The 'D-Z-M' trio surged together, with Zhipu and MiniMax leading the charge, while newly-listed Dexi presents a value opportunity waiting to be tapped

On April 1, 2026, the Hong Kong stock AI large model sector saw a comprehensive surge, with the 'D-Z-M' trio collectively skyrocketing. Zhipu (02513) $KNOWLEDGE ATLAS (02513.HK)$ soared over 32%, MiniMax (00100) $MINIMAX-W (00100.HK)$ surged nearly 17%, and newly-listed Dexi-B (02526) $DIAGENS-B (02526.HK)$ also rose more than 21%. Zhipu's better-than-expected earnings report completely lifted the valuation ceiling for Hong Kong's AI large model sector. As a new entrant in the sector, Dexi has become a highly promising value opportunity within the AI large model track due to its leadership in niche markets and significant valuation advantage. Compared to Zhipu and MiniMax, its investment potential is increasingly clear.

The surge of Zhipu fundamentally reflects the market’s high recognition of the MaaS business model for large AI models, setting the tone for the entire sector’s valuation restructuring. By 2025, Zhipu is expected to achieve total revenue of 724 million yuan, representing a 132% year-on-year increase, while its API platform ARR skyrocketed 60-fold in just one year to reach 1.7 billion yuan. In Q1 2026, even after an 83% price hike for its API services, usage surged by 400%, highlighting the seller’s market characteristic supported by strong technological barriers. This earnings report not only validates the commercial viability of the 'subscription + API' model for general large models but also pushed Zhipu’s market cap above 400 billion HKD, with its price-to-sales (P/S) ratio soaring beyond 510x. CICC promptly raised its target price to 900 HKD, with institutions reinforcing the valuation benchmark of Hong Kong-listed AI large models using substantial capital. Meanwhile, MiniMax, another core player in the sector, also commands a high market cap, with its premium valuation further confirming the market’s optimism toward AI large model assets.

Behind the leading gains of industry leaders, newly-listed Dexi remains significantly undervalued compared to Zhipu and MiniMax, with its current valuation gap not reflecting its industry status or performance strength. In terms of growth momentum, Dexi far outpaces Zhipu. For the first nine months of 2025, Dexi’s revenue reached 112 million yuan, surging 470% year-on-year, whereas Zhipu’s revenue growth was 132% during the same period. As the undisputed leader in the vertical medical imaging large model space, Dexi’s products are used by over 400 medical institutions nationwide, including top-tier hospitals like Beijing Union Medical College Hospital and Fudan Zhongshan Hospital. Its highly sticky and repeat B-end customer base provides growth certainty far exceeding the industry average, giving it a unique edge in scenarios compared to general large model players like Zhipu and MiniMax.

In terms of profitability, Dexi demonstrates overwhelming superiority with gross margins significantly higher than those of Zhipu and MiniMax. Zhipu’s overall gross margin is only 41%, with its core API business gross margin as low as 18.9%. In contrast, Dexi’s overall gross margin for the first nine months of 2025 was 75.9%, and its core large model technology licensing business boasts margins nearing 100%, thanks to near-zero marginal costs. This gives Dexi far greater profit potential than its peers. As the market leader in China’s chromosome karyotype analysis segment with a 30.6% market share, Dexi enjoys strong pricing power due to technical and industry barriers in the medical imaging space, far outperforming general large model players in cost control.

In terms of the core valuation metric P/S in the AI sector, Dexi's valuation advantage is unparalleled. Zhipu boasts a market capitalization exceeding HKD 400 billion with a P/S ratio surpassing 510x, while MiniMax also holds a high P/S multiple in the hundreds. In contrast, newly-listed Dexi has just surpassed a market cap of HKD 20 billion. Based on projected full-year revenue of CNY 150 million for 2025, its P/S ratio is less than one-fourth that of Zhipu, and its market cap is approximately one-twentieth of Zhipu’s. If we apply the valuation ratio derived from Zhipu API’s ARR-to-market-cap, Dexi's medical imaging large model business—which serves 400 hospitals and is expected to generate recurring annual revenues exceeding CNY 80 million—has significant upside potential in terms of reasonable market cap. The current valuation level does not yet reflect its true value.

More importantly, the sharp rise of Zhipu and MiniMax has opened up ample upward valuation potential for Dexi. The redefined valuation logic in Hong Kong’s stock market makes Dexi’s value correction inevitable. Market participants now classify Dexi alongside Zhipu and MiniMax as part of the same category of new-quality AI large model assets, no longer strictly distinguishing between general and vertical tracks. Instead, they focus solely on the core logic of 'large models + high growth.' Zhipu has pushed the valuation benchmark for large models to over 500x P/S, and as a key member of the sector, Dexi’s valuation convergence toward the leaders is inevitable.

In terms of business models, Dexi aligns closely with the core logic of Zhipu and MiniMax, featuring high-barrier, high-stickiness profit models without fundamental reasons for valuation differentiation. Zhipu validated the success of the 'large model + API/subscription' model, while Dexi developed a 'large model + healthcare industry implementation + technology licensing' model. Leveraging its fully self-developed large-scale multimodal medical imaging foundational model, Dexi built a diversified profit system encompassing 'hardware + software + technology licensing + scenario-based revenue sharing.' With more unique technological barriers and stronger industry implementation, and given the 60% CAGR of the medical AI track, its growth potential far exceeds certain application scenarios of general large models.

The AI sector historically follows the pattern of 'leader-led rallies followed by catch-up gains,' and the significant rise of Zhipu and MiniMax has prompted investors to seek undervalued opportunities within the sector. MiniMax’s 17% gain is already a signal, and Dexi’s 21% follow-up rally is just the beginning. As the 'first medical imaging large model stock' in Hong Kong, Dexi represents a rare leader in a vertical track, backed by its fully self-developed technology, deployment results across over 400 medical institutions, and a high-margin profit model—all hard evidence distinguishing it from pure-concept stocks. Moreover, as a policy-supported sector, the five ministries have explicitly stated that by 2030, secondary-level hospitals and above will widely adopt AI-assisted medical imaging diagnostics, ensuring sustained release of industry benefits.

The leadership of Zhipu and MiniMax has sounded the rallying cry for Hong Kong’s AI large model sector, while newly-listed Dexi, with its triple advantages of high growth, high barriers, and low valuation, emerges as the most cost-effective investment target in the space. In the short term, fund rotation will drive Dexi’s valuation catch-up. Over the medium to long term, with the approval of core products and scaling of technology licensing operations, Dexi’s financial performance will continue to materialize, transitioning its valuation framework from P/S to P/E and unlocking both earnings and valuation-driven growth (the Davis Double Play). Compared to Zhipu and MiniMax, which are already trading at elevated levels, Dexi—still positioned as a value opportunity—presents an excellent entry point, with its upside potential warranting significant market attention.

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