CONCH VENTURE

Old guard bows out, new contender steps in. Today, HK's 'hot pick' and China's independent model developer $MINIMAX-W(00100.HK) released its FY2025 report card. However, vs. a share price up 4.5x in two months, Dolphin Research's estimated Q4 print looks softer.

Let's dig in: I) Revenue — consumer slowed, enterprise accelerated; is the mix improving? A 'C down, B up' pattern points to a healthier mix.

1) Revenue growth eased: FY2025 revenue totaled $79 mn (+~160% YoY), still surging. With 3Q revenue already disclosed, we can infer...