Shares of MINIMAX-W (00100) extended their afternoon rally on Monday, climbing 19% to HK$358 with turnover reaching HK$5.8 billion. The surge follows the company's announcement on the 31st that its H3 Max 768P and H3 Max 480P models have been integrated into the MiniMax open platform and MiniMax Design.

The H3 Max, developed by fal through post-training and inference optimization based on the open-weight version of MiniMax H3, has achieved a significant performance milestone. The model can now generate a complete 5-second, 768p audio-visual clip in under 3 seconds, meaning the generation speed has begun to outpace the playback speed.

This breakthrough in speed has a direct impact on the product format. While the previous video segment is still playing, the system is already preparing the next piece of content, allowing the model to be connected to continuously running live streams. As a result, the target audience for video models may be expanding from "someone who needs to produce a single video" to "content products that need to generate visuals continuously."

The H3 Max supports both text-to-video and image-to-video generation, capable of producing 480p or 768p resolution clips lasting 5 to 15 seconds at 24fps with full audio. According to data released by fal, generating a 5-second, 768p video takes less than 3 seconds, while a 15-second video requires approximately 15 seconds. The throughput is roughly 35 times that of the official MiniMax H3 endpoint.

The acceleration of H3 Max comes from coordinated adjustments to both the model and the inference system. fal incorporated new data into the H3 open-weight foundation and used verifiable reinforcement learning to further optimize instruction following and visual performance, while also adapting the model to its proprietary inference infrastructure. The H3 Max currently ranks first in both the Design Arena image-to-video leaderboard and the Artificial Analysis image-to-video leaderboard.

Overseas developers have already integrated this capability into real-world live streaming. fal engineer Rehan Sheikh connected H3 Max to Twitch, creating a "cross-dimensional television" channel without a fixed program schedule. The model continuously generates new visuals and audio that feed directly into the live stream, accumulating nearly 5.3 million views on X.

Analysts are optimistic about the company's prospects. Huatai Securities expects AI model commercialization to accelerate over the next 4-6 months, while noting an improving competitive landscape in MiniMax's specific segment. The firm anticipates that the company's product launch pace in the second half of the year will drive faster revenue growth, with the M3 Pro model potentially launching between September and October, featuring parameters potentially reaching the 3 trillion scale. Both Guosheng Securities and Guojin Securities have published research reports on MINIMAX-W (00100), maintaining "Buy" ratings.