[Goldman Sachs: Reiterates 'Buy' Rating for MiniMax, Multimodal Strategy as Key Differentiating Advantage] According to a report by Jinse Finance, on July 27, Goldman Sachs released a research report stating that MiniMax founder and CEO Yan Junjie recently revealed during an analyst meeting that the company will focus on pursuing the best cost-performance ratio for each of its models in the future. Notably, the current M3 model processes trillions of tokens daily, with open platform/API revenue already achieving a healthy gross margin level. The goal is to ultimately achieve a high double-digit gross margin. It is also expected that the M3 Pro, set to launch between September and October, will offer significant cost advantages. Goldman Sachs highlighted that MiniMax's multimodal strategy is its key differentiating advantage. The H3 model has entered the final pre-launch stage and is expected to debut soon, which is believed to have a profound impact on the multimodal industry landscape. Goldman Sachs reiterated its 'Buy' rating for MiniMax with a target price of HKD 860. Goldman Sachs anticipates that MiniMax will be included in the Stock Connect program in August this year. Coupled with the company's current market valuation being at a significant discount compared to its Chinese peers in the video generation model sector, the competitive strategy of the M3 model and the upcoming H3 multimodal product are expected to serve as positive drivers for annual recurring revenue (ARR) growth. This is likely to create significant valuation recovery opportunities in the second half of the year.