Core Viewpoint - MINIMAX-WP (00100) experienced a nearly 10% increase in stock price following the launch of its MiniMax Music 2.5 audio generation model, indicating strong market interest and confidence in the company's technological advancements [1] Company Developments - On January 29, MiniMax officially released the MiniMax Music 2.5 audio model, which has made breakthroughs in "paragraph-level strong control" and "physical-level high fidelity" compared to its predecessor [1] - The new version allows for more precise control over music structure and significantly enhances audio quality, marking an important trend in the industry [1] Industry Context - CITIC Securities previously noted that amidst the global wave of generative AI, MINIMAX is distinguishing itself with a "counter-consensus" strategic focus on model intelligence breakthroughs [1] - As one of the first companies in Shanghai to obtain large model registration, MINIMAX demonstrates strong development potential through its technological depth and commercial foresight [1] Financial Projections - The company is expected to maintain over 90% revenue growth from 2025 to 2027, with Non-GAAP gross margin projected to improve to 55% and net loss rate continuing to narrow [1] - With optimization of inference costs and the rollout of the next-generation multimodal model, MINIMAX is poised to expand its market space in AI-native applications [1]

消息面上，1月29日，MiniMax于1月29日正式发布MiniMax Music2.5音频大模型。相较于上一代，该模 型在"段落级强控制"与"物理级高保真"两大技术难题上实现突破。据介绍，新版本能够实现对音乐结构 更精准的把控，并显著提升了生成音频的音质水平。是行业重要趋势。 中信建投（601066）此前指出，在生成式AI浪潮席卷全球的当下，MINIMAX以"反共识"的战略定力， 聚焦模型智力突破，正从行业竞争中脱颖而出。作为上海首批获得大模型备案的企业，公司凭借技术深 耕与商业化远见，展现出强劲的发展潜力。该行预测，2025-2027年公司营收将保持90%以上的高速增 长，Non-GAAP毛利率有望提升至55%，净亏损率持续收窄。随着推理成本优化与新一代多模态模型落 地，公司有望在AI原生应用领域开辟更大市场空间。 MINIMAX-WP(00100)早盘涨近10%，截至发稿，涨9.26%，报572港元，成交额2.85亿港元。 ...

来源：上海证券报·中国证券网 上证报中国证券网讯（林铭溱 记者 刘逸鹏）2月2日，MINIMAX-WP早盘高开，开盘涨3.38%，随后震 荡上行，一度涨超15%。截至10时17分，MINIMAX-WP涨11.31%，报526.5港元/股。 | HK MINIMAX-WP L N | | | | --- | --- | --- | | 00100 L2 ▼ | | | | 526.500 今开 489.000 最高 548.500 最低 476.000 | | | | 748.5万 | 1131%53.500 换手 0.006% 总量 14360股 金额 | | | 重多 | 总值 1667亿 市盈 -31.87 市净 -16.43 | | | 分时 <0> | 五日 日K | 月K 更多, | | 均价: 524.083 价格: 526.500 53.500 11.31% | | | | 5481500 300 (4) | | 15.96% 卖1 531.000 | | 700 (5) | | 买1 530.000 | | 逐笔成交 ▲ | | | | 140 | | 10:17 527.500 | | 20 ...