HK Stock Market Move | MINIMAX-W (00100) surged over 8% in early trading, and the H3 model has exceeded 24 million downloads in three weeks since its launch.

MINIMAX-W (00100) surged over 8% in early trading. As of this writing, it is up 5.20%, priced at HKD 380.2, with a trading volume of HKD 3.414 billion. On the news front, MINIMAX's interim performance report shows that revenue for the first half of the year increased by 283.1% year-on-year, with To B revenue growing by 703.1%, accounting for 63.4% of total revenue. The downloads for the H3 model exceeded 24 million within three weeks of its launch, indicating a strong demand for model inference and rapid growth in the multimodal ecosystem. Open Source Securities noted that as AI video generation capabilities continue to improve, multimodal solutions are expected to accelerate penetration into high-frequency content scenarios such as film, advertising, and short dramas, enhancing content production efficiency and reshaping cost structures, thus opening up further commercialization opportunities. China Securities Co., Ltd. published a research report stating that the company "adheres to the strategy of minimizing costs and maximizing intelligence levels," and continues to focus on the upcoming release of the M3.1 and M3 pro new models in the second half of the year, especially the performance of the new flagship model scaling; the ongoing improvement in market share for the Huanluo series models; and as the intelligence levels of leading models gradually converge, the cost-performance ratio, single-card throughput, and computing efficiency will become key factors in the next phase of competition, with optimism about the company's positioning in these areas.