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<a href="/company/pinduoduo">PDD Holdings</a> ended 2025 with revenue still growing, but profitability under pressure as it increased spending on merchants and supply chains.
Fourth-quarter revenue rose 12% from a year earlier to RMB 123.9 billion (USD 17.9 billion), while net income fell 11% to RMB 24.5 billion (USD 3.5 billion). Revenue also came in below analysts’ average estimate of RMB 124.4 billion (USD 18 billion), according to LSEG.
Management reinforced that message on the earnings call. It said supply chain investment remains its top priority and argued that PDD should be judged more on ecosystem development rather than quarterly margins. It also said spending on merchant support, logistics, and operational upgrades would increase further in 2026.
The full-year figures pointed in the same direction. Revenue rose 10% to RMB 431.8 billion (USD 62.5 billion) in 2025, but operating profit fell 13% to RMB 94.6 billion (USD 13.7 billion), net income declined 12% to RMB 99.4 billion (USD 14.4 billion), and operating cash flow dropped to RMB 106.9 billion (USD 15.5 billion) from RMB 121.9 billion (USD 17.7 billion) in 2024. That marked a sharp slowdown from the previous year, when revenue grew 59%, operating profit rose 85%, and net income increased 87%.
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The fourth quarter also showed where growth is coming from. Transaction services revenue rose 19% to RMB 63.9 billion (USD 9.3 billion), outpacing the 5% increase in online marketing services and others, which reached RMB 60 billion (USD 8.7 billion). But costs continued to rise faster than revenue. Cost of revenues increased 15%, sales and marketing expense climbed to RMB 34.4 billion (USD 5 billion), and R&amp;D expense rose 32% to RMB 5 billion (USD 724.1 million).
Margin pressure had been building throughout the year:
<ul>
<li aria-level="1">In the first quarter, operating profit fell 38% and net income dropped 47% as sales and marketing expenses rose 43%.</li>
<li aria-level="1">The second quarter brought 7% revenue growth and another decline in net income.</li>
<li aria-level="1">The third quarter was stronger, but management was already warning that revenue growth was slowing and that results could remain uneven as ecosystem investment increased.</li>
</ul>
The company is also positioning itself as more than a transaction platform. On the call, executives described a larger role in merchant operations, village delivery infrastructure, product development, and supply chain upgrades. The strategy may help PDD retain merchants and defend market share in a slower Chinese e-commerce market, but it also suggests that lower margins may persist.
Temu adds another layer of uncertainty. Management said the business continued to grow, but it also pointed to changing trade, tax, data, and product compliance rules across markets. PDD ended 2025 with RMB 422.3 billion (USD 61.2 billion) in cash, cash equivalents, and short-term investments, up from RMB 331.6 billion (USD 48 billion) a year earlier.
Note: RMB figures are converted to USD at rates of RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Temu owner PDD misses estimates as margins come under pressure

Pinduoduo

Temu

East Asia

China

E-commerce

Logistics

Retail

Consumer Economy

<a href="/company/pop-mart">Pop Mart</a> posted strong growth in 2025, but the results failed to lift its stock. Shares of the Hong Kong-listed toymaker closed at HKD 168.3 (USD 21.5) on March 25, down 22.5%, after the company reported a sharp rise in revenue and profit alongside a growing reliance on “The Monsters,” the Labubu-led franchise that now anchors the business.
whereRelatedArticle
The company reported revenue of RMB 37.1 billion (USD 5.4 billion), up 184.7% year-on-year (YoY), while profit attributable to owners of the company rose 308.8% to RMB 12.8 billion (USD 1.9 billion). Gross profit climbed to RMB 26.8 billion (USD 3.9 billion), and gross margin widened to 72.1% from 66.8% a year earlier, helped by a larger contribution from overseas sales and lower procurement costs. Operating profit reached RMB 16.9 billion (USD 2.4 billion), up more than fourfold from a year earlier.
The shift was geographic as well as financial. China still accounted for 56.2% of revenue, but overseas markets drove much of the expansion. Revenue from the Americas jumped 748.4% to RMB 6.8 billion (USD 984.8 million), revenue from the Asia Pacific grew 157.6% to RMB 8 billion (USD 1.2 billion), and revenue from Europe and other regions rose 506.3% to RMB 1.5 billion (USD 217.2 million). Pop Mart ended 2025 with 630 stores globally, a net increase of 109, alongside 2,637 roboshops, as it expanded further in the US, Europe, and Southeast Asia.
The results also showed how much the company now depends on a single franchise. “The Monsters” generated RMB 14.2 billion (USD 2.1 billion) of 2025 revenue, or 38.1% of the total, up from 23.3% a year earlier. Artist IPs accounted for 90% of revenue overall, while plush became Pop Mart’s largest product category at RMB 18.7 billion (USD 2.7 billion), up 560.6% YoY.
The cost of the overseas push is also becoming clearer. Inventories rose to RMB 5.5 billion (USD 796.5 million) from RMB 1.5 billion (USD 217.2 million) a year earlier, while inventory turnover days stretched to 123 from 102. Pop Mart said that reflected longer transport lead times and the need to stock a larger global store base. Distribution and selling expenses more than doubled to RMB 8.1 billion (USD 1.2 billion), with transportation and logistics costs up 280.3%. Despite this, the company still expanded its margin.
Pop Mart’s balance sheet gives it room to keep investing. Cash and cash equivalents nearly doubled to RMB 13.8 billion (USD 2 billion), the company ended 2025 with no bank borrowings, and it proposed a final dividend of RMB 2.3817 (USD 0.3) per share, equivalent to an aggregate RMB 3.2 billion (USD 463.4 million). The 2025 results show a company that is expanding quickly overseas while becoming more dependent on a small number of IPs.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.82 = USD 1 and RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Pop Mart shares fall on concerns over limited IP diversification

<a href="/company/zhihu">Zhihu’s</a> first full-year non-GAAP profit in 2025 was overshadowed by a weak fourth quarter, highlighting how much of its improvement still rests on cost cuts rather than renewed growth.
Fourth-quarter revenue fell to RMB 643.5 million (USD 93.2 million) from RMB 859.2 million (USD 124.4 million) a year earlier, while gross margin narrowed to 53.6% from 62.9%. Adjusted net income swung to a loss of RMB 39.4 million (USD 5.7 million) from a profit of RMB 97.1 million (USD 14.1 million).
For the full year, revenue declined to RMB 2.7 billion (USD 391 million) from RMB 3.6 billion (USD 521.3 million) in 2024. Even so, adjusted net income turned positive at RMB 37.9 million (USD 5.5 million), compared with an adjusted loss of RMB 96.3 million (USD 13.9 million) a year earlier. On a GAAP basis, net loss widened to RMB 195.2 million (USD 28.3 million) from RMB 169 million (USD 24.5 million), suggesting Zhihu has improved efficiency without restoring sustained growth.
The full-year improvement was driven mainly by lower costs. Cost of revenue fell to RMB 1.1 billion (USD 159.3 million) from RMB 1.4 billion (USD 202.7 million) in 2024, while selling and marketing, R&amp;D, and general and administrative expenses also declined. Adjusted operating loss narrowed to RMB 269.2 million (USD 39 million) from RMB 405.4 million (USD 58.7 million).
The fourth quarter showed the limits of that progress. Total operating expenses rose to RMB 608.7 million (USD 88.1 million) from RMB 528.8 million (USD 76.6 million), largely because of a RMB 126.3 million (USD 18.3 million) goodwill impairment tied to earlier acquisitions. Even excluding that charge, the quarter was weaker than the full-year figures suggest. Gross profit fell to RMB 344.8 million (USD 49.9 million) from RMB 540.7 million (USD 78.3 million), and adjusted operating loss widened to RMB 89.3 million (USD 12.9 million) from adjusted operating income of RMB 23.1 million (USD 3.3 million) a year earlier.
Zhihu’s main revenue streams continued to contract:
<ul>
<li aria-level="1">Marketing services revenue fell to RMB 234.8 million (USD 34 million) from RMB 315.9 million (USD 45.7 million) a year earlier.</li>
<li aria-level="1">Paid membership revenue declined to RMB 333.5 million (USD 48.3 million) from RMB 420.2 million (USD 60.9 million).</li>
<li aria-level="1">Other revenue dropped to RMB 75.2 million (USD 10.9 million) from RMB 123.1 million (USD 17.8 million) as the company continued to adjust its vocational training business.</li>
<li aria-level="1">Average monthly subscribing members fell to 12.2 million in the fourth quarter from 14.1 million a year earlier and 14.3 million in the third quarter. That decline is significant because membership remains Zhihu’s largest source of revenue.</li>
</ul>
Company management identified <a href="/industry/ai">artificial intelligence</a> as a potential growth area. On the call, the company cited average daily time spent of more than 41 minutes in the fourth quarter, a double-digit increase in clickthrough rates for AI-generated answer cards after a December search upgrade, and plans to build expert data services and AI-driven productivity tools linked to IP monetization.
Zhihu has time to test that strategy. It ended 2025 with RMB 4.4 billion (USD 637.2 million) in cash, cash equivalents, term deposits, restricted cash, and short-term investments, down from nearly RMB 4.9 billion (USD 709.6 million) a year earlier. It also said it had repurchased 31.1 million Class A ordinary shares for a total of USD 66.5 million under its existing buyback programs.
The company is not under immediate financing pressure. But until it can stabilize membership and rebuild revenue, its first full-year non-GAAP profit looks more like evidence of tighter cost control than a completed turnaround.
Note: RMB figures are converted to USD at rates of RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Zhihu achieves profit milestone in 2025 despite declining revenue

Zhihu

<a href="/company/sensetime">SenseTime’s</a> 2025 results showed that generative <a href="/industry/ai">artificial intelligence</a> remained the company’s main growth driver, while profitability improved in the second half, even as full-year earnings and operating cash flow stayed negative.
The company announced on March 25 that revenue rose 32.9% year-on-year to RMB 5 billion (USD 724.1 million). EBITDA turned positive in the second half, reaching RMB 376.4 million (USD 54.5 million), its first positive half since listing.
Still, the improvement was incomplete. For the full year, EBITDA was negative RMB 471.3 million (USD 68.3 million), adjusted EBITDA was negative RMB 645.4 million (USD 93.5 million), and net cash used in operating activities totaled RMB 301.1 million (USD 43.6 million). Gross margin also fell to 41% from 42.9%, reflecting higher costs associated with SenseTime’s infrastructure-heavy generative AI business.
Generative AI remained the main source of growth. Revenue from that segment rose 51% to RMB 3.6 billion (USD 521.3 million) and accounted for 72.4% of group revenue, up from 63.7% a year earlier. Computer vision revenue increased 3.4% to RMB 1.1 billion (USD 159.3 million). Revenue from its “X” businesses, including smart automotive and healthcare, fell 5.9% to RMB 302 million (USD 43.7 million). The company said the decline mainly reflected the deconsolidation of its autonomous driving business in August 2025.
The second half was stronger than the full-year figures alone indicate. Based on SenseTime’s interim and annual filings, H2 revenue was about RMB 2.7 billion (USD 391 million), up about 30.7% from a year earlier. Gross margin improved to about 43.2% from 38.5% in H1, while operating cash flow shifted to an implied inflow of about RMB 338.4 million (USD 49 million).
The improvement also extended beyond revenue. R&amp;D expenses fell 8.6% in 2025, selling expenses declined 13.1%, administrative expenses dropped 16.2%, and impairment losses on financial and contract assets more than halved as collections improved. Together with stronger revenue, those changes helped narrow the net loss to RMB 1.8 billion (USD 260.7 million) from RMB 4.3 billion (USD 622.7 million).
Even so, the earnings picture came with caveats. Other gains rose to RMB 1.9 billion (USD 275.2 million) from RMB 538.8 million (USD 78 million) in 2024, and SenseTime’s H1 filing showed that period included RMB 937.6 million (USD 135.8 million) in gains on the disposal of subsidiaries. That suggests the reduction in losses was not driven by operating improvement alone.
Liquidity looked less strained at year’s end, with cash and cash equivalents at RMB 10.9 billion (USD 1.6 billion) and borrowings slightly lower at RMB 5.7 billion (USD 825.5 million). But the increase in cash was driven largely by RMB 5.6 billion (USD 811 million) in financing inflows, mainly from share placings and capital injections, while full-year operating cash flow remained negative.
SenseTime is now directing investor attention to a new foundation model based on its second-generation Neo multimodal architecture, which is expected in the second quarter, and to broader deployment of agentic AI applications. The next test will be whether the company can sustain its recent improvement without continued reliance on external capital, and whether generative AI can keep scaling without further pressure on gross margin.
Note: RMB figures are converted to USD at rates of RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

SenseTime narrows losses in 2025 as generative AI drives growth

SenseTime

Artificial Intelligence

Deep Tech

<a href="/company/anta">Anta Sports’</a> 2025 results showed that most of its growth came from Fila (China) and smaller brands rather than from the core Anta label, underscoring the company’s increasing reliance on its broader portfolio.
Group revenue rose 13.3% year-on-year to RMB 80.22 billion (USD 11.6 billion). Operating profit increased 15% to RMB 19.09 billion (USD 2.8 billion), and operating margin widened 0.4 percentage points to 23.8%. But revenue at the Anta brand grew just 3.7% to RMB 34.75 billion (USD 5 billion), compared with a 6.9% increase at Fila to RMB 28.47 billion (USD 4.1 billion) and a 59.2% rise at all other brands to RMB 17 billion (USD 2.5 billion).
The results were broadly consistent with Anta’s January warning that fourth-quarter retail conditions had softened. At the time, the company cited weaker consumer sentiment, unusually warm weather, heavy Singles’ Day promotions, and steeper discounting across the sector. It also said the mass market segment was more exposed, while the premium segment was relatively more resilient.
That divide was reflected in the segment figures. Fila’s operating profit rose 10.1% to RMB 7.42 billion (USD 1.1 billion), while operating profit from all other brands climbed 55.3% to RMB 4.74 billion (USD 686.4 million). Descente, one of the smaller labels in that group, exceeded RMB 10 billion (USD 1.4 billion) in retail sales for the first time. Based on company figures, all other brands accounted for about 21% of group revenue in 2025, up from roughly 15% in 2024.
The full-year figures also point to weaker momentum later in the year. Anta’s operating margin was 26.3% in the first half of 2025, compared with 23.8% for the full year, suggesting a softer second half as retail conditions cooled. The core Anta label also underperformed the group average. Its operating profit rose 2.5% to RMB 7.21 billion (USD 1 billion), slower than its revenue growth and well behind the gains posted by higher-end and newer brands.
whereRelatedArticle
Anta’s balance sheet remains a source of flexibility. Free cash flow rose to RMB 16.11 billion (USD 2.3 billion) from RMB 13.25 billion (USD 1.9 billion) a year earlier, and the company ended 2025 with a net cash position of about RMB 31.72 billion (USD 4.6 billion).
In February, Anta agreed to buy a 29.06% stake in Puma for EUR 1.5 billion (USD 1.7 billion), a transaction that would make it the German sportswear group’s largest shareholder.
The 2025 results suggest Anta’s multi-brand model is doing more than adding scale. It is helping offset slower growth at the core brand, while giving the company more room to keep investing in newer labels and overseas expansion.
Note: EUR, RMB figures are converted to USD at rates of EUR 0.86 = USD 1 and RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Anta’s core label slows in 2025 as Fila and other labels pick up the pace

<a href="/company/mixue-bingcheng">Mixue Bingcheng’s</a> 2025 results showed that it was still expanding quickly, but the more telling figure was a decline in gross margin in the goods and equipment business that underpins its franchise model and generates almost all of its revenue.
Revenue rose 35.2% year-on-year to RMB 33.56 billion (USD 4.9 billion), while annual profit increased 33.1% to RMB 5.93 billion (USD 858.8 million). Its store network reached 59,823 locations, up from 46,479 a year earlier, extending its lead in China’s mass-market drinks segment.
That scale matters because Mixue operates primarily through franchisees rather than company-run stores. As a result, it earns far more from supplying ingredients, packaging, and equipment than from collecting franchise fees.
The 2025 results reinforced that structure. Sales of goods and equipment rose 35.3% to RMB 32.77 billion (USD 4.7 billion), while franchise and related services revenue increased 28% to RMB 793.9 million (USD 115 million). Fees and related services therefore accounted for just 2.4% of total revenue, leaving Mixue much closer to a supply chain operator serving franchisees than to a conventional franchisor.
That is why the margin trend stood out. Gross margin in goods and equipment fell to 29.9% from 31.2%, which the company attributed to changes in revenue mix and higher procurement costs for some raw materials. Franchise and related services became more profitable, with gross margin rising to 82.6% from 80.4%, but that business remained too small to offset pressure in the supply chain operation.
The expansion story was also driven mainly by China rather than overseas markets. Stores in mainland China rose to 55,356 from 41,584, and 58% of that network was in third-tier cities and below. By contrast, stores outside mainland China fell to 4,467 from 4,895. Mixue said it was optimizing existing stores in Indonesia and Vietnam even as it entered Kazakhstan and the US, suggesting that overseas growth remained uneven.
Part of the increase in store count also came through acquisition. Mixue added 1,354 franchised stores through its purchase of the Fulujia beer brand, while franchised store closures rose to 2,527 from 1,609 a year earlier. That does not undermine the company’s overall expansion, but it does make the underlying store picture less straightforward than the headline number suggests.
Its balance sheet remained a point of strength. Cash, time deposits, restricted cash, and financial assets measured at fair value through profit or loss rose to RMB 19.99 billion (USD 2.9 billion) from RMB 11.11 billion (USD 1.6 billion), supported by operating cash flow and IPO proceeds, while interest-bearing bank borrowings stood at just RMB 28.2 million (USD 4.1 million). Mixue also said its smart dispensing machines had been rolled out to more than 13,000 stores by the end of 2025 as part of a broader effort to improve store efficiency.
Note: RMB figures are converted to USD at rates of RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Mixue’s growth continues in 2025 despite margin pressure

<a href="/company/kuaishou">Kuaishou’s</a> latest quarterly results for 2025 showed that its <a href="/industry/ai">artificial intelligence</a> investment is beginning to generate revenue, but also that scaling those efforts will require a sharp increase in spending.
Investors focused on the cost outlook. Kuaishou shares fell as much as 14% in Hong Kong on March 26 after management said 2026 capital expenditure could reach about RMB 26 billion (USD 3.8 billion), roughly RMB 11 billion (USD 1.6 billion) above 2025 levels.
The market reaction came despite solid fourth-quarter 2025 results. Revenue rose 11.8% year-on-year to RMB 39.6 billion (USD 5.7 billion), adjusted net profit increased 16.2% to RMB 5.5 billion (USD 796.5 million), and gross margin widened to 55.1% from 54%. But Kuaishou’s core platform appears to be maturing. Average daily active users reached 407.7 million, up 1.7% from a year earlier but down from the third quarter’s record 416.2 million, while live streaming revenue was flat at RMB 9.7 billion (USD 1.4 billion).
Advertising provided the clearest sign that AI is contributing to revenue. Online marketing services revenue rose 14.5% to RMB 23.6 billion (USD 3.4 billion), and Kuaishou said its generative recommendation and bidding models contributed about 5% of domestic online marketing services growth in the quarter. Spending tied to AI-generated marketing materials reached RMB 4 billion (USD 579.3 million), indicating that AI tools are already drawing additional advertiser spending within the core platform.
Kling, Kuaishou’s video generation model and platform, is also beginning to produce direct revenue, though it remains small relative to the overall business. The company said Kling generated RMB 340 million (USD 49.2 million) in Q4 revenue. That was less than 1% of quarterly group sales, but it showed that Kuaishou can now point to direct AI software revenue, rather than only stronger engagement or ad conversion.
Even so, domestic advertising and commerce remained the main drivers of growth. Revenue from other services, which include e-commerce and its AI platform, rose 28% to RMB 6.3 billion (USD 912.3 million), while e-commerce gross merchandise value (GMV) increased 12.9% to RMB 521.8 billion (USD 75.6 billion). That was solid, but slower than the 15.2% GMV growth Kuaishou reported in the third quarter. Management said short video-driven commerce continued to outgrow overall GMV, search tools lifted shopping mall order volume, and active merchants rose 7.3% from a year earlier to a record high. Even so, the broader pattern points to improving monetization on a user base that is expanding only modestly.
The overseas business showed a similar trend. Q4 overseas revenue rose 0.8% to RMB 1.3 billion (USD 188.3 million), while the operating loss narrowed to RMB 59 million (USD 8.5 million) from RMB 236 million (USD 34.2 million) a year earlier. That improvement suggests international performance is being supported more by tighter cost control than by faster expansion. The comparison is notable because Kuaishou reported 52.9% overseas revenue growth in the same quarter a year earlier.
Kuaishou, however, has capacity to fund that investment. It ended 2025 with RMB 104.9 billion (USD 15.2 billion) in available funds, generated RMB 26.7 billion (USD 3.9 billion) in operating cash flow for the year, proposed a final dividend of HKD 0.69 (USD 0.1) per share, and said it still expects to remain free cash flow positive this year despite the heavier AI buildout.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.82 = USD 1 and RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Kuaishou shares fall as AI spending overshadows solid earnings

Kuaishou

Kling AI

Shares of Chinese company FS.com began trading in Hong Kong on March 23 after completing its IPO in the city.
Based in Shenzhen, FS provides networking products and related services for businesses worldwide. Its offerings include optical modules, high-speed cables, switches, system software, and operations and maintenance services.
According to Frost &amp; Sullivan, FS ranked second in the global online direct-to-consumer (D2C) networking solutions market in 2024, with a 6.9% market share. The firm also ranked first in high-performance networking solutions, which it defines as products operating at 100 gigabits per second and above
The company’s market gains come as demand rises for <a href="/industry/ai">artificial intelligence</a> infrastructure. As training and inference workloads for large language models increase, data center networks are being upgraded to handle higher bandwidth and lower latency. That has supported demand for components such as optical modules, high-speed cables, and switches.
FS has expanded in this segment with products and services for four main use cases: high-performance computing, data centers, enterprise networks, and telecommunications. Unlike traditional vendors focused mainly on hardware, it uses a decoupled architecture that combines standardized networking hardware with cloud-based software, allowing customers to adjust network resources based on their needs.
That combination also allows FS to tailor products for both vertical scaling, or scale-up, and horizontal scaling, or scale-out, in AI data centers.
The company has built a D2C platform through FS.com that covers presales consulting, solution design, procurement, and global delivery.
As of the latest practicable date, FS said it had 500,000 customers across more than 200 countries and regions, including about 60% of Fortune 500 companies. Unlike traditional distributors that focus on large government and enterprise accounts, FS.com uses a standardized catalog, self-service selection tools, and flexible small- and medium-batch purchasing options to reach smaller businesses as well.
In 2024, FS reported net revenue retention of 102.3%. Average revenue per customer rose from RMB 26,900 (USD 3,895.6) in 2022 to RMB 31,700 (USD 4,590.7) in 2024.
From 2022–2024, FS posted a compound annual revenue growth rate of 14.6%. Gross margin rose from 45.4% in 2022 to 52.6% in the nine months ended September 30, 2025, while adjusted net margin reached 21.2%. According to IPO Zaozhidao, that level of profitability is above that of traditional hardware distributors.
Over time, investors will likely watch:
<ul>
<li aria-level="1">If high-performance networking solutions make up a larger share of its business.</li>
<li aria-level="1">If its D2C model continues to improve efficiency.</li>
<li aria-level="1">If its delivery network and regional reach expand further.</li>
<li aria-level="1">And if it can broaden its position from a product seller to a platform-based solutions provider.</li>
</ul>
This <a href="https://xueqiu.com/2854806290/380762809">article</a> was adapted based on a feature originally published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

FS.com lists in Hong Kong, riding demand for AI-era networking hardware

Hong Kong

Photo booths may seem niche, with demand often tied to events and special occasions, but they make up a sizable global market. According to <a href="https://www.maximizemarketresearch.com/market-report/global-photo-booth-market/34772/">Maximize Market Research</a>, the market was valued at about USD 584.6 million in 2024. The firm projects an 11.5% compound annual growth rate from 2025–2032, which would bring the market to USD 1.4 billion by the end of that period.
The Asia Pacific accounts for roughly one-fifth of the market. Within that broader region, Southeast Asia stands out as an active market for photo booth adoption and use. Yet, much of the industry in Southeast Asia still runs on outmoded tools that have been slow to adapt to operators’ needs and users’ expectations, including mobile-first infrastructure and social media integration, according to ChackTok, a software platform for photo and video booth operators.
ChackTok’s core product is its eponymous app, available on iOS and Android. The company said the app is designed for a range of operators, from entry-level mobile setups to professional multi-device rigs, while remaining compatible with iPhones, iPads, GoPro devices, and DSLR cameras.
ChackTok, which is available globally, is now pushing into Southeast Asia, citing the region’s dense events calendar, high social media usage, and growing base of booth operators.
<h3>A platform built to scale</h3>
According to ChackTok, much of the software in the photo booth category remains poorly optimized. Tools aimed at beginners may be easy to adopt, but they can become restrictive as operators take on larger jobs that require more advanced functions.
Professional-grade platforms can present the opposite problem. They may add so much complexity that smaller teams with limited capital and manpower struggle to use them efficiently.
ChackTok said it aims to support a full range of devices within one platform. In practice, that means operators do not need to migrate to a different system as their production needs grow or change, reducing switching costs and operational friction.
The ChackTok app is built around the full event workflow rather than image capture alone, according to the company. Users can create event profiles, manage templates, and choose from multiple shooting modes, including still photos, GIFs, boomerang shots, and slow-motion videos. The app also includes sharing tools through QR codes and social channels, along with more than 300 overlays and over 60 visual effects. The goal is to reduce the number of separate tools an operator needs to run a repeatable setup.
<h3>Why Southeast Asia, and why now</h3>
ChackTok said Southeast Asia’s market conditions align closely with what it is building.
According to the company, the region’s event calendar remains busy throughout the year, spanning weddings, corporate retreats, brand pop-ups, and religious celebrations. That creates steadier demand than the more seasonal patterns often seen in Western markets. The operator base is also highly fragmented, with many small independent businesses instead of large production companies, which may make leaner and more standardized tools more useful.
Southeast Asia is also home to some of the world’s most active social media markets. In Singapore, for example, a <a href="https://wearesocial.com/sg/blog/2025/02/digital-2025-top-digital-and-social-media-trends-in-singapore/">2025 report</a> by We Are Social and Meltwater estimated 5.16 million social media user profiles, equivalent to 88.2% of the city-state’s population at the time of measurement, with internet penetration at 92.4%. In markets like this, event guests may be more likely to share content online, making it important for organizers to use tools that can turn that behavior into wider distribution for branded outputs.
The rise of self-photo studios is another factor. Inspired in part by the four-cut studio model from South Korea, these studios are becoming a more visible part of the market. In high-footfall areas such as Orchard Road in Singapore and Siam Square in Bangkok, self-photo studios can give operators a recurring, location-based revenue stream beyond event work.
<h3>Infrastructure before scale</h3>
Visible features matter, but the underlying infrastructure does too. ChackTok said it has published product materials, data protection information, and privacy policy documentation to help operators meet client and buyer requirements across markets. The company added that these resources are available in multiple languages for its global user base, including users in Southeast Asia.
ChackTok also said the diversity of Southeast Asia influenced its decision to keep the app hardware-agnostic. Without relying on specific devices or hardware vendors, operators can work across different markets using equipment that is already available locally instead of defaulting to a fixed setup in each country.
<h3>Three use cases, one platform</h3>
Photo booths remain a staple at events, and the business often develops in stages. Entry-level operators usually begin alone or in small teams, using tablet- or smartphone-based setups for smaller occasions such as weddings and birthday parties.
Some later choose to scale. As job volume rises and client expectations shift, so do the required deliverables. For operators moving into larger projects such as corporate events and brand activations, priorities may include branded output, smoother workflows, and delivery reliability.
ChackTok also sees an opportunity among equipment and hardware distributors that want to add software to their offerings. The company said its compatibility across devices and hardware-agnostic approach could make that easier.
Across these use cases, ChackTok’s broader argument is that photo booth businesses need solutions that can adapt as operational needs change. In its view, operators often stay with the first platform they adopt, even as their businesses grow, creating a need for solution providers to scale alongside their users. That, it said, defines its mandate: to support operators from their first event through larger-scale operations.
<blockquote>ChackTok is a photo and video booth software platform used by event operators worldwide. Its flagship app is available on iOS and Android, and it supports a range of capture devices and booth formats. Find out more by visiting <a href="https://www.chacktok.com/?utm_source=KrASIA&amp;utm_medium=Blog&amp;utm_campaign=SEAbooth2026">the company’s website</a>.</blockquote>
This article was published in partnership with ChackTok.

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