Changes in Hong Kong stocks | MINIMAX-W (00100) rose more than 6% in early trading, the commercialization process accelerated markedly, and ARR surpassed 800 million US dollars in August

The Zhitong Finance App learned that MINIMAX-W (00100) rose more than 6% in early trading. As of press release, it rose by 3.91% to HK$356.0, with a turnover of HK$2,576 billion.

According to the news, MiniMax's commercialization process has clearly accelerated. The first half of 2026 achieved revenue of about US$117 million, an increase of 283.1% year on year, with revenue in the second quarter increasing 81.8% month-on-month; after entering the third quarter, growth accelerated further. Token consumption in July reached 20 times that of January, and ARR surpassed 800 million US dollars in August.

According to a research report released by Orient Securities, we determined that the high increase in ARR was mainly due to the M3 series+ text model released in early June, and a small portion of the multi-modal video generated by H3, which was released at the end of July. Driven by ARR growth in the future, we believe it will still be a supply upgrade brought about by model release to meet the diverse needs corresponding to the expansion of current pan-productivity scenarios such as offices, etc., and focus on subsequent M3.1 and H3.1 updates, and the release of the 3T parameter model M3Pro to drive upward growth.