MiniMax官宣M2.5参战“春节档”，总市值超2000亿

Core Insights - MiniMax launched its new text model MiniMax M2.5 on February 12, 2026, with significant performance improvements leading to a stock price increase of 14.62% on the first day and a market capitalization exceeding 200 billion HKD [2] - The M2.5 model achieved notable scores in programming capabilities, with an 80.2% score on the SWE-Bench Verified and 51.3% on Multi-SWE-Bench, surpassing the previous generation and outperforming competitors [2] - The model's "native Spec capability" allows it to deconstruct architecture and functional planning proactively, mimicking the work patterns of real architects [2] - M2.5 demonstrated a 20% improvement in task performance efficiency compared to its predecessor, particularly in complex task handling [2] Performance and Cost Efficiency - The M2.5-lightning version supports over 100 transactions per second (TPS), doubling the output speed of mainstream models, with input costs around $0.3 per million tokens and output costs approximately $2.4 per million tokens [5] - The operational cost for continuous use is estimated at about $1 per hour when outputting 100 tokens per second, indicating a potential for significant economic scalability in agent deployment [6] Ecosystem Development - Within a day of its launch, over 10,000 experts were created on the MiniMax Agent platform, indicating rapid user adoption and growth [6] - MiniMax aims to build a sustainable and scalable Agent ecosystem, referred to as the Agent Universe, to enhance the penetration of agents across various sectors, including programming, office work, and entertainment [6] Competitive Landscape - On the same day as MiniMax's launch, Zhiyun announced its GLM-5 model, which excels in programming and intelligent workflows, highlighting the competitive nature of the AI model market [6] - The release cycle of major AI models is intensifying, with significant updates from companies like Baidu and Alibaba, indicating a strategic push to capture user attention and developer ecosystems ahead of the Chinese New Year [7]