8点1氪丨大批中成药将退出市场；汽车行业利润率降至历史最低；妙可蓝多回应“罢免”创始人
Today's Hotspot Guide
- Holiland's customer service apologizes for selling dropped bread
- The State Administration for Market Regulation issues a notice on the power bank case of Shenzhen Romoss Technology Co., Ltd.
- Anta announces it will become Puma's largest shareholder
- Investment silver bars priced over 30,000 yuan are popular in Shuibei
- The subscription of SDIC Silver LOF will be suspended
Top 3 Big News
A large number of Chinese patent medicines will exit the market
The prelude to the elimination competition of Chinese patent medicines has been kicked off, and a large number of Chinese patent medicines will exit the market. With only half a year left until July 1, 2026, the implementation of Article 75 of the "Special Provisions on the Registration and Administration of Traditional Chinese Medicines" by the National Medical Products Administration has entered the final window period.
This regulation, known in the industry as the "life - and - death clause" for Chinese patent medicines, clearly states that starting from three years after its implementation on July 1, 2023, for Chinese patent medicines whose instructions still mark "not yet clear" in any of the items of [Contraindications], [Adverse Reactions], and [Precautions], their re - registration applications will not be approved according to law. This means that among the approximately 57,000 valid approval numbers of Chinese patent medicines in China, more than 70% of the approval numbers with problems in safety information labeling will face elimination. A regulatory - driven in - depth clearance of the traditional Chinese medicine industry has officially entered the crucial stage.
The core of this new regulatory policy is to completely end the long - standing era of "not yet clear" in the instructions of Chinese patent medicines, and force drug holders to make up for the short - board of post - marketing safety data. (21st Century Business Herald)
Automotive industry profit margin hits record low
Data recently revealed by Cui Dongshu, the secretary-general of the China Passenger Car Association, shows that from January to December 2025, the sales profit margin of the automotive industry dropped to 4.1%, hitting a record low. Among them, the profit margin of 1.8% in December also reached a recent low, down 2.6 percentage points month-on-month and 2.3 percentage points year-on-year. (Yicai Global)
Miaokelanduo Responds to the "Removal" of Its Founder
Recently, Miaokelanduo (600882.SH) announced that Chai Xiu, the founder of the company, was removed from the positions of vice - chairman and general manager on January 23rd. She will still serve as a director of the company. Kuai Yulong, an executive from the "Mengniu camp", has been appointed as the general manager of the company. Meanwhile, the legal representative of the company has also been changed from Chai Xiu to Kuai Yulong. Previously, Kuai Yulong had long served as the CEO and CFO of Miaokelanduo. Before joining Miaokelanduo, he had been in charge of finance and strategic work at Mengniu Group for many years.
Miaokelanduo told a reporter from Cailian Press that Kuai Yulong has rich experience in the dairy industry and management skills. This enables him to optimize resource allocation in terms of channel strategies, product portfolios, and brand building with efficient resource - allocation capabilities, thus avoiding serious "imbalances" caused by resource dispersion. (Cailian Press)
Large Companies/Large Events
SDIC UBS Silver Futures Securities Investment Fund (LOF) Will Suspend Subscriptions
On the evening of January 26th, the SDIC UBS Silver Futures Securities Investment Fund (LOF) (161226) announced that it will suspend subscription (including regular fixed - amount investment) services starting from January 28th, 2026. The fund also announced that recently, the secondary - market trading price of Class A fund shares of the SDIC UBS Silver Futures Securities Investment Fund (LOF) (traded on - site as "SDIC UBS Silver Futures LOF"; trading code: 161226, hereinafter referred to as "this fund") has been significantly higher than the net asset value per share, resulting in a substantial premium. Therefore, investors are hereby reminded to pay attention to the premium risk of the secondary - market trading price. If investors blindly invest in fund shares with a high premium rate, they may face significant losses. (CCTV Finance)
Li Auto Denies Online Rumor of "Closing 100 Stores"
Recently, some media reported that Li Auto plans to close about 100 underperforming retail stores in the first half of 2026. On January 27th, Li Auto responded to this, stating that it will adjust and close a small number of underperforming stores this year. This is a normal business adjustment and does not affect the company's normal operations. The online rumor of "closing 100 stores" is false information. Li Auto said that this move is based on the actual needs of the company's business development and a reasonable planning of the channel layout, which does not involve changes in the company's actual business situation. (Xiaoxiang Morning News)
Holiland Customer Service Apologizes for Selling Bread That Fell on the Ground
Holiland's food hygiene and safety have once again come under question. Previously, on January 25th, it was witnessed at a Holiland store that a clerk picked up the bread that had fallen on the ground and continued to sell it. All the same - style bread on that day had been destroyed. The employee involved was a new staff member who forgot to discard the bread after picking it up from the ground. The incident had been reported, and the employee involved will be interviewed. On January 27th, the customer service of Holiland's official mini - program replied to Jiemian News that after a self - inspection, all products of this batch at the store had been destroyed on - site. The customer service said that they deeply apologized and felt self - blame for this issue. They will strengthen training to resolutely prevent such problems from happening again. (Jiemian News)
Doubao Mobile Assistant Responds Again to Security and Privacy Issues
On the evening of January 26th, Doubao Mobile Assistant responded again to security and privacy issues. "We understand the outside world's concerns about the security and privacy of mobile assistants. Doubao Mobile Assistant strictly adheres to the principles of user authorization and compliance, and only invokes necessary capabilities with the explicit authorization of users. In addition, when processing the user's mobile phone screen content in the cloud, Doubao Mobile Assistant strictly follows the principle of 'no storage, no training'. The data transmission process is encrypted, and there are strict protection measures during use to ensure the privacy and security of users."
Previously, on January 26th, Ma Huateng, the founder of Tencent, "rarely" commented on Doubao Mobile at the annual meeting. He did not agree with the model of Doubao accessing the mobile phone at the underlying level and assisting users in performing operations. He said that using an external device to record the user's mobile phone and computer screens and transmit them to the cloud is "extremely unsafe and irresponsible", and Tencent "firmly opposes" this. (Jiemian News)
Trump: Will Soon Announce New Federal Reserve Chair Nominee
On January 27 local time, US President Trump once again criticized Federal Reserve Chair Jerome Powell during a public speech in Iowa, calling him "a terrible Federal Reserve chair." Trump said that Powell wants to keep interest rates as high as possible. Trump stated that he will soon announce a new nominee for the Federal Reserve chair. (CCTV News)
The three major U.S. stock indexes closed mixed, with most large technology stocks rising
36Kr learned that at the close on January 27, the three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.83%, the Nasdaq Composite rose 0.91%, and the S&P 500 Index rose 0.41%. Most large technology stocks rose. Intel rose more than 3%, Amazon and Microsoft rose more than 2%, Apple and NVIDIA rose more than 1%, and Google and Meta rose slightly. Oracle fell more than 4%, and Tesla and Netflix fell slightly. Popular Chinese concept stocks were mixed. iQiyi and Bilibili rose more than 3%, Baidu rose 1%, and Alibaba and NIO rose slightly. Miniso, XPeng Motors, and Li Auto fell more than 1%, and JD.com fell slightly.
State Administration for Market Regulation Announces Case Involving Power Banks of Shenzhen Romoss Company
On the 27th, the State Administration for Market Regulation of China announced the top ten major cases of comprehensive rectification of "involution - style" competition in 2025. Among them is the case of Shenzhen Romoss Technology Co., Ltd. (hereinafter referred to as Romoss Company) violating the regulations on mandatory product certification and engaging in false publicity.
Without obtaining the mandatory certification certificates for relevant models of power banks, Shenzhen Romoss Technology Co., Ltd. unauthorizedly commissioned the production and sale of power - bank products. Meanwhile, knowing that the capacity of some power - bank cells had declined and the actual battery capacity had fallen short of 10,000 mAh, the company still made false markings at prominent positions on the products. The above - mentioned acts of the company violated relevant provisions of the Regulations of the People's Republic of China on Certification and Accreditation, the Administrative Provisions on Mandatory Certification of Products, and the Anti - Unfair Competition Law of the People's Republic of China. The local market supervision department imposed administrative penalties on the company in accordance with the law. (China News Service)
Net profit drops significantly, Nike plans major layoffs
According to a report by CNBC on the 26th, people familiar with the matter revealed that in order to improve profitability and accelerate the application of automation, Nike Inc. plans to lay off 775 employees. This round of layoffs mainly affects the distribution and operation business in the United States. Currently, it is a critical period for Nike's business transformation. The company has faced the dilemma of slowing sales growth and shrinking profit margins for many consecutive years.
The financial report shows that in the quarter ending November 30, 2025, the company's net profit decreased by 32% year - on - year. With the widespread application of artificial intelligence and automation technology in American companies, positions related to distribution centers have been affected. Last year, United Parcel Service (UPS) announced a plan to lay off 48,000 employees, partly due to the increased automation of its logistics facilities. There is currently no public data on the total number of Nike's employees at its distribution centers in the United States, and the specific path for Nike to expand the scale of automation at its distribution centers has not been clarified. (CCTV Finance)
Musk: Starship V3 to Launch New - Generation Starlink Satellites in Six Weeks
Elon Musk, the CEO of SpaceX, announced in a post on a social platform that the first flight test of the Starship V3 version (the third - generation Starship) will be conducted at the Starbase launch site in Boca Chica, Texas, six weeks from now. (Sina Finance)
Amazon: More than 100 Whole Foods Market stores to be opened in the US in the next few years
Amazon announced on January 27 that it currently offers fresh food delivery services in more than 5,000 towns and cities in the US, with same-day delivery available in thousands of these areas. Amazon plans to expand its same-day fresh food delivery service to more communities by 2026. Amazon said it will close its Go and Fresh stores and transform multiple locations into Whole Foods Market stores. Whole Foods Market will open more than 100 new stores in the next few years. (Jiemian News)
Nine regions across the country have abolished fixed time-of-use electricity prices
Since March 1, 2026, new national regulations have clearly abolished the "government-approved time-of-use electricity prices" for power market users, shifting the pricing power to the market. A reporter from Yicai.com sorted through official documents and found that as of now, 11 provinces and municipalities across the country have issued relevant notices stating that fixed time-of-use electricity prices approved by the government will no longer be implemented for users entering the market. Among them, nine regions have clearly implemented the abolition policy, while the adjustment plans of Jiangsu and Shanxi provinces are still in the stage of soliciting public opinions.
This reform does not abolish the time-of-use pricing mechanism. Instead, it changes the time division and price levels of electricity prices from being "government-regulated" to being "market-determined." This fundamental transfer of pricing power aims to make price signals more accurately reflect the real-time supply and demand of electricity. There are differences in the policy details of each region. For example, Hubei and Shaanxi have clearly included both wholesale and retail users in the scope of the reform. (Yicai.com)
Starbucks CEO's Compensation Cut by $65 Million in Fiscal Year 2025
Filing documents submitted by Starbucks on January 26 local time showed that the company's CEO, Brian Niccol, received a total compensation of $31 million in fiscal year 2025, including a $5 million bonus and nearly $20 million in stock awards. His compensation in fiscal year 2024 was $96 million, including over $90 million in stock awards. (Jiemian News)
SK Hynix to Exclusively Supply HBM3E Chips for Maia 200
According to media reports citing industry insiders, SK Hynix will exclusively supply HBM3E chips to Microsoft's Maia 200. Each Maia 200 accelerator will use six SK Hynix HBM3E memory chips. It is reported that the total capacity of the HBM3E memory installed in the Maia 200 is 216GB. It is equipped with six 12-layer HBM3E memory modules, each with a capacity of 36GB. A spokesperson for SK Hynix responded via text message that they could not confirm or disclose any information related to customers.
Stimulated by the above news, SK Hynix's stock price soared on Tuesday, hitting a new record high again and erasing the decline that occurred earlier in the day due to the latest tariff threat from former US President Donald Trump. At the close, the stock rose 8.7% to 800,000 won. (Cailian Press)
Anta Announces It Will Become Puma's Largest Shareholder
Anta Sports Products Limited (Stock Code: 2020.HK) announced on January 27 that it has reached a share purchase agreement with Groupe Artémis, an investment company of the Pinault family, to acquire a 29.06% stake in PUMA SE, the company behind the global iconic sports brand PUMA. The cash consideration is 1.5 billion euros. This move is an important step for the Anta Group to advance its globalization strategy and will enhance its influence, popularity and competitiveness in the global sports goods market. The transaction is expected to be completed by the end of 2026, subject to the approval of relevant regulatory authorities and the satisfaction of customary closing conditions. The funds for this equity acquisition all come from the Anta Group's internal self-owned cash reserves. (Yicai Global)
Investment silver bars priced over 30,000 yuan are gaining popularity in Shuibei
Amid the sharp rise in silver prices, investment silver bars are gaining popularity in Shuibei. A reporter from Cailian Press found in the retail market of Shuibei, Shenzhen that many counters have put "investment silver bars" on the shelves. The price of a 1000g silver bar is as high as 30,860 yuan. A counter merchant told the Cailian Press reporter that this type of investment silver bar is a newly launched product. Besides being used for investment, it can also be used to make ornaments, and the price per gram will be lower than directly buying finished products. In addition, many counters also hung up signs reading "Accepting silver bars". (Cailian Press)
Still being maintained 13 years after its release, Apple pushes iOS 12.5.8 system update to iPhone 5S
On January 27th, Apple pushed the iOS 12.5.8 system update to the iPhone 5S and iPhone 6 series. The iPhone 5S was released in September 2013, and it has been 13 years since then, yet it is still being maintained. This move breaks the industry record. According to Apple's update release notes, iOS 12.5.8 extends the certificate requirements for functions such as iMessage, FaceTime, and device activation. These functions will remain valid after January 2027. If not updated, after the certificates expire in January 2027, the iPhone 5S/6 will not be able to complete operations such as device activation. The iMessage instant messaging and FaceTime video call functions will stop working due to the invalidation of the certificates, and only basic call and text message functions will be retained. After the update, the corresponding devices will be able to continue to be used normally after January 2027. (Sina Finance)
The cumulative balance of social security funds has exceeded 1 trillion yuan, and the fund operation is generally stable
Data released by the Ministry of Human Resources and Social Security on January 27 showed that as of the end of 2025, the number of participants in the national basic pension, unemployment, and work - related injury insurance was 1.076 billion, 249 million, and 305 million respectively, an increase of 3.16 million, 3.29 million, and 1.02 million respectively compared with the end of the previous year. The total annual income of the three social insurance funds was 910 billion yuan, and the total expenditure was 810 billion yuan. The cumulative balance at the end of the year was 1.02 trillion yuan, and the fund operation was generally stable.
China has continuously strengthened the supervision and investment operation of social security funds. As of the end of 2025, the entrusted investment scale of basic endowment insurance funds exceeded 298 billion yuan. (Xinhua News Agency)
Going Public
Dier Laser
36 Kr learned that Dier Laser announced that the company is planning to issue foreign shares (H shares) for overseas listing and apply for listing on the Main Board of The Stock Exchange of Hong Kong Limited. This is to advance its international strategic layout, build a diversified capital operation platform, enhance its international brand image and comprehensive competitiveness in the global market, and accelerate the development of its overseas business. The relevant details have not been finalized. The issuance of H shares and listing this time will not lead to changes in the company's controlling shareholder and actual controller. This matter still needs to be submitted to the company's board of directors and shareholders' meeting for review, and relevant filings, approvals or clearances from regulatory authorities are required.
Golden Disk Technology
36Kr learned that Golden Disk Technology announced that the company intends to issue shares (H shares) overseas and list on the Main Board of The Stock Exchange of Hong Kong Limited. The company's board of directors has authorized the company's management to initiate the preliminary preparatory work for this H-share listing, and the authorization period is within 12 months from the date of the board's approval. The company plans to discuss the specific implementation work of this H-share listing with relevant intermediaries, and the details of this H-share listing have not been determined.
The Forefront of AI
Google Launches AI Plus Subscription Plan in 35 New Markets Including the US
Google is expanding its Google AI Plus subscription service to 35 additional markets, including the United States. The pricing in the US is $7.99 per month. Subscribers can use Gemini 3 Pro and Nano Banana Pro in the Gemini app. An AI film and television production tool is added to Flow, and research and writing tools are added to NotebookLM. It can be shared with up to five family members. (Sina Finance)
EU Requires Google to Open AI Services and Data Permissions to Competitors
In the latest round of regulatory actions targeting large technology companies, the EU has demanded that Google remove the technical barriers in the Android system that impede competitors' AI search assistants within six months and provide key data to other search engines. EU regulators announced, based on their flagship regulation, the Digital Markets Act, that they will assess whether Google complies with the strict rules regarding the interoperability of the Android system with competitive artificial intelligence software and the opening of valuable search data to competitor search engines on fair terms. (Sina Finance)
Kimi K2.5 Launched
The K2.5 version of the Kimi intelligent assistant has been officially launched. This update is carried out through silent push. The original K2 model in the official website chat interface has been automatically switched to the K2.5 version for users, without the need for manual operation. (Caixin Press)
DeepSeek Releases New Model
The DeepSeek team published the paper "DeepSeek-OCR 2: Visual Causal Flow" and open-sourced the DeepSeek-OCR 2 model. It adopts the innovative DeepEncoder V2 method, enabling AI to dynamically rearrange various parts of an image based on its meaning, which is closer to the visual coding logic of humans. (Cailian Press)
Financial Reports of Large Companies
Orient Securities: Net profit is expected to increase by 67.8% year-on-year in 2025
36Kr learned that Orient Securities announced that it expects to achieve an operating income of 1.534 billion yuan in 2025, a year-on-year increase of 26.0%; the net profit attributable to the owners of the parent company is 562 million yuan, a year-on-year increase of 67.8%. The change in performance is due to the company seizing the development opportunities of the capital market. Centering around the goal of building a first-class modern investment bank, it has continuously made efforts in the fields of large wealth, large investment banking, and large institutions. The revenues of all major business segments have increased year-on-year, and the operating performance has achieved good year-on-year growth.
CanSino Biologics: Net profit is expected to reach 24.5 million - 29 million yuan in 2025, turning from loss to profit year - on - year
36Kr learned that CanSino Biologics announced that the net profit attributable to shareholders of the listed company for the year 2025 is expected to be between 24.50 million yuan and 29.00 million yuan, turning from loss to profit compared with the same period of the previous year.
China National Gold Group Gold Co., Ltd.: Net profit is expected to increase by 41.76%-59.48% year-on-year in 2025
36Kr learned that China National Gold Group Gold Co., Ltd. announced that it is expected to achieve a net profit attributable to the owners of the parent company of 4.8 billion yuan to 5.4 billion yuan in 2025. Compared with the same period of the previous year, it will increase by 1.414 billion yuan to 2.014 billion yuan, a year-on-year increase of 41.76%-59.48%. It is expected to achieve a net profit attributable to the owners of the parent company after deducting non-recurring gains and losses of 5.6 billion yuan to 6.2 billion yuan in 2025. Compared with the same period of the previous year, it will increase by 2.068 billion yuan to 2.668 billion yuan, a year-on-year increase of 58.55%-75.54%.
Investment and financing
Anthropic
Media confirmed on January 27 that AI startup Anthropic has completed its latest round of financing, with a valuation reaching $3.5 trillion. The amount of funds raised has exceeded the original target of $10 billion. According to three people familiar with the matter, the total amount of this round of financing is between $10 billion and $15 billion. They said that this figure could increase further if Microsoft and NVIDIA decide to participate in the investment. (Sina Finance)
"Xuzhishi"
36Kr learned that "Xuzhishi", an AI medical innovation enterprise, announced that it had completed its Series A+ financing at the end of 2025, with the financing amount exceeding 50 million yuan. This round of financing was jointly invested by three institutions, Zheshang Capital, Xiangtai Capital, and Plum Ventures. The funds will be mainly used for the construction of the AI algorithm system for brain-specific diseases, the modeling of multi-modal neural data, the accumulation of physical AI training data, and the R & D of XR brain-computer interface hardware. Xuzhishi further stated that the company is currently actively preparing for its Series B financing, which is expected to be officially launched after the Spring Festival.
DeepWay
36Kr learned that DeepWay announced the completion of a Pre-IPO round of financing, raising a total of 1.177 billion yuan. This round of financing was led by Puhua Capital, with joint investments from ABC Impact, Sunwoda, Qianhai Haotian, Hantang Real Estate, Linyi Guoke, Changxing Chuangqiang Fund, Shandong State-owned Control Capital, Lenovo Capital & Technology Group, Greater Bay Area Fund, Guangyue Investment, and Redpoint China Ventures. The funds from this round of financing will be mainly used for the operation and development of the group's core business.
Cool Products
Samsung's triple-foldable smartphone is priced at $2,899 in the US and will be launched on January 30
Samsung Electronics announced that its first triple-foldable smartphone, the Galaxy Z TriFold, will go on sale in the US on January 30, with a price tag of $2,899. This price is significantly higher than that of any other smartphone on the US market. Samsung's own Galaxy Z Fold 7 (which folds in only one place instead of two) has a retail price of $2,000, the same as the top-of-the-line Apple iPhone 17 Pro Max (with 2TB of storage). (Sina Finance)
Compiled by | Zixin Xu