On August 21, MINIMAX-W (00100) saw its shares climb more than 12% during intraday trading. On the same day, a research report from China International Capital Corporation (CICC) maintained its Outperform rating on the company, citing intensifying competition in the large model industry. The report argued that the current valuation discount has exceeded reasonable levels and set a target price of HK$786 per share.

This week, MiniMax officially unveiled MiniMax Design, a multimodal creative Agent workbench. This marks the first official creation harness built around H3 since its open-source release, aiming to integrate the model's generation and editing capabilities into commercial content production workflows. When a user submits a creative request, MiniMax Design employs an Agent to interpret the objective, break down tasks, and invoke models and Skills to handle asset processing, content generation, revision, and delivery.

H3 manages multimodal understanding, video generation, video editing, and reference control, while Design further handles task planning, asset organization, and multi-stage collaboration, enabling the model to participate in the entire process from concept to final production. According to the CICC report, H3 has entered the first tier of multimodal models, with its multi-reference, video editing, and dynamic graphics generation capabilities aligning well with scenarios such as advertising, e-commerce, and brand content that require frequent production and iterative revisions.

From CICC's perspective, H3 and MiniMax Design address content generation and project organization, respectively. Their synergy is expected to shorten delivery cycles, reduce redundant generation and post-production rework, and increase model call volumes and usage depth per user. As of the end of 2025, MiniMax's video models have cumulatively generated over 600 million videos, and this user base provides a foundation for converting Design into professional subscriptions, team collaboration, and enterprise services.