8:00, 1K Report | Tasting closed 907 stores in 90 days; An employee of New Oriental posted a long article accusing the company of overtime work, which was quickly deleted; Leshi responded to "planning to spend 180 million yuan on stock trading while being in debt of 23.8 billion yuan".
Today's Hotspot Guide
The "scalper tickets" for the 4D screenings of "Zootopia 2" are being resold for hundreds of dollars each.
Lu Weibing: The progress in large AI models and applications has far exceeded expectations.
The Hong Kong Special Administrative Region Government has waived relevant fees for residents of Wang Fuk Court in Tai Po.
The national standard "Basic Requirements for Service Management of Food Delivery Platforms" has been released.
Apple has seen another high - level executive leave, with its top design director switching to Meta.
Photos of Jeffrey Epstein's private island have been made public.
Top 3 Big News
Tasting closed 907 stores in 90 days, and franchisees foot the bill for the crazy expansion
According to data from Jihai Brand Monitoring, as of December 2nd, Tasting opened 968 new stores in the past 90 days, but also closed 907 new ones. Currently, the number of Tasting's operating stores is around 10,296. A reporter verified this data with Tasting, but the brand did not give a direct response.
Tasting was founded in 2012. In recent years, it has stood out among domestic chain burger brands with the label of "Chinese burger" and rapidly opened stores in the sinking market thanks to its cost - effectiveness advantage. As the franchise area has further expanded, Tasting has also been continuously expanding its influence into first - tier cities in recent years. By the second half of this year, it officially became another "brand with ten thousand stores". (Jiemian News)
New Oriental employee's long post complaining about overtime was quickly deleted, company responds
On December 4th, many netizens said that a course consultant from New Oriental in Hangzhou posted a long article in the company's internal group. The picture shows that the long article complained about issues such as the overtime intensity of the course consultant position, the targets far exceeding the actual situation, and the cumbersome work content. The article stated: "Since autumn, the course consultant team has been caught in a cycle of '996 with a single - day off'. The daily working hours almost extend from 9:30 a.m. to 9:30 p.m. or even longer. Sticking to work for more than ten hours has become the norm. The two - day weekend clearly stated in the 'Labor Contract' at the time of employment is rarely realized. The eight - hour working system stipulated by labor laws has long become an unattainable luxury."
He/She also mentioned a group email sent by Yu Minhong, the founder of New Oriental, from Antarctica recently, saying that "the words in the email showed perseverance in the original intention of education and cherishment of the team's value, which deeply touched me as a member of New Oriental." He/She said that he/she was very grateful for Yu Minhong's mention in the email that "everyone is welcome to publicly voice their complaints and freedom of speech is encouraged", which also inspired him/her to dare to speak out what was in his/her heart and the current difficulties he/she was facing.
According to previous news, an employee of New Oriental revealed to reporters that this letter to all employees was sent by a course consultant from New Oriental in Hangzhou. Shortly after the message was sent, it was deleted and the account was quickly blocked. In the afternoon of the 4th, reporters called Hangzhou New Oriental Education Co., Ltd. A staff member said that the letter was indeed sent by an employee of New Oriental in Hangzhou and has been deleted. Since the group has a clear reporting agency and reporting mechanism, his/her way of sending it to all employees was incorrect. We definitely need to take corresponding measures, and a teacher in charge will follow up on this matter. (Jimu News, Jiemian News)
LeEco Network Responds to "Planning to Spend 180 Million Yuan on Stock Trading Despite a Debt of 23.8 Billion Yuan"
On December 4th, news emerged that LeEco Network recently issued an announcement stating that, on the premise of not affecting the normal development of the company's main business, the company intends to use its own funds to purchase stocks to obtain additional capital gains, with the total investment principal not exceeding 180 million yuan. In response, the outside world interpreted it as "LeEco is burdened with a debt of 23.8 billion yuan but spends 180 million yuan on stock trading."
LeEco Network responded to Jiemian News, saying, "This stock trading is not what people think. This matter has been misinterpreted. The company's starting point is to improve the operational income of funds. Although the total amount is 180 million yuan, no less than 150 million yuan of it will be used for subscribing to new stocks on the Beijing Stock Exchange and treasury bond reverse repurchase. Among them, the treasury bond reverse repurchase business is a risk - free business, and the yield is much higher than the bank current deposit interest rate. Additionally, regarding the 30 million - yuan stock investment, according to LeEco Network's announcement, no less than 80% will be invested in the constituent stocks of the CSI 300 Index, and no less than 50% will be invested in bank stocks. Such an investment is still relatively conservative."
In response to the outside world's doubts about LeEco Network "having money but not repaying debts," LeEco Network stated, "The company has always been operating under high - debt conditions. It's not that we don't want to repay, but we don't know how to. After considering retaining the basic working capital for operation, the calculated debt repayment rate of the company's current funds will not be higher than 1.5%. The company does not reject repaying debts at this ratio." (Jiemian News)
Large Companies/Large Events
After the Doubao mobile phones are sold out, the second-generation products may be shipped by the end of 2026
A supply chain insider confirmed that "ByteDance is indeed testing the market this time, and the inventory of mobile phones is not large. The first batch of products has a stock of about 30,000 units." At the same time, "the project party did not increase the material investment after this round of sold-out." This also means that the market circulation volume will remain fixed in the short term. "ByteDance and ZTE have started the research and development of the second-generation products. Without other variable factors, it is expected to be shipped by the end of 2026." (Cailian Press)
Tickets for the 4D screenings of Zootopia 2 are in short supply, with "scalped tickets" being resold for hundreds
Since its release on November 26th, Zootopia 2 has achieved remarkable box - office success, topping the list of imported animated films in Chinese film history. In particular, the 4D screenings of the film are highly sought - after due to their immersive special effects. The cinema releases over 20 types of special effects in real - time according to the scene changes, such as the heatwaves in Sahara Square, the cold mist in Tundratown, and the "stench" in the wetlands. When Judy and Nick engage in a street chase, the seats replicate the bumpy feeling of a police car through vibrations, sharp turns, and shakes. In the intense chase scenes, the seats are triggered to move over 200 times per screening. Audiences are sharing their pleasant surprises on social media, saying they "get a taste of Disney's Expedition Everest for just 40 yuan". As the number of cinemas showing the 4D version is limited, the difficulty of buying tickets has increased significantly, leading to a situation where "tickets are hard to come by". Even on some second - hand trading platforms, many sellers are reselling the 4D movie tickets for Zootopia 2 at a marked - up price, ranging from about 150 to 300 yuan. (Jiemian News)
Nezha Auto Recruits Co-benefit Debt Investors, Plans to Raise No More Than 100 Million Yuan
36Kr learned that Hozon New Energy Automobile Co., Ltd. (the entity company of Nezha Auto) issued an announcement to recruit co-benefit debt investors, publicly inviting co-benefit debt investors from the society. According to the recruitment announcement, the total planned financing amount for this time shall not exceed 100 million RMB, and the final recruitment will be determined by the administrator based on the registration situation of investors. This financing is co-benefit debt financing, and the borrowed funds and the interest and other expenses generated will be legally recognized as the co-benefit debt of the debtor.
Lu Weibing: Progress in large AI models and applications far exceeds expectations
Lu Weibing, a partner, president of Xiaomi Group, president of the mobile phone department, and general manager of the Xiaomi brand, released the 12th episode of Q&A with netizens on social media on December 3rd. He responded to questions related to Luo Fuli joining Xiaomi and the future AI new strategy. He said that in fact, we have started intensive investment in AI in the previous quarters. Although we can't disclose too much now, our progress in large AI models and applications far exceeds expectations. (Sina Technology)
The Hong Kong Special Administrative Region Government Waives Relevant Fees for Residents of Wang Fuk Court in Tai Po
After a fire broke out at Wang Fuk Court in Tai Po, Hong Kong on November 26, Li Jiachao, the Chief Executive of the Hong Kong Special Administrative Region, instructed all government departments to show sympathy for the situation of the residents of Wang Fuk Court and handle relevant government charges and bills flexibly to provide maximum support to the residents. A spokesman for the Hong Kong Special Administrative Region Government said that in order to relieve the financial burden on the residents of Wang Fuk Court in Tai Po and the families of the victims in the fire, the HKSAR government will waive the balance of the tax payable by the affected owners and residents for the 2024 - 2025 tax year, as well as the provisional tax for the 2025 - 2026 tax year. At the same time, the HKSAR government will pay the land rent on behalf of the affected owners and residents and waive the rates for the residential properties that cannot be used due to the fire. Meanwhile, the water and sewage charges for the residents of Wang Fuk Court in Tai Po from July to November 2025 will be exempted. In terms of electricity and telecommunications service fees, relevant institutions have provided different support services for the residents of Wang Fuk Court in Tai Po. (Jiemian News)
New vehicle purchase tax regulations enter "countdown", automakers seize market window period
"The purchase tax will be levied next year, but if you place an order now, we'll cover the adjustment of the purchase tax. It's definitely more cost - effective than buying next year." When reporters visited multiple new - energy vehicle brand stores in Beijing, they found that this is a common sales pitch used by salespeople of new - energy vehicle brands recently. Facing this major policy adjustment of the purchase tax, automakers have launched "subsidy guarantees" to boost year - end sales, and the entire industry is gearing up for a major adjustment of the market structure in the coming year. Industry experts said that the gradual phasing - out of the new - energy vehicle purchase tax is a sign of the industry's maturity. Against the backdrop of a significant improvement in product competitiveness, the industry will enter a new stage of sustainable development driven by internal impetus. (Economic Information Daily)
The State Administration for Market Regulation has issued and implemented the national standard "Basic Requirements for Service Management of Food Delivery Platforms"
In response to issues such as "ghost food delivery restaurants", irrational competition, and insufficient protection of the rights and interests of food delivery riders in the food delivery industry in recent years, the State Administration for Market Regulation recently issued and implemented the recommended national standard "Basic Requirements for Service Management of Food Delivery Platforms". It focuses on the management of merchants on the platform and strengthens the implementation of the main responsibilities. By standardizing the merchant entry review, daily operation management and other links, it guides food delivery platforms to effectively fulfill their service and management responsibilities for merchants. It supports and encourages merchants to actively respond to the relevant requirements of the "Internet + Transparent Kitchen" initiative, strictly adhere to the bottom - line of food safety, and safeguard consumers' "safety on the tip of the tongue". It focuses on platform charging and promotion behaviors and strengthens the regulation of competition order. It clarifies the platform charging rules and management requirements for promotion activities, urges and guides food delivery platforms to simplify charging items, standardize promotion behaviors, promote the transparency of all types of charging information and the rationalization of promotion rules, and create a fair and orderly market competition environment. (Jiemian News)
The Sixth Apple Store in Beijing is About to Open
On December 5th, Apple issued a statement announcing that the Apple Store at Lido Mall in Beijing - Apple Beijing Lido will open at 10:00 a.m. on December 6th. This will be Apple's sixth official Apple Store in Beijing, located on the 1st floor of Beijing Lido Mall at No. 15, Xinning Street, Daxing District. It is reported that Apple Beijing Lido continues Apple's consistent environmental protection concept in its design, using sustainable materials and replacing metal frames with wooden frames. Many building materials are sourced locally in China. Apple revealed that since the opening of the first Apple Store in China - Apple Sanlitun in 2008, the five Apple Stores in Beijing have cumulatively received over 150 million visitors. (Kuaikeji)
HLA Chairman Says Abstraction Brings Traffic, Gaining Over 300,000 Followers in 3 Months
Recently, Zhou Lichen, the chairman of HLA, posted video works and held a two - hour live broadcast to interact with netizens. During the live broadcast, Zhou Lichen responded to why he always goes for the "abstract" style. He said that he is actually very serious about running the account, but on the Internet, only the "abstract" content can attract traffic. No one would be willing to watch serious content about work and meetings. Zhou Lichen said that his account has gained over 300,000 followers in just three months.
According to the Aiqicha App, Zhou Lichen is associated with more than 10 enterprises, covering fields such as technology, investment, and brands. All of these enterprises are currently in operation, including HLA Group Co., Ltd., Hailan Group Co., Ltd., Hailan Zhiyun Technology Co., Ltd., etc. In these enterprises, Zhou Lichen serves as the legal representative, chairman, executive director, and other positions. (China Business Journal)
iPhone 17 Pro Removes Key Camera Feature
Compared with previous models such as the iPhone 16 Pro, the iPhone 17 Pro has achieved a significant improvement in the imaging experience. However, an official support document from Apple has confirmed that a feature in the previous camera app has been removed: Night mode shooting is no longer supported in Portrait mode. (IT Home)
Australia's "Social Media Ban" for Under - 16s to Take Effect Soon
Australia's social media ban targeting people under the age of 16 will officially come into effect on the 10th of this month. On December 3rd, the Australian government stated that this ban will protect children from harmful content. Social media companies on the internet that fail to take reasonable measures to prevent minors under 16 from using their platforms will face a maximum fine of approximately 50 million Australian dollars (equivalent to about 232 million Chinese yuan), while minors who violate the regulations or their parents will not be punished. (CCTV News)
Apple Sees Another Top Executive Departure: Top Design Director Joins Meta
Meta Platforms has poached Apple's top design director, highlighting the social media giant's determination to enter the field of artificial intelligence consumer devices. According to people familiar with the matter, Meta has hired Alan Dye, who has served as the head of Apple's user interface design team since 2015. These people, who asked to remain anonymous because they were discussing non - public information, said that Apple will have longtime designer Stephen Lemay succeed Dye. (Sina Finance)
Samsung Establishes AI Research Institute, with Lee Kang - woo as the First - term Head
Samsung Electronics has appointed Executive Lee Kang - woo in his 30s as the first - term head of the newly established "Samsung Research (SR) Nova Artificial Intelligence (AI) Institute". (Sina Finance)
The EU to investigate Meta over AI use in WhatsApp
It is reported that the EU will investigate Meta over its use of artificial intelligence in WhatsApp. (Jiemian News)
Apple is expected to maintain high growth at the end of 2025, and its Q4 shipments may hit a record high
On December 4th, according to the latest report from market research firm Counterpoint Research, in October 2025, Apple's share in the global actual smartphone shipment market increased by 12% year-on-year to 24.2%, reaching a record high for a single month. The success of the iPhone 17 series is the key driving force behind Apple's growth, which benefits from the large - scale replacement cycle of iPhone users during the pandemic in major mature markets such as the United States, China, and Western Europe. In addition, a richer product portfolio (including the iPhone 16e and more continued - sales old - model devices) and growth in emerging markets have further boosted Apple's performance in October. Overall, in the first six weeks of sales, the iPhone 17 series significantly outperformed the iPhone 16 series in the same period last year.
According to Counterpoint's weekly tracking data, sales in major markets have all increased, especially in the United States (up 11% year - on - year), China (up 47% year - on - year), and Japan (up 8% year - on - year). Apple is expected to maintain high growth at the end of 2025, and its Q4 shipments may hit a record high. (Kuaikeji)
Photos of Epstein's private island have been made public, showing both outdoor shots and interior views of the rooms
According to a report by Axios on December 3 local time, Democrats on the U.S. House Oversight Committee released photos and videos of the private island of sex offender Jeffrey Epstein. These media materials had never been made public before. It is reported that these photos and videos document scenes on Little St. James Island in the U.S. Virgin Islands, which was owned by Epstein. The footage includes outdoor shots and interior views of the rooms. These photos and videos are from a batch of Epstein files handed over by the U.S. Virgin Islands Department of Justice. Democrats said that more files will be released in the coming days.
It is reported that this private island was once used by Epstein to entertain clients. He lured young girls into sex trafficking under the pretext of recruiting masseuses for the enjoyment of the elite. In 2019, Epstein was arrested and charged with sex trafficking and conspiracy to traffic underage females. He died mysteriously in prison while awaiting trial, leaving many questions unanswered. (Global Times)
China Bicycle Association Responds to Recent Issues Related to Electric Bicycles
On December 1, 2025, the implementation transition period of the "Safety Technical Specifications for Electric Bicycles" (GB 17761 - 2024) officially ended. Electric bicycles that meet the new standard are gradually entering the market circulation. Recently, there have been some discussions and concerns about new - style electric bicycles online, which have attracted the attention of netizens. Regarding the issue of "iron sheet seats", currently, the mainstream models all use foam material (sponge) seats, which not only meet the safety standards but also ensure riding comfort. The so - called "iron sheet seats" mentioned online are only the result of a very small number of enterprises not fully considering consumers' riding experience and adopting an unreasonable design scheme. This is not a common phenomenon in the industry, let alone a requirement of the new standard. Regarding the issue of "not being able to carry children", in the new - standard products developed by enterprises at present, more than 70% of the models are equipped with rear racks (rear seats), which can meet the needs of parent - child travel. A small number of models are not designed with rear racks because they are positioned for single - person riding. Consumers can independently choose suitable models according to their needs. (Jiemian News)
Cambricon Statement: The Information Related to the Company's Products, Customers, Supply, and Production Capacity Forecast Circulating Online Is Inaccurate
36Kr learned that Cambricon issued a statement on December 4th, stating that the company has noticed that the information related to the company's products, customers, supply, and production capacity forecast circulated in the media and on the Internet today is all inaccurate information that misleads the market. Here, the company reminds all investors that all matters related to the company shall be subject to the publicly disclosed information. Please improve your ability to distinguish information and do not spread or believe false information from unknown sources or unverified information. In addition, the company reserves the right to pursue legal liability against anyone who fabricates, spreads, and disseminates inaccurate information.
The three major U.S. stock indexes closed mixed, and most popular Chinese concept stocks rose
36Kr learned that at the close on December 4th, the three major U.S. stock indexes showed mixed performance. The Dow Jones Industrial Average fell 0.07%, the Nasdaq Composite rose 0.22%, and the S&P 500 Index rose 0.11%. Large technology stocks also showed mixed trends. Meta and Oracle rose more than 3%, NVIDIA rose more than 2%, Tesla rose more than 1%, and Microsoft had a slight increase. Meanwhile, Intel fell more than 7%, Amazon and Apple fell more than 1%, and Netflix and Google had slight declines. Most popular Chinese concept stocks rose. NIO and Tiger Brokers rose more than 4%, XPeng Motors rose more than 3%, Tencent Music rose more than 2%, Bilibili and Baidu rose more than 1%, and Li Auto had a slight increase. On the other hand, Zhihu fell more than 3%, and MINISO fell more than 1%.
ByteDance Denies Comprehensive Upgrade of Management: There are no Policy Requirements for "Higher Threshold for Internal Transfers" and "Inventory of Grade 3-1 Positions"
According to media reports, ByteDance has comprehensively upgraded the management standards for employees at Grade 3-1, and relevant adjustments have been gradually implemented since the second half of the year. The specific measures include: Higher threshold for internal transfers: Grade 3-1 employees who want to transfer across departments need to pass an interview with the senior boss. The assessment criteria have been significantly tightened, the passing rate is strictly controlled, and dynamic quota management: Each department has initiated an inventory of Grade 3-1 positions. Employees exceeding the quota will be key targets for evaluation at the end of the year and face the risk of being laid off.
Sina Technology verified this information with the official. An insider at ByteDance said that the online rumor about the comprehensive upgrade of management for Grade 3-1 employees is false. ByteDance has no policy requirements for "higher threshold for internal transfers" and "inventory of Grade 3-1 positions." (Sina Technology)
Microsoft to Raise Subscription Prices for Commercial Office Versions Next July
Microsoft announced on December 4th local time that it will raise the subscription prices for Office productivity software for commercial and government customers on July 1st, 2026. (Jiemian News)
Meta Reportedly Plans to Cut Metaverse Project Spending by Up to 30%
It is reported that Meta CEO Mark Zuckerberg plans to cut spending on metaverse projects by up to 30%. (Jiemian News)
Apple Recruits Meta's Chief Legal Officer as Senior Vice President and General Counsel
US tech giant Apple announced on December 4 that it has hired Jennifer Newstead, the chief legal officer of Meta, as its general counsel and senior vice president. Newstead, who previously served as the legal adviser to the US State Department, will assume the position of senior vice president at Apple next month and will take on the role of general counsel in March next year. (Sina Finance)
Country Garden: Mo Bin Transferred from President to Co-Chairman, Cheng Guangyu Appointed as President
36Kr learned that Country Garden announced that Mo Bin, an executive director and the president of the company, has been transferred from the position of president to co-chairman, effective December 4, 2025. He will continue to serve as an executive director of the company. After the transfer, Mo Bin will be responsible for assisting the board of directors in coordinating the construction of the group's external strategic relationships and resource integration, carrying out the overall planning of the group's strategic implementation, coordinating major cross - field matters, etc., to help improve the overall operating performance of the group and contribute to the sustainable development of the company. Mo Bin has also resigned as a member of the company's Remuneration Committee, effective December 4, 2025.
Going Public in Progress
Basic Semiconductor
36Kr learned that according to the disclosure of the Hong Kong Stock Exchange, Shenzhen Basic Semiconductor Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange. CITIC Securities, Guojin Securities (Hong Kong) Co., Ltd., and BOC International are the joint sponsors.
Hengyunchang
36Kr learned that the China Securities Regulatory Commission has approved the registration application of Shenzhen Hengyunchang Vacuum Technology Co., Ltd. for its initial public offering of shares and listing on the Science and Technology Innovation Board.
The Cutting - Edge of AI
Micron Announces Exit from Retail Storage Business, Focuses on Competition in Advanced Storage Chips in the AI Era
Against the backdrop of the crazy price hikes of memory modules in recent months, Micron Technology, a storage chip manufacturer, suddenly announced the closure of its retail channel business and will focus on competition in advanced storage chips in the AI era. In an announcement released on Wednesday, Micron announced its exit from the Crucial (translated as "Innodisk" in China) consumer business. The existing inventory will be sold until the end of the second quarter of the current fiscal year (February 2026). The company will continue to supply Micron-branded enterprise products to global commercial channel customers, and the warranties of existing products will not be affected. (Caixin)
Palantir Launches Operating System for U.S. AI Infrastructure, with Partners Including NVIDIA
On December 4th, Palantir Technologies launched Chain Reaction, an operating system for U.S. artificial intelligence infrastructure. The founding partners include CenterPoint Energy and NVIDIA. The statement said that Chain Reaction aims to accelerate the construction of AI infrastructure by collaborating with energy producers, power distributors, data centers, and infrastructure builders. (Jiemian News)
KeLing 2.6 Model Launches "Synchronized Audio and Video Output" Capability
36Kr learned that on December 3rd, KeLing launched the video generation 2.6 model. This model has the "synchronized audio and video output" capability, which can output a complete video containing natural language, action sound effects, and ambient atmosphere sounds in a single generation. This model upgrade includes two major functions: text-to-audio-video and image-to-audio-video. Currently, the voice supports generating Chinese and English, and the generated video can be up to 10 seconds long.
Vidu, a company of Shengshu Technology, Launches Q2 Image Generation Package
36Kr learned that recently, Vidu, a company of Shengshu Technology, officially launched the Vidu Q2 "Image Generation Package". It has upgraded the "Reference Image Generation" function and launched the text-to-image and image editing functions. It is understood that from now until December 31st, members can enjoy a one - month free trial of Vidu Q2's text - to - image, reference image generation, and image editing functions.
Financial Reports of Large Companies
Snowflake's Revenue in the Third Fiscal Quarter Increased by 29% Year-on-Year
On December 3 local time, Snowflake, a US cloud - computing data services company, released its financial report for the third quarter of fiscal year 2026. Its revenue reached $1.21 billion, a 29% year - on - year increase. Product revenue was $1.158 billion, also a 29% year - on - year increase. The company expects product revenue in the fourth fiscal quarter to be between $1.195 billion and $1.2 billion, a 27% year - on - year increase. It anticipates full - year product revenue to be $4.446 billion, a 28% year - on - year increase. (Jiemian News)
Cool Products
ShadowFeather Antigravity A1 Officially Launched
36Kr learned that ShadowFeather Antigravity has officially launched the world's first panoramic drone, the ShadowFeather A1. It is understood that the ShadowFeather A1 will be officially on sale starting today, offering three configurations: the standard version, the standard battery life version with three batteries, and the long battery life version with three batteries. The original prices are 7,999 yuan, 9,399 yuan, and 9,999 yuan respectively. During the launch period, there will be a national subsidy, and the discounted prices are 6,799 yuan, 7,999 yuan, and 8,499 yuan respectively.
OnePlus Ace 6T Released, Starting at $2399
36Kr learned that OnePlus has officially launched the OnePlus Ace 6T, which will go on sale across all channels on December 5th. The starting price during the first - sale period is $2399.
Compiled | Exploding Cheese Tofu