MiniMax Desperately Swimming Past the Kill Line: Open-Source H3 Between Kimi K3 Performance Ceiling and DeepSeek Price Floor, With R&D Spending Triple Revenue

MiniMax joined the open-source landscape on July 31 with the launch of H3, its first model supporting text, image, audio, and video with direct 2K output. This release follows M3, which saw a 15% drop in shares due to disappointing performance metrics. H3 ranks first globally in video editing, offering 2K generation at a cost of 0.8 yuan per second, one-third of leading models' prices. However, it does not lead in overall performance or pricing, placing it in a challenging competitive position.