At 9 a.m., Here's the Latest News: China Cancels Orders for 12,000 Tons of U.S. Pork; Jia Yueting Says He'll Use Half of the Incentive Gains from FF to Repay Debts; The Number of Marriage Registrations across China in the First Quarter Decreased by 159,000 Couples Year-on-Year.
Going Public in Progress
Dipu Technology Co., Ltd.
36Kr learned that documents from the Hong Kong Stock Exchange showed that Dipu Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange.
Tongyu New Materials
36Kr learned that the China Securities Regulatory Commission (CSRC) recently issued an approval for the registration of the initial public offering (IPO) of Tongyu New Materials (Guangdong) Co., Ltd., approving the company's registration application for listing on the Growth Enterprise Market.
Top 3 Big News
China Cancels Orders for 12,000 Tons of U.S. Pork
According to data released by the U.S. Department of Agriculture this week, China canceled orders for 12,000 tons of U.S. pork, a significant 72% decrease from the previous week. In addition, the U.S. Department of Agriculture also stated that China recently only purchased 1,800 tons of soybeans, far lower than the purchase volume in the week ending April 10th, which was as high as 73,000 tons. (Global Times)
Jia Yueting Says He Will Use Half of His FF Equity Incentive Earnings to Repay Debts
On April 25th, at the FFAI Investor Community and FX Developer Co - creation Day, Faraday Future witnessed a major personnel change. Jia Yueting was officially appointed as the co - CEO of FF and will jointly oversee the three most crucial business management lines of FF, namely finance, legal affairs, and the supply chain, with FF Global CEO Matthias Aydt. Meanwhile, Jia Yueting promised at the event that after the equity incentive is realized, he will use half of the earnings to repay the debts under the Chinese legal framework. (NBD.com)
In the first quarter, the number of marriage registrations nationwide decreased by 159,000 couples compared with the same period last year
The "Civil Affairs Statistical Data for the First Quarter of 2025" released on the official website of the Ministry of Civil Affairs on April 25 shows that in the first quarter of this year, there were 1.81 million marriage registrations and 630,000 divorce registrations nationwide. The number of marriage registrations further declined compared with the first quarter of 2024. Previously, in the first quarter of 2024, there were 1.969 million marriage registrations and 573,000 divorce registrations nationwide. In comparison, the number of marriage registrations decreased by 159,000 couples in the first quarter of this year, while the number of divorce registrations increased by 57,000 couples. Looking at the annual statistical data, after the number of marriage registrations nationwide stopped falling and rebounded in 2023, it dropped again to 6.106 million couples in 2024. (The Paper)
Large Companies/ Major Events
Financial Laws and Financial Stability Law to Be Enacted in 2025
Huang Haihua, the spokesperson and director of the Research Office of the Legislative Affairs Commission of the National People's Congress Standing Committee, said at a press conference of the Legislative Affairs Commission of the National People's Congress Standing Committee on the 25th that the 42nd Chairperson's Meeting of the Standing Committee of the 14th National People's Congress has made revisions and adjustments to the "Legislative Work Plan of the Standing Committee of the National People's Congress for 2025" and will announce it to the public in the near future in accordance with the provisions of the Legislation Law. Huang Haihua introduced that the legislative work plan for 2025 includes a total of 14 legal bills to be continued for deliberation and 23 legal bills for initial deliberation. Among them, in terms of improving the institutional mechanisms conducive to promoting high - quality development, the Private Economy Promotion Law, the National Development Planning Law, the Financial Law, the Financial Stability Law, and the Law on Cultivated Land Protection and Quality Improvement will be enacted, and the Anti - Unfair Competition Law, the Enterprise Bankruptcy Law, the Bidding and Tendering Law, the Agricultural Law, the Fisheries Law, the Civil Aviation Law, the Law of the People's Bank of China, and the Banking Supervision and Administration Law will be revised. (Shanghai Securities News)
Fat Donglai's Sales Exceeded 7.5 Billion Yuan in 4 Months
On April 25th, according to the data on Fat Donglai's official website, as of April 22nd, Fat Donglai's sales this year have exceeded 7.5 billion yuan. Among them, the sales of Times Square exceeded 1.9 billion yuan, ranking first among all stores. Yu Donglai, the founder of Fat Donglai, announced the sales data of Fat Donglai in 2024 on a social platform on January 1st, 2025. In 2024, the cumulative sales of Fat Donglai Group (in Xuchang and Xinxiang) were 16.964 billion yuan. That is to say, in less than 4 months this year, Fat Donglai has achieved nearly half of the annual sales in 2024. (Blue Whale News)
There is a shortage of gold bars in Shuibei, Shenzhen
Recently, the gold price has fluctuated sharply. On April 24th, the price of domestic spot gold dropped by 50 yuan per gram in a single day, and on the 25th, the gold price rebounded. At the Jinzhan Jewelry Market in Shuibei, Shenzhen, reporters learned that the gold price has fluctuated sharply in the past two days. To avoid risks, merchants have raised the margin for consumers to buy investment gold bars. The requirement to pay a margin for buying gold bars is not only related to the sharp fluctuations in the gold price but also to the shortage of gold bars. Inside a store specializing in wholesale investment gold bars in Shuibei, Shenzhen, there was a large crowd, and the gold bars at many counters had been snapped up. (CCTV Finance)
Himalaya Responds to Online Rumors of Sale to Tencent Music: Unaware of the "Sale"
On April 24th, news spread that Himalaya would be acquired by Tencent Music Group. The latest report states that Tencent Music has held consultations with Himalaya regarding the acquisition, but its potential valuation has been significantly reduced. It also claims that Himalaya has cut its staff by over 60% in the past three years; the number of employees has decreased from 4,342 at the end of 2021 to approximately 1,500 at the end of 2024.
On April 24th, Tencent Music told reporters that similar rumors had circulated earlier. At noon on April 25th, Himalaya responded to reporters, saying that it was unaware of the "sale." As of April 24th, 2025, the number of employees on the payroll that can be queried through Himalaya's DingTalk office system exceeds 2,300. (NBD)
Ant Group to Distribute Dividends to Shareholders
Reporters learned that Ant Group recently held a general meeting of shareholders, where a profit distribution proposal was reviewed and approved. According to the plan, Ant Group will distribute dividends to all shareholders, and employees holding equity incentive instruments will also enjoy the corresponding economic benefits of the dividends. Ant Group has been distributing dividends continuously since 2022. Ant Group stated that this dividend is based on the operating results of the past year. For example, its innovative businesses have accelerated growth, the investment in artificial intelligence has increased significantly, Ant International, Ant Digital Technology, and OceanBase have been operating independently, and Ant Group has also reaped more technological and globalization dividends. (Yicai Global)
Nestle Officially Announces Major Personnel Change: Appoints Kais Marzouki as Head of the Greater China Market
On April 25th, Nestle officially announced a major personnel change, stating that it has appointed Kais Marzouki as the head of the Greater China market. This appointment will take effect on July 1st, 2025. Prior to this, Kais Marzouki led Nestle Philippines to achieve remarkable growth and business success. (Sina Tech)
Report: This year's May Day will see the longest travel period in history, and hotels priced below $200 remain the mainstream
36Kr learned that recently, Shangmei Digital Hotel Group, the parent company of the small - town chain hotel brand Shangkeyou, released the "Insight Report on the Travel Trends of Small Towns across the Country during the May Day Holiday in 2025" (hereinafter referred to as the "Report"). The report points out that affected by the strategy of "taking 4 days off to get 11 - day vacation", this year's May Day will witness the longest travel period in history, and hotels priced below $200 remain the mainstream. Xuchang has become the No. 1 popular city, and many niche small towns such as Shannan, Baise, Guigang, and Qujing have made it onto the top 10 list of popular small towns.
Ministry of Finance: In March, the total lottery sales across the country reached 58.217 billion yuan, a year-on-year increase of 2.616 billion yuan
36Kr learned that data from the Ministry of Finance shows that in March, the total lottery sales across the country reached 58.217 billion yuan, a year-on-year increase of 2.616 billion yuan, a growth of 4.7%, maintaining a steady growth compared with the same period last year. Among them, the welfare lottery agencies sold 19.203 billion yuan, a year-on-year increase of 0.33 billion yuan, a growth of 1.7%; the sports lottery agencies sold 39.014 billion yuan, a year-on-year increase of 2.29 billion yuan, a growth of 6.2%. From January to March, the cumulative lottery sales across the country reached 148.591 billion yuan, a year-on-year decrease of 0.875 billion yuan, a decline of 0.6%.
Pony.ai Reaches Strategic Cooperation with Tencent Cloud to Connect Robotaxi Entries in WeChat and Other Apps
36Kr learned that recently, Pony.ai and Tencent Cloud signed a strategic cooperation agreement to carry out strategic cooperation around L4-level autonomous driving R & D and the implementation of Robotaxi services. Through technical cooperation in areas such as cloud services, map data, information security, and intelligent cockpit ecosystems, the two sides will expand the product forms and business scenarios of Robotaxi on the vehicle side and the user side, and accelerate the commercial implementation of L4-level autonomous driving products. Tencent Cloud and Pony.ai will explore connecting Pony.ai's Robotaxi services in the "Travel Services" entry within the WeChat app and in applications such as Tencent Maps.
Analyst: iPhone 17 series will be equipped with 12GB of RAM
According to Apple supply chain analyst Ming-Chi Kuo, the iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max will all be equipped with 12GB of RAM. He expects Apple to make a decision on the final memory configuration of the iPhone 17 in May. (STAR Market Daily)
Tokyo's Rice Price in April Almost Doubled Compared with Last Year
Although the Japanese government recently released reserve rice into the market, it is still difficult to quickly suppress the high rice price. Data released by the Ministry of Internal Affairs and Communications of Japan on April 25 showed that the rice price in Tokyo's wards increased by more than 90% year-on-year in April, hitting the highest record since comparable data became available in 1971. The ministry announced the consumer price index for Tokyo's wards in April on the same day. After excluding fresh food with large price fluctuations, the composite index rose for the 44th consecutive month, reaching 110, a year-on-year increase of 3.4%, the highest increase in two years. Among them, the rice price increased by 93.8% year-on-year, hitting a new high for the seventh consecutive month since comparable data became available. (CCTV News)
Apple is reported to plan to assemble all iPhones for the US market in India as early as next year
Market news: Apple is reported to plan to assemble all iPhones for the US market in India as early as next year. (Sina Finance)
Intel CEO Sends Internal Letter: Requires All Employees to Work Four Days a Week in the Office Starting September 1st
36Kr learned that Intel's CEO sent an internal letter to all employees. It mentioned that while fully focusing on engineering innovation, the company will also reduce the complexity of the organizational structure. The executive team is required to re - examine their respective organizational structures, with an emphasis on reducing hierarchical levels, expanding the scope of management, and empowering high - performing talents. In addition, Intel will update its office policy, requiring all employees to work four days a week in the office starting September 1st.
Meta Lays Off Over 100 Employees in Reality Labs Division
According to people familiar with the matter, Meta Platforms is laying off more than 100 employees in its Reality Labs division, which focuses on developing virtual reality and wearable devices. The people familiar with the matter revealed that the latest round of layoffs affected employees in Reality Labs who were focused on creating VR experiences for Meta's Quest headsets, as well as operational employees focused on hardware. Meta's leadership hopes to streamline similar work being done by two different teams within Reality Labs. The company confirmed that layoffs have taken place but did not comment on the number of affected employees. Tracy Clayton, a Meta spokesperson, said in an email statement, "Some teams at Oculus Studios are undergoing structural and role changes, which have an impact on the team size." (Caixin)
The Cutting - Edge of AI
Content Operating System "Cangzhou OS" Released, Baidu Wenku's AI Monthly Active Users Nearly 100 Million
36Kr learned that at the Baidu Create Conference on April 25th, Robin Li, the founder of Baidu, introduced Cangzhou OS, the world's first operating system in the content field jointly launched by Baidu Wenku and Baidu Netdisk. With Chatfile Plus as the core component, it analyzes and vectorizes multimodal content. Relying on Cangzhou OS, Baidu Netdisk and Baidu Wenku jointly launched "AI Notes", the only multimodal AI notes in the industry. As of now, the number of paid users of Baidu Wenku's AI functions has exceeded 40 million, and the monthly active users of AI have reached 97 million; the monthly active users of Baidu Netdisk's AI exceed 80 million.
Axera Launches M57 Chip
36Kr learned that Axera, an AI perception and edge computing chip company, made an appearance at the 2025 Shanghai International Automobile Industry Exhibition. It unveiled its global strategy and the new-generation M57 series of automotive chips. The first mass-produced vehicle model based on the M57 chip has been earmarked for development and is set to enter the European market soon.
OpenAI Launches Lightweight Version of Deep Research for Free Users
OpenAI stated in a post: It has been noticed that many users like to use Deep Research. Therefore, OpenAI is expanding the availability of Deep Research to Plus, Team, and Pro users by introducing a lightweight version to increase the current rate limits. We have also launched a lightweight version for free users. The lightweight Deep Research is powered by OpenAI's o4 - mini version. Its intelligence level is close to that of the standard Deep Research that users are familiar with and love, while the operating costs are significantly reduced. (Cailian Press)
Financial Reports of Large Companies
Guodian Power: Net profit in the first quarter was 1.811 billion yuan, a year-on-year increase of 1.45%
36Kr learned that Guodian Power announced that it achieved operating income of 39.813 billion yuan in the first quarter, a year-on-year decrease of 12.61%; the net profit was 1.811 billion yuan, a year-on-year increase of 1.45%.
Ping An of China: In the first quarter, the Group's operating profit attributable to shareholders of the parent company reached 37.907 billion yuan, a year-on-year increase of 2.4%
36Kr learned that Ping An of China announced that in the first quarter of 2025, the Group's operating profit attributable to shareholders of the parent company reached 37.907 billion yuan, a year-on-year increase of 2.4%. Among them, the operating profit attributable to shareholders of the parent company in the life insurance and health insurance business was 26.864 billion yuan, a year-on-year increase of 5.0%.
Great Wall Motor: Net profit in Q1 was 1.751 billion yuan, a year-on-year decrease of 45.6%
36Kr learned that Great Wall Motor announced that it achieved an operating income of 40.19 billion yuan in the first quarter, a year-on-year decrease of 6.63%; the net profit was 1.751 billion yuan, a year-on-year decrease of 45.6%. This was mainly due to the company being in the product replacement and upgrade cycle during the reporting period, resulting in a year-on-year decline in sales volume, as well as an increase in investment in the direct sales system construction.
BYD: Achieved Revenue of 170.36 Billion Yuan in the First Quarter, a Year-on-Year Increase of 36.35%
36Kr learned that BYD announced that it achieved revenue of 170.36 billion yuan in the first quarter, a year-on-year increase of 36.35%; the net profit was 9.15 billion yuan, a year-on-year increase of 100.38%.
Kia Corporation's sales in the first quarter reached 280.2 trillion won
Kia Corporation's sales in the first quarter were 280.2 trillion won, compared with an estimate of 277.4 trillion won. The net profit was 23.9 trillion won, compared with an estimate of 24.7 trillion won. (Caixin Press)
GAC Group: Net loss of 732 million yuan in the first quarter
36Kr learned that GAC Group announced that its revenue in the first quarter of 2025 was 19.65 billion yuan, a year-on-year decrease of 7.95%; the net loss was 732 million yuan, compared with a net profit of 1.22 billion yuan in the same period last year. This is mainly due to the year-on-year decline in automobile sales during the reporting period and the increased promotional investment due to the intensifying competition in the automobile market.
Investment and financing
Manus Completes $75 Million in Financing, Valued at Nearly $500 Million
According to a report by Bloomberg on April 25th, Butterfly Effect, the parent company of Manus, was reported to have completed a new round of financing worth $75 million (approximately RMB 550 million). The financing was led by Silicon Valley venture capital firm Benchmark. After the investment, its valuation was reported to have increased by about five times, reaching nearly $500 million (approximately RMB 3.64 billion). (GeekPark)
"EAC Logistics" Completes Strategic Financing of Hundreds of Millions of Yuan
36Kr learned that according to EAC's official WeChat account, recently, "EAC Logistics", a subsidiary of EAC, completed strategic financing of hundreds of millions of yuan. The investor is Quzhou Intelligent Manufacturing New City. This round of financing will be mainly invested in the construction of the global supply chain system for new energy vehicles and the expansion of the global market, further enhancing EAC Logistics' service advantages in the field of new energy vehicle exports and helping to improve the global competitiveness of Chinese new energy vehicle brands.
“Weizhi Aviation” Completes Nearly 100 Million Yuan Pre-A Round of Financing
36Kr learned that “Weizhi Aviation”, a developer and manufacturer of large general-purpose unmanned transport aircraft, announced the completion of a nearly 100 million yuan Pre-A round of financing. The round was co-led by Liangxi Science and Technology Innovation Industry Fund and China Merchants Capital, with GSR Ventures participating. The funds raised will be used to enhance the capabilities of the R & D headquarters and the final assembly production base, conduct various tests on experimental prototypes, and recruit team members. Wave Capital served as the exclusive financial advisor for this round.
Cool Products
Valeo Unveils Multiple First - launched Technologies at Shanghai Auto Show
36Kr learned that at this Shanghai Auto Show, Valeo has brought multiple technologies making their debuts in China and even globally. These include the ultra - compact on - board power supply and DC - DC converter integrated module (with integrated bidirectional charging and discharging functions), Ineez™ wireless charging technology, lidar self - cleaning system, the third - generation SCALA™ 3 high - precision lidar, and the extended reality (XR) gaming cockpit which is being shown to the Chinese public for the first time.
BYDFi Launches Its New Web3 Product, MoonX
36Kr learned that at the Paris Blockchain Week, BYDFi officially launched its new Web3 product, MoonX. It is reported that this is an on-chain intelligent trading tool specially designed for MemeCoin investors, integrating hot spot discovery, risk screening, smart money copy trading, and trading optimization. Currently, MoonX has been deeply integrated with the two major ecosystems of Solana and BNB Chain, covering mainstream liquidity pools such as Pump.fun, Raydium, and PancakeSwap.
Compiled | Dingding Fried Noodles
This article is from the WeChat official account "36Kr". It is published by 36Kr with authorization.