HK Stock Market Move | MINIMAX-W (00100) rose over 9% in the morning, with August ARR exceeding $800 million. The M3 Pro is expected to be launched in September to October.

MINIMAX-W (00100) surged over 9% in the morning session and as of the time of writing, it had risen 6.46%, trading at HKD 320, with a turnover of HKD 2.358 billion. In terms of news, MiniMax previously released its interim results. In the first half of this year, MiniMax's total revenue increased by 283.1% year-on-year to approximately USD 120 million, reaching 1.5 times the total revenue for the entire year of 2025 in just six months. The companys annual recurring revenue (ARR) exceeded USD 800 million in August, with second-quarter revenue growing by 81.8% compared to the first quarter. The token consumption in July had reached 20 times that of January, and the contribution of its B-end business to the overall ARR surpassed 80%. Huatai released a research report stating that it expects the commercialization of AI models to accelerate in the next 4-6 months, and the competitive landscape in the companys specific sector is showing signs of improvement. In the second half of the year, the companys product launches are expected to accelerate, likely driving rapid revenue growth: the M3 pro is expected to launch in September or October, with parameter scale potentially reaching the level of 30 trillion. After the release of the H3, the company aims to return to the forefront of AI video and focus on enhancing post-production capabilities, with prospects for commercialization in advertising, e-commerce posters, and UI. The "Buy" rating is maintained.