1 Kr at 8:00 AM | Chengdu reports that the overcharging in the case of "putting 67.96 liters of gasoline into a 50-liter fuel tank" is true; The stock price of Cambricon once again surpasses that of Kweichow Moutai; Fat Donglai responds to the sale of its "interview questions".
Today's Hotspot Guide
- The second - hand price of Mini LABUBU has doubled, and the hidden models are resold at a premium of up to a thousand yuan.
- Dreametech officially announced its entry into the automotive industry, aiming to compete with Bugatti Veyron.
- Some outlets of YTO Express have "shut down" due to wage arrears.
- Anta Sports: The company is not involved in the potential acquisition deal of Canada Goose Holdings Inc.
- YouTube has reached a short - term renewal agreement with Fox to avoid content suspension.
Top 3 Big News
Chengdu Releases Investigation Results on "67.96 Liters of Gasoline Filled into a 50-Liter Tank": It's True that the Car Owner was Overcharged by 200 Yuan
On the morning of August 28th, in response to the issue of "a car owner reporting that 67.96 liters of gasoline were filled into a 50-liter tank" which attracted public attention, the Market Supervision and Administration Bureau of High-tech Zone in Chengdu released an official notice.
The notice confirmed that it's true that the car owner was overcharged by 200 yuan. However, after appraisals by experts and professional institutions, no abnormal operation by the staff or possible cheating of the measuring device was found. The investigation revealed that the transaction amount of 200 yuan from the previous transaction was wrongly added to the fuel volume of the involved vehicle by the involved fuel dispenser nozzle. Since the involved fuel dispenser nozzle was calibrated on June 5th, 2025, there have been a total of 2,863 refueling records, and only this one data transmission was abnormal. The cause was initially determined to be a malfunction in the software, hardware, and information interaction of the fuel dispenser equipment. In the afternoon of the same day, the Chengdu Sales Branch of PetroChina issued an apology statement, stating that it accepts the investigation results of the market supervision department and promising to strictly implement the rectification requirements. (Beijing News)
Cambricon's stock price surpasses Kweichow Moutai's again
On August 28th, Cambricon-U soared again, closing with a 15.73% increase. The stock price closed at 1,587.91 yuan per share, surpassing Kweichow Moutai at one stroke and becoming the stock with the highest price in the A-share market. The intraday stock price of this stock briefly exceeded that of Kweichow Moutai on the 27th, but it declined at the close. August 28th marked the first time in history that it closed at the top in the A-share market. (Sina Securities)
Fat Donglai Responds to the Chaos of Selling "Interview Questions" and Other Irregularities
Recently, a large number of services selling Fat Donglai's "interview questions" and providing paid interview coaching have emerged on the Internet. These services promote themselves with selling points such as "high - frequency real questions" and "recollections of internal employees", selling real questions and coaching courses. Some merchants claim that after their coaching, the employment rate can be as high as 80%. Their in - person offline courses are priced at 260 yuan for 1.5 hours, and the training period is 1 to 2 weeks. In response, multiple departments of Fat Donglai stated that the recruitment process is fair and just throughout, there is no so - called "fixed question bank", and the so - called "real questions" are not credible. (Beijing News)
Big Companies/Big Events
Cambricon: Expected to achieve annual operating revenue of 5 billion to 7 billion yuan in 2025
36Kr learned that Cambricon announced that the company has noticed some forecasts about its business situation in the market recently. Based on the actual situation, the company expects to achieve annual operating revenue of 5 billion to 7 billion yuan in 2025.
Dreame Officially Announces Car Manufacturing, Aiming to Compete with Bugatti Veyron
On August 28th, Dreame Technology officially announced its entry into the car - manufacturing industry. Its first ultra - luxury pure - electric vehicle is designed to compete with the Bugatti Veyron and is planned to be unveiled in 2027. Dreame stated that it will make long - term continuous investments in the automotive field. Currently, it has assembled a car - manufacturing team of nearly a thousand people, and the team is still expanding. (Yicai Global)
"Mini LABUBU" Sold Out in One Minute on Its First Sale
At 10 p.m. on the evening of August 28th, the online sale of Pop Mart's "Mini LABUBU" (THE MONSTERS Secret Code Series) kicked off. Just one minute after the sale started, all the products in JD.com and Taobao stores were sold out. On the second - hand platform, the price of a whole box of mini LABUBU has soared to around 2,290 yuan at most. (Yicai Global)
Autohome Changes Ownership, Subsidiary of Haier Becomes Its Largest Shareholder
On the 27th, Kataichi Holdings, a subsidiary of Haier Group, announced the completion of the strategic investment in Autohome, including the transaction delivery and board reshuffle. Haier Group, through its subsidiary Kataichi Holdings, acquired approximately 43.0% of Autohome's shares held by Yunchen Capital under Ping An of China for a total price of about $1.8 billion, becoming the controlling shareholder of Autohome. (Jiemian News)
Meituan's Wang Xing Responds to Impact on Food Delivery Business: Still Confident the Industry Will Return to a Reasonable Level in the Future
On August 27th, Meituan released its financial report for the second quarter of 2025. Meituan's revenue increased by 11.7% year-on-year to 91.8 billion yuan. However, both operating profit and net profit plummeted: the operating profit was 226 million yuan, a year-on-year decline of 98%; the adjusted net profit was 1.493 billion yuan, a year-on-year decline of 89%. "We firmly oppose cut - throat competition." At the earnings conference call after the release of the financial report, Wang Xing, the CEO of Meituan, said that the competition in the current food delivery market continues to intensify, and Meituan will continue to defend its market position. Wang Xing said that he is confident that Meituan still maintains an absolute leading operational efficiency in the food delivery industry. However, he expects that in the third quarter, strategic investments will lead to significant losses in the core local commerce business. Nevertheless, he still has confidence that the industry will return to a reasonable level in the future and will not be greatly affected by short - term price fluctuations. (The Paper)
Spring Airlines Becomes the Most Profitable Domestic Airline
Spring Airlines, the largest low - cost airline in China, released its semi - annual report tonight. The net profit attributable to shareholders of the listed company in the first half of the year was 1.169 billion yuan, a year - on - year decrease of 14.11%. Compared with the three major state - owned airlines that have not yet turned a profit, Spring Airlines' net profit ranks among the top of listed airlines and it is also the most profitable airline in China. (Yicai Global)
The movie "Goodbye, Bad Guys" produced by Wu Jing has been taken off the schedule. It only grossed 267,000 yuan at the box office after 6 days of screening
On August 28th, the movie "Goodbye, Bad Guys" officially announced its withdrawal from the schedule. The film was written and directed by Yu Zhong, starring Chen Minghao, Chen Yuzhe, and Tao Hui in leading roles, with special appearances by Wang Ning and Zhou Xiaoou. Wu Jing served as the producer of the film and also made a cameo appearance. According to data from Maoyan Professional Edition, the movie "Goodbye, Bad Guys" was released on August 22nd and only grossed 267,000 yuan at the box office after 6 days of screening. (Red Star News)
The List of the Top 500 Chinese Private Enterprises in 2025 Released, with JD, Alibaba, and Hengli in the Top Three
On August 28, the All - China Federation of Industry and Commerce released the "List of the Top 500 Chinese Private Enterprises in 2025" in Shenyang, Liaoning. The results show that JD Group, Alibaba (China) Co., Ltd., and Hengli Group Co., Ltd. ranked in the top three. The threshold (operating income) for the top 500 private enterprises this time increased to 27.023 billion yuan, and the total operating income reached 43.05 trillion yuan; the total net profit was 1.80 trillion yuan. There were 70 enterprises with a net profit of over 5 billion yuan, 34 enterprises with a net profit of over 10 billion yuan, and 19 enterprises with a net profit of over 20 billion yuan. (Beijing News)
The three major U.S. stock indexes closed higher collectively, with both the Dow and the S&P 500 hitting new closing highs again
36Kr learned that at the close on August 28, the three major U.S. stock indexes rose collectively. The Nasdaq rose 0.53%, the S&P 500 rose 0.32%, and the Dow rose 0.16%. Among them, both the Dow and the S&P 500 hit new closing highs again. Most large technology stocks rose. Google rose more than 2%, Amazon rose more than 1%, and Apple, Microsoft, Netflix, Meta, and Intel rose slightly. Tesla fell more than 1%, and NVIDIA fell slightly. Popular Chinese concept stocks were mixed. iQiyi rose more than 6%, NetEase, Li Auto, and NIO rose more than 2%, and Baidu rose more than 1%. XPeng Motors and Tencent Music fell more than 3%, Alibaba fell more than 2%, JD.com fell more than 1%, and Bilibili fell slightly.
Boeing Seeks EU Approval for $4.7 Billion Repurchase of Spirit AeroSystems
Documents on the official website of the European Commission show that Boeing is seeking EU approval for its deal to repurchase Spirit AeroSystems, the world's largest independent aerospace structures manufacturer. It is understood that in July last year, Boeing announced that it had agreed to repurchase the former subsidiary in a stock deal worth $4.7 billion, while Airbus will take over the loss - making European - focused business of this supplier. The EU's executive body is expected to make a decision on this deal by September 30. This month, after evaluation, the UK competition regulator deemed that there was no need to conduct an in - depth investigation into whether the deal was anti - competitive and has issued an approval document for this acquisition. (Cailian Press)
Jensen Huang: There's a 'real possibility' for the Blackwell chips to enter China
Nvidia CEO Jensen Huang said that the company has a "real possibility" of introducing its advanced Blackwell processors to the Chinese market. Meanwhile, he called on the US government to open market access channels for US chip manufacturers. Huang also predicted that as the world's second-largest economy, China's artificial intelligence market will grow by 50% next year. (Zhitong Finance)
Google May Lose $26 Billion in Search Contracts
U.S. federal judges are expected to make a landmark ruling in the coming days, which could upend some of Silicon Valley's most profitable deals: Google's default search contracts. This puts more than $26 billion in annual revenue for Google's parent company, Alphabet, at risk, with $20 billion of that going to Apple. This is equivalent to nearly a quarter of Alphabet's operating income. Although Google may lose some search traffic and predictability, analysts believe Apple may suffer a greater financial impact. The extent of the impact will depend on whether Apple can reach a new agreement and the scope of the ruling. (Sina Finance)
YouTube Reaches Short-Term Renewal Agreement with Fox to Avoid Content Blackout
YouTube, the video platform owned by Google, announced on August 27 (local time) that it has reached a short-term renewal agreement with Fox to prevent disruptions for YouTube TV subscribers while still working towards a new deal. YouTube recently stated that its existing agreement with Fox is about to expire and that it is actively negotiating to continue broadcasting Fox's content. The statement said, "Fox is asking for fees far higher than those of partners offering similar content. Our top priority is to reach an agreement that reflects the value of the content and is fair to both parties without passing on the additional costs to subscribers." (Jiemian News)
Musk Says Starship Capture May Occur on the 13th to 15th Flights
Musk posted on X, saying, "Starship V3 should be built and tested (and perhaps even have a test flight) before the end of this year. V4 is expected to be launched in 2027. It may be nearly 150 meters tall and weigh about 7,500 tons." Musk also said, "The capture of the Starship will probably take place on the 13th to 15th flights, depending on the performance of the V3 flights." (Sina Finance)
Some YTO Express outlets "shut down" due to wage arrears
Recently, netizens in Chuzhou, Anhui Province mentioned on social platforms that since August 16th, local YTO Express has been unable to accept or deliver parcels. The "BUG" column conducted an on - the - spot test and found that as of August 27th, YTO Express services were still unavailable in some areas of Chuzhou, and no one answered the phones at the business outlets. According to insiders, the reason is that YTO Express couriers were owed wages, which led to a collective strike by the couriers and the suspension of business at the outlets. As of the time of publication, YTO Express has not responded to the incident of the suspension of some outlets. (Sina Finance)
Anta Sports: The Company Is Not Involved in the Potential Acquisition of Canada Goose Holdings Inc.
36Kr has learned that Anta Sports has announced that it hereby refers to certain media reports on the 28th regarding the Company's possible acquisition of Canada Goose Holdings Inc. The Company hereby clarifies that it is not a party to this potential acquisition.
CEO of Guming: The takeaway subsidy war is not good for the operation of franchise stores
On the evening of August 27th, Guming held a performance briefing for the first half of 2025. At the meeting, in response to investors' concerns about the impact of the takeaway war on new tea beverage brands, Wang Yunan, the founder and CEO of Guming, said that in the long run, the takeaway subsidy war is not good for the operation of franchise stores and is also not conducive to the long - term development of the industry. After the subsidy tide recedes, the brand still needs to return to the normal business rhythm.
Guming revealed that the competition on the takeaway platform mainly started in the second quarter, and the first quarter was not affected. The intensity of the activities increased in July. Generally speaking, the impact on the performance in the first half of the year was limited. Since August, the activity subsidy intensity on the takeaway platform has decreased. (Jiemian News)
Going public in progress
Fuhang Microelectronics Co., Ltd.
36Kr learned that Fuhang Microelectronics announced that the company plans to issue shares overseas (H shares) and apply for listing on The Stock Exchange of Hong Kong Limited to deepen its global strategic layout, accelerate the development of overseas business, enhance its international brand image, and build a diversified capital operation platform. The specific plan still needs to be submitted to the company's board of directors and shareholders' meeting for review, and requires the filing, approval or verification of relevant government agencies and regulatory authorities. There is great uncertainty about this matter, and the company will timely fulfill its information disclosure obligations.
Investment and Financing
"Wicresoft" Completes Nearly 100 Million Yuan in Financing
36Kr learned that according to the official WeChat account of Bailian Zhigao Capital, "Wicresoft" announced the completion of nearly 100 million yuan in financing, exclusively invested by Bailian Zhigao Capital. The funds from this round of financing will be mainly used for the technological R & D of Wicresoft's artificial intelligence platform WISE, the expansion of its global delivery hub, and the operation of its East China regional headquarters, accelerating its strategic layout and industrial implementation in the field of AI digital intelligent software solutions.
“Jijia Vision” Completes Two Consecutive Rounds of Hundreds of Millions of Yuan in Pre-A & Pre-A+ Financing
36Kr learned that according to the official WeChat account of Jijia Vision, recently, the Physical AI company “Jijia Vision” announced the completion of two consecutive rounds of hundreds of millions of yuan in Pre-A and Pre-A+ financing. The Pre-A round was led by Guozhong Capital, with Zifeng Capital and existing shareholder PKSHA Algorithm Fund participating. The Pre-A+ round was invested by CICC Capital, Guangzhou Industrial Investment, Yicun Songling, and Huaqiang Capital. The funds from this financing will be mainly used for the R & D of technological products in the fields of world models and embodied intelligence, market and business expansion, and customer service and delivery.
“Lingyu Intelligence” Completes Seed+ Round Financing Worth Tens of Millions of Yuan
36Kr learned that “Lingyu Intelligence” recently officially completed a seed+ round financing worth tens of millions of yuan. This round was led by Huaying Capital, with existing shareholders Inno Angel Fund, Tsinghua Shuimu Investment, and Telescope Venture Capital participating in the follow - on investment.
The Forefront of AI
The Baige AI Computing Platform Upgrades to Version 5.0, and the Kunlun Chip Super Node is Officially Launched
36Kr learned that at the 2025 Baidu Cloud Intelligence Conference on August 28th, Baidu Smart Cloud comprehensively upgraded its AI computing infrastructure and officially released the brand - new version 5.0 of the Baige AI Computing Platform. It has achieved improvements in four major areas: network, computing power, inference system, and integrated training and inference system. In terms of computing power, the Kunlun Chip Super Node was launched, and its super - computing power is now officially available.
Alibaba Releases First Data Analysis Agent
On August 28th, Lingyang, a subsidiary of Alibaba, released its first data analysis agent. The "Smart Little Q" in Quick BI has been upgraded to a "Super Data Analyst" composed of three core agents: data query, data interpretation, and report generation. It can help users quickly obtain and interpret data in as fast as 10 seconds, and complete a data report with both insights and depth in as fast as 20 minutes, assisting business personnel in identifying the root causes of problems and determining decision - making directions.
Tencent Hunyuan Open-Source Video Sound Effect Generation Model
36Kr learned that on August 28, Tencent Hunyuan officially open-sourced the end-to-end video sound effect generation model HunyuanVideo-Foley. It is understood that users only need to input a video and a text description to generate high-quality movie-level sound effects. As of now, users can download the open-source model on GitHub and Hugging Face, or directly experience it through the official Hunyuan website.
Financial Reports of Large Companies
NVIDIA: Net profit in the second quarter reached $26.422 billion, a year-on-year increase of 59%
36Kr learned that NVIDIA released its financial report for the second quarter of fiscal year 2026. The report shows that NVIDIA's revenue in the second quarter was $46.743 billion, a sequential increase of 6% and a year-on-year increase of 56%; the GAAP and non-GAAP gross profit margins were 72.4% and 72.7% respectively; the net profit was $26.422 billion, a sequential increase of 41% and a year-on-year increase of 59%; the diluted earnings per share were $1.08, a sequential increase of 42% and a year-on-year increase of 61%.
SF Express Same-Day Delivery: Adjusted Net Profit Reached 160 Million Yuan in H1 2025, a Year-on-Year Increase of 139%
36Kr learned that SF Express Same-Day Delivery released its semi-annual report. The financial report shows that during the period, the revenue was 10.236 billion yuan, a year-on-year increase of 48.8%; the net profit was 137 million yuan, a year-on-year increase of 120.4%; the adjusted net profit was 160 million yuan, a year-on-year increase of 139%.
Li Auto: Revenue Reached 30.2 Billion Yuan in Q2, Down 4.5% Year-on-Year
36Kr learned that Li Auto released its financial report for the second quarter of 2025. The report shows that the revenue in the second quarter was 30.2 billion yuan, a year-on-year decrease of 4.5%; the net profit was 1.1 billion yuan, a year-on-year decrease of 0.4%; the gross profit was 6.1 billion yuan, a year-on-year decrease of 1.8%. In addition, the vehicle sales revenue this quarter was 28.9 billion yuan, a year-on-year decrease of 4.7%; 111,074 vehicles were delivered, a year-on-year increase of 2.3%.
Compiled | xm Jingjing