HK Stock Market Move | MINIMAX-W (00100) rose nearly 7% in early trading; August ARR has exceeded US$800 million, with the market focused on subsequent ARR growth.

MINIMAX-W (00100) rose nearly 7% in early trading. As of press time, it was up 6.55% at HK$253.6, with a turnover of HK$1.597 billion. On the news front, MiniMax recently announced that H3 Max 768P and 480P have been integrated into its open platform and Design system. The core breakthrough lies in a leap in generation speed: a complete 5-second audio-video clip at 768P resolution takes less than 3 seconds to generate, and this qualitative change in generation speed has directly spawned new product forms. Because the model can prepare the next segment while the previous video is playing, H3 Max has been successfully integrated into real live streaming by overseas developers. It is worth noting that MiniMax previously announced that ARR exceeded US$800 million in August, with enterprise users contributing more than 80%. Changjiang pointed out that subsequent ARR growth may mainly depend on the launch performance of M3.1, M3Pro, and H3.1. The company's core observation focus in the second half of the year on the product side is the succession of M3.1, the capabilities and price ceiling opened up by M3Pro, and the recovery of gross margin. The company is expected to further unleash its growth potential and elasticity.