MiniMax's New Generation Large Model Debuts, Stock Price Surges Over 28% to Create New High

AI · Intelligent Agent Platform Expansion: How is MiniMax Leading Industry Transformation?

On March 18, Hong Kong-listed AI large model leader MiniMax (0100.HK) saw its stock price surge over 28%, reaching a new all-time high. By the close, MiniMax rose nearly 20%, closing at HKD 1,238 per share, with a total market capitalization of HKD 388.3 billion.

According to recent news, MiniMax released its new generation model M2.7 on March 18. This model builds an Agent Harness system that deeply participates in its own training and optimization processes, handling 30%-50% of tasks in some R&D scenarios, and achieving approximately 30% performance improvement on internal evaluation sets. In core capabilities, M2.7 scored 56.22% on SWE-bench Pro; it also supports end-to-end project delivery and complex system understanding in real-world tests like VIBE-Pro and Terminal Bench 2. In office scenarios, its GDPval-AA ELO score is 1495, the highest among open-source models, enhancing document processing and multi-turn editing capabilities.

Notably, the previously released M2.5 model by MiniMax remains top in OpenRouter call volume. According to OpenRouter platform data from March 16 to 18, MiniMax M2.5 ranked first in token calls among the top five, with DeepSeek V3.2 coming in fourth.

Annual reports show that by 2025, MiniMax is expected to achieve total revenue of $79.038 million, a year-over-year increase of 158.9%. Last year’s revenue from AI-native products was $53.075 million, up 143.4%. The financials indicate this growth is mainly driven by increased user engagement, stronger willingness to pay, and ongoing promotion and commercialization of products like Heluo AI.

Combined with recent releases of similar OpenClaw intelligent agents by major companies such as Tencent, ByteDance, Alibaba, Zhipu, Baidu, and Xiaomi, Guosheng Securities believes this aligns with previous expectations of rapid deployment of low-threshold Agent products. They remain optimistic about user penetration significantly boosting token consumption in a nonlinear fashion, with particular focus on computing power, cloud services, models, and security. Recommended stocks include Minimax, Zhipu, Alibaba, Kunlun Wanwei, and Shunwang Technology.

From a broader technological perspective, China Galaxy Securities notes that recent AI advancements follow two main trends: First, the rapid spread of intelligent agent platforms like OpenClaw enables large models to directly invoke systems and applications to complete tasks, pushing AI from information generation toward actual production workflows, though this also introduces new data security and permission management challenges. Simultaneously, NVIDIA released Nemotron 3 Super, an open-source heavyweight model providing efficient long-context reasoning for multi-agent collaboration systems. Second, Google launched Gemini Embedding 2 and integrated Gemini deeply into mapping services, advancing AI from text understanding to multimodal perception and real-world decision-making. As intelligent agents, foundational models, and application platforms evolve collaboratively, AI is accelerating toward a new stage where it can autonomously understand environments and execute complex tasks.

(Disclaimer: The content of this article is for reference only and does not constitute investment advice. Investors operate at their own risk.)