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Ye Guofu, founder, chairman, and CEO of Miniso, recently met Yu Donglai, founder and chairman of Pangdonglai, for the first time. The meeting marked a significant moment: Miniso’s acquisition of Yonghui Superstores. It was the first opportunity for the two leaders to discuss the transformation of the chain in detail, a strategy both expressed confidence in.
On September 23, Miniso announced it had <a href="https://kr-asia.com/miniso-bets-big-on-retail-with-major-stake-in-yonghui-superstores">acquired a controlling stake in Yonghui</a> for around RMB 6.3 billion (USD 882 million), making it the largest acquisition in China this year. During an investor call that evening, Ye explained the rationale behind the acquisition: his belief in Yonghui’s restructured stores, a transformation guided by Pangdonglai. Having studied global retail models, Ye shared his vision of creating a global consumer giant, emphasizing Yonghui’s resilience and potential to evolve into a top-tier supermarket chain.
In their recent meeting, Ye reiterated Miniso’s commitment to quality and affordability, advocating for a return to retail fundamentals with a focus on consumer needs. “We prioritize quality and innovation rather than competing on price,” he said.
Reflecting on Yonghui’s revamped flagship store in Zhengzhou’s Xinwan Plaza, Ye shared his impressions. “Seeing Pangdonglai’s involvement in Yonghui’s transformation makes me very happy. I am confident in the nationwide implementation of the Pangdonglai model, which can serve every community and household,” he said.
According to Ye, Miniso has also been learning from Pangdonglai’s practices. Highlighting Miniso’s focus on fostering happiness, he mentioned its policy of celebrating employee birthdays and milestones every Wednesday. For instance, Miniso has introduced a policy to cover losses from damaged or misplaced items without attributing responsibility, a shift aimed at enhancing employee well-being.
Ye also described Pangdonglai as a trailblazer in retail transformation. “In one to two years, Yonghui could achieve 70–80% of Pangdonglai’s excellence. It will continue to optimize and strive for those standards,” he said.
Yu, in turn, expressed his enthusiasm for the ongoing transformation at Yonghui. He noted that creating “a Chinese Costco” is within reach. “First, the team must enjoy their work, feel happy in their roles, and earn a decent income. Second, the quality, functionality, and aesthetics of products must be excellent,” he said.
Yu added that happy employees lead to better customer experiences, and that product quality—along with utility and aesthetics—should enhance consumers’ lives while meeting international standards. “The goal isn’t just to offer products but to reflect a refined taste for living,” he said.
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Since May, Yonghui Superstores has been implementing two transformation models. One involves hands-on guidance from Yu and the Pangdonglai team, primarily in Henan Province, while the other entails Yonghui independently adopting Pangdonglai’s methods.
To date, Yonghui has reopened 20 restructured stores nationwide under these models, with plans to expand the number to 40–50 by the Lunar New Year.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3061496430503298">article</a> was written by Xie Yunzi for 36Kr.

Miniso and Pangdonglai founders meet to chart Yonghui’s transformation

Miniso

China

Retail

Consumer Services

On December 3, SenseTime chairman and CEO Xu Li announced a significant restructuring in an internal memo. The company will now focus on its core businesses—artificial intelligence (AI) cloud and general vision model—while spinning off its smart vehicle (SenseAuto), home robotics (SenseRobot), smart healthcare, and smart retail segments into independent companies, each with its own CEO.
Xu explained that the restructuring aims to accelerate profitability and stabilize cash flow. Operating independently, these spinoffs can target niche markets while leveraging SenseTime’s infrastructure and advancements in model development. “This approach fosters both autonomy and collaboration,” Xu wrote.
The reorganization introduces a "1+X" framework, where "1" represents SenseTime’s AI cloud business—integrating large-scale infrastructure, foundational models, and applications—and "X" signifies the ecosystem of spinoff companies positioned to capture specific market opportunities.
Founded in 2014, SenseTime achieved a milestone initial public offering (IPO) on the Hong Kong Stock Exchange in December 2021, becoming one of China’s prominent AI unicorns. Its expertise in computer vision and deep learning has propelled it into diverse industries, including automotive, robotics, healthcare, and retail.
In October, SenseTime launched a strategy emphasizing large-scale infrastructure, foundational models, and applications, marking a shift toward centralized and efficient operations. This aligns with the emergence of AI 2.0, characterized by generative models reshaping the industry landscape.
Xu has previously highlighted the shift from AI 1.0, where costs were primarily driven by R&amp;D personnel, to AI 2.0, where computing power dominates expenses. To commercialize generative large models, Xu emphasized the need to reduce production and usage costs.
With this restructuring, SenseTime is consolidating its strengths and reallocating resources to lead in the AI 2.0 era, positioning itself for the next wave of AI innovation.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3062934729024897">article</a> was written by Tian Zhe for 36Kr.

SenseTime restructures to focus on AI cloud and vision models

SenseTime

Artificial Intelligence

Deep Tech

Foundation and Large Models

… href="https://kr-asia.com/geesatcom-completes-third-orbital-deployment-bringing-its-satellite-network-closer-to-full-global-coverage">third orbit of 10 satellites</a> was successfully launched from the Taiyuan Satellite Launch Center. With a total of 30 satellites deployed across three orbital planes, the Geesatcom constellation now provides 24-hour coverage to 90% of the world’s regions. This marked the first time a Chinese commercial aerospace company delivered low-orbit satellite communication services to global users.
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Geesatcom is already transforming mobility solutions. Its LEO satellite communication services address network blind spots, ensuring stable data transmission in remote areas. Furthermore, its proprietary high-precision positioning (PPP-RTK) technology enhances navigation accuracy to the centimeter level, enabling safer and more reliable autonomous driving. These advancements have been integrated into passenger vehicles for mass production.
Beyond the automotive industry, Geespace’s innovations extend to smartphones. The company has developed a direct-to-satellite communication chip for mobile devices, providing uninterrupted connectivity in diverse environments. In tests conducted in the Middle East, Geespace achieved a 99.15% communication success rate and over 99.97% network availability, even under severe electromagnetic interference.
From smart cars to smartphones, satellite technology is emerging as a cornerstone of next-generation intelligent products. Industry projections estimate the global satellite communication market will grow to USD 159.6 billion by 2030, propelled by a compound annual growth rate (CAGR) of 9.7% from 2023 onward.
Looking ahead, Geespace is positioned to provide communication services in regions where traditional infrastructure remains impractical or cost-prohibitive. These services will include remote monitoring, data transmission, and emergency communication solutions tailored for critical industries such as oil and gas production.
Geely’s expansive global strategy further reinforces Geespace’s international ambitions. With annual global sales exceeding three million units—10% of which come from overseas markets—Geely's resources provide a strong foundation for Geesatcom’s growth. In the coming years, the constellation will deliver satellite communication services to global users, amplifying Geely’s competitiveness and influence in international markets.
Both consumers and industries will reap the benefits together. By enabling next-generation mobility in vehicles and driving intelligent upgrades across industries, they pave the way for a future without connectivity blind spots—a world where seamless communication transcends borders.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3055791290044802">article</a> was written by Xiao Xi for 36Kr.

Geespace’s satellites take center stage at supply chain expo

Geely

China Tech

Space Tech

… anticipated, but never arriving. Secondary market investors, focused on fundamentals and valuations tied to financial metrics, are unwilling to pay for the yet-unproven robotaxi story.
Six years ago, Li Jiaqing, in explaining Legend Capital’s rationale for investing in Pony.ai, said, “The key question is whether this represents the most critical transformative direction. If it is, we invest, especially in early-stage, technology-driven ventures. It’s hard to assess with the mindset of a mature industry. Asking upfront about business models? We don’t know yet.”
Lu Huangxian, managing director of Redpoint China Ventures, echoed this sentiment, noting that the firm understood it was a long shot at the time of its investment.
Buying into technological dreams and trading time for exponential growth was once a foundational logic for venture capital. Today, as realism and focus on fundamentals dominate the narrative, late-stage investors who once flocked to unicorns must now confront micro-profits—or even losses.
If the internet funding frenzy was a flowing banquet of capital, Pony.ai exemplifies the fate of a technology company when its investors return from dreams to reality. A confluence of factors shaped its trajectory: shifting US-China relations, changing investor preferences, difficulties in fundraising, and the rise of a “DPI above all” mentality. But this was no accident—it might even become the norm.
<h3>Broader implications</h3>
The more pressing question is whether extreme realism is correct. What kind of capital environment does true innovation require? It’s worth remembering that autonomous driving emerged from a daydream.
One Pony.ai investor told 36Kr that having the right assets is more important than timing. Perhaps this is a form of self-consolation. They might still recall the story of Pinduoduo: valued at under USD 30 billion on its IPO day, it dipped below its offering price at least four times in its first year, yet now exceeds USD 130 billion in market capitalization. Perhaps Pony.ai’s public listing is just the beginning.
Over two months ago, renowned angel investor and Neu Venture Capital founder Jerry Neumann announced that he would no longer invest in new startups. In his farewell to a career as an individual venture capitalist, Neumann said that today’s startups no longer feel like they are driving progress but have become more about running a business. Perhaps, that is but a reflection of the current investment climate.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://letschuhai.com/281abc04">article</a> was written by 36Kr Chuhai.

Pony.ai’s IPO: A reflection on tech dreams and harsh market realities

Pony.ai

Autonomous Vehicles

Mobility

… ecosystems, the company seeks to future-proof its vehicles against changing consumer preferences.
Since its launch in March, Xiaomi has rapidly ramped up SU7 production, hitting key milestones that hint at its broader ambitions. In October alone, the company delivered over 20,000 vehicles, contributing to a cumulative delivery target of 100,000 units reached within just 230 days. Financially, the EV segment generated RMB 9.7 billion (USD 1.4 billion) in Q3 2024, with gross profit margins rising to 17.1% from 15.4% in the previous quarter.
Riding this momentum, Xiaomi recently unveiled the SU7 Ultra, a premium variant designed to penetrate the luxury market. International expansion appears to be on the horizon, with CarPlay integration poised to be a selling point for global buyers.
<figure id="attachment_150976" aria-describedby="caption-attachment-150976" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150976" src="https://console.kr-asia.com/wp-content/uploads/2024/12/Xiaomi-SU7-Ultra-1024x683.jpg" alt="Image of the SU7 Ultra, a premium variant of Xiaomi’s first electric vehicle model." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/12/Xiaomi-SU7-Ultra-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/12/Xiaomi-SU7-Ultra-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/12/Xiaomi-SU7-Ultra-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/12/Xiaomi-SU7-Ultra-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/12/Xiaomi-SU7-Ultra.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150976" class="wp-caption-text">Image of the SU7 Ultra, a premium variant of Xiaomi’s first electric vehicle model. The new flagship vehicle is expected to compete with the likes of Tesla’s Model S Plaid and the Porsche Taycan Turbo. Image source: Xiaomi.</figcaption></figure>
Xiaomi isn’t stopping at smartphone integration. The company is doubling down on autonomous driving, with plans to roll out its full-scenario “Hyper Autonomous Driving” (HAD) solution by year-end. This represents an upgrade from the current navigate-on-autopilot (NOA) system, which is focused on urban environments.
With a clear roadmap for innovation and a strategy that bridges ecosystems, Xiaomi is making a bold play to establish itself as an EV heavyweight. Its efforts to integrate with Apple’s ecosystem are just one piece of the puzzle—but a crucial one as it aims to win over customers at home while paving the way for global expansion.

Xiaomi's EV strategy drives forward with Apple integration in focus

Electric Vehicles

… While JD.com offers broader category coverage, it trails Shangou in merchant numbers.
Despite fierce competition, Shangou remains the frontrunner in the instant retail market. A Morgan Stanley report forecasts that China’s instant retail market will grow at a 20% compound annual growth rate (CAGR), reaching RMB 2 trillion (USD 280 billion) by 2030, with Meituan expected to secure 50% of the market and achieve long-term unit economics (UE) of RMB 1.7 (USD 0.20) per order. Such dominance would extend Meituan’s competitive advantage beyond food delivery and in-store services.
In its latest earnings report, Meituan announced that its new businesses—excluding Youxuan—achieved profitability as a whole. Morgan Stanley previously identified new business losses as a key performance indicator for Meituan this year, alongside food delivery order growth and profitability for in-store dining and travel services.
Among Meituan’s new ventures, Kuailv has shown the most maturity, with Xiaoxiang Supermarket also gaining traction. However, monetization for Xiaoxiang remains secondary to strategic growth. Meanwhile, competition in the home delivery space is heating up as JD.com’s 7Fresh unit launches aggressive price wars.
Loss reduction for Youxuan continues to be a critical focus. Goldman Sachs reported that Youxuan incurred approximately RMB 1.7 billion (USD 238 million) in losses during the third quarter, a slight improvement from the previous quarter. However, the pace of improvement is decelerating. In a bid to cut losses, Meituan has raised prices, withdrawn generic brands, and closed warehouses, despite the resulting contraction in user numbers. The company also consolidated its operations into nine regions, down from 17 provinces.
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Internationally, Meituan’s progress is under watch. Its <a href="https://kr-asia.com/meituans-keeta-launches-in-saudi-arabia-igniting-competition-and-price-hikes">October launch of Keeta</a> in Riyadh, Saudi Arabia, was accompanied by cautious statements about global expansion plans. Local merchants in Riyadh have observed that Meituan’s mature subsidy mechanisms and methodical approach set it apart from established platforms.
Amid these dynamics, Meituan is navigating a competitive landscape with calculated composure. Its rivalry with Douyin has stabilized, allowing it to focus on consolidating its market presence and advancing its strategy. Balancing growth with ambition, Meituan has carved out a position of stability and innovation in a challenging economic climate.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3059971856671875">article</a> was written by Ren Cairu for 36Kr.

Meituan beats expectations with strong Q3 results and quick commerce gains

On-demand Services

E-commerce

Logistics

Food Delivery

Grocery Delivery

Consumer Economy

… headlights offer projection capabilities.
Chinese automakers, leveraging a robust supply chain, have quickly brought once-exclusive luxury features to everyday cars. This strength, however, presents a unique challenge for domestic brands striving to break into the upper echelons of luxury: as the baseline for features continues to rise, what technical innovations can truly set a luxury car apart?
It took 30 years for soft-close doors to transition from the unattainable Mercedes-Benz S-class to mass-market Chinese vehicles, and nearly two decades for active safety features to follow. Today, Chinese brands have achieved parity with stalwarts like BMW, Mercedes-Benz, and Audi in terms of traditional luxury features. However, this convergence has led to a plateau, where these features alone are no longer enough to differentiate high-end offerings.
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Huawei aims to position smart experiences as the new benchmark for technical superiority. Yet, this strategy faces the same challenges posed by the rapid democratization of technology.
First, the pace of evolution in Chinese car models—particularly in intelligent systems—is blistering. Monthly over-the-air (OTA) updates and frequent hardware revisions are now the norm. Some models see hardware refreshed as often as three times a year in the pursuit of enhanced software experiences. While the Maextro S800’s adoption of Level 3 autonomous driving architecture is noteworthy, how many new vehicles will offer similar features by 2025? Its exclusivity may be fleeting.
Second, do luxury buyers truly desire such advanced intelligent experiences?
Lotus, for example, has struggled to impress with its intelligent features, focusing instead on performance. Yet early adopters of Tesla’s Model S and Model X, as well as those intrigued by <a href="https://kr-asia.com/xpeng-motors-unveils-new-tech-aimed-at-expanding-beyond-evs">Xpeng Motors’ flying car</a>, demonstrate a willingness among younger, affluent consumers to pay for novel technology.
<figure id="attachment_150693" aria-describedby="caption-attachment-150693" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150693" src="https://console.kr-asia.com/wp-content/uploads/2024/11/Xpeng-Motors-AeroHT-Land-Aircraft-Carrier-1024x683.jpg" alt="Photo of Xpeng AeroHT's &quot;Land Aircraft Carrier.&quot;" width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/Xpeng-Motors-AeroHT-Land-Aircraft-Carrier-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/Xpeng-Motors-AeroHT-Land-Aircraft-Carrier-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/Xpeng-Motors-AeroHT-Land-Aircraft-Carrier-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/Xpeng-Motors-AeroHT-Land-Aircraft-Carrier-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/Xpeng-Motors-AeroHT-Land-Aircraft-Carrier.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150693" class="wp-caption-text">Photo of the <a href="https://kr-asia.com/xpeng-motors-unveils-new-tech-aimed-at-expanding-beyond-evs">latest flying car</a> by Xpeng AeroHT, a subsidiary of the namesake company. It features a ground module—the “mothership”—and an air module for the flying vehicle. Photo courtesy of Xpeng.</figcaption></figure>
The Maextro S800, however, targets a different demographic—affluent, middle-aged buyers who have likely owned multiple traditional luxury vehicles. For this audience, the question isn’t whether they’ll pay for autonomous driving, but what kind of autonomous experience justifies the investment.
As Maextro’s inaugural model, the S800 represents a bold experiment for Huawei. It merges a traditional luxury aesthetic with state-of-the-art technology, positioning itself as a bridge between legacy and innovation. This approach provides Huawei a valuable opportunity to gauge consumer preferences: Do affluent buyers prioritize appearance over substance, or are they seeking a harmonious blend of both?
The luxury EV segment remains largely uncharted, with no Chinese brand yet unlocking the formula for sustained success. Huawei’s foray into this space is both ambitious and inevitable, representing a critical step in defining what Chinese luxury can mean in the electric era.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3053041692250505">article</a> was written by Xu Caiyu for 36Kr.
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Maextro S800: Huawei’s audacious bid to win the luxury EV market

… said.
In Indonesia,  Anthoni Salim, the youngest son of Liem Sioe Liong, navigated the Salim Group’s survival following the 1997 Asian financial crisis and fall of Suharto in 1998, during which the government took over its pivotal Bank Central Asia. The group’s business had benefited from Liem’s close ties with the late dictator.
"Anthoni became the successor [because he is] more talented and focused than his older brothers," said Richard Borsuk, an adjunct senior fellow at Singapore's S Rajaratnam School of International Studies and a chronicler of the Salim Group.
Anthoni has turned the company's Indofood into one of the world's largest instant noodle manufacturers and the family has interests in various other sectors through its First Pacific Holding Company. Anthoni leads both entities and his eldest son, Axton Salim, is a director of both businesses.
Family firms also have longer track records with other stakeholders, including lenders, brokers, and investors. "It helps companies have better access to other types of capital and debt financing on fixed-income markets," said Asadej Kongsiri, president of the Stock Exchange of Thailand.
Whether family control means more transparency and stronger governance standards remains a subject of debate. Family-owned companies are more likely to have dual-share classes than non-family firms, according to Credit Suisse.
But the DBS study of Singapore-listed companies found that family firms stepped up disclosures during rough patches to preserve the family's reputation. Independent directors outnumber executive and non-executive directors on the boards of both family and non-family firms, but occupy fewer board seats in family firms.
Christian Stewart, founder of Hong Kong-based consultancy Family Legacy Asia, said family firms could empower more independent directors, not only to reassure minority shareholders but also to be a bridge between family members in management roles and their uninvolved relatives.
"It's important to have directors who are trusted by the family shareholders but who are still objective and have good commercial sense to provide a bridging role between the family chair and the family members who aren't involved in the entity," Stewart said.
Independent directors are even more crucial in the absence of a clearly communicated succession plan. Such is the case for Robert Kuok, the Malaysian "sugar king" who founded Hong Kong-listed Kerry Holdings, owner of Shangri-La Hotels and Resorts. At 101, Kuok has not announced a formal succession plan, but his children and nephews hold leadership roles across the Kuok Group, including his sons Khoon Ho, 73, and Khoon Ean, 69, and daughter Hui Kwong, 46.
"The role of independent directors is really to ask what are you doing in terms of grooming a successor—mentoring, exposing them to different business units, and giving feedback," said Stewart.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/ASEAN-Money/Southeast-Asian-family-firms-lay-ground-for-next-generation-s-succession" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Southeast Asian family firms lay ground for next generation's succession

Venture Capital

Private Equity

Singapore

Malaysia

Thailand

Vietnam

Indonesia

Philippines

Southeast Asia

… (popularity) index, while For The Young Ones set a new record among iQiyi’s short dramas with fewer than 20 episodes.
<h3>Targeting friends and family</h3>
As content continues to evolve, the membership system remains a critical strategy for long-form video platforms to enhance user engagement and retention. This quarter, iQiyi introduced adjustments to its membership offerings, responding to observed user demand.
On November 12, iQiyi launched a new option allowing standard members to add an additional account for RMB 8 (USD 1.1) per month, with the main account subscription priced at RMB 25 (USD 3.5) per month.
A key feature of this offering is the separation of membership credentials, passwords, and viewing histories between the main and family accounts. This ensures an independent and seamless viewing experience for each family member, allowing them to access iQiyi’s premium content and high-quality audiovisual features on their own devices, tailored to their individual preferences and schedules.
The new service reflects iQiyi’s understanding of family viewing habits. With growing demand for shared viewing in family settings, coupled with the unique needs of seniors and children, the offering provides a cost-effective solution without requiring duplicate subscriptions.
Notably, overseas streaming platforms such as Netflix and Disney+ have launched similar services with considerable success. For instance, Netflix reported a 10% YoY increase in paid memberships in the third quarter of 2023 following the introduction of additional account options.
Additionally, iQiyi has expanded the availability of its basic membership, previously limited to the iQiyi Lite app, to all major platforms. This basic membership, priced lower than the gold VIP membership, allows users to access premium content with ads, catering to those looking for a more affordable option for member-exclusive content.
Of course, while embracing change, iQiyi has also retained several constants, including deepening the application of artificial intelligence and pursuing international expansion.
From a business perspective, the priority in today’s content market is clear: to move beyond fragmented trends and fleeting consumption, aiming instead to establish a more complete and sustainable business cycle.
iQiyi’s capabilities in film and television production continue to strengthen. It is among the first streaming platforms in China to implement virtual production across the entire content creation process. Its virtual production team provides comprehensive services, including content production, cost evaluation, technical design and rehearsals, and production supervision, all managed concurrently across multiple projects.
Notably, Shadow Love, now in production, is the first film and television project in China to use the latest version of Unreal Engine for virtual shooting.
In its advertising business, iQiyi has leveraged AI-powered campaigns to boost performance, with AI-enabled ad creatives achieving over 20% higher cost per mille (CPM) compared to traditional formats.
On the global front, iQiyi has capitalized on the growing international popularity of Chinese dramas to expand its overseas business. In the third quarter, both total overseas revenue and revenue from membership services recorded YoY and quarter-on-quarter growth.
Notably, membership revenue in markets such as Hong Kong, the UK, Brazil, and Australia posted YoY increases exceeding 40%. Average daily subscription numbers also rose YoY and quarter-on-quarter, with standout growth exceeding 45% in Brazil, Mexico, Hong Kong, and Thailand.
Since shifting its strategy from scaling to prioritizing profitability, iQiyi has focused on high-quality development in its core business. This pivot has also influenced the market’s perception of iQiyi, with investors placing greater emphasis on its fundamentals and long-term value.
Despite facing challenges, iQiyi’s cost reduction and efficiency initiatives over the past two years have delivered expected results. The market will closely watch how iQiyi’s evolving ecosystem model shapes the industry and what new heights the company can achieve in the future.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3054532534997385">article</a> was written by 36Kr Caijing.

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