Changes in Hong Kong stocks | MINIMAX-W (00100) rose more than 9% in the morning, ARR surpassed 800 million US dollars in August, and M3 Pro is expected to be launched in September-October

The Zhitong Finance App learned that MINIMAX-W (00100) rose more than 9% in the morning. As of press release, it had risen 6.46% to HK$320, with a turnover of HK$2,358 billion.

According to the news, MiniMax previously announced its interim results. In the first half of this year, MiniMax's total revenue increased 283.1% year over year to about 120 million US dollars, reaching 1.5 times the full revenue of 2025 in just half a year. The company's annual recurring revenue (ARR) in August has exceeded 800 million US dollars. The second-quarter revenue increased 81.8% from the first quarter. Token consumption in July has reached 20 times that of January, and the B-side business has contributed more than 80% to the overall ARR.

According to a research report released by Huatai Securities, commercialization of AI models is expected to accelerate in the next April-6 months, while the competitive landscape in the company's segments is improving. The launch of the company's products accelerated in the second half of the year, which is expected to drive rapid revenue growth: M3 Pro is expected to be launched in September-October, and the parameter scale may reach the level of 3 trillion yuan. After H3 is released, it will return to the front line of AI video and focus on strengthening post-production capabilities. It is expected to expand commercialization in the fields of advertising, e-commerce posters, and UI. Maintain a “buy” rating.