9:00 am, 1st Kr. Report | Pop Mart responds to the live broadcast incident of saying "79 yuan is a bit expensive"; WeChat is reported to be testing "logging in to the same account on multiple mobile phones", and the customer service responds; Chen Rui steps down as the general manager of Shanghai Bilibili Technology.
Today's Hot News Guide
- Elon Musk expects that FSD (Full Self - Driving technology) is likely to be fully approved in China early next year.
- China's first nuclear drug is approved for marketing.
- The Dutch government: It is expected that Nexperia China will resume chip supply soon.
- Forbes' list of the richest people in mainland China is released: Lei Jun ranks seventh, surpassing Jack Ma.
- An actress reveals that she has come across AI pirate broadcasts, and a vice - president of Douyin responds.
- Ant Group's latest organizational structure adjustment: A health business group is established.
TOP 3 Big News
Pop Mart Responds to Live-Streaming Incident: Under Investigation, Involved Employees Will Not Be Fired
36Kr learned that on November 7th, in response to the recent news of a live - streaming incident in Pop Mart's official live - streaming room on a certain platform, Pop Mart responded, "A live - streaming incident did occur, and the company is conducting an urgent investigation, but it will not fire the relevant employees involved in the incident." Previously, when promoting a certain peripheral product priced at 79 yuan in Pop Mart's official live - streaming room on a certain platform, a private conversation between two on - site staff members was captured by the live - streaming room. One staff member wondered why the product was so expensive, and the other replied, "It's okay. Someone will pay for it."
It's reported that WeChat allows multiple phones to log in to the same account, and some users say they've received invitations from the WeChat team
On November 7th, some WeChat users reported that they had received an invitation from the WeChat team regarding a user survey on "logging in to the same WeChat account on multiple phones". This means that WeChat is exploring the possibility of supporting simultaneous logins of the same account on multiple phones to further enhance the user experience in multi - device scenarios. However, it seems that this feature has not been fully developed yet or is still in a small - scale testing phase.
In response to the "logging in to the same WeChat account on multiple phones" feature, WeChat customer service said: Currently, one phone cannot log in to the same WeChat account simultaneously. However, a computer and a phone can log in to the same WeChat account at the same time, and tablet devices also support simultaneous login with a phone. It is recommended that you use the official version of WeChat. Do not use clone, multi - opening software or other third - party plugins to avoid abnormal functions or account restrictions. If you need to switch accounts between different devices, you can use the account switching function in WeChat, which supports adding up to 5 accounts for switching. (IT Home)
Bilibili Responds to Chen Rui's Resignation as General Manager of Bilibili Technology
According to public information, recently, industrial and commercial changes have taken place in Shanghai Bilibili Technology Co., Ltd., and Chen Rui has resigned as the general manager and financial officer. On November 7th, Bilibili responded to reporters that the change of the legal representative of the affiliated company has nothing to do with the company's operation or power relations, and Chen Rui's core management position in the company has not changed.
Previously, Chen Rui had resigned from the position of legal representative of Shanghai Kuanyu Digital Technology Co., Ltd. and Huandian Technology (Shanghai) Co., Ltd., and was succeeded by Huang Shengsheng. (Jiemian News, The Paper)
Large Companies/ Major Events
Forbes China Mainland Rich List Released: Lei Jun Ranks 7th, Overtaking Jack Ma
On November 7, the 2025 Forbes China Mainland Rich List was officially released. Forbes officials said that boosted by the artificial intelligence boom and the easing of Sino - US trade frictions, the Chinese mainland stock market has continued to rise. Since the last wealth statistics, the CSI 300 Index has risen by 15%, driving the total wealth of the rich on this year's list to increase from $1.03 trillion last year to $1.35 trillion.
Two - thirds of the rich on the list have seen their net worth increase. Zhong Shanshan, the founder of Nongfu Spring, has retained the top spot for the fifth consecutive year. His wealth increased by $26.3 billion to $77.1 billion, making him the rich person with the largest increase in net worth. Zhang Yiming, the co - founder of ByteDance, saw his net worth increase by $23.7 billion and jumped to the second place with a wealth value of $69.3 billion. Ma Huateng, the chairman of Tencent, saw his wealth increase by more than one - third to $62.8 billion, but his ranking dropped to the third place. Lei Jun, the founder, chairman, and CEO of Xiaomi Group, ranked seventh on the list, overtaking Jack Ma. (Bianniushi)
The Ministry of Finance provided 1.1 trillion yuan in subsidies in the first half of the year to support pension payments
On November 7th, the Ministry of Finance released the "Report on the Implementation of China's Fiscal Policy in the First Half of 2025" (hereinafter referred to as the "Report"). The full text of the report exceeds 18,000 words, mainly elaborating on the implementation of China's fiscal policy in the first half of the year and looking forward to the fiscal policy in the second half of the year. Many of its contents are closely related to the interests of the general public and enterprises. For example, in the highly - concerned area of people's livelihood, the government has increased fiscal investment in the field of people's livelihood this year. According to the "Report", the basic pension for retirees has been increased by 2% nationwide, and the national minimum standard for the basic pension of urban and rural residents has been raised by 20 yuan. The central government has further increased subsidies for the basic endowment insurance fund, allocating 1.1 trillion yuan in subsidy funds in the first half of the year to support the timely and full payment of basic endowment insurance benefits across the country. (Yicai Global)
China Life Becomes the World's Largest Life Insurance Company
Recently, S&P Global Market Intelligence released the list of the world's top 50 life insurance companies based on the life and health insurance reserves and the reserves or liabilities of separate accounts/insurance and investment contracts in 2024. In terms of the indicator of life and health insurance reserves, China Life became the world's largest life insurance company with reserves of $798.07 billion. (Shanghai Securities News)
Some Xiaomi car stores will offer end-to-end assisted driving experience
According to a reporter from Lanjing Technology who learned from a person close to Xiaomi Auto, some Xiaomi car stores will officially offer the end-to-end assisted driving experience this weekend. This function supports zero intervention throughout the journey and was not previously available to users. According to the aforementioned person, this experience covers two models, the Xiaomi SU7 and YU7. Among them, the YU7 has higher computing power for assisted driving and offers a better experience. The high - end version of the Xiaomi SU7 has the same computing power as the YU7. The low - end version, which is not equipped with a lidar, has a computing power of 84 TOPS, resulting in a slightly different functional experience. (Lanjing News)
Liu Daoyu, former president of Wuhan University, passed away in Wuhan due to ineffective medical treatment.
On November 7, Wuhan University issued an obituary: Comrade Liu Daoyu, an outstanding member of the Communist Party of China, a famous educator and organic chemist, and the former president of Wuhan University, passed away in Wuhan at 15:33 on November 7, 2025, at the age of 92, due to ineffective medical treatment.
Comrade Liu Daoyu was born in Zaoyang, Hubei in November 1933. He was admitted to the Department of Chemistry at Wuhan University in 1953, joined the Communist Party of China in 1956, and stayed at the university to teach after graduation in 1958. He was rated as an associate professor in 1982 and promoted to a full - professor in 1985. He successively served as the dean of the Academic Affairs Office, deputy secretary of the Party Committee, vice - president, and president of Wuhan University. He once served as a member of the Leading Party Members' Group of the Ministry of Education and the director of the First Department of Higher Education. He also concurrently served as a member of the 22nd and 23rd Council of the Chinese Chemical Society, the director of the 1st and 2nd Advisory Committees of the Wuhan Municipal People's Government, etc. He was a delegate to the 10th and 12th National Congresses of the Communist Party of China and a deputy to the 5th National People's Congress. (Daily Economic News)
Actress Reveals Encountering AI Piracy Live - Streaming, Douyin Vice - President Responds
On November 6th, Li Liang, the vice - president of Douyin Group, posted on a social platform, saying, "In the past two days, the news about Wen Zhengrong being pirated by AI for live - streaming e - commerce has attracted a lot of attention. Many friends have also sent messages to remind us to pay attention. After verification, we found that the exposed case of 'three live - streaming rooms broadcasting simultaneously' did not occur on the Douyin platform. After contacting the relevant parties and verifying according to the complaint clues, we found that there are indeed some short - video contents on the platform that use AI to imitate celebrities for e - commerce promotion."
He also said that this kind of AI infringement and imitation behavior seriously damages the credibility of creators, merchants, and the platform in the eyes of consumers, which is not in line with the long - term interests of the platform. The platform attaches great importance to it and has launched special governance work. Identifying AI content infringement is an industry - wide technical problem, and malicious imitation accounts are constantly engaging in technical confrontation with the platform. The company will continue to increase investment to meet the challenges and safeguard the legitimate rights and interests of creators, merchants, and consumers. (Jiemian News)
Liu Qiangdong Says Employees May Work One Day a Week in the Future, and No Human Involvement Needed in Express Delivery
At the World Internet Conference in 2025, Liu Qiangdong, the founder of JD Group, revealed during his speech that JD's driverless trucks have been tested for over hundreds of thousands of kilometers within the specified range, and the technology is already mature. Currently, it is waiting for relevant regulations. He said that in the future, employees may only need to work one day or even one hour a week, and no human involvement will be needed in express delivery. Robots can automatically open users' doors to deliver goods after being authorized. There will also be a large number of opportunities in new service industries in the future, such as humanities, art, tourism, and human exploration of the world. Taking tourism as an example, the global tourism market may grow tenfold in the next five years, and these fields will bring a large number of employment opportunities. (Yicai Global)
Lanshi Technology Undertakes the Supply of Core Components such as the Head Mask and Dexterous Hands of XPeng Robots
On November 7th, it was learned from the industrial chain that Lanshi Technology is currently in charge of supplying the head mask, dexterous hands, and metal structural parts of the fuselage for XPeng robots. However, sources also said that the mass - production plan of the other party has not been finalized. Previously, on November 5th, XPeng Motors unveiled a new generation of humanoid robot, IRON, at the 2025 XPeng Technology Day. This robot features a human - like spine, bionic muscles, and fully - covered flexible skin design. According to the official disclosure of XPeng, IRON is expected to achieve large - scale mass production by the end of 2026. (Jiemian News)
Ant Group's Latest Organizational Structure Adjustment: Establishment of Health Business Group
36Kr learned that on November 7, Han Xinyi, the CEO of Ant Group, issued an internal letter to all employees and announced an upgrade to the organizational structure: the former "Digital Healthcare Department" has been officially upgraded to the "Health Business Group", and efforts will be accelerated to make the healthcare business a strategic pillar of Ant Group. It is understood that this is the most crucial organizational structure upgrade of Ant Group in recent years, and its business matrix has become more complete: in addition to Ant International, Ant Digital Technology, and OceanBase, which operate as independent companies, the Alipay Business Group, Digital Payment Business Group, Wealth and Insurance Business Group, Credit Business Group, and the newly established Health Business Group together constitute the five core business segments of Ant Group.
China Railway: Optimize and Adjust Fares of EMU Trains
36Kr learned that according to China Railway, recently, relevant railway transport enterprises have optimized and adjusted the fares of EMU trains based on an in - depth analysis of the current passenger flow pattern and market demand. They have offered discounts on the fares of more than 1,300 EMU trains on more than 130 high - speed rail lines, including the Shenyang - Jiamusi, Beijing - Harbin, and Chongqing - Xiamen lines. Passengers will enjoy more discounts. Among them, special groups of passengers such as students, children, disabled military personnel, disabled police officers, and disabled fire and rescue workers will continue to enjoy "additional discounts on discounted fares", with a minimum discount of 40% off.
China's First Nuclear Medicine Approved for Market Launch
Recently, Swiss pharmaceutical giant Novartis received good news. The company's first radiopharmaceutical ligand therapy (RLT) drug, Lutetium [177Lu] Tedoctreotide Injection (trade name: Pluvicto), has been approved for market launch in two indications by the National Medical Products Administration. This is also the first RLT drug approved in China, offering new treatment options for Chinese patients with advanced prostate cancer. Radiopharmaceutical ligand therapy drugs, also known as nuclear medicines, are a method of precise targeted cancer treatment. However, due to its complex R & D and production supply - chain system, RLT therapy is also one of the most expensive categories in cancer treatment. The total revenue of Novartis' two nuclear medicines exceeded the $2 billion mark for the first time last year. Currently, the pricing of the newly approved RLT therapy in China is not yet clear. (Yicai Global)
China's Central Bank Increases Gold Holdings for the 12th Consecutive Month
36Kr learned that according to data from the central bank, the gold reserves at the end of October were reported at 74.09 million ounces (approximately 2,304.457 tons), an increase of 30,000 ounces (approximately 0.93 tons) from the previous month, marking the 12th consecutive month of increasing gold holdings.
French Court of Auditors: Slow Upgrade of Louvre's Security, Expected to Be Completed by 2032
The French Court of Auditors released a report on November 6, criticizing the slow progress of the security system upgrade project at the Louvre Museum. It is expected that the project will not be completed until 2032. This report evaluated the management of the Louvre from 2018 to 2024. The report stated that the Louvre launched a security audit in 2015 and found insufficient in - museum monitoring and inadequate emergency preparedness. As of 2024, only 39% of the rooms in the Louvre were equipped with surveillance cameras. However, the tender for the security upgrade project did not start until the end of 2024. "According to the museum, the project is expected to be completed by 2032." (Xinhua News Agency)
Honda Recalls Over 400,000 Vehicles in the US Due to Possible Wheel Hub Detachment
On November 7th, according to the disclosure of the National Highway Traffic Safety Administration (NHTSA), due to manufacturing defects that may cause the wheel hubs to detach from the vehicles, Honda is recalling models equipped with specific 18 - inch aluminum alloy wheel hubs, totaling 406,290 vehicles. (Jiemian News)
Olympus to Lay Off About 2,000 Employees Globally
Olympus announced on November 7 that it will lay off about 2,000 employees, accounting for 7% of the total workforce, aiming to streamline the company's structure and speed up global decision-making. The company plans to save about 24 billion yen (approximately $156 million) in costs annually through this layoff. The layoff will continue until March 2027. (Jiemian News)
Musk expects FSD to be fully approved in China early next year
Tesla CEO Elon Musk revealed at the shareholders' meeting on Thursday local time that Tesla's Full Self-Driving technology (FSD) has received "partial approval" in China. He was informed that FSD is expected to receive full approval around February or March 2026.
It is reported that despite being named "Full Self-Driving", the software still requires continuous human supervision and frequent intervention. As Tesla faces fierce competition in the Chinese market, FSD is an important pillar for Tesla to revitalize its sales in the Chinese market. Tesla's FSD function was launched in the Chinese market in February this year. However, the FSD function launched by Tesla in China this time is positioned as "intelligent assisted driving" rather than the FSD full self-driving that it has been promoting. It is a simplified version of FSD, mainly focusing on assisted driving in specific scenarios on urban roads, belonging to the L2 level of the "partial automation" stage, which is indeed different from Tesla's FSD in the United States. (JRJ.com)
Preview of the iPhone 18 Pro Series: Testing a Special HIAA Punch-Hole Solution
On November 7th, Weibo blogger "Digital Chat Station" shared the latest development progress of the Apple iPhone 18 Pro series engineering prototypes he knew. Combining with previous news, Apple intends to bring some different changes to the iPhone 18 series on its 20th anniversary. In addition to the first foldable iPhone, it will also adjust the screen form of the regular iPhone 18 Pro series.
The blogger said that Apple is testing a special HIAA punch-hole solution, which seems to be a more miniaturized design; the main camera of the iPhone 18 Pro is being tested with a variable aperture solution. Of course, these are already old news, and the probability of these solutions being implemented next year is higher than that of other solutions currently under testing. (IT Home)
Dutch government: It is expected that Nexperia China will resume chip supply soon
The Dutch government issued a statement on November 7, saying that Dutch Economic Minister Micky Adriaansens stated that he welcomed China's statement that it would facilitate the resumption of supply from Nexperia China's factories. "Given the constructive talks we had with China, we believe that the chips supplied from China to Europe and other parts of the world will reach Nexperia's customers in the coming days." Adriaansens said that the Dutch side will continue to maintain close contact with China and will closely coordinate with the European Commission and international partners on this matter. (Caixin)
The three major U.S. stock indexes opened lower collectively, and Chinese concept stocks generally declined.
On November 7th, the three major U.S. stock indexes opened lower. The Dow Jones Industrial Average fell 0.48%, the S&P 500 Index fell 0.56%, and the Nasdaq Composite Index fell 0.84%.
Large technology stocks generally declined. AMD fell more than 2%, while Tesla, NVIDIA, and Oracle fell more than 1%.
The Nasdaq Golden Dragon China Index fell 1.35% at the beginning of the session. Popular Chinese concept stocks generally declined. Pony.ai fell nearly 7%, WeRide fell more than 5%, XPeng Motors fell more than 3%, Alibaba fell 2.8%, and JD.com fell 1.5%. (Yicai Global)
The Forefront of AI
OpenAI CEO Says the US Should Not Bail Out AI Companies
Sam Altman, the CEO of OpenAI, recently stated that the company is not seeking government guarantees for its data centers or a bailout in case of failure. He emphasized that if a company encounters problems, it should be naturally phased out by the market rather than relying on public funds. (Sina Finance)
Morgan Stanley: Apple Has Huge Opportunities in Robotics and Physical AI
Morgan Stanley said that although Apple is considered to be lagging behind the industry trend in the field of artificial intelligence software, the company has huge development opportunities in robotics and physical artificial intelligence. Analyst Erik Woodring wrote, "As artificial intelligence and robotics transform the physical world, Apple can leverage its vertical integration capabilities, a large installed base of over 2.3 billion devices, and its under - recognized robotics strength to become a leading enterprise in the field of embodied artificial intelligence." (Sina Finance)
Elon Musk Plans to Build a Gigantic AI Chip Factory for Tesla, Considering Potential Cooperation with Intel
Tesla CEO Elon Musk said on November 6 that Tesla might need to build a "gigantic chip factory" to produce artificial intelligence chips. Meanwhile, he publicly mentioned that the electric vehicle manufacturer might cooperate with Intel. Tesla is designing its fifth - generation AI chips to support its development goals in the field of autonomous driving. Musk outlined the potential chip manufacturing plan at the company's annual general meeting of shareholders. "Maybe we'll have some cooperation with Intel," Musk told the cheering Tesla shareholders. "We haven't signed any agreements yet, but it might be worth having consultations with Intel." (Sina Finance)
AI Faked Buffett's Speech, Berkshire Issued a Clarification
Berkshire Hathaway issued a statement saying that Warren Buffett has noticed that several videos of Buffett making comments are circulating on YouTube, accompanied by forged or AI-generated images. Generally speaking, such video images may look like Buffett, but the voice of the impersonator is monotonous and obviously not Buffett's voice. Buffett is worried that such fraudulent videos are becoming a spreading virus. People who are not very familiar with Buffett may think these videos are real and be misled by the content of these videos. Since the Berkshire annual shareholders meeting last May, Buffett has rarely made public comments. (Sina Finance)
Financial Reports of Large Companies
Pop Mart's gross profit margin is on par with Hermès, reaching as high as 70.3% in the first half of 2025.
Data shows that in the first half of 2025, Pop Mart's gross profit margin reached as high as 70.3%, far higher than Apple's 47.18%, and also higher than the 66.84% of LVMH, the parent company of Louis Vuitton, and the 67.2% of Richemont, the parent company of Cartier. It is basically on par with Hermès' 70.67%. (Sina Finance)
Airbnb: Q3 Revenue Reaches $4.1 Billion
Airbnb released its third - quarter results on November 6. The revenue in the third quarter was $4.1 billion, compared with analysts' expectation of $4.08 billion. The adjusted EBITDA margin in the third quarter was 50%, while analysts expected 49.9%. It is expected that the adjusted EBITDA margin for the whole year will be 35%, and the company originally expected at least 34.5%. It is expected that the revenue in the fourth quarter will be between $2.66 billion and $2.72 billion, and analysts' expectation is $2.67 billion. (Jiemian News)
Honda's operating profit in the second fiscal quarter was 193.97 billion yen
Honda released its financial report. The operating profit in the second fiscal quarter was 193.97 billion yen. It is expected that the operating profit for the whole fiscal year will be 550 billion yen, compared with the previous forecast of 700 billion yen. (Yicai Global)
Investment and Financing
Thunderbird Innovation Secures Series C Financing Led by CITIC, with the Largest Single Deal This Year
Exclusive information obtained by a reporter from Blue Whale Tech from a source close to Thunderbird Innovation reveals that Thunderbird Innovation has secured a Series C financing led by CITIC Jingshi, with the participation of CITIC Securities International Capital and CITIC Securities Investment. The source said that the financing amount is the largest single deal this year, and the funds will be used to accelerate the R & D of AI + AR glasses technology and the construction of its ecosystem. Note from Xiaojing: Thunderbird Innovation was established in October 2021 and is a consumer - grade AR brand with profound expertise in near - eye display optical design, self - developed AI algorithms, and multi - modal human - machine interaction. According to Counterpoint Research data, in the second quarter of 2025, Thunderbird Innovation topped the global AR glasses sales list with a 39% market share. (Blue Whale News)
Cool Products
XAG Launches New Generation of Smart Agricultural Robots
36Kr learned that recently, XAG launched multiple new-generation agricultural robot products, including the 2026 models of the P-series agricultural drones, the 2026 models of the F-series smart farm IoT products, and the APC 4 agricultural machinery autopilot, aiming to promote a comprehensive upgrade of users' production methods.
Compiled | Exploding Cheese Tofu