--- title: "M2.5 ignites Agent demand! MINIMAX-WP has accumulated a maximum increase of over 480% since its listing" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/276681724.md" description: "In the Year of the Horse in the lunar calendar 2026, MiniMax-WP became the focus of the Hong Kong stock market. On February 20, the stock price closed up 14.52%, with a market capitalization exceeding HKD 304.2 billion, and a cumulative increase of over 480%. After the release of the M2.5 model, data from the OpenRouter platform showed a rapid rise in its popularity and usage, successfully triggering a collective awakening of the Agent ecosystem. MiniMax addressed the pain points of traditional models in Agent scenarios through its self-developed Forge system, achieving a fundamental breakthrough in AI execution logic" datetime: "2026-02-24T05:34:15.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276681724.md) - [en](https://longbridge.com/en/news/276681724.md) - [zh-HK](https://longbridge.com/zh-HK/news/276681724.md) --- > 支持的语言: [English](https://longbridge.com/en/news/276681724.md) | [繁體中文](https://longbridge.com/zh-HK/news/276681724.md) # M2.5 ignites Agent demand! MINIMAX-WP has accumulated a maximum increase of over 480% since its listing According to Zhitong Finance APP, as the Year of the Horse in the lunar calendar begins in 2026, MiniMax-WP (00100) has undoubtedly become one of the most eye-catching focuses in the Hong Kong stock market. On February 20, the first trading day of the Year of the Horse, MiniMax's stock price closed up 14.52%, with its market value once exceeding HKD 304.2 billion, setting a historical high since its listing. Since its debut on the Hong Kong Stock Exchange at an issue price of HKD 165 per share on January 9, its cumulative increase has exceeded 480%, successfully entering the ranks of core AI stocks in the Hong Kong market. This is not merely driven by market sentiment, but rather by the industrial-level explosion triggered by the release of its new generation model M2.5 after the Spring Festival—data from the OpenRouter platform shows that M2.5 topped the OpenRouter popularity list within 12 hours of its release, and within a week, it ranked first in usage volume, with weekly usage skyrocketing to 3.07 trillion tokens, surpassing the total of Kimi K2.5, GLM-5, and DeepSeek V3.2. Behind the usage volume is the collective awakening of the Agent ecosystem. The explosion of M2.5 is not solely due to its price advantage (input price of USD 0.103 per million tokens, output price of USD 1.34 per million tokens, only 1/20 of Claude Opus 4.6), but more importantly, it precisely penetrated the "cost-capability" critical point of the Agent workflow. OpenRouter officials disclosed that M2.5 leads in usage volume in the 100K-1M tokens long text range, which is the most representative consumption range in the Agent workflow. At the technical level, MiniMax reconstructs AI execution logic with "Forge." Traditional models face two major pain points in the Agent scenario: context management relies on external rules leading to logical disconnection, and training efficiency is hindered by repetitive prefixes. MiniMax achieves a fundamental breakthrough through its self-developed Forge system: **Architecture Decoupling:** Gateway Server isolates Agent behavior from model complexity, while Data Pool asynchronously collects training trajectories; **Training Acceleration:** Prefix Tree Merging reconstructs training samples into a tree structure, achieving approximately 40 times acceleration; **Engineering Optimization:** Windowed FIFO strategy balances throughput efficiency and stability, while a composite reward mechanism (process reward + time reward) guides the model to select the optimal execution path. This design directly empowers top open-source tools. Core frameworks of AgentOS such as Kilo Code and OpenClaw have fully integrated M2.5, achieving an 80.2% pass rate in SWE-Bench Verified evaluations, ranking first in multi-language tasks on Multi-SWE-Bench. The rise of AgentOS is rewriting the competitive rules of large models. As token consumption shifts from "text interaction cost" to "action execution cost," model vendors must transition from "single-point capability competition" to "system-level adaptation." The explosion of MiniMax M2.5 confirms this trend: it not only meets developers' needs for "functionality and affordability," but also deeply integrates the model into the Agent workflow through the Forge systemThe execution of complex tasks is moving from Demo to large-scale implementation. Currently, the strong rise in MiniMax's stock price is, in fact, the market's recognition of the value of "AI execution layer infrastructure." Behind the 3T call volume of M2.5 on OpenRouter is the vote cast by Silicon Valley developers based on real needs—when the Agent ecosystem moves from concept to reality, MiniMax is redefining the underlying logic of the next generation of AI applications as a technology reconstructer. As noted by a16z Research, the true competitiveness of a model lies in the "long-term fit of workloads," and MiniMax's Forge architecture has already laid the key groundwork for this transformation ### 相关股票 - [MINIMAX-W (00100.HK)](https://longbridge.com/zh-CN/quote/00100.HK.md) ## 相关资讯与研究 - [What Zhipu and MiniMax’s first post-IPO earnings say about the 2 AI start-ups](https://longbridge.com/zh-CN/news/281474299.md) - ["The New Era of Tokens": Ten Questions and Answers about China's AI Industry](https://longbridge.com/zh-CN/news/281014143.md) - [The Deep Crisis of the US Monetary System: M2 Expansion, the Nature of Inflation, and the Path to Reform](https://longbridge.com/zh-CN/news/281588354.md) - [Shares of China AI 'tiger' Zhipu surge 35% after revenue doubles in first earnings report](https://longbridge.com/zh-CN/news/281314542.md) - [Is the stock market open today? Here are the trading hours ahead of Good Friday.](https://longbridge.com/zh-CN/news/281603222.md)