MiniMax cuts M3.1 Flash API pricing to 1 CNY per million input tokens
MiniMax M3.1 Flash API pricing is 1 CNY per million input tokens, 4 CNY output and 0.1 CNY cached reads, a cut of over 50% on input and output versus M3 within the 512K tier and over 70% on cached reads. Morgan Stanley maintained Overweight with an HK$900 target the same day.
Reporting on October 22 put MiniMax M3.1 Flash API pricing at 1 CNY per million input tokens, 4 CNY per million output tokens and 0.1 CNY per million cached reads. Against the previous M3, within the context tier under 512K, input and output prices fell by more than 50% and cached read pricing by more than 70%. The company claims roughly a 3x inference speed improvement for the version.
The same day Morgan Stanley published research maintaining an Overweight rating on MiniMax with an HK$900 target price. Cited benchmark figures were 73.7% on DeepSWE, 61.7% on OSWorld V2 and 82% on CyberGym.
The cut arrives amid a cluster of domestic Flash-class model releases, with DeepSeek also updating its Flash line. Chinese Flash models now price materially below comparable international models while staying close on usability benchmarks.