According to CoinMeta, MiniMax indicates that from the structure of the latest annual recurring revenue (ARR), the proportion of its To B business has reached approximately 80%, while the proportion of To C business is about 20%. Compared to the same period last year, the proportion of To B business was around 30% and To C accounted for about 70%. The adoption speed of these models by enterprises and developers is clearly accelerating. MiniMax states that with the continuous upgrades of the M2 series and the subsequent launch of M3 and H3, the intelligence level of the models and their inference throughput have improved simultaneously, making the model invocation needs of enterprises and developers a new major source of revenue for MiniMax.