8:00 36Kr | Accused of sharp decline in product quality, Sam's Club issues official response; Unitree Technology's market value returns to 200 billion yuan, a large number of humanoid robot stocks hit the daily limit; Elon Musk promises to give 1 share of SpaceX to "every child in America"
Today's Hotspot Guide
Beijing Jidian Storage Technology Co., Ltd. under Changxin Technology has increased its capital to approximately 60.18 billion yuan
WeChat responded to the question of why some functions are not yet available on its HarmonyOS version
Stock ETFs recorded a net inflow of 88.5 billion yuan last week, marking the fourth highest level within the year
Xibei denies that "Man'erduo Fresh Mutton Shop" is a new brand under its banner
State Taxation Administration has released a reminder on tax declaration for offshore trusts
TOP3 Major News
Sam's Response Amid Allegations of Plummeting Product Quality
On October 18, the topic "Sam's quality has plummeted, would you still dare to shop there?" topped the trending search list and sparked widespread public discussion. On October 19, Sam's Club released a statement saying: Recently, we have noticed thousands of malicious attacks and false marketing information targeting Sam's that have emerged intensively on multiple social media platforms. Some malicious accounts use methods such as AI generation, material splicing, and fake interviews to mass-produce false information with highly similar content and extremely similar forms to attack Sam's quality management. In essence, they fabricate false information of "good products removed from Sam's shelves" for products in categories such as personal care, health supplements, and food that have never been listed on Sam's to carry out deceptive marketing and divert traffic for profit.
In response to the dissemination of relevant false information involving the enterprise, malicious marketing hype and online negative PR attacks, the company's legal team has completed evidence fixation of the relevant false content, and filed complaints and reports to the platforms and regulatory authorities. In the future, we will take legal rights protection actions in accordance with the law, firmly safeguard the legitimate rights and interests of consumers and the reputation of the Sam's brand, and will never tolerate such bad acts of "seeking personal gain through rumor-mongering". (Yicai Global)
Unitree Technology's market value returns to 200 billion yuan, humanoid robot stocks hit daily limit in batches
On October 19, the humanoid robot concept sector kept rising in the afternoon, with Zhaowei Machinery & Electronics, Zhejiang Rongtai, Fly New Materials, Riying Electronics, and Ningbo Dongli closing at the 10% daily up limit. Unitree Technology, Siling Intelligent Drive rose by more than 10%, while Greatoo Intelligence, Kinco, Changsheng Bearing, Zhongda Leader and other stocks recorded prominent growth.
In addition, leading robot enterprise Unitree Technology - W (688836.SH) kept rebounding in the afternoon, with an increase of over 16%, and its total market value returned to above 200 billion yuan. As of market close, Unitree Technology was quoted at 495.92 yuan per share, up 68.94 yuan from the previous trading day, representing a 16.15% increase, with a total market value of 200.582 billion yuan. The stock opened at 427.00 yuan on the day, hit an intraday peak of 508.99 yuan, and its closing increase marked the largest single-day gain since its listing on the Sci-Tech Innovation Board on August 19, excluding the first trading day after IPO. (CLS, Jiemian News)
Musk promises to give 1 share of SpaceX stock to "every child in the United States" next year
Elon Musk said that next year he will give one share of his SpaceX stock to "every child in the United States". He added that "this will be the first of a series of actions". Statistics show that SpaceX has about 8.1 billion issued shares. (Sina Finance)
AI Cutting-edge
MiniMax M3.1 Flash Launched, Overall Performance Enhanced, Speed Tripled, Price Cut by 70%
36Kr has learned that MiniMax has officially released the new-generation Flash model M3.1 Flash. The Space Bunny model that previously processed more than 200T Tokens under an anonymous identity is exactly the early version of MiniMax M3.1 Flash. As a new-generation Flash model, M3.1 Flash has achieved generational improvements in Agentic tasks, programming, ComputerUse and cybersecurity capabilities, while its online inference speed has increased by nearly 3 times and the usage cost has been reduced by 70%. According to MiniMax's preview, the Pro version that pursues a higher upper limit of intelligence will be launched soon.
OpenAI plans to raise $30 billion, with its valuation likely to exceed $1.4 trillion
According to reports, OpenAI is accelerating the advancement of a financing round of approximately $30 billion, with a target valuation that may exceed $1.4 trillion, and hopes to secure investor commitments before its competitor Anthropic's expected mid-November listing. SoftBank Group, Abu Dhabi investment institution MGX and other existing investors are negotiating to participate in this round of financing. OpenAI has told investors that its annualized revenue has accelerated after the launch of the GPT-6 Astra model, currently reaching $50 billion, and is expected to rise to $70 billion by the end of the year. The company hopes to complete the financing before Anthropic discloses more financial information that triggers further comparisons among investors. OpenAI reached a valuation of $852 billion after a $122 billion financing round in March this year. (Jiemian News)
Is 55% of China's domestic computing power used for videos and short dramas? Doubao refutes the rumor
Recently, the topic claiming that "over half of China's domestic computing power is used to produce binge-worthy short dramas" has aroused widespread public concern. In response, Liu Xing, head of Public Relations at Doubao, posted on Weibo on October 19, stating that "The computing power data released by a certain company is quite unreliable. Taking ByteDance as an example, only about 10% of our company's total computing power is used for the training and inference of video generation models." (Yicai)
Deepseek announces pricing for its API web search and crawling feature: 5 yuan per 1000 successful requests
36Kr has learned from DeepSeek's official notice that the DeepSeek API now supports web search and crawling, which is billed by the number of requests at a unit price of 5 yuan per 1000 successful requests. The announcement states that currently, when users use the DeepSeek API in DeepSeek Harness/Claude Code/Codex, they can already access the Search/Fetch interface via server-side tool calls. These Search/Fetch interface calls are not charged for now, and per-call billing will be officially implemented from 00:00 on November 1.
OpenAI is aggressively recruiting talents to ramp up robotics R&D
From "using large models as the brain for robots" to further extending to robot hardware, control systems and manufacturing segments, OpenAI is increasing its investment in robotics research and development. As of October 19, OpenAI has released 19 job openings related to "Robotics" on its official website, covering multiple directions including robot control systems, electrical engineering, actuators, motor design, manufacturing and data systems. OpenAI stated on its official website that this robotics team aims to develop general-purpose robots that can work in dynamic real environments and explore various robot forms. They are currently promoting the R&D of both robot software and hardware at the same time, and building a real-world robot data collection and training system. The recruitment information for OpenAI's field engineer position reveals that multiple robot workstations are already running in its robot data collection environment. (The Paper)
Major Companies / Key Events
Huiyuan Group Responds to Its Separation from the "Huiyuan" Brand
On October 19, Huiyuan Group issued a statement on separating from the "Huiyuan" brand and launching the new brand "Our Fruit Source". In response, Huiyuan Group stated that "The separation means leaving historical disputes to the legal system, giving product choices to consumers, and devoting the enterprise's energy back to the market." The statement points out that Huiyuan Group and its subordinate enterprises will no longer produce juice products bearing the "Huiyuan" trademark, terminate relevant OEM contracts, and cease all cooperation related to this trademark. The company has officially launched the "Our Fruit Source" brand, and will continue to focus on the juice business relying on its complete self-owned whole industrial chain. (Jiemian)
Unitree Robotics: The Company Continues to Focus on Independent Controllability of Core Components and Supply Chain Optimization
36Kr has learned that Unitree Robotics stated on the interactive platform that the company continues to focus on the independent controllability of core components and supply chain optimization. For specific operating data such as the proportion of self-developed and self-produced products, please refer to the publicly disclosed information of the company.
Kingfa Science and Technology: Chairman Proposes Repurchasing Shares Worth 300 Million to 500 Million Yuan
36Kr learned from the announcement of Kingfa Science and Technology that Chen Pingxu, the chairman of the company, proposed that the company use its own funds and self-raised funds to repurchase part of its A-shares through centralized bidding trading. The total amount of repurchase funds ranges from 300 million yuan to 500 million yuan, and all repurchased shares will be fully used for cancellation to reduce the registered capital. The upper limit of the repurchase price shall not be higher than 150% of the average stock trading price in the 30 trading days before the plan is reviewed and approved by the board of directors, and the repurchase period is within 12 months from the date when the plan is reviewed and approved by the shareholders' meeting.
Beijing Jidian Memory Technology Co., Ltd., a subsidiary of Changxin Technology, has increased its capital to approximately 601.8 billion yuan
36Kr has learned from the Tianyancha App that recently, Changxin Jidian (Beijing) Memory Technology Co., Ltd. has undergone industrial and commercial changes. Its registered capital has increased from about 508.5 billion RMB to roughly 601.8 billion RMB, with an increase of around 18%. Established in August 2016, the company has Zhao Lun as its legal representative, and its business scope includes integrated circuit design, manufacturing of integrated circuit chips and related products, integrated circuit manufacturing, etc. It is jointly held by Changxin Technology Group Co., Ltd., Beijing E-Town International Investment & Development Co., Ltd., National Integrated Circuit Industry Investment Fund Phase II Co., Ltd., Beijing E-Town Technology Co., Ltd. and Beijing Yitang Technology Co., Ltd.
Three brokerages and two fund companies have been subject to regulatory measures for violations in overseas research activities
The latest regulatory notice points out that when some fund companies participated in overseas research activities organized by the research institutes of securities firms, there were cases where the securities firms covered expenses including expert consultation fees and research activity admission tickets, which reflects the insufficient effectiveness of internal control of relevant securities firms and fund companies; the round-trip air tickets, hotel and other expenses for personal overseas travel of individual employees of fund companies were paid by securities firms. In response to this situation, the regulatory authorities have strictly taken the regulatory measure of regulatory interview against Securities Firm G1 that refused to cooperate with the inspection in accordance with the law, and ordered the company to impose severe disciplinary sanctions on relevant responsible persons; taken the regulatory measure of issuing warning letters against Securities Firms H and G2, as well as Fund Companies F and H; taken the regulatory measure of ordering rectification against the fund manager of Fund Company H, and required the company to conduct serious internal accountability. (CLS)
Zizhu Hi-Tech: The holding subsidiary intends to apply for the delisting of its shares on the National Equities Exchange and Quotations
36Kr learned from the announcement of Zizhu Hi-Tech that Shanghai Zijiang New Material Technology Co., Ltd. (abbreviated as "Zijiang New Material"), the holding subsidiary of the company, plans to voluntarily apply for the termination of listing of its shares on the National Equities Exchange and Quotations. This matter will not affect the company's shareholding ratio and controlling status in Zijiang New Material. As the company's holding subsidiary, Zijiang New Material will continue to actively expand its business in the aluminum-plastic film sector.
WeChat launches an incentive program for adapting novels from official accounts into short micro dramas, where both authors and production contractors can obtain an extra 5% revenue share
36Kr learned that on October 19, the WeChat Open Platform, in joint collaboration with the WeChat Channels team, launched the "Phase 1: Adapting Novels from Official Accounts into Micro Dramas" incentive campaign to support the micro-drama adaptation of original novel IPs. According to the rules, for selected works, if the authors and micro-drama production contractors sign the adaptation contracts between November 1 and December 31, 2026, complete the adaptation and give priority to the distribution within the WeChat ecosystem, both parties can get an extra 5% cash incentive calculated based on the monetization revenue of the micro drama during the priority distribution period (the first 30 days after release), with no upper limit on the total incentive amount. The distribution carriers are the WeChat Micro Drama Mini Program and native micro dramas on WeChat Channels. If the work is launched on a third-party platform within the priority distribution period, the platform has the right to reclaim all the incentives.
Why are some features not yet available on the HarmonyOS version of WeChat? WeChat responds
On October 19, in response to the question of why some features are not yet available on the HarmonyOS version of WeChat, Xiao Jiang, a member of WeChat's public relations team, stated on a podcast: "For a long time, there has been a misunderstanding that whether WeChat is 'going through the motions' or intentionally dragging its feet on this matter? The approach we adopt follows the process of 'launching a preview version first, then conducting public beta tests, and finally releasing the official version'. When facing a brand new operating system, there will be a certain gap between the function update process and users' expectations." (Jiemian News)
Pan Gongsheng: Phase out the benchmark deposit and lending rates and replace them with market-based interest rate indicators
At the opening ceremony of the 2026 Annual Financial Street Forum, Pan Gongsheng, Governor of the People's Bank of China, stated that the authority will phase out the benchmark deposit and lending rates. With the advancement of market-oriented interest rate reform, the benchmark deposit and lending rates have been gradually replaced by market-based pricing benchmarks. There are already multiple pricing benchmarks for bank loan interest rates, including the Loan Prime Rate (LPR) and the interbank overnight repo rate; since the first quarter of this year, the People's Bank of China has publicly released the average deposit interest rates of all maturities as the reference for banks' deposit pricing. In the next step, the People's Bank of China will promote the replacement of the interest calculation bases in these fields with market-based interest rate indicators, to achieve the phase-out of the benchmark deposit and lending rates for financial institutions. (CLS)
Ministry of Finance decides to carry out October treasury bond market-making support operations
36Kr has learned from the Ministry of Finance that in order to support treasury bond market-making, improve the liquidity of the treasury bond secondary market, and perfect the treasury bond yield curve that reflects the market supply and demand relationship, the Ministry of Finance has decided to launch treasury bond market-making support operations.
Hon Hai plans to acquire a 50% stake in Mitsubishi Electric Mobility to jointly operate the automotive equipment business
On October 19, Hon Hai announced that it will sign a strategic alliance agreement with Mitsubishi Electric through its investment management subsidiary Lin Yin to jointly operate the automotive equipment business. According to the cooperation agreement, Mitsubishi Electric will transfer 50% of the equity of Mitsubishi Electric Mobility, its subsidiary in charge of the automotive equipment business, to Lin Yin, and the two parties will jointly operate Mitsubishi Electric Mobility in the future. The equity transfer transaction is estimated to be worth 115 billion yen (approximately 727 million US dollars). According to the equity transfer agreement, the enterprise value of the target business is 320 billion yen (approximately 2.024 billion US dollars), and the equity value is 230 billion yen (approximately 1.454 billion US dollars). The transaction price is calculated based on the equity value. After all relevant conditions are met, the equity transfer transaction is expected to be completed on October 1, 2027. (Jiemian News)
Equity ETFs posted a net inflow of 88.5 billion yuan last week, hitting the fourth highest level within the year
The continuous expansion of trading volume drove the net inflow of equity ETFs last week to the fourth highest level of the year. According to Wind data, the total net inflow of equity ETFs last week reached 88.493 billion yuan, which is only lower than the levels of three weeks in July. Four equity ETFs recorded net inflows of over 10 billion yuan last week, namely E Fund CSI 300 ETF (net inflow of 19.692 billion yuan), Huatai-PineBridge CSI 300 ETF (net inflow of 17.647 billion yuan), E Fund ChiNext ETF (net inflow of 11.183 billion yuan), and ChinaAMC STAR 50 ETF (net inflow of 10.42 billion yuan). Among them, last Friday also saw the highest single-day net inflow of the week, reaching 25.039 billion yuan, and Huatai-PineBridge CSI 300 ETF alone (net inflow of 12.995 billion yuan) contributed more than half of the total net inflow. (CLS)
Xibei Denies that "Man'er Duo Fresh Mutton Shop" is its new brand
On October 19, a representative from Xibei told Jiemian News that the "Man'er Duo Fresh Mutton Shop" located in Ningbo Century Oriental Mall has no connection with Xibei and is not a new brand under its portfolio. Jiemian News noticed that the Xibei outlet in Ningbo Century Oriental Mall was previously converted to "Tianbian Casserole Braised Noodles", and then rebranded as "Man'er Duo Fresh Mutton Shop". Its dishes are similar to those of Xibei, with a core focus on Inner Mongolian mutton. Some netizens on social platforms claimed that this brand also belongs to Xibei. Industrial and commercial registration information shows that its affiliated entity is Ningbo Yinzhou Fuming Manduo Catering Store, which has no equity, affiliation or direct-operation principal relationship with Xibei. (Jiemian News)
National Bureau of Statistics: The year-on-year decline in commercial residential sales prices in first-, second- and third-tier cities all narrowed in September
36Kr learned from the National Bureau of Statistics that the year-on-year decline in commercial residential sales prices in first-, second- and third-tier cities all narrowed in September. In September, the sales price of new commercial residential buildings in first-tier cities decreased by 0.5% year on year, and the decline narrowed by 0.4 percentage points compared with the previous month. Among them, Beijing, Guangzhou and Shenzhen decreased by 2.7%, 1.1% and 1.0% respectively, while Shanghai rose by 2.8%. The sales prices of new commercial residential buildings in second- and third-tier cities decreased by 2.4% and 3.9% year on year respectively, with the declines narrowing by 0.3 and 0.2 percentage points respectively. In September, the sales price of second-hand residential buildings in first-tier cities decreased by 1.5% year on year, and the decline narrowed by 1.2 percentage points compared with the previous month. Among them, Beijing, Guangzhou and Shenzhen decreased by 2.5%, 2.9% and 1.5% respectively, while Shanghai rose by 0.8%. The sales prices of second-hand residential buildings in second- and third-tier cities decreased by 4.5% and 5.4% year on year respectively, with the declines narrowing by 0.4 and 0.2 percentage points respectively.
Merchants of iPhone Duo Face Price Cuts on Orders Worth Nearly One Million Yuan and Are at Risk of Sustaining Losses
Apple's first foldable-screen iPhone Duo recently kicked off pre-sales, but the premium resale trend at launch quickly cooled down. Many mobile phone merchants that stocked up goods in advance have encountered price cuts on their orders and are trapped in the risk of losses. Xu Shan, a mobile phone dealer in Zhengzhou, pre-locked 50 units of the first batch of supplies. The total payment for this batch of devices is close to one million yuan, reaching 999,950 yuan in total. He has paid a 25,000-yuan deposit to the upstream supplier, and originally planned to resell the goods to peers to earn the price difference. According to the initial agreement, he could make a profit of 2,000 yuan per unit, with a total profit of 100,000 yuan for 50 units. However, the market situation took a sharp downturn. The downstream buyer who was scheduled to take delivery lowered the purchase quotation twice overnight. The price of 3,500 yuan offered on the morning of October 17 was already lower than Xu Shan's original purchase cost plus an extra 4,000 yuan. According to the latest quotation, selling out all these goods will directly lead to a loss of 25,000 yuan.
Meanwhile, ordinary users who snapped up the new devices are also suffering from shrinking resale premiums. Some consumers who got the new devices originally planned to resell them at a 6,000-yuan markup, but second-hand recyclers only offered a maximum markup of 3,000 yuan, and the expected 10,000-yuan premium at launch did not come to fruition. Industry insiders analyzed that the production capacity ramp-up of the new foldable-screen devices exceeded expectations, the market premium window period has been greatly shortened, and scalpers who blindly stocked up goods will face a relatively high risk of heavy losses. (Kuai Technology)
Cathie Wood is bullish on South Korea's memory chip sector: the decline of South Korean stocks stems from algorithmic trading, and the South Korean semiconductor sector has entered the buy zone
Cathie Wood, CEO of ARK Investment and the representative figure of "disruptive innovation investment", recently gave such an interpretation of the South Korean stock market impacted by foreign capital sell-offs. For the South Korean semiconductor stocks that have undergone sharp pullbacks, she stated: "The market has indeed entered the buy zone." When asked about the core trigger for foreign capital withdrawal, Wood explained: "In June this year, memory chip prices peaked and then fell, while the exchange rate of South Korean won against the US dollar hit a new high. The combination of falling stock prices and exchange rate factors triggered a large number of mechanical algorithmic trading, and the root cause of the problem is not that there are hard flaws in the fundamentals of the South Korean market itself." (Sina Finance)
State Taxation Administration Issues Reminder on Offshore Trust Tax Declaration
It is learned from the State Taxation Administration that the official website of the tax authority released a reminder on the same day, advising relevant taxpayers to sort out their offshore trust status as soon as possible, file tax returns in accordance with the law during the transition period, and avoid late payment surcharges and other related risks. In accordance with the provisions of the *Announcement on Issues Concerning Individual Income Tax for Offshore Trusts* issued by the Ministry of Finance and the State Taxation Administration on July 24, offshore trust taxpayers are required to declare and pay individual income tax on the income derived from offshore trusts. The announcement grants taxpayers a 90-day transition period, and no late payment surcharge will be imposed if the tax declaration and payment are completed within the transition period (before October 22). This reminder clarifies that tax authorities will provide taxpayers with meticulous tax guidance and tax handling services, helping taxpayers fulfill their tax obligations in accordance with the law and safeguard their legitimate rights and interests. (Xinhua News Agency)
The three major U.S. stock indexes closed mixed, with most large-cap tech stocks on the rise
36Kr has learned that at the close of trading on October 19, the three major U.S. stock indexes posted mixed performances: the Nasdaq rose 1.11%, the S&P 500 gained 0.41%, and the Dow Jones Industrial Average fell 0.07%. Most large-cap tech stocks moved higher: Western Digital surged more than 5%, Amazon and SK Hynix rose over 4%, Tesla gained over 3%, Micron Technology and Intel climbed more than 2%, NVIDIA and Google increased by over 1%, Microsoft posted a slight rise, while Apple and Meta edged down. Most popular Chinese concept stocks declined broadly: iQiyi fell more than 2%, NIO dropped over 1%, JD, NetEase, Alibaba, Baidu, Li Auto and XPeng saw slight declines, while Pinduoduo posted a modest gain.
Apple announces it will hold a product launch event on October 28, with analysts expecting the launch of a touchscreen laptop
Apple has announced that it will hold a product launch event on October 28, and sent invitations to media and analysts on Monday, with the event named "Apple Experience in Los Angeles". The email reads "Pro and tell", hinting that the launch will focus on high-end "Pro" devices equipped with powerful self-developed chips. Ben Reitzes, an analyst at Melius Research, wrote in a report on Monday that he expects new Mac models to be launched this fall, "including a touchscreen laptop". He said that for John Ternus, who took over as CEO from Tim Cook last month, such a launch schedule marks a "significant shift" from the previous two events per year. (Sina Finance)
New York Stock Exchange to Extend Trading Hours for Some Options, Involving Securities Including NVIDIA and Apple
The New York Stock Exchange (NYSE) extends trading hours for some NYSE American options. The first batch of eligible underlying securities includes State Street SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF, SPDR Gold Trust, as well as Apple, Microsoft, NVIDIA, Alphabet, Amazon and Oracle. The early morning trading session is 7:30 a.m. to 9:25 a.m. Eastern Time; the late trading session is 4:00 p.m. to 4:15 p.m. Eastern Time. Kevin Tyrrell, Chief Product Officer of NYSE, said: "Extending option trading hours reflects market demand, enabling investors to seize investment opportunities and conduct reliable risk management over a longer period." (CLS)
IPO in Progress
South Korea Claims That The Listing of Solidigm Under SK Hynix Will Constitute a Duplicate Listing
Lee Chan-jin, Director of the Financial Supervisory Service of the Republic of Korea, stated that South Korea's top financial regulator is keeping a close eye on the listing of Solidigm, a subsidiary of SK Hynix, and considers its potential initial public offering a so-called "duplicate listing". Lee Chan-jin told members of the National Assembly on October 19 that the regulator will discuss whether this IPO needs to comply with relevant South Korean securities registration rules. South Korea has tightened regulatory requirements for spin-off listings of parent companies and subsidiaries to protect the rights and interests of minority shareholders. However, under current regulations, the regulator has no authority to prevent Solidigm from listing overseas. (Sina Finance)
Large Company Earnings Reports
Hygon Information: Net profit for the first three quarters of 2026 stood at 2.847 billion yuan, up 45.12% year on year
36Kr learned from the announcement of Hygon Information that its operating revenue in the first three quarters of 2026 reached 14.955 billion yuan, representing a year-on-year increase of 57.58%; its net profit after excluding non-recurring gains and losses reached 2.584 billion yuan, up 42.25% year on year; its operating revenue in the third quarter reached 5.856 billion yuan, up 45.46% year on year, and its net profit attributable to shareholders of the parent company reached 1.048 billion yuan, up 37.90% year on year.
iFLYTEK: Net profit in the third quarter of 2026 reached 226 million yuan, up 31.05% year on year
36Kr learned from the announcement of iFLYTEK that its operating revenue in the third quarter of 2026 was 6.564 billion yuan, up 7.99% year on year; the net profit attributable to shareholders of the listed company was 226 million yuan, up 31.05% year on year; the non-recurring profit and loss deducted net profit recorded a loss of 126 million yuan. In the first three quarters of 2026, the operating revenue reached 18.187 billion yuan, up 7.05% year on year; the net profit attributable to shareholders of the listed company was 21.8872 million yuan, up 132.83% year on year; the non-recurring profit and loss deducted net profit posted a loss of 763 million yuan.
Putailai: Net profit in the third quarter of 2026 is 824 million yuan, representing a year-on-year increase of 27.79%
36Kr learned from the announcement of Putailai that its operating revenue in the third quarter of 2026 reached 5.744 billion yuan, up 53.48% year on year; the net profit attributable to shareholders of the parent company was 824 million yuan, up 27.79% year on year; the net profit after deducting non-recurring gains and losses was 807 million yuan, up 34.92% year on year. For the first three quarters of 2026, the operating revenue hit 15.858 billion yuan, up 46.43% year on year; the net profit attributable to shareholders of the parent company was 2.276 billion yuan, up 33.87% year on year; the net profit after deducting non-recurring gains and losses was 2.119 billion yuan, up 33.25% year on year.
Foshan Gas Energy: Net profit for the third quarter of 2026 reaches 196 million yuan, rising 8.83% year on year
36Kr learned from the announcement of Foshan Gas Energy that its operating revenue in the third quarter of 2026 hit 6.475 billion yuan, down 20.69% year on year; net profit attributable to shareholders stood at 196 million yuan, up 8.83% year on year; non-recurring profit and loss deducted net profit reached 182 million yuan, rising 5.34% year on year. In the first three quarters of 2026, its total operating revenue was 19.545 billion yuan, down 16.84% year on year; net profit attributable to shareholders reached 526 million yuan, up 7.40% year on year; non-recurring profit and loss deducted net profit hit 544 million yuan, rising 13.32% year on year.
China Jushi: Net profit of RMB 2.412 billion in the third quarter of 2026, a year-on-year increase of 173.80%
36Kr learned from the announcement released by China Jushi that in the third quarter of 2026, its operating revenue reached RMB 6.919 billion, up 44.30% year on year; the net profit attributable to shareholders stood at RMB 2.412 billion, up 173.80% year on year; the non-recurring profit and loss deducted net profit hit RMB 2.406 billion, up 163.98% year on year. In the first three quarters of 2026, its operating revenue totaled RMB 18.078 billion, up 30.02% year on year; the net profit attributable to shareholders reached RMB 5.346 billion, up 108.15% year on year; the non-recurring profit and loss deducted net profit was RMB 5.313 billion, up 103.39% year on year.
Investment and Financing
"Mingxin Qirui" completes over 400 million yuan Series A financing
36Kr learned that on October 19, MemSilicon announced the completion of its Series A financing of more than 400 million yuan. This round of financing is led by Boyuan Capital, with follow-on investments from Bosch Venture Capital, Chuangling Capital, miHoYo, Zhongguancun Science City Co., Ltd., GigaDevice and other investors. Existing shareholders including Furong Investment, China Development Bank Science and Technology Innovation, Hengyu Capital, Jinqiu Fund, Shunxi Fund, Xiaomi Strategic Investment, and CAS Star have continued to increase their stakes. The funds raised in this round will be mainly used for the industrialization and commercialization of RRAM, as well as the R&D of the new product LPU.
"Shanhai Hydrogen" completes tens of millions of yuan in Angel+ round financing
36Kr has learned that recently, "Shanhai Hydrogen" has closed an Angel+ round of financing worth tens of millions of yuan, with this round led by Zhongying Venture Capital. This marks the second ten-million-yuan-level financing completed by the company within half a year after the exclusive investment from CAS Star. The raised funds will be mainly used for the capacity release of membrane electrodes, mass production iteration of catalysts and slurries, as well as domestic and overseas market expansion.
"Force Energy" Completes Financing of Several Hundred Million Yuan
36Kr has learned that "Force Energy" has recently closed a new round of financing. According to the company's disclosure, the financing amount of this round totals hundreds of millions of yuan, and the investors include Hefei Renchuang Phase IV Venture Capital Partnership (Limited Partnership) and Hefei Renxin Venture Capital Partnership (Limited Partnership). The funds raised in this round will be mainly used for the R&D of products and vertical energy models, regional market expansion, and partial investment in energy assets.
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