[Citigroup raised the target price of MiniMax by 8%, saying that usage and revenue have grown strongly and new models will be launched in the future] On August 27, Citigroup raised the target price of MiniMax from HK$533 to HK$576, saying that the company's performance was strong, mainly driven by a 703% year-on-year increase in its open platform enterprise services. Analysts Alicia Yap and others stated in the report that thanks to the improvement in the intelligence level of the M3 model, the company's annual recurring revenue (ARR) exceeded US$800 million in August, and Token consumption surged 20 times between January and July. Total revenue in fiscal 2026 is forecast to be US$577 million, with an adjusted net loss of US$710 million. Model M3.1 is expected to be released in the second half of 2026, and the M3 Pro model with nearly 3 trillion parameters is advancing, which will be a major jump.