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“We believe the bottom has been reached in the first quarter. Starting from the second quarter, we’re entering a recovery phase,” said William Li, CEO of <a href="/company/nio">Nio</a>, during a June 4 investor call.
His remarks came just a day after Nio posted a weak Q1 2025 earnings report. The company delivered 42,000 vehicles during the quarter, up just 4.1% year-on-year (YoY). This figure includes 27,000 units under the Nio brand and 14,700 under its new Onvo label. The average selling price across the portfolio was RMB 236,000 (USD 33,040) per vehicle.
By contrast, <a href="/company/li-auto">Li Auto</a> and <a href="/company/xpeng">Xpeng Motors</a> both delivered more than 90,000 vehicles in the same period. Their average selling prices were RMB 266,000 (USD 37,240) and RMB 153,000 (USD 21,420), respectively. While Xpeng still posted a quarterly loss of RMB 660 million (USD 92.4 million), it edged closer to breakeven. Li Auto, despite a sharp drop in profit, reported a net income of RMB 647 million (USD 90.6 million).
<a href="/company/xiaomi">Xiaomi</a>, which entered the <a href="/industry/ev">electric vehicle</a> market recently, sold over 75,000 cars in Q1 at an average price of RMB 238,000 (USD 33,320). It narrowed its quarterly loss to RMB 500 million (USD 70 million).
Nio’s finances were more concerning. It posted a net loss of RMB 6.7 billion (USD 938 million), and its cash reserves fell from RMB 41.9 billion (USD 5.9 billion) to RMB 26 billion (USD 3.6 billion) by the end of the quarter. However, the company raised more than HKD 4 billion (USD 509.7 million) in April through a share placement in Hong Kong.
Despite the numbers, Nio’s leadership maintained a confident outlook, projecting a rebound in Q2. The company expects to deliver between 72,000 and 75,000 units in the second quarter, a 25–37% increase from the year prior.
Li said Q2 2025 could mark a new single-quarter delivery record. Co-founder Qin Lihong was more optimistic, forecasting over 70% growth from the previous quarter.
That confidence stems from recent delivery performance. In April and May, Nio delivered 23,900–23,200 vehicles, respectively. To meet its Q2 target, it needs to ship between 24,900–27,900 vehicles in June.
Breaking down May’s figures: the Nio brand delivered 13,270 units, Onvo contributed 6,281, and Firefly added 3,680 in its first full month on the market. For the first time, all three brands made substantial contributions in a single month.
Nio’s ambitions stretch further. During the earnings call, Li floated a new target: delivering 50,000 vehicles per month by Q4, evenly split between the Nio and Onvo brands.
“50,000 [cars] a month isn’t a fantasy,” Li said.
Reaching that number is key to a larger goal: achieving profitability by Q4. Li simplified the math: “Profitability is simple: multiply sales by gross margin, and deduct expenses.” To improve margins, Nio is trimming nonessential R&amp;D and cutting back on low-return initiatives. It plans to reduce quarterly R&amp;D spending from over RMB 3 billion (USD 420 million) to RMB 2–2.5 billion (USD 280–350 million).
Still, questions remain over whether the 50,000-unit target is realistic.
On the Nio side, the company’s core “5566” lineup—comprising the ET5, ET5 Touring, ES6, and EC6—was fully available by May and is expected to ramp up deliveries in June. Li said the ES6 could achieve gross margins above 20%, with the EC6 even higher. The ET5 series is expected to improve margins by 10%, lifting the brand’s overall profitability.
A next-generation ES8, designed with global markets in mind, is due out in Q4. While Li noted it has more conservative dimensions than its predecessor, he suggested a bolder redesign is in the works for the third-generation model.
Onvo, the company’s mass market brand, is expected to supply the other half of Nio’s Q4 delivery volume. After a sluggish start, a leadership shake-up in April led to operational changes: “We cut 40% of Onvo’s staff and boosted sales by 40%,” Li said. The brand sold over 6,000 vehicles in May.
According to Li, Onvo will have three models on the market by year’s end: the L60, L80, and L90. He expects the L60 to stabilize at 10,000 monthly deliveries, with the L80 and L90 adding another 15,000 combined.
Qin said the company’s strategy includes opening more stores and using battery swap stations to boost test drives and outreach in underserved markets.
Still, even with momentum building, competition is intense. Xiaomi’s second model, the YU7, along with Li Auto’s i8 and i6 and Xpeng’s G7, are all slated to launch later this year. Xiaomi has reportedly begun stockpiling YU7 units in preparation for rapid delivery.
Nio’s competitors are also targeting profitability. Xpeng aims to break even in Q4, while Xiaomi could hit that milestone even earlier.
For Nio, the path is steeper. It’s aiming to erase a nearly RMB 7 billion (USD 980 million) deficit in just two quarters. “We’re in catch-up mode,” Li acknowledged. “Operationally, we need to close the gap.”
Reflecting on the company’s darkest hour in 2019, Li noted that survival back then depended on external bailouts. This time, he said: “We have to generate our own blood.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3321938441153026">article</a> was written by Li Anqi for 36Kr.

Nio says the worst is over after a bruising Q1. Now it has to prove it

East Asia

China

Transportation

Electric Vehicles

Mobility

<blockquote>China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.</blockquote>
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.
Here’s what made headlines last week:
<h3>China powers ahead in green and EV tech</h3>
<ul>
<li aria-level="1">Talent New Energy unveiled its “cold core” battery technology to improve fast charging and thermal management in cylindrical electric vehicle cells. Its 4695 and 50190 series support 6C charging, reaching 80% charge in nine minutes, and operate across extreme temperatures, addressing limitations of the cylindrical format.</li>
<li aria-level="1">Power prices in China’s industrial provinces have fallen to regulatory floors as coal costs plunge and renewable energy floods the grid. Jiangsu’s rate dropped 24% year-on-year (YoY) while Guangdong saw an 8.3% cut, offering relief to export-heavy industries amid US trade pressure. —<a href="https://www.bloomberg.com/news/articles/2025-06-05/china-s-power-prices-nosedive-in-relief-to-tariff-hit-factories">Bloomberg</a></li>
<li aria-level="1">Marubeni signed its first long-term deal to purchase green ammonia from China’s Envision Energy, sourcing from an Inner Mongolia plant set to start commercial output in late 2025. The Japanese firm aims to supply clients across Northeast Asia as it scales low-carbon fuel offerings. —<a href="https://asia.nikkei.com/Business/Energy/Marubeni-signs-green-ammonia-deal-with-China-s-Envision-Energy">Nikkei Asia</a></li>
<li aria-level="1">Botree Recycling Technologies raised additional Series B funding from the Taiping Science and Technology Innovation Fund to support global expansion and R&amp;D. Building on an earlier RMB 100 million (USD 14 million) investment, the Suzhou-based firm is scaling localized battery recycling projects, including a joint venture in Spain, and advancing tech for efficient metal recovery from EV and storage batteries.</li>
<li aria-level="1">BYD is partnering with Xiaoju Charging and Xindiantu to co-build 15,000 megawatt-level fast chargers across China, expanding its existing network of over 500 stations and accelerating the nationwide rollout of high-speed EV charging. —<a href="https://www.cnstock.com/commonDetail/448252">Shanghai Securities News</a></li>
<li aria-level="1">China accounted for more than 60% of global renewable energy additions in 2024, driven by advances in offshore wind, solar cell technology, and energy storage, according to CREEI. The sector is now shifting from rapid expansion to high-quality development, with grid integration and coordinated planning emerging as key priorities. —<a href="https://news.cgtn.com/news/2025-05-30/Report-China-s-new-energy-sector-continues-high-quality-growth-1DNT4aTvMmQ/p.html">CGTN</a></li>
</ul>
<h3>Ant unveils AI platform for fintech firms</h3>
Ant International launched a platform under Alipay+ to help fintech firms build artificial intelligence-native services. The solution supports workflows such as fraud detection, onboarding, and dispute resolution, with client deployments beginning June 2025 in South and Southeast Asia.
<h3>Naixue opens in Chiang Mai mall</h3>
Chinese tea chain Naixue opened its first store in Chiang Mai, inside Central Festival mall, marking its eighth location in Southeast Asia. Featuring staples and new drinks tailored to Thai tastes, the outlet recorded nearly THB 3.5 million (USD 107,000) in first-month revenue, with daily sales topping 2,000 cups. A New York store is now in the pipeline as it eyes the US market. —<a href="https://daoinsights.com/news/naixue-pulls-in-nearly-thb-3-5-million-in-first-month-in-chiang-mai/">Dao Insights</a>
<h3>Chagee boosts Q1 sales, but margins narrow</h3>
Chagee’s Q1 2025 revenue rose 35.4% YoY to RMB 3.39 billion (USD 474.6 million), driven by a 63.6% jump in store count to 6,681. Net income grew 13.8% to RMB 677.3 million (USD 94.8 million), though net margin narrowed to 20% as same-store GMV fell 18.9% YoY. Operating margin declined to 24.2% amid rising marketing and administrative expenses.
<h3>Ningji expands overseas with 15 stores signed</h3>
Chinese lemon tea brand Ningji launched an international expansion anchored in Hong Kong, signing 15 overseas stores across Malaysia, Singapore, Australia, and Cambodia. Stores are already open in Malaysia and Cambodia, with three more in key Kuala Lumpur locations expected to open in July. —<a href="https://36kr.com/p/3316386906269961">36Kr</a>
That wraps up this edition of China Recap. If your company is expanding internationally, we’d love to hear about your latest milestones. <a href="mailto:changweiqian@global.36kr.com">Get in touch</a> to share your story.

China Recap | Chinese firms power ahead in green and EV tech

… firms, a merger or some form of partnership will be necessary for survival."
This article first appeared on <a href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/BYD-price-bombshell-raises-specter-of-wider-China-EV-consolidation">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

BYD price bombshell raises specter of wider China EV consolidation

… src="https://console.kr-asia.com/wp-content/uploads/2025/06/Joyin-W-Bot.jpg" alt="Photo of the W-Bot." width="360" height="450" srcset="https://console.kr-asia.com/wp-content/uploads/2025/06/Joyin-W-Bot.jpg 1080w, https://console.kr-asia.com/wp-content/uploads/2025/06/Joyin-W-Bot-576x720.jpg 576w, https://console.kr-asia.com/wp-content/uploads/2025/06/Joyin-W-Bot-819x1024.jpg 819w, https://console.kr-asia.com/wp-content/uploads/2025/06/Joyin-W-Bot-768x960.jpg 768w" sizes="(max-width: 360px) 100vw, 360px" /><figcaption id="caption-attachment-154334" class="wp-caption-text">Photo of the W-Bot. Photo source: Joyin via 36Kr.</figcaption></figure>
<h3>Emotionally aware robots?</h3>
<a href="https://kr-asia.com/deepseeks-r1-sparks-global-ai-upheaval-with-low-cost-brilliance">The release of DeepSeek-R1</a> was a turning point for Joyin’s product direction.
“This was the best thing to happen to me in 2025,” Guo said.
Models like DeepSeek-R1 offer major gains in inference capability. When integrated into a robot’s processor, they enable smarter decision-making and task execution, which are crucial for a field still early in its technical arc.
As part of its roadmap, Joyin is also developing an open robot platform for developers, students, and researchers. The idea is to let users shape the product from the outset. That means letting users swap in sensors, adjust software, and tailor the robot’s behavior to suit different home environments.
Guo believes reinforcement learning will be a key differentiator. In older systems, even basic actions like waving a toy for a cat had to be pre-programmed by engineers. With reinforcement learning, users can teach robots new behaviors more intuitively. The robot can then plan and complete those actions independently.
This also gives the user a more intimate, human-like experience. By spending time in the home and absorbing contextual cues, the robot can start to respond in more personalized ways.
Guo stressed that when Joyin talks about “human-like design,” it’s not chasing the humanoid ideal of robots folding laundry or making dinner. Instead, it’s about emotional resonance: building a presence that feels comforting. This sets Joyin apart from many startups focused on perfecting humanoid tasks. Rather than competing on technical mastery, Guo is betting on emotional connection.
As an example, Joyin’s first robot might not even have voice functions. “Even if it only uses body language and screen visuals, it can still convey emotional presence,” Guo said. The priority is trust and companionship. Other features can come later.
To support that goal, Joyin is co-developing emotion- and consciousness-mimicking models with its large model partners.
The first step is building a bond. Once that happens, users naturally offer more context. From there, the robot learns autonomously, and the open platform allows for continuous expansion.
Still, Guo is pragmatic:
<blockquote>“Right now, we have to make money while feeding the dream.”</blockquote>
In just six months since its founding, Joyin has completed a working product demo. Both its team and strategy are evolving rapidly.
It’s been only six months since the company was founded, and already the product demo is done. Both the company and its strategy are evolving at warp speed.
“When we think it’s the right move, we go for it,” Guo said. “But we also admit we could be wrong. The real question is: can we iterate and adapt fast enough to get closer to the vision?”
That vision? Making robots a real part of family life.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3309355470936577">article</a> was written by Deng Yongyi for 36Kr.

Joyin races to rewire homes with emotionally aware robots

Robotics

Deep Tech

In 2020, <a href="/company/tesla">Tesla</a> introduced its 4680 large-format cylindrical battery, featuring tabless and dry electrode technologies. At the time, it was positioned as a major step forward in <a href="/industry/ev">electric vehicle</a> battery design.
Since then, demand for faster charging has grown across the EV industry. Batteries rated for 4C, 6C, and even 12C charging capabilities—mainly prismatic aluminum-shell and pouch cells—have entered the market. In comparison, development of large-format cylindrical cells like the 4680 has slowed.
Cylindrical structures are less effective at heat dissipation than prismatic or pouch designs, limiting fast-charging performance. Thermal management remains a key challenge. While prismatic cells continue to advance in ultrafast charging, cylindrical cells have yet to match that pace. This lag, combined with production inefficiencies and lower-than-expected yield rates, has led to increasing skepticism. Some in the industry have questioned whether large-format cylindrical cells remain viable.
Talent New Energy is working to address that concern. The company recently unveiled its “cold core” battery technology, developed through coordinated changes in structure, materials, and manufacturing processes.
On the structural side, Talent’s axial-through design tackles the core thermal issue by directing heat outward from the center of the cell. Two configurations are offered: semi-through holes and full-through holes. Both are built on conventional bottom-side liquid cooling. The semi-through version uses a single-sided tab and increases heat exchange surface area by 17–20%. The full-through version routes both tabs to opposite ends, creating a thermal pathway that reduces heat accumulation at the center.
The cold core battery tech also integrates axial and bottom-side cooling, effectively installing a cooling mechanism inside the cell to address longstanding thermal bottlenecks in cylindrical formats.
Material innovations complement this structural redesign. Modified cathode coatings are applied to enhance ion transport and create a three-dimensional conductive network to reduce resistance. The anode uses isotropic graphite and a multi-layer coating process to smooth lithium-ion flow. These adjustments aim to improve charge and discharge speeds without compromising safety.
Talent also introduced new manufacturing processes. An annular welding technique is utilized to improve connections between the tab, current collector, and casing, reducing internal resistance. To prevent electrode loosening during winding, a spool reinforcement process keeps layers compact, which helps maintain performance over time.
The battery’s production system is said to be modular and flexible, supporting different material systems and allowing for shared processes across models. This setup is intended to reduce costs and accelerate mass production readiness.
Talent’s 4695 and 50190 series cells, which use the cold core architecture, have reportedly shown improved charging speeds and environmental resilience. They support 6C fast charging, reaching 80% charge from 10% in about nine minutes, and maintain stable output in temperatures ranging from minus 30 to 55 degrees Celsius.
By aligning structural, material, and process improvements, Talent’s cold core battery tech offers a potential path to resolving the thermal and fast-charging limitations of cylindrical cells. With more than 30 related patents filed, the company seeks to position this technology as a competitive option in the evolving battery landscape.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3314534784100104">article</a> was written by Han Yongchang for 36Kr.

Can cylindrical EV batteries make a comeback? Talent New Energy thinks so

Batteries

Energy

… than in Jinan, with meat dishes sometimes priced RMB 3–4 (USD 0.42–0.56) higher. A plate of spicy shredded potatoes goes for RMB 2 in Jinan, but RMB 3 in Beijing. Celery and pork stirfry is RMB 4 and RMB 5, respectively. The differences are modest, and customer reviews on Dianping consistently praise the meals as “incredibly cheap.”
“Running at low margins is part of our DNA,” said assistant general manager Song Yefei at the launch of the first Beijing store. “We know labor, rent, and logistics cost more here. That just means slimmer profits, but we’ve never pursued high margins.”
Chaoyixing kept its formula intact. According to Beijing general manager Li Hongpeng, the rollout prioritized four areas: selecting locations near subway stations and residential neighborhoods; upgrading store design to feel cleaner and brighter; spotlighting its braised pork in the layout; and transferring roughly 70% of staff from Shandong to uphold service quality.
The approach appears to be working. In just over a year, Chaoyixing has opened more than 30 stores in the capital. “Despite higher wages and rents, the brand has held pricing steady,” Sun said. “That shows its cross-regional potential.”
Most investors and restaurant founders agree: in foodservice, the only lasting moat is scale.
Sun believes high-spending customers may drive bursts of early traction, but they tend to be fickle. Value-focused diners, though less reactive to marketing, are more loyal once won over. They also represent the mainstream in today’s market, and Chaoyixing caters to them exceptionally well. Such brands may not go viral, but they scale consistently. And once they do, their edge is hard to match.
Chaoyixing is already pushing farther afield. Beyond its strongholds in northern and central China, it opened a store in Xuzhou, Jiangsu in 2024 and is piloting operations in Xiamen, Fujian. But expanding comes with new complexities: regional taste preferences vary, and longer supply chains increase operational friction. Early reviews from Xuzhou have been mixed.
As Chaoyixing moves into unfamiliar territory, it faces the same test confronting every aspiring national chain in China: how to maintain consistency, efficiency, and value while learning to speak the local culinary dialect.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3302055241587464">article</a> was written by Ren Cairu for 36Kr.

Call it China’s Saizeriya: Chaoyixing scales fast food with low costs and margins

Retail

Consumer Economy

… headlines:</h3>
<ul>
<li aria-level="1">GridCare, a Singapore-based startup optimizing energy access for data centers, raised USD 13.5 million in an oversubscribed seed funding round led by Xora, a deep tech fund backed by Temasek. Other backers include Aina Climate AI Ventures, Sherpalo Ventures, Breakthrough Energy Discovery, and several unnamed investors.</li>
<li aria-level="1">Airwallex, a global business financial platform, secured USD 300 million in a <a href="https://kr-asia.com/airwallex-raises-usd-300-million-eyes-ipo-readiness-and-ai-led-finance">Series F funding round</a>, including USD 150 million in secondary share sales. Among the participants were Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures, Visa Ventures, and multiple Australian pension funds.</li>
<li aria-level="1">Every Half Coffee Roasters, a Vietnamese specialty coffee chain, reportedly raised USD 3 million in a pre-Series A funding round co-led by Openspace Ventures and DSG Consumer Partners.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: RadNet acquires See-Mode, Syfe raises additional Series C funding, latest China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Australia

Southeast Asia

India

Oceania

… partnerships. Its global strategy combines technical consulting, hardware distribution (including complete lines and parts), and ongoing operations and maintenance. Typically, Botree begins by supporting local factory setup, then transitions into a long-term operational role.
Across engagements, the firm seeks to balance commercial returns with sustained R&amp;D investment, even amid the unpredictability of global expansion.
The latest funding could also support strategic synergies, such as insurance coverage for new energy vehicles or collaborations with Chinese energy companies operating abroad. Botree’s long-term goal is to localize solutions for diverse regulatory environments, then reintegrate the most effective elements across markets to keep advancing the battery recycling sector globally.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3321557828774404">article</a> was written by Zhang Bingbing for 36Kr.

China’s Botree raises more funding to expand its battery recycling footprint

Syfe, a Singapore-headquartered digital wealth platform, has raised USD 80 million in Series C funding to expand its operations across the Asia Pacific. The round includes USD 53 million in new equity (Series C2) added to the USD 27 million it secured in August 2024 (Series C1), bringing the company’s total funding to USD 132 million.
The latest tranche was led by two UK family offices, with continued participation from existing investors Unbound and Valar. The capital comes at a time when investor activity is reportedly muted. According to Syfe, the first quarter of 2025 marked the region’s lowest funding levels since 2014, making the backing an indicator of confidence in its model and positioning.
The raise follows <a href="https://kr-asia.com/deals-in-brief-syfe-bids-for-asx-listed-selfwealth-malaysias-kmp-backs-swift-bridge-softbank-in-talks-to-acquire-chipmaker-ampere-and-more">Syfe’s acquisition of Selfwealth</a>, one of Australia’s largest listed investment platforms. <a href="https://kr-asia.com/deals-in-brief-temaseks-heliconia-backs-sin-chew-woodpaq-supabase-raises-series-d-funding-syfe-and-anymind-confirm-acquisitions-and-more">Finalized in May after shareholder approval</a>, the deal gives Syfe a broader user base and reinforces its position in a market that aligns with its focus on the “mass affluent,” which it broadly defines as individuals with six- to seven-figure USD sums in investable assets.
“This fund raise comes at an exciting time as we grow our presence across the region and expand our offerings,” said Dhruv Arora, Syfe’s founder and CEO. “In our markets of Singapore, Hong Kong, and Australia, nearly half of all adults are in the ‘mass affluent’ segment, and this segment is growing fast.”
Syfe said its total assets under management now exceed USD 10 billion, with its Hong Kong operations having doubled in size since the start of the year. The company plans to use the new capital to scale its reach, enhance the overall customer experience, and invest in artificial intelligence to build tools for both client and internal use.
To support these efforts, Syfe has made several key hires, including Sanjeev Malik, formerly of BlackRock, and Dane Ricketts, now vice president of marketing, who previously held senior roles at Procter &amp; Gamble and Grab. These additions signal Syfe’s push toward deeper operational maturity while maintaining a technology-first ethos.
Founded in 2019, Syfe operates on what it describes as a three-pillar approach: access, advice, and affordability. Its offerings span managed portfolios, cash solutions, and brokerage services, all delivered via a unified digital platform. In Singapore, the firm says more than 8% of adult citizens use its platform to manage their finances.
Licensed and operating in Singapore, Hong Kong, and Australia, Syfe reportedly serves customers in over 60 countries. It collaborates with firms such as BlackRock and PIMCO and continues to develop proprietary investment products tailored to regional needs.
“Built in the region, for the region,” is how Arora characterizes Syfe’s mission. With fresh capital in hand and Selfwealth’s integration underway, the company’s next challenge is to establish staying power in an increasingly competitive digital wealth landscape.

With USD 80 million in funding, Syfe sets sights on APAC’s “mass affluent”

Fintech