MINIMAX-WP's stock plummeted 5.07% during intraday trading, continuing a multi-session decline from its peak levels.

The sharp selloff follows intensified competitive pressure in the AI sector after DeepSeek launched its V4 model with a dramatic pricing offensive. DeepSeek announced a limited-time 75% discount on its V4-Pro API pricing, reducing input costs to just 0.025 yuan per million tokens, which market analysts believe directly threatens MiniMax's abab model series among developers seeking to minimize operational expenses.

Further compounding concerns, DeepSeek confirmed successful adaptation of V4 to Huawei Ascend domestic chips, validating a low-cost domestic compute pathway that could compress industry-wide margins. While some institutional analysts maintain that MiniMax retains competitive advantages in multimodal capabilities, voice, video, and overseas growth, the immediate competitive threat has triggered significant selling pressure on the stock.