MiniMax 上半年毛利率 17.9%，M3.1 Flash 提速近三倍

Poe Zhao @poezhao0605原推发布于 2026.10.22

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Shanghai AI lab MiniMax's first-half gross margin was 17.9%, up from 12.1% a year earlier, but below an implied 34% in the second half of 2025. In August, management said it expects margins to improve in the second half of 2026. MiniMax says M3.1 Flash runs online inference nearly three times faster. My working assumption is that the efficiency behind that speed has to pay for the lower prices. The second-half gross margin is the first number I will check. It is one sign of whether efficiency kept pace with the price cut, though the filing will not separate the two.

这条是引用着另一条写的：「MiniMax M3.1 Flash 定价：输入输出均比 M3 低逾 50%」