MiniMax M2.5正式发布，带动股价上涨35%

Core Insights - MiniMax has launched its latest flagship model M2.5, which has achieved industry-leading performance in high-value economic tasks such as programming and productivity tools through extensive real-world reinforcement learning training [2][4]. Model Positioning and Core Capabilities - M2.5 scored 80.2% in the SWE-Bench Verified test and 51.3% in the Multi-SWE-Bench test, showcasing its advanced capabilities in programming and intelligent agent tasks [2][11]. - The model's execution speed for complex tasks improved by 37% compared to its predecessor M2.1, matching the speed of Claude Opus 4.6 [3][18]. Technical Framework Analysis - M2.5 retains the mixed expert model (MoE) architecture from M2.1, with a total parameter scale of 230 billion, activating only 10 billion parameters during inference for efficiency [5]. - The Forge framework, introduced in M2.1, continues in M2.5, allowing for the integration of various agents and optimizing model performance across different environments [6][8]. Performance and Benchmark Testing - M2.5 demonstrated superior programming capabilities, achieving a score of 79.7% on the Droid harness and 76.1% on the OpenCode harness, outperforming Claude Opus 4.6 [13]. - In office productivity tasks, M2.5 achieved a 59.0% average win rate against leading models, indicating significant improvements in generating deliverable outputs [17]. Cost, Efficiency, and Market - M2.5 supports a reasoning speed of 100 tokens per second, nearly double that of other leading models, with a task completion cost significantly lower than competitors [19]. - The pricing strategy for M2.5 is designed to make advanced models economically feasible for users, with costs as low as $1 for an hour of continuous operation at full speed [19]. Application Ecosystem and Implementation - M2.5 has been fully deployed in MiniMax Agent, enhancing user experience with standardized Office Skills and allowing for the creation of over 10,000 reusable Experts [24]. - Internally, M2.5 autonomously completes 30% of overall tasks across various departments, validating its capabilities in real-world applications [24]. Summary - MiniMax M2.5 represents a significant advancement in the M series, achieving enhanced capabilities through engineering optimizations while maintaining a competitive pricing strategy that could influence the domestic large model market [25].