At 8:00, here are the latest news: Yu Donglai, the founder of Fat Donglai, announced his retirement after the Spring Festival and changed his account name to "Silly Bad Guy"; Huazhu Group was summoned by the Consumer Association; A new fraud park has emerged in Myanmar, five kilometers away from the KK Park.
Today's Hot Topics Guide
Xiaomi Group's stock rises by over 5%. Lei Jun reveals that the new-generation SU7 is expected to be launched in April.
The State Administration for Market Regulation announces the inspection results of 51 3C certification institutions.
The CEO of Yonghui Superstores sends an apology letter to all employees, saying that the company has deviated from its original entrepreneurial intention and desires have exceeded its capabilities.
Estée Lauder sues Walmart for selling counterfeit beauty products.
The labor-management dispute jurisdiction agency of SpaceX has been changed.
Sam Altman of OpenAI: GPT-5.2 has been updated in ChatGPT.
Top 3 Big News
Yu Donglai, the founder of Fat Donglai, announced his retirement after the Spring Festival and changed his social account name to "Silly Bad Guy"
Yu Donglai, the founder of Fat Donglai, posted on a social platform on February 11, announcing that he would officially retire after the Spring Festival and become an advisor. The work at Fat Donglai will be presided over by the Fat Donglai Decision - Making Committee.
Public information shows that Yu Donglai was born in Xuchang, Henan in 1966. He is 59 years old this year and is currently the chairman of Henan Fat Donglai Trading Group. This is not the first time Yu Donglai has announced his retirement. In June 2023, he also officially announced his retirement. At that time, he had already let go of 80% of the company's business operations and focused on the construction and dissemination of life concepts. In 2025, he also stepped down from the position of general manager of the company and gradually promoted the power transfer.
In addition, in 2024, Yu Donglai revealed that he had undergone gastric cancer surgery. He admitted that his lungs, liver, and colon had once been "condemned", and his kidney condition was also extremely poor. There were almost no healthy organs in his body, and he still needed to undergo surgeries in the next two years.
Reporters noticed that shortly after Yu Donglai officially announced his retirement, the nickname of his personal account was changed to "Silly Bad Guy Yu Donglai". It is understood that Yu Donglai has repeatedly referred to himself as a "silly bad guy" in public because he was very mischievous when he was young. (Qilu Yidian, Jimu News)
Beijing Consumers Association Summons Huazhu Club in Accordance with the Law
On February 11th, in response to the issue of suspected unfair standard terms in Huazhu Club's membership service agreement, according to Article 40 of the "Regulations for the Implementation of the Law of the People's Republic of China on the Protection of Consumers' Rights and Interests", which states that "consumer associations may conduct investigations on acts that damage consumers' legitimate rights and interests as complained by consumers, verify the situation with relevant business operators, invite relevant business operators to come and state the facts and opinions, and provide evidence materials, etc.", and in accordance with the "Measures for Consumer Associations to Summon Business Operators for Consumer Rights Protection (Trial)" of the China Consumers Association, the Beijing Consumers Association summoned its operator, Han Ting Xing Kong (Shanghai) Hotel Management Co., Ltd. It clearly pointed out that the relevant terms of the company were suspected of excluding and restricting consumers' major rights, which damaged consumers' legitimate rights and interests, and required the company to conduct a comprehensive self - inspection and make rectifications within a time limit. (CCTV News)
A New Fraudulent Park Discovered in Myanmar, with Internal Photos Exposed
Hu Jieliang, the head of a public welfare organization in Malaysia, once stated that they had found a new fraudulent park named "Qingsong Park" (also known as Taihe Park) in Myanmar. He also pointed out that there was suspected to be a Malaysian fugitive in the area, who was alleged to have lured at least 150 Malaysians to engage in fraudulent activities there.
It is reported that this park is located on the back mountain, about 5 kilometers away from the KK Park. Hu Jieliang told reporters on the 11th that the online fraud industry is undergoing a dangerous "mutation and upgrade." "It is shifting from the previous centralized parks to decentralized and fragmented strongholds. Once punched apart, they scatter like sand and then regroup elsewhere." (Red Star News)
Big Companies/Big Events
Xiaomi Group rises over 5%, Lei Jun reveals that the new-generation SU7 is expected to be launched in April
36Kr learned that Xiaomi Group has risen over 5%. According to the news, on the 10th, Lei Jun announced during a live broadcast that the first-generation SU7 has officially stopped production, and the last vehicle has rolled off the production line. Meanwhile, Lei Jun revealed that the new-generation SU7 is expected to be launched in April.
The iPhone 18 Pro is expected to maintain its price, and Apple is controlling costs through the supply chain
Jeff Pu, an analyst at GF Securities, said that Apple plans to keep the starting prices of the iPhone 18 Pro and iPhone 18 Pro Max the same as those of the iPhone 17 Pro series.
According to his supply chain research, Apple is striving to keep the selling prices unchanged or basically the same through cost control. In the Chinese market, the starting price of the iPhone 17 Pro is 8,999 yuan, and that of the iPhone 17 Pro Max is 9,999 yuan. Jeff Pu pointed out that against the background of a significant increase in the prices of DRAM and NAND memory chips, Apple is negotiating with Samsung and SK Hynix for more favorable procurement prices and is expected to reduce the costs of core components such as displays and cameras through other means.
Ming-Chi Kuo, an analyst at TF International Securities, also said that Apple's plan for the iPhone 18 Pro series is to avoid price increases as much as possible and at least keep the starting prices the same as those of the iPhone 17 Pro series. (IT Home)
After 12 years of discontinuation, Chery QQ cars are "resurrected". The chairman of Chery says he wants to make it the "Chinese MINI".
Recently, the new Chery QQ3 officially launched blind pre - orders. You can participate with a deposit of 99 yuan, which can be deducted by 999 yuan. Yin Tongyue, the chairman of Chery Automobile, clearly stated at the press conference that he wants to make Chery QQ the Chinese MINI and the Chinese Smart, create a classic Chinese automobile IP, and make it a symbol of Chinese cars.
The Chery QQ was launched in 2003. With a price of less than 50,000 yuan, it entered the domestic auto market then dominated by Jetta, Fukang, and Santana. Thanks to its compact design and high cost - effectiveness, it became a hit among self - owned brands, with a cumulative sales volume of 1.54 million units. It was the core model during Chery's startup phase. After 2011, its sales gradually declined, and it was officially discontinued in 2014. (NBD)
General Administration of Market Regulation Releases Inspection Results of 51 3C Certification Bodies
Recently, the General Administration of Market Regulation centrally notified CCC designated certification bodies and laboratories of the results of the "double random, one public" inspections of CCC certification designated implementation bodies in 2025. A total of 472 issues were found during the inspections, involving 51 institutions. The main issues include reducing or omitting certification procedures, test and factory inspection conclusions being insufficient to support certification decisions, lax review of key technical information for certification assessment, failure to convert certificates as required, testing capabilities not meeting the specified requirements, and insufficient standardization in daily testing processes and management.
Currently, decisions have been made in accordance with the law to revoke or suspend the designated qualifications of some of the above - mentioned institutions, impose economic penalties, issue administrative warnings, and require rectification within a specified time limit. All CCC designated certification bodies and laboratories are required to firmly establish a risk awareness, strictly implement their main responsibilities, and effectively improve their professional capabilities to prevent various potential hazards in CCC certification through full - chain supervision. (CCTV News)
CEO of Yonghui Superstores Sends Letter to All Employees to Apologize: Deviated from the Original Entrepreneurial Vision, and Desires Exceeded Abilities
Reporters learned from Yonghui Superstores (601933.SH) that Wang Shoucheng, the CEO of Yonghui Superstores, issued a New Year letter to all employees on the 11th, offering apologies and reflections on the past and further proposing future adjustment and improvement plans. In the letter, Wang Shoucheng stated that in the past, while pursuing scale, Yonghui once deviated from the original entrepreneurial vision, and desires exceeded abilities.
Previously reported that on the evening of January 20th, Yonghui Superstores issued a pre - loss announcement, expecting a net loss of 2.14 billion yuan attributable to the parent company in 2025. The company said that the main reason for the performance loss was the major adjustment of the business strategy in 2025. Among them, the asset scrapping and one - time investment brought about by the store adjustment and renovation, as well as the gross profit margin loss resulting from the suspension of business for renovation, totaled more than 1.2 billion yuan. Yonghui Superstores was founded in 2000 and quickly occupied the market by taking fresh produce as a breakthrough at the beginning. Since 2021, the company has been making continuous losses. As of the pre - loss in 2025, it has suffered losses for five consecutive years. (Red Star News)
Surveillance footage of Epstein's prison cell released
According to reports from the UK's Daily Telegraph and Daily Mail on the 9th local time, among the more than 3 million documents related to the case of the late wealthy businessman Jeffrey Epstein previously made public by the US Department of Justice, there is a segment of prison surveillance footage during the period when Epstein was found dead. A previous official report stated that Epstein committed suicide before 6:30 a.m. local time on August 10, 2019, and his body was found by a prison guard delivering breakfast at that time. The surveillance video released by the Daily Telegraph this time records the footage from around 6:29 a.m. to 7 a.m. that day. (Global Times)
The three major U.S. stock indexes closed slightly lower, and large technology stocks showed mixed performance
36Kr learned that at the close on February 11, the three major U.S. stock indexes fell slightly. The Dow Jones Industrial Average dropped 0.13%, the Nasdaq Composite declined 0.16%, and the S&P 500 Index edged down 0.01%. Large technology stocks showed mixed performance. Google and Microsoft fell more than 2%, Amazon dropped more than 1%, Meta declined slightly, while Intel rose more than 2%, and Nvidia, Apple, and Tesla rose slightly. Popular Chinese concept stocks also showed mixed trends. NetEase fell more than 4%, iQiyi dropped more than 2%, Alibaba and Baidu declined more than 1%, while Bilibili and NIO rose more than 2%, and XPeng Motors and Li Auto rose more than 1%.
Hainan Welcomes First Spring Festival Travel Rush After Island-wide Customs Closure, with Nearly 2.8 Million Passengers In and Out of the Island in the First 9 Days
This year, Hainan is experiencing its first Spring Festival travel rush since the island-wide customs closure operation. In the first 9 days of the Spring Festival travel rush (from February 2nd to February 10th), the cumulative number of passengers traveling in and out of the island reached 2.7911 million, a year-on-year increase of 8.62% compared to 2025. (CCTV News)
Ministry of Commerce: 62.5 billion yuan of national subsidy funds are in place
This Sunday will mark the longest Spring Festival holiday in history. The Ministry of Commerce, in collaboration with nine other departments, has planned a special "Happy Shopping during the Spring Festival" event. A series of high - value policy packages have been introduced to boost holiday consumption. Not long ago, the Ministry of Commerce, together with the National Development and Reform Commission and the Ministry of Finance, allocated 62.5 billion yuan of national subsidy funds for this year, which have now reached the local commerce departments. During the nine - day Spring Festival holiday, localities will be guided to increase the distribution of subsidies to fully ensure that consumers can claim subsidies in accordance with policy requirements. (CCTV News)
Estée Lauder Sues Walmart for Selling Counterfeit Beauty Products
Estée Lauder Companies has filed a lawsuit in a California federal court, accusing Walmart of selling counterfeit beauty products on its website and failing to take sufficient measures to ensure that only authorized and genuine products are provided to consumers. According to the lawsuit filed on Monday, Estée Lauder said it had purchased, inspected or tested multiple products bearing trademarks such as Le Labo, La Mer, Clinique, Aveda, Tom Ford and "Estée Lauder" sold on Walmart's website, but all of these products were identified as counterfeits. (Sina Finance)
Bank of China: Adjust the Minimum Purchase Amount for the Gold Accumulation Product
36Kr learned that, in accordance with the provisions of the Interim Measures for the Administration of Gold Accumulation Business issued by the People's Bank of China (Document No. 222 [2018] of the General Office of the People's Bank of China) and with reference to the current market situation, the Bank of China will adjust the purchase conditions for the gold accumulation product starting from February 12, 2026. The specific adjustments are as follows: 1. When purchasing the gold accumulation product by amount or creating an accumulation fixed - investment plan, the minimum purchase amount will be adjusted from 950 yuan to 1,200 yuan, while the additional purchase amount will remain in multiples of 200 yuan. Existing fixed - investment plans in execution will not be affected. 2. When purchasing the gold accumulation product by weight or creating an accumulation fixed - investment plan, the minimum purchase weight will remain at 1 gram, and the additional weight will also remain in multiples of 1 gram.
Frequent Capital Injections by Major Shareholders and "Clearing" through Listing: Small and Medium-sized Public Funds Face Survival Crisis
Recently, Hongyi Yuanfang Fund Management Co., Ltd. issued an announcement stating that its shareholder, Hongyi Investment (Beijing) Co., Ltd., provided another capital injection of 29 million yuan, making it the first public fund to implement a capital increase this year. Meanwhile, Huachen Future Fund Management Co., Ltd., whose major shareholder listed its shares for "clearing", released the liquidation report of its Huachen Future Value Pioneer Fund. Whether it is a capital injection or listing for "clearing", it highlights the current survival crisis faced by small and medium-sized fund management institutions. Reporters sorted out the data from Flush iFinD and found that as of the end of 2025, among the 167 public fund management institutions in the entire market, 101 had a fund management scale of less than 100 billion yuan, accounting for more than 60%. The total scale of these institutions was 2.75 trillion yuan, accounting for approximately 7.60% of the total market scale. (Economic Information Daily)
EU Approves Google's $32 Billion Acquisition of Wiz
According to Reuters, on the 10th local time, the EU antitrust regulator officially announced that it has approved Google, a US company, to acquire Wiz, a cybersecurity startup, for $32 billion (approximately 221.2 billion yuan). Google announced this all-cash acquisition deal in March 2025, aiming to strengthen the company's presence in the cloud computing and cybersecurity fields and help it catch up with other major competitors in the cloud computing sector. Previously, US regulators had already approved this deal. (CCTV Finance)
Change of Jurisdiction Institution for SpaceX Labor Dispute
The National Mediation Board (NMB) announced that it has jurisdiction over SpaceX (SPAX), which may end the cases of the National Labor Relations Board (NLRB) related to worker dismissals and reshape the labor - management landscape of the company. (Sina Finance)
Kraft Heinz Puts Plan to Split into Two Companies on Hold, Says It Can Solve Its Own Problems
Kraft Heinz announced on Wednesday that it will put on hold its plan to split into two companies. Steve Cahillane, who took over as CEO of Kraft Heinz on January 1 this year (formerly the CEO of Kellogg's), said that he hopes to ensure that all of the company's resources are focused on profitable growth. The company said it will put the split on hold and invest $600 million in marketing, sales, and product research and development. In the fourth - quarter earnings report, CEO Cahillane said that Kraft Heinz's balance sheet and free - cash - flow potential remain strong. (Sina Finance)
The Cutting - edge of AI
OpenAI's Altman: Updated GPT-5.2 in ChatGPT
On February 11th, Sam Altman, the CEO of OpenAI, posted a message saying that GPT-5.2 (instant model) in ChatGPT has been updated. Although the changes are not significant, he hopes that users can feel a little improvement. (Jiemian News)
Elon Musk Plans to Build an AI Satellite Factory on the Moon
On February 10 local time, Elon Musk outlined the blueprint for a lunar satellite factory at an all - hands meeting of his artificial intelligence company, xAI. He said that the company needs to build a factory on the moon to manufacture AI satellites, and a huge space catapult can launch the AI satellites into space. "You have to go to the moon," Musk said. This will help xAI gain more capabilities in building artificial intelligence than other companies and provide computing power support for xAI's artificial intelligence business. "It's hard to imagine what kind of intelligence at that scale would think about, but it will be incredibly exciting to witness its birth." (The Paper)
South Korea Plans to Invest 1 Trillion Won in Developing On - Device AI Chips
The Ministry of Trade, Industry and Energy of South Korea said on Wednesday that South Korea will launch a project worth 1 trillion won (approximately $687.8 million) next month to develop on - device artificial intelligence (AI) semiconductors. According to the ministry, the government and private companies will jointly invest a total of 1 trillion won in the project over the next five years, aiming to create about 10 types of AI chips that can be used in self - driving cars, smart home appliances, humanoid robots, etc. (Sina Finance)
Qianwen's DAU Reaches 73.52 Million
36Kr learned that the latest data from QuestMobile shows that on February 7th, the DAU (Daily Active Users) of Qianwen reached 73.52 million. In addition, the free list of the Apple App Store shows that the Qianwen App has topped the No. 1 spot on the App Store free list for 6 consecutive days.
NetEase Youdao Launches All-Scenario Personal Assistant Agent "LobsterAI"
36Kr learned that on February 11th, NetEase Youdao officially launched the desktop-level Agent "LobsterAI" (Chinese name: Youdao Lobster). This product is positioned as an "all-scenario personal assistant Agent that helps you with tasks 24/7". Currently, the application for the internal test is available on the official website. According to the information released by the official, in terms of device support, LobsterAI has established a connection between the mobile and PC ends. Users can conduct remote interactions through mobile devices in software such as DingTalk and Feishu.
Meituan Launches Native "In - Depth Research" Agent, with a Higher Availability Rate of Guides than ChatGPT
36Kr learned that on February 11th, Meituan's LongCat launched a native "In - Depth Research" Agent. Based on the original three - layer intelligent agent closed - loop architecture and trained with the physical world data accumulated by Meituan, this product effectively alleviates the current pain point of AI, which is prone to hallucinations when solving real - world physical problems. Blind tests by users show that the "overall availability rate" of its guides reaches 61.1%, better than ChatGPT's 42.8%. Currently, this function is available for free on the LongCat website.
Financial Reports of Large Companies
NetEase Cloud Music: Adjusted net profit of 2.86 billion yuan in 2025, a year-on-year increase of 68.2%
36Kr learned that NetEase Cloud Music released its 2025 financial report. The report shows that NetEase Cloud Music's revenue in 2025 was 7.76 billion yuan, a year-on-year decrease of 2.4%; the adjusted net profit in 2025 was 2.86 billion yuan, a year-on-year increase of 68.2%.
Coca-Cola: Full-year revenue in 2025 increased by 2%, and net profit increased by 23%
36Kr learned that on February 10th, Coca-Cola Company released its financial reports for the fourth quarter and the full year of 2025. The financial reports showed that the company's revenue in the fourth quarter was $11.822 billion, a 2% increase; the net profit was $2.316 billion, a 5% increase; the earnings per share (non-GAAP) were $0.58, a 6% increase, higher than the market expectation of $0.56. The global unit case volume increased by 1% in the fourth quarter. For the full year of 2025, the company's revenue was $47.941 billion, a 2% increase; the net profit was $13.137 billion, a 23% increase; the earnings per share (non-GAAP) were $3, a 4% increase, higher than the market expectation of $2.99. The global unit case volume remained flat in 2025.
Innote Performance Report: Net Profit Reached 146 Million Yuan in 2025, a Year-on-Year Decrease of 40.84%
36Kr learned that Innote released its 2025 annual performance report. During the reporting period, the company achieved a total operating revenue of 422 million yuan, a year-on-year decrease of 32.08%; and the net profit attributable to the owners of the parent company reached 146 million yuan, a year-on-year decrease of 40.84%.
Investment and Financing
"Qingyun New Materials" Completes Series C+ Strategic Financing
36Kr has learned that recently, "Qingyun New Materials" announced the completion of a Series C+ strategic financing, jointly led by Sinochem Innovation (Quanzhou) Industry Fund under Sinochem Capital Venture Capital and Guoxin Venture Capital Fund under China Reform Holdings Corporation Limited. This financing will accelerate Qingyun New Materials' technological iteration, innovation and upgrading in the field of flash-spun materials.
Compiled | Zhao Huali, He Yuting