Why is MiniMax stock surging today?

MiniMax's stock experienced a significant surge of 3.6%, reaching HK$314 on Thursday, following the release of impressive interim results that far surpassed market expectations. The Chinese AI company reported H1 2026 total revenue of around $117 million, marking a remarkable 283.1% year-over-year increase. This surpassed the company's full-year 2025 revenue of $79 million within just six months.

The B2B segment, driven by its open platform and enterprise AI services, showed exceptional growth, with revenue increasing 703.1% year-over-year to $73.9 million. This segment now accounts for 63.4% of total revenue, up from 30.3% in the previous year, solidifying its position as the company's largest and fastest-growing business line.

Gross profit also expanded by 464.8% year-over-year. Management disclosed that the company's annual recurring revenue had surpassed $800 million in August, setting its year-end target of $1 billion ARR within reach. Furthermore, Citi raised its price target on MiniMax stock from HK$533 to HK$576, maintaining a Buy rating, noting that the H1 revenue figure exceeded consensus expectations by 272%.

The company also highlighted the upcoming launches of M3.1 and M3 Pro models as potential catalysts for further margin improvement. The overall Hong Kong market provided a supportive environment, with the Hang Seng Index up 0.48% and the Hang Seng Tech Index gaining 0.85%, as AI and large-model stocks rallied following Nvidia's strong after-hours earnings report.