Krypton at 8 o'clock: Paper Train Tickets to Be Completely Phased Out from Oct 1st, Balenciaga's New 8,200-yuan Bag Resembles Plastic Bag, iPhone 8 Plus Classified as Vintage by Apple

Staff from 12306 stated that after the discontinuation of paper train tickets, they will be replaced by electronic invoices. The transition period lasts until September 30th, during which paper tickets can still be claimed.

Today's Hot Topics Guide

The box office of movies during the 2025 summer vacation reached 11.966 billion yuan, with 321 million movie - goers.
Starting from September 1st, AI - generated content must disclose its origin.
The price of gold jewelry per gram has risen to 1027 yuan.
The new Model 3 was released less than a month ago and has now had a price cut of 10,000 yuan.
La Roche - Posay responded to the criticism that the ingredient of its over - one - hundred - yuan spray is just water, stating that it uses French thermal spring water and the spray head also incurs costs.
12.87 million shares of the controlling shareholder of Wanda Film were frozen.

Top 3 Big News

12306 Responds: Paper Train Tickets to Officially Exit the Historical Stage Starting October 1st

Starting from October 1st, paper train tickets will officially exit the historical stage. According to the regulations of the railway department, after September 30th, paper reimbursement vouchers will be completely phased out and replaced by electronic invoices. Since November 1st last year, China's railway passenger transport has started to promote the use of fully digital electronic invoices. If passengers need to claim reimbursement, they no longer need to print railway tickets, that is, paper reimbursement vouchers, at railway stations, ticket agencies, or self - service machines. They can directly issue electronic invoices online.

In response to this, a 12306 staff member said that after the suspension of issuing paper train tickets, they will be replaced by electronic invoices. The transition period will last until September 30th, during which paper tickets can still be claimed. It is worth noting that the staff member introduced that the railway electronic reimbursement vouchers can only be claimed by the passenger himself/herself, and the ticket purchaser has no right to claim them. After claiming, they will be sent to the individual via email. (Midu Finance, Cover News)

Balenciaga's New Bag Resembles a Plastic Bag and Is Priced at 8,200 Yuan. Customer Service Says It's Made of Fabric

Recently, Balenciaga launched a new product on its official website called the "Medium-sized Foldable Tote Bag - MARCHÉ". It has once again caught people's attention because it resembles a plastic bag. According to the official website, this bag was showcased in Look 25 of the Balenciaga 2025 Winter Collection. Its length, height, and width are 50 cm, 52.8 cm, and 1 cm respectively. It is made of Dyneema fabric and features a Balenciaga logo print on the front, with a price of 8,200 Chinese yuan.

On September 1st, a staff member from Balenciaga's customer service hotline said that this tote bag is a new product and it may not have arrived in stock yet. The customer service representative stated that the design inspiration for this new product comes from everyday items in the surroundings, but it doesn't actually use plastic bag material. Instead, it is made of fabric. (Jiemian News)

Apple Adds Three More Obsolete Products, iPhone 8 Plus Listed as Vintage

On September 1st, Apple added three more obsolete products to its website, including the final model of the MacBook Air with a smaller 11 - inch display. The three obsolete products are: MacBook Air (11 - inch, released in early 2015), MacBook Pro (13 - inch, released in 2017, with four Thunderbolt 3 ports), and MacBook Pro (15 - inch, released in 2017).

A device becomes an "obsolete product" after Apple has stopped selling it for more than seven years. Apple Stores and Apple - authorized service providers typically do not repair obsolete products. However, Apple states that within ten years after the end of sales, a MacBook may be eligible for battery replacement, subject to parts availability.

Apple also added the 64GB and 256GB storage versions of the iPhone 8 Plus to its vintage product list on the website. Apple considers a device to be a "vintage product" once it has been out of sale for more than five years. Apple retail stores and Apple - authorized service providers can continue to provide repair services for vintage products until they are added to the obsolete product list two years later, provided that spare parts are available. (IT Home)

Big Companies/Big Events

The box office of movies during the summer vacation in 2025 reached 11.966 billion yuan, and the number of moviegoers was 321 million

According to the statistics of the National Film Administration, the total box office of movies during the summer vacation in 2025 was 11.966 billion yuan, and the number of moviegoers was 321 million, showing year-on-year increases of 2.76% and 12.75% respectively. The box office of domestic films accounted for 76.21%, exceeding that of the same period last year. The top five movies in terms of box office were: "Nanjing Photo Studio" with 2.89 billion yuan, "The Little Monster from Langlang Mountain" with 1.455 billion yuan, "Chasing the Wind and the Shadow" with 879 million yuan, "The Lychees from Chang'an" with 678 million yuan, and "Jurassic World: Reborn" with 567 million yuan.

As of August 31st, the total box office of Chinese movies in 2025 (including overseas) exceeded 40 billion yuan. Among them, the total box office in the domestic market was 39.23 billion yuan, and the number of moviegoers exceeded 909 million, both exceeding the figures of the same period last year. Since the beginning of this year, driven by movies such as "Ne Zha: Reborn" and "Nanjing Photo Studio", the box office of Chinese movies in the overseas market has exceeded 770 million yuan in RMB equivalent, reaching a new high in many years. (CCTV News)

AI-Generated Content Must Be Clearly Identified Starting September 1st

The "Measures for Identifying Artificial Intelligence-Generated and Synthetic Content" jointly issued by four departments including the National Cyberspace Administration of China will come into force on September 1st. All content such as text, pictures, and videos generated by AI must be "clearly identified". The "Measures" clarify that artificial intelligence-generated and synthetic content refers to information such as text, pictures, audio, video, and virtual scenes generated and synthesized using artificial intelligence technology. The identification of artificial intelligence-generated and synthetic content includes explicit identification and implicit identification. The "Measures" clearly state that platforms should conduct reviews when service providers' content is put on the shelves or launched online, verify the identification of generated and synthetic content, and add risk warnings to content that is not identified or suspected of being generated, so as to block the spread of false information at the dissemination end. (CCTV Finance)

The price per gram of gold jewelry has risen to 1,027 yuan

On the morning of September 1st, the COMEX gold price rose by more than 1%, breaking through $3,550 per ounce and reaching $3,552.2 per ounce, hitting a record high. On the same day, domestic gold stocks soared. Western Gold hit the daily limit, Hunan Gold rose by 8%, and stocks such as Zhongjin Gold, Shandong Gold, Shanjin International, and Chifeng Gold rose by more than 6%. The prices of some gold jewelry brands also increased.

According to the latest public data of major brands on September 1st, the price of Chow Tai Fook's pure gold (jewelry and handicrafts) was 1,027 yuan per gram; the price of Chaojihong's pure gold jewelry was also 1,027 yuan per gram, both rising by 12 yuan per gram compared with the previous day. On September 1st, the price of pure gold jewelry of Chow Sang Sang was 1,025 yuan per gram; the price of Laomiao's pure gold jewelry was 1,023 yuan per gram; the price of Lao Feng Xiang's pure gold was 1,025 yuan. The price per gram of pure gold jewelry of the above brands all exceeded 1,020 yuan, with an obvious increase. (Jiemian News, Yicai)

12.87 million shares of Wanda Film's actual controller frozen

It is reported that at the end of August, 2.97 million yuan of equity held by Ke Liming in Shanghai Ruyi Film and Television Production Co., Ltd. (hereinafter referred to as "Ruyi Film and Television") and 9.9 million yuan of equity in Shanghai Ruyi Investment Management Co., Ltd. (hereinafter referred to as "Ruyi Investment") were frozen. The enforcement court is the Intermediate People's Court of Jinan City, Shandong Province, and the freezing period is three years.

Ke Liming directly holds 99% of the equity in both of the above - mentioned companies. According to relevant announcements of Wanda Film Co., Ltd. (002739, SZ), the two companies jointly hold about 20.64% of the equity in Wanda Film through Beijing Wanda Investment Co., Ltd., and Ke Liming is the actual controller. (Jiemian News)

Alibaba Cloud: The news that Alibaba purchased 150,000 Cambricon GPUs is false

People from Alibaba Cloud said that Alibaba Cloud does support the domestic supply chain with multi - core on a single cloud, but the rumor that Alibaba purchased 150,000 Cambricon GPUs is false. (Cailian Press)

La Roche-Posay Responds to Claims That Its Over-Hundred-Yuan Spray Only Contains Water: It Uses French Thermal Spring Water and the Nozzle Also Has Costs

Recently, some netizens complained that the soothing and conditioning thermal spring water spray from La Roche-Posay only contains "water" and is simply a "IQ tax". They also questioned, "If it's just filling water into a spray bottle, why does it cost over a hundred yuan?" On September 1st, an official customer service staff member from La Roche-Posay told reporters that the ingredient of this spray is indeed only "water", but it's not ordinary drinking water. Instead, it's natural thermal spring water from the town of La Roche-Posay in France. Before being used to make the spray, this thermal spring water undergoes strict screening, processing, sterilization, and disinfection. At the same time, the natural minerals and trace elements in the thermal spring water are retained, which is the core difference between it and ordinary water. The nearly hundred-yuan price is based on the certain costs in the product's production process and is not priced without basis.

In addition, the staff member also mentioned that the nozzle of this spray is relatively expensive. The high-cost nozzle also brings a better user experience. The sprayed mist is in a wide-angle shape and has a very delicate texture, which can cover the skin more evenly. (Caijing.com)

UU Errands has applied for copyright for its errand - related clothing series

36Kr learned that on August 31st, UU Errands released "A Letter to Competitors", pointing out that the new rider uniforms launched by Taobao Flash Purchase are similar in many design aspects to the "Hurricane Series Workwear for Male Runners" released by UU Errands in 2023. According to the AiQicha App, Zhengzhou Time - Space Tunnel Information Technology Co., Ltd., the affiliated company of UU Errands, has applied for copyright for works such as the "UU Errands Clothing Series" and the "UU Errands Male Runner Series"; it has also applied to register multiple trademarks of "Male Runner Team", with international classifications covering scientific instruments, website services, advertising and sales, etc. Currently, most of the above - mentioned trademarks have been successfully registered.

Kindergarten in Henan Serves Lobsters and Abalones with a 20-Yuan Daily Meal Fee: Principal Responds It's Not a Marketing Gimmick

On September 1st, a kindergarten in Henan made it onto the hot search list for "offering children lobsters and abalones with a 20-yuan meal standard", sparking extensive public discussions about kindergarten meals. On the same day, reporters interviewed Zhou Yifan, the principal of the kindergarten, regarding issues such as how much the tuition fee is per semester, whether serving lobsters and abalones is a gimmick, and why they go out of their way to cook delicious food for the children every day.

"Since its establishment in 2017, this kindergarten has featured children's diet and doesn't use ingredients like lobsters and abalones as a marketing gimmick," Zhou Yifan told reporters. The kindergarten currently has nine chefs. One of them is a full-time pastry chef responsible for making additive-free pastries, cookies, cakes, etc., while the other eight are in charge of the children's daily meals. As the legal representative and principal, she will supervise the entire cooking process. (The Paper)

Unitree Technology's Patent for Digital Twin-based Robot Motion Control Published, Enabling Complex Stage Performances

36Kr learned that according to the AiQicha App, recently, the patent "A Digital Twin-based Robot Motion Control Method and Electronic Device" applied by Hangzhou Unitree Technology Co., Ltd. has been published. The abstract shows that: The digital twin-based robot motion control method of the present invention constructs an environment acquisition module, a map processing module, a digital stage twin module, a dance movement design module, a trajectory planning module, and a dance synthesis module for data interaction and functional collaboration, forming an efficient and scalable dance design solution. This ensures that the robot can accurately sense and adapt to changes in the stage environment, enabling the robot's movements to accurately match the scene environment, avoiding the disconnection between the robot's dance movements and the environment. At the same time, the robot's dance movements can be designed, thus enabling complex stage performances and effectively improving the robot's dance performance effects.

Li Xiang, CEO of Li Auto: Aim to "Secure Top 5 and Strive for Top 3" in the High - end Pure - electric Vehicle Market by the End of the Year

36Kr learned that Li Xiang, CEO of Li Auto, posted on Weibo, saying, "2025 is the first year for Li Auto to officially enter the pure - electric SUV market. My inner goal is that by the end of this year, we can'secure top 5 and strive for top 3' in the high - end pure - electric vehicle market. The target for the Li i8 is to stabilize at 6,000 units per month after reaching a stable state, and the target for the Li i6 is to stabilize at 9,000 - 10,000 units per month. Including the Li MEGA, the overall monthly sales of Li Auto's pure - electric models should stabilize at 18,000 - 20,000 units."

Guizhou Moutai: Moutai Group Increased Holdings by 67,821 Shares on September 1st, with an Amount of 100 Million Yuan

Guizhou Moutai announced that its controlling shareholder, China Kweichow Moutai Distillery (Group) Co., Ltd., increased its holdings by 67,821 shares through centralized competitive trading on September 1, 2025, with an amount of 100 million yuan, accounting for 0.0054% of the company's total share capital. This increase in holdings is the first implementation of the plan announced on August 30, 2025, which aims to increase holdings by no less than 3 billion yuan and no more than 3.3 billion yuan from September 1, 2025, to February 28, 2026. Moutai Group will continue to implement the subsequent increase in holdings as planned with its own funds and self - raised funds.

Great Wall Military Industry: Gao Shenbao Resigns from Positions such as Deputy Chairman of the Company

36Kr learned that Great Wall Military Industry announced that the company's board of directors received a written resignation report from Gao Shenbao, the deputy chairman of the company, on August 31. Due to reaching the retirement age, Gao Shenbao applied to resign from positions such as a director and the deputy chairman of the fifth - session board of directors of Great Wall Military Industry. Gao Shenbao's resignation did not cause the number of members of the company's board of directors to fall below the legal minimum, and it will not affect the normal operation of the company's board of directors. His resignation report took effect on the date of delivery to the company's board of directors.

Companies under Meituan have applied for multiple trademarks related to Happy Monkey

36Kr learned that recently, the first store of Happy Monkey, a hard-discount community supermarket operated by Meituan, opened on Daguan Road in Hangzhou. According to the Aiqicha App, Beijing Xiangxian Technology Co., Ltd., the affiliated company of Xiaoxiang Supermarket, has applied to register multiple trademarks such as "Happy Monkey" and "A Happy Monkey". The international classifications cover scientific instruments, convenience foods, feed seeds, etc. Currently, most of the above trademarks are awaiting substantive review.

Report: Chinese enterprises call large models over 10 trillion Tokens per day on average, and Alibaba Tongyi leads in market share

36Kr learned that Frost & Sullivan released the latest "China GenAI Market Insights: A Comprehensive Study on Enterprise-level Large Model Calls, 2025". The report shows that the calls for enterprise-level large models in China have witnessed explosive growth. In the first half of 2025, the average daily call volume increased by 363% compared with the end of 2024, and currently exceeds 10 trillion Tokens. Among them, Alibaba Tongyi accounts for 17.7%, ranking first and is the large model most chosen by Chinese enterprises.

The monthly sales of the No. 1 MINISO LAND store globally reached 16 million yuan, setting a new single - month and single - store sales record for MINISO worldwide

36Kr learned that in August, the No. 1 MINISO LAND store globally, located on Nanjing East Road in Shanghai, achieved monthly sales of 16 million yuan, breaking MINISO's single - month and single - store performance record worldwide. The sales of IP products accounted for 83%. Previously, the store had achieved sales of over 100 million yuan within 9 months of opening.

Lei Jun Announces Limited-time Car Purchase Benefits, Including Lifetime Free Use of Assisted Driving

On September 1st, Lei Jun, the founder, chairman, and CEO of Xiaomi, announced the limited-time car purchase benefits for Xiaomi cars in September. The benefits for the YU7, SU7, and SU7 Ultra all include the lifetime free use of assisted driving. (Sina Tech)

Less than a month after the release of the new Model 3, the price was cut by 10,000 yuan

It is reported that the price of the Tesla Model 3 Long Range Rear-Wheel Drive version (with a range of 830 kilometers) was reduced within less than a month after its release. According to the Tesla official website, the price of the Model 3 Long Range Rear-Wheel Drive version in the Chinese mainland was cut by 10,000 yuan, and the adjusted price is 259,500 yuan. This model was officially launched on August 12th, with a CLTC range of up to 830 kilometers.

Regarding this price cut, Tesla stated that customers can still normally enjoy the current sales policies after the starting price is lowered. At the same time, all orders that were placed before the official website update but have not yet been picked up will automatically enjoy this price adjustment. (Caixin and The Paper)

Goldman Sachs Raises Cambricon's Target Price Again, Expects Benefits from Expansion of China's Cloud Spending

Goldman Sachs said that Cambricon announced strong second - quarter results and maintained a positive view of the company, raising its 12 - month target price by 14.7% to 2,104 yuan. This is the second time Goldman Sachs has raised Cambricon's target price in about a week. Analysts such as Verena Jeng at Goldman Sachs pointed out in a report that considering the second - quarter results, higher shipments of artificial intelligence chips, a lower operating expense ratio, and reflecting the expansion of China's cloud capital expenditure, they have raised the net income forecast for Cambricon from 2025 to 2030, with the forecast for this year being raised by 34%, the highest increase. It is expected that Cambricon's continuous R & D investment in artificial intelligence chips and software will consolidate its market leadership position in the domestic artificial intelligence chip field and expand its customers from software companies and enterprises to more Internet companies and leading cloud service providers. (Sina Finance)

Nestle Appoints New CEO

On September 1st local time, the Nestle board of directors announced the appointment of Philipp Navratil as the new CEO. The former CEO, Laurent Freixe, was immediately removed from his position. Laurent Freixe's departure was due to his undisclosed romantic relationship with a direct subordinate. With the support of an independent external advisor, the board chairman, Paul Bulcke, and the lead independent director, Pablo Isla, led the launch of the relevant investigation process. (Jiemian News)

Google Says Claims of Major Security Warning for Gmail Are False

Google said in a blog post that Gmail's security measures are strong and effective, and the claims of a major security warning for Gmail are false. "There have been several false claims recently, wrongly stating that we issued a widespread warning to all Gmail users about a major security issue with Gmail. This is completely false information." (Sina Finance)

iPhone 17 Pro Transparent Case Leaked: Three Major Changes in Accessories

Blogger Majin Bu posted the official transparent case for the iPhone 17 Pro on social media. Compared with the transparent case for the iPhone 16 Pro, there are three major changes in this generation of accessories. First, the cutout for the rear - camera on the iPhone 17 Pro transparent case is larger. Second, the MagSafe area is no longer transparent, and the classic MagSafe ring has also been removed. Third, the iPhone 17 Pro transparent case can be used in combination with Apple's magnetic cross - body strap and lanyard.

Blogger Majin Bu revealed that the iPhone 17 Pro transparent case has a special coating, which can effectively solve the problem of the transparent case turning yellow. It is reported that Apple will hold a press conference for the iPhone 17 series at 1:00 am Beijing time on September 10th. Four models will be launched at this press conference, including the iPhone 17, iPhone 17 Pro, iPhone 17 Air, and iPhone 17 Pro Max. Among them, the iPhone 17 Pro series models will be available in five color options. The newly added orange is the most recognizable one in the 17 Pro series and will look more youthful and dynamic. (Kuaikeji)

On the Market Now

Transwarp Technology

36Kr learned that Transwarp Technology announced that the company submitted an application to the Hong Kong Stock Exchange on August 18, 2025, for the issuance of H-shares and listing on the Main Board of the Hong Kong Stock Exchange. The application documents were also published on the website of the Hong Kong Stock Exchange on the same day. The company has submitted the filing application materials for this issuance and listing to the China Securities Regulatory Commission (CSRC) and the CSRC received them recently.

Helin Micro-Nano Technology Co., Ltd.

36Kr learned that Helin Micro-Nano Technology Co., Ltd. announced that the company plans to issue shares (H shares) overseas and list on the Main Board of the Hong Kong Stock Exchange.

Xinqi Micro Equipment Co., Ltd.

36Kr learned that Xinqi Micro Equipment Co., Ltd. announced that the company submitted an application to The Stock Exchange of Hong Kong Limited on August 31, 2025, for the issuance of H-shares and listing on the Main Board of The Stock Exchange of Hong Kong Limited. On the same day, it published the application materials for this issuance and listing on the website of the Hong Kong Stock Exchange. The issuance target will be limited to overseas investors who meet relevant conditions and qualified domestic investors who are entitled to conduct overseas securities investment in accordance with relevant Chinese laws and regulations. The implementation of this issuance and listing is still subject to the approval, verification or filing of relevant government agencies, regulatory authorities and stock exchanges such as the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, and it also needs to comprehensively consider market conditions and other factors. Therefore, there are still uncertainties.

Wolong Electric Drive

36Kr learned that Wolong Electric Drive announced that the company submitted an application to The Stock Exchange of Hong Kong Limited (hereinafter referred to as the "Hong Kong Stock Exchange") on August 13 for the issuance of overseas - listed shares (H - shares) and listing on the Main Board of the Hong Kong Stock Exchange. On the same day, it published the application materials for this issuance and listing on the website of the Hong Kong Stock Exchange. In accordance with relevant regulations, the company submitted the filing application materials for this issuance and listing to the China Securities Regulatory Commission and recently received confirmation of receipt from the CSRC.

The Cutting - Edge of AI

Du Xiaoman App Upgrades and Launches AI Business Assistant

36Kr learned that on September 1st, the Du Xiaoman App was upgraded and refreshed, officially launching the AI Business Assistant. Through three core functions - AI Photo Studio, AI Creative Poster, and Smart Account Book - it provides practical AI tools for small and micro businesses, covering key aspects of daily operations. It is reported that the "AI Business Assistant" is built on a large financial model with hundreds of billions of parameters and serves real business scenarios. This assistant will be open to all small and micro business owners on September 5th.

Tencent Hunyuan Releases Latest Open-Source Translation Model

36Kr learned that Tencent Hunyuan announced the open-sourcing of its model that just won the championship in an international translation competition, allowing developers to download and deploy it for free. It is understood that this model is named Hunyuan-MT-7B, with a total of only 7 billion parameters. It supports translation among 33 languages and 5 ethnic minority languages/dialects, making it a lightweight translation model with comprehensive capabilities. Also open-sourced is a translation integration model, Hunyuan-MT-Chimera-7B (Chimera), which can generate a better translation result based on the original text and different outputs from multiple translation models. It not only natively supports Hunyuan-MT-7B but also allows the integration of models such as Deepseek.

Investment and Financing

"Obita" Completes Angel Round Financing of Over Ten Million US Dollars

36Kr learned that on September 1st, "Obita", an enterprise-level cross-border payment and digital finance network, announced the completion of an angel round financing of over ten million US dollars. The financing was co-led by Yuanjing Capital and Mirana Ventures, with follow-on investments from institutions and individuals such as Legend Capital, HashKey Capital, and Web3.com Ventures.

Embodied AI company "AI² Robotics" completes a new round of Series A financing

36Kr learned that "AI² Robotics" recently completed a new round of Series A financing led by Shenzhen Capital Group, with an investment of over 100 million yuan from Shenzhen Capital Group alone. In this round, not only did existing shareholders Dunhong Asset and SDIC continue to increase their investments, but it also attracted Bloomage Biotechnology and a large retail enterprise to participate as industrial investors. The financing funds will be used for the continuous iteration of the GOVLA large model and the AlphaBot series of robots, the expansion of self-built production lines, and the exploration of global markets.

"Douxiang Technology" Completes RMB 200 Million Bridge Strategic Round of Financing

36Kr learned that "Douxiang Technology" recently completed a new round of RMB 200 million bridge strategic round of financing, exclusively invested by Zhongding Capital. Xie Chen, the CEO of Douxiang Technology, said that this round of financing will further increase the company's R & D investment in the direction of AI security technology and platform security intelligence, steadily promote the long - term strategic layout, and lay the foundation for subsequent larger - scale capital plans and the IPO process.

Compiled | Anya