MiniMax M3.1 Flash 定价：输入输出均比 M3 低逾 50%

Poe Zhao @poezhao0605原推发布于 2026.10.22

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Shanghai AI lab MiniMax cut API prices with its new M3.1 Flash model. Input and output prices are each more than 50% below M3's. On the morning of October 22, MiniMax traded at HK$161.66 in Hong Kong, below its HK$165 IPO price. The Hang Seng Tech Index was down more than 4% at the same time. I would not read much into one morning's trade. My August piece set a different test: "M3 Pro, which management says approaches 3 trillion parameters on a new sparse-attention architecture, is the exam." MiniMax says a Pro version will follow soon. The price cut came first. I will judge it by that model. My August analysis of MiniMax's first half, and the formula behind its low prices: https://hellochinatech.com/p/minimax-h1-2026-earnings