On August 26, it was reported that MiniMax's revenue structure is undergoing significant changes. According to the latest ARR data, its To B business has surged to approximately 80%, while the To C business has declined to about 20%. Compared to the same period last year, the proportion of To B business has grown significantly from around 30%, while the proportion of To C business has dropped from about 70%. This indicates that the adoption rate of models by enterprises and developers is accelerating. MiniMax stated that with the continuous upgrades of the M2 series and the successive launches of M3 and H3, the intelligence level and reasoning throughput capabilities of the models have improved simultaneously. The demand for model calls from enterprises and developers is becoming MiniMax's new primary source of revenue.