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… company is investing in proprietary IPs. In the first half of 2025, it acquired a 51% stake in HiToy for RMB 5.1 million (USD 714,000), gaining access to IPs such as Nommi, Honey, and MayMei. Ahead of its filing, Top Toy also acquired IPs including Ninimo.
Miniso founder Ye Guofu recently emphasized IP ownership as a strategic priority, saying Miniso will expand its IP development efforts and evolve from a retail company into a cultural and creative enterprise.
“Top Toy needs to convince Hong Kong investors that its IPs can generate value beyond its retail network,” said Gao Chengyuan, CEO of marketing firm Tiaoyuan. “At this stage, the company’s valuation can only lean toward high-turnover retail, with a price-to-earnings ratio of 25–30 times.” Developing strong proprietary IPs, he added, will be essential to securing a higher valuation.
whereRelatedArticle
<h3>The hard road to independence</h3>
If IP strength defines Top Toy’s competitiveness, its channel independence from Miniso may determine its market valuation.
As of the latest reporting period, Top Toy operated 38 directly owned stores, 250 franchise stores, five agency stores, and worked with 53 distributors. Revenue from distributors accounts for more than half of total sales.
Under the franchise model, partners operate stores and pay consulting fees to Top Toy while sharing revenue. In the first half of 2025, franchisees contributed 25% of total revenue. Distributors, meanwhile, purchase inventory from Top Toy and resell it to consumers. Miniso remains its largest distributor, accounting for RMB 923 million (USD 129.2 million) in 2024 and RMB 619 million (USD 86.7 million) in the first half of 2025, or 48.3% and 45.5% of total revenue, respectively.
Leveraging Miniso’s retail network has accelerated market penetration but also constrained Top Toy’s ability to establish an independent brand identity. Immersive flagship stores are key for designer toy brands to create emotional engagement, while Miniso’s variety store format dilutes that experience.
Heavy reliance on distributors also delays market feedback because consumer trends may take longer to reach the company. Directly operated stores, by contrast, offer real-time insights into Gen Z preferences and enable quicker product iterations.
To strengthen its brand, Top Toy plans to reduce dependence on distributors. Management expects its domestic store count to reach 380 to 400 by year’s end and aims to expand overseas to 100 countries with 1,000 stores within five years.
That strategy could influence valuation. “Excessive dependence on Miniso’s channels and franchise model may cap Top Toy’s long-term growth potential,” said Wang Peng, associate researcher at the Beijing Academy of Social Sciences. “Unless it proves its channels can operate independently, the Hong Kong market is likely to apply a valuation discount.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3547065866186887">article</a> was written by Chen Sizhu for 36Kr.

Top Toy’s Hong Kong IPO puts its IP strategy to the test

Miniso

East Asia

China

Retail

Consumer Economy

Hong Kong

… costs wherever possible, including labor.
Ne Zha 2’s end credits list over 100 animation suppliers, an impressive sight that also exposes structural weaknesses. The long roster reflects a fragmented industry where top studios dominate while smaller ones remain stuck in low-value production work.
“There are far too many junior animators entering the market every year, but not enough senior ones,” an animator told 36Kr. “China’s animation films rely on sprawling supplier networks, while Western studios use project-based teams. The former gives big studios more bargaining power but doesn’t foster balanced growth.”
With its strong content pipeline and distribution network, Enlight Media already holds some of the best cards in China’s film industry. What it needs now is patience from the market—perhaps the rarest commodity in today’s climate.
Enlight was ahead of its time a decade ago. Today, it seems the times still haven’t caught up. As the company continues to bask in the glow of Ne Zha 2, its real turning point may come when Coloroom Pictures becomes the halo itself.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3545183355334535">article</a> was written by Song Wanxin for 36Kr.

Enlight Media caps record year, but questions linger after Ne Zha 2 boom

Entertainment

Creative

Content

Wondershare Technology, a global leader in creativity and productivity solutions, has announced the launch of <a href="https://filmora.wondershare.com/upgrade/15-free-download.html">Filmora V15</a>, marking a step toward democratizing artificial intelligence-powered video creation. Under the slogan “Edit as an Expert with Filmora AI,” the new version integrates AI across each stage of the editing process, redefining how creators produce and refine content and ushering in a new era of intelligent creativity.
Positioned as a next-generation all-in-one platform for professional video creation, Filmora V15 focuses on intelligent content generation and creative workflow management, connecting every step from idea conception to final output. The update also introduces a range of advanced features designed to simplify complex editing tasks and enhance creative control. Together, these upgrades aim to make workflows smarter, editing more efficient, and professional features more intuitive, empowering creators of all levels to produce high-quality content with greater speed and ease in the AI era.
<h3>AI at the core of creation</h3>
Filmora V15 introduces a new level of AI integration, embedding intelligent capabilities throughout the creative process. Rather than functioning as standalone tools, Filmora’s AI features are woven into the editing workflow, making AI a natural extension of creativity. As the first software to offer a complete end-to-end video creation experience—from AI content generation and extension to precise editing—Filmora V15 represents Wondershare’s bid to set a new benchmark for intelligent video production.
In Filmora V15, AI operates as a continuous production flow that connects every stage of creation, from ideation and generation to refinement and output. On the editing timeline, users can generate new scenes using “AI Video Generation,” remove distractions or backgrounds with “Smart Cutout,” and stretch footage using “AI Extend.” Combined with “Dynamic Captions,” “Voice Clone,” and “Text-to-Speech,” Filmora enables a seamless workflow that transforms talking-head videos into polished, ready-to-share content.
Among the most significant upgrades, “AI Extend” allows creators to intelligently continue clips forward or backward, filling missing footage with consistent visuals and smooth transitions. This solves common issues such as short clip duration or abrupt cuts. Combined with features including “Smart Cutout,” “AI Object Remover,” and “AI Video Enhance,” Filmora turns AI from a supportive tool into a creative partner that actively helps users produce professional videos faster and more efficiently.
<h3>Smarter tools for efficient editing</h3>
Beyond AI, Filmora V15 expands creative possibilities while simplifying advanced editing. New tools such as the “Pen Tool” let users draw motion paths or shapes directly on the timeline and apply dynamic stroke effects without third-party plugins. “Animated Charts” also allow users to bring data storytelling to life, transforming imported data into visually engaging bar and line animations with just a few clicks.
Additional updates include an expanded resource library with “Dynamic Captions,” “Text Animations,” and “Video Animations,” as well as cinematic filters, localized fonts, and trending visual assets. Together, these additions create an accessible ecosystem for diverse storytelling needs.
<h3>Simplified professional efficiency</h3>
Filmora V15 further improves professional editing efficiency with upgraded multi-sequence and project management capabilities. The new “Dual-Timeline Editing” feature enables editors to manage multiple compound clips and switch between timelines easily. “Subprojects” also allows users to import several project files as compound clips, simplifying complex workflows and enabling efficient content reuse.
Other enhancements such as “Source and Timeline Preview Editing” and “Multi-Track Video” boost decision-making and layering flexibility. Collectively, these updates bring Filmora closer to the sophistication of large post-production suites while maintaining the simplicity that creators appreciate.
<h3>Empowering global creators in the AI era</h3>
The launch of Filmora V15 comes amid the rapid adoption of AI across the global creator economy. According to <a href="https://market.us/report/creator-economy-market/">Market.us</a>, the market was valued at USD 149.4 billion in 2024 and is projected to grow at a compound annual rate of 21.8%, exceeding USD 1 trillion by 2034. From automated scene generation to real-time editing, AI is reshaping not only how videos are made but also who can make them.
“We’re seeing AI evolve from an assistive feature into a true creative partner,” said Christy Wu, vice president at Wondershare. “With Filmora V15, we’re moving toward intelligent collaboration between humans and machines, enabling creators to focus on ideas rather than manual processes.”
<h3>About Wondershare</h3>
Founded in 2003, Wondershare is a globally recognized software company known for its innovative solutions in creativity and productivity. Driven by its mission “Creativity Simplified,” Wondershare offers a range of tools, including Filmora and SelfyzAI for video editing; PDFelement for document management; and EdrawMax and EdrawMind for diagramming.
Citing over two billion cumulative active users across its product portfolio and availability in over 200 countries and regions, Wondershare strives to empower the next generation of creators with intuitive software and trendy creative resources, continually expanding the possibilities of creativity worldwide.
This press release was published in partnership with <a href="http://wondershare.com/">Wondershare</a>.

Wondershare launches Filmora V15 with deep AI integration to transform video editing

… growth phase. Over the next 10–20 years, he believes the global robotics market could reach USD 20 trillion, roughly twice the size of the automotive sector.
“I don’t know how many robots we’ll be selling ten years from now,” he said. “But I’m certain it’ll be more than cars.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3546815605567362">article</a> was written by Qiu Xiaofen for 36Kr.

Was there a person inside Xpeng’s robot? CEO debunks rumors onstage to viral disbelief

Xpeng Motors

Robotics

Deep Tech

Embodied Intelligence

… to help artists bring their ideas to life and position Aipy Studio as a global leader in IP operations.
Its talent pool is also growing rapidly. On the design side, Aipy Studio is actively recruiting from art colleges and has already received hundreds of submissions with encouraging early results.
Its partnership with the Sichuan Fine Arts Institute includes three initiatives:
<ul>
<li aria-level="1">Talent development through co-created courses and workshops that integrate technology with music, design, and innovation.</li>
<li aria-level="1">Research collaboration to establish a joint center for design standards and an AI aesthetics library.</li>
<li aria-level="1">Career pathways via internships and employment channels connecting students to real-world projects.</li>
</ul>
These efforts reflect a broader ambition to merge technology and creativity. With AI as its foundation, Aipy Studio seeks to move the IP industry from experience-driven to intelligence-driven growth.
This approach also feeds back into iFlytek’s hardware business. Lu shared an example: when the company launched an AI-powered learning tablet featuring a Ne Zha 2 limited-edition design, it quickly captured children’s attention, she said.
“The fusion of IP and hardware is powerful, enabling the connection of products with user communities on an emotional level. Mastering IP operations can create great value for our core business,” she said.
Ultimately, Aipy Studio aims to become a catalyst for the future of Chinese IP: one where AI democratizes creativity, reduces production costs, and empowers everyone to create and express.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3542801353142407">article</a> was written by Xiao Xi for 36Kr.

iFlytek enters IP market with Aipy Studio, betting on AI to fuel its boom

iFlytek

Artificial Intelligence

Creator Economy

… problem.
Yang Hongxin, chairman of Svolt Energy Technology, said publicly that all-solid-state batteries currently cost five to ten times more than liquid lithium batteries. Given that batteries already account for more than 30% of an <a href="/industry/ev">electric vehicle’s</a> total cost, such premiums would be prohibitive for both automakers and consumers.
In short, the business model for solid-state batteries still doesn’t add up.
So why does the technology continue to attract so much attention despite its distant timeline?
For smaller battery makers, it represents a rare opportunity to leapfrog incumbents like CATL through a paradigm shift in technology. For automakers, it offers the possibility of greater bargaining power with dominant suppliers. And for consumers, a recent wave of EV fire incidents has revived concerns over liquid battery safety, fueling hopes for a safer, higher-density alternative.
But amid the renewed enthusiasm, one fact remains: solid-state batteries are still a technology of the future, one that may not reach mass production even by 2027.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3535624435408002">article</a> was written by Fan Shuqi for 36Kr.

Despite renewed hype, solid-state batteries remain years from mass production

Batteries

Energy

… Nations in the nine months through September this year, an increase of nearly 40% from a year ago, according to estimates from Ember.
China's influence is evident across Southeast Asia.
The Philippines, despite being entangled in territorial disputes with Beijing over parts of the South China Sea, has begun developing Southeast Asia's largest photovoltaic solar project with state-owned PowerChina last December.
In Indonesia, construction began in September on a 192-megawatt peak capacity floating solar power plant developed by state-owned power company PLN at a site near Bandung in West Java. China's Gezhouba Group is undertaking the engineering, procurement and construction (EPC).
Meanwhile in Laos, the Monsoon Wind Power project—Southeast Asia's largest onshore wind farm—came online in August using Chinese-made wind turbines, and had Chinese state-owned PowerChina handle EPC.
"Were it not for the Chinese EPC, it would have been extremely difficult to find anyone to deliver this under schedule and under the budget," said Nat Hutanuwatr, CEO of Impact Electrons Siam, the Thai renewable energy company spearheading the project.
Lucio Pitlo III, president of the Philippine Association for Chinese Studies, said Beijing "gained a lot" by leveraging its tech advantage as "soft power" since their investments are present across every part of the supply chain in the energy sector.
"China could frame this as part of their green silk road," he told Nikkei Asia, noting that it used to be easy to pinpoint which projects are part of China's Belt and Road Initiative.
"That's not the case now," Pitlo added.
In contrast is the fading US imprint. Prior to Trump taking office for the second time and slashing foreign aid, the US "had led with a full spectrum of technical assistance and capacity building programs, from on-the-ground energy projects to large-scale investment mobilization and building a pipeline of bankable projects," said The Asia Group's Schuch-Page, who was a senior climate official in the administration of previous US President Joe Biden.
Instead, Trump has ended US involvement in the Just Energy Transition Partnership (JETP) initiative, a multilateral program the US helped launch to support developing nations shift away from coal to clean energy. Analysts at the Center for Strategic and International Studies think tank estimate that the withdrawal "impacts over USD 3 billion of US commitments in Vietnam and Indonesia, mostly commercial loans."
In Vietnam, the US is now pressing Vietnam to use liquefied natural gas as a transition fuel between coal and renewables, as Trump looks to sell more American hydrocarbons abroad under his "drill, baby, drill" mantra.
And as US support for green transition wanes, developing Asian countries are increasing their reliance on China's renewable energy technology, and that could prove to be a "double-edged sword," said Altynay Junusova, an analyst at the Berlin-based Mercator Institute for China Studies.
"Chinese investment now dominates Southeast Asia's solar photovoltaic and battery sectors, creating both economic opportunity and strategic dependence," she said. "And with Western markets closing or imposing tariffs, countries in Asia increasingly find themselves tied to Beijing, a 'silver bullet' for energy modernization that comes with a heavy price."
"By investing in EVs, solar panels, batteries, and hydropower, and by nearshoring supply chains, China strengthens its economic grip, sets standards for green technologies, and secures long-term commitments from recipient countries, including loans and repayment obligations," Junusova said.
"In many cases, these countries have little choice, as they don't have alternative sources of capital, technology, or expertise—sectors where Beijing holds an advantage, and must balance Chinese investment with their own economic and green development goals."
This article first appeared on <a href="https://asia.nikkei.com/spotlight/policy-asia/climate-action-vacuum-looms-over-cop30-while-china-dominates-clean-energy-tech">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>.

Climate action vacuum looms over COP30 while China dominates clean energy tech

Sustainability

… system decided not to turn left, even when it seemed logical to do so. We’ve already achieved this in testing.
<h3>36Kr: What other physical AI applications do you foresee? And given the growing US-China tech rivalry, who holds the upper hand in this field?</h3>
HX: Whoever starts earlier has the advantage, and data will be the key asset. Progress at major digital model firms has slowed recently, not due to algorithms or compute power, but limited data.
Anyone can lead in physical AI, but success depends on execution, essentially who can engineer systems well, deliver real-world performance, and offer better user experiences. That’s what drives the feedback loop.
That’s also why Xpeng believes making a car bigger, prettier, or cheaper isn’t enough. Hardware is just the start, software is equally important. For this reason, I spent nearly two hours at Tech Day discussing how we aim to merge the physical and digital worlds to enhance user experience. The rise of physical AI has only just begun.
<h3>36Kr: Tesla is exploring flying cars, too. What sets Xpeng apart?</h3>
HX: Both Tesla and Xpeng are pursuing cross-domain integration to redefine categories. For example, we’re embedding VLA technology into robots. Traditional robots use reinforcement learning for limb control, so their legs, waists, and hands don’t coordinate well. We’ve rebuilt that logic, as it was no longer optimal under the new paradigm.
I don’t know Tesla’s exact approach to flying cars, but we’re both innovating across domains in our own ways.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3541461020143492">article</a> was written by Xiao Man for 36Kr.

Xpeng’s next chapter lies in physical AI, says CEO He Xiaopeng

Foundation and Large Models

… said.
Another key candidate, HLX22, targets HER2-positive advanced gastric cancer in combination with trastuzumab and chemotherapy. The global Phase 3 trial, backed by nearly USD 200 million in investment, is underway and positioned to compete directly with Keytruda.
Most HER2-positive advanced gastric cancer patients are inoperable, and current regimens offer only eight to ten months of progression-free survival (PFS). Under the HLX22 combination, Henlius has observed some patients maintaining disease control for up to two years.
“If patients can live longer with stable disease, the commercial potential expands dramatically,” Zhu said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3528272267582338">article</a> was written by Hu Xiangyun for 36Kr.

Henlius stands out in Hong Kong’s cooling biotech market with profits and pipeline progress

Biotechnology