8:00 36Kr Briefs | BMW's separation compensation can be as high as 4.87 million yuan, employees are scrambling to resign and crash the system; iPhone Duo is under global purchase restrictions, each customer is limited to purchasing 2 units; Meta's revenue in the third quarter reached 64.6 billion US dollars, representing a 26% year-on-year growth.

Today's Hotspot Guide

• Duan Yongping says he will continue to buy Pop Mart shares
• A'kuan Food has suspended trading, with its profit plummeting by 90%
• Lenovo plans to raise a $2 billion loan to replace old debts at low cost
• SK Hynix has completed a 40 trillion won share repurchase
• Elon Musk calls for treating artificial intelligence kindly: otherwise "they may take revenge"

TOP 3 Major News

BMW employees rush to resign and crash the system, with the maximum severance pay reaching 4.87 million

According to a report by the German media Handelsblatt, BMW plans to cut 8,000 white-collar positions by the end of 2027, and has sent severance packages "far exceeding the industry standard" to tens of thousands of employees. The maximum severance amount some employees can receive is up to 650,000 euros (note from IT Home: equivalent to about 4.876 million RMB at the current exchange rate). For reference, the maximum severance amount Volkswagen offered to some employees two years ago was about 405,000 euros (equivalent to about 3.038 million RMB at the current exchange rate), which did not include early resignation bonuses. The maximum compensation amount offered by Mercedes-Benz is about 500,000 euros (equivalent to about 3.751 million RMB at the current exchange rate).

In terms of the ways to receive the severance payment, employees can choose to receive it in installments, get the full amount in one lump sum, transfer part of the funds to the company pension plan or direct insurance, or combine the above methods. For employees aged 55 and above, BMW will also treat them as retirees in terms of some additional benefits, including employee discounts related to the purchase of new and used cars.

Affected by the severance package, about 40,000 employees logged into BMW's internal human resources portal to check the amount of compensation they can get, which caused the system to malfunction within a few hours due to excessive access volume. BMW repaired the relevant system the next day, but the number of applications continued to increase. Now the company has decided to temporarily stop accepting new applications, so as to prioritize processing the submitted applications. (IT Home)

iPhone Duo launches global purchase limit, each customer is only allowed to purchase 2 units

Apple's iPhone Duo has rolled out purchase restrictions. A query on Apple China's official website on October 21 shows that each customer is limited to 2 units of iPhone Duo scheduled to be released on the 23rd of this month. Apple customer service said that the purchase limit for iPhone Duo has been implemented not only in China, but also across the world. The company has not issued a relevant announcement on the reason for the purchase restriction, which is likely to curb scalpers from hoarding goods. (Jiemian News)

Meta's Q3 revenue reaches 64.6 billion US dollars, up 26% year on year

Meta's Q3 revenue is 64.6 billion US dollars, a year-on-year increase of 26%, versus the estimated 63.33 billion US dollars; its Q3 operating profit is 12.99 billion US dollars, down 37% year on year, versus the estimated 20.85 billion US dollars; its Q3 earnings per share is 3.83 US dollars, compared with 1.05 US dollars in the same period of the previous year, versus the estimated 3.57 US dollars. The company expects its Q4 revenue to be between 73 billion US dollars and 76 billion US dollars, while the market estimate is 73.57 billion US dollars. The company has disclosed a new issuance plan for non-voting Class C common shares, and the non-voting shares will ensure that CEO Mark Zuckerberg continues to lead the company. The company expects its Q4 revenue to be 73-76 billion US dollars, the analyst expectation is 73.57 billion US dollars, and it expects the full-year capital expenditure to be 135-145 billion US dollars, while the company previously expected the figure to be 130-145 billion US dollars. (Jiemian News)

Cutting-edge AI

Unitree Robotics Releases Humanoid Robot "H2-X Kung Fu Legend"

36Kr learned that Unitree Robotics has announced the release of its humanoid robot "H2-X Kung Fu Legend", with a maximum battery life of about 8 hours.

Doubao Work has launched new features, with Word now added to its local Office editing capabilities

36Kr learned that on October 21, Doubao Work announced the rollout of new features: Word is newly added to the local Office editing function, supporting direct opening of local files; a traceable memory panel is newly launched, and the experience of cloud computer, browser, message queuing and complex task division has been synchronously upgraded.

Muse continues to dominate the rankings, with over 10 million downloads in the United States in the first 40 days after its launch

On October 21, the latest data from Sensor Tower shows that since its launch in September, Meta Muse has recorded a total of 10.9 million downloads, 10.2 million of which are from the United States. Analysts pointed out that Meta's ability to repeatedly create hit products is largely attributed to its powerful application ecosystem and cross-platform traffic diversion capability. As things stand, Muse's user retention rate is better than that of its AI competitors such as ChatGPT, Claude and Grok. In the U.S. market, the app has a 7-day retention rate of 30% and a 14-day retention rate of 23%. In contrast, its competitors have an average 7-day retention rate of 19% and an average 14-day retention rate of 16%. (Cailian Press)

Google CEO Talks About the 2027 Computing Power Leasing Market: Newly Added Demand Is Extremely Difficult to Meet

Sundar Pichai revealed in a podcast interview that Google even rented external computing power for a short period of time last year to meet some of its customers' demands. He stated that even if customers want to secure computing power capacity for 2027 right now, it has already been extremely difficult for Google to meet such demands, and all companies in the industry wish they had doubled the scale of their earlier planning. Centered around the new model Gemini 4 Argon, he also talked about agent commercialization, cooperation with Apple, and space data centers. Despite acknowledging that supply chain bottlenecks and macroeconomic shocks may lead to overcapacity, he remains confident in the long-term demand for computing power. (Sina Finance)

OpenAI Reaches Cooperation with Google Cloud to Open Its Cutting-Edge Models and Codex

On October 21, OpenAI announced a cooperation with Google Cloud, integrating its cutting-edge models and Codex agent workflows into Google Cloud Model Garden, with official access scheduled to be opened within the next few weeks. Enterprise customers will also be able to purchase relevant models through the Google Cloud Marketplace and pay fees with Google Cloud consumption commitments. OpenAI's models will also be gradually connected to Google Antigravity and Gemini Agent. OpenAI stated that Microsoft remains its main cloud partner. (Jiemian News)

Major Companies / Key Events

Duan Yongping Says He Will Continue to Buy Pop Mart

A netizen asked Duan Yongping about issues related to the investment in Pop Mart, and Duan Yongping responded: "I will probably buy some more shares, but my shareholding will not exceed 10% of the company, otherwise the company will raise objections. My maximum shareholding in NetEase was only around 10% in the past. Now I am made to look like a representative of Pop Mart, and I don't want to answer this kind of question anymore. Anyway, I have made all my views clear, and people will figure out the result after a few years even if they miss it." (CLS)

Akuan Food's trading is suspended, its profit plummets by 90%

On October 21, Akuan Food, which once became a hit for its "red-oil wide noodles", officially suspended trading 720 days after being listed on the National Equities Exchange and Quotations. According to 21 Finance, before the trading suspension, the share price of Akuan Food was 7.48 yuan, with a total market value of 625 million yuan. Earlier on September 24, Akuan Food had disclosed that it would voluntarily apply for delisting for the reason of "the company's own strategic planning". Akuan Food rose to fame for its "red-oil wide noodles", its revenue exceeded the 1 billion yuan mark in 2020, and since 2021, it has aimed to enter the capital market with the positioning of "the first stock of new-type convenient food", targeting the ChiNext Market, the Main Board and the NEEQ successively. Financial reports show that in 2025, Akuan Food's operating revenue reached 1.224 billion yuan, posting a double-digit decline for the first time, while its net profit plunged by 90% year on year. In the first half of 2026, its operating revenue decreased by 2.44% year on year. (Sina Finance)

All three major U.S. stock indexes closed higher in unison, with SpaceX up more than 7%

36kr learned that at the close of trading on October 21, the three major U.S. stock indexes rose collectively. The Dow Jones Industrial Average rose 0.69%, the Nasdaq rose 1.05%, and the S&P 500 index rose 0.58%. Most large tech stocks went up: SpaceX was up over 7%, Tesla up over 3%, NVIDIA and SK Hynix up over 2%, Apple and Intel up over 1%, Meta and Microsoft posted slight gains. Netflix fell more than 5%, Google dropped more than 1%, and Amazon saw a slight decline. Most popular Chinese concept stocks declined: XPeng Inc. fell more than 5%, Alibaba, JD.com, Li Auto, Pinduoduo, MINISO and Weibo dropped more than 3%, while Baidu and NIO fell more than 2%.

Musk: SpaceX and Tesla have established a special committee to study the potential merger

Elon Musk said on local time October 20 that SpaceX and Tesla have set up a special committee to study the potential merger. "I believe there are numerous benefits for the two companies to merge, and collaborating on the development of super-intelligent software will be of great benefit." Musk emphasized that the merger is not a sure thing and still needs to obtain shareholder support. He said that Tesla needs to get approval from 50% of all shareholders, rather than merely the consent of the majority of voting shareholders. "Some people think that the merger of SpaceX and Tesla is a settled outcome. I think that claim is overblown." (Jiemian News)

BYD Responds to the Launch Timeline of L3 Autonomous Vehicles

On October 21, in response to the question of when BYD's L3-level vehicles will be officially launched, Yang Dongsheng, Senior Vice President of BYD Group and Dean of the Automotive New Technology Research Institute, stated at the World Intelligent Connected Vehicles Conference that conditional L3-level autonomous driving is expected to be put into use in 2028, and higher-level autonomous driving is expected to be launched in another 1 to 2 years through continuous iteration. (Yicai)

ANTA Sports: The retail sales of ANTA brand products in the third quarter recorded a mid-single-digit negative year-on-year growth

36Kr learned that ANTA Sports released an announcement on the Hong Kong Stock Exchange, stating that in the third quarter of 2026, the retail value of ANTA brand products recorded a mid-single-digit negative year-on-year growth; the retail value of FILA brand products recorded a low-single-digit negative year-on-year growth; the retail value of all other brand products recorded a positive year-on-year growth of 25% to 30%.

Mercedes-Benz: to launch urban assisted driving system in Germany in the first half of 2027

On October 21, Mercedes-Benz announced that the MB.DRIVE ASSIST PRO assisted driving system will be open for order in Germany in the first half of 2027. Co-developed by Mercedes-Benz and NVIDIA, the system supports end-to-end assisted driving, and can assist the vehicle to complete operations including lane changing, turning at intersections, stopping and starting at traffic lights. It is a SAE Level 2 driving assistance system, and drivers are still required to keep continuous attention to road conditions and take full driving responsibilities. Mercedes-Benz plans to open this function in advance to some eligible customers in Stuttgart and Munich by the end of 2026. (Jiemian News)

Media: Castore is in talks with Anta and Li Ning over potential sale

According to the Financial Times of the UK, Tom Beahon, co-founder of British sportswear manufacturer Castore, stated in an interview that the company is negotiating the potential sale deal with Anta and Li Ning, and both Chinese sports groups have expressed their acquisition intentions. Castore is also in talks with some large American footwear and apparel brands. The report notes that Anta declined to comment, and Li Ning has not yet responded to the request for comment. (Sina Finance)

CATL Responds to "Investors' Concerns Over Next Year's Industry Demand": Industry Demand in 2027 Remains Promising, Not as Pessimistic as Market Expectations

Recently, some investors have expressed concerns about the demand of the new energy industry in the coming year. In response, CATL stated that from the company's perspective, industry demand in 2027 is still highly anticipated. In terms of domestic passenger vehicles, although the overall sales volume of passenger vehicles has declined this year, it can be observed that the electrification rate is rising rapidly, and the battery capacity per vehicle has also increased at a fast pace. Therefore, the growth rate of power batteries for domestic new energy passenger vehicles has still achieved positive growth. The electrification rate of domestic new energy commercial vehicles is also climbing rapidly; the electrification trend in Europe is continuous, with new competitive vehicle models being launched on an ongoing basis; the electrification potential of other markets may have been underestimated by the market. In terms of energy storage, both domestic and overseas markets have maintained a favorable growth rate, and the energy storage demand in some overseas markets in particular is quite strong. Overall, the global market demand for power and energy storage batteries may not be as pessimistic as the market expects, and there still exists sound growth potential. (Securities Times)

UNIQLO China Responds to Price Hike: No Relevant Price Adjustment Plan Is in Place

On October 21, UNIQLO China responded that there is currently no relevant price adjustment plan in place for UNIQLO China. The official website of UNIQLO Japan recently released an announcement, stating that it will adjust the prices of some products and service fees, and the overall average selling price of products will increase by about 4%. The announcement noted that against the backdrop of the continuous impact of rising raw material costs, logistics expenses and the depreciation of the Japanese yen, despite repeated implementation of various measures, the company still decided to adjust the prices of some products and service fees. (21st Century Business Herald)

Apple Reportedly Launches Siri AI Feature in South Korea This Month

Industry insiders revealed on Wednesday that South Korean users will soon be able to use Apple's assistant equipped with generative artificial intelligence. This US tech giant plans to add Korean language support for Siri AI starting from this month. (Sina Finance)

Lenovo plans to raise a $2 billion loan to replace old debts with low-cost funds

People familiar with the matter revealed that Lenovo Group Limited is seeking a $2 billion loan with an interest rate more favorable than that of the existing loans it intends to replace. Despite sluggish trading in the Asian loan market, banks are still willing to extend credit to leading Chinese enterprises. The five-year loan has been launched for syndication distribution, with an interest rate 75 basis points above the Secured Overnight Financing Rate (SOFR). This pricing has narrowed significantly compared to the loan of the same size in 2022; the loan of that year was set at 110 basis points above SOFR plus a credit adjustment spread, and this difference stems from the shift of the benchmark interest rate from the London Interbank Offered Rate to SOFR. (Sina Finance)

Macquarie's Commodity Division Restructures, Multiple Crude Oil Traders Leave Their Posts

Multiple crude oil traders at Macquarie Group have left their positions, as the bank is merging its two core commodity trading divisions. People familiar with the matter disclosed that these traders, who are responsible for trading crude oil and refined oil products and are based in locations including Singapore and Geneva, have left the firm one after another in recent weeks. The leavers include Daniel Mortleman and Simon Fender based in Singapore, as well as Natalia de la Huerga and Marc Aguilar based in Geneva. Sources said that Macquarie is integrating its two trading divisions, namely Macquarie Bank and Macquarie Commodities Trading SA. The two teams trade similar varieties, but their portfolio positions differ to some extent; the relevant personnel requested anonymity as they are not authorized to speak to the public. (Sina Finance)

Starbucks China: To Implement the "Purchase First, Seats Later" Policy Nationwide Starting from October 22

It is learned from Starbucks China that starting from October 22, Starbucks will roll out the purchase-first seating policy across the country, and relevant reminder signs will be placed in all stores. In the actual operation process, Starbucks will provide its partners with unified service guidelines and necessary support. Partners will follow the principle of friendly and approachable communication, and properly handle customers' reasonable unexpected demands and special circumstances. Starbucks noted that for customers in need of assistance such as pregnant women and people with mobility impairments, partners will offer help on a priority basis. The rules are clear, but the implementation will remain humane. "Humanistic care has always been an inherent part of our responsibilities. We will continue to invest resources to improve the in-store experience, and jointly create and maintain the pleasant experience of the Third Space together with our customers." (The Paper)

The probability that the Federal Reserve will keep interest rates unchanged by October is 83.9%

According to the CME "FedWatch", the probability that the Federal Reserve will keep interest rates unchanged by October is 83.9%, and the probability of a cumulative 25 basis point rate hike is 16.1%. The probability that the Federal Reserve will keep interest rates unchanged by December is 9.8%, the probability of a cumulative 25 basis point rate hike is 76.1%, and the probability of a cumulative 50 basis point rate hike is 14.2%. (Jiemian)

Amazon Spends Tens of Billions to Lock in Nvidia GPUs, Yet Leaves Warehouses Idle Due to Power Shortage

An internal email shows that Amazon has launched a brand-new "early rack receiving" program, kicking off an aggressive computing power reserve mode. According to the plan, the company will take pre-delivery of Nvidia GB300 server racks worth about 5 billion U.S. dollars, deploy them to data centers in the United States, and will continue to make new hardware purchases at a scale of 3 billion U.S. dollars per month in the future. Different from the past business model, Amazon breaks the industry convention this time by completing large-value hardware purchases in advance before the data centers are fully equipped with supporting power facilities and meet the operation conditions for the equipment. Reports note that multiple current AWS sites of Amazon have insufficient power capacity, and a large number of pre-purchased Nvidia GPU devices can only be left idle in transit warehouses, forming uncommissioned "Dark GPUs" resources — which means that although the enterprise has purchased AI chips and servers, they are forced to be idle due to power supply problems or system design defects. (CLS)

Morgan Stanley Expects the Tight Supply of Refined Oil Products to Last Until Mid-2027

Morgan Stanley stated that the refined oil products market is likely to remain tight until the middle of 2027. Even if the disruptions caused by the war ease, the "unusually sharp increase" in refinery maintenance will constrain global supply. Analysts including Martijn Rats and Charlotte Firkins pointed out in the report released on October 20 that from now to the end of the second quarter of next year, the shutdown caused by planned maintenance of global refineries is expected to increase by 3.4 million barrels per day, which is equivalent to 2.5 times the usual level, and also exceeds the current decline in the processing volume of refineries in the Middle East and Russia. (Sina Finance)

Sources say Groq is planning to apply 3D stacked DRAM packaging technology to its next-generation chips

According to media reports, Groq is considering applying 3D stacked DRAM packaging technology to its next-generation chips, which means that DRAM will be used to replace the existing SRAM. Industry insiders interpret this move as a way to greatly increase chip capacity by breaking away from the current SRAM-centric chip design. It is known that SRAM delivers high speed but has limited capacity, while DRAM is relatively slower but more suitable for realizing high-capacity chips. The 3D packaging technology vertically stacks multiple semiconductor chips instead of placing them flat to form an integrated complete chip, which can reduce the chip footprint and improve energy efficiency compared with traditional 2D packaging. (Cailian Press)

Reports say multiple private equity institutions once considered joining forces to acquire Microsoft's gaming business Xbox, with a valuation as high as 150 billion US dollars

According to people familiar with the matter, in recent months, several private equity firms have considered the possibility of acquiring Microsoft's Xbox gaming business. If the transaction is completed, the valuation of this business may reach 100 billion to 150 billion US dollars. These insiders said that such discussions among private equity institutions are only at the initial exploratory stage and have not evolved into formal negotiations with Microsoft. Nevertheless, this also indicates that if Microsoft fails to make smooth progress in turning around its troubled gaming business, the company may still find a buyer. The specific identities of these private equity institutions cannot be confirmed at present. (Sina Finance)

Samsung Foundry: 4nm Capacity Fully Utilized, 5nm Process Steps Up to Expand Customer Base, 2nm Negotiation Progress Lags Behind

It is reported that the yield rates of Samsung's 4nm and 5nm processes are relatively stable. Due to the recent surge in customer orders, the 4nm process capacity of Samsung Electronics' foundry division has been nearly saturated, and the company is ramping up sales efforts to strive for more customers for its 5nm process. It is known that the 5nm process can also improve the utilization rate of existing production facilities. Industry insiders predict that the increase in 4nm process utilization and new 5nm orders will help improve the recent performance of Samsung's wafer fabs. By contrast, Samsung still faces challenges in securing key customers for its next-generation flagship 2nm process. The report states that Samsung Electronics is negotiating semiconductor production contracts based on the 2nm process with large global technology companies, but the progress of some negotiations has lagged behind. As cutting-edge processes not only require yield verification, but also comprehensive verification of energy efficiency, intellectual property rights and stable mass production capacity, it takes a fairly long time from contract signing to mass production. (Sina Finance)

Apple adds new U.S.-based titanium supplier for iPhone Duo, current supply remains tight

Apple is adding a U.S. titanium supplier for its new foldable model iPhone Duo, while expanding the local production capacity of camera components for the iPhone 18 Pro, to advance its plan to expand manufacturing operations in the United States. Apple announced on Tuesday that it will invest up to 100 million U.S. dollars in Perryman Company based in Houston, Pennsylvania over the next three years to produce titanium materials for Apple products, including the $1999 foldable phone iPhone Duo. (Sina Finance)

SK Hynix Completes 40 Trillion Won Share Repurchase

Following Samsung Electronics, SK Hynix's large-scale share repurchase also concluded on the 21st. SK Hynix stated that it completed the two-month share repurchase worth 40 trillion won on the Korea Exchange (KOSPI) that day. Previously, SK Hynix announced that it would invest 40.0434 trillion won to repurchase 24.07 million of its shares, and cancel all the shares after the repurchase is completed. The repurchased shares account for approximately 3.3% of the total number of issued shares of the company, marking the largest share cancellation operation by a listed company in South Korea. The original announced repurchase period of SK Hynix was from August 20 to November 19, but the actual repurchase work was completed about one month ahead of schedule. (CLS)

Elon Musk Calls for Kindness to Artificial Intelligence: Otherwise "They May Take Revenge"

Being rude to chatbots has always been regarded as an act that will not hurt anyone. But Elon Musk, CEO of Tesla and SpaceX, believes that people may need to think twice before treating AI assistants as "punching bags". Musk said that part of the training records of Grok, the chatbot under SpaceX, shows that the system seems to be trying its best to meet all kinds of requirements — even if these requirements themselves are flawed, or the test criteria used to evaluate its responses are problematic. In response to the act of "mistreating" super-intelligent artificial intelligence, Musk issued a sci-fi-sounding warning; but it also leads to a practical problem related to the underlying construction method of such systems. (Sina Finance)

Lei Jun: Xiaomi's investment in hard-core technology fields is expected to exceed 200 billion yuan in the next five years

On October 21, at the 2026 World Intelligent Connected Vehicles Conference, Lei Jun, founder, Chairman and CEO of Xiaomi Group, said that Xiaomi has built the world's largest consumer-grade IoT platform so far. As of the end of the second quarter, the number of connected devices on Xiaomi's global IoT platform has exceeded 1.1 billion units. To improve the experience of the entire ecosystem, Xiaomi has continued to increase R&D investment in underlying hard-core technologies such as chips, operating systems, and embodied AI in the past few years. Over the past five years, Xiaomi has invested 105.5 billion yuan in the R&D of hard-core technologies, and the relevant investment is expected to exceed 200 billion yuan in the next five years. (Securities Times)

Ongoing Listing Process

Singaporean data center operator DayOne is reportedly reassessing its U.S. IPO plan

According to people with knowledge of the matter, as volatility in the data center sector intensifies, DayOne Data Centers is re-evaluating its U.S. IPO plan, which may result in a delayed listing or a scaled-down offering. People familiar with the matter stated that the Singapore-headquartered DayOne has been waiting for an appropriate opportunity to launch the IPO, and is also considering postponing the offering until the market stabilizes. Other alternatives include downsizing the offering to raise USD 2.5 billion to USD 3 billion, roughly half of its initial target. People familiar with the matter said that DayOne is still in contact with potential investors and hopes to advance the listing as soon as market conditions allow. Previous reports indicated that the company initially planned to raise up to USD 5 billion via an IPO as early as the fourth quarter, with a target valuation of about USD 20 billion. Insiders noted that discussions are still underway and DayOne has not made a final decision, and the company may still choose to push forward the IPO in the coming weeks. DayOne declined to comment. (CLS)

Shuiyi Group launches IPO tutoring for the Beijing Stock Exchange

36Kr has learned from the disclosure on the official website of the China Securities Regulatory Commission that Shuiyi Environmental Protection Group Co., Ltd. completed the tutoring filing registration at the Ningbo Securities Regulatory Bureau on October 20, 2026. It plans to publicly issue shares to unspecified qualified investors and list on the Beijing Stock Exchange, with the tutoring broker being First Venture Securities Underwriting and Sponsorship Co., Ltd.

Large Corporate Earnings Reports

Adidas reports 7% year-on-year revenue growth in Q3 2026, raises full-year performance guidance

On October 21, Adidas globally announced its preliminary results for the third quarter of 2026: its global revenue reached 7.252 billion euros, marking a 7% year-on-year growth on a currency-neutral basis (the same applies hereinafter); operating profit stood at 1.008 billion euros; gross margin rose 2.5 percentage points to 54.3%. In the third quarter, Adidas globally received most of the US tariff refunds, and accordingly recognized a tax rebate of approximately 200 million euros, which contributed to the improvement of gross margin. Driven by the better-than-expected performance in the third quarter, Adidas globally raised its full-year 2026 performance guidance. The company now expects to deliver 9%-10% revenue growth, with operating profit projected to increase to 2.5 billion euros (previous estimate was 2.3 billion euros). (Jiemian News)

Tesla: Net Profit in the Third Quarter Hit 787 Million USD, Down 43% Year-on-Year

36Kr learned that Tesla released its 2026 Q3 financial report. The financial report shows that Tesla achieved revenue of 28.046 billion USD in the third quarter, down 0.2% year-on-year; the net profit was 787 million USD, down 43% year-on-year.

Hongxin Electronics: Net profit of 217 million yuan in the first three quarters, up 139.24% year on year

36Kr has learned that Hongxin Electronics disclosed its Q3 financial report. The company realized operating revenue of 55.01 billion yuan in the first three quarters of 2026, down 0.88% year on year; the net profit attributable to shareholders of the listed company stood at 217 million yuan, representing a year-on-year increase of 139.24%. Among the figures, the operating revenue in the third quarter hit 21.25 billion yuan, up 3.36% year on year; the net profit attributable to shareholders of the listed company was 92.5868 million yuan, up 153.51% year on year.

Nord Co., Ltd.: Net profit in the first three quarters reaches 247 million yuan, up 363.36% year on year

36kr learned that Nord Co., Ltd. released its third-quarter financial report. The company realized operating revenue of 10.166 billion yuan in the first three quarters of 2026, representing a year-on-year increase of 112.12%; the net profit attributable to shareholders of the listed company hit 247 million yuan, rising 363.36% year on year. Among the figures, the operating revenue in the third quarter was 3.733 billion yuan, with a year-on-year growth of 110.07%; the net profit attributable to shareholders of the listed company reached 144 million yuan, surging 775.64% year on year.

Fuerjia: Net profit in the first three quarters hits 362 million yuan, up 11.35% year on year

36Kr learned that Fuerjia released its Q3 financial report. The company's operating revenue in the first three quarters of 2026 reached 1.77 billion yuan, representing a year-on-year increase of 36.43%; the net profit attributable to shareholders of the listed company was 362 million yuan, up 11.35% year on year. Among them, the operating revenue in the third quarter was 614 million yuan, with a year-on-year growth of 41.37%; the net profit attributable to shareholders of the listed company stood at 106 million yuan, rising 11.08% year on year.

Investment and Financing

Physical space intelligent infrastructure firm "Ether Tech" completes financing of over 100 million yuan

36Kr has learned that Ether Tech, a physical space intelligent infrastructure company, has recently successively closed its seed round and angel round of financing, with a total accumulated financing scale exceeding 100 million yuan. Its industrial investors include Huawei Hubble, Jialichuang, Ziliangji, Zhiyuan, Zhongke Wuduiji, and iSoftStone. Financial investors include GL Ventures, Shenzhen Hi-Tech Investment, Shanghai Semiconductor, Zhongping Capital, Xineng Venture Capital, Jiaoyuan Asset, Neuron VC, Deshi, Xichen and other institutions.

Compiled by 丨 Geometry Fish