Krypton Evening News | Huang Zhipan officially assumes the position of CEO of Xingji Meizu Group; The first Haidilao Premium store nationwide opens; Unitree Technology releases its third humanoid robot, Unitree R1.

Large Companies:

Over 90 ETFs Reach a Scale of Over 10 Billion Yuan

Choice data shows that as of July 24, the scale of ETFs reached 4.64 trillion yuan. The number of ETF products with a scale of over 10 billion yuan has reached 91, an increase of about 38% compared to 66 at the end of last year. Looking at the newly added products with a scale of over 10 billion yuan, they are mainly concentrated in industry-themed ETFs. (Shanghai Securities News)

Pony.ai Launches 24/7 Autonomous Driving Tests

36Kr learned that on July 25, autonomous driving company Pony.ai announced that it has launched 24/7 all-weather autonomous driving tests in Beijing, Guangzhou, and Shenzhen. The test period has been extended from the original 7 am to 11 pm to 24 hours a day. The all-weather open test is also an important innovation and breakthrough in the autonomous driving policies of Beijing, Guangzhou, and Shenzhen. With the launch of the 24/7 tests, Pony.ai will explore practical scenarios for autonomous driving at night by deploying autonomous driving technology in full-scenario and full-time tests and R & D, aiming to improve the difficulty of traveling late at night.

Trump Denies Canceling Massive Subsidies for Musk's Company, Musk Retorts: These Subsidies Don't Exist

According to the US "Business Insider" website, US President Trump said on the 24th that everyone is saying that he wants to cancel some of the massive subsidies that billionaire Musk receives from the US government, thus destroying his company, but that's not the case. He hopes that Musk and all US companies can thrive. On the same day, Musk posted a refutation, saying that these subsidies simply do not exist. (Global Times)

Huang Zhipan Formally Assumes the Position of CEO of Xingji Meizu Group

Xingji Meizu confirmed today that Huang Zhipan has formally assumed the position of CEO of Xingji Meizu Group. (Caixin)

The First Haidilao Premium Store in China Opens

36Kr learned that recently, the first Haidilao premium store in China started its trial operation at Hanwei Building. The store features Cantonese-style hot pot, with high-quality seafood and wagyu as the main ingredients. The environment and service are more refined. Currently, it is fully open to customers.

LG Energy Solution's Net Profit in Q2 Reaches 90.6 Billion Won, Turning a Profit Year-on-Year

On July 25, the financial report released by LG Energy Solution showed that in the second quarter of 2025, its revenue decreased by 9.7% year-on-year to 55.6 trillion won; operating profit reached 492.2 billion won, compared with 195.3 billion won in the same period last year; net profit reached 90.6 billion won, compared with a loss of 23.7 billion won in the same period last year. (Jiemian)

The Environmental Protection Industry Embraces AI, Leading Enterprises Compete for the "Super Brain"

The environmental protection industry is undergoing a profound transformation driven by artificial intelligence (AI) technology. Since July, leading environmental protection enterprises such as Hailan Environment and Qiaoyin Co., Ltd. have actively joined hands with technology companies. Through the establishment of joint ventures and research institutes, they have integrated AI technology innovation applications into their corporate development strategies to promote the intelligent transformation of the industry. Industry insiders believe that this transformation not only reconstructs the technical framework of the environmental protection industry but also reshapes the business models and market values of enterprises. With the in - depth application of AI technology in scenarios such as waste incineration, environmental sanitation services, and water management, the environmental protection industry is moving from "experience-driven" to "data-driven", and intelligent transformation has become an important engine for the industry's development. (Shanghai Securities News)

China Duty Free Group: Net Profit in the First Half of the Year is 2.6 Billion Yuan, Down 20.81% Year-on-Year

36Kr learned that China Duty Free Group announced that in the first half of 2025, its total operating revenue was 28.151 billion yuan, a year-on-year decrease of 9.96%; the net profit attributable to shareholders of the listed company was 2.6 billion yuan, a year-on-year decrease of 20.81%. During the reporting period, the duty-free sales on Hainan's out - island showed a stable trend. The company's dominant position in the Hainan market was further consolidated, and its market share increased by nearly 1 percentage point year-on-year. The company's operating efficiency continued to improve, and the inventory turnover rate increased by 10% year-on-year.

Investment and Financing:

Shanghai State - owned Capital Investment Co., Ltd. to Participate in the New Round of Financing of Jieyue Xingchen

On July 25, the large - model startup Jieyue Xingchen announced a deep strategic cooperation with Shanghai State - owned Capital Investment Co., Ltd. and disclosed that Shanghai State - owned Capital Investment Co., Ltd. will participate in the new round of financing of Jieyue Xingchen. Today, Jieyue released its third - generation basic large model, Step3, and announced a goal of reaching 1 billion yuan in annual revenue. (Yicai Global)

"Ancheng An Design" Receives 1 Million Yuan in Angel Investment

36Kr learned that "Ancheng An Design" recently received 1 million yuan in angel - round financing. The funds will be used for technological upgrading and market expansion. Its AI - powered electrical design drawing review system can automatically identify and verify, significantly improving the review efficiency.

New Products:

Jieyue Xingchen Releases the New - Generation Basic Large Model Step 3

36Kr learned that at the round - table forum of the Jieyue Xingchen Step 3 model press conference, Chen Weiliang, the founder, chairman, and general manager of Moore Threads; Gai Lujiang, the chairman and CEO of Dayu Computing; Zhao Lidong, the founder, chairman, and CEO of Enflame Technology; and Zhang Wen, the founder, chairman, and CEO of Biren Technology, made their first appearance on the same stage and had a dialogue around "the collaborative innovation of large models and chips". At the meeting, Jieyue Xingchen released the new - generation basic large model Step 3. It is reported that Step 3 has achieved industry - leading inference decoding efficiency. According to principle analysis, the inference efficiency of Step 3 on domestic chips can be up to 300% of that of DeepSeek - R1.

Alibaba Qianwen 3 Inference Model is Updated, Comparable to Gemini - 2.5 pro and o4 - mini

36Kr learned that on July 25, Alibaba newly open - sourced the Qianwen 3 inference model, with a significant performance improvement. It has won the throne of the "world's strongest open - source model" and is comparable to top - tier closed - source models such as Gemini - 2.5 pro and o4 - mini. It is understood that this week, Alibaba has successively open - sourced 3 heavy - weight models, winning three global open - source championships in mainstream fields such as basic models, programming models, and inference models.

Unitree Releases the Third Humanoid Robot, UnitreeR1

36Kr learned that this afternoon, Unitree announced on its official Weibo that it has officially released its third humanoid robot, "UnitreeR1 Intelligent Companion". The robot is priced from 39,900 yuan, supports development/modification, is flexible and ultra - lightweight at about 25 kg, and integrates voice and image multi - modal large models.

Ziliewang Releases an AI Agent Product for Recruitment and Job - Hunting

36Kr learned that on July 24, the AI recruitment platform Ziliewang held a press conference for its AI Agent recruitment and job - hunting product in Beijing. At the press conference, Ziliewang released an innovative AI Agent product for recruitment and job - hunting. Its self - developed L4 - level artificial intelligence provides a full - process attendant - style recruitment and job - hunting process, integrating cutting - edge technologies such as multi - modal perception, intelligent decision - making, and automated workflows to achieve full - process intelligence from job posting to talent recruitment. In terms of efficiency, this product supports high - concurrency interviews, with a single interview time controlled between 30 - 60 minutes, which can more than double the recruitment efficiency of enterprises.

Today's Views:

The Central Bank: Establish a Policy Framework for an Integrated Domestic and Foreign Currency Capital Pool

36Kr learned that the "Notice on Public Consultation on the (Provisions on the Cross - border Centralized Operation and Management of Domestic and Foreign Currency Funds of Multinational Companies) (Draft for Comment) jointly issued by the People's Bank of China and the State Administration of Foreign Exchange" was released. It mentioned that a policy framework for an integrated domestic and foreign currency capital pool should be established. The low - version capital pool will incorporate domestic and foreign currency cross - border capital pool businesses into unified management. The threshold design fully considers the connection with existing foreign exchange and RMB capital pools to facilitate enterprises to transition from existing capital pools to the low - version capital pool. In the future, all newly added capital pool businesses in various regions and existing foreign - currency capital pool businesses will be handled in accordance with the regulations of the low - version capital pool. For existing RMB capital pool businesses, considering factors such as the willingness of market players and differences in management ideas, it is difficult to directly merge them. Enterprises are supported to make independent choices, and they are encouraged to transition to the low - version capital pool.

Other Noteworthy News:

The Ministry of Commerce: China's Trade Volume with Arab Countries Increased by 2.3% Year - on - Year Last Year

At the press conference of the Ministry of Commerce held today (July 25), relevant officials of the Ministry of Commerce introduced that in recent years, China - Arab economic and trade cooperation has achieved remarkable results. In 2024, China - Arab trade volume increased by 2.3% year - on - year, and cooperation in emerging fields has shown many highlights. It is reported that in 2024, China - Arab trade volume reached 407.4 billion US dollars, an increase of 2.3% year - on - year. China has maintained its position as the largest trading partner of Arab countries for many consecutive years. (CCTV News)

Seven Departments Issue the "Action Plan for the Comprehensive Pilot of the Intellectual Property Finance Ecosystem in Beijing"

36Kr learned that seven departments, including the Beijing Regulatory Bureau of the National Financial Regulatory Administration, issued the "Action Plan for the Comprehensive Pilot of the Intellectual Property Finance Ecosystem in Beijing". It proposes that by 2027, a comprehensive pilot zone for the intellectual property finance ecosystem with convenient and efficient services, smooth information sharing, and complete institutional mechanisms will be basically established. An intellectual property finance ecosystem with Beijing's innovation features and good and efficient operation will be constructed, and an overall working situation of positive interaction among intellectual property, industry, and finance will be formed.