8:00 AM, 1st Kr. | A child was asked to pay 1,000 yuan after trying on a gold bracelet for 10 seconds, and China National Gold responds; Quan Hongchan donates all her live-streaming income; Alibaba secretly launches the "Qianwen" project.

Today's Hot Topics Guide

• Unitree Launches Its First Wheeled Humanoid Robot
• Baidu Discloses the Launch Schedule of Two Self-developed Chips
• Banks Raise the Minimum Investment Threshold for Gold Accumulation Again
• Proposed Rule: Batteries Should Not Catch Fire or Explode within 5 Minutes after Alarm
• Vehicle Purchase Tax to Be Halved Starting Next Year
• The White House Says Trump's External Team Has Sued the BBC

Top 3 Big News

Chinese Gold Responds to Incident Where a Child Was Asked to Pay 1,000 Yuan for Trying on a Gold Bracelet for 10 Seconds

Recently, a woman was shopping at a Chinese Gold store with her child. Under the watch of the salesperson, she tried on a gold bracelet for less than 10 seconds. When she took it off, the salesperson claimed that the bracelet was deformed and demanded 1,000 yuan in compensation, threatening not to let them leave if the money was not paid. The woman then called the police. After the police arrived, they pointed out that displaying the goods implies that customers are allowed to try them on. If the gold bracelet is prone to deformation, the customers should be informed in advance. The police suggested checking the surveillance footage to see the situation at that time and determine whether the bracelet was actually deformed, but the clerk refused to provide the footage. On November 13th, Jiemian News called Chinese Gold, and a staff member said, "The relevant departments are already handling this matter, and they will definitely give consumers a satisfactory response." (Jiupai News, Jiemian News)

Quan Hongchan Donates All Her Live-streaming Income

On the evening of November 12th, Olympic diving champion Quan Hongchan started a live-streaming session with her friends and netizens. The number of online viewers exceeded 100,000, and some netizens continuously sent her gifts such as flowers, sports cars, and rockets. During the live stream, Quan Hongchan said that the diving competition at the National Games had ended, and everyone could pay attention to other events at the National Games. "The National Games full of passion, the Greater Bay Area full of vitality."

After the live stream ended, Quan Hongchan donated all her live-streaming income of 43,598.6 yuan. The live stream lasted about an hour. After it ended, Quan Hongchan donated this entire amount to rural children and posted the donation certificate. (Yicai Global)

Alibaba Secretly Launches the "Qwen" Project, Fully Competing with ChatGPT

According to Star Market Daily, Alibaba has secretly launched the "Qwen" project. Based on the most powerful Qwen model, it is creating a personal AI assistant of the same name - Qwen APP, fully competing with ChatGPT and joining the top - tier global AI application competition. Alibaba's core management views this as the "battle for the future in the AI era" and hopes to win the competition by leveraging the open - source technological advantages of Qwen.

This is another important layout in Alibaba's AI strategy after announcing an investment of 380 billion yuan in AI infrastructure at the beginning of the year. Previously, Alibaba had been focusing on the B - side AI market, providing model API services to various industries through Alibaba Cloud. Based on the excellent performance and international influence of Qwen, Alibaba's management believes that the time is ripe to launch the Qwen project in the C - side market. (Caixin)

Big Companies/Big Events

Three Squirrels' "Returning Squirrel" Accused of Sarcasm Towards Consumers

On November 12th, "Three Squirrels' corporate culture" trended on social media, attracting public attention. It is reported that the focus of this concern lies in its "squirrel names" for all employees and the "master" culture. That is, when employees join the company, they need to choose a nickname with the word "squirrel" (such as "Returning Squirrel", "Customer Service Squirrel"), and customers are called "masters". Regarding this corporate culture, some consumers said that the "squirrel names" are cute and can enhance the emotional connection between buyers and sellers. However, some other consumers said that addressing them as "masters" when they enter the store is not friendly to introverted people. Moreover, the homophone of "Returning Squirrel" in Chinese implies "die if you return goods", leading to doubts about sarcasm towards consumers.

Reporters called Three Squirrels to inquire about the above - mentioned mixed reviews. The answering customer service representative said that employees in the company all have nicknames, which is part of the corporate culture. But "Returning Squirrel" definitely does not have the other meaning that consumers think. They apologized for the trouble caused to consumers and said they would record and report the aforementioned issues to the company for internal handling. (Midu Finance)

Chery Automobile Issues an Apology Statement Regarding the Accident in the Tianmen Mountain Challenge Test

On November 13th, Chery Automobile issued an apology statement regarding the accident in the Tianmen Mountain challenge test. Previously, Chery Automobile conducted an extreme challenge test of the Fengyun X3L model at the Tianmen Mountain Scenic Area in Zhangjiajie, Hunan. During the test, an unexpected incident occurred. The vehicle slid down and hit the guardrail, resulting in partial damage to the guardrail and the interruption of the test.

According to the Aiqicha App, Anhui Chery Automobile Sales Co., Ltd. was established in August 2000. The legal representative is Zhang Guozhong, and the registered capital is 3 billion yuan. Its business scope includes automobile sales, wholesale and retail of automobile spare parts, etc. It is wholly owned by Chery Automobile Co., Ltd. Judicial case information shows that the company has several ongoing legal disputes, such as "sales contract disputes" and "lease contract disputes". (Sina Technology)

Exposure of the Gray Industry Chain of Xiaotiancai: A Xiaotiancai Account with 500,000 Likes Sells for 500 Yuan

On November 11th, reporters infiltrated the "Xiaotiancai circle" and found that while parents were still glad that their children were away from mobile phones, children had already been measuring their "worth" on the watch face by the number of likes and friends. "A Xiaotiancai watch has 100 'friends' in it, and the number of likes on the homepage exceeds 500,000 - such an account can be sold for 500 yuan." In this circle, the "number of likes on the homepage" has become the core indicator to measure social status. This like - giving mechanism is similar to the popularity value of QQ space in the early years. The higher the number, the more sense of achievement and in - circle recognition it can bring. Users below level 11 can only give 5 likes per day, those from level 11 to 20 can give 10 likes, and only users above level 21 can give 20 likes. Each account can receive a maximum of 3000 likes per day.

Well - "cultivated" accounts can also be sold, just like game accounts. Reporters searched on Xianyu and found many posts of "selling accounts". An account with 610,000 likes on the homepage and 3000 likes in the "homepage circle" is sold for 416 yuan; an account with 740,000 likes on the homepage, 698 likes in the "homepage circle" and 84 privilege cards is sold for 420 yuan; and an account with 1.25 million likes on the homepage and a web "bot" can be sold at a "high price" of 1200 yuan. On the evening of the 12th, the Xiaotiancai customer service said that they were not aware of the relevant situation at present and would give feedback. (Cover News)

Tencent: The combined monthly active accounts of WeChat and Weixin reached 1.414 billion

36Kr learned that Tencent released its financial report for the third quarter of 2025. The report shows that as of September 30, 2025, the combined monthly active accounts of WeChat and Weixin reached 1.414 billion, a 2% increase compared to the same period in the previous fiscal year. The monthly active accounts of QQ on mobile terminals were 517 million, a year-on-year decrease of 8%. The number of paid value-added service subscribers remained stable at 265 million. In this quarter, Tencent Yuanbao made key progress in ecological integration and has now been connected to dozens of internal applications such as WeChat, QQ, Tencent Meeting, and Tencent Docs, covering core scenarios such as social networking, office work, and consumption. Currently, Yuanbao's daily active users have ranked among the top three in the industry, and the daily user question volume has reached the level of the total monthly volume at the beginning of the year.

Unitree Launches Its First Wheeled Humanoid Robot

36Kr learned that Unitree Technology launched a full-stack solution for data collection and training of humanoid robots on its official website on the 13th. This solution is based on a wheeled robot, the G1-D, and consists of a high-performance humanoid robot body, systematic data collection tools, and comprehensive model training and inference tools.

Apple and Tencent Agree to Charge a 15% Fee for Purchases in WeChat Mini-Games? Tencent Responds

36Kr learned that market sources claim that Apple and Tencent have reached an agreement on a 15% handling fee for in-app purchases in WeChat games. In response, Martin Lau, President of Tencent, said in a conference call that Tencent and Apple have been carrying out good cooperation and communication in different fields. So far, we will maintain a constructive attitude and wait for the development of the situation.

Zhejiang Billionaire Hua Xuande Plans to Retire Completely, Distributes Nearly 2.5 Billion Yuan Worth of Stocks to His Two Daughters

On November 12th, Jiuzhou Pharmaceutical Co., Ltd. (603456.SH) issued an announcement stating that the company recently received a "Notification Letter" from its controlling shareholder, Zhejiang Zhongbei Jiuzhou Group (hereinafter referred to as "Zhongbei Group") and its person acting in concert, Taizhou Goethe. Due to advanced age, Hua Xuande plans to transfer his 42.50% equity in Zhongbei Group and 10% equity in Taizhou Goethe to his daughters, Hua Lirong and Hua Xiaohui.

Among them, 28.50% of the equity in Zhongbei Group will be transferred to Hua Lirong, and 14% to Hua Xiaohui; Hua Lirong and Hua Xiaohui will each acquire 5% of the equity in Taizhou Goethe. The consideration paid by Hua Lirong and Hua Xiaohui for the above - mentioned equity acquisitions is 41.333 million yuan and 20.482 million yuan respectively. (Red Star Capital Bureau)

Laifen Enters the Floor Washer Market, with a Person in Charge from DJI

36Kr has exclusively learned through multiple channels that Laifen has decided to enter the floor washer industry, and the person in charge comes from DJI. This business has been ongoing for at least half a year and is a highly confidential in - house project. DJI officially entered the household cleaning market this year by launching the sweeping robot ROMO, with a minimum domestic market price of 4,699 yuan. However, according to 36Kr, the person in charge of Laifen's floor washer is not from the ROMO team. 36Kr has reached out to Laifen for verification, and as of press time, there has been no response.

Survey Shows 97% of Respondents Can't Distinguish AI-Generated Music

A survey jointly released on the 12th by Deezer, a French-based music streaming platform, and Ipsos shows that currently, people can hardly distinguish between music generated by artificial intelligence (AI) and music created by humans. Some people worry that this may lead to copyright issues and further affect the livelihoods of musicians. Commissioned by the Deezer platform, Ipsos invited 9,000 adults from eight countries including the United States, the United Kingdom, and France to listen to two music clips produced by AI and one piece of music created by a real person in early October. The results showed that 97% of the respondents couldn't tell which piece of music was generated by AI, and 52% were uneasy about their inability to distinguish. (Xinhua News Agency)

Baidu Discloses the Launch Schedule of Two Self-developed Chips

At the Baidu World Conference on November 13th, Shen Dou, the executive vice president of Baidu Group, announced the latest progress of Baidu's self-developed Kunlun chips. Among them, the Kunlun M100, which is mainly optimized for large-scale inference scenarios, will be launched in early 2026. The Kunlun M300, which is deeply optimized for ultra-large-scale multimodal large model training and inference, will be launched in early 2027. (Yicai Global)

Banks Raise the Minimum Investment Threshold for Gold Accumulation Plans Again

Multiple banks have successively adjusted the rules for their gold accumulation plans, once again increasing the minimum subscription and regular investment amounts. The minimum regular investment threshold of some banks has been raised to 1,500 yuan, and the industry's minimum investment standard for gold accumulation plans has also reached a new historical high. Analysts interviewed said that there are mainly two core reasons for banks to frequently raise the threshold for gold accumulation plans recently: one is to prevent potential risks caused by fluctuations in the gold market, and the other is to ensure that the business complies with regulatory requirements and operates in a compliant manner. At the same time, when investors participate in the gold accumulation business, they need to focus on two major risks: gold price fluctuations and capital liquidity. They should rationally plan their asset allocation based on their own financial situation and risk tolerance. (Securities Daily)

Proposed rule: No fire or explosion within 5 minutes after battery alarm

On November 12th, the Ministry of Public Security publicly solicited opinions on the new version of the national standard "Technical Conditions for Safety Operation of Motor Vehicles" (draft for comments). The new rule is planned to be implemented in 6 months to replace the current GB 7258 standard. In addition to the requirements for 0 - 100km/h acceleration, the new rule adds multiple regulations regarding the battery and intelligent driving safety of electric vehicles, including: For pure - electric and plug - in hybrid vehicles, the power circuit should be automatically cut off when a collision occurs (speed change ≥ 25km/h within 150ms) or the airbag deploys; For pure - electric or plug - in hybrid buses with a length of ≥ 6 meters, there should be no fire or explosion outside the battery box within 5 minutes after the battery alarm. (The Paper, Sina Technology)

From next year, the purchase tax will be halved, and 17 major automobile brands have promised to cover the difference

The policy of fully exempting new energy vehicles from purchase tax in 2025 is coming to an end, and the battle for orders among automobile companies has begun. As of November 13, 17 major automobile brands, including Li Auto, NIO, Chery, AITO, ZEEKR, IM Motors, Changan, Mengshi Technology, Shenlan, Tank, GAC, Dongfeng Yipai, Lynk & Co, SAIC Audi, and Buick, have launched purchase tax guarantee programs, paying out of their own pockets to subsidize the purchase tax for consumers who place orders this year. (Yicai Global)

Apple Insider Responds to "Ban Notice on Cooperation with Unauthorized E-commerce Platforms"

An insider from Apple responded to the recent rumors about Apple China issuing a restrictive notice to authorized dealers. The notice aims to prevent dealers from engaging in "parallel importing," which refers to the cross - regional sales of products. Apple does not participate in product price adjustments, and the final pricing is determined by the dealers. The reason for Apple China to issue the notice is that it has discovered "parallel importing" behavior. It hopes to ensure the standardization of the supply source and does not aim to affect the pricing power of authorized dealers. Another purpose of Apple's move is to guide more consumers to official sales channels in order to guarantee the shopping experience of consumers. (Jiemian News)

People familiar with the matter: It is expected that the classification standard for power batteries will be implemented next year

At the 2025 World Power Battery Conference, Wang Fang, the chief scientist of the China Automotive Technology and Research Center, said that it is currently necessary to clarify the basic content such as relevant terms and classifications of solid-state batteries. "We are formulating corresponding national standards. In the terms and classifications, batteries are divided into three major categories: solid-state batteries, solid-liquid hybrid batteries, and liquid batteries." People familiar with the matter said that it is expected that the relevant standards will be implemented next year. (China Securities Journal)

Ferrero chocolates in South Korea may be entirely replaced by those made in China

Multiple South Korean media outlets reported on the 12th that the Ferrero chocolates supplied to the South Korean market, a well - known Italian chocolate brand, will no longer come from Italy but from China. Ferrero responded that the relocation of the production base is to maintain a stable supply chain, and the product quality remains unchanged. The Ferrero factory in Hangzhou was put into operation in 2015. According to public information, its products are also exported to more than 20 overseas markets such as Australia and Mexico. (Global Times)

Faraday Future Reaches a Cooperation on Charging Standards with Tesla, and Its Models Will Be Able to Use Tesla's Supercharger Network

On November 13th, Faraday Future announced that its future new models (to be launched starting from 2026) will be equipped with the NACS (North American Charging Standard) interface and can directly access Tesla's Supercharger network. The FF and FX models (including the next - generation FF 91 and the upcoming FX Super One BEV version) will be able to use more than 28,000 Tesla Superchargers across the United States, Canada, Japan, and South Korea. In addition to Tesla's Supercharger network, FF and FX users can still use multiple DC fast - charging networks, including ChargePoint and EVgo, which comprehensively cover the United States, Canada, Japan, and South Korea. (Jiemian News)

Trump: The U.S. government shutdown cost $1.5 trillion

On November 12 local time, U.S. President Donald Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, officially ending the U.S. government shutdown. At the signing ceremony, Trump said that the U.S. government shutdown cost $1.5 trillion, and it would take weeks or even months to truly calculate the overall impact of the losses. (CCTV News)

Report: EU Plans New Probe into Google over Ranking of News Organizations

The Financial Times reported, citing unnamed officials, that Google, a subsidiary of Alphabet, is facing a new competition investigation by the EU over the way it ranks news media organizations in search results. The European Commission is set to investigate Google's alleged practice of lowering the search rankings of news publishers that carry paid promotional content. The new investigation will be conducted in accordance with the EU's Digital Markets Act. Google is facing dozens of antitrust investigations globally, covering issues such as whether it has abused its dominant position in search, advertising, and the mobile ecosystem. Google did not immediately respond to a request for comment. (Sina Finance)

Ford CEO Says There's a Severe Shortage of Skilled Workers in the US: Can't Hire Workers Even with $120,000 Annual Salaries

Ford Motor Company CEO Jim Farley revealed in a podcast interview on November 12 that Ford has 5,000 skilled worker positions vacant. Even though the annual salary offered is as high as $120,000, almost twice the median wage of American workers, they still can't hire anyone. Farley added that this is not just Ford's problem. "Our country is in trouble. We haven't discussed this enough. We have over 1 million critical positions vacant, including those in emergency services, trucking, factory workers, plumbers, electricians, and artisans. This is a very serious matter." (Sina Finance)

The White House says Trump's outside team has sued the BBC

White House Press Secretary Levitt said on the 12th that President Trump is deeply concerned about the British Broadcasting Corporation (BBC) splicing and editing his speech, and his outside team has filed a lawsuit against the BBC. The White House does not expect to drop the lawsuit. (Xinhua News Agency)

The New York Times Asks OpenAI for User Conversations, OpenAI: It's an Invasion of Privacy

OpenAI issued a statement on November 12 local time, stating that The New York Times has asked OpenAI to hand over users' ChatGPT conversations to prove whether users are using ChatGPT to bypass The New York Times' paywall. OpenAI said that this request ignores long - standing privacy protections, and the company is resisting it once again. The company is asking the court to reject The New York Times' request and will continue to explore all viable options to protect users' privacy. (Jiemian News)

Alibaba Cloud's Bailian Officially Announces Price Cut for Tongyi Qianwen 3-Max Model

36Kr learned that Bailian, Alibaba Cloud's large model service platform, has issued a notice stating that starting from November 13, 2025, Beijing region of the Chinese site will implement a price cut for the Tongyi Qianwen 3-Max model. After the price cut, batch calls will be charged at half price; for implicit caching, the part that hits the cache will be charged at 20% of the standard unit price per input token; for explicit caching, tokens used to create the cache will be charged at 125% of the standard unit price per input token, and only 10% of the fee needs to be paid for subsequent cache hits.

All three major U.S. stock indexes closed lower, with Tesla down more than 6%

36Kr learned that at the close on November 13, all three major U.S. stock indexes declined. The Dow Jones Industrial Average fell 1.65%, the Nasdaq Composite dropped 2.29%, and the S&P 500 Index declined 1.66%. Most large technology stocks fell. Tesla was down more than 6%, Arm dropped more than 5%, and NVIDIA declined more than 3%. Amazon and Google were down more than 2%, Microsoft fell more than 1%, and Apple and Netflix had slight declines; Meta had a slight increase. Most popular Chinese concept stocks weakened. Baidu was down more than 6%, Bilibili dropped more than 4%, NIO and XPeng Motors declined more than 3%, Weibo and iQiyi were down more than 2%, and JD.com and Pinduoduo fell more than 1%; Alibaba rose more than 1%.

Nokia Completes Private Placement of Shares to NVIDIA

Nokia announced on November 13 that after the company announced the completion of a private placement of shares to NVIDIA on October 28, 2025, a total of 166,389,351 new Nokia shares were registered with the Finnish Trade Register on the 14th. The new shares will be delivered to NVIDIA in the form of American Depositary Receipts. After the completion of this share placement and the registration of the new shares, Nokia's total share capital is 5,742,239,696 shares. The new shares account for approximately 2.90% of Nokia's total share capital.

Tesla Recalls 10,500 Powerwall 2 Batteries in the US Due to Fire Risk

Tesla said on November 13 that it will recall approximately 10,500 Powerwall 2 battery power systems in the United States after receiving 22 reports of overheating. The reason is that the product poses a risk of fire and burns. The US Consumer Product Safety Commission stated that the systems involved in this recall "may malfunction and overheat," increasing the risk of serious injury or death. However, there have been no reports of injuries so far. (Sina Finance)

Evergrande Auto: The court has accepted the bankruptcy and liquidation petition of a creditor against a related subsidiary of the company

On the evening of November 13, Evergrande Auto announced on the Hong Kong Stock Exchange that the company had received a ruling from the People's Court of Binhai New Area, Tianjin. According to the ruling, the court has accepted the bankruptcy and liquidation petition of a creditor against Evergrande New Energy Vehicle (Tianjin) Co., Ltd. ("related subsidiary"), an indirectly wholly - owned subsidiary of the company. The registered capital of the related subsidiary is RMB 4.1 billion, and it is the registered owner of the group's manufacturing base with smart mobility product production facilities in Tianjin. The production at the base has been suspended since January 2024. Trading in the company's shares will remain suspended until further notice. (Jiemian News)

Wang Zhenhui Replaces Hu Wei as CEO of JD Logistics

36Kr learned that JD Group announced that its consolidated subsidiary, JD Logistics Co., Ltd., has appointed Wang Zhenhui as its Chief Executive Officer and Executive Director, replacing Hu Wei, effective November 13, 2025. Hu Wei has resigned as the Chief Executive Officer and Executive Director of JD Logistics because he will take on other positions within JD Group.

Tesla Plans to Support Apple CarPlay System to Boost Car Sales

People familiar with the matter revealed that Tesla is working on developing support for Apple's CarPlay system in its vehicles, aiming to add one of the most highly demanded features by users. Since the relevant work has not been made public, these unnamed sources said that Tesla has begun internal testing of the feature. The CarPlay platform has long been supported by other automakers. It can display an iPhone software version optimized for in - vehicle infotainment systems to users and is regarded as an "essential configuration" by many drivers. (Sina Finance)

Elon Musk Sues OpenAI and Apple for "Obstructing AI Competition," and Both Companies' Motions to Dismiss Are Rejected

On November 13th local time, a federal judge in Texas, USA, ruled that Apple and OpenAI must respond to the lawsuit filed by xAI, a company under Elon Musk. The judge rejected the motions of Apple and OpenAI to dismiss the lawsuit and required both parties to submit further documents to elaborate on their respective positions. In August this year, xAI, an artificial intelligence company under Elon Musk, sued OpenAI and Apple in the federal court of Texas, USA, accusing them of illegally colluding to obstruct competition in the field of artificial intelligence. (Jiemian News)

Meta Launches $1 Billion AI Data Center Construction

Meta Platforms announced that it will launch a project to build an artificial intelligence data center covering 700,000 square feet in Beaver Dam, Wisconsin, USA. The data center is expected to be officially put into use in 2027 and will create approximately 100 full - time technical positions. Meta said that the budget for the above - mentioned project exceeds $1 billion, which is the company's latest investment in key infrastructure in the rapidly advancing AI race. (Sina Finance)

Going Public

Whoop

Whoop Inc., a maker of screenless fitness trackers, is considering an initial public offering (IPO) as early as within the next two years. Meanwhile, it is also exploring the addition of blood glucose monitoring functionality to its health tracking platform. (Sina Finance)

Jinjiang Electronics

36Kr learned that the website of the China Securities Regulatory Commission shows that Jinjiang Electronics completed the record-filing for tutoring with the Sichuan Securities Regulatory Bureau on November 12, 2025. It plans to make an initial public offering of RMB-denominated common shares (A-shares) and list on the stock market. The tutoring brokerage is CITIC Securities.

Deye Technology Co., Ltd.

36Kr learned that Deye Technology Co., Ltd. announced that in order to promote its global development strategy, enhance the international influence and core competitiveness of its brand, and actively leverage the international capital market to broaden diversified financing channels, it is planning to issue overseas shares (H shares) and list on The Stock Exchange of Hong Kong Limited. The relevant details have not been finalized, and this will not lead to changes in the company's controlling shareholder and actual controller. The work of this H-share listing still needs to be submitted to the company's board of directors and general meeting of shareholders for deliberation, and requires the filing of the China Securities Regulatory Commission and the review of regulatory authorities such as the Hong Kong Stock Exchange.

Xinnuowei

36Kr learned that recently, the IPO counseling status of Suzhou Xinnuowei Pharmaceutical Technology Co., Ltd. (hereinafter referred to as "Xinnuowei") has been changed to "counseling acceptance".

The Cutting - Edge of AI

GPT 5.1 will start being pushed this week, and the old GPT-5 model will be replaced in three months

OpenAI announced on November 13 that it is launching the GPT-5.1 series of flagship models. The official claims that this upgrade aims to "make ChatGPT smarter and the conversation experience more interesting." The new version will start being pushed to users this week, and the old GPT-5 model will be completely replaced in three months. It is reported that the core of this update is the launch of two new models: the most commonly used GPT-5.1 Instant and GPT-5.1 Thinking, which focuses on advanced reasoning. (IT Home)

Baidu Releases the Native Full-Modal Large Model, ERNIE 5.0

36Kr learned that on November 13th at the 2025 Baidu World Conference, Baidu officially released the native full-modal large model, ERNIE 5.0. This model has 24 trillion parameters and uses the native full-modal unified modeling technology. It has the ability to understand and generate full-modal content and supports the input and output of various types of information such as text, images, audio, and videos.

Fei-Fei Li's Team Launches the First Commercial World Model, Marble

On November 13th, World Labs, a startup founded by Fei-Fei Li, the "Godmother of AI" and a professor at Stanford University, announced the launch of its first commercial world model, Marble. Marble supports large-scale multimodality and can create 3D worlds from text, images, videos, or rough 3D layouts. It also allows users to interactively edit, expand, and combine these worlds. (Jiemian News)

Microsoft to Leverage OpenAI's Custom AI Chip R&D Achievements to Boost Its In - house Chip Project

Microsoft plans to use its access to OpenAI's custom artificial intelligence (AI) chip R&D to advance its own chip project. When asked about the progress of its in - house chip development, Microsoft CEO Satya Nadella said in a podcast: "Even when OpenAI innovates at the system level, we have full access to the relevant achievements. First, we will help OpenAI implement the results it has built, and then we will expand on them." (Sina Finance)

Elon Musk Says Grok Will Be Able to View 100 Million X Posts Daily

When Elon Musk responded to netizens' praise for the improvement of the platform's algorithm on X, he said, "By next month, Grok will truly view and understand about 100 million X posts (including images and videos) daily, regardless of how small the account is, and recommend content to users based on the inherent quality of the content itself." (Sina Finance)

Verisilicon and Google Collaborate to Launch Open-Source Coral NPU IP, Accelerating the Development of the Edge AI Ecosystem

On November 13th, Verisilicon recently announced a joint initiative with Google to launch the Coral NPU IP for always-on, ultra-low-power consumption end-side large language model applications. This IP is based on Google's fundamental research achievements in open machine learning compilers, enhances AI security features, provides a unified open-source technology platform, and builds an edge AI ecosystem. Currently, Verisilicon is developing verification chips based on the Coral NPU IP for applications such as AI/AR glasses and smart homes to accelerate the deployment of large language models at the edge. (Jiemian News)

Financial Reports of Large Companies

Bilibili: Total revenue in Q3 reached 7.69 billion yuan, a year-on-year increase of 5%

36Kr learned that Bilibili (hereinafter referred to as "Bilibili") released its financial report for the third quarter of 2025. The financial report shows that Bilibili's total revenue in the third quarter was 7.69 billion yuan, a year-on-year increase of 5%; the adjusted net profit was 790 million yuan, a year-on-year increase of 233%. The revenue from the game business in this quarter was 1.51 billion yuan, and the advertising revenue increased to 2.57 billion yuan, a year-on-year increase of 23%. In the third quarter, the average daily active users reached 117 million, a year-on-year increase of 9%; the average monthly active users reached 376 million, a year-on-year increase of 8%; the average daily usage time also increased to 112 minutes, a year-on-year increase of 6 minutes.

Tencent: Revenue in Q3 Reached 192.87 Billion Yuan, Up 15% Year-on-Year

36Kr learned that Tencent released its financial report for the third quarter of 2025. The report shows that Tencent's revenue in the third quarter reached 192.87 billion yuan, a year-on-year increase of 15%; net profit was 63.13 billion yuan, a year-on-year increase of 19%; operating profit (Non-IFRS) was 72.57 billion yuan, a year-on-year increase of 18%. In this quarter, Tencent's core business and AI technology deepened their synergy, and the revenues of major segments all achieved double-digit growth. Among them, the revenue from value-added services increased by 16% year-on-year to 95.86 billion yuan, and the growth rate of the game business revenue was 22.8%; the revenue from marketing services increased by 21% year-on-year to 36.24 billion yuan; the revenue from financial technology and enterprise services increased by 10% year-on-year to 58.17 billion yuan. The R & D expenditure in that quarter reached a record high of 22.82 billion yuan, and the capital expenditure was 12.98 billion yuan.

JD.com Group: Revenue Reached 299.1 Billion Yuan in Q3, Up 14.9% Year-on-Year

36Kr learned that JD.com Group released its financial report for the third quarter of 2025. The report shows that JD.com Group's revenue in the third quarter was 299.1 billion yuan, a year-on-year increase of 14.9%; the net profit was 5.3 billion yuan, compared with a net profit of 11.7 billion yuan in the same period last year. In the third quarter, the revenue of new businesses such as food delivery increased by 214% year-on-year; the service revenue increased by 30.8% year-on-year, reaching a new high in the past two years, and the revenue share further increased to a record high of 24.4%. Xu Ran, CEO of JD.com Group, said that the annual active user count of JD.com exceeded 700 million in October.

China Gold International: Net profit of $142 million in the third quarter

On November 14, China Gold International announced its financial and operational results for the three months and the first nine months ended September 30, 2025, on the Hong Kong Stock Exchange. In the third quarter of 2025, sales revenue increased by 36% to $345.0 million from $254.6 million in the same period of 2024. The net profit was $142.3 million, an increase of $114.4 million compared with $27.9 million in the same period of 2024, hitting a record high for two consecutive quarters.

In the first nine months of 2025, sales revenue increased by 100% to $925.4 million from $463.1 million in the same period of 2024. The net profit was $344.6 million, an increase of $347.6 million compared with a net loss of $3.0 million in the same period of 2024. The total gold production increased by 27% to 129,350 ounces from 102,245 ounces in the same period of 2024.

SMIC: Net profit in the third quarter was 1.517 billion yuan, a year-on-year increase of 43.1%

36Kr learned that SMIC announced that its revenue in the third quarter was 17.162 billion yuan, a year-on-year increase of 9.9%; the net profit was 1.517 billion yuan, a year-on-year increase of 43.1%. The revenue in the first three quarters was 49.51 billion yuan, a year-on-year increase of 18.2%; the net profit was 3.818 billion yuan, a year-on-year increase of 41.1%.

Cool Products

Tencent Hunyuan Image 3.0 Launched on LiblibAI

36Kr learned that, according to Tencent Hunyuan, LiblibAI announced the launch of Tencent Hunyuan Image 3.0 (HunyuanImage 3.0) and Tencent Youtu Video Special Effects Model Youtu-Video FX on November 13th. Users can use the relevant models through the image and video generator on the LiblibAI platform.

United Imaging Healthcare Launches uSONIQUE Series Products and Officially Enters the Ultrasound Field

36Kr learned that on November 13th, United Imaging Healthcare launched the uSONIQUE series of ultrasound products. The new products cover various forms such as desktop, portable, and handheld devices, and support multiple departments and application scenarios in clinical ultrasound, including general, cardiac, cardiology, obstetrics, gynecology, pediatrics, reproductive, vascular, intensive care monitoring, emergency, anesthesia, and bedside applications.

Compiled | Stuffed Tofu