8:00 am, Kr 36 | After Yonghui learned from Fat Donglai, it still loses 6 million yuan per day, and the loss further widens; Apple customer service responds to the 2,000-yuan price cut of iPhone Air; JIA Guolong says he will return to the front line and stop building his personal IP.
Today's Hot Topics Guide
- BYD plans to export 1.3 million vehicles in 2026
- NIO LeDao: It will achieve the goal of adding over 8,000 batteries within this month
- Wuliangye: The industry will gradually enter the recovery period
- NVIDIA director Persis Drell resigns
- Tesla has launched an 8,000-yuan subsidy program for the Model 3
Top 3 Big News
Yonghui Still Loses 6 Million Yuan per Day After Learning from Fat Donglai, with Losses Widening Further
On January 20th, Yonghui Superstores (601933.SH) released its 2025 annual performance forecast, projecting a net profit attributable to shareholders of the listed company of -2.14 billion yuan, compared with -1.47 billion yuan in the same period of the previous year. Calculated, in the past year, this well - known national chain supermarket has almost burned nearly 6 million yuan every time it opened its doors. This is already Yonghui's fifth consecutive year of losses. From 2021 to 2025, Yonghui lost 3.944 billion yuan, 2.763 billion yuan, 1.329 billion yuan, 1.465 billion yuan, and 2.14 billion yuan respectively, with a cumulative loss exceeding 11.6 billion yuan.
In fact, the downward trend did not happen suddenly. As early as around 2018, Yonghui's gross profit margin began to decline year by year. To save itself, Yonghui has tried multiple paths: launching "Super Species" to explore the combination of fresh food and catering, deploying Yonghui MINI community stores, testing warehouse stores, and digital transformation. However, these adjustments failed to reverse the overall decline and instead continuously consumed resources and patience.
In May 2024, after in - depth exchanges with Yonghui's management, Fat Donglai officially launched a support plan for Yonghui. Yu Donglai inspected several Yonghui stores in Zhengzhou and put forward adjustment ideas in terms of product structure, store design, and service details. "Learning from Fat Donglai" was then elevated to Yonghui's core strategy. After the news was announced, Yonghui's stock price rose for three consecutive trading days, with a cumulative increase of more than 20%. The market had high hopes for this transformation.
However, 20 months later, the expectations have not been fulfilled. The latest performance forecast shows that Yonghui not only failed to stop the losses but also saw the loss margin widen further. The company attributed the expected losses to three aspects: the temporary cost pressure brought by store adjustments, investment in supply - chain reform, and external investment and asset impairment. (Nanfengchuang)
Apple Customer Service Responds to iPhone Air Price Cut of 2,000 Yuan
Recently, some direct sales channels of Apple have launched a promotional campaign. Among them, the officially sold iPhone Air, which has only been on the market for three months, has a direct price reduction of 2,000 yuan. After combining with national subsidies, the maximum discount can reach 2,500 yuan. On January 25th, a consumer inquired about the details of the event from the customer service of the Apple Store's official Tmall flagship store. The customer service responded that only the iPhone 16 series has a price cut on the Apple official website, and only this store has a price cut for the iPhone Air in the direct sales channels. Meanwhile, the customer service suggested adding the product to the shopping cart first. "Everyone is very quick during the event." In addition, the customer service said that there is a limited quantity for this event. There are about 13,000 iPhone Air units participating in the event. (China News Service)
Jia Guolong's Latest Statement: Return to the Front Line and Stop Building Personal IP
Jia Guolong, the founder of Xibei Catering Group, recently said in an exclusive interview that he will return to the front line, focus on the core business, and stop building personal IP. Jia Guolong said, "I think I'm not suitable for building personal IP. I get excited easily and have overly rich facial expressions, which may make others think that 'Old Jia is boasting again', and there is a didactic tone. I didn't think so before, but after watching more of my own videos, I found that it's really preachy. I'm not confident in building personal IP."
He said that he prefers to return to the front line to improve service. "Actually, I still have the ability to work on the front line. I can select ingredients, visit various raw material bases to make comparisons, choose the raw materials with better quality and lower cost, and cook delicious dishes. That's my pursuit." Jia Guolong predicted that from September 2025 to March 2026, Xibei will have a cumulative loss of more than 600 million yuan. Xibei will gradually close 102 stores nationwide in the first quarter, accounting for 30% of the total number of stores. (Shanghai Securities News)
Large Companies/ Major Events
Lei Jun: Some sample cars of the new - generation Xiaomi SU7 will strive to be available in stores before the Spring Festival
36Kr learned that on January 25th, Lei Jun, the founder, chairman, and CEO of Xiaomi, posted a message saying that the real - life version of the new - generation SU7 in Cabri Blue is very beautiful. He aims to have some sample cars available in stores before the Spring Festival, so that everyone can visit the stores to experience them. Small - amount reservations have now begun.
BYD Plans to Export 1.3 Million Vehicles in 2026
BYD is committed to increasing its deliveries to markets outside China by nearly 25%. Li Yunfei, the general manager of BYD's brand and public relations department, said at a media conference in Shanghai on January 24 that the company plans to sell 1.3 million vehicles to regions outside China in 2026. Its overseas deliveries last year were 1.05 million vehicles. (Sina Finance)
NIO LeDao: It Will Achieve the Goal of Adding Over 8,000 Batteries This Month
On January 25, NIO's subsidiary LeDao Automobile announced that the progress of its "National Battery Doubling Plan for Battery Swap Stations" has reached 91.36%. As of January 24, LeDao has added over 7,309 new batteries, achieving 91.36% of the overall progress. It will achieve the goal of adding over 8,000 new battery packs this month to double the number of batteries. (Jiemian News)
Beijing's Per Capita Life Expectancy Rises from 82.4 Years in 2020 to 83.9 Years
On January 25, according to the Fourth Session of the 16th Beijing People's Congress, during the 14th Five - Year Plan period, the services for the elderly and children in Beijing have been comprehensively improved. The per capita life expectancy has risen from 82.4 years in 2020 to 83.9 years, making the improvement of people's livelihood more tangible. (Xinhua News Agency)
Peking University Tops the Global Embodied Intelligence Ranking, with Dong Hao's Team Driving Breakthroughs in the Robotics Field
36Kr learned that in the newly released 2025 - 2026 CSRankings Global Computer Science Ranking, Peking University ranked first globally in embodied intelligence - related tracks. Its ranking in the robotics field jumped from 49th in 2022 to 13th. This breakthrough is closely related to the contributions of Dong Hao, a tenured associate professor in his 90s, and his team. From 2022 to 2026, Dong Hao published 22 papers at top - tier robotics conferences and more than 90 papers in top conferences and journals in the field of embodied intelligence, with over ten thousand citations. He was selected as one of the world's top 2% scientists. The achievements of his team, such as the end - to - end embodied intelligence large model for clothing in home scenarios, are promoting the transformation of laboratory technology into consumer products.
Pre - mass Production of Volkswagen ID.ERA 9X Begins, and Development of Viloran Discontinued
The first extended - range model of SAIC Volkswagen, the ID.ERA 9X, is produced at the SAIC Volkswagen Ningbo plant, which is responsible for manufacturing mid - to high - end models. It is currently in the pre - mass production stage, and the progress has exceeded expectations. Recently, Tao Hailong, the general manager of SAIC Volkswagen, visited the plant to inspect the products. The model will be launched in March this year and export arrangements are also in progress. Meanwhile, SAIC Volkswagen has recently decided to stop the subsequent development of the Viloran, its first large - scale luxury business MPV. The Viloran is a representative work of SAIC Volkswagen's entry into the luxury MPV segment. However, compared with the GL8, the ace product of its sister brand SAIC General Motors, the Viloran has hardly made an impact in the MPV market. (21st Century Business Herald)
China's trendy toy industry value may exceed 100 billion yuan in 2026
Interest - based consumption refers to the consumption behavior generated by consumers based on their personal interests, hobbies or emotional needs. The core is to pay for "love". As the post - 90s and post - 00s generations become the main consumer force, new types of interest - based consumption such as camping equipment and trendy collectible figurines are rapidly emerging. Reporters learned that in addition to various kinds of dolls and figurines, some more niche segments like doll clothes and keychains are also quietly attracting young fans. According to the data from "China's Trendy Toy and Animation Industry Development Report", in 2026, the total value of China's trendy toy industry is expected to reach 110.1 billion yuan, with an average annual growth rate of over 20%. (CCTV Finance)
Wuliangye: The industry will gradually enter the recovery period
36Kr learned that on January 24th, Wuliangye said on the interactive platform that, in their view, with the continuous improvement of the macro - economy, the continuous recovery of consumer demand, and the continuous strengthening of various industrial support policies, the industry will gradually enter the recovery period.
Man who refined 191 grams of gold from SIM cards responds: The story was simplified to "refining gold from SIM cards" during dissemination
Recently, the topic "Man refined 191.73 grams of gold from SIM cards" trended on social media, sparking discussions among netizens. Based on the latest gold price of 1120.00 yuan per gram, the total value is 214,737.6 yuan. The person involved later said in an interview that to ensure good stability and corrosion resistance, SIM cards are gold - plated at key parts such as the connection between the chip pins and the circuit board. In addition to SIM card chips, bank card chips, IC cards, electronic components, and contact parts of communication equipment are all recyclable gold - containing waste materials.
On January 23, a reporter from Xiaoxiang Morning News contacted the man known as "Hakka Gold Refiner - Qiao". "Hakka Gold Refiner - Qiao" said that his records were indeed real - life footage of precious metal recycling from electronic waste, but some data on the Internet were re - posted and inaccurately presented. He stated that the refined material was indeed gold, but it did not come from "a single, complete ordinary SIM card", but from a collection of gold - plated chip waste in the communication and electronics field. The figure of "191.73 grams" circulating on the Internet is the weighing data of a certain batch of finished products, but it was simplified to "refining gold from SIM cards" during the dissemination process. This statement is not rigorous and can easily lead to misunderstandings. (Sina Finance, Xiaoxiang Morning News)
Blackstone Reportedly Plans to Sell Leica Camera, Valued at Around 1 Billion Euros
It is reported that the U.S. private equity firm Blackstone Group is considering selling its controlling stake in Leica Camera AG, which is valued at around 1 billion euros (approximately 8.209 billion yuan). Blackstone has held about 45% of the shares since 2011 and now plans to exit the investment. The Kaufmann family, as an existing shareholder, is participating in the discussions and may retain a portion of the shares after the transaction. Currently, the project is in its early stages, and Blackstone is in talks with institutions such as HSG and Altor Equity Partners, with no definite deal arrangements yet. This move aims to optimize the investment portfolio and end the strategic cooperation that has lasted for more than a decade. (DoNews)
New Standards for the Coal Industry Released to Promote Clean and Efficient Coal Utilization
China has recently issued the "Benchmark and Baseline Levels for Key Areas of Clean and Efficient Coal Utilization (2025 Edition)", aiming to propel the coal industry from the low - end to the high - end and upgrade coal products from primary fuels to high - value products. Data from the China National Coal Association shows that the coal consumption for coal chemical raw materials in China is continuously increasing at a scale of 20 to 30 million tons per year. The new standards further clarify that coal consumption for coal - fired power generation and heating, coal - to - natural gas, etc., will be included in the key areas of energy efficiency management and control, and benchmark and baseline levels will be set. This move will strongly promote the expansion of coal application from fuel to raw material. (CCTV News)
After serving for over a decade, NVIDIA director Persis Drell resigns
On January 23 local time, NVIDIA disclosed in a regulatory filing submitted to the U.S. Securities and Exchange Commission (SEC) that on January 20, 2026, Persis Drell resigned from the company's board of directors, including her position as a member of the board's compensation committee, effective immediately. NVIDIA stated that Drell's resignation was to pursue new career development opportunities and not due to any disagreements with the company regarding operations, policies, or practices. It is understood that Persis Drell is a professor in the Department of Materials Science and Engineering and the Department of Physics at Stanford University and joined NVIDIA's board of directors in 2015. Currently, NVIDIA's board of directors has a total of 10 members, including CEO Jensen Huang. (Jiemian News)
Riddell Becomes the Front - Runner for Fed Chair, Trump Says He's Impressed with Riddell
Trump recently said in an interview with US media that he met with Riddell recently and was "very impressed" with him. After Trump made the above remarks, the market expectation that Riddell would be nominated as the Fed chair climbed. Currently, relevant prediction websites show that Riddell leads with a probability of around 50%, significantly higher than former Fed governor Warsh, current Fed governor Waller, and White House National Economic Council Director Hassett. US media said that the key reason why Riddell stands out among the candidates is that his series of ideas for reforming the Fed are highly consistent with the demands of the Trump administration. Riddell has publicly called on the Fed to cut the benchmark interest rate to around 3%, which requires at least a 50 - basis - point cut from the current level. He believes that this level is closer to the current neutral equilibrium point. (CCTV Finance)
Report: Samsung Electronics Raised NAND Prices by 100% in Q1
According to South Korean media reports, Samsung Electronics raised the supply price of NAND flash memory by more than 100% in the first quarter of this year. This increase far exceeded market expectations, highlighting the current serious imbalance between supply and demand in the semiconductor market. According to industry insiders from the above - mentioned media, Samsung Electronics completed supply contract negotiations with major customers at the end of last year and officially implemented a new pricing system starting from January. This is another significant price - adjustment signal in the storage market after it was reported that the price of DRAM memory had been raised by nearly 70%. The report said that Samsung Electronics has now started a new round of negotiations with customers on the NAND price for the second quarter, and the market generally expects the upward price trend to continue in the second quarter. (Caixin)
The probability that the Federal Reserve will keep interest rates unchanged in January is 97.2%.
According to the CME "FedWatch": The probability that the Federal Reserve will cut interest rates by 25 basis points in January is 2.8%, and the probability of keeping interest rates unchanged is 97.2%. By March, the probability of a cumulative interest rate cut of 25 basis points is 15.5%, the probability of keeping interest rates unchanged is 84.1%, and the probability of a cumulative interest rate cut of 50 basis points is 0.4%. (Caixin Press)
International Group Sues Meta, Accusing WhatsApp of False Privacy Claims
An international group of plaintiffs has filed a lawsuit against Meta Platforms, accusing the company of making false claims about the privacy and security features of its instant messaging app, WhatsApp. Meta Platforms touts the so - called "end - to - end" encryption technology as a core feature of WhatsApp. In theory, this encryption technology ensures that messages are only visible to the sender and the recipient, and the platform itself cannot read them. (Sina Finance)
Following the "Seven-Year Ultra-Low Interest Rate" Offer, Tesla Launches an 8,000 Yuan Subsidy Program for Model 3
After introducing policies such as the "Seven-Year Ultra-Low Interest Rate" and "Five-Year Zero Interest Rate," Tesla China has rolled out a subsidy program for some models. On January 24th, Tesla announced its latest car purchase promotion, stating that customers who place an order for the Model 3 Rear-Wheel Drive, Long-Range Rear-Wheel Drive, or Long-Range All-Wheel Drive versions by February 28th, 2026 (inclusive) are eligible for a limited-time insurance subsidy of 8,000 yuan.
According to the information provided by Tesla, until February 28th (inclusive), the three aforementioned Model 3 versions can enjoy a seven-year ultra-low interest rate, with a down payment starting from 79,900 yuan. With equal principal and interest repayment, after the national interest subsidy, the monthly payment will be 1,759 yuan. Additionally, a five-year zero interest rate option is also available. Currently, the starting prices of the Model 3 are as follows: 235,500 yuan for the Rear-Wheel Drive version, 259,500 yuan for the Long-Range Rear-Wheel Drive version, 285,500 yuan for the Long-Range All-Wheel Drive version, and 339,500 yuan for the High-Performance All-Wheel Drive version. (Jiemian News)
"Cathie Wood": Tesla's competitive advantage lies in that its cost will be at least 50% lower than that of other competitors
"Cathie Wood", Kathy Wood, talked about Tesla's Robotaxi and said that the self-driving taxi market is currently in the early stage of its rise. According to the calculations of her team, Tesla's competitive advantage lies in that its cost will be at least 50% lower than that of other competitors. (Caixin Press)
Going public
ConoBio
36Kr learned that according to documents from the Hong Kong Stock Exchange, ConoBio Pharmaceutical Co., Ltd.-B has submitted a listing application to the Hong Kong Stock Exchange. The sole sponsor is SDIC Securities International.
Aixin Yuanzhi Semiconductor Co., Ltd.
36Kr learned that documents from the Hong Kong Stock Exchange showed that Aixin Yuanzhi Semiconductor Co., Ltd. passed the Hong Kong Stock Exchange's hearing on January 25 and plans to list on the main board. The company is a provider of artificial intelligence (AI) inference system-on-chip (SoC), focusing on building high-performance perception and computing platforms for AI applications in edge computing and terminal devices.
The Cutting Edge of AI
OpenAI Launches Codex Release Month
On January 23 local time, Sam Altman, the CEO of OpenAI, posted a message saying that in the next month, many Codex-related products will be launched, and the releases will start next week. Codex is a highly sophisticated intelligent programming assistance ecosystem. (Jiemian News)
Belgium Investigates Gang of "Using AI Videos to Impersonate Royal Family for Scams"
On January 24 local time, Belgian investigators said that since the beginning of 2025, a group of unknown fraudsters have been impersonating members of the Belgian royal family to defraud money from foreign political and business figures. The Belgian federal prosecutor said that the fraud gang set traps through emails, phone calls, and instant messaging apps, using fake videos generated by artificial intelligence (AI) to impersonate King Philippe of Belgium or his core staff in an attempt to defraud money from people who may have connections with the royal family. (CCTV News)
Cool Products
The Co-branded Phone by Honor and Pop Mart Goes on Sale on January 25
On January 25, the "Honor 500 Pro MOLLY 20th Anniversary Limited Edition" phone jointly launched by Honor and Pop Mart started its first sale, priced at 4,499 yuan, and the price after national subsidy is 3,999 yuan. Currently, there have been purchase requests on some second-hand trading platforms. This phone mainly targets young consumers and is positioned as "the industry's first trendy mobile phone". (Jiemian News)
Compiled | Baby Chinese Cabbage