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… disappeared.
At the same time, Labubu has also been trying to address one of its weaknesses: content.
On March 19, Pop Mart announced that Labubu was becoming the lead character in a film. The company reached a partnership with Sony Pictures to produce an animated Labubu film directed by Paul King, the director of Paddington.
<figure id="attachment_161007" aria-describedby="caption-attachment-161007" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-161007" src="https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing.jpg" alt="Photo shows Paul King, director of Paddington, and Lung Kasing, creator of The Monsters, pictured at the tenth anniversary exhibition of The Monsters in Paris." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2026/04/Paul-King-Lung-Kasing-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-161007" class="wp-caption-text">Paul King, director of Paddington, and Lung Kasing, creator of The Monsters, pictured at the tenth anniversary exhibition of The Monsters in Paris. Photo: Pop Mart.</figcaption></figure>
An-an said that, for investors, this is a positive signal. As the film moves through production and eventually reaches audiences, it could not only extend Labubu’s lifecycle, but also bring other members of The Monsters family into the spotlight, giving Pop Mart a new story to tell.
At around the same time last year, Pop Mart had also announced plans to produce animated shorts themed around Labubu and Hirono, but those projects later faded from view. In mid-April of that year, a Labubu product video released by the company was also accused by internet users of copying from films including Soul. To some extent, that episode exposed Pop Mart’s weakness in content. This time, Pop Mart has decided to hand content creation to people better equipped to do it.
An IP without content is easier for consumers to abandon over product design or quality problems. One with a story is not. People do not stop liking Tom and Jerry because a blind box product based on it turns out poorly. As pressure builds on Pop Mart’s supply chain and product quality issues continue to surface, filling out the content behind its IPs has become more urgent.
What the toy collectible business shares with the content business is that neither can be fully monopolized. No one can say where the next blockbuster will come from, not even market leaders such as Tencent in gaming, Heard Island in short dramas, and Pop Mart in toy collectibles. But operating an IP that has already become a global hit is a more certain task. Labubu had already generated another wave of attention through its strong fit with the vinyl plush category.
At the earnings briefing, Wang said the company expects growth of no less than 20% in 2026, describing the target as conservative.
Both Labubu and Pop Mart now face their next step. It is a test the company cannot avoid.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3750711532569350">article</a> was written by Lan Jie for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.89 = USD 1 based on estimates as of April 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Pop Mart’s strong results fail to answer “next Labubu” question

East Asia

China

Retail

Consumer Economy

Digital China’s latest annual report indicates that its long-signaled pivot is beginning to show up in its financial results. The Shenzhen-listed company, once known mainly for IT distribution, said <a href="/industry/ai">artificial intelligence</a> became a key growth driver in 2025, putting it closer to parity with the traditional businesses that long supported its scale.
According to its full-year 2025 earnings report, released recently, Digital China posted revenue of RMB 143.8 billion (USD 20.9 billion), up 12% year-on-year (YoY). Its top line has now risen for three consecutive years. AI-related business generated around RMB 33 billion (USD 4.8 billion) in revenue, up 48%, which the company said marked its entry into scaled deployment and made it a major growth driver alongside its traditional distribution business.
By segment, the company’s strategic businesses posted strong growth.
AI software and services centered on its Smart Vision platform generated RMB 110 million (USD 16 million) in revenue, up 165.4% YoY, as its enterprise-grade agent middleware platform entered the commercialization stage.
Cloud, data services, and software brought in RMB 3.56 billion (USD 516.8 million), up 22%.
Revenue from KunTai, its in-house computing brand, rose 62.4% to RMB 7.44 billion (USD 1.1 billion), making it an important part of its AI infrastructure business.
AI ecosystem business revenue reached RMB 21.92 billion (USD 3.2 billion), up 48%.
In its IT distribution and value-added services segment, the electronic components distribution business stood out. Revenue from that unit reached RMB 28.2 billion (USD 4.1 billion), up 40%, supported by demand for AI chips and domestic substitution. The business also provided steady cash flow for the company’s strategic transition.
The company also pointed to momentum in customer acquisition and orders. The number of signed clients for its strategic businesses rose 167% YoY, while the number of clients contributing contracts worth more than RMB 1 million (USD 145,161.1) increased 125%. Contract value from the internet sector exceeded RMB 60 billion (USD 8.7 billion), up 915% from a year earlier. Its flagship clients span healthcare, automotive, high-end manufacturing, and telecommunications, which the company said reflects market demand for its AI solutions.
Behind that growth is what the company describes as the “AI-for-process” trend. It argued that most enterprise AI applications remain at a relatively shallow stage, such as API calls and question-and-answer assistants, and have yet to be integrated into core business processes. Using process redesign as its entry point, Digital China has built a three-layer architecture consisting of computing infrastructure, a model foundation layer, and an agent runtime layer. The company said this has given it a set of capabilities spanning technology, scenarios, and workflows, allowing it to provide end-to-end support for enterprise AI deployment.
At the center of that effort is Smart Vision’s enterprise-grade agent middleware platform, which connects knowledge workflows across compute scheduling, data operations, and scenario-based services. In healthcare, the company worked with Peking Union Medical College Hospital to build a perioperative pancreatic cancer clinical decision support system that it said achieved a diagnostic accuracy rate of more than 94% and reduced the time doctors spent processing materials by 80%.
In high-end manufacturing, it said it used a multimodal AI vision agent to enable autonomous production line optimization, linking real-time sensing, decision-making, and automated execution. In automotive and biopharmaceuticals, it said it has used scenario-based agents to redesign core business processes and improve efficiency.
On the computing infrastructure side, KunTai, built on the Kunpeng and Ascend technology stack, launched new products including the KunTai A989 I3 server and an integrated training-and-inference server. The company said these products can run hundred-billion-parameter large models efficiently using a single Ascend NPU card and a Kunpeng CPU, lowering the barrier to private deployment. Through its acquisition of Accton Technology’s mainland China business, it also said it has filled gaps across the AI infrastructure chain, including R&amp;D, production, and supply chain capabilities.
Speaking at the earnings briefing, Digital China CEO Li Ying said that, heading into 2026, the company will focus on four AI priorities. These include using Smart Vision to connect the value loop between scenarios, models, and data, building an AI-ready enterprise data governance framework, creating a full-stack AI factory computing product portfolio, and deepening open cooperation across the AI ecosystem to support process deployment.
As competition intensifies and enterprise digital transformation moves deeper, Digital China is trying to reposition itself from an IT distribution company to a provider of AI-driven process redesign services. Its latest earnings and case studies suggest its AI-led cloud and data strategy is beginning to translate into commercial results.
The results also point to a broader shift in how technology companies are assessed. Revenue scale still matters, but AI deployment capability, the ability to redesign business processes, and the durability of ecosystem advantages are becoming more important.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://docs.google.com/document/d/1VigfVmCkTDAlQZi4KsAtBllISVuQ_milJ_0rOaYsJpM/edit#">article</a> was written by Huang Nan for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Digital China posts higher revenue as AI business expands

Enterprise Services

… href="/company/weride">WeRide</a> still trailed that of <a href="/company/minimax">MiniMax</a>, a company less than five years old.
In the eyes of capital markets, autonomous driving is increasingly treated as a vertical application with relatively high certainty, but a limited ceiling. General foundation models, physical artificial intelligence, and embodied intelligence, by contrast, still point to a broader field of possibility.
That shift in investor preference is forcing autonomous driving companies to rewrite their stories.
One path runs deeper into the technology stack.
Momenta is moving from pure software toward the chip layer, emphasizing integrated software and hardware capabilities. The strategy resembles that of Horizon Robotics: taking part in chip definition and delivering a full stack that covers computing, sensing, and control, rather than selling driving software alone.
The other path is outward, toward broader applications.
Both QCraft and DeepRoute.ai are leaning into a physical AI identity. In that framing, smart driving is no longer the destination, but an entry point into intelligence for the physical world.
At Nvidia GTC 2025, DeepRoute.ai CEO Maxwell Zhou proposed the concept of “RoadAGI,” an attempt to frame autonomous driving as one path toward artificial general intelligence. According to people familiar with the matter, DeepRoute.ai has also begun expanding into broader applications, including robotics.
Yu Qian, chairman and CEO of QCraft, has expressed a similar view, arguing that autonomous driving is the best gateway to physical AI. Once driverless technology becomes reality, he said, it could evolve into general intelligence for the physical world as a whole.
At heart, these companies are trying to do the same thing: take a market that already looks defined and recast it as one expansive enough to sustain investor imagination.
Whether these companies are ultimately automotive suppliers or AI companies will not be decided by the market in words. It will be decided in price.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3748118174335747">article</a> was written by Xiao Man for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 7, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Autonomous driving firms race to list before the window narrows

Transportation

Autonomous Vehicles

Mobility

… round, raising nearly RMB 200 million (USD 29 million). The round was led by China Merchants Capital, with participation from Jingguorui Investment Management, Daxing Industrial Investment, BCT Capital, a Kaiyuan Securities subsidiary, and Prime Light Capital. The company will use the funds for R&amp;D, global expansion, and team building. —<a href="https://36kr.com/p/3753526848897792">36Kr</a></li>
<li aria-level="1"><a href="https://awolvision.com/">AWOL Vision</a>, a smart projection brand, has raised nearly RMB 100 million (USD 14.5 million) in its Series B round. Investors include Silicon Paradise, BizConf Technology, and Kinpard. The company will use the capital to advance R&amp;D, build out its AI-driven entertainment platform ecosystem, expand global channels and branding, strengthen supply chain coordination, and recruit talent. —<a href="https://36kr.com/p/3752260051616512">36Kr</a></li>
<li aria-level="1"><a href="https://en.dynaflow.cn/">Dynaflow</a>, an AI science infrastructure company, has completed a Series B+ round worth nearly RMB 100 million. The round was backed by the Beijing New Materials Industry Investment Fund, managed by Shunxi Fund, and a state-backed fund in Beijing’s Fengtai district. The company said it will use the proceeds for core technology upgrades, capacity expansion, and the joint buildout of a new materials contract research platform with Beijing University of Chemical Technology to accelerate the commercialization of AI-enabled R&amp;D services. —<a href="https://36kr.com/p/3750417621795588">36Kr</a></li>
<li aria-level="1"><a href="https://www.spinquanta.com/">SpinQ</a>, a quantum computing company, has completed a Series C+ round worth RMB 600 million. The round drew support from Shenzhen Co-Stone Asset Management, Guotai Junan Innovation Investment, Caitong Capital, Sichuan Zhenxing, Chengdu’s Tianfu Investment, Addor Capital, and Hua Qiang Capital, among others. The company said it will use the fresh capital to further the industrialization of its quantum computing technologies. Including its Series C round completed three months earlier, SpinQ has raised nearly RMB 1 billion (USD 145.1 million) within one quarter. —<a href="https://36kr.com/p/3750411191550467">36Kr</a></li>
<li aria-level="1"><a href="https://www.hengtron.com/">Hengtron</a>, a Jiangsu-based developer of lithium manganese iron phosphate cathode materials, has completed its Series B round, raising a nine-figure RMB sum. The round was backed by the Yinchuan Yucheng Phoenix Science and Technology Innovation Fund, while Daion Capital served as financial advisor. The company will use the funds to build out capacity in Yinchuan, where it plans a 130,000-ton annual LMFP (lithium manganese iron phosphate) cathode material production line, including a first-phase capacity of 30,000 tons, while also expanding its Yancheng base. —<a href="https://36kr.com/p/3746236378202631">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Harvey, Amity, Tazapay, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Harvey, a legal infrastructure company, raised USD 200 million in a funding round co-led by returning investors GIC and Sequoia, at a valuation of USD 11 billion. Existing backers Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Evantic, and Kleiner Perkins also participated.</li>
<li aria-level="1">Amity, an AI and software company founded in Thailand, raised USD 100 million in a Series D round led by EDBI, alongside Asia Partners and SMDV, with participation from existing and new investors including CMLIM Capital.</li>
<li aria-level="1">Tazapay, a fintech firm, closed a Series B extension round led by Circle Ventures, bringing its total Series B funding to USD 36 million. New investors CMT Digital and Coinbase Ventures joined Circle Ventures, Peak XV Partners, GMO Venture Partners, and January Capital in the extension round.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Kitar and PolicyStreet raise funding; Western Union completes Dash acquisition; five China investments; and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Thailand

Indonesia

Southeast Asia

China is enlisting startups from the private sector to build out its space industry in areas like rockets and satellites.
The world's second largest economy has made space-related business a priority for growth but has yet to produce its answer to Elon Musk's SpaceX, which has a wide lead in launch services and satellite internet.
State-owned China Satellite Communications Group leads a push to launch over 50,000 satellites into low Earth orbit to create a satellite internet constellation that can rival SpaceX's Starlink.
The Chinese effort will incorporate technology from startups and other private companies to develop reusable rockets for low-cost, high-frequency launches.
To lower the barriers to the necessary research and development, China will let the private companies access national facilities including a rocket engine test site and facilities that replicate the environment of space. Such access typically has been limited to the military and state-owned companies.
SpaceX and Blue Origin, another US space business, are the only companies with viable reusable rockets. In December, Chinese startup LandSpace Technology delivered a payload into orbit with its Zhuque-3 rocket, but failed to retrieve the first-stage booster. CAS Space, another Chinese startup, attempted a launch and recovery of its Kinetica-2 rocket last month.
China's leadership sees the space industry as a driver of economic growth. The country's last five-year plan, finalized last month, adds the ambition of becoming a space power to the government's goals of strengthening domestic manufacturing.
Over 600 space-related companies operated in China as of the end of last year, government data shows. A RMB 20 billion (USD 2.9 billion) government fund is planned to raise that number even higher. China also intends to create a national space law by 2027 to support private-sector participation.
China's space industry market is projected to reach RMB 9.1 trillion (USD 1.3 trillion) by 2030, four times last year's size, the China Commercial Industry Research Institute estimates. In addition to development and production of rockets and satellites, the scope of related services, including satellite communications and data use, is expected to grow.
Government bodies in Beijing, as well as in Hunan and Hainan, have announced plans to attract space industry players. The effort is part of the Chinese government’s broader push to lead the country’s exploration of the moon, Mars, and asteroids, while bringing the private sector into low Earth orbit projects, which have a greater likelihood of being profitable.
China aims to collect samples from Mars in 2028 and become the second nation to achieve a crewed lunar landing in 2030.
This article first appeared on <a href="https://asia.nikkei.com/business/aerospace-defense-industries/china-taps-rocket-satellite-startups-to-catch-up-to-spacex">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>.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China taps rocket, satellite startups to catch up to SpaceX

Space Tech

Deep Tech

… are cost-conscious, and recommend products accordingly.
The results have been encouraging. Prawira said online sales are growing rapidly, now accounting for 8% of the company's total revenue from 6% in December 2024. He is upbeat about its future growth thanks to customers like Yati and other "very [tech-] savvy young moms."
Prawira, who earned his master's in business administration from Australia's Monash University, was a finance director at Alfa Mitramart Utama before it was acquired by Sumber Alfaria in 2002. He became Sumber Alfaria's president director in 2014, replacing the founder's daughter, Feny Djoko Susanto, who now serves as president commissioner.
Omnichannel strategies are also being adopted by Indomaret with its Klik app and other major Indonesian retailers such as beauty commerce company <a title="" href="https://asia.nikkei.com/spotlight/asean-money/indonesian-beauty-retailer-sociolla-eyes-500-stores-and-asean-expansion" target="_blank" rel="noopener">Sociolla</a>.
Josua Pardede, chief economist at Permata Bank, sees Alfagift's expanding membership as a "valuable" asset to Alfamart, giving it "a large pool of first-party customer data linked to frequent everyday missions." Alfagift's growth shows "a strong signal that digital can lift basket economics, not just shift channels."
Beyond grocery business, Prawira envisions Alfamart becoming a "preferred retail distribution network" over the next decade, citing its existing payment point services, through which customers can pay their utility, motorcycle loan and other bills, and expanding them to other items such as event tickets.
"We are quite open to … enter into other potential businesses," he said, citing a new partnership with startup Layar Digi to explore a "micro cinema" business that would use vacant space at Alfamart outlets for movie viewings with around 30 seats.
Prawira stopped short of saying more about the venture, but on March 5, the two companies held a soft opening of their first micro cinema in an Alfamart outlet outside Jakarta.
Abida Massi Armand, an analyst at BRI Danareksa Sekuritas, said Indomaret, in contrast to Alfamart, focuses on "affordable pricing strategies through bundling promotions and direct discounts to attract price-sensitive buyers." He noted that being part of a large conglomerate gives Indomaret "the advantage of competitive purchasing prices."
But both minimart chains are also facing a new challenge in the form of Prabowo's "Koperasi Merah Putih" program, under which the government is seeking to establish 80,000 village cooperatives nationwide that will offer affordable staples, medicine and loan options.
Yandri Susanto, the minister of villages and development of disadvantaged regions, said the government considered stopping the issuance of permits for new convenience stores in rural areas to support the cooperatives program.
Pardede of Permata Bank said there might be room for future collaborations in which Alfamart and Indomaret could supply those cooperatives. But for now, the program "can meaningfully slow the [companies'] rural expansion runway and raise competitive pressure on basket size and pricing in the same catchment areas."
"Regulatory uncertainty rather than an immediate nationwide demand shock" will pose a main near-term potential risk for businesses, Pardede noted.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/asean-money/indonesian-minimart-king-alfamart-boosts-quick-commerce-to-reverse-slowdown">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>.
Note: IDR figures are converted to USD at rates of IDR 17003.11 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Indonesian minimart king Alfamart boosts quick commerce to reverse slowdown

E-commerce

Food Delivery

Grocery Delivery

<a href="/company/huawei">Huawei</a> has reported its highest annual revenue in five years, driven by robust demand for <a href="/industry/ai">artificial intelligence</a> and computing, while its nascent smart car solutions also logged healthy growth, defying a persistent US crackdown that limits the Chinese tech company's access to American technologies.
Sales for 2025 came to RMB 880.9 billion (USD 127.8 billion), a 2.18% increase from a year earlier and nearly back to the record 891.37 billion it made in 2020, the company announced on March 31. Net profit for 2025 climbed 8.7% to RMB 68 billion (USD 9.9 billion).
Washington first put Huawei on the so-called Entity List in May 2019 and tailored much stricter export controls to restrict its access to American technologies in mid-2020.
"In 2025, Huawei's connectivity business weathered the impact of industry investment cycles, while its computing business continued to seize opportunities in AI," said Meng Wanzhou, rotating chairwoman at Huawei.
Meng said Huawei's consumer business worked to overcome formidable challenges, including to enhance the user experience of its HarmonyOS ecosystem, which the company developed as an answer to Google's Android operating system.
"We are moving toward a future that is full of uncertainty, so we have to remain true to our strategy and maintain strategic focus. We will translate strategy to execution, keep cultivating the developer ecosystem, and pursue high-quality development," she said
The Chinese tech giant said the key revenue growth drivers include computing infrastructure and AI-related solutions, and intelligent system solutions, including for automotive applications.
Revenue from intelligent automotive solutions, which includes self-driving systems, grew 72% from a year earlier. Huawei's advanced driving system (ADS), its answer to Tesla's Full Self-Driving (FSD), commands a leading 28% share in its home market, according to the company.
Its digital power business, which covers energy solutions like converters and superchargers, also grew by a double-digit percentage in 2025. Its devices business, including smartphones, wearables, and other consumer electronics, accounted for about 39% of its total revenue and grew 1.6% from a year earlier.
Huawei said its overseas business showed some signs of recovery, accounting for 30% of its total revenue last year. In 2024, China contributed more than 71% of its sales revenue.
The company has been working to regain global attention. In early March, it showcased its <a title="" href="https://asia.nikkei.com/business/china-tech/huawei-debuts-top-ai-supercomputer-overseas-in-challenge-to-nvidia" target="_blank" rel="noopener">most advanced AI supercomputer</a> overseas for the first time. Its Atlas 950 SuperPoD is widely seen as the Chinese market's most competitive alternative to Nvidia. The company also brought some handsets and smart wearables overseas last year, Nikkei Asia earlier reported.
Huawei's R&amp;D spending in 2025 reached a record of RMB 192.3 billion (USD 27.9 billion), the highest in the company's history. In 2024, it invested about RMB 179.7 billion (USD 26.1 billion) in R&amp;D. In the past ten years, it has spent RMB 1.38 trillion (USD 200.2 billion) on R&amp;D.
Key areas of R&amp;D spending in 2025 included computing technologies, wireless communications and optical networks, all critical technologies enabling AI data centers, according to the company.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/huawei-crackdown/huawei-revenues-nearly-back-to-pre-us-clampdown-level-amid-ai-boom">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>.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Huawei revenues nearly back to pre-US-clampdown level amid AI boom

Artificial Intelligence

Hardware

Internet of Things

Cloud Solutions

AI Infrastructure

… volume-first phase is losing force, while competition over existing demand is becoming more important. Now, the next content may depend on how precisely brands can meet different layers of demand.
This <a href="https://mp.weixin.qq.com/s/nbS8NqWkRnke3nW9j-7Vbw">article</a> was adapted based on a feature originally written by and published on China Restaurant Insider. KrASIA is authorized to translate, adapt, and publish its contents.
Note: EUR, RMB figures are converted to USD at rates of EUR 0.87 = USD 1 and RMB 6.90 = USD 1 based on estimates as of April 1, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China’s coffee market splits in two as Luckin moves upmarket and Mixue digs deeper

Luckin Coffee

Coffee

… structural depth. The former is built for milestones. The latter is built to last.
That is why the most important change at DJI may not be that some people are leaving. It is that the company is trying to evolve from a place full of people who can get things done into an organization capable of sustaining growth after the zero-to-one phase.
This also helps explain why outsiders can come away with a false impression. On the surface, departure stories keep appearing. Beneath that, the organization may be reinforcing itself. What is visible is movement at the surface. What is harder to see is the structural reshaping underneath.
<h3>Taking the long view on talent</h3>
What is a more advanced capability than simply retaining every employee?
It may be neither control nor the ability to bind people to the company. Rather, DJI suggests another model: creating a stable field of attraction for talent, one in which people may leave but still retain respect for the company, identify with it, and continue to benefit from what they gained there.
That is precisely the point most easily missed in outside interpretations of DJI.
From fragments of internal remarks that have surfaced, DJI’s emphasis on “seeking truth” in its corporate values is also reflected in its respect for objective realities: that talent is shared wealth for both companies and society, and that the movement of talent is a natural part of industrial progress and value creation. DJI is willing to draw talent from society, and it is also willing to cultivate people for society who possess innovative spirit and practical capability.
The idea sounds straightforward, but it is difficult to practice. Many companies approach talent with a desire to possess it. More mature organizations understand mobility, respect it, and use it to support faster growth and iteration as they move into the next stage.
That respect can also show up in smaller, more personal details.
Consider, for example, the discussion of DJI’s “departure gift boxes,” which circulated widely online before the Lunar New Year. The recipients were not current employees, but former staff who had left years earlier. The contents were reportedly nearly identical to those given to current employees, including Lunar New Year couplets, red envelopes, badges, tea sets, and fountain pens. Some former employees commented that only after leaving DJI did they fully appreciate the experience, and that despite their complaints at the time, many still felt proud to have worked there.
What made that episode resonate during a period of visible talent tension was the signal it appeared to send: this is not a company that treats employees as disposable resources. Leaving does not mean being erased. Remembering people instead suggests the confidence of an organization that feels secure in itself.
whereRelatedArticle
At a time when competition for talent is intensifying, that way of handling relationships can itself become a source of attraction. Top talent often cares not only about pay and title, but also about respect, growth, and organizational character. A company that speaks only of loyalty and does not understand mobility may struggle to attract the best people. By contrast, an organization that remains open to movement and treats former employees with respect is often better positioned to build a lasting pull for talent.
From a broader perspective, DJI appears to be in the middle of an identity shift. It is no longer just a company that makes breakout products, nor merely a place that produces notable founders. It is becoming something closer to a self-renewing system. People will leave it, and people will enter it. It will spill outward, and it will draw inward. Anyone who focuses only on how many people have gone will miss the larger picture.
In fact, the best way to judge whether a technology company has weakened has never been to ask whether people have resigned. Better questions are these:
<ul>
<li aria-level="1">Can it still attract top performers?</li>
<li aria-level="1">Can it still build new things?</li>
<li aria-level="1">Can it continue growing as its stage becomes more complex?</li>
</ul>
For now, DJI appears to remain on an upward path on all three measures.
So when it comes to DJI, what matters most may not be who left most recently, but that today’s DJI appears to function as a living reservoir of talent: always in motion, never static, and still capable of renewing itself through each departure and arrival.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3721255174568326">article</a> was written by Xiao Xi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.92 = USD 1 based on estimates as of March 30, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Why DJI’s talent outflow may be a sign of strength, not weakness