China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.
China’s corporate globalization strategy is evolving fast. Industry giants are rewriting the global playbook, while a new generation of companies charts fresh paths overseas.
China Recap tracks both—focusing on strategic expansion, brand building, and localized operations—to help readers make sense of shifting trends and understand how Chinese firms are reshaping their global approach.
In this edition, we track how Chinese mobility companies are advancing technology and expanding abroad, positioning themselves for the next phase of global competition:
Yadea opens e-scooter plant in Thailand
Yadea, China’s leading two-wheeler maker, opened a plant in Samut Prakan, Thailand, with plans to produce 600,000 e-scooters over three years. Its first model, the RS20, will launch at THB 41,900 (USD 1,300), about 30% below Honda’s mainline scooter. The move underscores intensifying Chinese-Japanese competition in Southeast Asia’s two-wheeler market. —Nikkei Asia
Li Auto to mass produce M100 chip in 2025
Li Auto plans to start mass producing its M100 autonomous driving chip this year while continuing to equip current models with chips from Nvidia and Horizon Robotics. CTO Xie Yan is leading a co-optimization strategy aimed at boosting efficiency and reducing reliance on external suppliers. Executives said in-house chips tailored to Li Auto’s algorithms will improve both performance and cost competitiveness. —LatePost
Dreame to debut luxury EV in 2027
Dreame has announced its plans to enter the automotive market, starting with a luxury car model set to debut in 2027. Positioned against the Bugatti Veyron, the car will reportedly feature a proprietary artificial intelligence-driven companion system that learns driver habits and emotions, and cross-ecosystem connectivity with smart devices. A team of nearly 1,000 is said to be developing the project. —IT Zhijia
Xpeng debuts new P7 sedan in China
Xpeng has launched the new P7 electric sedan in Guangzhou, offering four editions priced RMB 219,800–301,800 (USD 30,772–42,252). Built on an 800-volt platform with 5C charging and up to 820 kilometers of range, the EV features Xpeng’s Turing chips and VLA (vision-language-action) model for advanced driving assistance.
DeepRoute.ai launches IO 2.0 platform
DeepRoute.ai has launched IO 2.0, a smart driving platform powered by its VLA model, offering “human-like driving experiences for everyday users.” The system supports LiDAR (light detection and ranging) and vision-only setups and will debut on Nvidia Drive AGX Thor. With five OEM (original equipment manufacturing) partnerships secured, the first vehicles are slated to hit the market later this year.
BYD ships Thai-made EVs to Europe
BYD shipped 900 EVs from its Rayong plant in Thailand to Belgium, Germany, and the UK on August 25, marking the factory’s first export to Europe. The move fulfills Thai incentives requiring local production after earlier EV import tax breaks and underscores Thailand’s role as BYD’s key overseas hub. —The Business Times
Pony.ai eyes robotaxi rollout in Hong Kong
Pony.ai plans to deploy a robotaxi fleet in Hong Kong after clearing regulatory hurdles, expanding beyond its operations in four major mainland cities. The firm has also launched its Gen 7 models, touting robust self-driving capabilities and major cost reductions. —SCMP
BYD picks Perak for first Malaysia plant
BYD will build its first EV assembly plant in Malaysia at KLK TechPark in Perak, secured through the Muallim Speed-Lane scheme. The project is expected to generate jobs, support technology transfer, and deepen local supply chain integration, positioning Perak as a growing hub in Southeast Asia’s EV manufacturing sector. —The Star
This edition also covers the latest earnings from Chinese internet and consumer firms, revealing a mixed picture as some turned profits while others saw margins tighten despite revenue growth:
SenseTime narrows losses, boosts AI growth
SenseTime posted revenue of RMB 2.4 billion (USD 336 million) for the first half of 2025, up 36% YoY, driven by 73% growth in generative AI, which accounted for 77% of its sales. Adjusted net loss narrowed 50%, while trade receivable collections hit a record RMB 3.2 billion (USD 448 million), up 96%. Cash reserves rose to RMB 13.2 billion (USD 1.85 billion).
XtalPi reports record growth, first H1 profit
XtalPi reported H1 2025 revenue of RMB 517 million (USD 72.4 million), up 404% YoY, and adjusted net profit of RMB 141 million (USD 19.7 million), its first half-year profit. Revenue growth was driven by a 615% surge in drug discovery solutions, milestone collaborations such as a USD 51 million deal with professor Gregory Verdine, and advances in AI- and robotics-enabled R&D platforms.
Innovent expands portfolio, lifts H1 profit
Innovent Biologics reported H1 2025 revenue of RMB 5.95 billion (USD 833 million), up 50.6% YoY, and net profit of RMB 1.21 billion (USD 169.4 million). The company expanded its portfolio to 16 drugs, including three new oncology launches, advanced global pipeline trials, and reaffirmed its target of RMB 20 billion (USD 2.8 billion) product revenue by 2027.
Tuya posts Q2 growth, announces payout
Tuya reported Q2 2025 revenue of USD 80.1 million, up 9.3% YoY, with net profit rising to USD 12.6 million from USD 3.1 million. Gross margin held at 48.4% and operating margin turned positive at 1.4%. The board declared a USD 0.054 cash dividend per share or ADS, totaling about USD 33 million and payable in October.
Meituan’s Q2 profit tumbles on costs
Meituan reported Q2 2025 revenue of RMB 91.8 billion (USD 12.85 billion), up 11.7% YoY, but profit plunged to RMB 365 million (USD 51.1 million) from RMB 11.4 billion (USD 1.6 billion). Adjusted net profit dropped 89% to RMB 1.5 billion (USD 210 million) as rising courier incentives and overseas expansion costs squeezed margins.
Zhihu posts Q2 profit while revenue falls
Zhihu reported Q2 2025 revenue of RMB 716.9 million (USD 100.4 million), down from RMB 933.8 million (USD 130.7 million) a year earlier, but swung to net income of RMB 72.5 million (USD 10.2 million) from a RMB 80.6 million loss. Adjusted net income was RMB 91.3 million (USD 12.8 million), and gross margin improved to 62.5% on AI-driven efficiency gains and lower operating costs.
Keep posts profit in H1 on AI shift
Chinese fitness app operator Keep reported RMB 822 million (USD 115.1 million) in revenue and adjusted net profit of RMB 10.35 million (USD 1.4 million) in H1 2025, reversing a RMB 167 million (USD 23.4 million) loss a year earlier. Gross margin improved to 52.2% as the company doubled down on AI-driven services and streamlined low-margin fitness equipment to focus on higher-value products. —Sina
Super Hi posts mixed Q2 results
Haidilao operator Super Hi reported Q2 2025 revenue of USD 198.9 million, up 8.5% YoY on guest growth and network expansion. Same-store sales rose 5.3%, but income from operation fell 56.5% to USD 3.7 million amid rising costs. Net profit reached USD 16.4 million, reversing a loss in the same period last year.
RoboSense’s robotics revenue up 632%
RoboSense reported Q2 2025 revenue of RMB 460 million (USD 64.4 million), up 24.4% YoY, with robotics sales surging 632% to RMB 150 million (USD 21 million) on strong LiDAR demand. Gross margin rose to 27.7%, and the company expects delivery volumes to climb in Q4 amid broader AI and robotics expansion.
PDD’s profit slips as investment ramps up
PDD Holdings reported Q2 2025 revenue of RMB 104 billion (USD 14.6 billion), up 7% YoY, driven by online marketing and transaction services. Operating profit fell 21% to RMB 25.8 billion (USD 3.6 billion), while net income dropped 4% to RMB 30.8 billion (USD 4.3 billion) as higher costs and continued investment in merchant support weighed on profitability.
Revenue up, costs stable at Dingdong
Dingdong Maicai reported Q2 2025 net income of RMB 107.2 million (USD 15 million), up 59.7% YoY, marking its sixth consecutive GAAP-profitable quarter. Revenue rose 6.7% to RMB 5.98 billion (USD 837.2 million), while non-GAAP net income reached RMB 127.8 million (USD 17.9 million) with a 2.1% margin. Gains were driven by higher user engagement, repeat orders, and robust cost control.
That wraps up this edition of China Recap. If your company is expanding internationally, we’d love to hear about your latest milestones. Get in touch to share your story.