8:00, Yi Krypton News: E-commerce Platforms Abolish "Refund-Only" Policy, iPhone 17 Faces Key Material Shortage, JD.com's Food Delivery Service Apologizes for System Glitch

Multiple e-commerce platforms will completely cancel the "refund only" policy and publicly announce it to the society once the review is completed.

Top 3 Big News

E-commerce platforms to completely abolish the "refund-only" policy

On April 22, reporters exclusively learned that multiple e-commerce platforms, including Pinduoduo, Taobao, Douyin, Kuaishou, and JD.com, will completely abolish the "refund-only" policy. Merchants will have the autonomy to handle consumers' refund requests without returning the goods after receiving the products. This means that the "refund-only" policy, first introduced by Pinduoduo in 2021 and later adopted by JD.com, Taobao, Douyin, Kuaishou and other relevant platforms in 2024, has officially come to an end after four years. Reporters also learned that the above-mentioned e-commerce platforms have conducted multiple rounds of discussions and revisions on the relevant details of completely abolishing the "refund-only" policy with the regulatory authorities. Once the review is completed, an official announcement will be made to the public. (The Paper)

Lack of Key Materials May Delay the Release of iPhone 17

On April 22nd, it was reported that the release of iPhone 17 might be postponed due to the lack of key materials. Usually, iPhones are launched in September, but the situation this year seems to be more complicated. Apple CEO Tim Cook is extremely anxious about the production progress of the upcoming iPhone 17 series, and the reasons behind it are intricate. One of the important factors is the severe shortage of low-CTE fiberglass cloth, a key material. As the internal structure of modern smartphones becomes increasingly sophisticated, the requirements for thermal management and mechanical stability continue to rise, and it has become an indispensable part of almost every high-end phone. (Kuaikeji)

JD Waimai Apologizes: The System Had a Brief Glitch, and All Food Delivery Orders Delayed by Over 20 Minutes Will Be Free of Charge

On April 22nd, a large number of netizens reported on social platforms that "JD Waimai crashed". In response, JD Waimai stated, "We're very sorry for delaying your meals! Due to the sudden surge in orders during today's lunch rush, the system experienced a brief glitch. It has now fully recovered, and you can place orders normally."

The company said that to express its apology, JD will waive the fees for all food delivery orders that were delayed by over 20 minutes. Meanwhile, for all users who placed orders during the system outage at today's lunch rush, JD Waimai will issue an additional 10-yuan coupon with no minimum spending requirement to their ordering accounts today. (Jiemian News)

Large Companies/ Major Events

Dong Mingzhu Re-elected as Director of Gree Electric Appliances, Says Consumers' Life Safety Is of Paramount Importance

On April 22nd, Gree Electric Appliances' extraordinary general meeting of shareholders reviewed and approved the proposal for the company's board of directors' reshuffle. Dong Mingzhu was successfully elected as a director of the new term and is expected to be re-elected as the chairperson, kicking off her fifth three-year tenure at the helm of Gree Electric Appliances. Shu Lizhi, the vice president of Gree Electric Appliances, and Zhong Chengbao, the chief engineer and assistant to the president, became the company's newly elected non-independent directors. All the candidates for non-independent and independent directors of Gree Electric Appliances' new term were approved. The general meeting of shareholders on the same day also approved Gree Electric Appliances' dividend plan of distributing 10 yuan (tax included) per 10 shares for the middle of 2024.

In addition, when asked by investors about Gree's technological innovation in the era of intelligence, Dong Mingzhu said that in the era of the Internet and intelligence, consumers' life safety is the most important. She said, "We do solid and good work in technology, not following the trend or boasting." (Yicai Global)

Japanese Prime Minister Says Trump Demands Japan Import US Rice and Beef

Japanese Prime Minister Ishiba Shigeru revealed that Trump expressed his hope to reduce the US trade deficit with Japan to zero. He also strongly demanded that Japan increase imports of US cars and listed categories such as beef, rice, aquatic products, and potatoes that the US hopes to expand exports to Japan, asking Japan to remove restrictions other than tariffs. Previously, US tariffs on Japan have already covered key industries such as steel and automobiles. An analysis by Japan's Nomura Research Institute pointed out that if the so - called "reciprocal tariffs" targeting Japan are implemented, Japan's GDP is expected to decline by 0.59%. (CCTV.com)

Musk: Will "Significantly" Reduce Work for the Government

On April 22 local time, Elon Musk, the CEO of Tesla, said that he plans to "significantly" reduce his work for the Trump administration in May to focus on Tesla. Musk said in an earnings call that the time he allocates to the "Office of American Innovation" might be significantly reduced next month. (CCTV News)

The three major U.S. stock indexes closed higher collectively, and large technology stocks rose across the board

36Kr learned that at the close on April 22, the three major U.S. stock indexes rose collectively. The Dow Jones Industrial Average rose 2.66%, the Nasdaq Composite rose 2.71%, and the S&P 500 Index rose 2.51%. Large technology stocks rose across the board. Netflix rose more than 5%, Tesla rose more than 4%, and Arm, Amazon, Apple, and Meta rose more than 3%. Google, Microsoft, and NVIDIA rose more than 2%. Most popular Chinese concept stocks rose. iQiyi rose more than 7%, Alibaba rose more than 5%, XPeng Motors, Pinduoduo, and NIO rose more than 4%, Bilibili rose more than 3%, Baidu, NetEase, and Li Auto rose more than 2%, and Weibo rose more than 1%. JD.com fell more than 1%.

New Return Policy at Uniqlo: In-store Returns for Online Orders No Longer Supported

According to Sina Finance, Uniqlo recently announced a new policy stating that starting from May 1st, in-store returns for online orders will no longer be supported. The official customer service responded that due to business adjustments, online orders (excluding in-store pickup orders) paid for on or after May 1st, 2025, will not be eligible for in-store returns. Returns will only be supported to a specified online address. (For in-store pickup orders, "in-store returns" are only supported at the "original pickup store.") The exchange policy remains unchanged and is still available at most stores (excluding some stores). (Sina Finance)

Perfumes of Brands Such as Coach and Montblanc to See a 6% - 7% Price Hike in the US

French fragrance manufacturer Interparfums Group announced at its latest annual general meeting that it plans to increase the prices of its products in the US market by 6% to 7% starting from August 1, 2025, in response to the new US policy of imposing an additional 10% tariff on French imported goods. Interparfums Group is authorized to manufacture, distribute, and manage the perfume and fragrance product lines of multiple fashion brands, including Coach, Jimmy Choo, Montblanc, Lacoste, etc. (Jiemian News)

The iPhone 17 Pro and Max are expected to come in sky blue

According to TechWeb citing foreign media reports, after an absence of one year, blue is expected to make a comeback in the iPhone 17 series. Some insiders have revealed that among the colors being tested for the iPhone 17 Pro and iPhone 17 Pro Max, sky blue stands out. Other colors being tested include deep purple and green. Previously, there were blue versions from the iPhone 12 to the iPhone 15 series. The leak suggests that the sky blue color being tested for the iPhone 17 Pro series is similar to the Alpine Green of the iPhone 13 Pro series. (Sina Finance)

Taote Software Company Completes Name Change

36Kr learned that Tianyancha App shows that recently, Zhejiang Taote Software Co., Ltd. has undergone industrial and commercial changes, and its enterprise name has been changed to Hangzhou Haopingyi E-commerce Co., Ltd. The company was established in March 2021, with Si Dengyu as its legal representative and a registered capital of 500 million RMB. Its business scope includes software development, information system integration services, social and economic consulting services, etc. It is wholly owned by Alibaba (China) Network Technology Co., Ltd.

Meituan's Self-developed Fourth-generation Drones Obtain Operational Certification

On April 22, Yicai learned that Meituan's self-developed fourth-generation drones recently passed the review of the Civil Aviation Administration and obtained the country's first operational certificate for full-coverage low-altitude logistics (referred to as "OC"). After obtaining the certificate, the company can launch regular commercial operations across the country.

Since the establishment of Meituan's drone division in 2017, as of the end of December 2024, 53 routes have been opened in cities such as Shenzhen, Beijing, Shanghai, Guangzhou, and Nanjing, and more than 450,000 orders have been completed in total. (Yicai)

The price per gram of gold jewelry has risen to 1,082 yuan

On April 22, the spot gold price broke through $3,500 per ounce, hitting a new record high again. It rose more than 2.2% intraday and has cumulatively risen more than 12% since the beginning of this month.

In addition, reporters' inquiries found that the prices of gold jewelry of many brands have soared. Among them, the price per gram of Chow Tai Fook's pure gold jewelry has risen to 1,082 yuan (1,061 yuan in the morning), a rise of 43 yuan compared with April 21; the price per gram of Chow Sang Sang's gold jewelry has risen to 1,080 yuan (1,052 yuan in the morning), a rise of 40 yuan compared with yesterday; and the price per gram of Zhouliu Fu's pure gold jewelry has risen to 1,082 yuan. (Caixin, Urban Report)

Apple's stock price has tumbled more than 20% this year

Stock research firm Moffett Nathanson believes that there will be no relief for the decline in Apple's stock price in the short term. Although it has tumbled more than 20% this year, "it still has a long way to go before getting out of trouble."

On Monday (April 21st) in Eastern Time, analyst Craig Moffett reaffirmed his "sell" rating on Apple and sharply lowered its target price from $184 to $141. Given that Apple closed at $196.98 last Thursday, this means that Moffett believes the stock still has more than 28% downside potential. Moffett also lowered Apple's long - term earnings forecast due to the tariffs imposed by US President Trump and the escalating trade war. (Jiemian News)

Boeing to Sell Part of Its Digital Aviation Business for $10.55 Billion

Boeing has agreed to sell part of its digital aviation solutions business, including Jeppesen, ForeFlight, AerData, and OzRunways, to Thoma Bravo for $10.55 billion in cash. Boeing will retain its core digital capabilities, and the transaction is expected to be completed by the end of 2025. "This deal is an important part of our strategy to focus on our core business, strengthen our balance sheet, and prioritize an investment - grade credit rating," said Chief Executive Officer Kelly Ortberg. Citigroup served as Boeing's exclusive financial advisor. (Sina Finance)

Logistics Company Responds to Accident Involving Transport of AITO Commercial Vehicles

Anji Auto Logistics (Shanghai) Co., Ltd. announced that at around 4 p.m. on April 21st, a transport truck carrying AITO commercial vehicles, operated by its supplier Qiping Logistics, was involved in an accident on the Yichang section of the G50 Shanghai-Chongqing Expressway. No casualties were reported. After a preliminary on-site investigation by relevant authorities, it was confirmed that the accident was caused by overheating of the transport semi-trailer's brakes, which led to a tire blowout and subsequent fire. The spread of the fire caused damage to some commercial vehicles, but the battery packs of the vehicles did not catch fire. The company deeply apologizes for the losses caused to the automobile manufacturer and some car owners due to this incident. The company has requested its supplier to fully cooperate with relevant parties to properly handle the subsequent matters. It will also seriously, objectively and in collaboration with relevant authorities, conduct a thorough investigation into the issues to ensure the safe transportation and delivery of new vehicles. (Sina Tech)

Domestic flight ticket bookings for the May Day holiday surge over 30% year-on-year

According to a report by Cailian Press on April 22, data from Umetrip shows that as of April 22, the number of domestic flight ticket bookings for the May Day holiday has exceeded 4.8 million, a year-on-year increase of about 33%. The number of bookings for international and regional flights during the same period has exceeded 980,000, up about 25% year-on-year. (Cailian Press)

Tesla's stock has tumbled more than 40% this year

According to Cailian Press on April 22nd, against the backdrop of frequent political involvements by the company's CEO Elon Musk and a sharp decline in the company's stock price, Tesla will release its financial report for the first quarter of 2025 after the U.S. stock market closes on Tuesday and hold a highly anticipated conference call. Investors are eagerly seeking information about Musk's plans for himself and the future of this electric vehicle manufacturer.

Currently, Tesla's stock closed nearly 6% lower on Monday. This is the 12th time this year that the stock has dropped by at least 5% in a single trading day. So far this year, the stock has tumbled more than 40%. (Cailian Press)

New-style tea drinks and Chinese-style trendy collectibles become must-haves for Hong Kong people traveling north, and the number of transactions made with WeChat's Hong Kong dollar wallet doubles

36Kr learned that during the Easter holiday in 2025, the single-day inbound passenger flow at Shenzhen ports hit a record high, and there was another upsurge of Hong Kong people traveling north. Data from WeChat's Hong Kong dollar wallet shows that from April 18th to April 21st, the number of consumption transactions made by Hong Kong people traveling north to the Chinese mainland doubled compared with the same period during last year's Easter holiday (March 29th - April 1st). The data shows that Hong Kong people on holiday in the mainland are keen on exploring new-style tea drinks and trendy collectibles. Meanwhile, the number and amount of transactions made by Hong Kong people at snack stalls to enjoy local cuisine and at small shops in bazaars also continued to grow, and the transaction amount of personal payment codes reached a record high during the holiday.

The Cutting Edge of AI

OpenAI is interested in buying Google Chrome browser

Nick Turley, the product lead of ChatGPT, testified at a Google antitrust trial on April 22 local time that OpenAI is interested in acquiring Google's Chrome browser if antitrust enforcers succeed in forcing Google to sell it. The judge presiding over the case ruled last year that Google had monopolized online search and related advertising services. Google has not sold its Chrome browser yet and plans to appeal against the monopoly ruling. (Jiemian News)

Tencent Cloud Upgrades Full-Stack AI Capability Matrix for the Automotive Industry

36Kr learned that on the eve of the Shanghai Auto Show on April 22nd, at the TIME DAY Tencent Intelligent Mobility Technology Open Day, Tencent Cloud announced the upgrade of its full-stack AI capability matrix. Based on the multi-model strategy of "Tencent Hunyuan + Advanced Open Source", it provides one-stop services covering computing power support, model training and deployment, cockpit ecosystem, and organizational efficiency improvement for the rapid implementation of large models in automobile enterprises, helping them build more useful and user-friendly AI.

Tech Companies like Microsoft, NVIDIA, and OpenAI Participate in "Dubai AI Week"

The 5-day "Dubai AI Week" kicked off in Dubai, the United Arab Emirates on the 21st. More than 10,000 experts, decision-makers, innovators, and business representatives from over 100 countries and regions gathered to discuss the cutting-edge technologies of artificial intelligence (AI) and its industrial implementation. "Dubai AI Week" is jointly organized by the Dubai AI Centre and the Dubai Future Foundation. It includes events such as the "Dubai AI Conference", the "Dubai AI Festival", and the "Global Prompt Engineering Competition". The aim is to promote innovation in AI technology and governance models through public-private collaboration, cross - sector cooperation, and frontier exploration, and to open up new paths for global sustainable development. Tech companies such as Google Cloud, Microsoft, NVIDIA, and OpenAI participated in the event. (Xinhua News Agency)

Financial Reports of Big Companies

Tesla: Total revenue in Q1 was $19.335 billion, down 9.2% year-on-year

36Kr learned that Tesla released its financial report for the first quarter of 2025. The report shows that the total revenue in the first quarter was $19.335 billion, down 9.2% year-on-year, and the net profit was $409 million, down 71% year-on-year; Tesla's US stocks rose more than 4% after hours.

Pop Mart: Overall revenue in Q1 increased by 165%-170% year-on-year

36Kr learned that Pop Mart released an announcement stating that its overall revenue (unaudited) in the first quarter of 2025 increased by 165%-170% year-on-year compared to the first quarter of 2024. Among them, the revenue in China increased by 95%-100% year-on-year, and the overseas revenue increased by 475%-480% year-on-year. The year-on-year revenue growth of each channel in China was 85%-90% for offline channels and 140%-145% for online channels. The year-on-year revenue growth of each overseas region was 345%-350% in the Asia-Pacific region, 895%-900% in the Americas, and 600%-605% in Europe.

China Mobile: Shareholders' attributable profit reached 30.6 billion yuan in the first quarter, up 3.45% year-on-year

36Kr learned that China Mobile announced its unaudited performance and operating data for the first quarter of 2025 on the Hong Kong Stock Exchange. During the reporting period, its operating revenue was 263.8 billion yuan, up 0.02% year-on-year. Among them, the revenue from communication services was 222.4 billion yuan, up 1.40% year-on-year; shareholders' attributable profit was 30.6 billion yuan, up 3.45% year-on-year.

Ne Zha 2 Booms, Enlight Media's Net Profit in Q1 Soars 375% Year-on-Year

On April 21, Enlight Media (300251.SZ) released its first-quarter report. In the first quarter, its operating income reached 2.975 billion yuan, a year-on-year increase of 177.87%. The net profit attributable to shareholders of the listed company was 2.016 billion yuan, a year-on-year increase of 374.79%. In the first quarter, the company's revenue and profit from film and derivative businesses both achieved significant growth compared with the same period last year. On the same day, it also released its annual report. In 2024, it achieved an operating income of 1.586 billion yuan, a year-on-year increase of 2.58%. The net profit attributable to shareholders of the listed company was 292 million yuan, a year-on-year decrease of 30.11%. (Caixin Media)

Sichuan Road & Bridge: Net profit of 7.21 billion yuan in 2024, a year-on-year decrease of 19.92%

36Kr learned that Sichuan Road & Bridge disclosed its annual report. In 2024, the company achieved an operating income of 107.238 billion yuan, a year-on-year decrease of 6.78%; the net profit attributable to shareholders of the listed company was 7.21 billion yuan, a year-on-year decrease of 19.92%; the basic earnings per share was 0.83 yuan. The company plans to distribute a cash dividend of 3.77 yuan (tax included) for every 10 shares.

Shenghong Technology: Net profit in the first quarter was 921 million yuan, a year-on-year increase of 339.22%

36Kr learned that Shenghong Technology announced that in the first quarter of 2025, the company achieved an operating income of 4.312 billion yuan, a year-on-year increase of 80.31%; the net profit attributable to shareholders of the listed company was 921 million yuan, a year-on-year increase of 339.22%. The increase in net profit was mainly due to the increase in revenue.

Hunan Gold: Net profit in the first quarter was 332 million yuan, a year-on-year increase of 104.63%

36Kr learned that Hunan Gold disclosed its first-quarter report. In the first quarter of 2025, its operating income was 13.121 billion yuan, a year-on-year increase of 67.83%; the net profit attributable to shareholders of the listed company was 332 million yuan, a year-on-year increase of 104.63%.

Investment and Financing

"Moge Microfluidics" Announces Completion of Tens of Millions of Yuan in Pre-A Round Financing

Recently, "Moge Microfluidics", a provider of precision production solutions for nano new materials, announced the completion of a Pre-A round of financing worth tens of millions of RMB. This round of financing was led by Qingyuan Investment. The funds will be mainly used for the expansion of the production line of high-end nano dispersion equipment and the R & D of high-end nano new materials. Dr. Dong Zhengya, the founder of the company, said: "This round of financing will help the company strengthen its dual-line strategy of 'equipment + materials' and achieve the goal of doubling the output value by 2025."

"Wuchuan Innovation Technology" Completes 10 Million Yuan Angel Round of Financing

36Kr learned that "Wuchuan Innovation Technology" announced the completion of a 10 million yuan angel round of financing. This round of financing was exclusively led by an investment institution. The funds from this financing will accelerate the implementation of nanosecond pulse detection terminals, intelligent gateways, and supporting IoT solutions, optimize the service capabilities of the entire industrial chain, and will be invested in the R & D of industrial equipment health monitoring and digital technology applications, aiming to promote the intelligent upgrade of the industrial operation and maintenance model through technological innovation.

“Qianyao Technology” Completes 5 Million Yuan Angel Round Financing

36Kr learned that recently, “Qianyao Technology” announced the completion of a 5 million yuan angel round financing, invested by Shenzhen Guocheng Investment Consulting Co., Ltd. The funds from this financing will be used for core technology R & D, product portfolio improvement, and market channel establishment, accelerating its transformation process from technological exploration to commercial implementation. It is reported that Qianyao Technology adopts a dual - wheel drive model of “technology + scenario” and has launched multiple solutions integrating intelligent hardware and digital services.

"Kaifu Optoelectronics" Completes Angel Round of Financing

36Kr learned that recently, "Kaifu Optoelectronics" announced the completion of an angel round of financing. This round of financing was led by Zhongke Chuangxing, with the Xi'an Talent Fund participating. The financing funds will be mainly used to accelerate the industrialization of the core product, the "Perovskite Film Evacuation Crystallizer", to overcome the problems of uneven and incomplete solvent evaporation and poor crystallization quality and numerous defects in the manufacturing process of large - area perovskite films, and to solve the mass - production bottleneck problems of low efficiency, low yield, and short lifespan of current large - area perovskite modules. Kaifu Optoelectronics was founded in May 2023. The founding team focuses on the technology and equipment for large - area perovskite film evacuation crystallization.

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Compiled | Su Yuhan