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… 13 new IPs, expanding its total to about 50. R&amp;D spending rose to RMB 129 million (USD 18.1 million), up 69.5% year on year.
It also released 273 new SKUs, which accounted for 53.1% of revenue during the period. The goal is to broaden its audience beyond boys aged 6–16 who grew up on Ultraman. In 2024, Bloks launched products for adult collectors priced at RMB 100–200 (USD 14–28). In the first half of 2025, buyers aged 16 and above contributed 14.8% of revenue, up from 10.4% a year earlier.
The company has also tested products aimed at younger girls. IPs such as Yeluo Li and Pokémon underperformed, so Bloks is now shifting to scenario-based sets to target that demographic.
These efforts come at a cost. Rising R&amp;D spending, higher tooling fees from new SKUs, and the expansion of low-priced products dragged gross margin down 4.5 percentage points year on year.
The company also highlighted user experience in its report. Unlike Pop Mart, whose collectibles thrive on aesthetics and scarcity, construction toys rely on creativity. That explains why Lego invests heavily in community engagement, co-creation, and theme parks to reinforce its “creation” narrative.
Bloks is experimenting with a similar approach. This year, it is continuing the Blokees Figures Creators (BFC) competition across 150 cities in China. Parents traveled long distances with their children to attend, drawn by the belief that such contests foster creativity.
Founded in 2014, Bloks spent its first eight years as a block toy maker before pivoting to construction sets in 2022. The shift boosted margins and growth, culminating in its Hong Kong IPO. By mid-2024, it had partnered with more than 450 distributors, covering all top-tier cities in China and over 80% of lower-tier ones.
While Lego and Bandai Namco remain the global leaders, Bloks has risen quickly. By sidestepping Lego’s niche in small bricks and focusing instead on larger, more affordable pieces, it carved out a value-driven segment and built a broad offline distribution network.
Still young, Bloks has room to shape its own path. But its latest results underline the central question: how long it can monetize licensed IPs at scale, and whether that strategy will resonate both in China and overseas.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3436401443474822">article</a> was written by Zhong Yixuan for 36Kr.

China’s Lego rival turns the page with first profit and global push

Consumer Economy

China

Hema NB doubles stores in six months to gain ground in China’s fragmented grocery market

East Asia

Freshippo

Retail

… 2022 to 58.
Still, in hardware-heavy sectors, distribution can only go so far. Product quality and innovation remain key differentiators. The rise of Bambu Lab and xTool underlines this.
Creality’s selling expenses rose from 8.1% of revenue in 2022 to 16.7% in 2024. R&amp;D spending also increased but remained below 7% of revenue, a modest level by the standards of a product-led company.
That figure suggests the company may need to prioritize product development more aggressively.
Back in 2014, co-founder Liu noticed that most consumer 3D printers cost RMB 30,000–40,000 (USD 4,200–5,600). That insight led to the development of lower-cost alternatives and eventually to Creality’s global footprint.
The Covid-19 pandemic further boosted international demand and catalyzed growth. But it also intensified competition.
Going public may provide Creality with new resources and credibility. But as competition heats up across every category it touches, the IPO is just the beginning of a new challenge.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3434757526982278">article</a> was written by Leslie Zhang for 36Kr.

Creality gears up for Hong Kong IPO as it looks beyond 3D printing

Hardware

Hong Kong

… willing to take harder paths, such as building its own digital system or sourcing food directly, when it believes they are the right ones.
“For example, our chive pockets always use chives we grow ourselves, because chives and long beans are high-risk for pesticide residue,” Jiang said. Dingdong uses pest control and soil management, among other practices, to reduce residue as much as possible.
Internally, Dingdong refers to its “tap water philosophy,” Liang’s vision that high-quality ingredients should flow into homes as easily as tap water. After 2025, Liang launched a “one inch wide, one kilometer deep” strategy focused on good users, good products, good service, and good mindshare.
Wang added that for Dingdong, “good products” means long-term value and differentiation. The goal is to win repeat purchases through quality, not by chasing SKU count or undercutting prices on items with marketing-heavy labels.
To strengthen category expertise, Dingdong reorganized its product development center into ten independent business units, each led by a core executive. Wang oversees fruit, Jiang leads vegetables, and Gong Yunhao heads dairy, liquor, and beverages. The structure spreads top management’s time across building and refining product competence.
<h3>How will Dingdong Maicai respond?</h3>
Accolade Wines’ China general manager, Su Huaici, observed that after the 2025 Lunar New Year, Dingdong tightened quality control:
<blockquote>“Station managers manually check every bottle of wine, and any minor flaw gets it returned.”</blockquote>
But the competitive landscape has shifted. According to Su, partnering with instant retail platforms has become a trend for traditional wine companies, and the scramble for instant retail traffic now resembles the boom years of fresh e-commerce.
Instant retail, also called quick commerce, means ordering online and receiving goods within 30 minutes offline. <a href="/company/meituan">Meituan’s</a> Shangou warehouses illustrate the model: by not optimizing for in-store traffic, they can carry more SKUs than similarly sized frontend warehouses and face minimal spoilage.
As the instant retail space heats up, fresh e-commerce has entered a new round of price wars. In June, 7Fresh, previously focused on large hybrid facilities, announced 18 new locations in the Beijing-Tianjin region and pledged to widen its price advantage from 10% to 20%. Around the same time, Hema cut prices in Shanghai, lowering averages on more than 300 items by nearly 20%.
“In today’s environment, we have to be rational. Dingdong will not join a price war,” CFO Wang said. He outlined Dingdong’s plan to 36Kr: stick with the frontend warehouse model; deepen its presence in Jiangsu, Zhejiang, and Shanghai while keeping a foothold in Beijing; and keep upgrading algorithms and product capabilities.
Even while avoiding price wars, Dingdong stays active in instant retail through B2B partnerships with platforms such as Ele.me, Taobao Maicai, and Douyin. These linkages help keep it in the game.
Meanwhile, Xiaoxiang Supermarket has pledged to cover all first- and second-tier cities and expand into 200 quality county-level agricultural areas through direct sourcing. If Xiaoxiang secures markets outside eastern China, could Dingdong lose the chance to expand beyond its home base?
“In fresh e-commerce, we should be cautious about whether scale growth brings real economic benefit,” Wang said. “If the market expects Dingdong to keep growing 15–20% annually, eastern China’s growth alone can fully support that.”
He disclosed that Dingdong’s monthly household purchase penetration is about 30% in Shanghai and 25% in Suzhou and Hangzhou. “I’ve told investors many times: in eastern China, Dingdong still has at least twofold growth potential. Eastern China is not our final horizon, but when we expand will depend on supply chain capacity.”
As for why Dingdong survived while Missfresh failed, people most often cite steadiness and pragmatism, reflected in strong cohesion and fast reactions. At a supplier conference, founder Liang offered his view:
<blockquote>“In more than eight years of building this business, Dingdong has done only one thing: we bring vegetables from Xinjiang, Ningxia, Gansu, and Yunnan to Shanghai, Hangzhou, and Suzhou. The reason we’ve been profitable for ten straight quarters is also one thing: we reduced waste.”</blockquote>
“For more than three years, most of our decisions have been made by walking, watching, and adjusting as we go,” Wang added.
Wang said Dingdong values its quarterly meetings. Even if the core team has reached a conclusion, it still spends three days aligning everyone by discussing key questions, such as whether to roll out Shanghai’s product set to other cities, or whether to expand into new scenarios.
With the expansion narrative back under its control, Dingdong is now taking a more focused long-term path.
In Q1 2025, Dingdong’s net profit fell 34.96% YoY, raising questions about whether profitability had peaked. The company attributed the drop to short-term cost pressure from regional deepening and projected that both scale and margins would improve by year’s end.
In Liang’s plan, for the foreseeable future Dingdong will go deeper and be more focused on product strength, supply chain, and digital capability. Meanwhile, it will expand SKUs and its nationwide footprint more shallowly and slowly.
There is nothing new under the sun: a slower expansion may bring competitive pressure in the short term, but it helps a company adjust course in a volatile market. At Dingdong, that all stems from a collective rethinking of the old pursuit of scale for scale’s sake.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3414038846492288">article</a> was written by Xie Yunzi for 36Kr.

Dingdong Maicai defies fresh e-commerce collapse with focus on efficiency

Dingdong Maicai

On-demand Services

E-commerce

Food Delivery

Grocery Delivery

On August 21, Hong Kong-listed <a href="https://www.robosense.ai/en/index/index">RoboSense</a> released its financial results for the second quarter and first half of 2025. The company reported stronger profitability, with Q2 revenue climbing to RMB 460 million (USD 64.4 million), up 24.4% year-on-year and 38.9% from the previous quarter. Its robotics segment surged, generating RMB 150 million (USD 21 million) in revenue on shipments of about 34,400 units, an increase of 631.9% from a year earlier and 189.1% from Q1.
Gross margin rose to 27.7% in Q2 2025, up from 12.3% in Q1 2024, marking six consecutive quarters of quarter-on-quarter improvement. The robotics segment delivered a margin of 41.5%.
RoboSense has been expanding its robotics business across industrial warehousing, autonomous delivery, and other verticals, and now serves more than 3,200 customers worldwide. Growth has been fueled by demand for its digital LiDAR (light detection and ranging) products.
In lawnmower robots, RoboSense secured exclusive supply agreements with several major global companies, with orders in the seven-figure range. In autonomous delivery, it formed long-term partnerships with Coco Robotics, two North American delivery platforms, and Chinese firms including <a href="/company/meituan">Meituan</a>, Neolix, and Rino.ai.
In embodied intelligence, it is working with more than 20 <a href="/industry/robotics">robotics</a> companies worldwide, including Unitree Robotics, Dobot, and X-Humanoid. Several of these products were showcased at this year’s <a href="https://kr-asia.com/chinas-ai-firms-look-outward-as-waic-2025-takes-on-global-flavor">World Artificial Intelligence Conference</a> and <a href="https://kr-asia.com/taking-the-pulse-of-chinas-humanoid-robot-push-at-wrc-2025">World Robot Conference</a>.
During the earnings call, CEO Qiu Chunchao said that while first-half performance was strong, large-scale robotics deliveries are expected to concentrate in the second half, particularly in Q4. For lawnmower robots, production will peak over the next six months for the 2026 sales season. Demand is projected to rise from late Q3 2025 through Q1 2026, with deliveries peaking between Q4 2025 and Q1 2026.
The robotics segment currently holds a 41% gross margin, above the industry’s typical 35–40% range. RoboSense attributed the advantage to its digital product architecture and the fragmented, customization-heavy robotics sector, which remains at an exploratory stage. With rising delivery volumes, the company expects economies of scale to stabilize margins.
On the product and technology front, RoboSense has launched the “Active Camera” (AC1), a new category designed for robotic perception. AC1 integrates camera, LiDAR, and IMU (inertial measurement unit) inputs to output RGBD data. It supports robotic perception, mapping, localization, and grasping across multiple scenarios. Combined with an <a href="/industry/ai">artificial intelligence</a>-ready ecosystem, it is designed to help developers test and deploy technologies more quickly.
So far, RoboSense has gathered feedback from more than 400 universities, robotics firms, and developers, including Tsinghua University, the University of Hong Kong, and Stanford University. A second version, AC2, is scheduled for launch in the second half of 2025 to meet demand for higher-precision robotic perception.
<figure id="attachment_156909" aria-describedby="caption-attachment-156909" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-156909" src="https://console.kr-asia.com/wp-content/uploads/2025/08/RoboSense-AC1-AC2.jpg" alt="" width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/RoboSense-AC1-AC2.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/08/RoboSense-AC1-AC2-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/RoboSense-AC1-AC2-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/RoboSense-AC1-AC2-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/RoboSense-AC1-AC2-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/08/RoboSense-AC1-AC2-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-156909" class="wp-caption-text">Image and header photo source: RoboSense.</figcaption></figure>
Looking ahead, RoboSense plans to expand its AI and robotics work by increasing R&amp;D investment in chips, algorithms, and digital architecture. With products such as the Active Camera, it aims to speed up the commercialization of embodied intelligence at scale.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3433425177267592">article</a> was written by Huang Nan for 36Kr.

RoboSense sees AI and robotics as next growth driver after Q2 earnings beat

Deep Tech

… also preparing vehicles with larger capacities on the new platform.
This expansion could allow Rino.ai to move beyond express parcel delivery into broader same-city freight, and eventually cross-city logistics, depending on demand.
On the sales front, Zhu said Rino.ai plans to bundle hardware with its self-driving software. “Most companies sell hardware below cost. We want to build a model where the entire lifecycle of the product generates profit.” He expects the company to reach breakeven once its fleet grows to 10,000 units.
With continued investment and targeted deployment, Rino.ai’s commercialization path is becoming clearer. As autonomous vehicles move from pilot projects to mainstream adoption, the balance between scale and cost will define the sector’s trajectory.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3425054889332356">article</a> was written by Xu Caiyu for 36Kr.

From pilots to profit: Rino.ai plots commercialization after Series B+ round

Transportation

Autonomous Vehicles

Logistics

Mobility

… interaction systems, AI compute, and content platforms. Coordinating these elements demands long-term capability and strategic focus.
Vivo has built strengths in industrial design, supply chain management, and hardware miniaturization. On the robotics side, it is focusing on R&amp;D and working with partners to build robotic bodies. For content, the Vision headset supports Android apps, opening the door to a self-sustaining content ecosystem.
This cross-sector effort reflects Vivo’s core principle: innovation grounded in real user needs. Instead of asking what can be built, the company starts by asking what people will actually find useful—and builds from there.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3433931654319488">article</a> was written by 36Kr Brand.

Vivo launches “Discovery” edition of Vision MR headset, signaling shift beyond smartphones

Augmented and Virtual Reality

… feeders offer adjustable feed volume to reduce waste, infrared night vision for low-light recording, and simplified assembly for easier upkeep.
In its review, Wired highlighted the camera’s broad field of view, noting that Birdfy feeders captured surrounding activity effectively. But image quality drew criticism: low-light footage suffered from graininess and compression artifacts. While passable on small screens, the output didn’t hold up on larger displays, making Birdfy’s offerings better suited for casual birders. The camera can also double as a motion-activated security device.
Like Bird Buddy, Birdfy devices occasionally misidentify species, though that’s a common limitation across the category.
<figure id="attachment_156867" aria-describedby="caption-attachment-156867" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-156867" src="https://console.kr-asia.com/wp-content/uploads/2025/08/Birdfy-Bath-Pro.jpg" alt="Photo of the Birdfy Bath Pro, a new device equipped with a wide-angle and auto-tracking camera, streams and records real-time footage of birds as they bathe." width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/Birdfy-Bath-Pro.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/08/Birdfy-Bath-Pro-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/Birdfy-Bath-Pro-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/Birdfy-Bath-Pro-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Birdfy-Bath-Pro-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-156867" class="wp-caption-text">Photo of the Birdfy Bath Pro, a new device equipped with a wide-angle and auto-tracking camera, streams and records real-time footage of birds as they bathe. Photo source: Birdfy.</figcaption></figure>
Where Birdfy excels is supply chain agility. Backed by China’s responsive manufacturing ecosystem, it brings products to market quickly and has avoided the shipping delays that have dogged Bird Buddy.
Still, image quality remains a weakness that needs addressing.
According to 36Kr, Bird Buddy and Birdfy have already inspired several Chinese security hardware firms to enter the category. But many rely on generic components and overlook localization, leading to weak sales.
For most birders, the appeal of a smart feeder is the ability to observe birds up close, without disturbance. Increasingly, software subscriptions are becoming the primary revenue stream for companies in this space, eclipsing one-time hardware sales. Succeeding here requires not just strong technical infrastructure, but also thoughtful localization and user-centric design.
The market is now shifting as  traditional feeders give way to data-driven devices that offer a deeper, more interactive birdwatching experience. The opportunity is clear, but so is the need for executional focus in a segment where the entry bar remains low.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3411551320591751">article</a> was written by Leslie Zhang for 36Kr.

As smart feeders reshape birdwatching, can early leaders keep their perch?

Entertainment

Creative

Tokenization has long been seen as a path toward more inclusive finance. By putting real-world assets—such as stocks, bonds, or funds—on-chain, it promises broader access and programmable value. But as adoption begins to accelerate, a question emerges: how much of this shift is structural, and how much is narrative?
Today, tokenized financial products are no longer theoretical. Exchanges, custodians, and on-chain protocols have launched live offerings, enabling retail users around the world to gain exposure to US equities or treasury yields using just a mobile wallet.
HTX, as a global exchange, reflects the growing demand for accessible, blockchain-native financial services. In July, it posted a 45% increase in new user registrations, building on strong growth from the first half of the year. According to CoinGecko’s latest quarterly report, HTX ranked second among major exchanges by trading volume growth with a 51.9% quarter-on-quarter increase, reflecting broader momentum across the industry.
Yet while the surface-level appeal is strong, with faster settlement, round-the-clock liquidity, and fractional ownership, the underlying structures vary significantly. So do the risks.
<h3>Not all tokenized assets work the same way</h3>
As outlined in HTX Ventures’ latest research report, <a href="https://square.htx.com/htx-ventures-report-are-tokenized-stocks-a-treat-or-a-trap-a-complete-guide/">“Are Tokenized Stocks A Treat or A Trap? A Complete Guide,”</a> the current market comprises three primary tokenization models:
<ul>
<li aria-level="1">Custody-backed tokens: These are backed by real shares held with licensed custodians. They offer economic exposure but often lack shareholder rights or dividend access.</li>
<li aria-level="1">Synthetic tokens via CFDs (contracts for difference): These track asset prices without holding the underlying instrument, raising legal and compliance concerns.</li>
<li aria-level="1">Decentralized finance (DeFi)-based synthetic assets: These are minted through overcollateralized protocols using oracles. They offer permissionless access but elevated smart contract and liquidity risks.</li>
</ul>
From a user’s perspective, holding a token that tracks Tesla’s share price does not equate to owning Tesla stock. In most cases, voting rights, dividends, and legal ownership are absent.
This gap between perceived and actual ownership presents a long-term trust issue. Without standard disclosures and clear redemption processes, tokenized equities risk becoming instruments of abstraction rather than empowerment.
<h3>Beyond access: A shift in market infrastructure</h3>
Despite these limitations, tokenization is gaining traction, especially in emerging markets where direct access to US assets is often costly or restricted. By removing traditional brokers and settlement rails, tokenized assets can reduce entry barriers and enable programmable financial tools.
The broader vision centers on infrastructure, not just accessibility. Smart contracts can enable automated compliance, scheduled distributions, and integration with DeFi applications. For fintech developers, this opens the door to building globally integrated asset layers with fewer intermediaries.
However, as noted in HTX Ventures’ report, composability brings its own risks. Oracle failures, protocol dependencies, and delayed redemptions can lead to systemic shocks during periods of volatility. Tokenized asset providers must prioritize audits, circuit breakers, and transparent redemption mechanics to sustain trust at scale.
<h3>Regulation is coming, but unevenly</h3>
The regulatory landscape remains fragmented. In Europe, tokenized stocks fall under both MiFID (Markets in Financial Instruments Directive) II and the new MiCA (Markets in Crypto-Assets) regulation. While MiFID II governs all securities regardless of form, MiCA expands oversight to include certain asset-backed tokens. In the US, the Securities and Exchange Commission (SEC) maintains that tokenization does not alter the underlying classification of an asset as a security. Any tokenized equity offering to US users must meet strict requirements, including broker-dealer and ATS (alternative trading system) licenses, qualified custody, and full disclosure.
Asia presents a mosaic of approaches. Japan mandates that tokenized securities be issued through licensed banks or trust companies. Singapore focuses on stablecoin reserves and issuer licensing. Hong Kong is piloting a sandbox regime. Meanwhile, jurisdictions like Nigeria remain cautious, citing monetary sovereignty concerns.
For builders, early alignment with local licensing and cross-border compliance frameworks may offer a competitive edge. For users, however, the lack of harmonized rights, especially around redemption, dividends, and ownership claims, remains a blind spot.
<h3>What comes next</h3>
As HTX Ventures’ report concludes, tokenized assets represent both a new frontier and a regulatory stress test. Without clear frameworks and operational guarantees, products that promise inclusivity may fail to deliver it when it matters most.
Still, the direction is clear: tokenized finance is not a fleeting trend, but a structural shift in how value is accessed and distributed. To fulfill its potential, the industry must focus not just on unlocking participation, but on aligning narratives with on-the-ground reality—through better design, clearer disclosures, and stronger standards.
This article was published in partnership with <a href="https://www.htx.com/ventures">HTX Ventures</a>.
<hr style="margin-bottom: 20px;" />
About the author: This article is authored by Alec Goh, head of HTX Ventures, the global investment arm of HTX, one of the world’s largest cryptocurrency exchanges. Goh leads strategic investments in high-potential digital asset projects, with a focus on infrastructure, compliance-first DeFi, and stablecoin ecosystems. Previously, he spearheaded the firm’s M&amp;A and investment efforts, contributing to its global expansion and some of the industry’s most notable exits. With a background in global finance and deep experience in structured transactions, Goh bridges institutional capital with the next generation of Web3 innovation.

Tokenized assets are quietly reshaping market access, but structure will determine impact

Blockchain

Cryptocurrencies