MiniMax (00100) surged over 12% during the session as Design releases drive H3 towards commercial content production.

On August 21, MiniMax (00100) saw an intraday increase of over 12%. On the same day, CICC released a research report, maintaining its outperform rating for MiniMax. Considering the intensified competition in the large model industry, it believes the current valuation discount has exceeded a reasonable level and has set a target price of HKD 786. This week, MiniMax officially launched the multimodal creation Agent workstation, MiniMax Design. This marks the first official creation Harness built by MiniMax following the open-sourcing of H3, aiming to integrate the model's generation and editing capabilities into the commercial content production process. After users submit their creative requests, MiniMax Design can understand the goals, break down the tasks through its Agent, and utilize models and Skills to handle material processing, content generation, modification, and delivery. H3 is responsible for multimodal understanding, video generation, video editing, and reference control, while Design further manages task planning, material organization, and multi-stage collaboration, allowing the model to participate throughout the entire process from conception to final product. According to the CICC report, H3 has entered the first tier of multimodal models, with its capabilities in multi-referencing, video editing, and dynamic graphic generation aligning well with scenarios in advertising, e-commerce, and brand content that require frequent production and ongoing modifications. CICC believes that H3 and MiniMax Design address the issues of content generation and project organization respectively. Their collaboration is expected to shorten delivery cycles, reduce repetitive generation and post-production work, and enhance individual user engagement with the model. By the end of 2025, MiniMaxs video model is expected to have generated over 600 million videos, providing a foundational user base for Design to enter the realms of professional subscriptions, team collaboration, and enterprise services.