港股异动 | MINIMAX-W(00100)早盘涨超6% 商业化进程明显加速 8月ARR已突破8亿美元

智通财经09-03 11:13

智通财经APP获悉，MINIMAX-W(00100)早盘涨超6%。截至发稿，涨3.91%，报356.0港元，成交额25.76亿港元。

消息面上，MiniMax商业化进程明显加速，2026年上半年实现收入约1.17亿美元，同比增长283.1%，其中二季度收入环比增长81.8%；进入三季度后增长进一步提速，7月Token消耗量已达到1月的20倍，8月ARR突破8亿美元。

东方证券发布研报称，我们判断ARR高增主要系6月初发布的文本模型M3系列+小部分由7月底发布的多模态视频生成H3贡献。往后ARR增长驱动，我们认为仍是模型发布带来的供给升级，满足当前泛生产力场景拓展如办公等对应的多元需求，关注后续M3.1和H3.1更新、3T参数模型M3Pro发布带动增长上行。

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