1 Krypton at 8 a.m. | Spring Airlines denies deliberately lowering the temperature to sell blankets; Shaoxing's cultural and tourism department responds to the complaint about the wall painting of Lu Xun holding a cigarette; The recruitment at Fat Donglai is so popular that the system crashes.
Today's Hotspot Guide
JD.com and Wanda have established a partnership with a capital contribution of up to 8 billion yuan.
National customs across the country intercepted 1.83 million counterfeit LABUBU products this year.
The Federal Reserve has signaled a potential interest rate cut, and the global bull market is expected to continue.
KDP has announced that it will acquire JDE Peet's, the parent company of Peet's Coffee.
Apple plans to make major redesigns for three consecutive years.
Top 3 Big News
Spring Airlines Denies Deliberately Lowering Temperature to Sell Blankets
Spring Airlines: In response to the large amount of false information on the Internet that "forcefully links the normal condensation water vapor phenomenon in the cabin during summer with in - flight sales", Spring Airlines hereby issues a solemn statement. We have noticed a large amount of false information on the Internet that "forcefully links the normal condensation water vapor phenomenon in the cabin during summer with in - flight sales". After verification by our company, the video shows the normal condensation water vapor phenomenon that occurs when the humid air in the cabin during summer meets the dry and cold air produced by the air - conditioning system. The condensation water vapor phenomenon will disappear soon after the plane takes off. This phenomenon is a common physical reaction. (Red Star News)
Wall Painting of Lu Xun Holding a Cigarette Accused of Misleading Teenagers
Recently, the photo - taking wall near the Lu Xun Memorial Hall in Shaoxing, which depicts Lu Xun holding a cigarette, has been complained about by some individual tourists. The reason is that it poses a risk of guiding people to gather and smoke outdoors, which endangers others' health, and it may also mislead teenagers. They demand that the wall painting be replaced.
On August 25th, a staff member of the Shaoxing Culture and Tourism Bureau told reporters that they received calls from all over the country this morning. Everyone unanimously agreed that the wall painting of Lu Xun holding a cigarette did not need to be modified. The Culture and Tourism Bureau will make a decision based on extensive public opinions and will not blindly replace it due to a single person's complaint. "There is no notice yet on whether to modify it. A decision will be made after comprehensive consideration." Regarding the matter of tourists putting forward suggestions, Zhou Lingfei, the eldest grandson of Lu Xun, said: Everyone has the right to express their opinions. "I respect those who dare to voice their opinions." As for whether to modify the wall painting, it is another matter. "Personally, I think it's okay to just laugh it off. I believe everyone has a yardstick in their hearts." Zhou Lingfei said, "What we should do is to remember history and respect history." (Red Star News)
Fat Donglai Responds to Recruitment System Crash: 900 Positions, 130,000 Applicants
Early on August 24th, Xinxiang Fat Donglai Sanpang announced the recruitment progress. Fat Donglai stated that 132,000 people registered in the recruitment system this time, and 83,000 people submitted their basic information during the application process. Yu Donglai, the founder of Fat Donglai, posted on a social platform to respond to the recruitment system crash caused by the overwhelming number of applicants. Yu Donglai said, "For friends who failed to submit their applications, please take it easy. Fat Donglai has made every effort to ensure fairness. There must be some technical deficiencies, but please believe in Fat Donglai's sincerity! Take it easy and happiness is the most important thing."
It is understood that the previous recruitment announcement released by Fat Donglai showed that Xinxiang Fat Donglai Sanpang is publicly recruiting 900 people. Among them, 200 positions are reserved for former border defense veterans, and 20 positions are for released prisoners. This recruitment is only open to applicants from Henan Province. (Jiemian News)
Big Companies/Big Events
Unitree Technology Sued for Infringement of Invention Patent Rights
According to the Aiqicha app, recently, a case of infringement of invention patent rights between Hangzhou Luweimei Daily Chemical Co., Ltd. and Hangzhou Unitree Technology Co., Ltd. was made public. The plaintiff is Hangzhou Luweimei Daily Chemical Co., Ltd., and the defendant is Hangzhou Unitree Technology Co., Ltd. This is the first lawsuit related to invention patents that Unitree Technology has faced. The relevant case will be heard at the Hangzhou Intermediate People's Court on August 26, 2025.
Unitree Technology currently has seven robotic dog products, namely GO2, GO1, A1, A2, B1, B2, and Aliengo, which are divided into consumer - grade and industrial - grade products. It is not yet clear which product is involved in the patent dispute with the plaintiff. (Jiemian News)
Tencent to Stop Repair Services for the Chinese Version of Nintendo Switch
On August 25th, according to Tencent's Nintendo Switch announcement, the Chinese version of Nintendo Switch will cease repair services for the Nintendo Switch console, the Nintendo Switch console (OLED model), and related accessories on December 31, 2026. The official statement indicates that the Chinese version of Nintendo Switch announced on November 26, 2024, that it would gradually discontinue the Nintendo eShop and other network - related operational services from March 31, 2026, to May 15, 2026. (Jiemian News)
National Customs Seized 1.83 Million Counterfeit LABUBU Products This Year
On August 25, 2025, the State Council Information Office held a series of press conferences on the theme of "High - quality Completion of the 14th Five - Year Plan". Wang Jun, the deputy director of the General Administration of Customs, introduced that since the beginning of this year, the national customs have intercepted 1.83 million LABUBU products suspected of infringement, effectively safeguarding a fair and healthy international trade market environment. (Jiemian News)
Dalian University of Science and Technology Responds to "Salary Suspension": Delayed Due to Guarantee Dispute, Now Resolved
Recently, some netizens posted that "Dalian University of Science and Technology has suspended the salaries of all employees, and the start of the new semester is at risk of being disrupted." In the comment section of the post, there was a letter titled "A Letter to All Faculty and Staff" signed by the school's trade union. The letter mentioned that the school's account was frozen by the court, resulting in the failure to pay the July salaries on schedule.
On August 24, Dalian University of Science and Technology issued a statement. The school admitted that due to its involvement in a loan guarantee dispute that occurred several years ago, its account was frozen, and the payment of faculty and staff salaries in July was indeed delayed. However, the school emphasized that most of the huge debts mentioned in the online rumors were debts of other enterprises under the school's sponsor. Currently, the issue of salary payment has been completely resolved, and the school's long - term operating funds are guaranteed. The school will start the new semester as originally planned.
Public information shows that Dalian University of Science and Technology has two pieces of information as an executed person, with a total amount of more than 230 million yuan to be executed. (Yicai Global)
Shanghai Disneyland to Add More Ticket Price Tiers, with Highest and Lowest Prices Unchanged
Shanghai Disneyland announced on August 25 that it will adjust its ticket price structure starting from mid - October. This adjustment will add more intermediate ticket price tiers within the current price range of 475 yuan to 799 yuan, aiming to provide tourists with more flexible options. Tourists can still check the daily ticket prices through the rolling 30 - day price calendar in advance.
Previously, the ticket price structure of Shanghai Disneyland has been adjusted from four tiers to six tiers. Currently, the ticket prices of Shanghai Disneyland are 475 yuan, 539 yuan, 599 yuan, 659 yuan, 719 yuan, and 799 yuan. The number of additional ticket price tiers and the specific new ticket prices in the future have not been announced yet, but the overall ticket price range will still remain between 475 yuan and 799 yuan. (Yicai Global)
Meituan Responds to "Refund Not Received for Orders", Misunderstanding Caused by Delayed Information Display
In response to the issue of "refunds not received for orders" on Meituan reported by some users, Meituan's official released a statement late at night on August 24th.
Meituan stated that after investigation, the problems circulated on the Internet mainly stem from two types of situations: Firstly, the update of refund information display on the platform was not timely, leading to users' misunderstanding. Currently, this problem of information delay has been fixed. Secondly, a small number of orders could not be refunded through the original payment channel due to abnormal payment channels of users. The refund will be redirected to the users' Meituan balance. If a user's Meituan account has been cancelled or is abnormal, Meituan will contact the user to receive the refund.
Meituan said that it has established a special customer service team to follow up and handle the issue, and promised that every refund data can be traced. "We will help users trace every order they are worried about in the future." At the same time, Meituan also reminded former Mobike users that they can still apply for a deposit refund through the Meituan App. (Yicai Global)
The Fed Signals Rate Cuts, Global Bull Market Expected to Continue
On August 22nd, Federal Reserve Chairman Jerome Powell stated at the Jackson Hole Global Central Bank Annual Meeting that "changes in the baseline outlook and the balance of risks may require us to adjust our policy stance." This was widely interpreted by the market as a high - probability event of a rate cut in September.
Affected by the rate - cut expectations, the three major U.S. stock indexes all rose, and European and Japanese stock markets also performed strongly. The Fed's shift towards rate cuts is also beneficial to the Chinese stock market. On the same day, the Shanghai Composite Index soared above the 3,800 mark. In addition to being boosted by the global macro - environment, the internal driving force for this round of A - share rise also comes from liquidity. Due to the low savings rate, depositors pay more attention to liquidity acquisition rather than savings income. Liquidity acquisition can be regarded as a positive leading indicator of investment or consumption willingness. China's excess liquidity has risen from 9.1% of GDP in the third quarter of 2024 to 12.6% in the second quarter of 2025. Many international investment banks believe that although the A - shares have experienced a significant rise, the upward momentum still exists, and the bull market is expected to continue. (Yicai Global)
US Plans to Impose 50% Tariffs on Indian Goods
On August 25 local time, according to Bloomberg, the US Department of Homeland Security issued a preliminary notice, planning to impose an additional 50% tariff on Indian goods starting from 00:00 on August 27. The notice states that the tariffs will apply to "all Indian goods imported for consumption or withdrawn from warehousing for consumption." (CCTV News)
Xinba's Account Will Resume Broadcasting After Being Taken Over by His Wife
At noon on August 25th, Chu Ruixue, Xinba's wife, posted a video on Xinba's original account, responding to taking over Xinba's account. Previously, Xinba said he suffered from a serious lung disease and announced his withdrawal from the live - streaming industry. The company would be managed by his wife. Chu Ruixue talked about Xinba's health this time and said, "I've long known that this day would come sooner or later. His health has always been a question mark. I may not be the most suitable person, but I'm definitely the one who takes Xinba's responsibilities as my own. No matter how this hand - over turns out, it will surely become a good story in the future. I'm Xinba's wife. As long as I'm here, Xinxuan is here."
On the evening of August 18th, Xinba said during a live stream, "I'm here to say goodbye to everyone. From today on, Xinba is no longer capable of carrying out the job of live - streaming. I'm officially announcing my withdrawal from the live - streaming industry today." After that, his wife Chu Ruixue took over the management of Xinxuan Group. Besides the response, the account also opened a live - stream reservation, indicating that a live stream would be held at 10 a.m. on August 29th. 370,000 people have already reserved this live stream. (Blue Whale News)
Laopu Gold Adjusts Prices Again, Most Products in Online Stores Have Increased in Price
Six months after the last price increase, Laopu Gold has adjusted its prices again. On the morning of August 25th, the JD and Tmall flagship stores of Laopu Gold showed that most products had increased in price. The popular jewelry items priced between 10,000 and 30,000 yuan had an increase of about 1,000 to 3,000 yuan, and the price increase of the main products was around 5% - 13%. (Beike Finance)
Apple Plans Major Redesigns for Three Consecutive Years
On August 24 local time, according to well - known tech journalist Mark Gurman, Apple plans to start a three - year major design overhaul cycle starting from the iPhone 17 series to be released in September this year, aiming to enhance the appeal of its flagship products. This plan will involve a major redesign of the iPhone on an annual basis, with an innovative product launched each year.
Mark Gurman revealed that among Apple's fall new products, the most eye - catching will be the brand - new iPhone 17 Air. This model will replace the iPhone 16 Plus and adopt a design concept similar to that of the MacBook Air launched in 2008, emphasizing lightness and portability. It is expected to be about 5.5 millimeters thick, roughly the height of three stacked coins. (Jiemian News)
President of "Fingerprint Chip Leader" Goodix Technology Suspected of Insider Trading and Under Investigation
Goodix Technology announced in the evening that its President, Liu Yuping, received a "Notice of Case Filing" issued by the China Securities Regulatory Commission (CSRC) on August 22, 2025. The CSRC decided to launch an investigation into Liu Yuping for suspected insider trading. The announcement stated that this investigation is targeted at Liu Yuping personally and has nothing to do with the company's daily operation and management or business activities, and it will not have an impact on the production and operation activities of the company and its subsidiaries.
Public information shows that Goodix Technology is a leading company in the domestic fingerprint recognition chip field, with products including sensors, touch controls, audio, security, wireless connectivity, etc. (Caixin Press)
JD.com and Wanda Establish a Partnership with a Capital Contribution of Up to 8 Billion Yuan
Industrial and commercial data shows that recently, companies under Wanda and JD.com have jointly invested in the establishment of Beijing Hongrui Panda Management Consulting Partnership in Beijing. The capital contribution of this enterprise is approximately 8.053 billion yuan, and its business scope includes corporate management consulting and information technology consulting and other related businesses. Among them, Dalian Wanda Commercial Management holds an indirect stake of approximately 54.9669%, and JD.com holds an indirect stake of approximately 45%. (Cailian Press)
DFM: Currently, the company has no further capital operation plans
At the 2025 interim results meeting, the management of Dongfeng Motor stated that after completing the privatization transaction of Dongfeng Group Co., Ltd., Dongfeng Motor plans to accelerate the promotion of professional integration. It will further clarify the strategic positioning and business boundaries among various business segments, improve the governance structure with equal responsibilities, rights, and interests, and continuously improve the strategic coordination mechanism across business segments to fully unleash the efficiency of the group's large - scale operation. The management also said that currently, the company has no further capital operation plans. (Caixin Press)
Elon Musk Says He Plans to Attempt Another Launch of the Starship Rocket on August 26
"The issue of ground liquid oxygen leakage needs to be resolved," Elon Musk wrote on X, planning to attempt another launch tomorrow. Musk seems to be referring to the postponed test flight of the Starship rocket by SpaceX. (Sina Finance)
Porsche Adjusts Battery Business, Subsidiary Cellforce to Lay Off Staff
On August 25th, Porsche announced that it will continue to regard electric vehicles as an important power type for the future. Porsche is adjusting its battery business: in this context, Cellforce will focus on the R & D of battery cells in the future. The announcement stated that Porsche's subsidiary's previous plan to expand the production of high - performance batteries will no longer be advanced. Currently, it is planned to continue development in the form of an independent R & D unit, and the relevant staff lay - offs will be carried out in a responsible manner. In addition, PowerCo, the battery technology center of the Volkswagen Group, has proposed to introduce suitable Cellforce employees to PowerCo's job positions. (Jiemian News)
Xpeng Recruits Top Talent from NVIDIA, and Hundreds of Xpeng Robots Have Been Deployed on the Production Line
36Kr has exclusively learned that Xpeng Motors' humanoid robot team began preparations around 2020. Currently, the person in charge is Mi Liangchuan. As we understand, Mi Liangchuan joined the NVIDIA team in 2005 and later served as a senior manager of Android software at NVIDIA in Santa Clara, California, while also being responsible for the Android platform department in China. A person familiar with the matter revealed that currently, hundreds of humanoid robots have been deployed on Xpeng Motors' production line. However, not all of these robots are currently used to assist in automobile production and manufacturing. Instead, most of them are used for algorithm tuning, data collection through remote operation, and so on. "The deployment of hundreds of robots is already a large number among automobile manufacturers," the aforementioned person said.
KDP Announces Acquisition of JDE Peet's, Parent Company of Peet's Coffee
On August 25, American beverage giant Keurig Dr Pepper and JDE Peet's, the parent company of Peet's Coffee, announced a definitive agreement. KDP will acquire JDE Peet's through an all - cash transaction. The tender offer is expected to commence, and the acquisition of JDE Peet's is expected to be completed in the first half of 2026. (Jiemian News)
ByteDance Responds to Reports on "AI Glasses": The Information Circulated Online Is Inaccurate
According to media reports, ByteDance is about to launch an AI glasses product. The product solution is provided by RXKJ, the MCU is supplied by HXKJ, the SOC uses Qualcomm AR1, and the whole - machine OEM is handled by LQKJ. In response, a relevant person in charge of ByteDance said that the relevant product is still in the early exploration stage and there is no current plan for release. Hardware products involve many upstream and downstream supply chains, and the information circulated online is inaccurate. Please note the risks, investors. (Sina Technology)
Pre - sale of Moutai 1935 New Product Launched: Positioned as High - end, Priced at 998 Yuan for 500ml
On August 25th, Moutai Jiangxiang Liquor's flagship stores on Taobao and JD.com launched the pre - sale of the new Moutai 1935 product. The pre - sale period is from August 25th to August 27th. This product is known as the "high - end version" of Moutai 1935, priced at 998 yuan with a capacity of 500ml. There is no specific product introduction yet. The product will be launched on August 28th. (21st Century Business Herald)
The three major U.S. stock indexes closed down collectively, and large technology stocks showed mixed performance
36Kr learned that at the close on August 25, the three major U.S. stock indexes fell collectively. The Dow Jones Industrial Average dropped 0.77%, the Nasdaq Composite declined 0.22%, and the S&P 500 Index decreased 0.43%. Large technology stocks showed mixed performance. Tesla, Google, Netflix, and Nvidia rose more than 1%, while Microsoft, Amazon, Apple, and Meta fell slightly. Popular Chinese concept stocks also showed mixed trends. Baidu and NetEase rose more than 2%, Alibaba and Tencent Music rose more than 1%, and Pinduoduo, Weibo, and JD.com rose slightly. Meanwhile, NIO and Bilibili fell more than 3%, and XPeng Motors and iQiyi dropped more than 2%.
Elon Musk Formally Sues OpenAI and Apple, Alleging Collusion to Hinder AI Competition
xAI, an AI company under Elon Musk, filed a lawsuit against OpenAI and Apple in a federal court in Texas, the United States, on August 25 local time, accusing them of illegally colluding to hinder AI competition. On the 11th of this month, Musk posted on a social platform, accusing Apple of "blatantly violating antitrust laws" and stating that Apple favored OpenAI through the App Store rankings, making it difficult for other AI companies to reach the top. Musk warned that his company xAI would immediately take legal action against Apple and, in another post, questioned why Apple "refused to list X or Grok in the 'Essential Apps' recommendation section." (Jiemian News)
Spotify's New Service Strategy to Be Accompanied by Price Adjustments
It is reported that Alex Norström, co-president and chief business officer of the streaming music platform Spotify, revealed that as the company invests in new features and moves towards the goal of reaching one billion users, it will increase the service prices. The report stated that this price adjustment will be implemented simultaneously with the planned launch of new service packages. The newspaper quoted Norström's interview as saying, "When the price adjustment matches the enhanced value of new features, it's a more acceptable time for users." (Sina Finance)
Financial Reports of Large Companies
Haidilao: Revenue Reached 20.7 Billion Yuan in the First Half of the Year, Down 3.7% Year-on-Year
36Kr learned that Haidilao released its semi-annual report, showing that its revenue in the first half of the year reached 20.7 billion yuan, a year-on-year decrease of 3.7%; the net profit was 1.76 billion yuan, a year-on-year decrease of 13.7%.
Pinduoduo: Revenue in the Second Quarter Reached 103.98 Billion Yuan, a Year-on-Year Increase of 7%
36Kr learned that Pinduoduo released its financial report for the second quarter of 2025. The report shows that the revenue in the second quarter was 103.98 billion yuan. Affected by the increased industrial investment under the "100 Billion Support" initiative, the revenue growth rate in this quarter slowed down to 7% year-on-year, marking a slowdown for multiple consecutive quarters. The net profit was 30.75 billion yuan, a year-on-year decrease of 4%, showing a downward trend for two consecutive quarters. It is understood that in the second quarter, Pinduoduo launched a "100-billion-level" merchant-benefiting campaign in the e-commerce industry for the first time.
Keep: Achieved Revenue of 822 million yuan and Adjusted Net Profit of 10.35 million yuan in the First Half of the Year
36Kr learned that Keep, a sports technology company, released its performance report for the first half of 2025 as of June 30, 2025. During the reporting period, Keep achieved revenue of 822 million yuan, an adjusted net profit of 10.35 million yuan under non-IFRS, and recorded a gross profit of 429 million yuan. The gross profit margin increased from 46.0% in the same period of the previous year to 52.2%.
Jingshiyuan: Net profit in the first half of the year was 2.229 billion yuan, a year-on-year decrease of 9.46%
36Kr learned that Jingshiyuan released its semi-annual report. In the first half of the year, it achieved an operating income of 6.950 billion yuan, a year-on-year decrease of 4.84%; the net profit attributable to shareholders of the listed company was 2.229 billion yuan, a year-on-year decrease of 9.46%; the basic earnings per share was 1.7875 yuan.
Investment and Financing
AI Toy Company "Haivivi" Completes Series A Financing of 200 Million Yuan
36Kr learned that on August 25th, AI toy company "Haivivi" announced the completion of a Series A financing round totaling 200 million yuan. This round of financing was jointly led by funds under CICC Capital, Sequoia Capital China, Huashan Capital, and Joy Capital, with participation from China Merchants Bank International and others. Existing shareholders such as Brizan Ventures continued to increase their investments. Qualitative Change Capital served as the exclusive financial advisor. The raised funds will be used for the R & D of the company's new product series, the construction of a talent pipeline, and the expansion of market channels.
Compiled | xm