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<a href="/company/geely">Geely Automobile’s</a> core profit attributable to shareholders rose 46.2% year-on-year (YoY) in the first half of 2026, as rapid overseas growth and a shift toward higher-priced vehicles helped offset a sharp decline in domestic sales.
The Chinese automaker recorded core profit of RMB 9.68 billion (USD 1.4 billion) for the six months ended June 30, while revenue increased 14.7% to RMB 173.6 billion (USD 25.8 billion), according to interim results released on August 17.
Geely’s gross profit climbed 25.7% to RMB 31.15 billion (USD 4.6 billion), while its gross margin expanded 1.6 percentage points to 17.9%.
The improvements came even as overall vehicle sales rose just 1% to 1.42 million units.
Geely attributed its stronger financial performance partly to globalization and premiumization, which lifted its average selling price by RMB 15,000 (USD 2,225.7) to RMB 112,000 (USD 16,618.7). A higher proportion of premium and export models also contributed to the improvement in gross margin.
Geely exported 474,228 vehicles in the first half, up 157.6% YoY and equivalent to about one-third of its total sales. The company described its overseas business as one of its key growth drivers.
Its export growth substantially outpaced the broader Chinese passenger vehicle market, where exports increased 71.7% over the same period, according to figures cited by Geely.
The gap was wider for new energy vehicles (NEVs). Geely’s NEV exports surged 585.0%, compared with 127.7% growth in China’s overall NEV passenger vehicle exports. Geely said its growth rates for both total exports and NEV exports ranked first among major Chinese automotive exporters.
That overseas expansion helped cushion weaker demand at home.
Geely sold 948,730 vehicles in China during the first half, down 22.6% YoY. The decline was slightly less severe than the 24.3% contraction in China’s domestic passenger vehicle market cited by the company.
Sales of Geely’s internal combustion engine and hybrid vehicles declined 8.8%, compared with a 17.0% contraction in the corresponding segment of the Chinese market.
The company said demand for passenger cars in China declined amid intense competition during the period.
Despite the improvement in its underlying operations, Geely’s reported profit attributable to shareholders fell 1.8% to RMB 9.09 billion (USD 1.3 billion).
Foreign exchange movements were a major factor behind the divergence.
Geely recorded an after-tax foreign exchange loss of RMB 550 million (USD 81.6 million) in the first half, compared with a gain of RMB 2.64 billion (USD 391.7 million) a year earlier, representing a YoY swing of about RMB 3.19 billion (USD 473.3 million).
Expenses also rose as the company invested in new products and overseas expansion. R&amp;D expenditure increased 25.5% to RMB 9.20 billion (USD 1.4 billion) from RMB 7.33 billion (USD 1.1 billion), while distribution and selling expenses rose 16.3% to RMB 9.83 billion (USD 1.5 billion).
Geely’s second-quarter earnings nevertheless improved substantially from a year earlier. Based on its first-half and first-quarter disclosures, attributable profit was approximately RMB 4.92 billion (USD 730 million) in the second quarter, representing growth of about 37% YoY.
Geely’s Hong Kong-listed shares rose following the earnings announcement.
Its primary HKD counter closed at HKD 18.67 (USD 2.4) on August 17, up 4.8% from its previous close of HKD 17.82 (USD 2.3). The shares reached HKD 18.93 (USD 2.4) during the session, or 6.2% above the previous close, before easing in subsequent trading.
By the market close on August 20, the stock had slipped slightly to HKD 18.65 (USD 2.4).
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.74 = USD 1 based on estimates as of August 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Geely’s core profit rises nearly half as exports cushion China sales decline

East Asia

China

Transportation

Electric Vehicles

Mobility

How much should investors pay today for a company that might own an important layer of tomorrow’s technology stack?
In China, <a href="/company/unitree">Unitree Robotics</a> has offered one answer: quite a lot.
The humanoid robot maker went public in Shanghai on August 19 at a valuation of RMB 61 billion (USD 9.1 billion). That was already about 36 times its 2025 revenue of RMB 1.7 billion (USD 252.2 million), and 219 times its earnings.
One early investor <a href="https://kr-asia.com/how-unitree-became-chinas-most-closely-watched-robotics-ipo">estimated</a> that a valuation of RMB 200 billion (USD 29.7 billion) after listing would be reasonable, with RMB 400 billion (USD 59.4 billion) possible in the short term.
That wasn’t far off. By the morning close on its first trading day, Unitree was worth RMB 357.5 billion (USD 53 billion), after its shares rose about 486%.
It is easy to call that a bubble… But it's a little more complicated than that.
It has spent a decade getting unusually good at the less glamorous parts of <a href="/industry/robotics">robotics</a>: engineering products that can be manufactured, controlling costs, and building a supply chain around a category that barely existed when it started. That gives it something many newer startups still lack: evidence that difficult technology can be turned into products customers will actually buy.
An IPO can also turn one company’s valuation into everyone else’s benchmark.
A growing queue of Chinese companies developing emerging technologies is preparing to approach public markets. BrainCo, for example, which is commercializing noninvasive brain-computer interfaces, has reportedly filed confidentially for a Hong Kong listing.
These are very different businesses. But what links them is that investors have few established ways to price them. Current earnings only tell part of the story. Much of their value sits in expectations about markets that may take years to mature.
Unitree now sets a precedent for those expectations.
That can be useful. It can also be dangerous. One risk is that valuations rise much faster than companies can work through the slower business of product development, deployment, and commercialization. Robotics may eventually become a large market, but that does not mean every company with a large valuation today will get there.
Unitree’s surge, then, might not just be about robotics. It could also be an early test of how China’s public markets will price a new crop of technology companies whose promise is easier to see than their eventual earnings.
As more of them go public, that precedent is about to matter more.
<h3>Related readings</h3>
<ul>
<li>Before Unitree started trading, investors were already debating whether it could be worth RMB 200 billion, RMB 300 billion (USD 44.5 billion), or more. <a href="https://kr-asia.com/how-unitree-became-chinas-most-closely-watched-robotics-ipo">Learn how those expectations took shape, and why classic valuation measures have become less useful.</a></li>
<li>Winreal Investment backed Unitree before embodied intelligence became one of China’s hottest investment themes. <a href="https://kr-asia.com/unitrees-early-investor-warns-chinas-robotics-boom-will-leave-few-winners">Chairman Huang Jinping explains why experience still matters, and why rising valuations are no substitute for products that can work in the real world.</a></li>
<li><a href="https://kr-asia.com/after-unitree-brainco-and-deepseek-are-next-to-test-the-valuation-ceiling">Unitree’s debut has given investors a new benchmark just as more tech companies prepare to go public.</a> BrainCo and DeepSeek show how that comparison could spread beyond robotics, and how scarcity, commercialization, and expectations may shape the valuations that follow.</li>
</ul>
Note: RMB figures are converted to USD at rates of RMB 6.74 = USD 1 based on estimates as of August 21, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

The Uptake | Pricing the future

Unitree Robotics

Robotics

Deep Tech

Investment

Embodied Intelligence

Newsletters

… embodied intelligence.
Since launching the product line in 2024, the company has worked with humanoid robot developers including Unitree, Leju Robotics, and LimX Dynamics to integrate its dexterous hands into new machines.
This year, BrainCo launched the Revo 3 dexterous hand, which has 21 degrees of freedom, full-palm sensing, and a fully direct-drive, backdrivable architecture designed for precise movement and tactile sensing.
Around this technology base, BrainCo has organized its business into three areas: human-machine interaction products, BCI-based modulation products, and frontier BCI solutions.
The third factor is whether the same technology platform can support more applications.
BrainCo is extending its pipeline beyond rehabilitation into areas including weight management, pain management, cognitive enhancement, and early intervention for neurodegenerative diseases.
Under that thesis, BrainCo’s long-term value would depend less on any single device than on whether its BCI platform can support multiple commercially viable products.
Unitree offers one point of comparison. Part of its valuation rests on its position in humanoid robot hardware and its ability to manufacture at scale. BrainCo occupies a different position in the broader <a href="/industry/robotics">robotics</a> value chain, supplying dexterous end effectors while also developing BCI technology that could serve as an input layer for machines.
Unitree’s market debut shows how strongly investors can reward scarce technology assets when expectations are high. But scarcity alone is unlikely to sustain those valuations. Ultimately, that will depend on whether technical differentiation translates into durable products, recurring demand, and cash flow.
This <a href="https://xueqiu.com/2854806290/405678824">article</a> was adapted based on a feature originally written by Luo Bin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.75 = USD 1 based on estimates as of August 20, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

After Unitree, BrainCo and DeepSeek are next to test the valuation ceiling

Venture Capital

… differently, and use different sales channels.
It may need to be sold to property management or cleaning companies rather than through consumer electronics channels. That kind of know-how takes years to accumulate.
The deeper a company goes into the scenario, the higher the barrier can become. Once it has enough scenario data, understands customers’ actual needs, and has a stable sales network, it becomes difficult for late entrants to compete.
The vertical model has more in common with consumer businesses than with a purely technology-driven general platform.
<h3>36Kr: Unitree has listed, while several others are preparing IPOs. Will companies that miss the current listing window be at a meaningful disadvantage?</h3>
HJ: Broadly, yes, but it’s more complicated than the phrase “listing window” suggests.
An IPO is an important risk control milestone. Once a company lists, one of the biggest pressures on founders and early investors, repurchase obligations, is removed. Regardless of the share price, they no longer face the same risk of having to repay investors.
That is one reason companies may rush to list even when revenue is still limited. They are securing a kind of safety cushion.
But a company that has spent heavily without achieving a substantive business breakthrough will still face major operating pressure after listing. The pressure simply shifts from repurchase obligations to market capitalization management.
For investors, an IPO provides liquidity. It does not prove that the investment thesis has worked. The real determinant of company value is still whether the business itself works.
So the listing window matters, but getting through it does not solve the fundamental problem. The real dividing line is whether a company can remain competitive after it reaches the public market.
<figure id="attachment_163670" aria-describedby="caption-attachment-163670" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-163670" src="https://console.kr-asia.com/wp-content/uploads/2026/08/Unitree-Robotics-IPO.jpg" alt="" width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2026/08/Unitree-Robotics-IPO.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2026/08/Unitree-Robotics-IPO-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/08/Unitree-Robotics-IPO-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/08/Unitree-Robotics-IPO-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/08/Unitree-Robotics-IPO-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-163670" class="wp-caption-text">Photo source: Winreal Investment.</figcaption></figure>
whereRelatedArticle
<h3>36Kr: What advice would you give investors venturing into robotics from other areas.</h3>
HJ: Return to industry fundamentals. Ask what problem the company solves and whether solving that problem has commercial value. That does not change.
If you can remain patient when everyone else loses patience, that can create differentiation. But once a direction becomes consensus, be more cautious. Consensus brings more money, higher valuations, and often more risk of developing into a market bubble.
Public markets make this easy to see. When memory chips and optical modules rallied sharply in the first half of the year, people who bought them felt brilliant and those who did not felt they had missed out. When the market reversed, it moved quickly.
Private markets are not fundamentally different. When everyone chases the same direction, prices are high and expectations are already aggressive. If you are pushed into backing the third- or fourth-ranked company, the eventual return may still be poor.
It is possible to pick a dark horse. But you need a clear reason why that company can become the exception and why it can win. Picking a dark horse is much harder than picking the leader.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3942012454419592">article</a> was written by Huang Nan for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.75 = USD 1 based on estimates as of August 20, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Unitree’s early investor warns China’s robotics boom will leave few winners

… href="https://36kr.com/p/3938853888097409">article</a> was written by Fan Liang for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.84 = USD 1 and RMB 6.75 = USD 1 based on estimates as of August 20, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Moonshot AI’s IPO needs a new story after Kimi K3

Moonshot AI

Artificial Intelligence

Foundation and Large Models

Hong Kong

… it can do more than license familiar characters or sell merchandise. Sanrio’s next phase will depend on whether it can turn its IP portfolio into a broader business spanning content, products, physical experiences, and digital entertainment.
Pop Mart faces a similar test. As both companies grow larger, the challenge is shifting from creating demand around individual characters to showing that demand can be sustained over time.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3939155401948549">article</a> was written by Xie Yunzi for 36Kr.
Note: JPY, RMB figures are converted to USD at rates of JPY 158.55 = USD 1 and RMB 6.75 = USD 1 based on estimates as of August 20, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Sanrio and Pop Mart are winning at cute, but face a valuation reset

Retail

Consumer Economy

Japan

… product because we wanted to find a form factor that could demonstrate both Honor’s imaging capabilities and its AI capabilities.
I have never viewed the Robot Phone as purely an imaging-focused smartphone.
We put tremendous effort into developing AI interaction with people, and this is only the beginning.
We want AI to step out of the screen. There is a lot more we can imagine from there.
Once we created this form factor, we knew we had to establish a benchmark.
We were under tremendous pressure. Even a month before launch, our executives were still asking how it was coming along.
Our AI capabilities, imaging capabilities, and design standards all came together in the Robot Phone.
<h3>36Kr: The Robot Phone brings together Honor’s innovations in AI, imaging, and hardware. How will Magic 9 build on the technologies explored through the Robot Phone?</h3>
JL: Magic 9’s AI capabilities will far exceed those of every other device maker.
At the same time, we are continuing to improve our AI and imaging capabilities, and Agentic OS will also make an entirely new attempt on the Magic 9.
A new form factor may have some shortcomings, but I believe that within a mature form factor, Magic 9 will make people feel that it was worth waiting for.
Preconceptions are the biggest thing to fear. I hope everyone can cast aside their old impressions of Honor and turn a new page.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3943831281663362">article</a> was written by Qiu Xiaofen for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.75 = USD 1 based on estimates as of August 20, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Honor puts Robot Phone to the test amid smartphone market downturn

Honor

Smartphones

… developer of Mobile Legends: Bang Bang (MLBB), was <a href="https://kr-asia.com/bytedance-buys-game-developer-moonton-to-take-on-tencent">acquired by ByteDance in 2021</a> before being sold to Saudi Arabia’s Savvy Games Group this year. Its valuation rose from USD 4 billion to over USD 6 billion across the two transactions. Over those five years, MLBB remained one of Southeast Asia’s leading multiplayer online battle arena games. Its continued popularity did not prevent its owner from eventually deciding to sell.
Lingxi has now reached a similar point. A mature hit can generate durable cash flow, but that does not necessarily make the business strategically essential to its parent company.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3939187139935369">article</a> was written by Han Dao for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 19, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Why Alibaba is ready to sell Lingxi Games

Gaming

Creative

<a href="/company/baidu">Baidu</a> released its financial results for the second quarter of 2026 on August 18.
The company reported total revenue of RMB 31.3 billion (USD 4.6 billion), down 4% year-on-year (YoY). Revenue from its general business was RMB 25.2 billion (USD 3.7 billion), with <a href="/industry/ai">artificial intelligence</a> powered businesses contributing RMB 12.5 billion (USD 1.8 billion), or 50% of the total. It was the second consecutive quarter in which AI accounted for at least half of general business revenue.
AI cloud infrastructure remained a key growth driver. Revenue from the business rose 50% YoY to RMB 7.3 billion (USD 1.1 billion), while GPU cloud revenue surged 283%, accelerating from 184% growth in the previous quarter.
Robin Li said that AI has now become Baidu’s main growth driver and that the company is building the foundation for its next stage of AI driven expansion. He noted that AI cloud infrastructure continued to deliver strong growth, with GPU cloud services accelerating further despite an already high base. He also said Baidu’s AI application portfolio kept improving, with enhanced capabilities and a widening range of use cases, while Apollo Go continued its steady international expansion alongside ongoing improvements in safety, operations, and user experience.
Li added that the sustained expansion of Baidu’s AI businesses further demonstrates its transition from an internet centric company to an AI first enterprise, and strengthens confidence in its long term growth outlook. According to Baidu’s results, its AI powered businesses grew 25% YoY in the quarter.
Two major US investment firms also initiated or increased positions in Baidu during the second quarter.
According to Form 13F filings, Duquesne Family Office, run by investor Stanley Druckenmiller, initiated a position of 88,000 Baidu American depositary receipts (ADRs) during the quarter. It marked Druckenmiller’s first return to US listed Chinese stocks since exiting <a href="/company/alibaba">Alibaba Group</a> in the fourth quarter of 2023.
Meanwhile, Appaloosa LP, led by hedge fund manager David Tepper, increased its Baidu position by 602,900 shares while exiting two other US listed Chinese stocks.
Baidu also announced in July that it plans to voluntarily convert its Hong Kong listing to a dual primary listing. The Hong Kong Stock Exchange has acknowledged the application.
CFO Haijian He said during the earnings call that Baidu plans to hold an extraordinary general meeting on August 26 to seek shareholder approval for related matters. The company expects the conversion to take effect within the year, subject to shareholder and exchange approval.
Baidu also said it is preparing to become eligible for trading under the Southbound Stock Connect program after the conversion and hopes to be included as soon as possible once the process is complete.
<h3>GPU cloud growth accelerates</h3>
Baidu generated RMB 7.3 billion in AI cloud infrastructure revenue during the second quarter, up 50% year over year. GPU cloud revenue jumped 283%, accelerating from 184% growth in the previous quarter.
According to a report published by IDC, Baidu AI Cloud ranked first by market share in sectors including finance, gaming, and embodied intelligence.
Li also said on the earnings call that Kunlunxin maintained strong momentum during the quarter and continued expanding into more industries as demand grew. He said market recognition of Kunlunxin’s stability, efficiency, and adaptability in large scale deployments was increasing.
Kunlunxin also improved inference throughput and overall computing efficiency while expanding its ability to support a wider range of AI workloads at scale.
Building on its support for Ernie and other mainstream Chinese foundation models, Kunlunxin expanded support during the second quarter to updated models including Kimi K3, GLM 5.2, MiniMax M3, and <a href="/company/tencent">Tencent's</a> Hy3.
Kunlunxin has completed R&amp;D and commercialization of three generations of AI chips. It plans to continue expanding its product roadmap, including the M100, optimized for large scale inference, and the M300, which is scheduled for a future release.
<h3>AI applications expand</h3>
Baidu’s AI applications generated RMB 2.5 billion (USD 370 million) in revenue during the second quarter, up 3% YoY.
In August, Baidu further integrated its AI productivity product line around products including DuMate, GenFlow, and Miaoda.
According to AICPB rankings, DuMate’s monthly active users increased 1,063.79% month over month in July, giving it the highest growth rate among the products tracked. GenFlow had more than 25 million monthly active users, leading the AI productivity segment.
Miaoda released version 3.5 in July with upgrades across six major capabilities. According to Frost &amp; Sullivan, Miaoda ranked first in the sector with a 33.4% market share.
Baidu Famou, a self evolving agent, has received trial applications from 3,000 companies since its launch, according to the company.
Baidu generated RMB 2.6 billion (USD 384.8 million) in revenue from AI native marketing services during the second quarter, roughly flat from a year earlier. The Baidu app had 644 million monthly active users in June.
In July, Baidu Yijing launched a digital human video podcast solution. Frost &amp; Sullivan ranked Yijing first in China’s AI digital human market by both market share and overall product strength in 2025, after IDC ranked Baidu first by market share in 2024.
This <a href="https://xueqiu.com/2854806290/405537355">article</a> was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 19, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Baidu’s AI revenue share holds at 50% as Wall Street funds buy in

Baidu