8:00 36Kr Briefing丨South Korea considers setting a 20% cap on margin trading for stock investment; Did Lei Jun gain a floating profit of 700 million yuan from participating in the new share offering of Changxin Technology? A senior Xiaomi executive responded to the related issue; Moonshot AI Kimi K3 is officially open-sourced.

Today's Hotspot Guide

• Li Ning has obtained favorable judgments in its previous lawsuits against multiple online accounts for reputation infringement
• Xiaomi has registered trademarks associated with Pengcheng
• Pop Mart City Paradise has raised its admission price
• NVIDIA is reported to have signed a Texas data center lease agreement worth up to 50 billion US dollars
• "Hugging Face" is claiming 100 million USD of computing power compensation from OpenAI

TOP 3 Major News

South Korea considers capping "borrowing to trade stocks" at 20%

South Korea's KOSPI index widened its losses in late trading, plummeting 11% during the session, falling below the 6000-point mark for the first time since April 14, and dropping more than 30% from its June peak. According to a report on the Chinese website of South Korea's Korea JoongAng Daily on July 28, South Korean financial regulators have decided that if overheated investment in single-stock leveraged products fails to subside, additional regulatory measures such as personal investment caps will be introduced. Authorities are currently focusing on studying a plan to limit the investment amount of individual stock leverage to no more than 20% of the total investment amount in all financial investment products. Statistics previously released by South Korean officials show that as of July 13, the cumulative forced liquidation volume in July reached 344.2 billion won (about 1.57 billion yuan), more than 1.2 million leveraged retail accounts hit the margin call line, of which about 320,000 to 360,000 accounts have been fully forced liquidated by brokerages, and some accounts even have negative balances that owe funds to brokerages. (China News Finance)

Did Lei Jun make a floating profit of 700 million yuan by subscribing for the new shares of Changxin Technology? A senior executive of Xiaomi responded to the related issue.

On July 27, Changxin Technology Group Co., Ltd. was officially listed on the STAR Market. On the first trading day after listing, its share price surged sharply, with a closing increase of 465.82%, and its market value rose to 3.28 trillion yuan, making it the company with the highest market value in the A-share market. According to the previous announcement of Changxin Technology, a Wuhan-based enterprise participated in the strategic placement of Changxin Technology and obtained 18.2448 million allotted shares. Calculated at the issue price of 8.66 yuan per share, this enterprise gained 736 million yuan on the first day of listing. This enterprise is Wuhan Yiba Yiling Enterprise Management Co., Ltd., which was founded in 2021 and has its office located in Wuhan East Lake High-tech Development Zone.

It is worth noting that Wuhan Yiba Yiling Enterprise Management Co., Ltd. is a wholly-owned subsidiary of Xiaomi Technology. According to the equity information, the chairman of Xiaomi Technology is Lei Jun, who holds 97.48% of the shares of Xiaomi Technology.

On July 28, Xu Jieyun, Special Assistant to the Chairman of Xiaomi Group and Deputy General Manager of the Strategic Marketing Department, responded to this: "Guys just take it as a casual fun story, don't take it seriously. In fact, the profit cannot be calculated in this way. This is the company's investment behavior. The specific subsidiary entity cannot be confused with personal wealth. Besides, we would like to send our best wishes to Changxin again." (The Paper)

MoonShot Kimi K3 is Officially Open-Sourced

36Kr learned that on the evening of July 27, Moonshot AI released the model weights and technical report of Kimi K3, and open-sourced the key infrastructure technologies that support the training of the Kimi K3 model: MoonEP, FlashKDA and AgentEnv. As introduced, Kimi K3 is a Mixture of Experts (MoE) model with 2.8 trillion parameters, featuring native visual understanding capability and supporting a 1 million-token context window. Moonshot AI stated that everyone can now download and deploy the Kimi K3 model, and can use it freely either for internal R&D or for embedding into end-user-facing products.

On July 28, along with the open-sourcing of the Kimi K3 model by Moonshot AI, the National Supercomputing Internet AI Community officially launched the relevant model and API calling services. Enterprises and developers can call the API with one click, quickly download the Kimi K3 model file for deployment and development, and obtain the capabilities of the 2.8 trillion-parameter open-source large model.

Cutting-Edge of AI

Lingguang App Launches "One-Click Deployment"

36Kr has learned that Lingguang App recently launched the "One-Click Deployment" function for flash applications, which is now open to all users. Applications created by users with AI tools such as Codex, Claude Code, Cursor, Qoder, Trae and Workbuddy can be published as "Lingguang Flash Applications" in one click through the deployment Skill provided by Lingguang, and are simultaneously displayed and distributed on the PC end and within the Lingguang App. In the meantime, Lingguang has also opened more than 30 free API capabilities covering large models, search, LBS, maps, storage and other scenarios.

China Launches Special Campaign to Enhance IPv6 Capabilities of Large Artificial Intelligence Models

The reporter learned from Xiong'an New Area on July 28 that the "Special Campaign to Enhance IPv6 Capabilities of Large Artificial Intelligence Models" was jointly launched in Xiong'an New Area by the Central Cyberspace Administration of China, the cyberspace administrations of Beijing, Shanghai, Zhejiang Province and Shenzhen, in conjunction with 5 leading large model enterprises. The initiative aims to promote generative large model applications to fully support IPv6, so as to consolidate a solid network foundation for the intelligent era. The Xiong'an New Area IPv6 Single-Stack Deployment Campaign was also officially launched on July 28. Xiong'an New Area will fully promote the deployment of single-stack IPv6, make coordinated efforts from four dimensions including consolidating the foundation, expanding empowerment, strengthening key technical breakthroughs and fostering the ecosystem, and realize the large-scale operation of IPv6 single-stack in all newly built areas by 2030. (CCTV News)

Microsoft AI Releases Cybersecurity Model MAI-Cyber-1-Flash, With Improved Vulnerability Detection Performance and 50% Cost Reduction

Microsoft AI released its first dedicated cybersecurity model MAI-Cyber-1-Flash on local time July 27, and integrated it into the multi-agent vulnerability identification and remediation platform MDASH. Microsoft stated that this combination achieved a score of 95.95% in the CyberGym vulnerability detection benchmark, outperforming Mythos, Gemini and GPT series models, while reducing costs by approximately 50% compared to the existing MDASH solution. Microsoft also launched the agent security system Perception, which is used for continuous monitoring, vulnerability patching and response to emerging threats. (Jiemian News)

Amazon Web Services Signs $410 Million Multi-Year Cooperation Agreement With AI Company Recursive

On July 28, Amazon Web Services (AWS) announced that it has reached a $410 million multi-year agreement with artificial intelligence company Recursive. Recursive will designate AWS as its cloud service provider and run its automated AI research system on the Amazon Web Services platform. (Jiemian News)

Big Corporations / Major Events

The three major U.S. stock indexes closed mixed, with most popular Chinese concept stocks rising

36kr learned that at the close of July 28, the three major U.S. stock indexes posted mixed performance: the Dow Jones Industrial Average rose 1.03%, the S&P 500 Index rose 0.21%, and the Nasdaq fell 0.22%. Large-cap tech stocks were mixed: Netflix and Google rose more than 2%, Microsoft rose more than 1%, Apple and NVIDIA recorded slight gains; Intel fell more than 5%, while Tesla, Amazon and Meta saw small declines. Most popular Chinese concept stocks went up: Li Auto rose more than 4%, NetEase, JD and Tencent Music rose more than 2%, Weibo, NIO and Pinduoduo rose more than 1%; Futu Holdings and Tiger Brokers fell more than 2%.

The largest state-owned investor of Changxin Technology makes a statement

On July 27, Changxin Memory Technologies Group Co., Ltd. (hereinafter referred to as "Changxin Technology"), a leading domestic memory manufacturer, was officially listed on the STAR Market of the Shanghai Stock Exchange. As of the close of trading that day, Changxin Technology closed at 49.00 yuan per share, up by more than 465%, with a turnover exceeding 140 billion yuan, setting a new all-time record for single-day turnover in the A-share market. Its total market capitalization reached approximately 3.28 trillion yuan, surpassing Industrial and Commercial Bank of China to claim the title of "top stock" in the A-share market. On the evening of July 27, Hefei Industrial Investment Group, the founding shareholder and largest state-owned investor of Changxin Technology, issued a statement to extend its congratulations.

Hefei Industrial Investment Group introduced that in 2016, under the decision-making and deployment of the CPC Hefei Municipal Committee and Hefei Municipal People's Government, the group invested in Changxin Technology. Over the past 10 years, the group has continuously made heavy position investments in the Changxin project, accompanied it to go through industry cycles, and walked a striving path of unwavering commitment to innovation. (Yicai)

Changxin Technology will be included in the MSCI China All Shares Index

On the evening of July 28, MSCI announced in a statement that Changxin Technology will be added to the MSCI China All Shares Index for its IPO listing, and the adjustment will officially take effect on August 10. (Yicai)

Personal income tax revenue hits 900 billion yuan, with high-income groups contributing the vast majority of tax payments

The Outline of the 15th Five-Year Plan proposes to increase the income of low-income groups, raise the proportion of middle-income groups, and promote the formation of an olive-shaped distribution pattern. At the press conference held by the State Council Information Office on July 28, 2026, Wang Shiyu, Chief Auditor of the State Taxation Administration, introduced that judging from the income in the first half of the year and the situation of the 7th annual final settlement of comprehensive personal income tax on June 30, the effect of personal income tax in adjusting income distribution has continued to emerge.

Personal income tax is an important tool for optimizing income redistribution and promoting social equity. According to Wang Shiyu, the final settlement data shows that personal income tax revenue has reached 900 billion yuan, and high-income groups account for the vast majority of tax payments. In the first half of this year, the personal income tax collected by tax authorities increased by about 13% year-on-year, making it the third largest tax category in China. (Jiemian News)

Xiaomi has registered trademarks related to Pengcheng

36Kr learned that Xiaomi recently showcased a Xiaomi Pengcheng test vehicle, which has traveled nearly 66,000 kilometers in road tests up to now. The intellectual property information from Tianyancha shows that Xiaomi Technology Co., Ltd. has applied for the registration of multiple "SKYNOMAD" and "Pengcheng" trademarks, with international classifications covering vehicles, mechanical equipment, communication services and other categories, and some of the trademarks have been successfully registered.

Dingdong Maicai: As of June 2026, the penetration rate of its private brands has reached 68.5%

36Kr has learned that Dingdong Maicai released the first set of data after the upgrade of its brand Dingdong V5: as of June 2026, the penetration rate of its private brands has hit 68.5%, and the GMV proportion of non-fresh private brands exceeds 35%. Among them, Dingdong V5 has more than 200 SKUs, and its GMV has increased by 50% year-on-year while keeping the operating scale unchanged.

Li Ning has won favorable judgments in multiple previously filed reputation infringement lawsuits against a number of online accounts

On July 28, Li Ning (China) Sports Goods Co., Ltd. issued the *Statement on Winning Reputation Infringement Lawsuits*. The statement notes that the company has obtained favorable judgments for multiple previously filed reputation infringement cases against different online accounts. The court has ordered the defendants to bear corresponding legal liabilities and pay compensation for losses in accordance with the law.

In May 2025, Li Ning released a lawyer's statement saying that multiple internet users fabricated and spread false remarks such as "favoring some while snubbing others" and "being snobbish" on internet platforms, and created and incited malicious topics including "mass product returns" and the resulting "sharp plunge in stock price". In response, the company stated that it had finished evidence collection, and would take legal measures to pursue the legal responsibility of relevant infringers to resolutely safeguard its legitimate rights and interests. (Yicai)

National Medical Products Administration clarifies: Do not drive after taking Ganmaoling

Recently, the National Medical Products Administration released an announcement. Based on the assessment results of adverse drug reactions, to further guarantee public medication safety, it has decided to uniformly revise the package inserts of oral Ganmaoling preparations (granules, capsules, tablets, medicinal tea), and centrally improve four core sections including warnings, contraindications, adverse reactions and precautions. This revision emphasizes that during the medication period, people must not operate aircraft, vehicles or vessels, engage in high-altitude operations, mechanical operations, or operate precision instruments. This means that people cannot drive after taking Ganmaoling!

Regarding the impact of the above revisions and other related issues, some leading Ganmaoling manufacturers stated that they are temporarily not available for interviews. The person in charge of a chain pharmacy told reporters that this revision of Ganmaoling's package insert by the National Medical Products Administration will not cause a significant impact on the sales of cold medicines at the retail terminal. This type of medicine is only taken on demand for short-term seasonal use, which is different from long-term medication for chronic diseases. Besides, there are alternative cold medicines with no drowsiness side effects in the market, which can meet the needs of drivers and people engaged in special operations, and the extent of consumption diversion is controllable. (Yicai)

Pop Mart City Park Raises Ticket Prices

On July 28, the mini-program of Pop Mart City Park released an announcement that the upgraded Adventure Forest area will be fully open to the public starting from July 30. With the comprehensive expansion of the park's amusement facilities, performance content and immersive scenarios, the park will also adopt a brand-new tiered ticket pricing system, which is the second ticket price adjustment after the opening of some new zones on April 30 this year. According to the announcement, the new version of the ticket price plan divides tickets into three levels: off-peak days, peak days and special peak periods, and at the same time sets three types of products including park admission sightseeing tickets, standard amusement tickets and packages with carnival access, to cover the demands of different visitors. The specific pricing shows that the standard park amusement ticket is 178 yuan per person on off-peak days, 208 yuan per person on weekends and regular public holiday peak days, and 238 yuan per person during special peak periods such as summer vacation and the National Day holiday; the combined package including 3 carnival games is priced at 228 yuan, 258 yuan and 288 yuan respectively; the sightseeing ticket, which is only for entering the park to take photos and check in and does not include access to large amusement facilities, is priced at 98 yuan on off-peak days, and uniformly 128 yuan per person on peak days and special peak periods. (Jiemian News)

The launch of AI-generated short drama on Anhui TV sparks controversy

Recently, the AI short drama *Peach Blossom Pool Chronicle* was launched on Anhui TV, with the words "Produced by AI" clearly marked on the footage. Some people exclaim that Anhui TV is very forward-looking, while some viewers complain that the characters have stiff expressions and the viewing experience lacks human warmth. It is reported that *Peach Blossom Pool Chronicle* is the first domestic mid-length drama with intangible cultural heritage themes produced through a full-AI workflow. The drama has a total of 20 episodes, each lasting about 10 minutes, and the words "Produced by AI" and "AIGC Director" are clearly marked at the opening of each episode during broadcast. (Lanwhale News)

Ministry of Finance and State Taxation Administration: Urban land use tax will be exempted for part of enterprise land starting from September 1

36Kr has learned that the Ministry of Finance and the State Taxation Administration have jointly released an announcement. Starting from September 1, 2026, urban land use tax will be exempted for land owned by enterprises, or obtained through leasing, free-of-charge use and other methods, and used for the following purposes. The eligible land includes the land for fire control, flood control and drainage, wind prevention and sand prevention facilities in industrial and mining areas of oil and natural gas (including shale gas and coalbed methane) production enterprises, land for dedicated railway lines and roads outside factory areas (including production, office and living areas); land for long-distance oil and gas transmission pipeline routes and temporary construction land; land for power transmission lines (including tower foundations) of power supply enterprises and their temporary construction land, etc.

The total box office of "Kung Fu Women's Football" has exceeded 2 billion RMB, temporarily ranking second on the 2026 annual box office chart

36Kr learned that according to the Lighthouse Professional Edition, as of July 28, the total box office (including pre-sales) of "Kung Fu Women's Football" has exceeded 2 billion RMB, temporarily ranking second on the 2026 annual box office chart.

Tax authorities collected a total of 16.7 trillion yuan in tax and fee revenues in the first half of the year

On the morning of July 28, the State Council Information Office held a press conference. Relevant officials from the State Taxation Administration introduced that in the first half of this year, tax authorities collected a total of 16.7 trillion yuan in tax and fee revenues. Among them, tax revenue exceeded 10 trillion yuan, up 4.9% year on year. This is mainly attributed to the generally stable and sound economic performance, the continuous rebound of PPI which is closely related to tax revenue, and the strong development momentum of some emerging fields and key industries. Meanwhile, social insurance premium revenue reached 4.5 trillion yuan, and non-tax revenue hit 1.8 trillion yuan, which has continuously consolidated the national financial guarantee. (CCTV News)

NVIDIA reportedly signed a Texas data center lease agreement worth up to 50 billion US dollars

On July 28, it was reported that NVIDIA has signed a lease commitment with data center developer Hut8, planning to lease an ultra-large data center with a capacity of 1 gigawatt (GW) in Texas, with the total rent amount reaching up to 50 billion US dollars. The core details of the transaction show that the initial 15-year lease contract is worth about 19.6 billion US dollars; if the subsequent 30-year renewal option is included, the total value will rise to 50 billion US dollars. (Jiemian News)

Baidu's conversion to primary listing in Hong Kong is further accelerated, and an extraordinary general meeting of shareholders will be held on August 26

36Kr learned that on July 28, Baidu Group issued a circular, disclosing that the company intends to hold an extraordinary general meeting of shareholders on August 26 to deliberate on the authorizations and supporting resolutions related to the voluntary conversion to primary listing on The Stock Exchange of Hong Kong. Earlier, Baidu announced on July 16 that it would push forward the voluntary conversion to primary listing on the Main Board of The Stock Exchange of Hong Kong, and The Stock Exchange of Hong Kong confirmed the receipt of the application on July 22. The disclosure of the arrangements for the extraordinary general meeting of shareholders means that Baidu's primary listing conversion process in Hong Kong has advanced three consecutive steps within two weeks, with its progress significantly accelerated.

International oil prices slam on the brakes, domestic energy and chemical futures cool down notably

The international crude oil prices, which were surging all the way last week, suddenly slammed on the brakes on July 27. Both Brent crude oil futures and NYMEX WTI crude oil futures contracts once saw their intraday decline exceed 7%. At the same time, domestic energy and chemical futures generally fell that day, among which the main contracts of crude oil and fuel oil futures both dropped by more than 8%. Industry insiders believe that the rapid decline of international oil prices this round is mainly driven by the easing signals released from the US-Iran situation, the concentrated unwinding of the geopolitical risk premium that had been priced into oil prices by the market, and long positions taking profits and exiting the market subsequently. Looking forward to the market outlook, the geopolitical situation still has the possibility of repeated fluctuations, and the low global crude oil inventory also provides support for oil prices, but the restraining effect of high oil prices on demand cannot be ignored. In the short term, international oil prices may enter a stage of wide-range high-level volatility. (China Securities Journal)

Apple launches device upgrade leasing program in the United States, with monthly rent for iPhone starting at $17.99

Apple has rolled out its device upgrade leasing program in the US, where the monthly rent for iPhone starts at $17.99 and the monthly rent for Apple Watch starts at $11.99. The iPhone and Watch are eligible for a 12-24 month lease term, while the Mac and iPad can be leased for 24 to 36 months. (Cailian Press)

"Hugging Face" claims $100 million worth of computing power from OpenAI

A few days ago, the open-source artificial intelligence community commonly known as "Hugging Face" was invaded by an OpenAI agent. On the 26th local time, the co-founder and CEO of "Hugging Face" put forward two requirements to OpenAI: one is to disclose all the traces of the agent, and the other is to use $100 million worth of computing power to support the open-source community. This incident also sounded the alarm for security in the AI industry. On the 21st of this month, OpenAI admitted that one of its agents "got out of control" during internal testing, broke through the isolated environment, and autonomously invaded the artificial intelligence open-source community "Hugging Face". The crisis of this incident was finally resolved only by turning to Chinese open-source models. (CCTV Finance)

YouTube Reaches a Partnership Agreement with NBCUniversal to Provide Streaming Bundle Services for US Users

On July 27, US streaming platform YouTube and media giant NBCUniversal announced that they will deepen strategic cooperation. Pursuant to the agreement reached by the two parties, starting from early 2027, local YouTube Premium subscribers in the United States will directly obtain the membership rights and interests of Peacock Premium, the streaming platform under NBCUniversal, without paying any additional fees. (Sina Finance)

Anthropic: Has Never Advocated Banning Open-Weight Models

Dario Amodei, CEO of Anthropic, published an article on July 27 local time, stating that Anthropic has never advocated a full ban on open-weight AI models. He noted that open-weight models with a certain level of security can expand access to AI technology and deliver value to enterprises, developers and researchers, while potential risks should be mitigated through targeted regulation. Regarding the previous open letter supported by a number of tech enterprises in favor of open-weight models, Amodei agreed that open models can expand participation in the AI economy, promote competition and enhance user control, but disagreed with the view that "open models are inevitably easier to build security protections for". He believes that once an open-weight model is released, it will be difficult for developers to withdraw it or control the way it is used, and relevant risks should be assessed through rigorous testing rather than presupposed judgments. (Jiemian News)

The top spot of the Fortune Global 500 changes hands

On this year's Fortune Global 500 list, Amazon has become the world's largest company, ending Walmart's 12 consecutive years of leading the ranking. Walmart ranks second. State Grid Corporation of China remains in third place. UnitedHealth Group and Saudi Aramco rank fourth and fifth respectively. (Yicai)

Apple is set to ramp up its efforts in the smart home sector, launching new products with Siri AI as the core

After having long been a follower in the smart home market, Apple Inc. is gearing up for a new large-scale expansion, rolling out a series of brand-new hardware and software products. According to reports, Apple plans to soon kick off this smart home product offensive, with the first launch being a home hub device centered on the all-new Siri AI assistant. In addition, people familiar with the matter revealed that Apple is also preparing to release a new-generation Apple TV set-top box and an upgraded HomePod mini. The insiders said that all three products are nearly ready for launch. The new Apple TV and HomePod mini are scheduled to be released this autumn, while the home hub device is expected to hit the market between October this year and the beginning of next year. (CLS)

Cambricon: Plans to Launch a 5 Million Share Restricted Stock Incentive Plan

36Kr learned that Cambricon released the 2026 Restricted Stock Incentive Plan (Draft) on July 28, proposing to grant 5 million restricted shares to incentive targets, accounting for 0.80% of the company's total share capital. The number of incentive targets involved in the initial grant part of this incentive plan totals 945, accounting for approximately 85.37% of the company's total 1107 employees (as of December 31, 2025). The grant price of restricted shares under this incentive plan (including reserved grants) is RMB 750 per share. This incentive plan sets differentiated performance assessment requirements for different incentive targets. The assessment period for the first category of incentive targets covers three fiscal years from 2026 to 2028, with the performance assessment targets as follows: the operating revenue in 2026 shall be no less than RMB 13.5 billion, the cumulative operating revenue from 2026 to 2027 shall be no less than RMB 40.5 billion, and the cumulative operating revenue from 2026 to 2028 shall be no less than RMB 100 billion. The assessment period for the second and third categories of incentive targets covers two fiscal years from 2027 to 2028. For the third category of incentive targets, additional assessment indicators are set: based on the net profit in 2025 after deducting the impact of share-based payment, the net profit growth rate in 2027 shall be no less than 300%, and that in 2028 shall be no less than 500%.

Listing in Progress

Chinese robotics manufacturer Transdimensional Intelligence is reportedly considering a listing in Hong Kong

Chinese robotics manufacturer Transdimensional Intelligence is reportedly considering a listing in Hong Kong. (Sina Finance)

Major Corporate Earnings Reports

SK Hynix's Q2 Operating Profit Surges 557.2% Year-on-Year

On July 29, SK Hynix announced that its sales revenue for the second quarter of fiscal year 2026 reached 79.3 trillion won, up 50.9% quarter-on-quarter and 256.8% year-on-year; its operating profit hit 60.5 trillion won, up 61.0% quarter-on-quarter and 557.2% year-on-year. (Jiemian News)

Unilever posts revenue of 25.6 billion euros in the first half of the year, with underlying sales up 4.8%

Unilever announced its 2026 first-half performance on July 28, achieving a 4.8% growth in underlying sales, of which sales volume increased by 4.2% and price growth came in at 0.6%. The company said that underlying sales in the second quarter grew by 5.8% with a 5.5% rise in sales volume, and the growth momentum picked up compared with the first quarter. In the first half of the year, Unilever's turnover reached 25.6 billion euros, up 0.5% year on year. Its underlying operating profit was 5.2 billion euros, representing a 0.9% year-on-year increase. The underlying operating profit margin stood at 20.3%, up 10 basis points year on year. Underlying earnings per share rose 2.4% to 1.61 euros, while diluted earnings per share dropped 2.5% to 1.38 euros. The company's free cash flow reached 1.5 billion euros. (Jiemian News)

Mercedes-Benz Group's second-quarter sales reached 32.06 billion euros

Mercedes-Benz Group posted sales of 32.06 billion euros in the second quarter, compared with the estimated 32.13 billion euros; its adjusted EBIT for the second quarter was 2.3 billion euros, versus the estimated 1.72 billion euros. (Financial Associated Press)

Philips' Q2 sales grow 4%, raising profit and cash flow guidance

On July 27 local time, Philips released its financial results for the second quarter of 2026, with group sales reaching 4.4 billion euros, a 4% year-on-year increase on a comparable basis. Driven by US tariff refunds, the company's operating profit rose to 609 million euros, the adjusted EBITA margin increased to 16.4%; free cash flow reached 222 million euros. Philips reaffirmed its full-year sales growth guidance, and raised its adjusted EBITA margin guidance from the previous 12.5%-13.0% to 13.5%-14.0%, lifting its free cash flow guidance to 1.5 billion to 1.7 billion euros. (Jiemian News)

LVMH Achieved Revenue of 38.644 Billion Euros in the First Half of 2026

French luxury giant LVMH released its performance report for the first half of fiscal year 2026 on local time July 27. The report shows that the company posted total revenue of 38.644 billion euros in the first half (with an organic growth of 2%), recurring operating profit reached 8.691 billion euros, the operating profit margin remained at a high level of 22.5%, net profit hit 5.697 billion euros, and free cash flow increased by 2% year on year to 4.100 billion euros. (Jiemian News)

Kingsoft Office: Its 2026 semi-annual net profit is expected to increase by 209.98%-263.89% year on year

According to 36Kr, Kingsoft Office released an announcement that its operating revenue in the first half of 2026 is expected to reach 3.214 billion yuan to 3.413 billion yuan, growing by 20.95%-28.43% year on year; the net profit attributable to owners of the parent company will be 2.316 billion yuan to 2.719 billion yuan, representing a year-on-year increase of 209.98%-263.89%; the net profit after deducting non-recurring gains and losses will be 2.288 billion yuan to 2.686 billion yuan, up 214.63%-269.35% year on year. The performance growth is mainly driven by the company's continuous promotion of deep integration of AI capabilities and office scenarios, the transformation of previous R&D investment into product competitive advantages and commercialization outcomes, and satisfactory investment returns from some external investment fund projects.

Investment and Financing

"Changyu Pharmaceutical" Completes RMB 250 Million Series D Financing

36Kr has learned from Qidian Capital that Changyu Pharmaceutical has announced the completion of its Series D financing of RMB 250 million. This round of financing is jointly led by E-Foresight Capital and GTJA Investment, with joint participation of institutions including Jiaxing Yuanfan and Real Capital Global. Qidian Capital has continuously served as the financial advisor. The funds raised in this round will be mainly used for the Phase III clinical study of the company's debut product XG005 for acute pain in the United States, and support the continuous development of the company's core product pipeline and its global advancement.

"Guoke Superconducting" completes financing of over 100 million yuan

36Kr learned that recently, "Guoke Superconducting" has closed a new round of financing of more than 100 million yuan. This round of financing is led by Guoke Venture Capital, with continuous additional investment from existing shareholders including Zhongguancun Capital, Shunxi Fund, Dingfeng, and Shui Mu Tsinghua Alumni Seed Fund, and co-participated by a number of institutions such as Dongheng Petroleum, Beijing Science and Technology Innovation Yizhuang Direct Investment Fund, Orient Securities, Zhongke Shenguang, Zhongying Venture Capital, and Nazhen Investment. The funds from this round of financing will be mainly used for the performance research and breakthrough of iron-based high-temperature superconducting materials, the construction of pilot production lines and capacity ramp-up, the verification and expansion of downstream application scenarios, as well as the expansion of talent echelons for core positions.

"Deta Intelligence" completes nearly 500 million yuan in Angel++ round financing

36Kr has learned that Deta Intelligence, a humanoid robot foundation model company, has recently completed nearly 500 million yuan of Angel++ round financing. The investors of this round include industrial entities of multiple listed companies and financial investment institutions. The funds will be mainly used for the continuous iteration of the humanoid robot foundation model, accelerating the mass production of self-developed data collection equipment and the construction of data closed loop, and expanding the core R&D team, so as to promote the engineering implementation and verification of the technology in real industrial scenarios.

"TabTin" Completes 60 Million Yuan Angel Round Financing

36Kr learned that recently, "TabTin", the human-Agent collaboration platform under Shanghai Mofan Technology Co., Ltd., has completed 60 million yuan of angel round financing. The round is led by early angel investors of ByteDance, with Yuanyang Capital acting as the exclusive financial advisor. The funds from this round will be used to deepen the human-machine collaboration experience, improve native work applications and expand enterprise customers.

Cool Products

ZEEKR 9X 5-seat Version Officially Launched

36Kr learned that on July 28, the ZEEKR 9X 5-seat version was officially launched. The new vehicle offers three trims including the Ultra, Hyper and Obsidian Black Edition, with a limited-time starting price of RMB 451,900 after applicable benefits.

BYD: Humanoid Robot Plan to Be Released in August

In response to the current progress of the humanoid robot, BYD's official response stated that it plans to unveil and release the product at "Di Space" in August. Previously, BYD had released a promotional poster for the humanoid robot at "Di Space", which reads "At the beginning of August, a new friend is coming to meet you." (CLS)

Compiled｜Putao