8:00, 1 Kr | The parent company of Maserati reported an annual net loss of 180 billion yuan; A new drug for boys with stunted growth sent the stock price soaring, and Changchun High - tech responded; German Chancellor Merz visited Unitree Robotics.
Today's Hotspot Guide
German Chancellor Merz Visits Unitree Technology
Meizu Reportedly Owes Massive Debts That Turned into Bad Debts
Tesla China Officially Announces a 5 - year Zero - interest Plan
Both the President and a Director of Ctrip Group Resign
WeChat Launches a New Feature: Forwarding the Same File in Multiple Chats Won't Occupy Storage Repeatedly
Top 3 Big News
Maserati's Parent Company Reports a Massive Loss of 180 Billion Yuan, with Its Performance Taking a Hit
Stellantis, the world's fourth-largest automaker, underwent a costly strategic shift in 2025. The financial report released by the company on February 26 showed that the annual net loss reached a staggering 22.3 billion euros (approximately 180.2 billion yuan at the current exchange rate). This was mainly due to the 25.4 billion euros in non - recurring expenses incurred from the business restructuring launched in the second half of the year. Despite the pressure on the annual data, there were signs of recovery in the second - half operations. Revenue resumed growth, and the cash - flow situation improved significantly compared to the first half of the year. This automotive giant, which owns 14 brands such as Jeep, Maserati, Peugeot, and Citroën, recorded net revenue of 153.5 billion euros in 2025, a slight 2% year - on - year decline. The company explained that foreign exchange factors and the decline in new - car prices in the first half of the year were the main reasons affecting revenue.
In addition, the global ranking of automobile manufacturers' sales in 2025 has finally been determined. Toyota, Volkswagen, Hyundai Motor, and General Motors still occupy the top four positions. With an 11% year - on - year increase in the second half of last year, the Stellantis Group continued to rank fifth globally with sales of over 5.4 million vehicles. Three Chinese automakers, BYD, SAIC Group, and Geely Holding, made it onto the list, and their rankings all improved. Nissan, which was on the list last year, dropped out of the top ten. (Caixin and Yicai)
The world's first "new drug for treating stunted growth in boys" has been approved for clinical trials, and Changchun High - tech's stock price has risen by over 12% in two days
On February 25th, Changchun High - tech (000661.SZ) closed at the daily limit, reporting at 97.26 yuan per share, achieving its first daily limit since the beginning of 2026. On February 26th, the company's stock price continued to rise. As of around 14:30, it was reported at 100 yuan per share, up 2.82%, with a total market value of 40.8 billion yuan. The stock price has cumulatively risen by over 12% in two days.
On the evening of February 24th, Jinsai Pharmaceutical, a subsidiary of Changchun High - tech (000661.SZ), announced that the clinical trial application for its self - developed GenSci141 ointment has been approved by the National Medical Products Administration. According to a previous announcement, GenSci141 ointment is a dihydrotestosterone ointment developed by Jinsai Pharmaceutical. It mainly exerts its effects in target tissues through paracrine means and belongs to chemical drug categories 2.2 and 2.4. This drug can be used to improve micropenis in children caused by hypergonadotropic hypogonadism, 5α - reductase 2 deficiency, congenital adrenal hyperplasia with reduced androgen synthesis, and idiopathic causes. As of now, there is no drug specifically targeting micropenis in children globally, so this ointment has attracted significant market attention.
On February 26th, Changchun High - tech told a reporter from Jiemian News that this project is still in its early stages, and there is currently no information available for external communication. (21st Century Business Herald, Cailian Press, Hongxing Capital Bureau, Jiemian News)
German Chancellor Merz Visits Unitree Technology
German Chancellor Merz, who is on a visit to China, led a delegation to visit Unitree Technology in Hangzhou, Zhejiang Province, on the afternoon of the 26th. According to the itinerary, Merz and his entourage will also visit German enterprises in China.
Merz paid an official visit to China from the 25th to the 26th. About 30 executives of leading enterprises from Germany's advantageous fields such as automobile, chemical, biopharmaceutical, machinery manufacturing, and circular economy accompanied him, fully demonstrating Germany's strong willingness to deepen pragmatic cooperation with China.
Wang Xingxing, the chairman of Unitree Technology, said in an interview that he felt extremely honored. He said that this event is a window to establish cooperation with more German enterprises and an opportunity to jointly promote the development of the intelligent robot industry globally. The German market has great potential. He believes that the good development momentum of the intelligent robot and AI industries will play a very positive role in the development of the industry and for all mankind. (Xinhua News Agency, China News Service)
Big Companies/Big Events
Meituan has applied for the trademark of "Meituan Good Room Sharing", planning to expand into real - estate related businesses
According to Sina Technology, recently, Beijing Sankuai Technology Co., Ltd., an affiliated company of Meituan, applied to register three trademarks of "Meituan Good Room Sharing". The international classifications are scientific instruments, financial property management, and catering and accommodation respectively. Currently, the status of all the trademarks is awaiting substantive examination.
Beijing Sankuai Technology Co., Ltd. was established in April 2007. The legal representative is Zhong Yongjian, and the registered capital is 5.48 billion RMB. Its business scope includes software sales, socio - economic consulting services, ticket agency services, information system integration services, Internet sales, etc. It is jointly held by Wang Xing and Mu Rongjun. (Sina Technology)
Meizu Reportedly Owes a Large Amount of Debt, Which Has Become Bad Debt
According to a report from Huaxia Times, on February 25th, the news that Meizu's mobile phone business had come to a halt caught the industry's attention. Meizu's mobile phone business has effectively stopped operating and will officially delist in March 2026, becoming the first mainstream brand to exit the market in this round of the mobile phone industry adjustment.
The capital chain issue is the core reason for this crisis. People familiar with the matter revealed that since April 2025, Meizu has been unable to settle payments to suppliers normally, and a large amount of debt has turned into bad debt. The industry believes that it is highly likely to file for bankruptcy in the future. As of now, Xingji Meizu has not issued an official response to the above news. There have also been obvious adjustments at the personnel and business levels. There are only about 1,000 people left in the internal Feishu group of Xingji Meizu. Many employees have left, and a small number of them have been transferred to ZEEKR, a subsidiary of Geely. Meizu's FlymeAuto in - vehicle system business will operate independently, and the Meizu brand is also expected to remain in the Geely system. (Huaxia Times)
WeChat Launches New Feature: Forwarding the Same File in Multiple Chats Won't Occupy Storage Repeatedly
According to Huanqiu.com, on February 26, WeChat employee "Ke Cun Xiaojiang" revealed that WeChat has launched a new feature. Users can long - press on a picture, video, or file in a chat and then use the "View Chats Containing This Picture/Video/File" option to see how many chats the item has been used in. The feature also clearly indicates that when the same picture, video, or file is used in multiple chats, it won't occupy storage space repeatedly. The WeChat team said that this move is to let users intuitively perceive from the interface that the file is only being referenced multiple times, not stored repeatedly, thus alleviating users' concerns about their mobile phone storage space. (Huanqiu.com)
Tesla China Officially Announces a 5-Year Interest-Free Plan
Tesla China has announced that customers who place orders on or before March 31st can enjoy a 7-year ultra-low interest loan for all vehicle models. Among them, the three main models, Model 3, Model Y, and Model Y L, can additionally choose a 5-year interest-free plan, and there is no need to pay any interest when purchasing a car with a loan. (Yicai Global)
Xiaomi executive says mobile phone costs have become a "horror story", and the rise in storage prices triggers a positive feedback loop in the industry
According to Sina Technology, on February 26, Hu Xinxin, a product manager of Xiaomi's REDMI, publicly responded to the industry crisis caused by the price increase of upstream memory. She said that the price increase of upstream storage chips would gradually be transmitted to the pricing of terminal mobile phones, which would in turn lead to a shrinkage in market demand, compress the cost - sharing base, and further push up the cost per unit, forming a positive feedback loop of cost increase - price increase - demand contraction - cost increase again. For mobile phone manufacturers, the current super - cycle of storage is like a series of "horror stories".
Currently, the procurement cost of smartphone storage chips has increased by more than 80% compared with the same period last year, and there is still no sign of slowing down. Affected by the transmission of this pressure, several leading domestic mobile phone brands have planned to launch a new round of product price adjustments at the beginning of March. This will be the largest - scale and most significant round of collective price adjustment in the mobile phone industry in the past five years. (Sina Technology, Yicai)
Both the President and a Director of Ctrip Group Resign
On February 26, Ctrip released its full - year financial report for 2025 and announced a series of director changes, which will take effect on February 25, 2026. Co - founder Fan Min resigned from his positions as director and president, and Ji Qi resigned from his position as director. The board of directors expressed gratitude to the two for their significant contributions during the company's establishment and development. Meanwhile, the company appointed Wu Yihong and Xiao Yang as new independent directors, and Lee Ki - bae joined the board's compensation committee. The announcement stated that this move aims to further improve the board structure, enhance the professional and diverse background, and strengthen strategic supervision capabilities.
Wu Yihong is currently an independent director and the chair of the audit committee of MakeMyTrip. She also serves as an independent director for companies such as Alibaba Health, Swire Properties, and Noah Holdings. Xiao Yang was formerly an investment analyst at Capital International Investors (Hong Kong) and previously worked at Principal Global Investors and Ping An Asset Management. According to the company's articles of association, the terms of the two new independent directors will last until the next annual general meeting of shareholders, and they are eligible for re - election. (Jiemian News)
Xitou: ByteDance's Valuation Rises to $550 Billion, a Nearly 66% Increase Compared to Last Year's Stock Repurchase
On February 25th, investment firm General Atlantic is selling its stake in ByteDance. The deal values this Chinese social media company at approximately $550 billion. Compared to ByteDance's stock repurchase last year, this valuation represents a nearly 66% increase, as the company was valued at over $330 billion at that time. According to sources, this deal is also about 15% higher than a secondary - market transaction in November, when ByteDance was valued at around $480 billion.
A source said that General Atlantic first invested in ByteDance in 2017, when the company was valued at around $20 billion. In recent weeks, General Atlantic began exploring the possibility of selling part of its stake and plans to complete the deal in March. (Oriental Finance, Jiupai News)
Three Goats Network Responds to Online Rumors of “Successful Backdoor Listing”: It's False Information
36Kr learned that on February 26, Three Goats Network issued a statement saying that recently, a large amount of false information about “Three Goats' successful backdoor listing” has been widely spread on the Internet, causing public misunderstanding. To clarify the facts, the following solemn statement is hereby issued: As of now, Three Goats Group and its affiliated companies have not carried out any form of backdoor listing, overall listing, or IPO application. The online content such as “Three Goats listed on the Nasdaq” and “backdoored a US-listed company” is only a cooperation in overseas live-streaming operation business. As of the date of issuance of this statement, Three Goats Group has not authorized any institution or individual to carry out activities such as fundraising, sale of original shares, and equity transfer in the name of “listing”. Any such activities carried out in this name are fraudulent acts.
The three companies of the Cheung Kong Group issued a joint announcement, announcing the sale of the UK power grid business and cashing out more than HK$110 billion
On February 26, three companies of the Cheung Kong Group under Li Ka-shing, namely Cheung Kong Infrastructure Holdings Limited, CLP Holdings Limited, and Cheung Kong Property Holdings Limited, issued an announcement on the Hong Kong Stock Exchange. They have entered into an agreement with Engie UK 2026 Limited, a subsidiary of the French utility company Engie, to sell the 100% equity of UK Power Networks Holdings Limited, a UK power grid company jointly held by the three parties, and cash out more than HK$110 billion. It is worth mentioning that at the beginning of 2022, it was reported that the Li Ka-shing family was in talks to sell the UK power company UK Power Networks, and the transaction was then valued at up to £15 billion. (NBD)
Photo of Stephen Hawking with bikini-clad women appears in Epstein's files
According to Bee, a news outlet of Youth.cn, on February 25 local time, multiple British media outlets, including The Independent and The Sun, reported that a photo of Stephen Hawking, which was previously refuted as a fake, has emerged in the files related to the Epstein case released by the US Department of Justice this month. In the photo, Hawking is seen smiling while lying on a sunbed, with a bikini-clad woman standing on each side of him.
Previously, on February 4, Huanqiu.com reported that more than three million pages of documents related to the Epstein case recently released by the US Department of Justice showed that the late sex offender Jeffrey Epstein claimed to have helped the late British physicist Stephen Hawking fulfill his dream of diving. Epstein said, "When Hawking came to my island and said he dreamed of diving, I taped his head to a high-back chair and put him in a private submarine. It was so much fun." (Bee of Youth.cn, Yicai Global)
Warner Bros. Says Paramount's Latest Bid Is More Attractive, Netflix Announces Withdrawal from Acquisition Battle
On February 26, Warner Bros. Discovery said that Paramount Skydance's new offer of $111 billion was more beneficial to shareholders than the previous agreement Warner Bros. had reached with Netflix. After that, Netflix announced its withdrawal from the acquisition battle for Warner Bros. Discovery, clearing the way for its competitor Paramount's acquisition. Netflix said in a statement, "The deal we negotiated could have created shareholder value and had a clear path to regulatory approval. However, we have always adhered to the principle of prudence. To match Paramount's latest offer, the deal is no longer financially attractive to us." (Jiemian News)
The three major U.S. stock indexes closed mixed. NVIDIA fell more than 5%, and its market value evaporated by 1.77 trillion yuan
36Kr learned that at the close on February 26, the three major U.S. stock indexes closed mixed. The Nasdaq fell 1.18%, the S&P 500 index fell 0.54%, and the Dow Jones Industrial Average rose 0.03%. Most large technology stocks declined. NVIDIA fell more than 5%, and its market value evaporated by $259.2 billion (equivalent to about 1.77 trillion yuan), recording the largest single - day decline since April 16 last year; Intel fell more than 3%, Tesla fell more than 2%, Google and Amazon fell more than 1%, and Apple declined slightly; Netflix rose more than 2%, and Microsoft and Meta rose slightly. Most popular Chinese concept stocks declined. Baidu fell more than 5%, Bilibili and iQiyi fell more than 3%, Alibaba, JD.com, Li Auto, and XPeng Motors fell more than 2%, and Pinduoduo and NIO fell more than 1%.
Investment and Financing
NIO's Chip Subsidiary Completes First - Round Financing Exceeding 2.2 Billion Yuan
On February 26, NIO announced that its chip subsidiary, Anhui Shenji Technology Co., Ltd., had completed the signing of the first - round equity financing agreement. The financing amount exceeded 2.2 billion yuan, and the post - investment valuation was nearly 10 billion yuan. This round of financing attracted multiple industrial capitals and leading industry institutions such as Hefei State - owned Assets Investment Co., Ltd., Hefei Haiheng Investment Co., Ltd., IDG Capital, SMIC Capital, and Yuanhe Puhua Investment Management Co., Ltd. This financing will facilitate Shenji to continuously research, develop, and promote high - end and competitive chip products, supporting NIO's long - term layout in fields such as autonomous driving and embodied intelligence. (Jiemian News)
"Huaixin Acoustics" Completes Angel Round Financing of Tens of Millions of Yuan
36Kr learned that recently, "Huaixin Acoustics" completed an angel round financing of tens of millions of yuan, led by Chuangshi Capital in this round. The company focuses on using acoustic big data and artificial intelligence technology to solve precise anomaly early warning and health analysis. Its business covers fields such as underground pipeline network leakage detection, security emergency, and industrial facility and equipment diagnosis. The company said that after this round of financing, it will expand its business to areas such as medical care and consumer electronics.
"Medike" Secures Tens of Millions of Yuan in Pre-A Round Financing
36Kr learned that on February 25th, "Medike" announced the completion of tens of millions of yuan in Pre-A round financing. The new shareholders include Zhongke Chuangxing and Shenzhen Capital Group, domestic hard technology investors, and three funds under a Jilin provincial state-owned investment institution also participated. The financing will be mainly used for R & D investment and strengthening the construction of product, service and market systems.
Tianyuanxing Completes Angel Round Financing of Tens of Millions of Yuan
36Kr exclusively learned that Tianyuanxing, a general industrial embodied intelligence platform, recently completed an angel round financing of tens of millions of yuan. The investors in this round include institutions such as Hongde Investment, Shengshi Hongyuan, and Haiyuan Capital. The raised funds will be mainly used for the research and development of end-to-end embodied intelligence control technology, the expansion of the R & D team, and the large-scale implementation in industrial scenarios.
The Cutting - Edge of AI
OpenAI Recruits Pang Ruoming from Meta
According to The Information, OpenAI has recruited well - known artificial intelligence researcher Pang Ruoming from Meta. Pang previously led Apple's AI model team and joined Meta from Apple about seven months ago. Earlier reports said that when Pang joined Meta last year, he received a compensation package worth more than $200 million, to be paid over several years. Reports indicate that after months of active recruitment by OpenAI, Pang left Meta last week. (Sina Finance)
Google's Nano Banana 2 Makes Its Debut
Early Friday morning Beijing time, U.S. technology company Google announced the launch of its new-generation image generation model, Nano Banana 2, which enables faster, cheaper, and easier generation of high-quality images. For context, Google first introduced Nano Banana (the Gemini 2.5 Flash image model) at the end of August last year. Thanks to its super-realistic character consistency and outstanding natural language understanding and 3D modeling capabilities, it sparked a frenzy among netizens worldwide, firmly establishing Google's position in the field of AI applications. (Caixin Press)
AI Giants to Sign Self-Powered Commitment
According to a report by Axios on the 25th, representatives of several major U.S. technology companies are planning to visit the White House next week to meet with President Trump. During this period, they will sign a written document promising to supply or purchase the electricity required for artificial intelligence (AI) data centers on their own. It is reported that several major U.S. technology companies have promised to take measures to prevent consumers from facing electricity bill problems due to the development of AI technology. The companies expected to visit the White House next week include OpenAI, Amazon, Microsoft, Google, Meta, xAI, and Oracle. (Xinhua News Agency)
Big Companies' Earnings Reports
iQiyi Releases Q4 and Full-Year Financial Reports for 2025: Annual Total Revenue Reaches 27.29 Billion Yuan
36Kr learned that on February 26, iQiyi released its unaudited financial reports for the fourth quarter and the full year ended December 31, 2025. The annual total revenue was 27.29 billion yuan. The Non-GAAP (Non - Generally Accepted Accounting Principles) operating profit was 640 million yuan, marking four consecutive years of operating profit. Among them, iQiyi's total revenue in the fourth quarter was 6.79 billion yuan, achieving both year - on - year and quarter - on - quarter growth; the Non-GAAP operating profit was 140 million yuan.
Baidu: Total revenue of 129.1 billion yuan in 2025, Q4 revenue of 32.7 billion yuan
36Kr learned that Baidu released its financial reports for the fourth quarter and the full year of 2025. The financial reports show that Baidu's total revenue in 2025 reached 129.1 billion yuan, with the revenue of its AI business reaching 40 billion yuan, and the revenue of AI Cloud increasing by 34% year - on - year. The revenue in the fourth quarter was 32.7 billion yuan, compared with 34.124 billion yuan in the same period of the previous year; among them, the revenue of the AI business accounted for 43% of Baidu's general business revenue; the number of global mobility service trips of Apollo Go in Q4 reached 3.4 million, a year - on - year increase of more than 200%; the peak number of weekly trips within the quarter exceeded 300,000.
Toyota's January sales increased by 4.8% year-on-year, hitting a record high for January sales in history
Toyota said that the sales volume in January, including those of its subsidiaries Daihatsu Motor and Hino Motors, increased by 4.8% year-on-year to 887,266 units, hitting a record high for January sales in history. In January, the sales of Toyota and Lexus brands increased by 8.1% in the United States and 6.6% in China. In January, the overseas vehicle production volume of the parent company decreased by 5.9% year-on-year to 485,270 units. (Caixin)
Luckin Coffee: The total net revenue for the whole year of 2025 was 49.288 billion yuan, a year-on-year increase of 43.0%
36Kr learned that Luckin Coffee released its financial reports for the fourth quarter and the whole year of 2025. The financial reports show that in the fourth quarter of 2025, Luckin Coffee's total net revenue was 12.777 billion yuan, a year-on-year increase of 32.9%. The total net revenue for the whole year reached 49.288 billion yuan, a year-on-year increase of 43.0%; the company added 8,708 new stores throughout the year, bringing the total number of the company's stores to 31,048, and the cumulative number of transaction customers exceeded 450 million.
Small Survey on "Refrigerator Usage Habits"
Young people who have been beaten down by life are keen on regaining a sense of control from food. The refrigerator has become the "dopamine supply station" for this generation of young people when they get home from work. Is your freezer also stuffed with high - end ingredients like steaks and shrimps that you bought in bulk? Do you cook a big meal on weekends and eat the leftovers for a whole week? Do you regularly do a big grocery shopping on weekends and fill your fridge with desserts and craft beers? Are you facing various problems with your fridge, such as insufficient capacity or food odor mixing? Welcome to participate in the small survey on "2025 Young People's Refrigerator Usage Habits" and let's talk about your refrigerator usage habits and problems.
Scan the QR code to participate in the survey
Compiled | Zixin Xu