MINIMAX-WP (00100.HK)  +223.000 (+22.367%)    Short selling $171.26M; Ratio 4.027%   recently announced its 2025 annual results. The company's founder and CEO, Yan Junjie, revealed at the earnings conference that the company's ARR (Annual Recurring Revenue) crossed USD150 million as of February this year, and that the open platform products for enterprise clients and individual developers have seen new registered users exceed four times the number at the end of last year.

Additionally, on the back of algorithm optimization, operator implementation, and codec engineering optimization, the inference computing cost per million tokens for the M2 series text models has decreased by more than 50% as of February this year compared to the end of last year.

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Strategically, the company aims to transition from a large model company to an "AI platform company". Yan defined the core value of the AI platform as "intelligence density x token throughput", viewing that in the AI era, the ultimate determinant of success is not merely spending money and resources, but the speed of advancement in intelligent capabilities, which can generate larger-scale commercial revenue and market size. This speed comes from R&D efficiency.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-03-10 16:25.)