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… 92 million (USD 12.9 million) in 2024, with a net loss margin of just 3.8%.
Zheng once identified two key milestones: surpassing 50,000 units shipped annually and seeing robots used in three out of every ten warehouse projects. Both now appear within reach.
With 2024 revenue of RMB 2.4 billion (USD 336 million), Geek+ leads all B2B robotics companies on the Hong Kong exchange. Regionally, revenue was split across Asia Pacific (28.1%), the US (26.1%), and EMEA (17.9%).
Overseas gross margins exceeded 46%, and warehouse AMR margins topped 39%. However, industrial handling AMR margins fell from 18.4% to 12.1% due to price competition in sectors like lithium batteries.
Geek+ named Hikrobot, Exotec, and Locus Robotics as its main global competitors. Hikrobot remains its chief rival in domestic industrial logistics, while Geek+ maintains an edge in warehouse fulfillment and international reach.
The global warehouse AMR market grew from RMB 7.9 billion (USD 1.1 billion) in 2020 to RMB 24.3 billion (USD 3.4 billion) in 2024. At a CAGR of 32.4%, it is projected to surpass RMB 1 trillion by 2029.
<h3>Commercializing robotics in a tough market</h3>
Startups specializing in robotics and <a href="/industry/ai">artificial intelligence</a> must arguably clear four hurdles: technical feasibility, product reliability, cost efficiency, and market readiness. Many never make it through all four.
Even Boston Dynamics, despite high visibility, cycled through multiple owners and more than USD 500 million before focusing on logistics robots.
In China, few B2B robotics firms have reached scale. Consumer brands like <a href="/company/dji">DJI</a> and Roborock are better known. In B2B, the landscape is still evolving.
Firms such as Hai Robotics, Horizon Robotics, UBTech, and Seer Robotics are still chasing commercialization and scale. Some have turned to humanoid robots and embodied intelligence, but most efforts remain early-stage.
Geek+ is a rare outlier. With RMB 2.4 billion in annual revenue and operational breakeven in sight, it offers a potential blueprint for scaling AMR technology into a sustainable B2B business.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3371062683750151">article</a> was written by Xiao Xi for 36Kr.

Geek+ goes public in Hong Kong with a global robotics agenda

Robotics

Deep Tech

China

As Chinese manufacturer <a href="/company/xiaomi">Xiaomi</a> prepares to expand capacity for <a href="/industry/ev">electric vehicles</a>, the company is responding to the overwhelming demand for its EVs by employing 1,000 robots at its plant.
Xiaomi's sole EV factory sits on a 720,000-square-meter site in Beijing that also contains a dealership, a delivery center and a test course.
The factory itself is a rectangular block of a building where pressing, casting, bodywork, painting, battery packaging, and assembly take place. During a recent visit to the plant, robots were seen playing key roles in each of the six processes.
Xiaomi takes particular pride in its gigacasting, a form of aluminum die-casting that produces large body parts. One gigacast module to be placed atop the rear wheels would have required 72 parts to be welded together at 840 contact points using conventional methods. Die-casting a single large piece instead cuts production time by almost half.
"Our company and Tesla are the only two in China that have gigacast presses of this class," a Xiaomi factory guide said.
A giant white gigacast press took center stage at the plant. The parts churned out by the machine were continuously conveyed to three-tiered shelves several meters above the ground nearby.
The parts are inspected in automated fashion using high-performance lidar sensors. <a href="/industry/ai">Artificial intelligence</a> helps find defects with nearly 100% accuracy, Xiaomi said.
Automated guided vehicles (AGVs) transport components from the giant press to the inspection processes. Robotic arms of all shapes and sizes gyrate in repetition to carry out their given tasks, giving the impression that automatons have truly taken over.
The auto body frames are assembled without human help. Doors were installed in a minute. The areas witnessed during the tour felt orderly and clinical, in stark contrast to a traditional assembly plant.
No photographs were allowed during the visit inside Xiaomi's plant. The tour did not provide a glimpse of finished vehicles leaving the production line.
But unlike a traditional assembly line, where parts are pieced together on a giant conveyor belt, AGVs bring finished components to robots that construct the vehicles. The operating process resembles that of a smartphone manufacturer, Xiaomi's original stock in trade.
At the factory, one vehicle comes off the line every 76 seconds, equating to daily production volume of around 1,000 units. The plant has operated at full capacity in two-shift rotations since June 2024. One thousand people work each shift.
Xiaomi has nearly completed a second EV plant adjacent to the first factory, and the company plans a third plant just east of the complex. On June 19, Beijing's municipal government said Xiaomi bought around 500,000 square meters for about RMB 640 million (USD 89.6 million).
Sales have surged for Xiaomi's first EV, <a href="https://kr-asia.com/chinas-xiaomi-jumps-into-ev-market-battle-with-gusto">the SU7</a>, since it debuted in March 2024. The car boasts a sporty exterior and connects seamlessly with Xiaomi's smartphones.
Anyone wishing to buy a Xiaomi EV needs to wait more than 30 weeks from the initial order to delivery, according to Chinese media.
Xiaomi set as its benchmark Tesla's Model 3 sedan. The SU7 is priced at RMB 215,900 (USD 30,226) while the Model 3 starts at RMB 235,500 (USD 32,970) in China. The SU7 has sold 256,000 units during the past year, Chinese car information platform Dongchedi reports, compared to roughly 200,000 units for the Model 3.
Xiaomi chairman and CEO <a href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Xiaomi-stock-hits-record-as-YU7-electric-SUV-draws-rush-of-orders">Lei Jun</a> said on June 26 that Xiaomi's new YU7 SUV will start at RMB 253,500 (USD 35,490), less expensive than the starting price of RMB 263,500 (USD 36,890) for Tesla's Model Y SUV.
During the launch, Lei touted the YU7's range and power compared with the Model Y. Though Tesla is ahead in such areas as driver assistance functions, the YU7 has higher overall specs and a far better customer experience, Lei maintained.
whereRelatedArticle
Xiaomi said 200,000 preorders were made in the first three minutes of the YU7 going on sale at 10 p.m. on June 26. China's Tianfeng Securities wrote in a June 22 report that the model will accelerate Xiaomi's growth. The YU7 has the potential to be a hit that far exceeds market expectations, according to the report.
Tesla's flagship Model Y sold about 440,000 units in the past year, according to Dongchedi. Xiaomi's EV factory has already started production on the YU7, and vehicles waiting for shipment sit in storage spaces.
This article first appeared on <a href="https://asia.nikkei.com/Spotlight/Electric-cars-in-China/China-s-Xiaomi-takes-on-Tesla-armed-with-1-000-EV-factory-robots">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>.

China's Xiaomi takes on Tesla, armed with 1,000 EV factory robots

Tesla

East Asia

Transportation

Electric Vehicles

Mobility

Mercedes-Benz is taking steps to shore up its performance in smart vehicle features, particularly in China, its largest single market.
36Kr has learned from multiple sources that Mercedes-Benz has entered into an agreement with Ecarx and DreamSmart, both subsidiaries of Chinese carmaker <a href="/company/geely">Geely</a>. Under the partnership, some Mercedes-Benz models sold in China will be equipped with the Flyme Auto operating system. The long-wheelbase E-class is expected to be the first to adopt the system.
A person familiar with the matter said the first model equipped with Flyme Auto is likely to launch in 2027. 36Kr confirmed that the long-wheelbase E-class is due for a facelift that year.
As of publication, Mercedes-Benz has not responded to a request for comment.
Ecarx, founded in 2017, is a Geely-backed company that develops full-stack automotive platforms. The startup was co-founded by Shen Ziyu, then CEO of Pateo, and Geely chairman Li Shufu. At its inception, Geely held a 70% stake, while Shen owned the remaining 30%. Ecarx went public on the Nasdaq in 2022.
Initially focused on smart cockpits, Ecarx has expanded into areas such as autonomous driving and core automotive components.
DreamSmart was formed following Geely’s 2022 acquisition of smartphone brand Meizu. It is central to Geely’s plan to integrate mobile and in-vehicle technologies. Shen has likened the roles of Ecarx and Meizu to Huawei’s internal structure: Ecarx functions like <a href="/company/huawei">Huawei’s</a> automotive unit, while Meizu mirrors its consumer-facing business.
In March 2023, Ecarx and Meizu jointly launched the Flyme Auto system. It first appeared in the Lynk &amp; Co 08 EM-P and has since been integrated into multiple Geely and Lynk &amp; Co models. It has become a prominent feature in the company’s efforts to upgrade cockpit technology.
Mercedes-Benz’s decision to include Flyme Auto in the E-class suggests a strategic shift aimed at regaining ground in China’s competitive smart car market.
Mercedes-Benz’s China sales fell to just over 714,000 vehicles in 2024, down nearly 7% from the previous year. In the first half of 2025, sales declined another 14% year-on-year to 293,200 units, according to media reports.
To counter this trend, Mercedes-Benz had already partnered with autonomous driving startup Momenta. Now, by adopting Flyme Auto, it is addressing a perceived shortfall in its in-car technology.
Before Flyme Auto, Geely faced criticism for the performance of its infotainment systems. Flyme Auto marked a change in direction, offering features such as seamless smartphone integration and customizable interfaces. At launch, Meizu emphasized its vision of treating phones as extensions of the car.
Since debuting on the Lynk &amp; Co 08 EM-P, Flyme Auto has been integrated into models such as the Galaxy E5 and Lynk &amp; Co 900. As of May, 23 Geely models carried the system. By June 16, cumulative sales of Flyme Auto-equipped vehicles had surpassed 1.16 million units, with 130,000 sold in May alone.
Flyme Auto 2.0, the latest version, is now rolling out with design improvements and <a href="/industry/ai">artificial intelligence</a>-enabled features.
Geely’s longstanding ties with Mercedes-Benz may have helped lay the groundwork for this collaboration. In 2018, Geely acquired a 9.7% stake in Daimler for USD 9 billion, becoming its largest shareholder at the time. The two companies later formed a joint venture in 2020 to develop Smart-branded <a href="/industry/ev">electric vehicles</a>.
Bringing Flyme Auto to the E-class further deepens that relationship, and could help Mercedes-Benz remain competitive in China’s evolving car market.
Currently, the long-wheelbase C-class, E-class, and GLC models in China use the third-generation MBUX system introduced in 2023.
MBUX 3.0 runs on Qualcomm’s Snapdragon 8295 chip and includes a 5G modem. It features three screens: for the instrument panel, central control screen, and the passenger screen. An in-car camera supports video conferencing.
The software includes natural language processing, wake-word-free activation, and quicker response times. Voice recognition supports over 2,000 phrases, and navigation has been localized for China with improved lane-level guidance and visuals.
Despite these upgrades, domestic brands such as <a href="/company/li-auto">Li Auto</a> and <a href="/company/xpeng">Xpeng Motors</a> have pushed ahead faster. Some offer gesture controls for doors and lighting, features now seen in models like the <a href="https://kr-asia.com/maextro-s800-huaweis-audacious-bid-to-win-the-luxury-ev-market">Maextro S800</a>.
whereRelatedArticle
Mercedes-Benz is betting on its upcoming MB.OS system to close this gap. Launching in the all-electric CLA later this year, MB.OS promises more frequent over-the-air updates, generative AI capabilities, and faster development cycles. However, it is designed for future EVs based on the company’s MMA, MB.EA, AMG.EA, and VAN.EA platforms, and won’t be available for current combustion engine models which still represent over 80% of its sales in China.
That makes cockpit upgrades in gas-powered vehicles a priority. The partnership with Ecarx and Meizu is a step in that direction.
According to Flyme Auto’s website, the system features customizable interfaces, dialect-friendly voice control, and seamless switching between navigation, music, and calls across phone brands.
If these functions are adopted into Mercedes-Benz models, it would represent a substantial improvement over its existing cockpit experience. More broadly, the collaboration reflects a pivot in the company’s smart vehicle strategy.
Mercedes-Benz has increasingly relied on its R&amp;D team in China to meet local expectations. The long-wheelbase E-class introduced in late 2023 included a high-speed navigation assistant developed by that team, which also contributed to MB.OS.
The company is now moving faster to work with domestic suppliers. The new electric CLA will incorporate autonomous driving tech from Momenta. Meanwhile, the partnership with Ecarx and DreamSmart represents another milestone.
But the success of these efforts will depend on execution. Will these upgrades reach users soon enough to make a difference? Will they meet the standards now set by local players?
Mercedes-Benz may still benefit from brand loyalty in China, but only consistent, satisfying car experiences will keep customers coming back.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3371254486454785">article</a> was written by Fan Shuqi for 36Kr.

Mercedes-Benz taps Flyme Auto OS to boost smart vehicle appeal

Europe

On July 9, British tech brand Nothing officially launched its first smartphone in China, pricing it at USD 799, the same as the iPhone 16. Alongside the flagship Phone (3), the company also released its first over-ear headphones, the Headphone (1), priced at RMB 2,299 (USD 321.9).
In terms of performance, the Phone (3) isn’t exactly a standout. It runs on the Qualcomm Snapdragon 8s Gen 4 processor, a chip commonly found in midrange models like the Redmi Turbo 4 Pro and iQOO Z10 Turbo Pro. The device features a triple-camera setup with 50-megapixel sensors and a 5,150-milliampere-hour battery that supports 65-watt wired and 15-watt wireless charging. These specifications fall short of what is typical in most flagship smartphones today.
But performance was never the brand’s primary focus. As a startup, Nothing has leaned more heavily on design and brand identity. The Phone (3) introduces a notable visual update over its predecessors. Its signature “Glyph” light strips now form a monochrome LED subdisplay called the “Glyph Matrix,” composed of 489 individually controlled LEDs. This screen can display pixel-style alerts for calls, app notifications, and battery status, and it supports user-defined animations.
The device also debuts a new software suite called Essential Space, which includes features like “flip to record” and “essential search.”
<figure id="attachment_155559" aria-describedby="caption-attachment-155559" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-155559" src="https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Phone-3.jpg" alt="Image shows accessories included with the Nothing Phone (3)." width="640" height="480" srcset="https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Phone-3.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Phone-3-720x540.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Phone-3-1024x768.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Phone-3-768x576.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Phone-3-1536x1152.jpg 1536w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-155559" class="wp-caption-text">Image shows accessories included with the Nothing Phone (3). Image and header image source: Nothing.</figcaption></figure>
The smartphone industry has long operated in a cycle of performance upgrades. With diminishing returns on hardware improvements, the current challenge is to serve niche audiences with precision.
The generation that was born the same year the iPhone launched is now reaching adulthood. Raised on digital devices, these users want more than technical specifications, seeking emotional connection and personal expression. Nothing’s global user base has an average age of just 26, about ten years younger than that of many competing brands. More than 60% of its users cite design as the top reason for purchase. That alignment gives Nothing an edge among younger buyers who are growing tired of uniformity across established brands.
With this audience in mind, Nothing has gradually broadened its product lineup. This month’s debut of the Headphone (1), an over-ear model, reflects that direction. Unlike TWS (true wireless stereo) earbuds, which are often seen as purely functional, over-ear headphones are viewed more as a style choice.
<figure id="attachment_155560" aria-describedby="caption-attachment-155560" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-155560" src="https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Headphone-1.jpg" alt="Image of the Headphone (1) by Nothing." width="1920" height="1080" srcset="https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Headphone-1.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Headphone-1-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Headphone-1-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Headphone-1-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Headphone-1-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/07/Nothing-Headphone-1-480x270.jpg 480w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-155560" class="wp-caption-text">Image of the Headphone (1) by Nothing. Image source: Nothing.</figcaption></figure>
Nothing’s global market share remains small, at just 0.2%. However, it is the only smartphone startup in the past decade to achieve any meaningful scale. While the industry remains dominated by major players, Nothing demonstrates that it is possible to build a business by serving niche segments.
The company is unlikely to become a dominant force in the market, and expectations are modest. But maintaining relevance with a focused user base would, in itself, be a notable accomplishment.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3371522037469701">article</a> was written by Yuan Silai for 36Kr.

Nothing brings its design-focused phones to China, starting with the Phone (3)

Smartphones

Consumer Economy

… translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3360208796125189">article</a> was written by Zhou Xinyu for 36Kr.

China’s video AI startups are doing what LLM firms haven’t: Making money

Artificial Intelligence

Foundation and Large Models

… that’s what we’re after.
<h2>A non-follower meant only to be a CEO</h2>
<h3>AN: You dropped out at 18. Was that a hard decision? How did you convince your parents?</h3>
KF: It wasn’t hard. I went to high school in the US and was already working on Web3 projects. Not going to college just felt natural. I knew it wouldn’t help me. I was absolutely certain I wanted to build something of my own.
I don’t think I ever sat down and officially told my parents. We’re a pretty independent family. Everyone’s focused on their own work. We don’t talk a lot.
Honestly, I still don’t know if they are fully aware of my decision. They just know I’m running a company. Whether I’m studying or not, I kind of left that vague.
<h3>AN: You started making money from Web3 projects while in high school. Were you drawn to the industry’s fast pace?</h3>
KF: Back then, I just wanted independence. Studying overseas gave me a strong sense of insecurity. I wasn’t sure my family could always support me the same way.
Also, school was just boring. I couldn’t sit through classes. If the teacher was talking about economics, I’d instantly fall asleep. Only after I got home would I feel alive. That’s when I started exploring Web3. It was fun and exciting.
<h3>AN: Did you always dislike school?</h3>
KF: Yes, it was painful. I was constantly getting into trouble, being called out in class, sent to stand in the hallway, and got my parents brought in for meetings. I think most of the teachers found me annoying.
<h3>AN: Did that ever make you question yourself?</h3>
KF: No. I thought the problem was with the system, not me. My grades were good. I just didn’t fit the format.
<h3>AN: Does your confidence come from your family or yourself?</h3>
KF: My parents didn’t praise me much. They had no specific expectations.
I’ve always trusted my own judgment. For instance, I told my parents I wanted to switch to a US high school because I felt I couldn’t grow in China. They didn’t agree at first, but I insisted.
<h3>AN: How did you discover your talent?</h3>
KF: Trial and error. At one point I thought I wanted to do development work and write code. But I quickly realized I couldn’t sit still. I also wasn’t that good at it.
I’m not the type to grind at something I don’t think I’ll ever excel at.
When I started doing growth work in Web3, something just clicked. I could instantly tell which influencers would work. I have a kind of instinct for it.
<h3>AN: You were already head of growth at Dora AI. What pushed you to start your own thing?</h3>
KF: Dora AI’s two founders were much older than me. I constantly had to persuade them to try things. We clashed a lot. It was frustrating. I thought, if I’m capable, why am I stuck here?
The CEO said I’m someone who can’t be a follower. That’s true. I can only be a CEO. I can’t be someone’s deputy.
<h3>AN: You said you’re impatient. Isn’t patience key to being a CEO?</h3>
KF: I’m working on it. I process things fast, and I get frustrated if others don’t keep up. Sometimes I think I’m being clear, but people feel I’m being too intense.
I’m not a cuddly boss. But I reflect daily whether I’ve improved a little, whether I’m stretching myself beyond my instincts.
<h3>AN: What else are you trying to improve?</h3>
KF: I generate too many ideas. I used to dump 100 a week on the team. Now I filter and only share 50.
<h3>AN: How close is Head AI to your ideal vision?</h3>
KF: Still far off. We’re starting with one pain point in today’s marketing landscape, like how Salesforce started with customer relationship management. My end goal is to build a system that replaces the entire marketing team’s brain and limbs.
whereRelatedArticle
<h3>AN: If you weren’t in marketing, what would you do?</h3>
KF: I’d run political campaigns.
Politicians are basically products. You sell them to the public to win votes. It’s just marketing at scale. But that’s just a fun thought. Right now, I’m all in on Head AI.
<h3>AN: What’s your weekday and weekend routine?</h3>
KF: Weekdays are intense. I barely check WeChat. I work from 11 a.m. to 12 or 1 a.m.
On weekends, I unplug completely and don’t even want to talk. I take ballet and modern dance classes. I go to plays. Lately I’ve been especially into theater. Losing myself in someone else’s story feels incredible. It makes me happy.
<h3>AN: Do you date?</h3>
KF: I used to have crushes in middle school, but not anymore. I started liking people too early, and now it feels pointless. Work is more interesting.
<h3>AN: Name three of your favorite books.</h3>
KF: “Heart” by Kazuo Inamori taught me the importance of staying on the right path. “The Ride of a Lifetime” (by Bob Iger) helped shape how I think as a CEO.
I used to love reading Eileen Chang and detective novels, especially works by Keigo Higashino and “Murder on the Orient Express.” But since starting the company, I haven’t had much time to read.
<a href="/collections/100-ai-creators">100 AI Creators</a> is a collaborative project between AI Now! and KrASIA, highlighting trailblazers in AI. Know an AI talent we should feature? <a href="mailto:ainow@kr-asia.com">Reach out to us.</a>

With Head AI, this Gen Z dropout aims to replace marketing teams entirely

Enterprise Services

… https://console.kr-asia.com/wp-content/uploads/2025/07/LLVision-Leion-Hey2-VivaTech-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/07/LLVision-Leion-Hey2-VivaTech-768x512.jpg 768w" sizes="(max-width: 480px) 100vw, 480px" /><figcaption id="caption-attachment-155500" class="wp-caption-text">Attendees at the recent VivaTech event in Paris had a chance to try out the Leion Hey2 smart glasses in person. Photo source: 36Kr.</figcaption></figure>
<h3>Designed for the real world</h3>
The Leion Hey2 marks a significant leap from its predecessor, offering a more refined design, lighter build, and brighter display. It also reflects LLVision’s years of accumulated technical experience.
LLVision has operated in the AR and AI space for over a decade. Since 2014, it has been developing geometric array waveguides, which entered mass production in 2018. The company has long supplied AR solutions to clients in sectors such as manufacturing, energy, aerospace, and logistics, and it has led China’s enterprise AR shipments for several years.
In 2022, LLVision entered the consumer market, adapting enterprise technology for everyday users. Its first product, the Leion Hey, sold more than 30,000 units. On average, users spent 150 minutes per day using the device, suggesting it served more than a niche need. It became especially useful to travelers and people with hearing impairments who needed a visual aid for spoken language.
The Leion Hey2 took three years to develop. Wu said the company deliberately focused on perfecting a single use case: translation.
“Translation might seem like a simple feature, but it’s incredibly demanding in different real-world scenarios,” he said. “We’d rather make one product that scores 95 out of 100 than several that score 70.”
Translation involves more than converting language. Timing and conversational flow are critical to preserving the natural rhythm of speech.
Smart glasses like the Leion Hey2 are redefining the possibilities. In a Tokyo restaurant, users can read subtitles while their server speaks. In a noisy Seoul subway, the glasses can zero in on a specific voice. At a tech expo in Munich, an engineer can hold a live conversation across languages, complete with real-time technical references.
And despite its expanded capabilities, the Leion Hey2 is priced over 60% lower than the high-end version of its predecessor, thanks to supply chain advances in China.
Improved domestic production, especially for components like system-on-chip (SoC) circuits and flexible boards, has cut AR manufacturing costs by more than 30%, boosting consistency and reliability.
Riding this momentum, LLVision is expanding into North America, Europe, and Southeast Asia.
Over the past two years, the AR device sector has entered a new phase of competition. Established players are consolidating their leads while new entrants are pushing forward with innovations in design, software, and core features.
According to iResearch, AR glasses shipments in China are projected to reach 286,000 units in 2024. Advances in waveguide optics and large AI models are steering the industry toward lighter, more functional, and socially integrated products.
A report by Huajin Securities estimates that shipments of smart audio glasses could exceed five million units in 2025 and reach 9.5 million by 2030. These devices, which prioritize audio but may incorporate AR features, could soon compete directly with today’s true wireless stereo earbuds.
Subtitle-enabled smart glasses are just one slice of this broader market, but a standout one. With continued adoption, their “iPhone moment” may not be far off.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3353338990949257">article</a> was written by Xiao Xi for 36Kr.

Break the language barrier: Leion Hey2 brings live translation to eyewear

Augmented and Virtual Reality

Hardware

… overseas.
If those 1,000 brands succeed, JD.com succeeds. Amazon doesn’t have them. Local retailers don’t have them either. If we just sell what Amazon sells, we’d have no advantage. But this will take another five years. We have to work with each brand to ensure compliance, obtain certifications, and so on. It’s a long road.
<h3>13. From 38 employees to 900,000 full-timers in 12 years</h3>
RL: In 2003, including myself, JD.com had 38 people. We made about RMB 120,000–200,000 (USD 16,800–28,000) that year. I told our staff: however many employees we have in the future, we’ll adopt the same number of orphans. As of the first quarter this year, we have 720,000 employees.
In Q2, with the addition of delivery staff, we surpassed 900,000. It’s the largest single-quarter headcount increase since our founding, with over 150,000 net new hires.
<h3>14. All P5-level employees saw their salaries doubled</h3>
RL: I don’t believe in squeezing our people. I believe in giving raises. All employees at the P5 level and above have had their salaries doubled.
<h3>15. Full-time couriers in Beijing earn over RMB 13,000 (USD 1,800) per month before taxes</h3>
RL: From the day I launched JD Logistics in 2007, we’ve paid full social benefits for every courier. In Beijing, our full-time delivery staff now earn more than RMB 13,000 (USD 1,820) per month, and we pay benefits based on that amount.
<h3>16. Only five layers of management separate Liu from frontline workers</h3>
RL: I’ve set a hard rule whereby as long as JD.com has fewer than two million employees, we’re only allowed five layers of management. Most companies with just a few thousand people already have six or seven layers. We only have five. That’s what a flat organization means.
<h3>17. JD.com dominates China’s home appliance market</h3>
RL: JD.com is the undisputed leader in home appliances. Gome and Suning combined aren’t even 20% of our scale. Yet our profit margin in this segment is just three to four percentage points, compared to the national average of over 10%.
Appliance brands make twice as much as we do. Back in the day, Gome and Suning made three to four times as much as the brands.
<h3>18. JD Retail operates at 10% of total cost</h3>
RL: Our core advantage is efficiency. JD Retail’s total cost of operation is just 10%, on par with Costco, Sam’s Club, Aldi, Amazon, and us. Traditional supermarkets run at 20%. Gome and Suning are at 15%. This cost discipline is what keeps us alive.
<h3>19. Keeping to a 59-day payment cycle</h3>
RL: Our inventory turns over in 30 days. For anyone who’s worked in retail, that number means everything. We believe we can bring that down to 20–25 days. Each day saved generates RMB 10 billion (USD 1.4 billion) in cash flow.
Our payment cycle is 59 days. By comparison, most major retailers take 120. That’s why we don’t squeeze suppliers, and we don’t need to.
<h3>20. Net profit is 1% of GMV, and Liu is proud of that</h3>
RL: As of last year, JD.com’s GMV (gross merchandise volume) was over RMB 4 trillion (USD 560 billion). Net revenue was RMB 1.16 trillion (USD 162.4 billion). Net profit was just over RMB 40 billion (USD 5.6 billion).
We paid RMB 116.1 billion (USD 16.3 billion) in salaries. We paid RMB 18 billion (USD 2.5 billion) in social benefits last year alone, and more than RMB 100 billion (USD 14 billion) in total over the last 18 years. That could have been profit. It could have been my personal wealth. But that’s not how we operate.
Yes, we need to make money. But profit has never been our top priority. And I’ll say that anywhere.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3341555301677576">article</a> was written by Ren Cairu for 36Kr.

Richard Liu and 20 things he wants you to know about JD.com’s future

JD.com

On-demand Services

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… region.
"The reason why the peg works so well is also due to the clarity of the signal that the Hong Kong authority is sending to the market," according to Kelvin Lam, senior China economist at Pantheon Macroeconomics. "If you widen the band, the objectives may not be that clear."
The broader economic challenges Hong Kong faces could give the authorities reason to keep interest rates lower for longer.
Unlike in 2009 when, a weaker US dollar prompted similar action by the Hong Kong authority to pump liquidity into the market, fueling concerns over asset bubbles, Hong Kong's economy could now get a boost from lower rates, helping to reinvigorate its sluggish housing market and sectors sensitive to rates, such as banking.
"There is no reason not to peg to a weak currency at a time when the underlying economy is facing deflation," added Wang of BNP Paribas.
This article first appeared on <a href="https://asia.nikkei.com/Business/Markets/Trading-Asia/Hong-Kong-s-borrowing-costs-plunge-to-nearly-zero-as-it-works-to-maintain-dollar-peg">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>.

Hong Kong's borrowing costs plunge to nearly zero as it works to maintain dollar peg

Hong Kong