MiniMax Group · one lens
Benjamin Graham on MiniMax Group
H3 adds a product milestone, but MiniMax’s losses, proposed financing, and missing cash-flow record still leave Graham’s margin of safety unmeasurable.
On July 31, 2026, in calendar Q3, MiniMax released H3, a video model with native stereo sound, and planned to release its weights within days, per TEXXR’s H3 record. 0100.HK closed that day at HK$230.60, up 13.15% from HK$203.80, per the supplied market data. The same market series left 0100.HK down 35.37% over the preceding 30 days, from about HK$356.80 to HK$230.60. The TEXXR record does not establish that H3 caused either move.
Graham’s Mr. Market mechanism treats those quotes as offers, not appraisals. MiniMax does not clear Graham’s investment test on the current evidence because safety of principal and adequate earning power cannot yet be demonstrated. MiniMax reported 2025 revenue of $79M, up 159% from $30.5M in 2024, per TEXXR’s financial record. MiniMax’s net loss widened from $465.2M in 2024 to $1.87B in 2025. The 2025 loss equaled about 23.7 times 2025 revenue.
MiniMax’s May filing statement put annualized recurring revenue at $300M, compared with $79M of recognized revenue for full-year 2025, per TEXXR’s filing record. Graham’s earning-power test cannot substitute a May run-rate metric for a multi-year record of realized earnings. The TEXXR coverage excerpts supplied here do not report 2025 capex, depreciation, free cash flow, dividends, or year-over-year changes in those cash measures. Graham’s intrinsic-value estimate therefore lacks evidence on cash conversion, reinvestment burden, and dividend support. The supplied MiniMax record also cannot establish Graham’s seven-year average-earnings and continuous-dividend screens for a defensive issue.
MiniMax sought up to $1.9B in July, compared with roughly $619M raised in its January listing, per TEXXR’s financing record. The proposal combined 35.6M shares, nearly twice the initial 18M-share float, with about $830M of the up-to-$1.9B total in convertible bonds due in 2027. Graham’s balance-sheet test makes that dilution and near-term maturity reasons to require a wider margin while MiniMax reports losses.
TEXXR logged eight MiniMax articles in 2026 Q2, against 3.5 articles per quarter across its eight-quarter baseline. TEXXR’s count shows increased coverage only; it does not establish stronger business performance. H3 adds product evidence, but Graham’s margin-of-safety test still cannot establish a defensible gap between intrinsic value and the HK$230.60 quote.
An editorial application of Benjamin Graham's published framework — not their actual view, affiliation, or advice.
Where this lens comes from
Benjamin Graham's framework is set out at the lens page, drawn from The Intelligent Investor, Security Analysis. This page applies it to MiniMax Group and nothing else — the company's full record is in the dossier.