At 9:00, here are the latest news: Apple conducts a thorough investigation into the fading issue of iPhone 17 Pro; A 16,000-yuan LV coat is accused of having the same design as an 86-yuan middle school uniform; The market regulatory authorities have launched on-site investigations into three major food delivery platforms.
Today's Hotspot Guide
The stock price of Pop Mart has fallen for six consecutive days, and the premium for the 15th - anniversary series of collectible figurines is low.
Wahaha's distributor conference will be held in November, and the participation requirements have not been announced yet.
TikTok has adjusted its structure and is recruiting talents on Maimai.
Apple lost a lawsuit over app - store commissions in the UK and may face a compensation of £1.5 billion.
The well - known US think - tank RAND Corporation will lay off more than 10% of its staff.
Top 3 Big News
Apple Conducts Thorough Investigation into the Fading Cause of iPhone 17 Pro
On October 23, technology media Appleinsider published a blog post reporting that sources within the supply chain revealed that Apple has started to recall iPhone 17 Pro and iPhone 17 Pro Max units reported to have color changes and send them back to the engineering team for evaluation to determine the root cause. The sources pointed out that Apple is actively investigating and resolving the issue. Since the number of reported cases is currently small, it can be inferred that this is not a widespread defect but a small - batch manufacturing flaw with a limited scope of impact. The media also stated that users can purchase the Starry Orange iPhone 17 Pro and iPhone 17 Pro Max with confidence, indicating that the possibility of encountering color - change problems is extremely low, and even if they do, Apple will provide after - sales support.
The media conducted an in - depth investigation into the color - change incident of iPhone 17 Pro and iPhone 17 Pro Max and consulted several experts. They believe that this phenomenon may not be the users' fault, and its root cause may lie deep in the phone's manufacturing process. (IT Home)
LV Responds to Allegations of a 16,000-Yuan Coat Resembling an 86-Yuan Middle School Uniform
Recently, the news that "luxury brand LV's coat resembles a middle school uniform" has sparked intense discussions on social media platforms. Some netizens posted on social media, claiming to have found that a men's coat from LV priced at 16,000 yuan resembles the school uniform of a middle school in Changsha. Jiemian News checked the official LV website and found that there is indeed a men's coat on sale that highly resembles the school uniform of Changjun Middle School, with similar color schemes and stripe positions. The coat costs about 16,000 yuan in RMB, while the middle school uniform only costs 86 yuan. According to previous reports, the official customer service of LV in mainland China responded that the involved men's coat is a limited-edition item for the autumn and winter seasons. It was officially launched in April this year and is currently out of stock nationwide.
Regarding the product's pricing and material, the staff introduced that the coat is made of 79% cotton and 21% polyamide. As a season-limited item, its design was personally completed by the brand's designers, so the price is relatively high. In response to the netizens' question about "resembling a school uniform", the staff said that "there may be some similarities". The theme of this series focuses on autumn and winter outerwear, and practicality and seasonal suitability are considered in the design. (Jiemian News, Jingshi Live)
A 16,000-Yuan LV Coat is Alleged to Resemble an 86-Yuan Middle School Uniform
Three major food delivery platforms investigated on - site by the State Administration for Market Regulation
It is learned from multiple sources that in mid - October, companies such as JD, Meituan, and Ele.me were investigated by the State Administration for Market Regulation on the same day. The investigation involves issues such as food safety and the review of business operation qualifications by food delivery platforms. An employee of a platform under investigation revealed to the Economic Observer that this investigation was different from previous forms of summoning relevant business leaders for talks. On that day, the staff of the State Administration for Market Regulation came to the company in person, recorded the whole process with law - enforcement recorders, and required business leaders to return to the company for questioning. Some companies were questioned on - site for several days, and some companies cooperated with the law - enforcement passively. The employee revealed that in addition to the three major food delivery platforms, ByteDance Group was also on the list of this investigation. (Economic Observer)
Large companies/Major events
TikTok Adjusts Its Structure and Recruits Talent on Maimai
36Kr learned that on October 22nd, TikTok made another structural adjustment, and Zhi Ying, born in 1992, became the general in - charge of TikTok. Along with the structural adjustment, TikTok has also accelerated the pace of recruiting mid - to high - level talents. Currently, TikTok has posted multiple positions with an annual salary of one million yuan on Maimai. The work locations include domestic cities such as Beijing, Shanghai, Shenzhen, and Hangzhou, as well as many regions in Europe, America, and Southeast Asia. The job types cover a variety of occupations, including business planning, product management, data science, design, algorithms, front - end and back - end development. Among them, the annual salary for multiple positions such as data science and large - model algorithms exceeds 1.2 million yuan.
Lei Jun Responds to the Pricing of Xiaomi K90
36Kr learned that Lei Jun, the founder, chairman, and CEO of Xiaomi Group, posted on his Weibo on the morning of October 24 to respond to the pricing issue of the Xiaomi K90 mobile phone. He said that the price of memory has increased significantly, hoping that consumers can understand Xiaomi's pricing decision.
Apple Loses Lawsuit Over App Store Commissions in the UK, May Face £1.5 Billion in Compensation
On October 23 local time, Apple lost a lawsuit in the UK. The lawsuit accused Apple of charging an unfair 30% commission to app developers through its App Store and abusing its market dominance. The Competition Appeal Tribunal (CAT) in the UK made a ruling against Apple after hearing the case earlier this year. The lawsuit was filed on behalf of around 20 million iPhone and iPad users in the UK, with a claimed compensation amount of up to £1.5 billion (approximately $2.01 billion). (Jiemian News)
Haidilao has applied for trademarks such as "Laopai Noodles" since this year
36Kr learned that recently, the first national store of "Ru Yi Sushi", a new sushi brand under Haidilao, opened in Hangzhou, Zhejiang. It is reported that Haidilao has incubated 14 catering brands such as "Yanqing Grill Shop" and "Little Hi Loves Fried Food". According to the Aiqicha App, since 2025, Sichuan Haidilao Catering Co., Ltd. has applied for multiple trademarks such as "Laopai Noodles", "Little Hi's Mixed Rice", and "Little Hi Loves Fried Food". The international classifications involve convenience foods, advertising and sales, and food and accommodation services. Currently, most of the above trademarks are in the process of registration application.
Person familiar with the matter: Changpeng Zhao has been pardoned
According to a report by the U.S. "Wall Street Journal" on the 23rd, citing a person familiar with the matter, Donald Trump signed a pardon order for Changpeng Zhao on the 22nd local time and said that he "sympathized with his experience." White House spokesman Levitt said in response to an inquiry that "President Trump exercised the power granted by the Constitution to pardon Mr. Zhao." Levitt also emphasized that Changpeng Zhao was indicted when former President Joe Biden "declared war on cryptocurrencies." Previous reports showed that the cryptocurrency trading platform Binance was accused of "failing to implement effective anti - money laundering measures," and Changpeng Zhao, the founder and head of the platform, was indicted by the U.S. government. Subsequently, Changpeng Zhao pleaded guilty and served four months in prison, and paid a huge fine of $4.3 billion. (Global Times)
Pop Mart's stock price has fallen for six consecutive days, and the premium for the 15th anniversary series of figurines has declined
On October 23, the 15-year-old Pop Mart released multiple new figurine products. Among them, the "Celebrate This Moment" series of figurines is the representative work launched by Pop Mart to celebrate the brand's 15th anniversary. This series features an all-star lineup including LABUBU, Star People, CRYBABY, MOLLY, DIMOO, etc., with a total of 15 regular models and 1 hidden model. After the product was launched, the price of the hidden model "Sweetheart Party" based on MOLLY rose from 69 yuan to 519 yuan, with a premium of only 6.5 times. Among the regular models, "Childlike Innocence", "Blowing the Horn", and "Behind the Curtain" had higher sales, with premiums of 1.8 times, 1.9 times, and 1.3 times respectively.
In the stock market, since September, Pop Mart's stock price has been on a downward trend, with a cumulative decline of nearly 30%. Especially in the past six days, it has suffered two sharp drops. On October 21 and 23, Pop Mart's stock price was severely hit. On the 23rd, it once tumbled nearly 10% during intraday trading, hitting the biggest decline in nearly half a year. From October 17 to 24, the company's stock price fell by more than 20%. (Jiemian News)
The Wahaha Distributor Conference will be held in November, and the requirements for participation have not been announced yet
It is reported that Hongsheng Group recently issued a notice on key matters at a sales meeting, making clear and tightened adjustments to the cooperation threshold and payment collection requirements for distributors. At the same time, the Zongsheng series actually controlled by Zong Fuli has also officially finalized its strategic direction, continuing the sales of Wahaha products and completing the strategic turn after the previous rumor of launching "Wa Xiaozong".
It is worth noting that there are additional clauses in the deposit rules this time. The actual deposit issuance task needs to be completed this month, and the part with negative growth needs to have an additional deposit of 1.5 times. The notice gives an example: If a distributor's annual task is 10 million yuan and the basic deposit is 1.5 million yuan, and if the performance in October shows a negative growth of 1 million yuan, an additional 1.5 million yuan in deposit needs to be paid. A total of 3 million yuan must be paid to meet the conditions for signing the agreement. In addition, Hongsheng has preliminarily planned the 2026 distributor annual meeting, which is scheduled to be held in November. Currently, the specific time, location and requirements for participation in the meeting have not been announced, and further details will be notified later. (Blue Whale News)
OpenAI Acquires AI Startup Founded by Former Apple Employees
OpenAI has acquired Software Applications, a startup that builds artificial intelligence user interfaces for Mac desktops. This is part of OpenAI's effort to improve the ability of AI tools to perform tasks on computers. Software was founded in 2023 and is composed of a group of former Apple employees. (Cailian Press)
Renowned US Think Tank RAND Corporation to Lay Off Over 10% of Staff
The renowned US think tank RAND Corporation will cut 11% of its employees globally. One-third of the laid-off employees belong to the company's headquarters, and the reason for the layoffs is "insufficient workload." According to a report by the Los Angeles Daily on October 23, a spokesperson for the RAND Corporation confirmed that 192 employees will be laid off globally. According to a notice submitted by the RAND Corporation to relevant departments in California on the 21st, the positions to be cut include accountants, policy analysts, economists, engineers, and political scientists. (Xinhua News Agency)
Tesla plans to increase its vehicle production to 3 million units in the next two years
Tesla has announced an ambitious plan to increase its vehicle production to 3 million units within the next 24 months. This is mainly due to the expansion of its full - self driving technology. Elon Musk, the company's CEO, has emphasized the company's strategic focus on artificial intelligence and energy solutions. Its battery storage business has seen significant growth and a new Megapack model has been launched. (Sina Finance)
Press Conference by the CPC Central Committee: China's High-tech Industry to Be Replicated in the Next Decade
The CPC Central Committee held a press conference on the morning of the 24th to introduce and interpret the spirit of the Fourth Plenary Session of the 20th CPC Central Committee. Zheng Shanjie, Secretary of the Leading Party Members' Group and Director of the National Development and Reform Commission, introduced that fostering new growth through innovation means cultivating and expanding emerging industries and future industries. The "Proposal" also puts forward forward-looking layout of future industries, aiming to turn quantum technology, biological manufacturing, hydrogen energy and fusion energy, brain-computer interface, embodied intelligence, 6G mobile communication, etc. into new economic growth points. These industries are gathering momentum, and in the next 10 years, China's high-tech industry will be replicated. (CCTV News)
China Federation of Logistics and Purchasing Launches "Anti-Involution" Initiative: Resolutely Resist Malicious Competition in the Warehousing Industry
On the 24th, the China Federation of Logistics and Purchasing launched the "Initiative on Opposing 'Involutionary' Competition and Promoting High - Quality Development of the Warehousing Industry". The initiative requires that warehousing operators must strictly abide by the "Price Law of the People's Republic of China", adhere to the principles of fairness, legality, honesty and credibility, take production and operation costs and market supply - demand conditions as the basic basis for pricing, exercise their independent pricing power in accordance with the law, consciously maintain the stability of market prices, and jointly create a fair and orderly competitive environment. Resolutely resist malicious competition with low - quality and low - price products. In the entire process of bidding, it is strictly prohibited to participate in bidding with offers below cost, and effectively ensure the quality standards of warehousing products and services. (CCTV News)
Wuliangye Issues Notice: Distillery to Control Deliveries, Distributors to Make Normal Payments
Recently, Wuliangye notified its distributors, requiring them to make normal payments while the distillery controls the overall delivery pace to support the market price of Wuliangye. An industry insider said, "Wuliangye's move to control the supply actually sends a signal to the market. By limiting the increase from the source, the market can focus on consuming the existing inventory, and the price will naturally firm up." (Sina Finance)
Tengshi General Manager Zhao Changjiang: Temporarily Part Ways with BYD to Find a New Rhythm
36Kr learned that on October 24th, Zhao Changjiang, the general manager of the Direct Sales Division of Tengshi and Fangchengbao, posted an official announcement of his departure, stating that he will now temporarily part ways with BYD and make some adjustments, hoping to find a new rhythm between work and life.
Starting from November 1st, the withdrawal ratio of Shenzhen's housing provident fund for rental purposes has been adjusted to 80%
It is learned from the Shenzhen Housing Provident Fund Management Center that the policy of "temporarily increasing the withdrawal ratio for rental purposes to 100%" in Shenzhen will expire on October 31, 2025. According to the "Implementation Plan for Special Actions to Boost Consumption in Shenzhen", from November 1, 2025, to October 31, 2027, employees in the city who do not own a property and apply to withdraw the housing provident fund during this period to pay rent can withdraw 80% of the monthly payable amount as of the application month. (Shenzhen Special Zone Daily)
Kuaishou Adjusts Local Life Business Structure to Expand Revenue and Support the Business
According to multiple independent sources, the adjustment of Kuaishou's local life business is not over yet. Currently, the catering, comprehensive, and hospitality businesses are having intensive meetings to discuss the next - stage operation policies. One relatively certain adjustment direction is to transform local life service providers into advertising service providers, assigning them more advertising investment and promotion tasks. It is learned from within Kuaishou that this adjustment of the local life and business ecosystem by Kuaishou aims to improve the efficiency of traffic monetization. The adjustment idea is also quite consistent with the structural adjustment idea of Douyin's commercialization system this year. (Jiemian News)
Xiaomi Auto Launches Purchase Tax Subsidy Program
36Kr has learned that to address the issues of unexpectedly high order volumes and cross - year deliveries, Xiaomi Auto has launched a purchase tax subsidy program. Owners who finalize their orders before November 30, 2025, and whose vehicles are delivered in 2026 due to reasons on Xiaomi Auto's side can enjoy the purchase tax subsidy. This program applies to models such as the Xiaomi SU7 series and YU7 series. The subsidy will be provided in the form of a reduction in the final car purchase payment, with a maximum limit of 15,000 yuan, ensuring that car owners will not incur additional expenses due to changes in the purchase tax policy.
JD Logistics Reaches Strategic Cooperation with CATL
36Kr learned that on October 24th, according to JD Logistics, JD Group and Contemporary Amperex Technology Co., Limited (CATL) recently signed a strategic cooperation agreement. The two sides will jointly promote the green - low - carbon and digital - intelligent transformation of the supply chain. JD Logistics will conduct in - depth cooperation with CATL in multiple dimensions such as green transportation capacity and logistics warehousing and distribution to jointly promote the green - low - carbon and digital - intelligent transformation of the supply chain.
Most large-cap technology stocks in the U.S. are rising in pre-market trading, with Intel up more than 6%
36Kr learned that most large-cap technology stocks in the U.S. are rising in pre-market trading. As of press time, Intel is up more than 6%, NVIDIA and Google are up more than 1%, Meta is up 0.69%, Apple is up 0.62%, Microsoft is up 0.61%, Netflix is up 0.4%, and Amazon is up 0.27%; Tesla is down 0.4%.
Most popular Chinese concept stocks rose before the U.S. stock market opened, with NetEase up more than 2%
36Kr learned that most popular Chinese concept stocks rose before the U.S. stock market opened. As of press time, NetEase was up more than 2%, while Alibaba, Pinduoduo, Baidu, iQiyi, Bilibili, and Futu Holdings were up more than 1%; Li Auto was down more than 3%.
Position Changes of Zong Fuli's Two "Right-Hand Men": Yan Xuefeng Resumes the Position of Production Director, and Zhu Lidan's Position Remains "To Be Determined"
It was learned on October 24 that in the internal system of Hongsheng Beverage Group Co., Ltd., Yan Xuefeng's position has been restored from "to be determined" to "Director of the Production Center and General Manager of Xun'er Company". Zhu Lidan, another core figure of Hongsheng Group who was rumored to have left the company during the same period, still has her position listed as "to be determined". Yan Xuefeng and Zhu Lidan are regarded by the outside world as Zong Fuli's "right-hand men". (Sina Finance)
NVIDIA Announces Collaboration with Uber to Advance Self-Driving Car Development
On October 23 local time, NVIDIA announced that it is collaborating with Uber to advance the development of self-driving cars. "The two sides are jointly exploring how to leverage foundation models trained on large-scale real-world driving data to accelerate the progress of self-driving technology." (Jiemian News)
The Cutting Edge of AI
OpenAI Provides ChatGPT Enterprise Version to Danish Pharmaceutical Company LUNDBECK
It is reported that OpenAI has provided the ChatGPT Enterprise version to the Danish pharmaceutical company LUNDBECK. (Cailian Press)
Alibaba's Quark "Project C" is not limited to the conversational assistant and may involve an AI browser
36Kr has learned that multiple sources familiar with the matter said that the next - stage focus of Quark's "Project C" is to build an AI browser to rival Google Chrome. "The relevant functions have entered the refinement stage, and the core capabilities are basically completed. It is expected that the phased results will be announced within this year." Previously, the newly launched "Conversational Assistant" was considered the first project of Alibaba's Quark "Project C", which uses the latest closed - source model of Qwen and is designed to rival ChatGPT in terms of capabilities and style. People close to the project revealed that the DAU of Quark's PC - end business has increased by about 10 times in the past year.
Doubao Large Model to Be Integrated into SERES' Own Brand Vehicles
36Kr has exclusively learned that after Volcengine, a division under ByteDance, and SERES reached a cooperation in the field of embodied intelligence, the two parties are also collaborating to integrate the Doubao large model into vehicle infotainment systems. This cooperation project is now in the research and development stage. "In terms of specific functions, the Doubao large model will enable comprehensive interactions including voice and vision," an informed source told 36Kr. Therefore, ByteDance has not only defined the parameters of the in - vehicle sensors for SERES but also the corresponding computing solutions. According to 36Kr, SERES will connect an independent AI Box to the vehicle as a computing "add - on" to support the operation of the Doubao large model.
FM Agent Tops OpenAI MLE-Bench, Developed by Baidu Smart Cloud
36Kr learned that recently, FM Agent developed by Baidu Smart Cloud topped the OpenAI Machine Learning Engineering Benchmark MLE-Bench, achieving the SOTA result and surpassing Microsoft's R&D Agent and the AIDE system demonstrated by OpenAI.
Going Public in Progress
Shanghai Hehui Optoelectronics Co., Ltd.
36Kr learned that Shanghai Hehui Optoelectronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor.
Muxi Co., Ltd.
36Kr learned that the IPO of Muxi Co., Ltd. on the Science and Technology Innovation Board has passed the review of the listing committee meeting.
Pony.ai
It is reported that Pony.ai plans to list in Hong Kong within two weeks, aiming to raise more than $500 million. (Cailian Press)
Fuyuan Pharmaceutical
36Kr learned that Fuyuan Pharmaceutical issued an announcement stating that it recently received the "Approval Notice for the Marketing Application of Chemical APIs" for crisaborole API approved and issued by the National Medical Products Administration. Crisaborole is indicated for the topical treatment of mild to moderate atopic dermatitis in patients aged 2 years and older.
Financial Reports of Large Companies
BAIC BluePark: Revenue in the third quarter was 5.867 billion yuan, a year-on-year decrease of 3.45%
36Kr learned that BAIC BluePark disclosed its third-quarter report for 2025. The company's operating revenue in the third quarter was 5.867 billion yuan, a year-on-year decrease of 3.45%. The net profit attributable to shareholders of the listed company was -1.118 billion yuan.
Mango Excellent Media: Net profit in Q3 was 252 million yuan, a year-on-year decrease of 33.47%
36Kr learned that Mango Excellent Media disclosed its Q3 report for 2025. The company achieved operating revenue of 3.099 billion yuan in the third quarter, a year-on-year decrease of 6.58%; the net profit attributable to shareholders of the listed company was 252 million yuan, a year-on-year decrease of 33.47%.
Donkey-hide Gelatin from Dong'e: Net profit in the third quarter reached 456 million yuan, a year-on-year increase of 10.27%
36Kr learned that Dong'e E-Jiao disclosed its third-quarter report for 2025. The company achieved operating revenue of 1.716 billion yuan in the third quarter, a year-on-year increase of 8.5%; the net profit attributable to shareholders of listed companies was 456 million yuan, a year-on-year increase of 10.27%.
Goertek Inc.: Net profit in the third quarter reached 1.17 billion yuan, a year-on-year increase of 4.51%
36Kr learned that Goertek Inc. released its third-quarter report for 2025. In the third quarter, it achieved an operating income of 30.56 billion yuan, a year-on-year increase of 4.42%; the net profit attributable to shareholders of the listed company was 1.17 billion yuan, a year-on-year increase of 4.51%.
Great Wall Motor: Net profit in the third quarter was 2.298 billion yuan, a year-on-year decrease of 31.23%
36Kr learned that Great Wall Motor disclosed its third-quarter report for 2025. In the third quarter of 2025, it achieved an operating income of 61.247 billion yuan, a year-on-year increase of 20.51%; the net profit attributable to shareholders of the listed company was 2.298 billion yuan, a year-on-year decrease of 31.23%.
Investment and Financing
Battery recycling company Redwood completes $350 million in financing, with NVIDIA participating
Battery recycling company Redwood Materials announced on October 23 local time that it has completed a $350 million Series E financing round, led by Eclipse, with new strategic investors such as NVIDIA's venture capital arm NVentures participating. (Jiemian News)
"EurewaX" Completes First Round of Financing
36Kr learned that "EurewaX", a smart cross - border payment cloud platform in Singapore, recently officially announced the completion of its first round of financing. This round was jointly invested by institutions such as KAIROUS, RUIFENG, and iPayLinks. The financing will be mainly used to deepen modular technology R & D, expand the global payment network, and enhance compliance capabilities.
"UMe Tea" Completes $10 Million Series A Financing
36Kr learned that the North American tea beverage brand "UMe Tea" recently completed a $10 million Series A financing round. It was led by the U.S. local fund Conductive Ventures, with follow - on investments from iFly.vc and EGP (Mingyu Ventures). The funds from this round will be mainly used for team improvement and opening more stores in the Bay Area.
Dark Side of the Moon to Complete Hundreds of Millions of Dollars in Financing
It is reported that Dark Side of the Moon, the parent company of the large model kimi, will complete a new round of financing worth hundreds of millions of dollars in the near future. (Cailian Press)
Key Events on 36Kr
The "Major Krypton Events" short - video column offers a vivid interpretation of major events in the business world. From the 24th to the 26th, McDonald's launched a programmer festival-themed event. The McDonald's App and mini-program both launched a Q&A session with "secret codes" exclusive to programmers. There are also Easter eggs reserved on the offline self-service ordering machines, inviting all consumers to participate in the experience together.
Compiled | Chenxi