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… focuses on semiconductor-grade metals and compounds. Its materials serve a range of sectors including electric vehicles, aerospace, medical diagnostics, and infrared chip manufacturing. Zhongwei expects to raise a larger Series A round next year. —<a href="https://36kr.com/p/3280581284208772">36Kr</a></li>
<li aria-level="1"><a href="https://www.qj-robots.com/">Qianjue Technology</a>, an embodied intelligence company, has raised an eight-figure RMB sum in its latest funding round. Oriza Seed led the investment, with participation from Gobi China and Langcheng Capital. The funding will go toward product development, R&amp;D, and accelerating mass production. Founded in May 2024, Qianjue specializes in tactile sensing and multimodal manipulation technology for precision robotics. Its offerings include high-resolution multimodal tactile sensors and intelligent modules for perception and control. —<a href="https://36kr.com/p/3231110308478083">36Kr</a></li>
</ul>
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<h3>Flash Coffee, Secai Marche, Manus, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Flash Coffee, a coffee chain based in Indonesia, raised USD 3 million in an additional round of funding led by TA Ventures, with returning investor White Star Capital also participating.</li>
<li aria-level="1">Secai Marche, a Tokyo-based logistics and supply chain company, reportedly received a USD 4 million grant. The funding was awarded by Japan’s Ministry of Economy, Trade and Industry (METI) under its “Global South Future-oriented Co-creation Project.”</li>
<li aria-level="1">Butterfly Effect, the Chinese startup behind the agentic AI platform <a href="https://kr-asia.com/5-things-to-know-about-manus-the-ai-agent-everyones-debating">Manus</a>, raised USD 75 million in a funding round led by venture firm Benchmark, according to media reports. The round also included follow-on investments from Tencent, ZhenFund, and HongShan.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: DailyCo acquires Waku to grow in Indonesia, Neufast raises pre-Series A funding, latest China investments, and more

Venture Capital

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Ecovacs Robotics recently released its earnings for fiscal year 2024 and the first quarter of 2025. The company reported record-high revenue, yet rising costs continued to weigh on margins. Roborock, its closest competitor, followed a similar pattern: surging sales with shrinking profit.
According to its latest financials, Ecovacs generated RMB 16.54 billion (USD 2.3 billion) in 2024 revenue, a 6.71% year-on-year (YoY) increase and an all-time high. Net profit attributable to shareholders rose 31.7% to RMB 806 million (USD 112.8 million). In Q1 2025, revenue climbed to RMB 3.86 billion (USD 540.4 million), up 11.06%, while net profit surged 59.43% to RMB 475 million (USD 66.5 million).
These numbers mark a turnaround after two years of decline. In 2023, Ecovacs saw profits fall 60%. Still, 2024 profits remain well below the company’s 2021 peak, when it earned RMB 2.01 billion (USD 281.4 million) on RMB 13.09 billion (USD 1.8 billion) in revenue—yielding a 15.39% net margin. By contrast, 2024’s higher revenue came with less than half the profit and only a third of the margin.
Roborock, meanwhile, posted 2024 revenue of RMB 11.95 billion (USD 1.67 billion), up 38.03% YoY. But net profit dipped 3.64%. Despite the decline, Roborock still delivered twice the net profit of Ecovacs. In Q1 2025, Roborock’s revenue jumped 86.22% to RMB 3.43 billion (USD 480.2 million), while net profit fell 32.92% to RMB 267 million (USD 37.4 million).
The shifting market dynamics are stark. According to IDC, Roborock shipped 3.3 million units in 2024, surpassing longtime leaders iRobot and Ecovacs for the first time.
The robot vacuum segment has transitioned from rapid growth to saturation and widespread product homogeneity. For Chinese brands, overseas markets have become the next frontier. But expansion is proving expensive.
Among top-tier players, Ecovacs has the longest global track record. In 2024, it generated RMB 7.11 billion (USD 995.4 million) from international markets. Europe stood out: Ecovacs and its sub-brand Tineco saw revenue growth of 51.6% and 64%, respectively.
At home, Ecovacs built a robust sales infrastructure early, dominating malls and appliance stores with distributor and self-operated channels. It is now replicating that model abroad. Unlike peers that rely heavily on third-party distributors, Ecovacs established its European headquarters in Germany in 2012 and now runs a local team of nearly 50. This setup gives it tighter brand control and supports its push into premium segments.
Niche categories are also gaining traction. International revenue from Ecovacs’ window-cleaning robots jumped 214.8%, while lawn-mowing robots nearly doubled.
Roborock’s global strategy is just as aggressive. In 2024, 53.48% of its revenue came from international sales. The company initially leaned into e-commerce, building its US presence via Amazon and its own channels. That digital-first strategy helped it grow quickly.
But Roborock is now expanding offline. It has a US subsidiary and an independent after-sales service network. Its products are available in over 1,400 physical stores, including Best Buy, Walmart, and Sam’s Club.
Despite these efforts, both brands are facing similar hurdles. Logistics, warehousing, and local operations have pushed up costs. Investments into marketing and R&amp;D—particularly in adjacent product lines like lawn and window-cleaning robots—have further strained margins.
With core vacuum tech hitting maturity, brands are chasing the next frontier. Roborock made headlines at CES 2025 with its G30 Space, featuring a five-axis bionic arm that can pick up and store objects, turning the vacuum into a more interactive cleaning assistant.
But not all players are convinced. Neither Ecovacs nor Narwal has released an arm-equipped model. Mechanical arms introduce complexity, higher repair costs, and practical limitations—such as reduced ability to clean under furniture or avoid collisions. For now, the robotic arm feels more like a novelty than a necessity.
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Instead, both companies are diversifying, albeit in different directions.
Ecovacs is building adjacent hardware categories that share underlying technologies. It is investing in window and lawn robots, and its Tineco brand is entering smart kitchen appliances and water purifiers.
Roborock is eyeing large appliances. In 2024, it launched its first washer-dryer combo, followed by a molecular sieve model and a mini version, priced between RMB 2,000–3,000 (USD 280–420). It has built a dedicated overseas team for its laundry line and plans to release washer-dryer sets, standard washing machines, and compact models for small spaces.
Neither has cracked the large appliance market yet, but both see room to experiment—especially in overseas markets where white space remains.
One looming threat could derail these strategies: tariffs.
Ongoing US trade policies have disrupted global supply chains, driving up export costs and squeezing margins. Higher retail prices may erode the core advantage Chinese brands enjoy overseas—affordability.
Some players are adapting. Ecovacs is scaling overseas manufacturing. Roborock is strengthening partnerships with local distributors to share costs. But tariffs remain a structural risk. If left unresolved, they could force Chinese hardware firms to rethink global supply chains entirely—and rework long-term international strategies.
For now, both Ecovacs and Roborock are pressing ahead. But as their margins shrink and global ambitions expand, the challenge will be to grow without sacrificing profitability—a balance that may define the next chapter of China’s smart hardware playbook.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3271134528987524">article</a> was written by Huang Nan for 36Kr.

Record sales, shrinking profits: China’s robot vacuum leaders face their next test

Robotics

Deep Tech

<a href="/company/xiaomi">Xiaomi</a> is edging into Europe’s electric vehicle landscape with deliberate subtlety. The Chinese tech giant has quietly set up an automotive R&amp;D center in Munich, Germany—its first such facility in the region. According to 36Kr, the site currently hosts fewer than 50 staff, mostly senior managers and technical specialists.
Sources familiar with the matter say the team is not hiring aggressively. Instead, the Munich operation is positioned as a compact, elite unit. One of its headline projects: pushing the limits of the Nurburgring edition of the Xiaomi SU7 Ultra. The group is also tasked with refining performance across Xiaomi’s broader EV pipeline.
But Xiaomi’s ambitions extend beyond the test track. In December 2024, the company’s international division created a dedicated task force to study global EV sales. The team began recruiting for roles in market research and operational planning—early signals that Xiaomi is considering pilot launches in Germany, France, and Spain.
At the same time, Xiaomi is exploring whether to establish a design studio in Europe to tap the region’s rich automotive talent pool.
When contacted by 36Kr, Xiaomi confirmed the existence of its Munich R&amp;D center but said there is no formal sales network in place for the region.
Still, the Munich site is about more than technical experiments—it’s a foothold for brand differentiation. While traditional automakers like Mercedes-Benz, BMW, and Porsche are focused on developing autonomous driving and smart cockpit tech, Xiaomi is taking a different route: returning to the fundamentals of high-performance driving.
Several members of Xiaomi’s Munich team have already been named in European press reports. The group is led by Rudolf Dittrich, formerly BMW’s head of limited edition vehicles. Other key hires include Jannis Hellwig, previously with BMW’s Formula E team, and Ricard Aiguabella Macau, an aerodynamics expert from Ferrari’s Formula 1 division.
“They are chasing a Nurburgring lap time that rivals what McLaren pulled off at Shanghai,” one source told 36Kr. “Track performance is the benchmark here.”
The Nurburgring edition of the SU7 Ultra, priced at RMB 814,900 (USD 114,086), was announced by Xiaomi founder Lei Jun during the car’s launch event. An optional track package, costing RMB 100,000 (USD 14,000), includes a suite of component upgrades.
“This version is designed to outpace Porsche. Many parts were selected without regard for cost,” said one industry insider. “But it's still far from being both faster than Porsche and ready for volume delivery in China. That’s why Xiaomi has brought in so many motorsport veterans.”
For Xiaomi, the track is a crucible. Cars engineered to perform under extreme conditions—speed, temperature, wear—often become proving grounds for innovations that can eventually be scaled to consumer vehicles. The Munich center reflects this playbook: push performance limits first, then filter learnings into the mass market.
That strategy already seems to be working. The SU7 Ultra’s headline lap times have helped anchor Xiaomi’s image as a serious player in high-performance EVs.
Consumers, too, respond to pedigree. EV buyers are more likely to trust digital features if they’re born from racing applications. Xiaomi is hoping that this trust translates into a premium halo effect across its product line.
Lei Jun has said publicly that Xiaomi wants to start selling its EVs in Europe before 2030. Sources told 36Kr that the company’s overseas task force is already operating out of Dusseldorf, with a focus on mapping market conditions in Germany, Spain, and France.
Compared to other Chinese EV makers, Xiaomi may have a head start. Even before it launched its automotive unit, more than half of Xiaomi’s group revenue came from international markets. The brand once claimed an 18% share of Europe’s smartphone market, ranking third behind Samsung and Apple.
This recognition gives Xiaomi a valuable beachhead as it ventures into Europe’s EV scene.
The timing could also work in Xiaomi’s favor. BMW’s M series hasn’t yet debuted a full EV, save for camouflaged test units of a rumored iM3. Mercedes-Benz’s EQE AMG launched in 2023 but carries a six-figure EUR price tag that limits its reach.
By contrast, Xiaomi is positioning its vehicles with a mix of track performance, sharper pricing, and superior digital systems. That combo could resonate with a segment of European buyers left cold by traditional brands’ offerings.
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Still, challenges loom. While Xiaomi has carved a niche in China’s premium segment, its automotive brand remains relatively untested abroad. The SU7 starts at over RMB 200,000 (USD 28,000) domestically, and the SU7 Ultra climbs past RMB 500,000 (USD 70,000)—pricing that could balloon further once exported.
And there’s the matter of manufacturing. “There’s no sign yet that Xiaomi plans to localize production in Europe,” one observer told 36Kr. “For now, the focus is still on gauging market response.”
From engineers at Nurburgring to market researchers in Dusseldorf, Xiaomi is methodically building the pillars of an overseas EV strategy. But whether that strategy yields a globally respected brand—or stalls short of it—remains to be seen.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3180192461476483">article</a> was written by Xu Caiyu for 36Kr.

Is Xiaomi’s new EV base in Germany a prelude to its European rollout?

East Asia

Transportation

Electric Vehicles

Mobility

Europe

… https://console.kr-asia.com/wp-content/uploads/2025/05/TXTK-Tax-Tech-Chen-Rui-768x512.png 768w" sizes="(max-width: 1080px) 100vw, 1080px" /><figcaption id="caption-attachment-152821" class="wp-caption-text">Chen Rui, special advisor on the Middle East for 36Kr Global and founder of TXTK Tax Tech, describing the processes of setting up in Dubai. Photo courtesy of DAFZ.</figcaption></figure>
Chen emphasized that selecting the right legal system is crucial. “The nature of your business will determine whether to adopt the common law framework of a freezone or the local laws applicable to firms serving the domestic UAE market,” she said.
She outlined three main types of company registrations: onshore companies, free zone entities, and offshore companies. Within the free zone category, designated zones like DAFZ may offer more generous tax benefits. “From a tax standpoint, free zones are treated as outside the UAE. Goods entering are duty-free, and sales to third countries are VAT-exempt. Eligible firms can enjoy 0% corporate tax,” Chen said.
Individual shareholders must have no criminal record, be in good health, and speak English. They must also enter the UAE at least once every 180 days. For corporate shareholders, transparency is key—they must disclose ultimate beneficiaries, provide passports, and not appear on sanctions lists.
Chen advised investors to be precise when selecting their business scope. “More is not always better. Choose only the activities you plan to pursue in the near term, as overly broad scopes may complicate bank account opening,” she cautioned.
On the compliance front, the UAE follows international accounting standards, with digital documentation as the norm. “Retention periods are five years for VAT and seven years for corporate tax records,” she said. Chinese software providers like Kingdee and Yonyou have launched localized versions for the Middle East to assist Chinese firms.
Tax policy in the UAE has evolved from consumption tax to VAT to corporate income tax. The current VAT rate is 5%, and corporate tax is either 0% or 9%, depending on eligibility. “Profits below AED 375,000 (USD 102,100) are tax-exempt; above that, a 9% tax applies,” said Chen. “From 2025, large multinationals with over EUR 750 million (USD 850 million) in global revenue will be subject to a 15% minimum tax rate under OECD rules. The UAE imposes no personal income tax—neither wages nor dividends are taxed.”
Bank account opening remains a major hurdle. “The key is a clean, transparent ownership structure and clear capital sources,” Chen said. “Banks want to know your suppliers, your clients, and whether you engage with high-risk or sanctioned countries. All this must be disclosed.”
As the UAE’s tax framework matures, Chen urges firms to stay alert to policy changes and operate in full compliance while benefiting from favorable conditions.
<h3>Special mentions</h3>
As a key window into international engagement, Shanghai’s Council for the Promotion of International Trade (CCPIT) and Chamber of International Commerce (COIC) Shanghai have played instrumental roles in advancing global trade ties—and offered strong support for the event.
<figure id="attachment_152816" aria-describedby="caption-attachment-152816" style="width: 1080px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-152816" src="https://console.kr-asia.com/wp-content/uploads/2025/05/CCPIT-Shanghai-Wei-Hui.png" alt="Photo of Wei Hui from CCPIT Shanghai’s trade and investment promotion department." width="1080" height="720" srcset="https://console.kr-asia.com/wp-content/uploads/2025/05/CCPIT-Shanghai-Wei-Hui.png 1080w, https://console.kr-asia.com/wp-content/uploads/2025/05/CCPIT-Shanghai-Wei-Hui-720x480.png 720w, https://console.kr-asia.com/wp-content/uploads/2025/05/CCPIT-Shanghai-Wei-Hui-1024x683.png 1024w, https://console.kr-asia.com/wp-content/uploads/2025/05/CCPIT-Shanghai-Wei-Hui-768x512.png 768w" sizes="(max-width: 1080px) 100vw, 1080px" /><figcaption id="caption-attachment-152816" class="wp-caption-text">Wei Hui from CCPIT Shanghai’s trade and investment promotion department speaking during the April 16 event about support that Shanghai offers for business exchange between China and the UAE. Photo courtesy of DAFZ.</figcaption></figure>
“We’ve built a comprehensive outbound support system for enterprises,” said Wei Hui, business director of trade and investment promotion at CCPIT Shanghai. “Through exhibitions, legal protections, one-stop service platforms, training, and regional cooperation, we help Chinese companies globalize and serve as a bridge between domestic and international markets.”
In practice, CCPIT Shanghai has proactively promoted business exchanges between China and the UAE. The council organizes annual delegations to attend trade fairs in the region, and in October this year, it will host the Future Mobility Expo in Sharjah. It also maintains close ties with the UAE consulate in Shanghai and the Dubai Chambers’ local office. These partnerships have created opportunities for dialogue between Chinese businesses and UAE officials, easing market entry and lowering information barriers.
36Kr Global is a partner of the “Business Beyond Borders” event held by DAFZ on April 16 in Shanghai.

Chinese firms weigh Dubai as a base for global growth

Middle East

Events

Cathay Pacific officially launched its direct route between Urumqi and Hong Kong on April 28, operating four weekly flights using Airbus A330-300 aircraft. The new service offers travelers in Xinjiang and China’s broader western region a more convenient link to Hong Kong—and, through it, to nearly 100 global destinations served by the Cathay Group.
Urumqi is the central aviation hub of Xinjiang and a key node in the Belt and Road Initiative, connecting northwestern China with Central Asia. Hong Kong, in contrast, is a well-established global center for finance, trade, and logistics.
Arnold Cheng, Cathay Group’s director for mainland China, said the airline envisions the new route as a two-way bridge: one that draws international travelers through Hong Kong into Xinjiang, and another that channels outbound passengers from Urumqi to the wider world. Speaking with 36Kr and other media, Cheng highlighted Hong Kong’s strong connectivity across East and Southeast Asia as a foundation for building a multidimensional air traffic network—anchoring Hong Kong as a global hub and Urumqi as a strategic outpost linking East Asia, Southeast Asia, and Central Asia.
Cathay also plans to leverage its multimodal transport network across the Greater Bay Area to consolidate passenger flows from cities like Shenzhen and Guangzhou. By integrating land transport with air routes, passengers across the region can travel to Urumqi via Hong Kong, boosting the network’s reach and operational efficiency.
Cheng noted that policy changes—such as eased transit visa rules—could further position Hong Kong as a compelling gateway for international visitors heading to Xinjiang. The route, he added, could help showcase Xinjiang’s tourism assets and drive upgrades in the local travel sector.
From the Xinjiang side, Lu Huibin, general manager of Xinjiang Airport Group, said Cathay’s new route responds to growing demand for air travel from the region and surrounding areas. He described the route as an enabler for expanding Urumqi’s role as an international aviation hub, linking Central and West Asia with the broader Eurasian market.
On the freight side, Cathay aims to maximize use of the route’s bellyhold capacity. With strengths in cold-chain logistics and high-value cargo, the airline is positioning Urumqi as a logistics gateway—forming a high-efficiency corridor between Central Asia and Hong Kong. From there, goods can be routed to Southeast Asia and global markets. The corridor is expected to improve cross-border logistics, reduce costs, and support trade in Xinjiang’s agricultural and manufactured exports.
Cathay’s latest financial results reflect the momentum behind these ambitions. In 2024, the airline reported revenue of HKD 104.37 billion (USD 13.5 billion), up 10% year-on-year (YoY). Net profit rose slightly to HKD 9.89 billion (USD 1.3 billion)—its highest since 2011. Passenger volume reached 22.827 million, a 26.9% increase over the previous year, with a load factor of 83.2%. The company added 15 new passenger destinations in 2024, restoring its flight volume to pre-pandemic levels.
Cargo operations also posted strong growth. Cathay handled 1.532 million metric tons of freight in 2024, up 10.9% YoY, with cargo revenue exceeding HKD 24 billion (USD 3.11 billion). E-commerce and increased electronics shipments were key growth drivers, while freight volume from Greater Bay Area cities surpassed previous-year totals.
With the Urumqi route now operational, Cathay expects to operate around 300 round-trip flights weekly between Hong Kong and 22 mainland Chinese cities during the upcoming summer travel season, more than any other carrier on the route.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3272417529880961">article</a> was written by Huang Nan for 36Kr.

Cathay Pacific’s new Urumqi route adds western China to its global network

Travel

Hong Kong

… much can Dermavon afford to spend scouting its next winners? The answer may ultimately define whether this spinoff becomes a sustainable force—or fades into the crowd.

Dermatology spinoff Dermavon files for IPO, with vitiligo drug as standout bet

Biotechnology

Chinese automotive executives are touting safety features during the country's premier automotive show, after a high-profile crash involving assisted driving technology prompted regulators to clamp down on what they deemed "exaggerated" advertising.
Seres Group, which sells electric vehicles under the Aito brand, dubbed its Auto Shanghai news conference on April 23 an "intelligent safety launch event."
"Safety is the greatest luxury," said the company's president, He Liyang, stressing that the "safety of our users is our highest priority." He described the cars' technology as "intelligent assisted driving," a subtle but significant change from the broader "intelligent driving" he had used in the past.
Geely, the carmaker behind the Zeekr EV brand, said it invested RMB 2 billion (USD 280 million) to build what it calls the world's largest standalone safety testing facility, which will gradually begin operations at the end of this year. Local media reported that Gan Jiayue, CEO of Geely Auto Group, used the word "safety" 61 times during a 20-minute presentation at Auto Shanghai.
The more cautious wording and sharp focus on safety come after the Ministry of Industry and Information Technology told automotive industry representatives to stop "exaggerated or false advertising." According to minutes of the closed-door meeting, published by local media, they can no longer use words like "autonomous driving," "self-driving," and "intelligent driving" in their marketing.
The meeting followed a fatal highway crash involving Xiaomi's SU7 electric vehicle in late March. Xiaomi said the vehicle had been in "navigate-on-autopilot" mode when it approached road work and crashed into a concrete barrier at 97 kilometers per hour. The accident, which is still under investigation, killed three female passengers, according to local reports.
Unlike most of its peers attending Auto Shanghai, Xiaomi did not hold an opening-day news conference on April 23. Its low profile was a stark contrast to last year's show in Beijing, when CEO Lei Jun toured the venue and drew a huge crowd. The electronics company denied a report by Bloomberg that it will delay the launch of its new YU7 electric SUV, slated for June or July.
In mainland China, the majority of self-driving technologies are classified as Level 2, meaning drivers must keep their hands on the steering wheel at all times. China is actively pursuing Level 3 autonomous driving, which shifts liability from the driver to the automaker. Several companies are due to release Level 3-capable vehicles this year.
However, in Chinese, smart driving and self-driving are pronounced similarly, and some consider them synonymous. Photos and videos on Chinese social media appear to show drivers on highways falling asleep or playing video games with their vehicles in assisted driving mode.
These dangerous situations are "partly because of some car manufacturers over-promoting their product, partly because some of the consumers [are] probably abusing the system," said James Peng, chairman and CEO of Pony.ai, a company developing even more extensive Level 4 autonomous driving technology.
Speaking to reporters on the sidelines of Auto Shanghai on April 23, Peng said tighter advertising rules are "a good thing," as it is important to clarify drivers' responsibility. He was confident that the restrictions would not impact the development of his company, which announced a new generation of robotaxis at the automotive show and plans to have a fleet of 1,000 vehicles by the end of this year.
As recently as 2023, BYD founder Wang Chuanfu had told investors that "all that talk about autonomous driving is nonsense."
"One accident involving autonomous driving and the car becomes unsellable, and who takes the responsibility? It ends up being the consumer," said Wang at the time. "We believe autonomous driving will ultimately just be an advanced driver assistance system."
But in February this year, BYD started to deploy its <a title="" href="https://asia.nikkei.com/Business/Technology/BYD-aims-to-democratize-self-driving-tech-with-latest-God-s-Eye-system" target="_blank" rel="noopener">DiPilot autopilot system</a> in nearly all of its models to "democratize" self-driving tech. This reflected the rise of smart driving as a benchmark for Chinese automakers desperate for new sales points amid fierce competition—at least before the tragic Xiaomi SU7 crash.
In March, Geely Automobile Holdings CEO Gui Shengyue appeared to mock BYD's stance on smart driving, without naming its rival.
"Attitudes toward intelligent driving differ widely, some are genuinely commendable, while others are difficult to make sense of. Just a year ago, some critics dismissed autonomous driving as a scam. Now, they claim to democratize the technology," said Gui in a conference call.
In January, Geely's domestic sales surpassed BYD's. In March, it rolled out its new G-Pilot smart driving system.
Gui said his company's view was clear: "Without powerful computing, vast datasets and advanced models, intelligent driving, especially full autonomy, remains an illusion. In today's environment, we must treat autonomous driving with caution and respect. After all, safety is, and must remain, the core principle of automotive design."
Bill Russo, founder and CEO of Shanghai-based consultancy Automobility, said the technology had hit a "speed bump."
But he said that "China is, by nature, a market that experiments more and deploys in a way that encourages companies to learn. … There will be accidents."
This article first appeared on <a href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Chinese-EV-makers-pivot-to-safety-after-ban-on-exaggerated-ads">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Chinese EV makers pivot to safety after ban on "exaggerated" ads

Zeekr

The number of connected devices worldwide is expected to exceed 30 billion in 2025. At this inflection point, AIoT—short for artificial intelligence of things—is emerging as a convergence layer for AI, 5G, and spatial computing. Acting as a real-time interface between digital and physical spaces, AIoT holds the potential to reshape industries at scale.
In this race for smarter connectivity, Chinese AIoT firms have found their edge through three key advantages: edge computing breakthroughs that make devices more autonomous, domain-specific large models that unlock tailored applications, and ecosystem-wide collaboration that drives industrial synergies.
These shifts are powered by deep advances across algorithms, data infrastructure, and hardware—fueled by real-world deployments in areas like smart cities, edge terminals, and industrial platforms. As these pieces come together, AIoT is poised to grow into a market worth hundreds of billions of RMB.
One company at the heart of this transformation is Terminus Group. The firm recently updated its IPO prospectus to disclose 2024 financials and unveil a pivot centered on spatial intelligence.
According to the filing, Terminus generated RMB 1.843 billion (USD 258 million) in revenue in 2024, an 83.2% jump from 2023. Its three-year revenue trajectory—RMB 738 million (USD 103.3 million) in 2022, RMB 1.006 billion (USD 140.8 million) in 2023, and RMB 1.843 billion in 2024—represents a compound annual growth rate of around 58%, placing it among the fastest-growing players in the AIoT sector.
Terminus’s core strategy builds on its AIoT scenario matrix, a suite of solutions designed for dynamic spatial environments. Its business spans four main verticals: smart industrial digitalization, AI-powered cities, smart living, and energy intelligence.
The strongest growth came from its industrial digitalization segment, where revenue surged 162.9%—from RMB 624 million (USD 87.4 million) in 2023 to RMB 1.64 billion (USD 229.6 million) in 2024. This line includes smart retail, intelligent operations, commercial platforms, and digitally upgraded industrial parks. It is now Terminus’s largest revenue contributor, driven by demand for more adaptive, human-machine-integrated industrial systems.
Meanwhile, <a href="https://kr-asia.com/deepseeks-r1-sparks-global-ai-upheaval-with-low-cost-brilliance">DeepSeek’s launch in early 2025</a> has disrupted the broader AI landscape. By lowering reliance on CUDA-based infrastructure, it has opened new frontiers for China’s indigenous compute ecosystem. Lower costs for training and inference have accelerated use case deployment, forcing companies to reassess infrastructure and product pipelines.
Terminus moved quickly, restructuring teams and revamping its technology stack around a new three-tier product framework: domain models, infrastructure, and intelligent agents:
<ul>
<li aria-level="1">At the model layer, Terminus has developed industry-specific AIoT domain models built atop the <a href="/company/deepseek">DeepSeek</a> platform. This tech stack links AI systems and applications across modalities, enabling vertical models to deliver scenario-specific performance and handle complex, multi-input tasks with improved precision.</li>
<li aria-level="1">The infrastructure layer forms the computational foundation of the company’s spatial intelligence offerings. Its solution suite includes green, high-performance computing units, hardware clusters, and four software platforms—along with support services that integrate chips, networks, cloud, and AI into end-to-end solutions. All products are optimized for the DeepSeek model family and compatible with leading open-source alternatives.</li>
<li aria-level="1">At the application layer, Terminus has developed intelligent agents—embodied in service robots and wearable devices—as spatial interfaces for human-machine interaction. These agents are designed with human-like reasoning, long-term memory, multi-agent collaboration, and high-dimensional perception capabilities. Integrated with DeepSeek, they offer more natural, responsive, and efficient performance across enterprise and consumer scenarios.</li>
</ul>
This technology has already been tested on a global stage. During Expo 2020 Dubai, Terminus’s Titan series robots reportedly logged more than 650,000 interactions and 322,000 kilometers over 84,000 hours, serving approximately 12.5 million visitors without major service interruptions.
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As of December 31, 2024, Terminus reported over 800 clients across 160 cities worldwide, including in China, the UAE, Singapore, and Australia. Its partner network has grown to around 1,300 organizations. Customer count increased from 224 in 2022 to 330 in 2023 and 342 in 2024, with stronger enterprise engagement. Current order value reached RMB 2.3 billion (USD 322 million), signaling sustained growth.
Operationally, Terminus has improved its cash flow position by accelerating its receivables cycle. Average accounts receivable turnover dropped from 238 days in 2022 to 180 in 2023, and further to just 104 in 2024.
Globally, smart digitalization is now a strategic priority across industries. As AIoT technology becomes more embedded in real-world applications, it is linking innovation pipelines, supply chains, and digital infrastructure to drive industrial upgrades and growth.
Under the Belt and Road Initiative, Terminus is expanding its international presence to gain early ground in this emerging field. By treating spatial intelligence as the next interface layer, the company is reshaping what AIoT can look like—at home and abroad.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3269531002524295">article</a> was written by Huang Nan for 36Kr.

DeepSeek’s rise lifts Terminus as AIoT firm reports revenue growth

Artificial Intelligence

Konka Group reported a strong start to 2025. On April 29, the company posted first-quarter revenue of RMB 2.544 billion (USD 356.2 million), a 3.32% increase year-on-year. Total profit jumped 141.79% to RMB 258 million (USD 36.1 million), a result that underscores the momentum behind Konka’s two-pronged strategy in consumer electronics and semiconductors.
This synergy is becoming more visible. In February, Konka’s Chongqing-based unit, Konka Optoelectronics, showcased its latest micro LED chips at the 2025 Global Mini/Micro LED TechDays event. The company has already achieved in-house development and volume production of RGB epitaxial wafers and micro LED chips, positioning it to meet a wide range of market needs.
A key milestone is Konka’s progress in red micro LED chips. It has refined vapor deposition, activation, and bonding processes, reportedly reaching a 98% bonding yield rate. That indicative performance ranks among the industry’s best and lays the groundwork for broader commercial adoption.
On the semiconductor side, Konka is building vertically from the ground up, from materials to packaging and testing. Its Hefei-based subsidiary, Konsemi, has developed full-stack capabilities for storage controller chips, covering everything from IP and hardware to firmware and system integration. That depth enables it to target supply chain bottlenecks and drive localization across the value chain.
The company’s micro LED ambitions rest on two pillars: chip development and mass transfer. It has assembled an end-to-end supply chain spanning epitaxial chips, packaging, display modules, and finished screens—accelerating the commercialization of micro LED devices.
These upstream gains are now feeding into downstream products. For example, the Aphaea A7 television series now features Konka’s in-house artificial intelligence chips. The TVs command higher price premiums, signaling stronger product differentiation.
This integration also improves time-to-market. Years of experience with consumer-facing products give Konka a nuanced understanding of how components are used, enabling better alignment between upstream design and downstream application.
Konsemi’s storage controller chips and modules now power a wide array of devices—across consumer, automotive, and industrial markets. Applications include robotics, automotive electronics, security cameras, Wi-Fi 6 routers, drones, smart terminals, augmented and virtual reality headsets, TVs, smartphones, tablets, projectors, and industrial automation platforms.
The rebound in consumer electronics semiconductors is another tailwind. Following a downturn in 2022 and 2023, shipments of smartphones, tablets, laptops, and wearables are ticking up. The pace quickened in late 2024 with the release of new products, lifting overall industry sentiment.
Localization trends are gaining ground too. Chinese chipmakers continue to advance in design, fabrication, and packaging. Domestic chips are increasingly used in consumer electronics, further fueling sector growth.
Meanwhile, China’s household appliance market is hitting saturation—with penetration above 95%—shifting the industry dynamic from growth to zero-sum competition. In 2023, the top five white goods makers lost 4.2% in combined market share, a sign that single-product moats are eroding.
That raises the bar. Future winners will be those that build full-stack capabilities, and competition will depend on three areas:
<ul>
<li aria-level="1">First is technical depth. Companies must move beyond end products and develop upstream core components—creating a chip-to-module-to-device innovation loop. Konka has carved out defensible IP in gallium nitride power devices and MEMS (microelectromechanical system) sensors.</li>
<li aria-level="1">Second is ecosystem integration. Konka is aligning semiconductor advances with smart home platforms, transitioning from hardware sales to service-driven models built on integrated cloud-edge-chip architectures.</li>
<li aria-level="1">Third is defining next-gen use cases. As AI hardware matures, scalable commercialization will increasingly rely on breakthrough form factors. Konka is already deploying 1,530-micron-level chips across automotive and wearable devices.</li>
</ul>
These moves reflect a broader shift toward chip self-sufficiency. By localizing controller chips in its smart TVs, Konka has gained flexibility to respond quickly to market trends. Its evolution—from holding core patents to setting industrial standards—has allowed it to avoid the trap of commoditized competition.
While peers continue to compete on display sizes, Konka has tackled key barriers to 8K video performance by building its own chips. Meanwhile, the focus continues to shift from hardware specs to holistic user experience.
Ultimately, Konka’s two-track strategy is not just about product diversification. By treating semiconductors as the “operating system” of the industry, it seeks to redraw the map for what a traditional appliance company can be—and build new moats that others may find difficult to cross.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3273465238544768">article</a> was written by 36Kr Brand.

From TV maker to chip innovator, Konka delivers record profit jump in Q1

Hardware