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<a href="/company/bukalapak">Bukalapak</a> swung to a net profit of IDR 112 billion (USD 6.7 million) in the first quarter of 2025, recovering from a net loss of IDR 955 billion (USD 57.3 million) in the final quarter of 2024, according to unaudited financial results released on April 30.
Revenue rose to IDR 1.5 trillion (USD 90 million), up 37% from the previous quarter. The uptick was driven by gains in the company’s gaming and retail operations. Contribution margin—defined as revenue minus variable costs—nearly doubled to IDR 80 billion (USD 4.8 million), while adjusted EBITDA loss narrowed to IDR 20 billion (USD 1.2 million), improving from a loss of IDR 147 billion (USD 8.8 million) in the previous quarter.
On a cash flow basis, adjusted EBITDA plus net interest income climbed to IDR 212 billion (USD 12.7 million), from IDR 105 billion (USD 6.3 million) in Q4 2024.
The financial turnaround follows Bukalapak’s decision to <a href="https://kr-asia.com/indonesias-bukalapak-pivots-to-digital-services-ends-physical-goods-sales">exit physical goods sales</a>, a shift first announced in January and completed by February 9. The company has refocused on digital offerings—including mobile credits, streaming vouchers, and tax payments—as part of a broader transition to higher-margin services. The move came amid fierce competition from larger players such as Shopee and TikTok Shop, with physical sales accounting for less than 3% of Bukalapak’s total revenue.
As part of its overhaul, Bukalapak reorganized its business into four new segments: Mitra Bukalapak, which offers digital services for Indonesia’s warungs (small neighborhood shops); gaming; retail; and investment. This replaces its earlier two-division structure, and is intended to better reflect the company’s evolving strategic priorities.
CEO Willix Halim said the company expects to complete its restructuring by midyear and believes the latest results signal progress in its transformation. “The improvements in contribution margin, operational efficiency, and return to profitability show that our transformation is yielding tangible results,” he said in a statement.
Bukalapak closed the quarter with IDR 18.8 trillion (USD 1.1 billion) in cash, cash equivalents, and liquid investments. While the company has ample financial headroom, it remains under pressure to demonstrate that its pivot to a digital-first strategy can drive sustainable returns after years of losses and a sharp decline in its stock price since its 2021 IPO.
All USD conversions are approximate and based on an exchange rate of IDR 1 = USD 0.00006.

Bukalapak returns to profit in Q1 after shedding physical sales

Bukalapak

Southeast Asia

On-demand Services

Consumer Economy

Indonesia

<a href="/company/goto">GoTo Group</a> reported record adjusted EBITDA of IDR 393 billion (USD 23.6 million) for the first quarter of 2025, swinging into the black after a loss in the same period a year earlier. The results, announced on April 29, reflect sharp gains across core business units and arrive as the company remains the subject of ongoing merger speculation involving Singapore-based Grab.
Core gross transaction value (GTV) rose 54% year-on-year to IDR 83.2 trillion (USD 5 billion), while net revenue climbed 37% to IDR 4.2 trillion (USD 252 million).
<a href="https://www.bloomberg.com/news/articles/2025-03-18/grab-is-said-to-move-forward-with-talks-to-acquire-rival-goto">Bloomberg</a> reported in March that Grab had started due diligence on GoTo, examining its financials, contracts, and operations. Talks were said to have taken place, although no agreement has been finalized. Any merger would require regulatory clearance, a significant hurdle given antitrust concerns in Southeast Asia’s on-demand economy.
GoTo’s fintech unit contributed IDR 47 billion (USD 2.8 million) in adjusted EBITDA—the segment’s second straight profitable quarter. Lending revenue surged 168% year-on-year to IDR 763 billion (USD 45.8 million), while outstanding consumer loans grew 108% to IDR 5.7 trillion (USD 342 million). The number of monthly transacting users in the fintech ecosystem increased 30% to 20.6 million.
On-demand services, spanning mobility and delivery, posted adjusted EBITDA of IDR 314 billion (USD 18.8 million), with both segments delivering 17% GTV growth.
The company’s overall net loss narrowed to IDR 276 billion (USD 16.6 million), down from IDR 420 billion (USD 25.2 million) a year earlier. Operating cash flow turned positive at IDR 301 billion (USD 18.1 million).
As of March 31, GoTo held IDR 21 trillion (USD 1.26 billion) in cash, cash equivalents, and short-term time deposits. It has also repurchased 25.9 billion shares—worth approximately IDR 1.6 trillion (USD 59.4 million)—under a buyback program launched in 2024.
The company reiterated its full-year 2025 adjusted EBITDA guidance of IDR 1.4–1.6 trillion (USD 84–96 million).
CEO Patrick Walujo, who <a href="https://kr-asia.com/goto-ceo-patrick-walujo-commits-to-long-haul-as-profitability-edges-closer">committed</a> in January to remain at the helm through 2029, continues to drive GoTo’s focus on profitability. Since assuming the role in mid-2023, Walujo has prioritized operational discipline, including strategic exits from non-core markets.
GoTo finalized its <a href="https://kr-asia.com/goto-pulls-out-of-vietnam-as-it-doubles-down-on-core-markets">withdrawal from Vietnam</a> in September 2024, shutting down Gojek-branded services after prolonged struggles to gain market share. The move was part of a broader strategy to consolidate and strengthen its core markets.
All USD conversions are approximate and based on an exchange rate of IDR 1 = USD 0.00006.

GoTo posts EBITDA profit in Q1 as Grab merger rumors simmer

Gojek

Tokopedia

GoTo

Ride-hailing

Logistics

Food Delivery

Grocery Delivery

At the 21st Auto Shanghai exhibition, Eve Energy showcased its latest technological developments, with its large cylindrical battery emerging as a focal point.
Jiang Jibing, vice president of Eve Energy and head of its battery system research institute, introduced the large cylindrical battery as the "optimal solution" for new energy vehicles (NEVs). He detailed the battery’s advantages through three key factors: standardization, adaptability, and structural integrity.
First, Jiang emphasized standardization. He explained that large cylindrical batteries streamline manufacturing processes by addressing a major challenge in China's NEV sector: mismatched production capacities. Unlike prismatic batteries, large cylindrical designs deliver nearly ten times the production efficiency. Their uniformity in system components and module assembly allows them to function as standardized automotive parts, enhancing overall manufacturing efficiency.
Second, Jiang discussed "in-situ upgrading." As NEV product cycles shorten to 12–18 months, maintaining fixed physical dimensions while supporting various chemical compositions becomes critical. The large cylindrical batteries accommodate multiple chemistries—including lithium iron phosphate (LFP), lithium manganese iron phosphate (LMX), and nickel cobalt manganese lithium (NCM)—providing flexibility in adjusting energy density, range, charging times, and output. This adaptability significantly cuts R&amp;D timelines to as little as three to six months and can lower development costs by up to 80%.
Third, Jiang introduced the "zero expansion" feature. Thanks to their cylindrical structure and choice of materials, these batteries maintain consistent dimensions over their lifecycle. This property reduces the complexity of mechanical stress management and simplifies the overall battery system design, making the in-situ upgrade model more viable.
Jiang also stressed the battery’s inherent safety features. Eve Energy integrates a 1,500-megapascal thermal solid steel shield, aerospace-grade fiberglass rated at 3,500 MPa, and full-domain foaming technology. Together, these features allow the battery to absorb up to 1,000 joules of collision energy, exceeding China's new national safety standard by a factor of 6.6.
Achieving mass production of large cylindrical batteries posed several technical challenges. Jiang outlined four key breakthroughs:
<ul>
<li aria-level="1">Low-temperature performance: After four years of R&amp;D, Eve Energy introduced low-resistance pathways and system insulation heating technology. Their batteries now support 25-minute fast charging at temperatures as low as minus 30 degrees Celsius, while improving low-temperature driving range by 20%.</li>
<li aria-level="1">Precision in assembly: Each battery system contains approximately 700–800 individual cells, cooled with a double-sided liquid system and connected by intricate electrical circuits. Eve Energy achieved vertical tolerance within 200 micrometers and horizontal positional accuracy within 250 micrometers, ensuring stable thermal management and mechanical durability.</li>
<li aria-level="1">Weld reliability: Each battery pack has over 1,500 weld points critical for electrical continuity. Eve Energy reports achieving weld depth precision within 80 micrometers, securing consistent and reliable connections throughout the battery system.</li>
<li aria-level="1">Structural reinforcement: The cylindrical form factor naturally offers five times the strength of prismatic batteries. Full-domain foaming fills all gaps, increasing the battery pack's torsional rigidity beyond 15,000 newton-meters. This enhancement allows vehicle chassis to achieve torsional stiffness exceeding 50,000 micrometers. The company tightly controlled temperature during the foaming process at three degrees Celsius and used a 1:4 foaming ratio to maximize material density and structural integrity.</li>
</ul>
On the IP front, Jiang noted that Eve Energy has filed more than 2,300 patent applications across 15 countries, reportedly making it the global leader in patent filings for large cylindrical batteries.
Commercially, Eve Energy has ramped up production over the past 15 months, supplying battery systems for more than 32,000 vehicles, maintaining a safety record of zero incidents across an average mileage exceeding 210,000 kilometers per vehicle.
According to announcements at Auto Shanghai, Eve Energy’s large cylindrical batteries have been adopted by several automakers, including Chang'an Automobile, FAW Group, BMW, Nio, and JAC Motors. The company anticipates further expansion in production and adoption in the near future.

Round, rugged, and ready: Eve Energy sees cylindrical batteries as “optimal solution” for EVs

Deep Tech

Batteries

Energy

China

China's top internet companies have stockpiled billions of USD worth of <a href="/company/nvidia">Nvidia's</a> H20 artificial intelligence chips this year before the US cut off shipments of the components in April, Nikkei Asia has learned.
The H20 graphic processing unit (GPU) was specifically designed for sale in the Chinese market to comply with US export controls, but <a href="/company/bytedance">ByteDance</a>, <a href="/company/alibaba">Alibaba</a>, and <a href="/company/tencent">Tencent</a> began preparing last year for the possibility that Washington could curb their shipments, too, sources said.
The three companies had asked Nvidia to ship a total of around one million H20 chips—roughly a full year's supply—as soon as possible, ideally by the end of May, one person briefed on the matter told Nikkei Asia. The actual number delivered fell short due to the Trump administration announcing in early April that these chips would <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/Nvidia-faces-5.5bn-charge-as-US-restricts-chip-sales-to-China">need a license for export</a>, the source added.
Another source said the value of those rush orders exceeded USD 12 billion, and that several billion USD worth of chips were shipped before the new curbs took effect.
ByteDance was among the most aggressive in snapping up as many Nvidia chips as possible, according to two of the sources.
These stockpiling efforts came amid a surge in demand for AI computing power in China, particularly since the emergence of DeepSeek early this year. In February, Tencent began integrating DeepSeek into its superapp WeChat, greatly boosting computing power demand.
"The H20 curb didn't come as a surprise because it was widely anticipated across the industry," a leading Chinese tech company executive said. "Every major Chinese tech company had been stockpiling H20 in advance. After all, it wasn't banned at the time, and given its strong performance, why not?"
In addition to rush orders, Chinese companies have been looking into ways to buy Nvidia chips outside of China, where they are not subject to US export controls, sources said. Other efforts to secure access to AI hardware include exploring ways to set up subsidiaries or affiliates overseas or collaborating with industry partners such as telecom operators, multiple industry sources told Nikkei Asia.
"The [Chinese] clients are very calm," said an executive with a supplier to ByteDance and Alibaba Cloud that met with the companies after the latest restrictions. "They knew it was coming and they have been prepared for this day. They told us that their aggressive goal to build more data centers this year remains unchanged."
Besides mainland China and Hong Kong, Alibaba runs data centers in 13 countries, including two in the US, while ByteDance has data centers in various Southeast Asian and European countries, including Ireland and Norway.
Meanwhile, Chinese data center giants are speeding up the verification process for domestic GPU platforms, such as Huawei's Ascend, according to multiple people with knowledge of the matter. In early April, Huawei unveiled its latest AI computing solution, the CloudMatrix 384, which connects 384 of its self-developed Ascend AI chips to rival the performance of Nvidia's advanced GB200 NVL72.
The H20 is the twice-downgraded version of Nvidia's H100 chip, which first hit global markets in the third quarter of 2022. In response to US export controls that year, Nvidia introduced the lower-powered H800 for the Chinese market. Nvidia later downgraded this to the H20 after the US further clamped down on AI hardware exports to China.
The H20, launched in the first half of 2024, is roughly one-tenth of the computing power of the original H100 for AI training and only 20% of its inference capability. However, it remains very popular in China.
Inference refers to an AI application making predictions or generating responses based on a trained model.
Eugene Lee, a Hong Kong-based AI engineer, said that while the H20 might appear to be a training GPU, its configuration is actually optimized for inference, in contrast with the high-performance training capabilities of Nvidia's H100 and H800 chips. Thus, if supplies of the H20 run short, it can be partially substituted by domestic alternatives or cloud-based solutions for small and midsize models. However, the deployment and ongoing optimization of large models in such a situation could be significantly constrained.
Lee added that many large-scale AI models rely on previously procured H100s and H800s for training, with major cloud providers also using them to deliver inference services.
"If existing inventories of the H100 and H800 are depleted, it could seriously hinder the training of advanced models and the development of next-generation systems, posing a substantial threat to China's competitiveness in high-end AI development," Lee said.
Nvidia warned that the restrictions on the H20 will benefit its competitors as Chinese customers seek alternatives domestically or elsewhere. On April 15, the company said it expects to take a USD 5.5 billion quarterly hit from the curbs.
Following that announcement, Nvidia CEO Jensen Huang made an unexpected visit to Beijing, where he told officials he would <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/Nvidia-s-Jensen-Huang-promises-every-effort-to-serve-China">make "every effort"</a> to keep serving China.
In the fiscal year that ended on January 26, China accounted for about 13.1% of Nvidia's total revenue, down from nearly 17% a year earlier, the company's filing showed. Singapore's share, by contrast, rose to 18% from 11.2% the previous year. Those numbers are based on customer billing locations, however, and Nvidia noted that many customers use Singapore to centralize invoicing even though products are typically shipped elsewhere. By actual shipments, Singapore made up less than 2% of its total revenue for that period.
Nvidia declined to comment. ByteDance, Alibaba, and Tencent did not respond to requests for comments.
This article first appeared on <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/ByteDance-Alibaba-and-Tencent-stockpile-billions-worth-of-Nvidia-chips">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>.

ByteDance, Alibaba, and Tencent stockpile billions worth of Nvidia chips

Alibaba Cloud

Nvidia

East Asia

Semiconductors

… https://console.kr-asia.com/wp-content/uploads/2025/04/GITEX-Asia-GITEX-Vietnam-Announcement-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-152688" class="wp-caption-text">Kaoun International CEO LohMirmand shook hands with Kim Ngoc Thanh Nga, deputy director of the Vietnam National Innovation Center, during a ceremony announcing GITEX Vietnam, scheduled for October 2026. Photo courtesy of Kaoun International and DWTC.</figcaption></figure>
With the completion of GITEX Asia, the event series will head to Berlin next for GITEX Europe, scheduled for May 21–23, with subsequent events in Nigeria and Thailand before concluding for the year with the next edition of GITEX Global back in Dubai.
KrASIA was a partner for <a href="https://gitexasia.com/">GITEX Asia 2025</a>, held in Singapore from April 23–25.

From Dubai to Singapore, GITEX Asia caps a strong start to its regional expansion

Singapore

Middle East

At this year’s Auto Shanghai event, Unity China introduced three key innovations designed to strengthen its position in the automotive sector: a digital twin factory platform, an "emotional" cockpit system, and an in-vehicle gaming ecosystem anchored around the emerging "fourth screen."
Three years into its automotive industry strategy, Unity China has formed partnerships with 35 global automakers, reportedly supporting 77 mass produced vehicle models and claiming approximately 85% of the domestic cockpit solution market.
As a subsidiary of Unity Technologies, Unity China has focused on localized R&amp;D to address the specific needs of the Chinese market. Its localized Unity Engine, an evolution of Unity 6, now serves as a core real-time 3D technology platform underpinning advances in China's smart automotive landscape.
The company’s first major announcement at Auto Shanghai was the launch of its digital twin factory project in collaboration with Nio. Utilizing the Unity Engine, the project enables comprehensive data collection and synchronization, real-time monitoring of automated guided vehicles (AGVs), robotic operation oversight, and virtual factory navigation. The digital twin framework mirrors and controls manufacturing processes in real-time, signaling Unity’s expansion beyond visualization to become a computation and data platform for the automotive value chain.
The second highlight was Unity HMI, an "emotional" cockpit solution that combines multimodal interaction, artificial intelligence, panoramic 3D visualization, and real-time physical rendering. Designed for original equipment manufacturers (OEMs), Unity HMI offers 12 features, including 3D map visualization, driver assistance displays, dynamic ambient environments, interactive 3D vehicle control, real-time weather monitoring, immersive lighting effects, AI-based meditation functions, and augmented reality-enhanced heads-up displays.
Unity China also outlined its ambitions for the "fourth screen," viewing vehicle interiors as the next frontier for user engagement alongside televisions, computers, and smartphones. The rise of smart cockpit technologies and advanced displays has created new opportunities for immersive entertainment within vehicles.
To capitalize on this trend, Unity China established an in-vehicle gaming center. The center showcases emerging gaming experiences, including multi-screen interactive formats, panoramic audio, in-cabin extended reality, and gesture-based control. The company plans to launch a dedicated in-vehicle gaming platform and a hardware software development kit (SDK) to cultivate an ecosystem of original, automotive-specific games.
Localization remains central to Unity China’s growth strategy. The company has partnered with domestic system-on-chip (SoC) manufacturers such as MediaTek, Rockchip, Unisoc, and SemiDrive to optimize performance for local hardware environments. In the mapping sector, it collaborates with Amap, Tencent, Baidu, and NavInfo to advance real-time 3D map capabilities. Additionally, Unity China provides efficient front-end 3D human-machine interface solutions for leading companies developing autonomous driving technologies.
Looking ahead, Unity China intends to deepen collaborations with local technology suppliers to further enhance the localization and efficiency of its products, supporting the ongoing evolution of China's smart automotive ecosystem.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3266640500609668">article</a> was written by Han Yongchang for 36Kr.

Unity China steps up automotive push with digital twins, smart cockpits, and in-car gaming

Transportation

Entertainment

Mobility

At the latest Auto Shanghai show, Sunwoda EVB showcased a series of innovations across multiple application areas, with a particular focus on advancements in vehicle electrification and low-altitude aviation.
In the hybrid electric vehicle (HEV) market, Sunwoda has surpassed 1.5 million battery installations. These batteries reportedly feature 60C fast-charging and 70C high-rate discharging capabilities, maintaining performance at temperatures as low as minus 30 degrees Celsius.
For range-extended and plug-in hybrid vehicles, the company introduced the Xinyingyao and Xinyingchi series, which support charging rates between 2C and 6C and deliver more than 500 kilometers of pure electric range. Designed for cold climates, these batteries can start at minus 35 degrees Celsius and retain over 90% of their range at minus 20 degrees Celsius. Both series have passed six rigorous safety evaluations, including cell-level high-temperature nail penetration and 12-meter drop tests, and come with a warranty covering ten years or 300,000 km.
In the pure electric vehicle category, Sunwoda presented the third-generation "flash charging battery," capable of achieving a peak 6C charging rate, which is roughly equivalent to gaining approximately one kilometer of range per second. Featuring a low-temperature superconducting electrolyte and a 3D liquid cooling thermal management system, the battery maintains 90% charging efficiency even in environments as cold as minus 20 degrees Celsius.
Looking ahead, Sunwoda is preparing to launch next-generation ultrafast-charging batteries rated between 8C and 10C. These batteries are designed to reduce charging time from 10% to 80% state of charge (SOC) to just seven minutes, potentially making electric vehicle charging faster than conventional gasoline refueling.
To protect batteries during ultrafast charging, Sunwoda developed a lithium deposition boundary monitoring system. This system has been integrated into its high-energy-density lithium iron phosphate (LFP) batteries—which achieve 450 watt-hours per liter—as well as its ternary lithium variants that can support driving ranges up to 1,000 km.
The company’s two-pronged development strategy—pursuing advancements in both pure electric and hybrid technologies—has allowed it to accelerate R&amp;D cycles while advancing range-extended EV infrastructure toward ultrafast charging capabilities.
In the commercial vehicle segment, Sunwoda revealed a battery system capable of 1.4 megawatts of charging power. This system enables recharging within 15 minutes and is projected to improve transportation efficiency by up to 400%. Designed for endurance, the battery supports more than 5,000 charge cycles and operational lifespans of up to eight years or two million km.
Sunwoda’s modular cell-to-pack (CTP) platform is compatible with approximately 85% of commercial vehicle models. Safety enhancements include a three-dimensional directional pressure relief system to prevent thermal runaway at the cell level. Alongside a smart operational network in 32 cities and a carbon footprint tracking system using battery passports, Sunwoda is constructing a comprehensive lifecycle management ecosystem encompassing ultrafast charging, battery swapping, and second-life applications.
Expanding into aerospace, Sunwoda introduced semi-solid-state batteries that achieve over 400 Wh per kilogram in energy density. According to the company, these batteries have passed extreme heat chamber and puncture resistance tests. The company also presented large-format cylindrical cells capable of 4C fast-charging while maintaining structural integrity under high-altitude conditions, supported by a three-dimensional thermal runaway prevention design.
Sunwoda also exhibited a compound-wing drone system powered by its aviation battery technologies. Looking ahead, the company plans to collaborate with partners to develop an integrated network combining ultrafast-charging stations, energy storage, and smart airspace management, aiming to move electric vertical takeoff and landing (eVTOL) aircraft and logistics drones toward commercial deployment.
Additionally, Sunwoda unveiled its second-generation intelligent cell technology, termed the 2.0 cell. Building on the Dianjing first-generation sensor, which introduced independent cell management and multidimensional data acquisition, the new 2.0 model incorporates advanced sensors that measure internal pressure, shell deformation, and electrochemical impedance alongside traditional battery management system (BMS) parameters such as current, voltage, and temperature.
In application, the 2.0 intelligent cell is expected to deliver four key benefits: enhanced predictive safety warnings, extended operational lifespan, improved health monitoring, and the introduction of a cell-level battery passport system. This "white-box" architecture enables real-time analysis of multidimensional safety parameters and ties them to Sunwoda’s proprietary BMS algorithms, enhancing transparency, control, and operational reliability across the entire battery lifecycle.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3266621580398976">article</a> was written by Han Yongchang for 36Kr.

Sunwoda’s latest batteries could drive new gains in EVs and urban air mobility

Electric Vehicles

eVTOLs

At this year's Auto Shanghai event, automotive technology firm Aptiv unveiled a range of new solutions designed specifically for the Chinese market. The company's latest portfolio includes the Wind River real-time operating system (RTOS), a driver assistance system, a cross-domain digital platform, an artificial intelligence-driven cockpit solution, and a 48-volt electrical architecture.
Yang Xiaoming, president of Aptiv for China and the Asia Pacific, said that the company has achieved full domestic sourcing of its core materials in China. This move helps shield Aptiv's operations from US tariff impacts and positions its China division to achieve global supply chain coverage by 2027. The goal is to help local clients expand internationally while supplying global markets from China.
Aptiv’s new technology offerings focus on two key areas: vehicle intelligence and electrification.
In the domain of intelligence, Aptiv introduced the domestically developed Wind River RTOS and Hypervisor platform. According to Tang Haiyi, general manager of Aptiv’s active safety and user experience division, the Wind River RTOS differs from operating systems launched by automakers such as Nio and Li Auto because it is a low-level OS closely integrated with vehicle hardware. Designed for real-time applications, it delivers microsecond-level latency—a performance standard proven in aerospace systems.
In practical terms, a domain controller running a single system-on-chip (SoC) can allocate critical functions such as driver assistance perception and control algorithms to the Wind River RTOS, while infotainment functions operate on Android and vehicle control modules run on a commercial Linux system.
Tang further noted that Aptiv offers comprehensive, full-stack solutions for software-defined vehicles (SDVs), covering everything from the core operating system to middleware, cloud deployment, and toolchain platforms. "Our partnership with automakers is more about empowerment," Tang said. “Aptiv’s system can be incorporated as a part of the automaker’s broader platform, enabling them to focus more on user experience software, algorithms, and operations, while we specialize in the foundational layers.”
Aptiv highlighted that its Wind River RTOS and Hypervisor products are fully localized—free from foreign ownership and export restrictions—with all engineering support based in China. Beyond automotive applications, the RTOS can also be adapted for low-altitude aviation and embodied robotics.
Aptiv revealed that its driver assistance platform—built with domestic SoCs and the Wind River RTOS—has secured contracts with major Chinese electric vehicle startups, although specific clients were not named.
The company also spotlighted its investment in Maxieye, a domestic smart driving enterprise. At Auto Shanghai, Aptiv displayed its latest radar-vision fusion system, capable of detecting multiple short-range targets and defining drivable areas with greater precision than traditional ultrasonic sensors. This advancement could enhance parking assist functions and low-speed surround-view capabilities.
Additionally, Aptiv is developing a full-stack smart driving solution that integrates radar and camera data to generate a bird’s eye view (BEV) perception system powered by deep learning models.
On the cockpit technology side, Aptiv introduced a next-generation AI-driven cockpit platform and a cross-domain integration solution based on domestically manufactured chips. This system unifies smart features, Level 2 (and above) autonomous driving assistance, automated parking, and vehicle body controls.
Turning to electrification, Aptiv launched its system-level 48V electrical platform. While most traditional vehicles rely on 12V systems, the increasing number of onboard electronic features demands higher power capacity. “A shift to higher voltage solutions has become necessary,” said Shen Guoliang, vice president of Aptiv’s connection systems division and general manager for the Asia Pacific region.
Aptiv’s 48V solution integrates wiring harnesses, connectors, and controllers to improve energy efficiency and reduce manufacturing costs for automakers.
Strengthening its manufacturing base, Aptiv announced that its new Wuhan connector plant will serve as its largest production facility for high-voltage connectors. Meanwhile, its Shanghai automation plant specializes in copper and aluminum busbar production for high-voltage distribution systems, reinforcing Aptiv's capabilities in vehicle electrification design and supply.
“Very little of our production in China is directly exported to the US, nor do we import much from the US,” Yang said. “If US tariffs have a large impact on a Chinese company’s business, it’s likely not just about tariffs, but about whether their domestic sourcing is robust enough.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3265445244686472">article</a> was written by Li Anqi for 36Kr.

Aptiv leans into China’s EV boom with localized smart driving tech

Autonomous Vehicles

On April 25, Yonghui Superstores released its financial report for fiscal year 2024 and the first quarter of 2025. The company reported revenue of RMB 67.6 billion (USD 9.5 billion) for 2024, alongside a net loss of RMB 1.465 billion (USD 205.1 million). For the first quarter of 2025, Yonghui posted revenue of RMB 17.48 billion (USD 2.4 billion) and a net profit of RMB 148 million (USD 20.7 million).
Yonghui attributed its full-year revenue decline to ongoing strategic and operational transformation initiatives. By the end of March, the company had completed upgrades at 47 stores. These remodeled locations experienced noticeable increases in customer traffic and sales. However, since the upgraded stores represented a small fraction of the overall network—and because 273 underperforming stores were closed compared to the previous year—total revenue for the first quarter showed a year-on-year decline.
The decrease in profitability was primarily due to a 1.35-percentage-point reduction in the gross profit margin compared to the same period last year. Yonghui noted that during the remodeling process, adjustments to its product mix and procurement practices temporarily compressed margins. Following the company's supplier conference at the end of March, Yonghui expects that changes in product selection and pricing strategies will support gross margin recovery and future growth.
In May 2024, under the leadership of Yu Donglai and his team, Yonghui initiated a nationwide store upgrade campaign based on two approaches: direct support from Pangdonglai and independent remodeling modeled after Pangdonglai’s format. Remodeled stores have reportedly seen improvements in brand reputation, product quality, customer traffic, and sales performance, reinforcing Yonghui’s commitment to a quality-driven retail model.
According to Yonghui, remodeled stores that reopened more than three months ago remained profitable in the first quarter of 2025. As of the end of March, 41 of these stores collectively achieved a single-month profit of RMB 14.7 million (USD 2.1 million) in March and a cumulative first-quarter profit of RMB 74.72 million (USD 10.5 million).
By the report’s release date, Yonghui had completed remodeling 61 stores based on the Pangdonglai model and aims to surpass 124 remodeled stores by the end of June. The company has set a target of completing 300 remodeled stores nationwide by the Lunar New Year in 2026. With a larger share of upgraded stores, the closure of underperforming locations, and continued supply chain reforms, Yonghui expects the next 12–18 months to be critical for realizing the benefits of these initiatives.
At the company's 2025 supplier conference on March 29, Ye Guofu—founder, chairman, and CEO of Miniso Group, as well as head of Yonghui’s reform leadership team—outlined the company’s updated supply chain strategy. This approach prioritizes partnerships with core suppliers and core products, emphasizing long-term relationships while discouraging supplier changes tied to staff turnover.
As of April 22, Yonghui had entered procurement negotiations with more than 300 leading supply chain companies, including Chinese manufacturers that also supply international retailers such as Sam’s Club and Costco.
The financial report also detailed the performance of Yonghui’s online business, which generated RMB 3.15 billion (USD 441 million) in revenue during the first quarter—representing 18.02% of total revenue. The Yonghui Life app supported 670 stores, achieving RMB 1.75 billion (USD 245 million) in sales, averaging 231,000 orders per day, and maintaining a monthly repurchase rate of 47.6%. Third-party delivery platforms also served 670 stores, delivering RMB 1.4 billion (USD 196 million) in sales with an average of 153,000 orders per day.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3265539172979072">article</a> was written by Li Xiaoxia for 36Kr.

Yonghui’s store revamp shows early gains, but a full recovery will take time

Retail