MiniMax-W (00100) opened sharply higher, gaining more than 7% in early trading. As of the time of writing, the stock was up 4.22%, trading at HK$315.80 with a turnover of HK$1.241 billion. The surge follows the company's release of its interim results, which showcased robust growth metrics.

MiniMax reported a 283.1% year-on-year increase in total revenue for the first half of the year, reaching approximately $120 million. This figure alone is 1.5 times the company's total revenue for the full year of 2025. Notably, B-end revenue surged 703.1% year-on-year to $73.9 million, with its share of total revenue climbing from 30.3% in the same period last year to 63.4%, solidifying its position as the company's largest revenue source. Additionally, benefiting from infrastructure and full-stack efficiency improvements, MiniMax's gross profit continued to improve, rising 464.8% year-on-year to $20.81 million.

In response to these results, Citi raised its price target for MiniMax from HK$533 to HK$576, citing the company's strong performance, primarily driven by a 703% year-on-year increase in its open platform enterprise services. Analyst Alicia Yap and her team noted in a report that, thanks to the enhanced intelligence of the M3 model, the company's annual recurring revenue (ARR) surpassed $800 million in August, while token consumption surged 20-fold between January and July. The report also forecasts total revenue of $577 million for the fiscal year 2026, with an adjusted net loss of $710 million. Furthermore, the M3.1 model is expected to be released in the second half of 2026, and the M3 Pro model, approaching 3 trillion parameters, is currently in development, which the analysts describe as a significant leap forward.