HK Stock Market Move | MINIMAX-W (00100) rose over 6% in early trading, with a significant acceleration in its commercialization process. The ARR in August has already surpassed 800 million USD.

MINIMAX-W (00100) surged over 6% in early trading. As of the time of reporting, it has risen 3.91%, reaching HKD 356.0, with a trading volume of HKD 2.576 billion. On the news front, MiniMax's commercialization process has clearly accelerated, achieving revenue of approximately USD 117 million in the first half of 2026, a year-on-year increase of 283.1%. The revenue in the second quarter grew by 81.8% compared to the previous quarter; entering the third quarter, the growth further accelerated, with the token consumption in July reaching 20 times that of January, while the August ARR exceeded USD 800 million. Orient has released a research report stating that we believe the significant growth in ARR is mainly due to the release of the text model M3 series in early June, along with a minor contribution from the multi-modal video generation model H3 released at the end of July. Moving forward, we believe that the driving force behind ARR growth will continue to be the supply upgrades brought by model releases, meeting the diverse demands of current generalized productivity scenarios, such as office applications. We will focus on the upcoming updates of M3.1 and H3.1, as well as the release of the 3T parameter model M3Pro to drive upward growth.