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Where Winds Meet: Can it become China’s next global blockbuster game?

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Anta weighs Puma takeover

just now
Bloomberg
Anta Sports is exploring a potential takeover of Puma and has been working with an adviser to assess a bid, according to people familiar with the matter. Li-Ning and Asics may also consider offers. Talks remain preliminary, and valuation expectations from Puma’s largest shareholder Artemis could pose a hurdle. Puma’s share price slump has cut its market value to about EUR 2.5 billion.

Phone makers drop “Air” plans

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Jiemian News
Xiaomi, Oppo, and Vivo have canceled their respective "Air" phone projects and shifted planned eSIM features to standard devices, sources said, reflecting weak demand for ultra thin smartphones. Apple’s iPhone Air has also reportedly underperformed, with suppliers scaling back production. Huawei continues with its Mate 70 Air, which analysts say offers a more balanced mix of battery life, imaging, and design.

EcoFlow expands into Australia

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EcoFlow
EcoFlow has secured Clean Energy Council certification for its home battery and solar technologies, marking its formal entry into Australia. The approval confirms compliance with local safety and performance standards as the company prepares to launch modular LFP-based systems designed for installers. The company is also planning broader product introductions and partnerships beginning in 2026.

Pentagon adds Chinese firms to list

just now
Bloomberg
The Pentagon told the US Congress it has determined Alibaba, Baidu, BYD, and five other Chinese companies should be added to the US 1260H list identifying firms tied to China’s military. The notice preceded the recent US-China trade truce. Alibaba denied any military links, and China’s foreign ministry criticized the move. The designation carries no direct penalties but increases compliance and investor risk concerns.

ByteDance weighs Moonton sale

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Bloomberg
ByteDance is in talks to sell Shanghai Moonton Technology, the studio behind Mobile Legends: Bang Bang, to Saudi Arabia’s Savvy Games Group, reviving a divestment plan paused last year. Moonton was acquired in 2021 at a roughly USD 4 billion valuation. The discussions come as ByteDance pulls back from gaming and Savvy accelerates investments.

Cheetah Mobile returns to profit

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Cheetah Mobile
Cheetah Mobile reported Q3 2025 revenue of RMB 287.4 million, up 49.6% YoY, as its AI and miscellaneous segment grew 150.8% to half of total revenue. Operating profit reached RMB 3.9 million, its first in six years, while non-GAAP operating profit rose to RMB 15.1 million. Net loss narrowed to RMB 11 million, and cash stood at RMB 1.6 billion.

EHang posts Q3 slowdown

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EHang
EHang reported Q3 revenues of RMB 92.5 million, a decline from RMB 128.1 million a year earlier, as deliveries fell to 42 eVTOL aircraft units, according to its unaudited results . The company posted an RMB 82.1 million net loss while launching the VT35, preparing commercial operations in China, and expanding trial programs across Asia, the Middle East, and Africa.

Li Auto reports Q3 downturn

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Li Auto
Li Auto reported Q3 revenues of RMB 27.4 billion, a 36.2% YoY decline, as deliveries fell 39% to 93,211 vehicles, according to its unaudited filing . Recall-related costs reduced gross margin to 16.3% and led to a RMB 624.4 million net loss. The company forecasts 100,000–110,000 deliveries and up to RMB 29.2 billion in revenue for the next quarter.

Mixue expands Vietnam footprint

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Mixue Group
Mixue Group has secured 93 new Vietnam store contracts at its 2025 franchisee conferences in Ho Chi Minh City and Hanoi, which drew nearly 700 candidates. Vietnam remains the brand’s third largest market as Mixue enters a mature expansion phase focused on larger store formats, stronger locations, and improved consumer experience to support long-term franchise growth.

Nvidia CEO urges wider AI use

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Cailian Press
Nvidia CEO Jensen Huang told employees to adopt AI wherever possible, rejecting reports that some managers discouraged its use. He said tasks suited for automation should be handled by AI and noted that Nvidia engineers already rely on tools like Cursor as major tech firms deepen internal AI adoption. Huang added that hiring remains strong despite recent layoff trends.

Chery unveils seven-seat SUV

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Chery
Chery launched the Chery X in Jakarta on November 24, introducing a transformable seven-seat SUV with foldable second-row seats and a quick-release third row that shifts into camper and open-top layouts. The model features a waterproofed powertrain with 700 millimeters of wading depth as Chery broadens its SUV range in Indonesia.

Pico plans 2026 headset launch

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IT Zhijia
ByteDance-backed Pico plans to debut a 2026 headset built on an in-house chip designed for low-latency processing of high-resolution, high-frame-rate video. The model adds a custom micro OLED panel nearing 4,000 PPI with improved PPD. Pico has also expanded developer access and upgraded its mixed reality tools through recent system updates.

Li Auto plans launch of AI glasses

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Jiemian News
Li Auto CEO Li Xiang said the company plans to launch its own AI glasses and is considering an AI-driven smart speaker as it expands its product ecosystem. He added that Li Auto will not build phones. The update comes as competition in the smart glasses segment intensifies, with major tech firms already moving into the category.

Terminus posts strong H1 growth

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36Kr
Chinese firm Terminus Group has reported H1 revenue of RMB 632 million, up 77% YoY, led by AI computing and digitalization revenue of RMB 577 million, which rose 191%. Gross margin improved to 22.7% and cost ratios declined, while cash and equivalents reached RMB 657 million. The company added new AIoT customers, expanded orders to RMB 2.6 billion, and extended deployment to 172 cities globally.

Nvidia defends lead over Google TPUs

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CNBC
Nvidia said its GPUs remain a generation ahead of rivals after a report that Meta may turn to Google’s TPUs (tensor processing units) weighed on its shares. The company emphasized broader model support and flexibility than ASIC-based TPUs. Google said demand is rising for both TPUs and Nvidia GPUs as its Gemini 3 model was trained on TPUs.

TikTok hires new policy chief

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Reuters
TikTok has appointed Ziad Ojakli, former Boeing government affairs chief, as head of public policy for the Americas as it works to separate its US assets from ByteDance. Ojakli begins December 1, succeeding Michael Beckerman. Lawmakers continue to question algorithm oversight under the planned US entity, which would be majority owned by US and global investors.

Nio posts record deliveries in Q3

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Nio
Nio reported Q3 revenue of RMB 21.79 billion, up 16.7% YoY, with deliveries rising 41% to a quarterly record of 87,071 units across the Nio, Onvo, and Firefly brands. Vehicle margin increased to 14.7%, pushing gross margin to 13.9%, and net loss narrowed 31% to RMB 3.48 billion.

RoboSense revenue holds steady in Q3

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RoboSense
RoboSense reported Q3 revenue of RMB 407.1 million, roughly unchanged from a year earlier, while total LiDAR shipments grew 34% to 185,600 units on surging robotics demand . Gross margin improved to 23.9% from 17.5% as material costs declined and in-house chips gained share. The company recorded a RMB 100 million net loss for the quarter.

Alibaba posts 15% like-for-like gain

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Alibaba
Alibaba reported Q3 revenue of RMB 247.8 billion, up 5% YoY, or 15% on a like-for-like basis excluding divestitures of the Sun Art and Intime businesses. Cloud revenue rose 34% on continued AI demand, while China commerce customer management revenue increased 10%. Adjusted EBITA fell 78%, and free cash flow shifted to a RMB 21.8 billion outflow as investments continued.

“Miniso Land” debuts in Australia

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Miniso
Miniso has opened its first and largest “Miniso Land” in Australia at Westfield Chatswood, unveiling an 800-square-meter flagship with immersive IP zones and more than 7,000 SKUs, with over 70% of them IP collaborations. The store introduces new Zootopia- and Sanrio-themed products and supports Miniso’s broader global expansion strategy.
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