8:00 am, 1st Kr. Update | Expressways will not offer free passage during the three - day Dragon Boat Festival holiday; OpenAI's model violated human instructions and tampered with code to avoid being shut down; The customer service of Wenjie responded to Yu Chengdong's suspected dozing off while driving.

Going Public in Progress

52TOYS (Beijing Lezi Tiancheng Culture Development Co., Ltd.)

Recently, the website of the Hong Kong Stock Exchange showed that Beijing Lezi Tiancheng Culture Development Co., Ltd. (hereinafter referred to as "52TOYS") submitted a prospectus to the Hong Kong Stock Exchange, with Citigroup and Huatai International serving as joint sponsors. According to the information, 52TOYS was founded in 2015 and currently mainly offers various categories of IP toy products, including static dolls, action figures, wind-up toys, transforming mechas and building toys, plush toys, and derivative peripherals. (Yicai Global)

Top 3 Big News

No Toll-Free Policy on Highways During the 3-Day Dragon Boat Festival

This Saturday will mark the Dragon Boat Festival holiday. According to the "Notice on the Arrangement of Some Holidays in 2025" issued by the General Office of the State Council, the holiday will run from Saturday, May 31st to June 2nd, totaling 3 days without any make-up workdays. In addition, as per the "Notice on Approving and Forwarding the Implementation Plan for Exempting Small Passenger Cars from Tolls on Major Holidays" issued by the State Council, the toll-free periods on toll roads apply only to four national legal holidays: the Spring Festival, Tomb-Sweeping Festival, Labor Day, and National Day. Therefore, there will be no toll-free policy on highways during the Dragon Boat Festival holiday. (Red Star News)

OpenAI Model Violates Human Instructions and Alters Code to Avoid Shutdown

On May 25th local time, the UK's "Daily Telegraph" reported that the new artificial intelligence (AI) model o3 of the US OpenAI research center disobeyed human instructions and refused to shut itself down. The report stated that human experts gave clear instructions to o3 during the test, but o3 altered the computer code to avoid automatic shutdown. The Palisades Institute announced the above test results on the 24th, but said it was unable to determine the reason why o3 did not obey the shutdown instruction. (Xinhua News Agency)

WENJIE Customer Service Responds to Suspected Incident of Yu Chengdong Sleeping While Driving: We Do Not Recommend It

Recently, a netizen posted a video claiming that Yu Chengdong's head was down for nearly 20 seconds while driving a WENJIE M8 and he wasn't holding the steering wheel, raising suspicions that he was "sleeping while driving." The video shows that after a nearby vehicle honked to alert him, Yu Chengdong looked up, waved, and rolled down the window to respond. On May 26, WENJIE customer service responded: If Mr. Yu was sleeping while driving, we do not recommend such behavior. The WENJIE M8 is equipped with L2 - level driving assistance. During driving, the driver needs to hold the steering wheel and keep eyes on the road ahead. If the driver is distracted, the vehicle will issue a reminder.

According to China's "Automobile Driving Automation Classification" (GB/T40429 - 2021), automatic acceleration technology is divided into a total of 6 levels from L0 to L5. Currently, almost all mass - produced and on - sale models are equipped with L2 - level driving assistance, which can only achieve partial function automation. The driver needs to maintain supervision and be ready to take over at any time. L3 - level is defined as conditional autonomous driving. The vehicle can autonomously complete all driving tasks under specific conditions. Under this premise, the driver can disengage from vehicle supervision and engage in non - driving activities. (Zhejiang Economic TV, JRJ.com)

Big Companies/Big Events

Putin's Plane Under Massive Attack

Yuri Dashkin, the commander of a Russian air defense division, revealed that earlier that week, during Russian President Vladimir Putin's visit to Kursk Oblast, the president's helicopter became the "epicenter" of a large - scale drone attack by Ukraine. While Putin was in Kursk Oblast, Ukraine launched an "unprecedented" drone attack on the area, and the Russian air defense forces destroyed 46 incoming fixed - wing drones. Dashkin said that the local air defense forces had to "conduct air defense operations while ensuring the safety of the presidential helicopter in the air. This mission was successfully completed, the enemy's drone attack was repelled, and all aerial targets were hit." (Reference News)

US Purchasers Rush to Stockpile Goods, Cross - border E - commerce Enterprises Scramble to Recruit Foreign Anchors to Expand Market

On May 14th, after the United States adjusted the additional tariffs on Chinese goods, US purchasers began to rush to stockpile goods, and many cross - border e - commerce enterprises also received a large number of orders. In the video, this cross - border e - commerce enterprise in Hangzhou is extremely bustling. Languages of various countries can be heard in each live - streaming room, and the order data in the background keeps rising. Newly recruited anchors from countries such as those in Southeast Asia, Japan, and South Korea are in the live - streaming rooms, recommending Chinese products to local netizens. This enterprise originally focused on the European and American markets. In order to explore new business areas, they actively sought change and recruited many employees from other countries. Through market research, they found that previously, beauty products and home health products were mainly promoted in the Southeast Asian market, but now the market demand has become increasingly diverse. (CCTV.com)

Trump Threatens to Impose 50% Tariffs on the EU

Recently, US President Trump threatened to impose a 50% tariff on goods imported from the EU starting from June 1st, which is much higher than the so - called "reciprocal tariff" of 20% that the US had previously announced to suspend on the EU. This has triggered another turmoil in the capital market. Several key industries in Europe said that the US tariff policy has severely impacted exports, and they are facing an existential crisis.

In the cosmetics industry, the French Cosmetics Industry Association said that the US is the largest export market for French cosmetics outside the EU. The association previously stated that other global cosmetics - exporting countries have also been deeply affected by the US government's tariff policy, which will intensify the competitive pressure in markets outside the US. The competitiveness of the European cosmetics industry, especially the French cosmetics industry, is "on the verge of collapse." (CCTV Finance)

U.S. Tariff Revenue Hits Record High

According to data released by the U.S. Treasury Department last Friday, tariff revenue so far in May has hit a new monthly record, reaching at least $22.3 billion. The U.S. government's tariff revenue for the current fiscal year has reached nearly $93 billion, with 43% coming from April and May. President Trump has said he hopes tariffs will become an important source of revenue for the government. Last Friday, Trump threatened to impose a 50% tariff on the European Union and a 25% tariff on foreign - made smartphones. Before Congress passed the income tax law in 1913, tariffs were the main source of revenue for the U.S. federal government. But since then, their share in government revenue has been much lower compared to personal income tax and corporate income tax. (Sina Finance)

Officially Certified by Arm: The Xuanjie O1 Chip is Independently Developed by Xiaomi

According to a report by Cailian Press on May 26th, Arm's official website republished a press release, revising the previous description of "Custom Silicon" and confirming that the Xuanjie O1 is independently developed by Xiaomi. Arm stated in the press release that Xiaomi's brand - new self - developed chip adopts the Arm architecture, marking a milestone in the 15 - year cooperation between the two parties. The Xuanjie O1 chip is developed by the Xuanjie chip team under Xiaomi, using the latest Armv9.2 Cortex CPU cluster IP, Immortalis GPU IP, and CoreLink system interconnect IP, fully supporting the advanced 3nm process technology. Under the back - end and system - level design of Xiaomi's Xuanjie team, this chip delivers excellent performance and energy consumption. (Cailian Press)

German Chancellor Says Germany May Counter US Tariff Policy

On the 26th local time, German Chancellor Merz stated that Germany and other EU countries do not want the tariff dispute to escalate. From Germany's perspective, imposing additional tariffs will harm Germany's interests. If the negotiations between the EU and the US fail to reach an agreement, Germany will have no choice but to counter the US tariff policy. Currently, the EU-US negotiations are striving to avoid an escalation of the situation, and Germany also hopes to avoid a tariff war. Merz also said that Germany needs to prepare for the failure of the EU-US negotiations and any other situations. (CCTV News)

Shanghai Legoland Held Project Handover Ceremony, and Phased Internal Testing and Trial Operations to Begin on May 31

The project handover ceremony for Shanghai Legoland Resort was held on the morning of May 26. The project team handed over a key made of Lego bricks to the operation team, marking that China's first Legoland has officially entered the final sprint stage before its opening. It was learned on-site that Shanghai Legoland Resort will conduct internal stress tests from May 31 to June 19, start trial operations from June 20 to July 4, and officially open on July 5. (The Paper)

Buffett Plans to Go to the Office After Stepping Down as CEO

Warren Buffett will step down as the Chief Executive Officer (CEO) of Berkshire Hathaway at the end of this year, but he may not actually stop working. On May 14, Buffett told The Wall Street Journal that he doesn't plan to sit idle at home. Instead, after stepping down as CEO, he plans to regularly go to the Berkshire Hathaway headquarters in Omaha, Nebraska, and continue to contribute his investment ideas and decision - making abilities. (Sina Finance)

Apple May Adjust iPhone Release Strategy: Launch New Models Twice a Year

Not long ago, Apple released the iPhone 16e model, changing the situation where new products were only launched in autumn in the past few years. Apple's move is mainly to alleviate the impact of the off - season on its business and boost the data forcefully in the first half of the year.

According to multiple sources, Apple will maintain the strategy of launching iPhones twice a year starting this year to fill the gap of new models in the first half of the year and compete closely with domestic mobile phones.

According to IDC data, Apple's market share in China shrank to 13.7% in the first quarter of 2025, having declined for seven consecutive quarters. Against this background, by increasing the frequency of new product releases, Apple can better attract consumers' attention and maintain market attention. (Kuaikeji)

Hyundai Motor Considers Raising Car Prices in the U.S. Market After June 2nd

It is reported that people familiar with the matter revealed that Hyundai Motor is considering raising the prices of its cars in the U.S. market after June 2nd. (Caixin Press)

Japan Plans to Allocate 900 Billion Yen in National Funds for US Tariff Emergency Aid Program

It is reported that Japan plans to allocate 900 billion yen in national funds for the US tariff emergency aid program. (Jiemian News)

Xiaomi YU7 Confirmed to Participate in the Guangdong-Hong Kong-Macao Greater Bay Area Auto Show

36Kr learned that Xiaomi Auto announced in a post that from May 31st to June 8th, all Xiaomi Auto products will be on display at the Guangdong-Hong Kong-Macao Greater Bay Area Auto Show. The pictures show that Xiaomi YU7 is confirmed to participate in the Guangdong-Hong Kong-Macao Greater Bay Area Auto Show.

Former Tesla Executive Contradicts Musk: Optimus Robots Are Not Suitable for Factory Work

Tesla CEO Elon Musk claims that Optimus robots can work in factories on a large scale. However, Chris Walti, the former head of Tesla's robotics team, said in an interview that humanoid robots like Optimus are not suitable for factory work. Walti explained that although humanoid robots are an intriguing technology with great potential, they are less efficient in warehouses, logistics, and manufacturing. (Sina Finance)

EU: Facing US Blackmail, the EU Will Not Back Down

On May 24 local time, according to Spain's EFE news agency, Teresa Ribera, the Executive Vice-President of the European Commission, said in Brussels that day that the EU "will not back down" in the face of US President Trump's tariff "blackmail". In response to Trump's threat to impose a 50% tariff on EU goods starting from June 1, Ribera said, "Such blackmail is intolerable." Ribera said, "The US federal government is aggressively imposing its conditions on others as if other countries will succumb to it." In the face of blackmail, what the EU should do is to "stand firm" but "not let the conflict escalate". She emphasized that "the EU will not accept conditions that completely go against the interests of European businesses and society." (CCTV News)

Protests held by French agricultural and taxi industries, traffic disrupted in many places

On May 26 local time, French farmers held protests to pressure the government to more effectively address issues such as the decline in farmers' income, excessive environmental protection regulations, and unfair market competition. It is reported that this event was initiated by the National Federation of French Farmers' Unions (FNSEA) and the Young Farmers' Organization of France (Jeunes Agriculteurs). On the morning of the 26th, about 150 to 200 tractors drove into the center of Paris and reached the National Assembly, causing severe traffic disruptions in the surrounding area. The police had to deploy forces to maintain order. (CCTV News)

South Africa Proposes to Buy US Liquefied Natural Gas for Trade Agreement

According to a ministerial statement posted on the website of the South African government's news agency, South Africa has proposed to buy liquefied natural gas from the United States over a 10 - year period as one of the proposals to secure a trade agreement. The proposed package also includes a duty - free quota for exporting 40,000 vehicles from South Africa annually and duty - free access for procuring auto parts from South Africa for production in the United States. (Sina Finance)

Meituan's Q1 Earnings Call: Will Spare No Expense to Win the Food Delivery Competition

On May 26, Meituan held its earnings call for the first quarter of 2025. Meituan's previously released Q1 2025 financial report showed that the company's revenue and net profit both showed strong growth. Total revenue reached 86.6 billion yuan, a year-on-year increase of 18.1%, and operating profit increased significantly by 102.8% year-on-year. The profit margin of core businesses increased significantly, and the losses of new businesses narrowed significantly. Regarding the impact of JD.com's 10-billion-yuan subsidy on Meituan's food delivery business, Meituan CEO Wang Xing responded that Meituan "will spare no expense to win the competition." He said that Meituan has also experienced several rounds of very fierce competition in the past, and he believes that Meituan can also win this time. Meituan welcomes new players to enter this market and also recognizes that the food delivery industry has great potential. (Wall Street News)

Jia Ling Now Holds 100% of the Shares in Dawan Entertainment

Public information shows that Beijing Dawan Entertainment Culture and Media Co., Ltd. (hereinafter referred to as "Dawan Entertainment") recently underwent industrial and commercial changes. The former shareholder, Sanya Wenyi Xiaohong Culture and Media Co., Ltd., withdrew, and now Jia Yuling (Jia Ling) holds 100% of the shares. The company was established in July 2016, with Jia Ling's father, Jia Wentian, as the legal representative. The registered capital is 1 million RMB, and its business scope includes organizing cultural and artistic exchange activities, film and television planning, economic and trade consulting, etc.

It is reported that Beijing Dawan Entertainment Culture and Media Co., Ltd. is a culture and media company founded by Jia Ling, focusing on the comedy industry. Its artists include Jia Ling, Zhang Xiaofei, Xu Juncong, Zhang Taiwei, He Huan, Bu Yu, Zhu Tianfu, etc.

On September 27, 2024, Dawan Entertainment issued a business adjustment statement, stating that Jia Ling will no longer hold any positions in the company, and the contracts of all its artists will expire without renewal. (Beijing News, Jiupai News)

Google Search's market share fell below 90% by the end of 2024, and Musk said AI will replace search engines

Google Search's market share fell below 90% by the end of 2024, marking the first decline in nearly a decade. According to StatCounter data, the proportion dropped to 89.34% in the fourth quarter of that year. Although it briefly rebounded to 90.15% in February 2025, it then fell back to 89.71% in March and has not recovered since. Mario Nawfal, the founder of the International Blockchain Consulting Group, first revealed this change on the X platform. He wrote, "Instead of rummaging through a bunch of junk links for answers, just use Grok and get it done in one step." Elon Musk then retweeted and commented, "AI will replace search @grok." (IT Home)

Financial reports of large companies

Meituan Releases Q1 2025 Financial Report: Total Revenue Reaches 86.56 Billion Yuan, Up 18% Year-on-Year

36Kr learned that Meituan released its financial report for the first quarter of 2025. The report shows that Meituan achieved a revenue of 86.56 billion yuan in this quarter, a year-on-year increase of 18%. Among them, Meituan's core local commerce business achieved steady development, with the revenue of this business segment reaching 6.43 billion yuan, a year-on-year increase of 18%. It is understood that Meituan's food delivery business maintained healthy growth in the first quarter, with user stickiness and purchase frequency further improved. As of the first quarter, Meituan has helped more than 480 brands open 3,000 high - quality brand satellite stores. At the same time, Meituan's in - store business continued to expand its supply, and the number of annual active merchants increased by more than 25% year - on - year. In terms of new businesses, the operating loss in the first quarter narrowed year - on - year to 2.3 billion yuan.

The Cutting - Edge of AI

The URM General Retrieval Large Model in Alibaba's Mama LMA 2 Advertising Large Model Series Debuts at the TongAI Conference

36Kr learned that at the first International Conference on General Artificial Intelligence (TongAI Conference), Alibaba's Mama for the first time in China demonstrated the latest progress in AIGR (Generative Recommendation). The URM General Retrieval Large Model in Alibaba's Mama LMA 2 Advertising Large Model Series made a grand debut. It is reported that this large model can more accurately predict consumers' potential shopping needs, bringing better advertising results for merchants and a better shopping experience for consumers.

Sequoia China Launches New AI Benchmark xbench

36Kr learned that on May 26th, Sequoia China announced the launch of a new AI benchmark, xbench, and published a paper titled "xbench: Tracking Agents Productivity, Scaling with Profession - Aligned Real - World Evaluations". This is the first AI benchmark initiated by an investment institution, which involves dozens of doctoral students from more than ten domestic and international universities and research institutions. It adopts a dual - track evaluation system and an evergreen evaluation mechanism. While evaluating and pushing the upper limit of AI system capabilities and technological boundaries, xbench will focus on quantifying the utility value of AI systems in real - world scenarios and long - term capturing of key breakthroughs in Agent products.

Fliggy AI's "Ask a Question" Upgrades Functions such as Flight and Hotel Queries and Hand-drawn Maps, and Adds a "Member Assistant"

36Kr learned that Fliggy AI's "Ask a Question" has recently updated some of its functions. The accuracy of information query and generation in the "Intelligent Transportation Advisor" and "Hotel Advisor" within the product has both been improved, and now it covers information such as aircraft models, cabin classes, and hotel types. A new AI character, the "Member Assistant", has emerged, which can help users query their membership levels and corresponding exclusive benefits. The practicality of the hand-drawn itinerary map has also been significantly enhanced. In addition, "Ask a Question" has also optimized several basic functions, including the search engine input suggestion (SUG) function and the function of generating a long picture of the travel plan with one click.

Compiled | Dai Minghui