MiniMax is transforming into a native AI platform by leveraging its distinct multimodal capabilities, Macquarie analysts say in a research note. MiniMax has evolved from a research-driven model developer into an AI-native intelligence platform, the analysts say. The acceleration of agent-based work is driving a structural surge in token consumption, creating ample opportunities for monetization, they note. "We believe MiniMax is uniquely positioned to capitalize on the agentic era, underpinned by a compelling cost-to-performance advantage," the analysts say. MiniMax's superior cost efficiency has accelerated overseas adoption, with 73% of revenue now generated internationally, they say. Macquarie initiates its coverage of MiniMax with an outperform rating and target price at HK$1,100.00. Shares are last at HK$865.50. (sherry.qin@wsj.com)