this, revenue from the open platform and AI enterprise services was $73.9 million, a year-on-year increase of 703%, accounting for 63% of total revenue. The company's August Annual Recurring Revenue (ARR) has exceeded $800 million, significantly surpassing Jefferies' previous forecast of $580 million. Although the gross profit margin for the first half was under pressure at 17.9%, management expects an improvement in the second half. Both UBS and Jefferies maintained a "Buy" rating for MiniMax, with Jefferies raising its target price to HK$533.