diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4f7eb59cf15..171fa45449f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -59,6 +59,9 @@
 - **(es/minifier)** Enable `dead_code` by default (#4309) ([74a5087](https://github.com/swc-project/swc/commit/74a5087989173f833517cb6f6bf51afcf9642286))
 
 
+- **(es/minifier)** Improve sequential inliner (#4335) ([f92242d](https://github.com/swc-project/swc/commit/f92242dcb17a7b6dc25dac63d052df9e3d7042bc))
+
+
 - **(es/parser)** Support `extends` clause to `infer` type (#4326) ([1c3d1af](https://github.com/swc-project/swc/commit/1c3d1af01cdfdf6794e73e32bb0062698d4910be))
 
 ### Miscellaneous Tasks
diff --git a/Cargo.lock b/Cargo.lock
index fd3e6a46409..dd052691bfc 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -3244,7 +3244,7 @@ dependencies = [
 
 [[package]]
 name = "swc_ecma_minifier"
-version = "0.104.0"
+version = "0.104.1"
 dependencies = [
  "ahash",
  "ansi_term",
diff --git a/crates/swc_ecma_minifier/Cargo.toml b/crates/swc_ecma_minifier/Cargo.toml
index c3032e7850c..3f190acc592 100644
--- a/crates/swc_ecma_minifier/Cargo.toml
+++ b/crates/swc_ecma_minifier/Cargo.toml
@@ -7,7 +7,7 @@ include = ["Cargo.toml", "src/**/*.rs", "src/lists/*.json"]
 license = "Apache-2.0"
 name = "swc_ecma_minifier"
 repository = "https://github.com/swc-project/swc.git"
-version = "0.104.0"
+version = "0.104.1"
 
 [package.metadata.docs.rs]
 all-features = true