[True Watch] Optimistic Earnings Outlook, Buy Rare Universe Technology (00100.HK) on Dips
Recently, there has been a wave of new releases for large AI models, driving up related stocks significantly. Among them, $KNOWLEDGE ATLAS(02513.HK) officially launched and open-sourced its new model GLM-5 last week. It excels in programming and agent capabilities, with user experience in real programming scenarios close to Claude Opus 4.5, and is adept at complex system engineering and long-range agent tasks. $MINIMAX-WP(00100.HK)'s MiniMax-M2.5 also released a new version last week. These two AI large model concept stocks saw heavy buying from foreign capital, including Korean funds, and remain the market's short-term focus.
MiniMax's latest flagship programming model, MiniMax M2.5, officially launched, is the world's first production-grade model natively designed for agent scenarios. It directly benchmarks against Claude Opus 4.6 in programming and agent performance, supporting full-stack programming development for PC, App, and cross-platform applications.
It is reported that the M2.5 model has only 10B activated parameters, showing clear advantages in VRAM usage and inference efficiency. It supports an ultra-high throughput of 100 TPS, with inference speed surpassing top international models. This model leads the industry in SOTA status for core Office productivity scenarios like advanced Excel processing, in-depth research, and PPT.
Beyond outstanding programming and agent capabilities, the new version leverages Ascend AI's foundational software/hardware and AI Agent capabilities. Within hours of being open-sourced, the MiniMax M2.5 model was successfully adapted and deployed on Ascend Atlas 800 A2 and Atlas 800 A3, and is being trialed at multiple existing network sites, providing full-process computing power support for its large-scale deployment. Domestic chips currently lead in production volume and computing power with Huawei's Ascend. Benchmarking against Ascend will connect domestic chips and data centers with large models.
Xiyu Technology is hailed as the leader among China's AI "Six Tigers." Since its IPO, its stock price has accumulated gains of over three times. The company's strength lies in its commitment to the MoE (Mixture of Experts) architecture, emphasizing "small models, big capabilities," significantly reducing inference costs while maintaining high performance. It also focuses on global expansion, with a highly distinctive revenue structure where overseas markets contribute over 70% of revenue. Core products include the overseas version Talkie, the domestic version "Xingye," and "Hailuo AI."
According to its prospectus and market monitoring data, Xiyu Technology has demonstrated extremely strong growth capabilities. Its 2024 revenue was approximately $30.52 million, reaching $53.44 million (about 380 million RMB) in the first nine months of 2025, a 175% increase year-over-year. The group's gross margin is also continuously improving, turning from -24.7% in 2023 to 23.3% in the first three quarters of 2025. Among this, the B-end (open platform) gross margin is as high as 69.4%, indicating its API services possess strong commercial competitiveness. The C-end (Hailuo/Xingye) gross margin is about 4.7%, still in the user expansion phase.
In terms of R&D efficiency, Xiyu Technology spent a cumulative total of about $500 million to achieve leadership across all modalities, which is only about 1% of OpenAI's spending during the same period, demonstrating extremely high computing power utilization efficiency.
Based on comprehensive analyst expectations, the group's full-year 2025 revenue is projected to reach around $80 million. The company has announced it will officially release its annual results on the 2nd of next month. Institutions predict its 2026 revenue could exceed $190 million, maintaining triple-digit growth.
The company is still in a loss-making state, with a net loss of $512 million in the first three quarters of 2025, mainly due to high R&D investment and market expansion. However, its cash balance exceeds $1 billion, sufficient to support operations for over 50 months.
Xiyu Technology's IPO was priced at 165 yuan, rising to nearly 500 yuan the next day, reflecting high market optimism about its prospects. Driven by new model releases and a strong AI sector, its stock price rose to 680 yuan last Friday, setting another record high, with market capitalization exceeding 210 billion yuan. The market assigns it a high P/S Ratio, as it is bullish on its competitive advantages in voice, video, and overseas social AI. With domestic AI stocks continuing to be sought after, the upward trend is expected to continue, making it advisable to buy on dips.
Author: Ouyang Feng
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