On September 4, MINIMAX-W rose more than 10% in regular trading, extending its recent strong momentum.

On the news front, MiniMax's commercialization has been accelerating sharply. The company reported H1 total revenue of approximately $117 million, up 283.1% year-over-year, with half-year revenue already exceeding full-year figures from the prior year. B-end open platform revenue surged 703.1% YoY to $73.9 million, now accounting for 63.4% of total revenue. Notably, August ARR surpassed $800 million, far exceeding institutional estimates such as Jefferies' $580 million forecast, while July Token consumption reached 20 times January levels.

Meanwhile, the H3 Max model has ranked first on multiple video generation benchmarks, generating a 5-second 768p video in under 3 seconds with throughput approximately 35 times that of the original H3 endpoint. Multiple brokerages including Citi, Jefferies, and CMB International have raised target prices, with CMB International setting a target of HK$580. Southbound capital net purchased over HK$10 billion of the stock in August alone, now holding 9.7% of shares outstanding.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)