8:00 am, 1 Krypton News | Official response to DeepSeek's claim of making up to 3.46 million yuan a day; Dong Mingzhu responds to doubts about investing 50 billion yuan in chip - making; Orient Group is notified by the CSRC for suspected major financial fraud.
Top 3 Big News
Can DeepSeek Earn Up to 3.46 Million Yuan a Day? The Official Says the Theoretical Revenue Is Not the Actual One
The "high - profit" data released by DeepSeek on March 1st, the last day of the open - source week, has sparked intense discussions. The theoretical daily profit of the V3/R1 inference system is as high as 3.46 million yuan (475,000 US dollars). Behind these seemingly astonishing figures lies a real - world interrogation about the commercialization of AI model services. Some industry insiders believe that even when calculated according to a more rigorous standard, DeepSeek is still profitable. However, there are currently some disputes in the industry about whether the manufacturers selling DeepSeek API can make money. DeepSeek mentioned that in fact, the revenue is not that high. Since the pricing of V3 is lower, and only a part of the services are paid. The web - based and application services for users are free, and there are also discounts at night, resulting in the actual revenue being far less than the theoretical value. (Yicai Global)
Dong Mingzhu Responds to Doubts about Investing 50 Billion Yuan in Chip - making
Previously, Gree's high - cost investment in chip - making sparked a heated discussion. Many netizens questioned that it was a deviation from its core business for Gree, a home - appliance enterprise, to engage in chip - making, and it also burned a large amount of capital. Recently, Dong Mingzhu responded in a video on CCTV Video to the outside world's doubts about Gree's plan to invest 50 billion yuan in chip - making. Dong Mingzhu believes that on the one hand, it is needed by the country, and on the other hand, it is also necessary for the development of the enterprise itself. Social responsibility and commitment are the driving forces for an enterprise, a continuous impetus towards being better and stronger. Dong Mingzhu also once emphasized that "this chip factory didn't use a single cent from the state. We have the ability on our own. This factory not only sets a model for Gree but also can provide a complete set of environmental equipment for more semiconductor factories." (Kuaikeji)
CSRC: Preliminary investigation reveals that Orient Group is suspected of major financial fraud
On June 20, 2024, the CSRC launched a case - investigation into Orient Group Co., Ltd. (hereinafter referred to as Orient Group, stock code 600811). It has now been preliminarily ascertained that the financial information disclosed by Orient Group from 2020 to 2023 is seriously inaccurate, and the company is suspected of major financial fraud, which may trigger the situation of compulsory delisting due to major violations. The case is currently under investigation. The CSRC will quickly ascertain the facts of the violations and handle them seriously in accordance with the law. Financial fraud by listed companies seriously damages the interests of investors. The CSRC will investigate and punish all kinds of fraud behaviors strictly and promptly, and strengthen three - dimensional accountability in administrative, civil and criminal aspects. For listed companies that trigger the situation of compulsory delisting due to major violations, the delisting system will be strictly implemented, and such "black sheep" will be resolutely cleared out, so that fraudsters will pay a heavy price. (Caixin)
Large Companies/ Major Events
Han Xinyi Formally Assumes the Position of CEO of Ant Group
36Kr learned that the official website of Ant Group has been updated, showing that Han Xinyi, the former president of Ant Group, has formally assumed the position of CEO of Ant Group. In December last year, Jing Xiandong, the chairman and CEO of Ant Group, announced in an all - staff letter that Han Xinyi, the president of Ant Group, would formally assume the position of CEO of Ant Group starting from March 1st, 2025, and be fully responsible for all business and daily management work of Ant, reporting to Jing Xiandong and the board of directors. In the future, Jing Xiandong will focus on his work as the chairman and fully support Han Xinyi and the management team. Public information shows that Han Xinyi joined Ant Group in May 2014. He has successively served as the vice - president of strategic investment, CFO, and executive director of the board. He was appointed as the president of Ant Group in March 2024.
Tsinghua University to Moderately Expand Undergraduate Enrollment in 2025 and Focus on Cultivating Top - Tier Innovative "AI +" Talents
According to Tsinghua University, the school has decided to expand the scale of undergraduate enrollment in an orderly and moderate manner. It plans to increase the number of undergraduate enrollment by about 150 in 2025. At the same time, a new general education college for undergraduates will be established, focusing on cultivating interdisciplinary talents combining artificial intelligence with multiple disciplines, enhancing the school's ability to independently cultivate innovative talents to meet the needs of national strategies and social development. It is reported that the newly - enrolled undergraduates will study in the newly established college. (Xinhua News Agency)
Xiaomi Auto: The number of locked orders for the Xiaomi SU7 Ultra has exceeded 10,000, completing the annual task ahead of schedule
36Kr learned that according to the official Weibo account of Xiaomi Auto, the number of locked orders for the Xiaomi SU7 Ultra has exceeded 10,000, completing the annual task ahead of schedule.
The total box office of "Ne Zha 2" has exceeded 14.4 billion yuan
According to data from online platforms, the total box office of "Ne Zha: Reborn in the Demon Sea", the champion of the global animated film box office list, has exceeded 14.4 billion yuan. (Caixin Press)
Wang Xingxing of Unitree Technology: There is a lot of false information circulating online. Please be careful to distinguish.
Wang Xingxing, the founder of Unitree Technology, has joined WeChat Video Account in his personal capacity. In his first video, he said: At present, there is a lot of false information about me circulating online. Please be careful to distinguish. He also said that he will subsequently share the upgrade and growth process and interesting moments of the robots. Previously, Unitree Technology issued a reminder stating that all new shares or the old shares of shareholders are directly communicated and managed by the financing director of Unitree through the company's email. There are no intermediaries, intermediate shareholders or intermediate companies. "There are a lot of false rumors in the market now. Almost all of them are false. Please be sure to be careful to avoid being deceived." (Caixin)
The three major U.S. stock indexes closed higher collectively, and large technology stocks generally rose
36Kr learned that at the close on February 28th, the three major U.S. stock indexes rose collectively. The Dow Jones Industrial Average rose 1.39%, the Nasdaq Composite rose 1.63%, and the S&P 500 Index rose 1.58%. Large technology stocks generally rose. Tesla and NVIDIA rose nearly 4%, Intel rose more than 2%, and Apple, Google, Meta, Amazon, and Netflix rose more than 1%. Popular Chinese concept stocks generally fell. Pinduoduo, Weibo, and iQiyi fell more than 4%, Li Auto, NIO, and XPeng Motors fell more than 3%, and Alibaba and Baidu fell more than 2%.
BYD Unveils Intelligent In - vehicle Drone System "Lingyuan"
36Kr learned that on March 2nd, BYD joined hands with DJI to hold a press conference for the intelligent in - vehicle drone system in Shenzhen, and officially named the system "Lingyuan". According to the introduction, "Lingyuan" enables cars to obtain a vertical field of vision, realizes the overall vehicle integration of cars and drones, and will cover multiple brands and models under BYD to popularize the technology. The "Lingyuan" system consists of a drone, an in - vehicle drone cabin, and a set of software systems, supporting functions such as dynamic take - off and landing, one - key return to the cabin, and intelligent follow - flight.
Everbright Securities: C919 Enters the Rapid Delivery Phase, and the Trillion - Dollar Domestic Large Aircraft Track Emerges
According to a research report from Everbright Securities, as of February 2025, according to incomplete statistics, Commercial Aircraft Corporation of China, Ltd. (COMAC) has cumulatively received nearly 1,500 orders for the C919, among which the cumulative number of confirmed orders is nearly 1,000. According to relevant announcements from China Southern Airlines and Air China, the average purchase prices of the basic and extended - range models of the C919 are 99 million US dollars per aircraft and 108 million US dollars per aircraft respectively. Based on this estimate, the value corresponding to the currently cumulatively confirmed orders for the C919 is as high as nearly 100 billion US dollars. In addition, COMAC is actively exploring international markets in Europe, America, and Southeast Asia. In terms of supply, the delivery speed significantly accelerated in the second half of 2024. As of February 2025, a total of 16 aircraft have been delivered. According to COMAC, the production capacity of the C919 will reach 50 aircraft in 2025, and the expected number of offline aircraft will reach 30. Looking to the future, according to COMAC's prediction, in the next 20 years, it is expected that 9,323 aircraft will be delivered to the Chinese market, with a market value of approximately 1.4 trillion US dollars. (Jiemian News)
Hurun Report: US Companies Continue to Increase Investment in China
The "Special Report on US Companies in China 2024" released by Hurun Research Institute on February 28 shows that China's foreign - invested market has grown against the trend, and the investment growth rate of US companies is remarkable, highlighting foreign investors' confidence in the Chinese economy. From the fiscal years 2020 to 2023, the revenue contribution rate of the Chinese market to the selected sample enterprises has consistently remained at 12% or above. The "Report" found that the revenue contribution of US companies in the Chinese market is stable and considerable, with the contribution rate remaining steadily at 12% or above. The median revenue of the sample enterprises in the Chinese market is 2.16 billion US dollars, and the average is 4.39 billion US dollars. There are 7 US companies with a revenue scale of over 10 billion US dollars in the Chinese market, namely Apple, Qualcomm, Tesla, Walmart, Intel, Broadcom, and NVIDIA. Among them, Apple ranks first. 41% of the companies regard China as their second - largest revenue source market globally. (Shanghai Securities News)
Musk: It is expected to achieve rapid and reusable Starship combination in 2026
Elon Musk, the founder of SpaceX, said on Joe Rogan's podcast on February 28 that it is expected to achieve rapid and reusable Starship combination in 2026. Musk said that although some adjustments are still needed, they are now very close to being able to rapidly reuse the "Super Heavy" booster. Regarding the Starship spacecraft, Musk believes that reusability is expected to be achieved this year, and the entire system (including the spacecraft and the booster) will be rapidly reusable next year. This is also the basic breakthrough required for life on Earth to become a multi - planetary civilization. SpaceX previously announced that the eighth test flight of the Starship combination will be carried out as early as March 3 local time. (Caixin Press)
Chinese Astronomers Discover Key Evidence for the Existence of Intermediate - Mass Black Holes
According to the National Astronomical Observatories of the Chinese Academy of Sciences, recently, a research team jointly composed of researchers from the National Astronomical Observatories of the Chinese Academy of Sciences, Anhui Normal University, Sun Yat - sen University, University of Science and Technology of China, and Guangzhou University has detected for the first time the quasi - periodic X - ray oscillation signal generated after an intermediate - mass black hole tidally disrupts a star. The research results were published in Nature Astronomy on February 28, 2025 (Beijing time), providing key evidence for the existence of lurking intermediate - mass black holes in the universe.
This research provides key observational evidence for the existence of intermediate - mass black holes for the first time by detecting the quasi - periodic X - ray oscillation signal of the black hole's tidal disruption of a star, filling a key gap in the study of the black hole mass spectrum. This discovery not only provides key information for understanding the physical properties of intermediate - mass black holes but also lays a solid foundation for future further detection and research of intermediate - mass black holes using the X - ray time - variation and spectral analysis of tidal disruption events (such as the observations of China's Tianguan satellite). (Jiemian News)
CSRC: Support the Construction of Hong Kong as an International Financial Center and Consolidate Its Status as the Global Offshore RMB Business Hub
36Kr learned that in the "Letter on the Reply to Proposal No. 00316 (Finance and Taxation Category 024) of the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference", the China Securities Regulatory Commission (CSRC) stated that in the next step, the CSRC will further deepen financial cooperation between the Chinese mainland and Hong Kong, continuously optimize and expand inter - connectivity channels, support the construction of Hong Kong as an international financial center, consolidate its status as the global offshore RMB business hub, and promote Hong Kong's faster integration into the overall national development situation.
Opto - acoustic quantum memory developed in China refreshes the world record for information storage duration
The Beijing Academy of Quantum Information Sciences, in collaboration with multiple institutions, has successfully developed a multi - modal and long - life opto - acoustic quantum memory based on a high - hardness single - crystal silicon carbide thin - film material. The memory has refreshed international records in key performance indicators such as mode stability and information storage duration. Recently, the relevant research results have been published online in the internationally renowned journal Nature Communications. (CCTV News)
Multiple foreign - funded banks have successively lowered the US dollar deposit interest rates
Recently, The Bank of East Asia announced that from March 3rd to 11th, the annual interest rate of the one - year US dollar deposit product with a minimum deposit amount of 20,000 US dollars will be lowered to 3.5%, a significant reduction of 90 BP (basis points) compared with before. A customer manager from Standard Chartered Bank also told reporters that the US dollar deposit interest rate has been recently lowered, with the maximum annual interest rate not exceeding 3.4%. Reporters noticed that at the end of last year, the maximum annual interest rate of the bank's US dollar deposits was still as high as 4.70%. It dropped to 4.4% in February this year, and this is already the third round of reduction, with a cumulative decrease of up to 130 BP in the period. According to the incomplete statistics of reporters, recently, 4 foreign - funded banks have lowered the interest rates of their US dollar deposit products, with the reduction ranging from 30 BP to 100 BP. The maximum annual interest rate has basically fallen below 3.5%. (Yicai Global)
Macron: The EU Plans to Impose "Reciprocal Tariffs" on US Steel and Aluminum
French President Emmanuel Macron said during a state visit to Portugal on February 28 that if the United States imposes a 25% tariff on goods imported from Europe, the EU will impose "reciprocal tariffs" on US steel and aluminum and will also have to "take counter - measures" on other products. Portuguese Prime Minister António Costa said that Europe cannot be weak and must respond to the US tariff measures at an equal or similar level. (Xinhua News Agency)
Gear Display Malfunction: Volkswagen Recalls 60,490 Vehicles in the US
The US National Highway Traffic Safety Administration said on March 1 local time that Volkswagen is recalling 60,490 vehicles in the US market due to a gear display malfunction that could cause the vehicle to roll away when the parking brake is not engaged. This recall involves specific models, including the 2021 - 2023 ID.4, 2022 - 2023 Audi Q4 e - Tron and Q4 e - Tron Sportback models. (Caixin)
Blackstone CEO Stephen Schwarzman's Income Exceeded $1 Billion in 2024
Documents disclosed by global private - equity giant Blackstone Group on February 28 (local time) showed that Stephen Schwarzman, the co - founder, chairman and CEO of Blackstone Group, earned more than $1 billion in 2024. His income included $916 million in dividends and $84 million in compensation. In 2023, Schwarzman's income was approximately $900 million, a decline compared with the $1.1 billion and $1.3 billion he received in the previous two years respectively. (Jiemian News)
Japanese retailer Aeon plans to privatize its subsidiary Aeon ERE and acquire Aeon Mall
According to two statements issued by Japanese retailer Aeon, the company will launch a tender offer to privatize its subsidiary Aeon ERE, which is engaged in facility management services. Meanwhile, it also intends to acquire commercial real estate developer Aeon Mall through a share - swap deal. Aeon will acquire Aeon ERE at a price of 5,400 yen per share, with the acquisition cost reaching as high as 109.4 billion yen. Aeon said it is discussing turning Aeon Mall into a wholly - owned subsidiary through a share - swap. It plans to reach a final agreement in early April and implement the transaction in July. (Jiemian News)
Microsoft: Skype will cease service in May this year
Microsoft announced on February 28th local time that in order to simplify its free communication products and meet customer needs, it will discontinue Skype in May 2025 and focus on Microsoft Teams. Microsoft stated that during the transition period, users can migrate to Microsoft Teams for free. Teams users can make calls and chat with Skype users, and Skype users can also make calls and chat with Teams users. In addition, Skype users can export their Skype data during the transition period. Skype will continue to operate until May 5th, 2025. (Jiemian News)
The Cutting - Edge of AI
Glory's New CEO Li Jian Makes His First Public Appearance. It Will Invest $10 Billion in Building an AI Device Ecosystem in the Next Five Years
According to a report in the evening of March 2nd, Beijing time, Glory held a press conference in Barcelona, Spain. Li Jian, the new CEO of Glory, made his first public appearance. At the press conference, Glory announced the Alpha Strategy. Li Jian, the CEO of Glory, announced that Glory will invest $10 billion in building an AI device ecosystem in the next five years. (Sina Technology)
SoftBank is reportedly in talks to raise $16 billion specifically for AI investments
Citing people familiar with the matter, several senior executives of Japanese SoftBank Group informed multiple banking institutions last week that the company's CEO, Masayoshi Son, plans to borrow $16 billion for investing in artificial intelligence (AI). This development follows a large - scale borrowing of $18.5 billion, marking the company's aggressive push in the AI field. Subsequently, SoftBank may also borrow $8 billion in early 2026. (Sina Finance)
Tom Cat: The company's AI emotional companion robot product has invoked some capabilities of models such as Doubao and DeepSeek
36Kr learned that when Tom Cat was undergoing institutional research, it stated that in terms of the underlying model, the Tom Cat AI emotional companion robot product adopts the MoE (Mixture of Experts) architecture and is equipped with the "Tom Cat Emotional Companion Vertical Model" customized by the company and Westlake Mind & Heart. At the same time, it has also invoked some capabilities of models such as Doubao and DeepSeek, effectively enhancing the product's functions such as intention recognition, response speed, and mathematical ability. In the future, the company will continue to pay attention to the upgrade and application of large AI models, actively utilize the capabilities of excellent models according to the iterative needs of the products, continuously improve the functions and services of the products, meet the diverse needs of user groups of different ages, and promote the reduction of various costs of the products.
Financial Reports of Large Companies
ZTE Corporation: Net profit in 2024 was 8.425 billion yuan, a year - on - year decrease of 9.66%
36Kr learned that ZTE Corporation released its 2024 annual report. The report shows that the operating income in 2024 was 121.299 billion yuan, a year - on - year decrease of 2.38%. The net profit attributable to the common shareholders of the listed company was 8.425 billion yuan, a year - on - year decrease of 9.66%. In 2024, ZTE Corporation's operator network, enterprise, and consumer businesses achieved revenues of 70.33 billion yuan, 18.56 billion yuan, and 32.41 billion yuan respectively, accounting for 58.0%, 15.3%, and 26.7% respectively. The business layout has been continuously optimized. Both the international market and the enterprise and consumer businesses have achieved growth, and their revenue shares have increased.
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