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<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’s mobility players double down on innovation and scale</h3>
<ul>
<li aria-level="1"><a href="/company/xpeng">Xpeng Motors</a> has launched an all-new P7 sedan in Beijing, offering up to 820 kilometers of range based on CLTC (China Light-Duty Vehicle Test Cycle) standards and powered by in-house chips supporting voice, cockpit, and driving functions. Featuring 800-volt fast charging, streamlined aerodynamics, and a tech-focused luxury interior, the <a href="/industry/ev">electric vehicle</a> model reportedly secured over 10,000 preorders within seven minutes of launch. —<a href="https://www.jiemian.com/article/13141369.html">Jiemian News</a></li>
<li aria-level="1"><a href="/company/xiaomi">Xiaomi</a> has hired Kai Langer, former head of design for BMW’s i series, as it expands its EV ambitions. Langer will join a setup including Li Tianyuan, formerly the lead designer of BMW’s iX SUV, to help shape Xiaomi’s car lineup. The duo represents a fusion of legacy automotive expertise with the company’s tech-driven approach to EVs. —<a href="https://auto.sina.cn/news/2025-08-06/detail-infizxps9925801.d.html">Sina</a></li>
<li aria-level="1"><a href="/company/geely">Geely</a> is reportedly in talks to merge autonomous driving teams from Zeekr, its R&amp;D arm, and Megvii’s Mach unit into a joint venture established in June. The move aligns with Geely’s strategy to centralize smart driving R&amp;D and deploy a unified system across its brands. —<a href="https://www.nbd.com.cn/articles/2025-08-05/4001469.html">National Business Daily</a></li>
<li aria-level="1">WeRide has begun round-the-clock robotaxi testing in Beijing by commencing nighttime operations from 10 p.m. to 7 a.m. under a new city permit. The Nasdaq-listed firm aims to build an always-on autonomous mobility network, using a full sensor suite and proprietary tech to ensure safety in low light and adverse weather.</li>
<li aria-level="1"><a href="/company/baidu">Baidu</a> and Lyft will launch Apollo Go robotaxi services in Germany and the UK in 2026, pending regulatory approval. The partnership combines Baidu’s autonomous driving tech with Lyft’s European footprint via Freenow, aiming to scale autonomous ride-hailing across key markets while meeting safety and compliance standards.</li>
<li aria-level="1"><a href="/company/pony-ai">Pony.ai</a> has reportedly secured a permit to operate fully driverless commercial robotaxi services in Shanghai’s Pudong New Area. Set to launch in Jinqiao and Huamu, Pony.ai is ostensibly the only company currently licensed to serve all four of China’s first-tier cities.</li>
<li aria-level="1"><a href="/company/leapmotor">Leapmotor</a> and Xpeng set new records in July, delivering 50,129 and 36,717 EV units respectively, as China’s price war showed signs of easing and demand shifted toward budget-friendly smart models. Xiaomi also exceeded 30,000 units, with its new YU7 SUV drawing 240,000 preorders in two days. —<a href="https://www.scmp.com/business/china-evs/article/3320540/leapmotor-xpeng-report-record-july-sales-their-cheaper-evs-appeal-chinese-consumers">SCMP</a></li>
<li aria-level="1"><a href="/company/nio">Nio</a> delivered 21,017 vehicles in July 2025, bringing its year-to-date total to 806,731, up 25.2% year-on-year. Deliveries included 12,675 Nio units, 5,976 Onvo units, and 2,366 Firefly units. The Onvo L90 entered the market on August 1 with 1,000 test drive vehicles. Nio’s new ES8 is set to debut later this month.</li>
</ul>
whereRelatedArticle
<h3>PingPong to support Wero rollout in Asia</h3>
PingPong will support Wero, Europe’s new unified payment app, starting October. Backed by 16 banks, Wero enables real-time cross-border payments using a phone number or email and targets 250 million users. PingPong clients will gain access to EU retail, point-of-sale, and subscription payments through a single system. —<a href="https://finance.sina.com.cn/tech/2025-08-05/doc-infiwxky9482741.shtml">Sina</a>
<h3>Tianlala opens three stores in Bali</h3>
Chinese tea chain Tianlala opened three new stores in Bali on August 3, expanding to 130 signed stores in Indonesia and over 200 globally. Located in key commercial areas, the stores reportedly drew more than 1,000 visitors on day one. The brand aims to deepen its Southeast Asia presence while exploring expansion into Europe and the Middle East.
<h3>Chinese suppliers join Toyota’s Thai push</h3>
Toyota is sourcing more Chinese-made parts in Thailand to reduce costs for a new electrified car model set to launch in 2028. The company facilitated a joint venture between Thailand’s Summit Group and China’s Yuefei New Materials to produce components locally, marking the first known case of a major Japanese automaker bringing a Chinese supplier into Southeast Asia. —<a href="https://asia.nikkei.com/business/automobiles/toyota-expands-procurement-of-chinese-parts-in-thailand">Nikkei Asia</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 | Mobility players on the move

… that size could pose real hazards.
Other demos were also met with skepticism. Expedition A2-W’s WAIC logistics demo used identical soft clothing items, far from the messy variability of real-world warehouse environments. “This kind of task was already doable in 2018,” Wang Luchuan said. By comparison, Figure AI’s demo appeared significantly more adaptive and refined.
Agibot’s viral Lingxi X2 bike-riding demo also lost some luster upon closer inspection. The robot was mounted on the seat, relying on center-of-gravity physics rather than actual balance algorithms.
Wang Luchuan assessed the company’s progress bluntly:
<blockquote>“If Tesla’s at 30–40 out of 100, Agibot is at about 5. There’s still room to grow.”</blockquote>
<h3>The burden of brilliance</h3>
A company growing too fast can leave people behind.
“Zhihui is brilliant, full of ideas, and works really hard. But he’s never launched a complete product before, and now that he’s in the driver’s seat, it’s tough on the team,” said Qin Yi, a former colleague.
Peng Zhihui rose to prominence after winning nearly 40 innovation awards as a student. He later joined Huawei through its "Genius Youth" program and built a following as a tech influencer on <a href="/company/bilibili">Bilibili</a>. In February 2023, he co-founded Agibot and took on the role of CTO.
In August 2024, Peng introduced the fully open-source Lingxi X1 robot. Two months later, he released the complete set of blueprints and source code. Priced at RMB 108,000 (USD 15,120), the robot was developed by Peng’s X-Lab team in just over two months with fewer than ten people. Reviews, however, were mixed. Customers reported issues such as uneven weight distribution, instability, and a lack of after-sales support.
“Zhihui meant well, he wanted to revive the open-source spirit of the early internet era,” Qin said.
By January, Agibot claimed to have shipped 1,000 robots: 731 bipedal units (Expedition A2 and Lingxi X1) and 269 wheeled models (Expedition A2-D and A2-W). But turning a lab prototype into a commercial product proved premature. Without dedicated support infrastructure, users faced usability and integration problems.
According to insiders, the Lingxi X2 is far more refined and better suited for mass production. It’s also expected to outsell the Expedition series this year.
“The X1 was built by X-Lab as a DIY kit, while X2 is a fully assembled product meant for real deployment,” Wang Chuang said.
Still, Peng’s dual role as CTO and head of X-Lab comes with challenges. His ideas are reportedly often bold but not always grounded in practicality. “You need hard data to convince him of anything,” one employee said.
The clash of visions and misalignment with team dynamics has led to further turnover. Notable departures include former algorithm director Gao We and former manufacturing general manager Zhang Shaozheng.
“There were directions Gao wanted to pursue. If the company had followed his lead, we might have made more progress,” said employee Yin Kuan (pseudonym).
whereRelatedArticle
<h3>Hedges and ambitions</h3>
Unitree Robotics, founded by Wang Xingxing in 2016, only began IPO preparations in mid-2024, nearly a decade later. Now backed by CITIC Securities, it stands as one of the industry’s most established players.
By contrast, rumors in July suggested Agibot was pursuing a Hong Kong listing alongside its acquisition of Swancor. The company denied the reports. “We’re eyeing a domestic IPO by year’s end, but that’s still under discussion,” said Yang Kexin.
If Agibot does file for IPO by December, it will have reached the IPO stage in under three years, accomplishing in a fraction of the time what took Unitree ten.
Some insiders view the Swancor deal as a contingency plan for CEO Deng, perhaps a way to keep listing ambitions alive, even if Agibot doesn’t claim the title of China’s first publicly traded humanoid robotics firm. The logic: if a direct listing falters, a strategic merger could still offer a viable path.
For now, Agibot’s divisional model supports rapid, production-oriented growth. But without a coordinating layer, internal tensions could rise, potentially forcing a future reorganization to reintroduce horizontal platform teams and restore strategic cohesion.
So what has Agibot truly gained from the Swancor episode?
Beyond the headlines, perhaps only temporary relief. Investor sentiment has been reassured. Internal pressures may have eased, for now. But if Agibot does go public, it will have to answer to a more demanding audience: the open market.
The robotics boom has drawn its share of opportunists. But the industry’s long-term promise, and the talent driving it, deserve more than hype.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3411249419505024">article</a> was written by Chen Jiahui for 36Kr.

Agibot loses two top execs as robotics race heats up

East Asia

Agibot

China

Deep Tech

US YouTube sensation MrBeast has become the latest internet celebrity to enter China's competitive social media landscape, fueling growth opportunities for Chinese companies and a government seeking to tap into his vast fan base.
China's internet censors block such global platforms as YouTube and X, so foreigners who establish a presence on Chinese platforms gain access to the country's 1.1 billion internet users.
MrBeast, whose real name is Jimmy Donaldson, has amassed over 416 million subscribers on YouTube, where he is known for extravagant videos often featuring lavish prizes for participants. On July 26, he made his live stream debut on a Chinese video platform, broadcasting on the <a href="/company/kuaishou">Kuaishou</a> short video app.
"I've never been live in China before, so I'm excited to say hi," MrBeast said at the beginning of the live stream, which quickly gained 150,000 viewers. Initially scheduled to last an hour, the live stream ended after just 11 minutes, as MrBeast appeared frustrated that he couldn't read the Chinese comments. He said he would try again after figuring out how to translate them.
Apart from Kuaishou, he has also launched accounts on the <a href="/company/bilibili">Bilibili</a> video streaming platform and the Weibo microblogging app, quickly gaining millions of followers.
For local streaming services locked in cutthroat competition for user attention, attracting high-profile celebrities like MrBeast can drive growth in new users and boost advertising and livestreaming revenue. Shares of Hong Kong-listed Kuaishou rose 7% on July 23, the day after MrBeast announced his live streaming plans.
Foreign influencers can also help boost the recognition of Chinese companies increasingly seeking a foothold in overseas markets. A glimpse of this potential emerged earlier this year when concerns over a possible <a href="/company/tiktok">TikTok</a> ban in the US prompted a swath of users to <a title="" href="https://kr-asia.com/tiktok-refugees-a-mixed-blessing-for-chinese-app-xiaohongshu" target="_blank" rel="noopener">migrate to Xiaohongshu (known internationally as RedNote)</a>, a platform previously used mostly in mainland China. Initially, interactions between the "TikTok refugees" and Chinese users were marked by curiosity and openness.
IShowSpeed, whose real name is Darren Watkins Jr and who has more than 42 million subscribers on YouTube, took a two-week tour across China in March and April. On the trip, he rode in <a href="/company/byd">BYD</a> and <a href="/company/xiaomi">Xiaomi</a> <a href="/industry/ev">electric vehicles</a> and bought <a href="/company/huawei">Huawei's</a> trifold smartphones, praising the products' technology capabilities.
Following his endorsement, the Chinese animated series Super Cube became the most-viewed animated work in the US on the iQiyi video streaming platform for several weeks.
The Chinese government and state media have been quick to embrace these foreign influencers for propaganda purposes and have stepped up efforts to court them for visits.
"China has always been, dare I say, a little insecure about its soft power globally," said Mark Tanner, managing director of market research company China Skinny, referencing the idea of winning the hearts and minds through culture and values rather than coercion.
"With IShowSpeed, they saw that this is a really effective channel to reach consumers, particularly the young and informative consumers that live their lives on these platforms," Tanner noted.
"Rather than trying to censor and screen a lot of these things, they're seeing the benefit of working with them," he said. "The government is welcoming them with open arms."
In February, a series of articles about a group of Indonesian influencers touring the southwestern city of Chongqing appeared on the English-language websites of state-run media outlets. The tour was coordinated and covered by the Western China International Communication Organization, a center affiliated with the propaganda office of Chongqing's Communist Party leadership, according to the China Media Project.
Similarly, in June, party newspaper China Youth Daily launched a campaign inviting foreign influencers on sponsored trips to major cities, including Beijing and Shanghai. In exchange, participants were required to post two short-form videos and collaborate with Chinese influencers. The tour included stops such as the headquarters of Xiaohongshu.
The tour was scheduled for July 14–23, according to the China Youth Daily website. Asked for clarification, the program coordinator declined to comment.
It is often difficult to determine whether these foreign influencers receive financial backing for their content, as such arrangements are not always disclosed, according to an employee at a Chinese talent agency that connects sponsors with influencers. He noted that while influencers generally produce their own videos, companies may sometimes pay for content that meets specific requirements or request to review the footage.
Live streaming in China also comes with risks. When a popular influencer, Li Meiyue, joined IShowSpeed's tour, some of his comments were deemed offensive by viewers and triggered backlash online. Although he later issued an apology, he still saw a decline in followers.
This article first appeared on <a href="https://asia.nikkei.com/business/media-entertainment/china-embraces-us-youtubers-in-push-to-enhance-soft-power">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>.

China embraces US YouTubers in push to enhance soft power

Entertainment

Short Video

Live Streaming

Video

Creative

Content

Creator Economy

… Guangdong.
<h3>36Kr: What challenges is Outer still facing?</h3>
LJ: In the short term? Plenty. There are policy shifts, cost pressures, market volatility, and hiring. But long term, we’re optimistic. It takes time to build a brand. It’s like a snowball, getting stronger as it rolls.
We’re playing the long game. We want to be profitable, self-sustaining, and continually improving. We don’t need to release new products every quarter, but every generation needs to be better than the last.
<h3>36Kr: What are Outer’s next key priorities?</h3>
LJ: Two big ones. First, building a team in China to support our outdoor living business. Second, successfully launching our second flagship product.
Longer term, we’re building an ecosystem. What we’re doing is more like backyard real estate development. Once we’ve built the infrastructure, we want to open it up by partnering with brands across fitness, cooking, home tech, and more.
We want to give brands a new venue for growth: an outdoor setting that’s threefold the size of a typical home interior. Whether it’s a gym, kitchen, sauna, office, theater, or golf simulator, we want Outer to be the go-to backyard platform.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3390866301700231">article</a> was written by Ou Xue for 36Kr.

From sofas to prefab spaces, Outer wants to shape the future of backyard living

Retail

Consumer Economy

… cracks to find and exploit.
But the cracks are narrowing. In March, Xiaohongshu issued multiple notices banning off-platform sales links and cracking down on low-quality, repetitive posts. Its algorithm now favors original, high-quality content.
One operator tried launching a “medical student persona” team, with five people in lab coats posing as professionals. The first video triggered a platform violation for false identity, and the account was shut down in a day. “Doctor personas now get banned 100% of the time,” he said.
Today, Zhengzhou’s small operators, especially those without deep pockets or backup plans, are closing shop or pivoting. The only ones still trying their luck are the legacy firms. But as early as 2023, some forward-thinking players had already started allocating part of their budget to official, above-board campaigns.
Everyone knows: building a brand is the endgame. But for many of these self-made entrepreneurs—people without degrees or connections—that path remains elusive. One local merchant put it bluntly: “Some Zhengzhou companies have hundreds of employees, but they still think like street vendors. They pay salaries through Alipay.”
Do Zhengzhou’s tactics still hold value?
Lin Qing believes that for established brands spending eight-figure sums annually, it’s still worth running a team out of Zhengzhou. “You can supplement your official campaigns, or use Zhengzhou to scale your existing playbook,” he said. A well-known cosmetics brand did just that, building a 100-person Xiaohongshu team in Zhengzhou with plans to double it by the end of this year.
“Zhengzhou is good at this, knowing Xiaohongshu inside and out,” said one former editor who worked at a local agency. “Many of my clients from Shanghai, Guangzhou, and Hangzhou had no idea how to generate traffic. We did it for them.”
As for Xiaohongshu, born as a platform for sharing real-life moments, it continues to wrestle with the tension between lifestyle and monetization. As long as product discovery remains the engine of its community, Zhengzhou’s content factories will never fully disappear.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3388205982597508">article</a> was written by Xiao Sijia for 36Kr.

These middle-aged men know Xiaohongshu better than anyone, and they’re all in Zhengzhou

On-demand Services

E-commerce

… decoding="async" class="wp-image-156376 size-medium" src="https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-720x405.jpg" alt="Photo of the Agent Universe team at Universal Studios Beijing, where they went for team bonding after Watcha’s launch." width="720" height="405" srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team.jpg 1920w" sizes="(max-width: 720px) 100vw, 720px" /><figcaption id="caption-attachment-156376" class="wp-caption-text">Photo of the Agent Universe team at Universal Studios Beijing, where they went for team bonding after Watcha’s launch. Photo and header photo source: AI Now!</figcaption></figure>
<h3>Content as the starting point</h3>
Ask Zhong how to make content, and he won’t talk about traffic, exclusivity, or influence. He’s focused on a deeper question:
<blockquote>Where will the AI-native generation choose to speak?</blockquote>
This generation isn’t drawn in by content itself, but by the mechanics behind it. They understand how recommendation algorithms work and see through the dynamics of the traffic game. What matters to them is whether a platform feels human, allows authentic expression, and whether anyone will actually care about what’s said on it.
Zhong says Watcha is built for this crowd: anyone raised in an AI-shaped world.
Just as smartphones made it easy to snap photos, which gave rise to <a href="/company/xiaohongshu">Xiaohongshu</a> (known internationally as RedNote) and <a href="/company/douyin">Douyin</a>, AI has drastically lowered the barrier to both technology and knowledge. To Zhang, it makes sense that a new platform should emerge—one that helps this generation explore tools, articulate user experiences, and engage in shaping tech trends.
That’s what Watcha aspires to be: a trustworthy, expressive, consensus-driven discussion space for the AI-native generation.
At Agent Universe, content isn’t the endgame, but the starting point.
And that starting point leads to a more ambitious system, one where thoughtful expression is valued, strong content rises, and user experiences guide product evolution.
Content is just the fuse. Behind it is the goal of building products, communities, and ecosystems.
“We want to be the ones who write the rules,” Zhong said.
Unlike older generations, who often value media authority or traditional journalistic frameworks, younger users adhere to a different standard: expression is validation. Does your content spark resonance? Inspire action? Invite remixes?
From viral WeChat articles to launching agentic tools to now rolling out Watcha, Agent Universe has followed a clear trajectory: use content to find like minds, products to test ideas, and community to build an ecosystem.
whereRelatedArticle
For Zhong, whether it’s building content or a community, the thing that matters most is always the same: developing a sense of life and authenticity.
In an age when AI can automate nearly everything, what becomes irreplaceable is human judgment and taste: a person’s tone, their perspective, their curiosity.
It’s about change, and a bit of ambition, too.
Which is why Watcha’s launch was held at Note Blue, a jazz bar at Ch’ien Men 23 that’s renowned for its acoustics and live performances. Faye Wong and Cui Jian have been spotted there more than once.
That evening, partners from China’s leading VC firms gathered to hear Zhong’s pitch. Others, including a famously reclusive investor, watched from the VIP section upstairs.
<figure id="attachment_156375" aria-describedby="caption-attachment-156375" style="width: 720px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-156375 size-medium" src="https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance-720x480.jpg" alt="A rock band (pictured) performs at Watcha’s launch event at Note Blue, a jazz bar in Ch’ien Men 23, Beijing." width="720" height="480" srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance.jpg 1920w" sizes="(max-width: 720px) 100vw, 720px" /><figcaption id="caption-attachment-156375" class="wp-caption-text">A rock band (pictured) performs at Watcha’s launch event at Note Blue, a jazz bar in Ch’ien Men 23, Beijing. Photo source: AI Now!</figcaption></figure>
At the afterparty, a rock band assembled by HongShan played Hedgehog’s hit song Requiem For A Train Of Life. Its final stanza evokes someone young who endures even as a generation grows old—a fitting anthem for a new era, cutting through the heavy summer night in Beijing.
<a href="/collections/100-ai-creators">100 AI Creators</a> is a collaborative project between AI Now! and KrASIA, highlighting trailblazers in AI. Know an AI talent we should feature? <a href="mailto:ainow@kr-asia.com">Reach out to us.</a>

Could Watcha be “China’s Product Hunt” for AI products?

Artificial Intelligence

… participation from Enterprise Singapore, Antares Ventures, and Woh Hup.</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>.
<style>.addcaption{font-size:14px!important;line-height:20px!important;color:inherit;padding-top:8px;border-top:1px solid #e8e8e8}</style>

Deals in brief: SG Enviro raises SGD 8 million, Kamet Capital backs TopView, latest funding rounds in China, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Indonesia

Southeast Asia

… earnings.
Can international markets absorb this influx? Early signs say yes. In 2024, Southeast Asia generated RMB 2.4 billion (USD 340 million), nearly equal to Pop Mart’s total 2020 revenue. North America, Europe, and Oceania together contributed RMB 1.3 billion (USD 182 million), close to 2019 levels. These regions are growing faster than historical averages.
Demographics are in Pop Mart’s favor. It targets the Gen Z demographic and young professionals. Per Sinolink’s estimates, the 15–45 age bracket includes about 3.2 billion people in Southeast Asia, 134 million in the US, 278 million in Europe, and 13 million in Oceania. That’s about 745 million in total, nearly matching China’s 600–700 million.
Given higher spending among Western consumers and stronger collectibles enthusiasm in Southeast Asia, international markets may eventually surpass China in scale. If overseas revenue overtakes domestic figures in 2025, the gap may keep widening.
<h3>How should investors time their moves?</h3>
The tepid reaction to Pop Mart’s latest guidance likely reflects the market’s prior pricing-in of Labubu’s performance. Despite strong numbers, there was little surprise. And with valuations already elevated, the earnings boost only returned the P/E ratio to historical norms.
This wariness reflects deeper concerns. Pop Mart’s recent gains are tied closely to a single IP. Until the company proves it can diversify its product success, skepticism will persist. The result: investors hesitate.
Going forward, Pop Mart may settle into a traditional stock cycle: muted sentiment, strong earnings, upside surprise, rally. Until then, the stock may trade sideways as it proves it can sustain rapid growth.
That said, near-term downside appears limited. Most investors agree on the company’s short-term strength, while disagreements lie in its long-term prospects. This consensus likely caps immediate downside risk.
Wind consensus forecasts estimate Pop Mart’s net profits at RMB 7.35 billion (USD 1 billion) in 2025, RMB 10.48 billion (USD 1.5 billion) in 2026, and RMB 13.75 billion (USD 1.9 billion) in 2027. This implies annual growth of 135.2%, 42.5%, and 31.2%, with a forward P/E ratio of around 22 by 2027.
For context, mature IP-driven firms like Disney and Bandai Namco maintain average P/E ratios near 25. Even with slower growth, Pop Mart’s valuation could remain in line with peers, providing a potential price floor.
In short, the market may simply be waiting for proof: can Pop Mart turn a one-hit wonder into a repeatable success?
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3400844980684935">article</a> was written by Fan Liang for 36Kr.

Pop Mart posts record forecast, but investors want proof it can last

Chinese <a href="/industry/ev">electric vehicle</a> maker Neta is facing a backlash in Thailand, as the restructuring of its parent company has caused difficulties supplying parts to the country and paying suppliers, resulting in the price of some new cars being slashed by half.
Furthermore, the company has fallen behind in local production requirements for subsidies. These troubles could force the Thai government to change course on its EV policy.
On an early July visit to Bangkok's Srinakarin Road, which is lined with car dealerships, Neta's dealership was deserted. Though the store was technically open, most of the lights and the air conditioning were off.
After waiting in the dark showroom for ten minutes, a man in a T-shirt appeared and began explaining the startup's vehicles, saying that it probably sells the cheapest EVs in Bangkok.
The Neta V-II small hatchback was selling for THB 280,000 (USD 8,700), despite having a list price of THB 569,000 (USD 17,680). The salesperson said Chinese headquarters had asked them to lower prices the previous week. He added that he could lower the price even further if several vehicles were bought at once, pointing to the dealership's stock of over 600 vehicles.
Hozon New Energy Automobile, Neta's parent company, said on social media in early June that its restructuring process will not affect its business in other countries, including Thailand.
Hozon is undergoing legal reorganization with the aim of restructuring in mainland China. The company said Neta will continue to invest in the Thai market and proceed with parts supply and software updates as usual.
"Neta's announcements are all big lies," said a self-employed 30-year-old man who spoke to Nikkei on July 14. He bought a Neta V-I in 2021 for THB 549,000 (USD 17,060) to escape rising fuel prices. His car is usable for now, but he faces the risk of replacement parts not arriving from China. He said it is unfair that he has to continue making monthly loan payments despite the company's inadequate response to the situation.
In Thailand, there have been many cases where the company fails to uphold a vehicle's warranty and people are unable to use their vehicles because they cannot receive after-sales service.
Affected consumers have already submitted a petition to some Thai lawmakers and are poised to file a class action lawsuit. The movement has developed into a political concern, with a Thai Senate commerce and industry committee issuing a statement saying it recognizes the problem as a major issue and will work with the government and the private sector to address it.
Neta has outsourced the assembly of finished vehicles to local companies around Bangkok since 2024, but appears to have gotten behind in payments to parts manufacturers since the beginning of this year. An automaker failing to pay is unprecedented, one local supplier told Nikkei.
The situation could create ripple effects throughout the Thai automotive industry. Thailand introduced subsidies for purchasing EVs in 2022, a first for Southeast Asia. With the goal of making 30% of the vehicles produced annually in the country EVs by 2030, purchase subsidies of THB 150,000 (USD 4,660) per vehicle were paid through 2023 before being reduced to THB 100,000 (USD 3,110) in 2024.
The subsidies are not paid directly to consumers, but rather to automakers after a certain period of time. Neta sold about 12,800 vehicles in Thailand in 2023 and 7,900 vehicles in 2024, which means it likely received a total of about THB 2.7 billion (USD 83.9 million).
But Neta appears to be falling short of the subsidy requirement of producing its EVs in Thailand from 2024. The company needed to produce 13,000 vehicles in Thailand in 2024 and 19,000 in 2025 in order to meet the requirements, but according to local reports, has only produced a few thousand.
Other Chinese automakers have also experienced turbulence in Thailand. Since the second half of 2024, Chinese automakers have been asking the Thai government to relax the domestic production quotas required for subsidies.
"We came because we were invited by the Thai government, but sales here have been sluggish due to the high household debt ratio, so [the market environment] is not what we expected," an executive at one automaker told Nikkei.
Bangkok agreed to relax the domestic production quotas in December 2024, but said it would stop providing subsidies until those quotas are met—a move believed to target several companies, including Neta.
China's Great Wall Motor and SAIC unit MG Motor have not increased the utilization rates at their Thai plants. <a href="/company/byd">BYD</a> is the only Chinese automaker that can properly produce EVs in Thailand, one local supplier said.
"Some Chinese automakers other than Neta have the backing of the government, so their risk of bankruptcy is low," said Hajime Yamamoto of Nomura Research Institute Thailand. "A committee will be launched at the end of July that could hand down some decisions on obligations for reporting production plans and progress, as well as clarify the progress of domestic parts production and decide punitive measures."
The Thai government, which has until now been all-in on EVs, has begun to revise its stance on them this year. Bangkok and Tokyo held talks on energy and industry in the Thai capital, where the two governments discussed the next-generation automotive industry.
The Thai side emphasized the importance of a multi-pathway strategy that pursues various options for decarbonization, including hybrids and other electrified vehicles—the same strategy advocated by Japanese automakers.
"Neta's financial issues will upset consumers and lead to a move away from Chinese autos," said a Japanese government source in Thailand.
Still, Yamamoto feels that "the situation is unlikely to bring about any big policy changes with regard to the goal of getting EVs to account for 30% of all automotive production by 2030."
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/china-s-struggling-ev-maker-neta-in-deep-trouble-in-thailand">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>.

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