MINIMAX-W (00100) saw its share price jump over 9% during trading, with the stock up 8.26% at 325.20 Hong Kong dollars at the time of writing, reflecting a turnover of 2.756 billion Hong Kong dollars. The surge follows the company's release of its interim results earlier.

MiniMax's first-half revenue surged 283.1% year-over-year to approximately 120 million US dollars, with the single half-year figure already reaching 1.5 times the company's full-year 2025 revenue target. By August, its annual recurring revenue (ARR) had exceeded 800 million US dollars, with second-quarter revenue climbing 81.8% sequentially from the first quarter. Additionally, token consumption in July reached 20 times the January level, and the B-end business now contributes over 80% of total ARR.

Huatai Securities issued a research note projecting an acceleration in AI model commercialization over the next four to six months, alongside a favorable trend in competitive dynamics within the company's specific niche. The brokerage expects product launches to speed up in the latter half of the year, likely driving robust revenue growth. The M3 pro model is anticipated to debut between September and October, potentially featuring up to 3 trillion parameters. Following the H3 release, MiniMax is expected to reclaim a leading position in AI video generation, enhancing its capabilities in post-production, which could expand commercialization opportunities in areas such as advertising, e-commerce posters, and user interfaces. Huatai maintains its "Buy" rating on the stock.