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

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

Augmented and Virtual Reality

Hardware

Deep Tech

Consumer Economy

China

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

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

Entertainment

Creative

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

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

Fintech

Blockchain

Cryptocurrencies

In Vijayawada, a midsize city in the southern Indian state of Andhra Pradesh, a senior manager for Chinese <a href="/industry/ev">electric vehicle</a> maker <a href="/company/byd">BYD's</a> local franchise partner said he is seeing a steady shift in the behavior of customers visiting the local dealership.
"Almost all the cars we sold a year ago would be the customer's second vehicle," the manager said, declining to be identified as he was not allowed to speak to media. "Now, most of them consider buying a BYD as their primary vehicle."
India's charging infrastructure remains sparse, but this shift in confidence is translating into higher sales for BYD—which has already surpassed last year's figure—even as competition with domestic brands and other foreign EV majors intensifies in the world's third largest automotive market.
BYD surpassed the 3,000-vehicle sales mark in early August, exceeding its total for the whole of 2024 and setting a new annual record in the Indian market. And it will likely see many more sales as the festive season, when Indians make the bulk of their major purchases, begins next month.
BYD has benefited from a "horizontal sales strategy" of expanding into small and midsize towns, said Ravi Bhatia, president of the Indian unit of consultancy Jato Dynamics. The company now has dealerships in about 34 cities and towns across the country.
But there is still plenty of room for expansion. In comparison, Indian-Chinese joint venture JSW MG Motor India had sales and service facilities in 170 cities and towns as of mid-2024, with an aim to expand to 270 cities by the middle of 2025.
The Sealion 7 SUVwas the company's bestseller in India in the first half of 2025, data from Jato Dynamics showed, with 1,232 sold. It was followed by the seven-seater eMax 7 multipurpose vehicle, the longstanding Atto 3 SUV, and finally the Seal sedan.
The vehicles start at between IDR 2.5–4.9 million (USD 28,600–56,056) depending on the model, placing them in the mid-to-premium price range of the Indian market.
"Most of our customers are interested in the SUVs as they offer better road clearance that help navigate potholes or other issues," the franchise manager from Andhra Pradesh said. "We see a lot of middle-aged customers go for the Atto, while younger, more performance-focused customers go for the Sealion or the Seal."
BYD's bump in sales is in line with a wider 61% year-on-year (YoY) jump in overall passenger EV sales in the first half of 2025, data from Jato Dynamics showed.
Within that, a 180% surge in sales for foreign EV makers has boosted the conviction of global majors like <a title="" href="https://asia.nikkei.com/business/automobiles/electric-vehicles/tesla-debuts-in-india-with-mumbai-showroom-as-ev-market-heats-up" target="_blank" rel="noopener">Tesla</a> and VinFast, both of which finally entered the Indian market in July and August, respectively. The market also has considerable headroom, with EV sales making up just over 4% of total automobile sales in the first six months of 2025.
Domestic EV leaders <a title="" href="https://asia.nikkei.com/business/automobiles/electric-vehicles/tata-motors-plans-new-ev-launches-as-market-share-falls" target="_blank" rel="noopener">Tata Motors</a> and Mahindra, which together hold over half of the market, cumulatively grew 18% YoY in the same period, held back by a decline in Tata Motors sales.
Although BYD is ahead of or closing in on some of its international rivals, it faces geopolitical pressures unlike any of them, as tensions between its home nation and India remain high despite some recent indications of an improvement in relations.
Indian commerce minister Piyush Goyal said in April that the government had declined investment plans by the Chinese giant, having earlier rejected an investment proposal of USD 1 billion to build a manufacturing plant in 2023. The company has an assembly facility outside the southern Indian city of Chennai.
"Without local manufacturing, BYD incurs higher customs costs compared to rivals like VinFast, possibly gating price competitiveness," said Harshvardhan Sharma, group head of Auto Tech and Innovation at Nomura Research Institute.
"Elevated costs may compress margins or translate into less competitive pricing, particularly critical in the value segment," Sharma added.
VinFast, which has agreed to invest up to USD 2 billion in India and set up its first overseas plant in India's Tamil Nadu state earlier this month, will likely see import tariffs fall as it ramps up capacity in the new plant.
BYD will have to fight the likes of Hyundai and VinFast in the mid-priced segment, while it is up against EVs from the likes of BMW and Mercedes-Benz in the lower levels of the premium segment. The European automakers have market shares of 2% and 1%, respectively.
A joint venture similar to the one between China's SAIC and India's JSW Group, which co-own JSW MG Motor, might be what BYD needs to eventually stave off competition, Bhatia said. The company, in which SAIC holds a 49% stake, saw EV sales roughly triple year-on-year to over 21,000 vehicles in the first half of 2025.
"When you are fighting with a Hyundai or an MG, you cannot succeed unless you get the price right," Bhatia said.
"The market gets smaller as you go higher (up the price range), and the rich have many attractive options," he said. "BMW, Mercedes are simply more familiar and have more brand value."
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/byd-sets-india-sales-record-on-back-of-dealership-expansion">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>.

BYD sets India sales record on back of dealership expansion

East Asia

Transportation

Electric Vehicles

Mobility

India

On August 21, Dongfeng Motor launched the Xinghai V9 under its Forthing brand, positioning it as a premium MPV with mass market pricing. The vehicle is available in two trims, priced at RMB 179,900 (USD 25,186) and RMB 199,900 (USD 27,986), respectively. After applying national and central subsidies, starting prices drop to RMB 149,900 (USD 20,986) and RMB 169,900 (USD 23,786), bringing both options below the RMB 200,000 (USD 28,000) threshold.
The new energy vehicle segment in China is largely driven by a single promise: offering more for less. Forthing’s latest model adheres to that formula. It is built to deliver a high-end experience, matching features found in luxury MPVs while maintaining a cost competitive with internal combustion models.
Chen Zhengyu, product director for the Xinghai V9, said the company surveyed 10,000 current and prospective buyers to guide product design. The respondents included large families, corporate and government fleet managers, small business owners, and retirees. Five recurring concerns emerged for MPVs priced under RMB 200,000: limited range, poor balance between third-row seating and trunk space, lack of comfort for rear passengers, safety issues, and inconsistent build quality.
Forthing set out to address all five. By benchmarking against higher-end MPVs, the Xinghai V9 introduces upgrades across range, space, comfort, safety, and material quality.
The model features a hybrid powertrain that combines internal combustion and electric powertrains. It supports electric-only driving for daily commutes, regenerative braking, smooth transitions between drive modes, and optimized fuel consumption. The electric-only range reaches 200 kilometers under CLTC (China Light-Duty Vehicle Test Cycle) standards. On electricity alone, the operating cost is around RMB 0.12 (USD 0.02) per km. Once the battery is depleted, fuel consumption is rated at 5.27 liters per 100 km, extending the total range to approximately 1,300 km.
The vehicle also supports ultra-fast charging, with a 30% to 80% top-up taking just 18 minutes, “roughly the time it takes to order and drink a coffee,” according to Forthing.
With dimensions of 5,230 by 1,920 by 1,820 millimeters and a wheelbase of 3,018 mm, the Xinghai V9 offers a usable-space ratio of 85.2%. Third-row seats fold flat into the floor, creating a 1.7-meter sleeping surface or a child-friendly play area.
Trunk space is a standout. Even in its standard seven-seat configuration, the model offers 593 liters of cargo capacity—enough to fit one 24-inch suitcase, seven 20-inch suitcases, and seven backpacks, per the company. With the rear rows folded down, storage volume expands to 2,616 liters.
Comfort features include second-row seats that slide laterally to create a 200-mm aisle. These seats come standard with heating, ventilation, and massage functions.
Safety-wise, the Xinghai V9 features a Level 2 driver assistance system with eight active features and a 360-degree high-definition surround-view setup. The battery system uses multi-layer protection, combining reinforced casing, thermal controls, and structural safeguards. According to the company, the pack underwent 132 tests and is designed to prevent fire spread for at least 30 minutes in extreme conditions.
Material choices also reflect a family-first approach. The vehicle uses zero-solvent adhesives and infant-grade fabrics. Cabin odor levels and VOC (volatile organic compound) emissions reportedly fall below national safety thresholds.
As multi-child households become more common in China, MPVs are shedding their niche status and entering the mainstream. Premium competitors such as <a href="/company/li-auto">Li Auto’s</a> Li Mega, <a href="/company/xpeng">Xpeng’s</a> X9, and <a href="/company/byd">BYD’s</a> Denza D9 have made headway, but most of these models start above RMB 300,000 (USD 42,000).
With a feature-rich build and pricing under RMB 200,000, the Xinghai V9 is targeting buyers who want a luxury MPV experience without the premium price tag.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3434162059005571">article</a> was written by Li Qin for 36Kr.

Dongfeng’s Forthing targets affordable luxury with Xinghai V9 MPV

According to 36Kr, <a href="/company/xpeng">Xpeng</a> has become a recurring name in discussions among those working in embodied intelligence.
“Among [Chinese] humanoid robotics teams, Xpeng is in the top three,” one industry insider said.
While China’s embodied intelligence sector has seen a surge in startup activity, Xpeng Robotics has kept a relatively low profile. That changed during the company’s August 19 earnings call, when CEO He Xiaopeng announced that Xpeng’s fifth-generation humanoid robot will debut on October 24, with mass production slated for the second half of 2026.
36Kr has learned that Xpeng’s venture into <a href="/industry/robotics">robotics</a> began in early 2020 under the leadership of Liangchuan Mi. Mi joined <a href="/company/nvidia">Nvidia</a> in 2005 and later became senior manager for Android software at its Santa Clara office, overseeing Android platform operations in China.
While at Nvidia, Mi reported to Xinzhou Wu, the company’s global vice president, and led teams of around 100 people. He studied at the University of Science and Technology of China and worked as a researcher at Carnegie Mellon University.
Xpeng’s robotics ambitions predate the current embodied intelligence boom.
One source told 36Kr that He’s interest in robotics dates back to 2016. “He would do a serious robotics review almost every year,” the source said, adding that He spent long hours in discussion with Unitree Robotics founder Wang Xingxing.
In 2020, He shifted from interest to execution. Xpeng acquired Dogotix, a company founded by Zhao Tongyang, and established Pengxing Intelligence to explore robotics ventures. According to the same source, Xiaomi founder Lei Jun helped facilitate the deal.
The acquisition reportedly cost Xpeng USD 100 million to buy out existing investor shares. At its peak that year, Pengxing had more than 300 employees.
However, internal misalignments, including friction with He, eventually led to the departure of core team members. Zhao, the former team lead, went on to found EngineAI.
After 2023, He appointed Mi to lead the robotics division. According to a source, the team underwent several restructurings over the past two years, shrinking to about 70 people before scaling back up to around 200. In China’s embodied intelligence space, that headcount is considered substantial.
Sources who spoke to 36Kr said He’s robotics roadmap partly mirrors Elon Musk’s approach. He has described robotics as Xpeng’s “third growth curve.”
Positioning robotics as an extension of automotive technology has strategic logic.
Smart driving systems are arguably the most practical real-world application of embodied intelligence, due to significant overlap in the core technology stack.
Tesla’s Optimus robot, for example, reportedly repurposed about 60% of its “Full Self-Driving” (FSD) algorithms. Similarly, <a href="/company/tesla">Xpeng’s</a> earlier robot, Iron, reused its Hawkeye vision system originally developed for automotive use.
He has previously stated that humanoid robotics and autonomous driving can accelerate one another when built on shared infrastructure.
The supply chain also offers synergies. Many automotive components can be adapted for robotics. Tesla’s Optimus, for instance, uses a battery pack from the Model Y.
On the product side, Xpeng has already launched several robots. These include its first PX5, in October 2023, and Iron, its fourth-generation robot, in November 2024.
whereRelatedArticle
According to He’s August earnings call remarks, the fifth-generation humanoid robot will integrate Xpeng’s automotive technology more deeply.
It will feature Xpeng’s in-house Turing AI chip to enhance on-device computation, supporting small reinforcement learning models and a modular end-to-end architecture. The robot will also run on the company’s VLA (vision-language-action) architecture and share cloud AI infrastructure with its vehicles.
The electrical and electronic architecture of the fifth-generation robot is adapted from Xpeng’s vehicles. Joint modules, control systems, and the division of processing tasks are all shaped by its smart driving division. Overall, about 70% of the technology stack is expected to be shared with the automotive side.
With core technologies in place, Xpeng is beginning real-world testing.
A source told 36Kr that several hundred humanoid robots have already been deployed on Xpeng’s production lines. These units are not yet involved in vehicle assembly but are primarily used for algorithm tuning and data collection. “Deploying several hundred on the production line is already a lot for an automaker,” the source said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3433980784938631">article</a> was written by Qiu Xiaofen for 36Kr.

Xpeng to unveil fifth-gen humanoid robot built on 70% of its EV tech

Xpeng Motors

Robotics

Embodied Intelligence

<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.
In this edition, we unpack second-quarter earnings from China’s global-facing firms, revealing a mixed performance. Some are gaining traction through new initiatives and overseas growth, while others face continued pressure from narrowing margins and softening demand:
<h3>Baidu profit rises as AI businesses grow</h3>
<a href="/company/baidu">Baidu</a> reported RMB 32.7 billion (USD 4.6 billion) in revenue for the second quarter of 2025, down 4% year-on-year (YoY), while net profit rose 33% to RMB 7.32 billion (USD 1 billion). <a href="/industry/ai">Artificial intelligence</a> businesses supported growth, with cloud revenue up 27% and Apollo Go trips up 148%. CEO Robin Li said a new Ernie model is in development. —<a href="https://www.thepaper.cn/newsDetail_forward_31441931">The Paper</a>
<h3>iQiyi swings to net loss in Q2</h3>
iQiyi reported Q2 2025 revenue of RMB 6.63 billion (USD 928.2 million), down 11% YoY, as membership and advertising income declined. The company swung to a net loss of RMB 134 million (USD 18.8 million) from a profit a year earlier, while free cash flow fell to negative RMB 34 million (USD 4.8 million). It said it is investing in micro dramas, new experiences, and overseas expansion to drive long-term growth.
<h3>Futu Q2 net income surges 112.7%</h3>
Futu’s Q2 2025 net income rose 112.7% YoY to HKD 2.57 billion (USD 329 million) on revenue of HKD 5.31 billion (USD 679.8 million). Trading volume reached HKD 3.59 trillion (USD 459.6 billion), led by US equities. The firm added 204,000 funded accounts, more than half outside Hong Kong, bringing the total to 2.88 million as client assets climbed to HKD 973.9 billion (USD 124.7 billion).
<h3>Ping An profit surges in H1</h3>
Ping An Good Doctor posted H1 2025 revenue of RMB 2.5 billion (USD 350 million), up 19.5% YoY, with net profit rising 136.8% to RMB 134 million (USD 18.8 million). Paying users grew 35.1% as the company expanded corporate health services and launched new AI-powered medical tools.
<h3>WuXi Biologics lifts outlook after profit jump</h3>
WuXi Biologics posted H1 2025 revenue of RMB 9.95 billion (USD 1.4 billion), up 16.1% YoY, with IFRS net profit rising 54.8%. EBITDA (earnings before interest, taxes, depreciation, and amortization) grew 50.5%, and gross margin reached 42.7%. The company added a record 86 new integrated projects and raised its fiscal year 2025 revenue growth target to 14–16%, citing demand for complex biologics and late-stage manufacturing.
whereRelatedArticle
<h3>Pop Mart profits nearly quintuple in H1</h3>
<a href="/company/pop-mart">Pop Mart</a> reported revenue of RMB 13.9 billion (USD 1.9 billion) for the first half of 2025, up 204.4% YoY, with net profit surging 396.5% on strong global demand for its Labubu collectibles and expansion into higher-margin overseas markets. Five IP lines each generated over RMB 1 billion (USD 140 million), as the company expanded to 571 stores and 2,597 vending machines across 18 markets. —<a href="https://www.reuters.com/world/china/chinas-pop-mart-maker-labubu-doll-says-profit-soars-nearly-400-first-half-2025-08-19/">Reuters</a>
<h3>Xpeng narrows losses on record sales</h3>
<a href="/company/xpeng">Xpeng</a> reported Q2 2025 revenue of RMB 18.27 billion (USD 2.6 billion), up 125.3% YoY, as deliveries rose 242% to 103,181 vehicles. Net loss narrowed to RMB 480 million (USD 67.2 million), while gross margin climbed to 17.3% and vehicle margin hit a record 14.3%. The <a href="/industry/ev">electric vehicle</a> maker also launched the G7 SUV and expanded its tech partnership with Volkswagen.
<h3>Smart EV growth lifts Xiaomi earnings</h3>
<a href="/company/xiaomi">Xiaomi</a> posted record Q2 2025 results, with revenue up 30.5% YoY to RMB 116 billion (USD 16.2 billion) and adjusted net profit rising 75.4% to RMB 10.8 billion (USD 1.5 billion). Smart EV revenue more than tripled to RMB 21.3 billion (USD 3 billion) on a 198% jump in deliveries. IoT and lifestyle revenue rose 45% YoY, while smartphone shipments posted modest growth.
<h3>Tongcheng Travel sees growth in demand</h3>
Tongcheng Travel reported H1 2025 revenue of RMB 9.05 billion (USD 1.3 billion), up 11.5% YoY, with adjusted EBITDA rising 35.2% to RMB 2.34 billion (USD 327.6 million). Trip volume reached 1.99 billion, led by users from non-first-tier cities, who now account for 87% of its base. Lodging revenue rose 18.8%, and paid users hit 252 million.
<h3>Meitu posts strong AI-driven earnings</h3>
Meitu reported a 71.3% YoY rise in adjusted net profit to RMB 467 million (USD 65.4 million) for H1 2025, as revenue grew 12.3% to RMB 1.82 billion (USD 254.8 million). Monthly active users reached 280 million, and paying subscribers hit 15.4 million, driven by global demand for AI-powered tools like RoboNeo. Revenue from photo, video, and design products rose 45.2%, with improved margins.
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 | Q2’s thrivers and strivers

… assemblies.
Financial gains may already be emerging. Reports indicate that Xiaomi’s <a href="https://kr-asia.com/xiaomi-steps-into-smart-eyewear-with-voice-enabled-glasses-built-for-everyday-use">first consumer AR glasses</a>, launched in June, use optical modules exclusively supplied by Goertek. According to Wind data, Goertek’s 2025 revenue is projected at RMB 102.36 billion (USD 14.3 billion), a 1.4% increase from 2024.
Revenue growth has slowed in recent years due to maturing product cycles among major customers, and this trend is expected to continue through the rest of the year. However, AR may help reverse that. If Xiaomi ships 500,000 units of its AI glasses in 2025, Goertek could generate RMB 200–250 million (USD 28–35 million) in revenue. That would represent about one-seventh of its expected YoY revenue growth. Including additional AR and optics manufacturing contracts, the segment’s contribution becomes even more significant.
AR may not only sustain Goertek’s growth during this transitional phase but also lift its margin profile over time. As the industry approaches an inflection point, Goertek appears well positioned to benefit.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3433868582522240">article</a> was written by Geng Chenfei for 36Kr.

Goertek doubles down on AR with optics push and new acquisitions

On August 22, China’s domestically focused computing sector surged on public markets.
The Wind GPU Index rose 9.87%, led by Cambricon, whose shares jumped nearly 20% to a record high, pushing its market capitalization past RMB 500 billion (USD 70 billion). Hygon also gained about 20%, reaching a new high with a market value above RMB 400 billion (USD 56 billion). If a merger or acquisition involving Hygon and Sugon proceeds, Hygon’s market cap could exceed RMB 500 billion.
Other GPU-related companies, including Jingjia Microelectronics and VeriSilicon, also saw gains. Combined, the market capitalization of mainland-listed GPU firms topped RMB 1 trillion (USD 140 billion) on August 22.
The rally followed reports that <a href="/company/nvidia">Nvidia</a> had halted production of its H20 chip.
On August 21, US tech outlet <a href="https://www.theinformation.com/articles/nvidia-orders-halt-h20-production-china-directive-purchases">The Information</a>, citing unnamed sources, reported that Nvidia had instructed key component suppliers—including South Korea’s Samsung and US-based Amkor—to halt work on the H20. Amkor reportedly handles chip packaging, while Samsung provides high-bandwidth memory. None of the companies have publicly addressed the report.
Investor sentiment also received a boost from Chinese <a href="/industry/ai">artificial intelligence</a> startup <a href="/company/deepseek">DeepSeek</a>. That same day, the company announced its latest model, V3.1, which supports UE8M0 FP8, a precision format designed for the next generation of China-made chips.
<h3>Why Nvidia may have paused H20 production</h3>
The H20 is based on Nvidia’s Hopper architecture and was designed to comply with US export controls while still serving the Chinese market. Launched in late 2023, it began limited shipments in 2024. Although it offers only 15–30% of the performance of the high-end H100, the H20 retains high memory bandwidth (approximately four terabytes per second) and includes 96 gigabytes of HBM3 memory.
As the most advanced Nvidia chip legally available in China under current export restrictions, the H20 plays a critical role in the market. Its disruption has raised concerns, especially given that H20 sales contribute significantly to Nvidia’s revenue in China.
That position has grown increasingly tenuous. In April, the US government temporarily blocked H20 sales to China over national security concerns, forcing Nvidia to cancel some orders. Analysts estimated this could cost Nvidia up to USD 13.5 billion in revenue and jeopardize a USD 50 billion market opportunity.
In July, the US restored Nvidia’s H20 export license. CEO Jensen Huang visited China soon after to restore sales momentum. However, the license reportedly came with conditions, including a requirement that 15% of H20-related revenue in China be remitted to the US government.
Later that month, the Cyberspace Administration of China summoned Nvidia for discussions. Citing local laws, regulators demanded proof that the H20 was free from vulnerabilities or backdoors. The issue escalated on August 10, when allegations emerged that the US had previously explored embedding backdoors in chips used for AI development.
The program suggested that companies cooperating with US authorities might receive favorable export terms if their Chinese buyers were considered low risk. It outlined hypothetical features such as license locking, tracking, usage monitoring, and remote restrictions, concluding the H20 was insecure, inefficient, and technologically outdated.
Nvidia denied the allegations, stating:
<blockquote>“Cybersecurity is critically important to us. Nvidia does not have ‘backdoors’ in our chips that would give anyone a remote way to access or control them.”</blockquote>
Nevertheless, concerns persisted. The reported production pause only deepened the controversy.
<h3>Market speculation over the production pause</h3>
Analysts have proposed several explanations for Nvidia’s reported production halt:
<ul>
<li aria-level="1">One is supply chain and product lifecycle management. Nvidia may be preparing to shift production to its Blackwell architecture, possibly including a China-specific B30 chip. Halting H20 output could free capacity, clear inventory, and support a new product launch.</li>
<li aria-level="1">Another possibility is declining cost-effectiveness under regulatory pressure. Nvidia is reportedly passing compliance-related costs to buyers. On August 18, Deepwater Asset Management’s Gene Munster said H20 prices could rise by about 18%. Combined with mounting security concerns, this could be weakening buyer interest.</li>
<li aria-level="1">Lastly, rising competition from domestic chipmakers may be shrinking the H20’s addressable market. As Chinese companies improve their AI accelerators and optimize models for local hardware, Nvidia’s market share faces growing pressure.</li>
</ul>
<h3>Domestic chipmakers gain momentum</h3>
While Nvidia navigates these challenges, Chinese chipmakers continue to advance.
In June, the Agricultural Development Bank of China signed a GPU server procurement deal worth hundreds of millions of RMB, awarding contracts to Huawei, Cambricon, and Hygon. Also in June, Moore Threads began IPO counseling for an A-share listing, and MetaX filed to go public on the Shanghai Stock Exchange’s STAR Market.
In August, Biren Technology launched a general-purpose GPU in Shanghai that it claimed set a global performance record in its class.
Released on August 21, DeepSeek-V3.1 introduced three key upgrades: dual "thinking" and "non-thinking" modes, faster response in thinking mode, and enhanced agentic capabilities for tool use and task completion. What drew the most investor interest, however, was the model’s adoption of UE8M0 FP8.
According to CITIC Securities analysts, FP8 nearly doubles performance compared to FP16 within the same silicon footprint, while also reducing power and bandwidth consumption. The update therefore positions DeepSeek’s models to run efficiently on domestic chips, which could reinforce confidence in local AI infrastructure.
Buoyed by these developments, investor sentiment has seemingly surged. Since early June, China’s GPU sector has entered a new growth phase, with Cambricon’s stock more than doubling and Hygon gaining nearly 40%.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3433842335288968">article</a> was written by Ding Mao for 36Kr.

Nvidia’s H20 pause sparks rally in China’s GPU stocks

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