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… production line’s capacity. Meng recalls scrambling with his team to design molds and secure additional production. Despite the chaos, he now laughs at the memory: “Suppliers and sales teams crowded me, saying not to leave until I gave them more units. That experience showed me the true value of our collective effort.”
For Meng, sustainable growth depends on professionalism. From the start, Dreame insisted on hiring department heads with deep expertise. Today, he considers core technologies, R&amp;D, and patents to be the company’s strongest assets. As of March 31, Dreame had filed 6,379 patents globally, with 3,155 granted—a number he expects will continue to rise.
The following transcript has been edited and consolidated for brevity and clarity.
<h2>Inside Dreame</h2>
<h3>36Kr: How do you respond to claims that Dreame has high employee turnover?</h3>
Li Chao (LC): We’ve compared perception with actual data. Over the past year, overall attrition was in line with the industry average, and slightly lower for core roles. For a fast-growing company, talent mobility is normal. Dreame is simply under more public attention, so individual cases are amplified.
<h3>36Kr: How do you ensure R&amp;D delivers products users truly need?</h3>
Meng Jia (MJ): Many companies struggle with disconnect between sales and R&amp;D. Sales departments tend to complain about unmet needs, while R&amp;D teams accuse them of chasing false demand.
Our solution is joint research. Product managers, R&amp;D, and marketing all go to the market together. Sales staff are responsible for gathering on-the-ground feedback, and R&amp;D teams must join them at retail stores and user events to observe, hear, and even disassemble products firsthand.
I personally tour global channels twice a year to bring raw customer feedback back to the lab. Only when all three teams confirm a pain point and solution in the same scenario does it enter the project pipeline. That way, the sales department isn’t blamed for distortion, and the R&amp;D team avoids pseudo-innovation. Instead of clashing, the teams fight on the same side.
<h3>36Kr: What unique benefits does Dreame offer employees?</h3>
MJ: Beyond bonuses and promotions, we emphasize a human touch. Things like summer drinks, company concerts, and holiday gifts go through multiple rounds of discussion. For example, I helped choose the materials and designs for this year’s company T-shirts.
<h3>36Kr: How does Dreame handle promotions for young employees?</h3>
LC: We follow a principle of growing through practice. Candidates for mid-level roles must first take on added responsibilities at the operational level. If they prove themselves, they enter a three- to six-month evaluation with KPIs and comprehensive assessments from colleagues, managers, and HR. It ends with a formal presentation before confirmation.
Currently, Dreame has no traditional rank structure. Promotions and rewards are tied strictly to results. A rigid hierarchy could slow decision-making, so we’ve prioritized speed and opportunity. Today, the organization is extremely flat, with only three or four layers between Yu Hao and frontline staff. We may add levels in the future, but for now, growth speaks louder than titles.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3489149971258496">article</a> was written by Tian Mi and Chen Tong for 36Kr.

Dreame kicks off 2025 recruitment drive as workforce tops 20,000

East Asia

Dreame

China

Hardware

Retail

Consumer Economy

Hitcard, a trading card company founded in 2021, is moving ahead with its listing process and could become China’s first publicly traded card brand. The startup has carved out a niche in collectible cards for adult consumers, a segment that has expanded quickly alongside the broader collectibles market.
Since December 2021, Hitcard has attracted investment from NewMargin Ventures founder Feng Tao, as well as major backers including <a href="/company/pop-mart">Pop Mart</a>, HongShan’s seed fund, and China Literature. Earlier this year, founder Zhao Yunpeng told 36Kr that the company closed another financing round in the first half of 2024.
A serial entrepreneur in his early thirties, Zhao is also a longtime fan of designer toys and cards. Of the company’s five core team members, three have previously worked with him on other ventures.
According to Guosheng Securities, China’s trading card market reached RMB 26.3 billion (USD 3.7 billion) in 2024, making it the largest worldwide and the fastest-growing category within China’s consumer entertainment sector. The market is projected to expand to RMB 44.6 billion (USD 6.2 billion) by 2029.
Riding this growth and backed by capacity expansion, Hitcard generated RMB 400 million (USD 56 million) in revenue in 2023, an increase of more than 600% year-on-year. The company expects revenue to double again in 2024 while remaining profitable.
Analysts highlight three questions that will shape investor attention around Hitcard’s IPO:
<ul>
<li aria-level="1">Who are the main buyers of trading cards?</li>
<li aria-level="1">How can card makers reduce reliance on a single IP?</li>
<li aria-level="1">And how can blind box sales be structured to remain compliant?</li>
</ul>
<h3>Taking a different path</h3>
Kayou, which controls more than 70% of China’s card market, rose quickly on the back of blockbuster IPs such as Ultraman, My Little Pony, and Ne Zha.
Hitcard has chosen a different approach. “Every IP has a rational limit of demand, and overproducing damages the brand,” Zhao said. Instead, the company signs a broad portfolio of IPs to spread risk while maintaining scarcity through limited runs and frequent product refreshes.
This year, Hitcard doubled its roster of licensed IPs to more than 60, approaching Kayou’s roughly 70. Its top-performing product in 2024 generated RMB 50 million (USD 7 million) in gross merchandise value, or about 6% of projected annual revenue, signaling a more diversified revenue base.
Its IP portfolio spans anime, designer toys, and film franchises, contributing about 40%, 40%, and 20% of sales, respectively. The company typically spends no more than three days developing a new product, caps production quantities on launch day, and rolls out about 10 new sets per month.
Craftsmanship is another point of emphasis. Four months ago, Hitcard introduced a 14-color printing press, surpassing the four-color machines used by most rivals. While some competitors use ten-color presses, few employ 14-color units for single-sided prints, giving Hitcard’s cards richer tones. It has also developed a plating process called “electroplated crystal gloss,” designed to enhance tactile and visual appeal.
To support this production model, Hitcard has built its own factories. It operates four plants in Longgang, Wenzhou, covering nearly 20,000 square meters and producing more than 95% of its output. Each plant cost between RMB 50 million and RMB 100 million (USD 7–14 million), making factory investment its largest expense, above licensing fees.
This craftsmanship has shaped its customer base. The core users are young women aged 18–28, overlapping with Pop Mart’s audience. By contrast, Kayou’s teen-focused lineup helped drive RMB 10 billion (USD 1.4 billion) in 2024 revenue, suggesting that Hitcard’s market may be more limited in scale.
<h3>Becoming the “Pop Mart of cards”?</h3>
A key driver of trading card demand has been live streams of blind box openings, where hosts reveal packs for viewers in real time, often triggering impulse purchases. Douyin has become the main channel for such streams, reportedly accounting for more than 60% of Hitcard’s sales.
Offline channels are also gaining ground. Key account retail partners now make up 40% of sales, up from about 25% last year. Zhao said this reflects a focus on customer experience, though he remains cautious about opening self-operated stores. “We’re not yet ready to design stores that meet our own expectations,” he told 36Kr.
Offline presence also matters for branding. Pop Mart, now synonymous with characters like Labubu, Molly, and Skullpanda, does not creates its own IPs but unifies its lineup through dedicated stores. If Hitcard wants similar staying power, it will need to weave its diverse IPs into a coherent brand story.
The company is also broadening its audience. In the second half of 2024, it introduced card products based on Renegade Immortal, Dao of the Bizarre Immortal, and Lord of Mysteries, which are popular with men aged 18–35.
Competition is intensifying, with bidding wars pushing up IP costs. While profitable, Hitcard’s high spending on design and production compresses margins, leaving less room to share revenue with licensors. To offset this, the company emphasizes its ability to reinterpret IPs and extend their relevance, which it argues strengthens its differentiation.
In 2024, Hitcard secured a licensing deal with Disney, becoming its largest card licensee of the year. Zhao said the agreement was possible thanks to the company’s cash reserves. The partnership underscores its overseas ambitions: while international sales are still in the single digits, Hitcard aims to lift their share above 10%.
It has also formed partnerships with CyberAgent, the parent firm of Cygames, as well as Akatsuki and Good Smile Company in Japan, and is now targeting North America. Both markets are among the most mature for cards worldwide.
Barely three years old, Hitcard has shown that selling cards to adult consumers can be a viable business. Its next test is to convince investors that the model can sustain long-term growth.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3481793511693446">article</a> was written by Lan Jie for 36Kr.

Can Hitcard become China’s first listed trading card brand?

Entertainment

Creative

When He Shiyou founded Baseus to manufacture power banks in Shenzhen 11 years ago, Europe seemed like a distant dream.
But this month, the chief executive appeared at IFA Berlin, Europe's biggest consumer electronics trade show, to launch headphones and earbuds to a global audience. The company also makes car vacuum cleaners.
"The fierce competition in Shenzhen is a reason why we are looking overseas," He said, adding that scaling up globally was essential to strengthening its supply chain and boosting investment in R&amp;D. "In hindsight, I wish we had started five years earlier."
Baseus' move reflects a trend in China, where weak consumer demand and excess manufacturing capacity have resulted in intense price competition. This has left many companies struggling to generate profits and, in some cases, slipping into deep losses.
"For Chinese manufacturers, one of the few ways to make profits is by going overseas," said Cameron Johnson, senior partner at Shanghai-based consultancy Tidalwave Solutions. "If you are not, chances are you won't have much business—because if you don't, your competitor will."
Three years ago, Baseus began building a dedicated team to take its gadgets abroad. It now has around 2% of the global smart personal audio market, according to tech researcher Canalys, behind leading Chinese rival <a href="/company/xiaomi">Xiaomi</a> at 4.9% in the fourth quarter last year.
According to Baseus, overseas sales account for 45% of its business, with Europe the largest market.
"The US and Germany sit at the very top of our agenda when it comes to investment in market development and branding," He said. "Both markets have large consumer bases and strong growth potential."
To stand out from a crowded field of Chinese rivals such as QCY and Anker, and to win over consumers in Europe, Baseus has turned to partnerships with established global brands to differentiate itself. Chinese manufacturers tend to compete only on price and some of Baseus' rivals have struggled to evolve beyond serving as a manufacturer for Western companies.
"This transition demands cultural fluency, brand narrative sophistication and the ability to command premium positioning in markets increasingly skeptical of Chinese corporate ambitions," said Afra Wang, a tech analyst based in California and writer for the Concurrent newsletter. "[Baseus'] success will likely determine whether Chinese consumer brands achieve sustained global influence."
At IFA Berlin, Baseus launched the Inspire series, a line of headphones and earbuds aimed at younger consumers and developed in collaboration with three partners—US audio specialist Bose, specialty tech parts manufacturer Knowles, and German audio tech producer Mimi.
Inspire earbuds are sold at around EUR 10 (USD 11.7) below Bose's cheapest earbuds on Amazon in Germany, but they are considerably more expensive than other Chinese brands.
"Partnering with Bose pushes Baseus into the higher end," said Jack Leathem, an analyst at Canalys. "It reflects a step-by-step move to build credibility in the mid-to-high tier while maintaining its value-driven positioning."
Tidalwave's Johnson said the scale and sophistication of Chinese production remain attractive for international brands, given these companies' investment in manufacturing technology and machinery.
Indeed, Bose sees the Baseus partnership as an opportunity to broaden its reach. "We're helping enhance everyday listening for their customers and delivering the incredible power of Bose audio to an even wider audience," said Nick Smith, Bose's president of audio technology and chief strategy officer.
Still, Chinese manufacturers face challenges in trying to penetrate Europe and the UK, where product safety standards are high. Baseus said last year on its website that two of its wireless power banks were recalled in the EU and the UK because they posed a fire risk, with the British government saying that the devices did not meet local safety regulations.
On a wider level, the European Union is highly concerned about its trade imbalance with China and is suspicious of Chinese technology, which it sees as a security threat.
Washington's trade war with China has heightened EU concerns that Chinese manufacturers will turn to Europe to dump their excess capacities. So far, though, Chinese consumer electronics have come under less regulatory scrutiny than sensitive sectors such as semiconductors or <a href="/industry/ev">electric vehicles</a>.
"Policymakers generally view collaboration in this sector more favorably, as it falls outside critical industries," said Alexander Brown, senior analyst at the Berlin-based think tank Mercator Institute for China Studies. He cited the EUR 1 billion (USD 1.2 billion) worth of Chinese investments made in consumer products and services in the EU and UK over 2024.
However, Brown said that as Chinese companies rise up the value chain, concerns around cybersecurity and economic competitiveness may lead to greater scrutiny.
But for He, Europe is now ripe for the taking.
"Particularly in key markets such as Poland, Spain and Germany, our goals are very clear: we are aiming to take the number one position in these markets," He said.
This article first appeared on <a href="https://asia.nikkei.com/business/electronics/chinese-electronics-manufacturer-baseus-wants-to-be-no.-1-in-europe">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>.

Chinese electronics manufacturer Baseus wants to be number one in Europe

Europe

Electric tricycles are still often seen as unfashionable, but Jixun is trying to change that by integrating <a href="/industry/ai">artificial intelligence</a>, bringing new possibilities to this traditional form of transport.
The company recently unveiled a prototype equipped with a suite of intelligent technologies.
Compact in size, the vehicle can maneuver through tight spaces more easily than a car. Its driving experience is modeled after smart automobiles, with adaptive cruise features such as automatic following, assisted lane changes, emergency braking, lane departure warning, and blind spot monitoring.
Inside, the cockpit includes entertainment, health monitoring, and environmental controls. It syncs with a smartphone, enabling navigation, music, and even video calls to transfer between devices.
The cockpit also functions as a driving assistant, automatically adjusting seats, setting the cabin temperature, pushing news updates, and suggesting charging station locations.
The steering wheel embeds sensitive biosensors that, when paired with AI models, monitor the driver’s heart rate and grip strength in real time, issuing alerts if anomalies are detected.
Asked whether such features are necessary, Jixun president Zhang Zhansheng said every function was developed from essential user scenarios identified through research.
Before development began, the team spent nearly nine months gathering feedback in more than 20 Chinese cities through online and offline surveys.
Zhang has 16 years of experience in the automotive sector, with roles at <a href="/company/chery">Chery</a>, <a href="/company/geely">Geely</a>, and Volvo, and has overseen the establishment of eight manufacturing plants. The opportunities presented by smart driving technology, he said, were why he chose to enter the tricycle market.
“The moat for Jixun’s tricycles lies in two areas,” Zhang said. “First, we are claiming the first-mover advantage in a blue ocean market. Second, we have developed a car-grade intelligent connected system with seven proprietary innovations, which serves as the technical foundation for tricycle intelligence.”
At the center of Jixun’s technology is a system that integrates multimodal data from cameras, radar, biosensors, traffic flow, and signals to create a unified model of the surrounding environment and driver condition.
Using machine learning, deep learning, and real-time decision-making, the system coordinates functions across the vehicle, from assisted driving to power management. It also adapts over time, learning from historical data and user behavior to meet personalized needs.
Looking ahead, Jixun aims to build a full lineup of smart tricycles. By 2026, it plans to launch at least 35 models at different price points. Features will be offered in modular combinations, giving consumers flexible options.
The lineup will include fully enclosed and soft-top versions, with designs ranging from sporty to retro. Depending on the model, cockpits will seat one to four passengers.
The rollout will be phased. The first two models, scheduled for February 2026, will feature basic smart connectivity. Later in the year, more advanced versions are expected to arrive with automotive-grade features such as assisted driving and enhanced safety systems.
Beyond daily commuting, Jixun is also targeting commercial use with tricycles designed for logistics and cargo transport, including models with dump beds.
Most of the lineup will be priced under RMB 10,000 (USD 1,400).
Jixun’s strategy addresses a clear gap in the market. Two-wheelers are vulnerable to weather and have limited load capacity, while four-wheelers are more expensive to purchase, maintain, and park. Tricycles offer greater safety and carrying capacity than motorcycles while remaining lighter and cheaper than cars. With motorcycle license plates, Jixun’s vehicles also avoid plate restrictions in major cities.
“The smart car market is already crowded, making new breakthroughs difficult,” Zhang said. “But the tricycle segment has lagged behind in safety upgrades and intelligent features. There’s no trend of mass adoption of advanced smart functions. That missing link represents a huge opportunity.”
The electric tricycle market is expanding in China and abroad. According to Intelligence Research Group, the market in China grew from RMB 25.7 billion (USD 3.6 billion) in 2017 to RMB 39.8 billion (USD 5.6 billion) in 2022.
Once dominated by older users, the segment is now attracting younger consumers as newer models emphasize design and materials.
Jixun is also expanding overseas, offering customization to suit local needs. For instance, logistics clients in the Middle East can order gasoline-powered tricycles in gold finishes.
By sidestepping the car market while addressing the limits of two-wheelers, Jixun is betting that tricycles can carve out a new niche with the help of AI.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3489786463214721">article</a> was written by Fu Chong for 36Kr.

With AI’s help, China’s Jixun pushes to make electric tricycles a global export

Transportation

Electric Vehicles

Mobility

… cheaper alternatives.</h3>
MZ: Pricing isn’t the main story. AI models have made intelligence a commodity. The question is how much value you deliver. People will pay for state-of-the-art tech and maximum value.
<h3>36Kr: So Plaud aims to stay state-of-the-art?</h3>
MZ: We already are globally. The real challenge is staying that way. If our tenfold effort doesn’t translate into product differentiation that justifies pricing, then that’s on us.
Discounting might boost sales, but selling out isn’t what matters most now.
<h3>36Kr: What does matter most?</h3>
MZ: That models keep evolving, delivering more value. If we chase short-term profits now, tomorrow’s changes could wipe them out. The pace of change is faster than expected. We need to grow stronger as models advance.
<h3>36Kr: How do you measure if you’re the state-of-the-art in notetaking?</h3>
MZ: External feedback makes it clear. Not everything needs metrics. PMF, for instance, you just know when you have it.
<h3>36Kr: How did you know Plaud had PMF?</h3>
MZ: We didn’t raise funding. We launched on Kickstarter and immediately sold well, turning profitable on day one. Growth hasn’t stopped since. That’s classic PMF.
<h3>36Kr: How do you avoid false PMF, given that some devices like Humane’s AI Pin also had strong crowdfunding but fizzled?</h3>
MZ: Simple: see if growth continues. We keep hitting record highs each month.
<h3>36Kr: What metrics matter most to you: growth, retention, usage?</h3>
MZ: We track them all, but honestly, they are all meaningful. So we don’t obsess. Growth is the top priority, as long as nothing breaks badly.
<h3>36Kr: Isn’t that at odds with saying sales aren’t the most important thing?</h3>
MZ: It depends. Overseas, better products drive growth. In China, pricing and competition might matter more. So the question is where to spend our energy, whether that’s on features, or on advertising and price wars.
<h3>36Kr: Are there any missteps since you joined?</h3>
MZ: Not really. I think Plaud’s growth owes less to what we’ve done right and more to what we haven’t done wrong.
<h3>36Kr: Some investors say successful commercial products are often built on “boring, stable” technology. Do you agree?</h3>
MZ: No. Investors see only polished stories, while we live the daily grind. The reality looks different. From our perspective, nothing matters more than the team. Back in 2011, could anyone have clearly identified the moats of Meituan, Xiaomi, or Li Auto? If so, they would have invested then.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3480790709083017">article</a> was written by Zhou Xinyu for 36Kr.

Will Plaud’s million-selling AI notetakers click at home in China?

Artificial Intelligence

Deep Tech

<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.
This edition examines the scope of China’s <a href="/industry/ai">artificial intelligence</a> drive, as markets and infrastructure lead the way while new applications reshape industries from healthcare to entertainment.
<h3>Chinese AI firms dominate global Q3 gains</h3>
Chinese AI-related firms dominated markets in the third quarter, accounting for half of the top 20 global gainers by market capitalization. Foxconn Industrial Internet, Eoptolink, and Zhongji Innolight nearly tripled in value, while chipmaker Cambricon more than doubled to USD 77.8 billion. Investors are betting on China’s AI drive, though some warn of speculative excess. —<a href="https://asia.nikkei.com/business/markets/equities/china-s-nvidia-cambricon-at-forefront-of-ai-stock-boom">Nikkei Asia</a>
<h3>Biomap claims edge over AlphaFold</h3>
Biomap, a <a href="/industry/biotech">biotechnology</a> startup co-founded by <a href="/company/baidu">Baidu’s</a> Robin Li and backed by Hong Kong’s government, said it has surpassed AlphaFold in commercializing AI models for drug discovery. CEO Wei Liu cited rising pharmaceutical adoption as Biomap expands through BioGend Science, a Hong Kong-based venture aiming to bring drugs to clinical trials within two years. —<a href="https://www.scmp.com/tech/tech-trends/article/3327390/baidu-backed-drug-discovery-start-biomap-challenges-googles-alphafold">SCMP</a>
<h3>Z.ai releases open-source GLM-4.6</h3>
Z.ai, formerly Zhipu AI, has released GLM-4.6, an open-source large model with enhanced agentic coding and expanded deployment options. The release marks the first FP8 and Int4 quantization integration on Cambricon chips and also runs with native FP8 precision on Moore Threads GPUs via the vLLM inference framework. —<a href="https://36kr.com/newsflashes/3488949474974852">36Kr</a>
<h3>Huawei plans to double chip output in 2026</h3>
<a href="/company/huawei">Huawei</a> plans to double production of its Ascend AI chips in 2026, targeting 600,000 units of the 910C model and up to 1.6 million dies across the lineup, according to people familiar with the matter. The ramp-up suggests Huawei and <a href="/company/smic">Semiconductor Manufacturing International Corporation</a> (SMIC) are easing bottlenecks under US sanctions as Chinese firms seek alternatives to <a href="/company/nvidia">Nvidia</a>. —<a href="https://www.bloomberg.com/news/articles/2025-09-29/huawei-to-double-output-of-top-ai-chip-as-nvidia-wavers-in-china">Bloomberg</a>
<h3>Moore Threads cleared for Shanghai listing</h3>
Chinese GPU maker Moore Threads has reportedly won approval for an IPO on Shanghai’s STAR Market, less than three months after filing. Founded in 2020 by former Nvidia executive Zhang Jianzong, the Beijing-based company plans to raise RMB 8 billion (USD 1.1 billion) to fund AI chip R&amp;D. Blacklisted by the US in 2023, Moore Threads is part of China’s broader effort to bolster semiconductor self-sufficiency. —<a href="https://www.scmp.com/tech/tech-trends/article/3327051/chinese-ai-chip-developer-moore-threads-gets-go-ahead-shanghai-ipo">SCMP</a>
<h3>AI-generated content gains ground in China</h3>
Chinese media groups including <a href="/company/tencent">Tencent</a>, iQiyi, and TVB are expanding use of AI-generated content. iQiyi has launched an “AI theater” with Oscar-winning cinematographer Peter Pau, Tencent is hosting an "AI short film competition," and TVB has released Hong Kong’s first miniseries featuring AI-generated characters. Analysts expect China’s AI video systems to generate up to USD 1 billion in annual revenue by 2025. —<a href="https://www.scmp.com/tech/article/3327005/tencent-baidu-backed-iqiyi-tvb-embrace-ai-generated-content-dramas">SCMP</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 | The nation’s AI drive

At the end of 2021, <a href="/company/xiaomi">Xiaomi</a> declared for the first time that it would benchmark itself against Apple, learning from its rival’s approach. Five years later, with the launch of the Xiaomi 17 series, the company has brought its product line into alignment with Apple’s.
The Xiaomi 17 starts at RMB 4,499 (USD 629.9), maintaining the same entry-level pricing as last year’s Xiaomi 15. Higher-end configurations, however, are priced RMB 200–500 (USD 28–70) higher than the previous generation.
Over more than a decade of iterations, Xiaomi has moved from budget-friendly to premium. Its smartphone prices have risen steadily, outpacing Apple’s increases in the same period. Apple, by contrast, has largely pursued a strategy of offering more, while keeping prices the same, in recent years.
<h3>Price hikes outpace Apple</h3>
Xiaomi first raised prices with the Xiaomi 6, which climbed 15%. Each subsequent flagship release followed suit, with annual increases typically above 10%. The Xiaomi 8 rose 17.4%, while the Xiaomi 9 went up 11.1%.
The sharpest change came in 2020, when the Xiaomi 10 marked the company’s entry into the high end. Its starting price jumped from RMB 2,999 (USD 419.9) to RMB 3,999 (USD 559.9), an increase of RMB 1,000 (USD 140), or more than 30%. That was Xiaomi’s largest single-year adjustment.
For the next three years, Xiaomi kept flagship pricing anchored at RMB 3,999. Last year, the Xiaomi 15 lifted the baseline by 12.5% to RMB 4,499, a level maintained with the Xiaomi 17. This placed the company firmly in the RMB 4,000–5,000 (USD 560–700) segment.
Apple has been more restrained. In 2017, the year Xiaomi’s 15% hike debuted, the iPhone 8 rose just 9.3%. Aside from the iPhone X anniversary edition, which commanded a premium, Apple largely stabilized its pricing. The iPhone 12 started at RMB 6,299 (USD 879.9), while the iPhone 13 dropped to RMB 5,999 (USD 839.9) and has remained there since.
The contrast is clear. Xiaomi’s price hikes have consistently outpaced Apple’s, even as Apple pursued modest upgrades without major jumps. The gap between the entry-level iPhone and Xiaomi’s flagship has narrowed from nearly RMB 3,000 (USD 420) in 2011, when the iPhone 4S launched at RMB 4,988 (USD 698.3) against the Xiaomi 1 at RMB 1,999 (USD 279.9), to just RMB 1,500 (USD 210) today.
<h3>Xiaomi and Apple go head-to-head</h3>
Each major price increase has been followed by short-term dips in sales.
When the Xiaomi 10 launched in 2020, the company’s shipments fell 35% in the second quarter, pushing it to fifth place in the Chinese market. Overseas, where India accounts for nearly half of Xiaomi’s international revenue, shipments were nearly cut in half, according to Canalys.
Xiaomi faced a similar downturn in 2016, when annual shipments dropped 36% year-on-year, reducing its market share from 15.1% to 8.9%, according to IDC. That slump prompted founder Lei Jun to launch the higher-priced Xiaomi 6 in 2017. The device was well received, but supply chain constraints capped shipments at 5.5 million units.
Over time, however, rising prices have not derailed Xiaomi’s broader sales. Volumes have trended upward as the company moved into the premium segment. The Xiaomi 14 is expected to sell 8.8–12 million units over its lifecycle, while the Xiaomi 15 sold nearly two million units within just two months of launch.
By the second quarter of 2021, Xiaomi’s second year of pushing high-end devices, Canalys data showed it had overtaken Apple in global smartphone shipments, ranking second worldwide.
More importantly, the premium strategy has delivered higher margins. When Lei pledged in 2018 that the company’s hardware net margin would not exceed 5%, smartphone gross margins were around 2%. By 2016, they had risen to 3.45%. After the pivot to high-end models, margins broke into double digits in 2021 and have remained around 12% for the past three years.
Apple remains far ahead, with hardware margins consistently in the 30–40% range, the highest in the industry. But this year, the launch of the iPhone 17 may reshape the battlefield.
For years, Apple sustained its margins by offering incremental upgrades. But as its market share in China has slipped, the iPhone 17 signals a willingness to trade margin for market share. With both firms now competing in the same price band, their rivalry has never been closer.
<h3>Valuation and smartphones are decoupling</h3>
Xiaomi’s valuation story is shifting. Historically, its market cap was closely tied to the profitability of its smartphone business. High margins were seen as proof of a successful premium push, lifting investor confidence, while weak margins signaled competitive pressure and weighed on the stock.
During the Xiaomi 10 era, the company’s high-end pivot lifted its share price from around HKD 10–11 (USD 1.3–1.4) in early 2020 to HKD 30 (USD 3.9) by year’s end, nearly tripling its market cap. The Xiaomi 11 extended the momentum, pushing the stock to a record HKD 35.9 (USD 4.6) in January 2021, with market value surpassing HKD 900 billion (USD 115.7 billion).
By 2025, that link is weakening. Despite a decline in smartphone gross margins in the latest interim report, Xiaomi’s stock has risen more than 50% year-to-date, supported by record adjusted quarterly profit of RMB 10.83 billion (USD 1.5 billion).
The shift is driven by the rapid growth of Xiaomi’s <a href="/industry/ev">electric vehicle</a> business. Beyond revenue, the unit’s gross margin of 26.4%, up 3.3 percentage points quarter-on-quarter, now exceeds smartphones and is approaching the company’s overall 22.5% margin.
As a result, smartphones are no longer the primary driver of Xiaomi’s valuation. They remain an important measure of performance, but short-term volatility is now tolerated by investors. Instead, the EV unit’s growth trajectory and share of the booming market have become the main catalysts. Capital markets are increasingly applying the valuation models of new energy companies to reassess Xiaomi.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3487769626680199">article</a> was written by Song Wanxin for 36Kr.

Xiaomi closes the gap with Apple as 17 series enters same price band

Smartphones

… growth driver, and the i6 is positioned to fill that role.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3487190719486848">article</a> was written by Xu Caiyu for 36Kr.

Li Auto’s i6 draws younger buyers, shaking up China’s electric SUV market

… survive." The same holds true for space technology.
His conviction stems from experiences at Huawei and at the Chinese Academy of Sciences.
He joined <a href="/company/huawei">Huawei</a> in 2004, bypassing the internet boom to work in telecommunications during the shift from 2G to 3G. On the frontlines, he learned that technology must always connect to market demand.
At the Shanghai Engineering Center for Microsatellites, part of the Chinese Academy of Sciences, Wang worked across the full spectrum from satellite systems to ground testing and AIT, gaining experience in the zero-to-one journey of major national projects. The exposure made him familiar with state-level needs while inspiring him to develop complementary low-Earth orbit systems in the private sector. “Geespace’s services form part of national strategic infrastructure,” said Wang, “designed for coordinated integration, compatibility, and complementarity.”
Such experience also prepared him for the complexities of managing constellation projects in the private sector. Space has always been about systems engineering, and Wang built a team capable of handling those demands. Among Geespace’s 18 founding members, 14 are engineers averaging 15 years of aerospace experience. Collectively, they have worked on 40 of China’s most important satellite models, including BeiDou Phases 2 and 3, Yaogan 30, and the Fengyun meteorological series. The CTO was responsible for third-generation BeiDou payloads and Jiading 1, while the chief engineer previously led microsatellite projects at Microsat.
Yet alongside this technical depth, Wang’s pragmatic mindset has kept Geespace grounded. In his view, China’s gap with international leaders lies not in technical capabilities but in mass production capacity. In 2021, Geespace built a private satellite factory in Taizhou designed to produce one satellite per day. Flexible lines enable simultaneous mass production of multiple models while cutting costs by an order of magnitude.
With these capabilities in place, Geespace shifted gears over the past two years, embarking on a series of launches:
<ul>
<li aria-level="1">February 3, 2024: Using a Long March 2C rocket from Xichang Satellite Launch Center, Geespace deployed 11 satellites in a single launch.</li>
<li aria-level="1">September 6, 2024: A Long March 6 rocket from Taiyuan Satellite Launch Center placed ten satellites into orbit.</li>
<li aria-level="1">August 9, 2025: Off Rizhao’s coast, a Jielong 3 rocket launched 11 satellites. Just one month later, another Jielong 3 lifted 11 more satellites from the same coastal site.</li>
</ul>
<h3>Pursuing global space applications</h3>
In Wang's view, a successful space enterprise must ultimately serve people. Geespace has envisioned Geesatcom as a global LEO constellation, first targeting connected cars and robotaxis, then expanding into fishing, construction, logistics, low-altitude aviation, and emergency communications. Unlike Starlink’s vast deployments, Geespace focuses on maximizing the utility of every satellite, offering China a distinct model for commercial aerospace.
Global expansion is also underway. Geespace has partnered with operators in the Middle East, Africa, Southeast Asia, Central Asia, and Latin America to extend its services beyond China.
Stories of such leapfrogging are not new to China. The rise of its <a href="/industry/ev">electric vehicle</a> sector, from fewer than ten Chinese-founded players in 2014 to global contenders a decade later, is a textbook example. Like EVs, commercial aerospace is both technology- and capital-intensive, with steep entry barriers. Geespace aims to follow a similar playbook: using industrialization to cut costs, adapting aerospace-grade technology for mass markets, and scaling demand to close the gap with global leaders.
Unexpected innovations have already emerged. In 2023, Geespace unveiled the world’s first integrated glass antenna for satellite communication, embedded into car sunroofs. The breakthrough surprised international competitors and marked China’s shift from catching up to leading in satellite communications.
But Wang insists Geespace is more than a trailblazer. He envisions it as aerospace’s version of Huawei. He describes the company’s strategy as “an open-source ecosystem,” likening it to early Linux or Android. “We’re now building a full-stack open platform,” he said. In other words, Geespace seeks not only to create constellations but also to build a technology platform that can empower industries far beyond aerospace.
With 64 satellites now in orbit, Geesatcom’s impact has already moved beyond personal ambition. Instead, Wang’s career reflects China’s growth from scratch to pursue opportunities in a space sector that is still in its early stages.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3481825587616896">article</a> was written by Xiao Xi for 36Kr.

China’s answer to Starlink? Geespace completes first satellite constellation

Space Tech