On September 7, MINIMAX-W rose 4.59% in regular trading, trading at 369.0 HKD/share, with turnover of approximately HKD 705 million, extending its recent strong momentum.

On the news front, multiple leading large language model companies including MiniMax are reportedly in discussions to open official flagship stores on Tmall to sell Token subscription packages. Tmall has launched a dedicated Token recharge center, with its first batch integrating Alibaba Cloud, Zhipu, Kimi, and MiniMax among other top-tier providers. The move marks a significant milestone as AI model subscription services formally enter the e-commerce consumer channel, widely viewed as a pivotal shift in AI commercialization pathways.

The development comes amid an already accelerating commercial trajectory for MiniMax. The company reported H1 total revenue of approximately USD 117 million, up 283.1% year-over-year, with B-end revenue surging 703.1%. Its August ARR surpassed USD 800 million, far exceeding institutional estimates, while July Token consumption reached 20 times January levels. Multiple brokerages including Citi, Jefferies, and CMB International have maintained Buy ratings with upwardly revised target prices, reflecting confidence in MiniMax's model iteration pipeline and scaling monetization.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)