Shares of MINIMAX-W (00100) surged more than 8% during intraday trading. At the time of writing, the stock was up 5.42%, trading at HK$381 per share, with a turnover of HK$3.665 billion.

According to MINIMAX's interim results, the company's first-half revenue grew 283.1% year-over-year, while its B2B revenue jumped 703.1%, with its share of total revenue rising to 63.4%. The H3 model has surpassed 24 million downloads within three weeks of its launch, signaling rapid expansion in model inference demand and the multimodal ecosystem.

An analyst at Kaiyuan Securities noted that as AI video generation capabilities continue to improve, multimodal technology is expected to accelerate its penetration into high-frequency content scenarios such as film, advertising, and short dramas. This could drive gains in content production efficiency and reshape cost structures, further unlocking commercial potential.

A research report from CITIC Construction Investment highlighted the company's strategy of "minimizing costs while maximizing intelligence." The report recommends monitoring several key areas: the release of new models M3.1 and M3 Pro in the second half of the year, particularly the scaling effects of the new flagship models; the continued market share growth of the Hailuo series; and the company's competitive edge in model cost-effectiveness, single-card throughput, and computational efficiency—factors that are expected to become decisive as leading models reach similar levels of intelligence.