8:00 36Kr Brief丨The Ministry of Foreign Affairs responds to Sanrio's cancellation of the Vivant co-branding partnership; the STAR 50 Index hits a new low; an IKEA restaurant in Shanghai has begun to implement the "seating only for paying customers" rule, and security guards will persuade non-consuming visitors to leave on Tuesdays and Thursdays.

Today's Hotspot Overview

Unitree Responds to Net Profit Decline: Caused by Increased R&D Investment in Computing Power and Large Model Tracks

U.S. Department of Justice Investigates NVIDIA's Acquisition of HuggingFace

Renowned U.S. Investor Questions the Federal Reserve's Interest Rate Resolution

Robots Now Have KPI Assessment Standards, Agibot Releases the First "Working Hour KPI" Worken

Chengdu Guoxing Aerospace Technology Co., Ltd. Has Passed the Hong Kong Stock Exchange Listing Hearing

TOP3 Major News

Foreign Ministry Responds to Sanrio's Cancellation of Vivant Collaboration

At the regular press conference of the Foreign Ministry on October 29, a reporter asked: Japanese company Sanrio has canceled its collaboration with a Japanese TV drama, as the portrayal of Chinese characters in the drama has aroused public resentment. What is the spokesperson's response to this?

Foreign Ministry Spokesperson Guo Jiakun said that we have noted relevant reports. This TV drama once again exposes that there has always been a force in Japan that attempts to defame and smear China through cultural products and spread anti-China sentiments, which should arouse the vigilance of the international community and people of insight in Japan. (CCTV News)

The STAR 50 Index hits a new low, with a 45% pullback from its intra-year high

Stocks across the AI industrial chain slumped collectively on the 29th, dragging the STAR 50 Index downward. It once dropped by over 4% to 1223.62 points during the trading session, marking a new low since early September 2025, and retreating 45% from its high in June this year.

In the afternoon, the PCB concept sector kept declining. Huazheng New Material, Oshangkang, Jingwang Electronics, Avary Holding, and Shanghai Huadian Co., Ltd. hit the 10% down limit, Shengyi Electronics fell by more than 10%, Aohong Electronics touched the down limit, while Shenghong Technology, Shennan Circuits, Chaoyin Electronics, and Dingtai High-Tech all dropped by over 8%.

In terms of news, global tech stocks are generally weak, and the underwhelming performance of industry giants has prompted the market to re-evaluate the massive AI expenditure. Samsung Electronics on the South Korean stock market once fell 6% as its chip profit failed to meet expectations, while Alphabet Inc. on the US stock market plunged 10% in after-hours trading due to lower-than-forecast sales. (Sina Securities)

IKEA China Responds to the "Consumption Required for Seating" Rule at Its Xuhui Restaurant in Shanghai

Recently, some netizens reported that following Starbucks, the IKEA restaurant at Xuhui, Shanghai has also implemented the "consumption required for seating" rule on weekdays. Security guards will ask customers who occupy seats without making purchases to leave on Tuesdays and Thursdays.

IKEA China stated: The warm customer reminder you noticed is an initiative launched by IKEA Shanghai Xuhui Store based on customer feedback and daily store operations, with the aim of further improving the dining experience of customers. IKEA values the experience of every customer, and we hope to jointly create a more comfortable and orderly shopping environment with consumers. (Jiemian News)

AI Frontier

US Department of Justice Investigates NVIDIA's Acquisition of Hugging Face

The US Department of Justice has launched an antitrust investigation into NVIDIA's proposed $12.9 billion (approximately 86.6 billion yuan) acquisition of open-source AI model hosting platform Hugging Face, with a focus on assessing whether this largest acquisition in NVIDIA's history will grant it control over the critical distribution node of the AI ecosystem.

Hugging Face is the core hub of the global open-source AI community, hosting more than 18 million developers, 3 million models and 500,000 datasets. Acquiring it is equivalent to seizing control of the "expressway" for AI model distribution. NVIDIA has committed to keeping the platform open and free after the transaction closes, and plans to complete the delivery in the first half of 2027. (Kuai Technology)

Tencent Hunyuan Hy4 and Hy4 Flash are about to be released, with visual understanding capability introduced for the first time

On October 29, at the 2026 Tencent Global Digital Ecosystem Conference, Tencent announced that Hy4 is upcoming for release. Compared with Hy4 preview, Hy4 has achieved comprehensive and substantial improvement, with particularly enhanced capabilities for various long-range and real productivity tasks, significantly improved chain-of-thought efficiency, and introduced visual understanding capability for the first time. Hy4 Flash will also be released in the near future, providing a practical model with extreme cost-effectiveness.

On August 28 this year, Tencent Hunyuan released and open-sourced the new-generation large language model Hy4 preview, which has a total parameter count of 770B, activated parameter count of 49B, and a context length exceeding 1M. Hy4 preview has achieved significant expansion in model size, context length and data scale, and its model performance firmly ranks in the first echelon of open-source models. (Shanghai Securities News)

Zhiyuan GO-3 Preview and Genie Master Plan to Be Fully Open-Sourced

36Kr has learned that at the 2026 Zhiyuan Innovation Day, Yao Maoqing, Co-founder, Co-President and President of the Embodied Business System of Zhiyuan, officially released the new-generation embodied foundational model GO-3 Preview on site. Yao Maoqing disclosed that Zhiyuan plans to fully open-source the embodied foundational model GO-3 Preview and the embodied Agent framework Genie Master by the end of 2026.

Notice on Adjustment of Billing Mode for CDE Agent of Alibaba Cloud Drive Enterprise Edition

36Kr learned from the announcement issued by Alibaba Cloud that to further lower the usage threshold of CDE Agent and provide you with a more flexible and convenient user experience, the billing method for Agent purchase and usage will be adjusted since November 25, 2026. The number of Agents will no longer be regarded as an independent product for separate purchase and billing.

Large Corporations / Major Events

CXMT: Recent Criminals and Illegal Intermediaries Impersonate the Company to Release Fake Recruitment Information

CXMT issued a reminder on the 29th: Recently, the company has once again discovered that criminals and illegal intermediaries, under the guise of the names "CXMT", "Changxin Group" and "Changxin Memory Technologies", spread false recruitment information on online platforms. CXMT reminds the public: Do not download unknown software, do not click on unfamiliar links, do not provide personal sensitive information to non-official personnel; do not participate in activities that require payment or completing tasks to obtain recruitment opportunities; do not easily trust false promises spread by non-official social accounts, fabricated job locations and salaries, etc. (CLS)

Renowned U.S. Investor Questions the Fed's Interest Rate Decision

On October 28 local time, the Federal Reserve concluded its two-day monetary policy meeting and announced that it would keep the target range of the federal funds rate unchanged at 3.75% to 4.00%. Jeffrey Gundlach, founder of the famous U.S. asset management firm DoubleLine Capital, known as the "New Bond King", pointed out in a CNBC interview that the Fed's move to hold interest rates steady this time is actually confusing. The pressure brought by the continuous rise in energy and commodity prices may still push inflation back above 4% in the coming months. Going forward, the Fed has to raise interest rates in December unless oil prices see a notable pullback. Gundlach's judgment also echoes the market's bets on the policy direction in December. Data from the CME FedWatch Tool shows that the market currently estimates the probability of the Fed raising interest rates in December to be close to 80%. (CCTV Finance)

Topsports Responds to Nike's Online Channel Adjustment: Maintaining Ongoing Communications with the Brand on Resource Support Including Inventory Buyback and Promotion Subsidies

On the evening of October 28, Topsports released its performance results for the six months ended August 31, 2026. Its revenue for the first half of the fiscal year reached 10.913 billion yuan, representing a year-on-year decline of 11.3%; profit attributable to equity holders of the company amounted to 663 million yuan, down 16.03% year on year. The management noted during the earnings call that given the persistently sluggish consumption environment, the group will face considerable business challenges in the coming period, and the impact on revenue and profit will remain notable in the short term. The group will keep evaluating relevant impacts and maintain a prudent stance on short-term operations. The management of Topsports pointed out that this adjustment is a channel strategy adjustment made by the brand against the backdrop of the restructuring of the industry's channel landscape, which does not indicate any change to the foundation of the cooperation between the two parties, and their offline cooperation remains unchanged. Topsports understands the brand's practice of sorting out online channels and rebuilding brand power, and is in continuous communication with Nike on resource support covering inventory buyback, promotion subsidies and other related matters. (The Paper)

Fuel prices will be raised starting from the 30th, with domestic gasoline and diesel prices to be increased by 440 yuan and 420 yuan per ton respectively

Since the domestic refined oil price adjustment on October 15, geopolitical tensions in the Middle East have escalated, leading to a sharp rise in crude oil prices on the international market. To mitigate the impact on the domestic market, the state has once again adopted regulatory measures on refined oil prices. Calculated based on the current pricing mechanism, starting from 24:00 on October 29, the prices of domestic gasoline and diesel (standard products) should be raised by 440 yuan and 420 yuan per ton respectively. Taking into account both reducing the burden on downstream users and ensuring the safe and stable supply of refined oil, the actual price hikes after regulation are 345 yuan and 335 yuan respectively.

The National Development and Reform Commission will guide refined oil production and sales enterprises to make every effort to ensure the production, allocation and transportation of refined oil to guarantee stable market supply. It will also cooperate with relevant departments to strengthen market supervision and inspection, strictly investigate and punish illegal and irregular acts such as non-implementation of national price policies, effectively maintain market order and protect the interests of consumers. (Xinhua News Agency)

Robots now have KPI assessment criteria, Agibot releases the first "Working Hour KPI" Worken

"In the era of physical AI, what should be used to measure the value of machines?" On October 29, at the 2026 AIGBOT INNOVATION DAY held at the Shanghai World Expo Center, Peng Zhihui, Co-founder, President and CTO of Agibot, released the first measurement standard defining the value of physical AI: Worken (Effective Intelligent Working Hour), which is applied to evaluate the actual output of robots' autonomous operations.

In Peng Zhihui's view, every industrial era has its own "measurement standard": the steam era used horsepower to measure the power of machines, the electric era used kilowatt-hour to measure the energy of machines, and the digital AI era used token to measure the thinking of machines. "The calculation formula of Worken is Worken (Effective Intelligent Working Hour) = number of active robots × autonomous working hours × output efficiency ratio." The reporter learned on site that apart from counting the number of manufactured robots, this indicator will further evaluate whether robots can independently and continuously complete valuable work and how much actual achievements they have created. (National Business Daily)

ING Group announces around 400 global layoffs, expected to reduce annual costs by 75 million euros

ING Group (ING) announced that it plans to restructure its wholesale banking business, with an estimated total of around 400 layoffs across the globe. Relevant adjustments will take effect on March 1, 2027. The company expects that the relevant measures will generate approximately 175 million euros in pre-tax severance expenses, and cut annual costs by roughly 75 million euros, which will be fully effective starting from 2028. The bank recorded a net profit of 1.85 billion euros in the third quarter, a year-on-year increase of 3.5%; its pre-tax profit rose by 5.7% to 2.705 billion euros. (Cailian Press)

Institution: New MacBook Pro Enters the Market, Global OLED Notebook Shipments Estimated to Rise Over 40% Year-on-Year in 2027

36Kr has learned that according to the latest display industry research released by TrendForce, Apple's newly launched MacBook Pro with PROLED XDR Display adopts a tandem OLED touch screen for the first time, marking a significant shift in the display technology and operation experience of MacBook. TrendForce estimates that the shipment volume of this new device will range from 1.2 million to 1.5 million units in 2027. Apple's entry into the OLED notebook market has also spurred panel manufacturers to accelerate the development of relevant display technologies. TrendForce forecasts that even as the overall notebook market has posted declines in the past two years, the total shipment of OLED complete notebooks is still expected to record a nearly 40% year-on-year growth in 2026, and will further increase by over 40% in 2027.

The total market value of the four major state-owned banks exceeded the 10 trillion yuan mark during intraday trading, hitting a record high

On the morning of October 29, the banking index surged by more than 1%, hitting a new phased high. Individual stocks including Bank of Qingdao, Bank of Chengdu and Qilu Bank all rose by more than 3%. The four major state-owned banks also saw a broad-based rise, with Industrial and Commercial Bank of China climbing over 2% to set a new all-time high. It is particularly noteworthy that the total intraday market value of the four major banks, namely Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China and China Construction Bank, broke through the 10 trillion yuan threshold and reached a new all-time high. Specifically, the total market value of Industrial and Commercial Bank of China exceeds 2.9 trillion yuan, that of China Construction Bank exceeds 2.35 trillion yuan, that of Agricultural Bank of China is close to 2.6 trillion yuan, and that of Bank of China exceeds 2.1 trillion yuan. (Securities Times)

DoorDash announces the acquisition of grocery platform Instacart for approximately 17 billion US dollars

According to news on October 29, food delivery platform DoorDash announced that it will acquire grocery delivery platform Instacart for approximately 17 billion US dollars. The deal is expected to help DoorDash's grocery delivery business better compete with Amazon and Walmart.

DoorDash started its business with restaurant food delivery, and has established its own grocery delivery business before, but has long been facing competition from Instacart, Uber, Walmart and Amazon. Meanwhile, its rivals are also infiltrating its core food delivery territory, and Uber has acquired Postmates and Delivery Hero successively. After the completion of this acquisition, DoorDash will leverage Instacart's mature grocery market platform and its retailer partnership network to expand its share in the online grocery delivery sector. (IT Times)

Baidu Confirms Vice President Wu Tian's Departure, Post-97 Generation Takes Over

Recently, there were rumors in the industry that Wu Tian, Vice President of Baidu Group and Vice Dean of Baidu Research Institute, had left her position, and a Baidu public relations manager confirmed the news on WeChat Moments. She said that Wu Tian has finished her tenure at Baidu, and the technical work of Baidu is still moving forward. It is known that Wu Tian has long been responsible for Baidu's artificial intelligence technologies, platforms and ecology, and promoted the implementation of achievements including the PaddlePaddle deep learning platform and ERNIE large model. Public information shows that Wu Tian joined Baidu after graduating from Zhejiang University in 2006, and has been engaged in work in the artificial intelligence sector for a long time.

In July this year, Sun Tianxiang, born in 1997, joined Baidu and served as the head of the Foundation Model R&D Department. It is worth noting that the Baidu Intelligent Cloud Business Group (ACG) has recently completed a new round of business architecture restructuring. (Kuai Technology)

Alphabet's debt risk indicators rise, financial report reignites concerns over AI-related debt financing

As Alphabet Inc.'s share price plunged sharply on Thursday, the cost of protection against its debt default climbed. The company's disappointing performance has exacerbated market concerns that its huge artificial intelligence (AI) spending supported by debt may fail to generate returns. According to ICE Data Services, the quotation of the company's five-year credit default swap (CDS) once rose 5.3 basis points to 84 basis points per annum, marking the largest increase since September 21. CDS prices rise as investors' concerns intensify. The CDS of enterprises including Meta Platforms Inc. and chipmaker Broadcom also increased. Gavan Nolan, Executive Director of Fixed Income Pricing at S&P Global Market Intelligence, pointed out that equity investors may obtain huge returns if AI investments pay off; but if the situation deteriorates, bondholders will bear the losses. (The Financial Associated Press)

Anthropic Becomes SpaceX's Largest Single Customer, With Monthly Contribution Potentially Reaching Approximately 3 Billion U.S. Dollars

People familiar with the matter disclosed that Anthropic has become SpaceX's largest single customer, contributing over one-third of the revenue of Elon Musk's conglomerate that covers artificial intelligence, satellite and rocket businesses in the third quarter. SpaceX noted in a filing document last week that roughly 34.5% of its revenue in the last quarter came from a single customer of its AI division. This division, now renamed Super Intelligence, provides computing power services. The people who requested anonymity due to the involvement of undisclosed information confirmed that the party referred to as "Customer B" in the document is Anthropic. Anthropic's IPO disclosure documents show that the company has agreed to spend a maximum of 120.5 billion U.S. dollars during the contract term ending in 2029. The document indicates that starting from December this year, this translates to approximately 3.1 billion U.S. dollars per month. (Cailian Press)

The three major U.S. stock indexes closed lower collectively, with Google down more than 12%

36Kr learned that at the close of trading on October 29, the three major U.S. stock indexes fell collectively. The Nasdaq dropped 1.38%, the S&P 500 went down 0.3%, and the Dow Jones Industrial Average declined 0.25%. Most large-cap tech stocks posted losses: Google fell by more than 12%, Western Digital dropped over 5%, Micron Technology and Amazon slid more than 4%, Intel declined by over 3%, while Nvidia, Tesla and Microsoft saw slight drops. Meta and Apple rose by more than 1%. Most popular Chinese concept stocks in the U.S. traded lower rather than higher: Li Auto fell over 2%, XPeng Inc., Alibaba and Baidu dropped by more than 1%, NetEase and Bilibili posted slight declines. Pinduoduo rose more than 2%, Weibo gained over 1%, and JD saw a slight increase.

Unitree responds to net profit decline: the drop is caused by increased R&D investment in computing power and large model sectors

On the evening of October 28, Unitree Robotics disclosed its 2026 third-quarter report. The company recorded a single-quarter revenue of 665 million yuan, representing a year-on-year increase of 69.93%; the net profit attributable to owners of the parent company stood at 113 million yuan, down 17.37% year on year, with a quarter-on-quarter decline of nearly 50%. Regarding the profit decline, relevant personnel from the Board Secretary Office of Unitree Robotics stated that this is mainly caused by the increased R&D investment in the fields of computing power and large models. The person also noted that the impact is controllable when viewed over a longer cycle, and the change in a single quarter is only a phased one; the current R&D investment is arranged based on the raised funds plan, and there will be no blind increase in investment. (CLS)

U.S. core PCE rose 3.1% year-on-year in September, the Federal Reserve may raise interest rates by 25 basis points in December

Data released by the U.S. Department of Commerce shows that the U.S. Personal Consumption Expenditures price index rose 3.6% year-on-year in September, and the core Personal Consumption Expenditures price index after excluding food and energy prices rose 3.1% year-on-year. According to analysis, affected by the surge in international oil prices driven by geopolitical conflicts in the Middle East, rising energy prices led to a rebound in overall inflation in September, and the market is concerned about whether enterprises will pass fuel costs on to consumers. Core PCE is the most valued inflation indicator of the Federal Reserve, and its service sub-item reflects whether domestic price pressure is stubborn. Once the data of this sub-item goes further higher, the financial market will place more bets that the Federal Reserve will raise interest rates by 25 basis points at the interest rate meeting held in December this year. (CCTV Finance)

Tianyuan Heavy Industry rises by 120.54% on the first day of listing

On October 29, Tianyuan Heavy Industry, an enterprise based in Deyang, was listed on the Beijing Stock Exchange, becoming the first Sichuan-based enterprise to land on the Beijing Stock Exchange in 2026. On the first trading day after listing, the stock opened high and moved upward steadily. Its opening price reached 12.26 yuan per share, up 173.66% compared with the issue price of 4.48 yuan per share. By the closing bell, it was quoted at 9.88 yuan per share, with an increase of 120.54% and a total market value of 2.114 billion yuan. (Sichuan Guancha News)

Microsoft Launches 10 Tranches of US Dollar High-Grade Bond Issuance, the First Time Since 2017

Microsoft has launched 10 tranches of US dollar high-grade bond issuance, marking its first such move since 2017. Microsoft's pre-market gain narrowed to 1%, after once rising by more than 4%. (Cailian Press)

Some Australian investment executives hold a cautious attitude towards Anthropic's IPO plans

The upcoming blockbuster initial public offering (IPO) of Anthropic PBC brings a new artificial intelligence investment target to the Australian market, but some local investment executives are cautious about it. "This is an extraordinary company," John Pearce, Chief Investment Officer of Australian pension fund UniSuper, said at the panel discussion of the CFA Australia Investment Conference held in Melbourne on Thursday. As for whether this "can be converted into a top-tier investment, that is a completely different matter". Pearce said that the valuation of Anthropic reaching around 2 trillion US dollars may be "somewhat far-fetched". He also mentioned that the company is still in a state of huge losses at present, and it will be an "arduous goal" to achieve positive cash flow and generate considerable profits within three to four years. (Sina Finance)

The fair value of SpaceX shares held by Google's parent company reaches 75.2 billion US dollars

Alphabet, Google's parent company, disclosed in its quarterly report that as of September 30, 2026, the fair value of the SpaceX shares held by the company stood at 75.2 billion US dollars, though the sale of these shares is restricted in the short term. (Jiemian News)

TSMC Acquires AUO's Taichung Factory and Related Facilities for Approximately USD 1.2 Billion

36Kr learned from the announcement released by Taiwan Stock Exchange that TSMC has purchased 9 factories and supporting related facilities located in Taichung City from AU Optronics Corporation, with a total transaction amount of NT$38.8 billion (USD 1.2 billion) for operation and production purposes. AU Optronics issued an official announcement noting that it expects to record a disposal gain of about NT$18.5 billion. The company is dedicated to the asset-light operation model, revitalizing underutilized assets and optimizing its financial structure.

IPO in Progress

Chengdu Guoxing Aerospace Technology Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange

36Kr learned from the filings of the Hong Kong Stock Exchange that Chengdu Guoxing Aerospace Technology Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange.

Financial Reports of Large Corporations

Longsys: Net Profit Attributable to the Parent Company in the Third Quarter Hits 3.745 Billion Yuan, a Year-on-Year Increase of 436.60%

36Kr has learned that Longsys released an announcement stating that it posted operating revenue of 14.63 billion yuan in the third quarter, up 123.74% year on year; its net profit attributable to the parent company reached 3.745 billion yuan, growing 436.60% year on year. For the first three quarters, the company recorded operating revenue of 38.718 billion yuan, a year-on-year rise of 131.37%; its net profit attributable to the parent company stood at 14.322 billion yuan, surging 1909.68% year on year.

Innolight: Net profit attributable to shareholders in the first three quarters reached 22.238 billion yuan, a year-on-year increase of 211.81%

36Kr has learned from the announcement of Innolight that the company achieved operating revenue of 69.547 billion yuan in the first three quarters, up 178.13% year on year; its net profit attributable to shareholders reached 22.238 billion yuan, growing 211.81% year on year. In the third quarter, it recorded operating revenue of 27.769 billion yuan, up 171.83% year on year; the net profit attributable to shareholders was 8.587 billion yuan, a year-on-year increase of 173.74%.

Montage Technology: Net profit attributable to shareholders in the third quarter reached 1.24 billion yuan, representing a year-on-year increase of 161.98%

36Kr learned from the announcement of Montage Technology that the company realized operating revenue of 5.414 billion yuan in the first three quarters, up 33.44% year on year; the net profit attributable to shareholders hit 3.237 billion yuan, rising 98.32% year on year. In the third quarter, it achieved operating revenue of 2.079 billion yuan, up 45.97% year on year; the net profit attributable to shareholders reached 1.24 billion yuan, with a year-on-year growth of 161.98%.

BYD: Net profit attributable to owners of the parent in the third quarter reached 100.20 billion yuan, representing a year-on-year increase of 28.08%

36Kr learned from BYD's announcement that the company realized operating revenue of 2214.88 billion yuan in the third quarter, up 13.59% year on year; net profit attributable to owners of the parent was 100.20 billion yuan, up 28.08% year on year. In the first three quarters, the operating revenue reached 5663.04 billion yuan, up 0.01% year on year; net profit attributable to owners of the parent was 223.45 billion yuan, down 4.24% year on year.

Luzhou Laojiao: Net profit in the third quarter decreased by 57.03% year on year, and increased by 111% quarter on quarter

On October 29, Luzhou Laojiao (000568.SZ) announced in its filing that its operating revenue in the third quarter reached 4.195 billion yuan, down 37.14% year on year; the net profit attributable to shareholders of the listed company stood at 1.332 billion yuan, down 57.03% year on year. In the first three quarters, the company recorded operating revenue of 14.668 billion yuan, down 36.58% year on year; the net profit attributable to shareholders of the listed company was 5.671 billion yuan, down 47.31% year on year. The performance change was mainly caused by the decrease in product sales volume in the current period. Note from Cailianpress: The company's net profit in Q3 was 1.332 billion yuan, and that in Q2 was 631 million yuan. Based on this calculation, the Q3 net profit increased by 111% quarter on quarter. (Cailianpress)

Sinopec: Net profit attributable to owners of the parent in the third quarter reached 13.361 billion yuan, up 57.2% year on year

36Kr learned from the announcement of Sinopec that the company achieved operating revenue of 769.735 billion yuan in the third quarter, representing a year-on-year increase of 9.3%; its net profit attributable to owners of the parent hit 13.361 billion yuan, up 57.2% year on year. In the first three quarters, the operating revenue reached 2.21 trillion yuan, up 4.4% year on year; the net profit attributable to owners of the parent was 38.988 billion yuan, a year-on-year increase of 30%.

Adidas' global revenue in the third quarter hits a record high of 7.3 billion euros

36Kr learned that Adidas has released its third-quarter financial report. In the third quarter, Adidas' global revenue reached 7.3 billion euros, hitting an all-time high, with a 7% year-on-year increase; operating profit was 1 billion euros; gross margin increased by 2.5 percentage points year-on-year to 54.3%. Adidas Greater China achieved a revenue of 1.138 billion euros, up 13% year-on-year; the revenue in the first 9 months reached 3.227 billion euros, representing a 15% year-on-year growth.

China Merchants Securities: Net profit attributable to owners of the parent in the third quarter reached 6.658 billion yuan, growing 80.65% year on year

36Kr has learned from the announcement of China Merchants Securities that the company posted a revenue of 12.211 billion yuan in the third quarter, rising 58.10% year on year; its net profit attributable to owners of the parent was 6.658 billion yuan, up 80.65% year on year. In the first three quarters, it realized a revenue of 34.112 billion yuan, an 86.98% year-on-year increase; the net profit attributable to owners of the parent hit 17.282 billion yuan, growing 94.81% year on year.

Geely Auto: Achieved a revenue of 99 billion yuan in the third quarter, with a year-on-year growth of 10%

36Kr has learned that Geely Auto released its third-quarter financial report. In the third quarter, it achieved a revenue of 99 billion yuan, up 10% year on year; the core net profit attributable to shareholders of the parent company reached 5.21 billion yuan, marking a 32% year-on-year increase. In the first three quarters, the company's total revenue reached 272.6 billion yuan, up 13% year on year; its core net profit attributable to shareholders of the parent company hit 14.9 billion yuan, representing a 41% year-on-year growth.

Cool Products

Xinyan Robotics Unveils Embodied Home Agent "Bubbo"

36Kr learned that on October 29, Xinyan Robotics officially released the embodied home agent "Bubbo 1". Xinyan Robotics was founded in 2025, focusing on the R&D of home emotional intelligent robots. The Bubbo 1 launched at this press conference, based on Xinyan's self-developed Bubbo OS, realizes brand-new partner-style interaction, builds a set of "Family Agent" from the "external" perspective, identifies every member in the family and pays attention to the relationships among members.

In terms of perception, Bubbo is equipped with 26 sensors of 13 types; in terms of output, Bubbo has 6 degrees of freedom and two expression screens, which can understand complex emotions. Besides, Bubbo has a built-in camera-based heart rate detection function that can provide non-medical level reminders to analyze the heart rate changes of the detected object. It has also reached cooperation with Cece Smart Ring to realize data sharing between devices and perceive users' emotional changes at all times. Starting from October 29, Bubbo 1 is officially sold on official channels including JD.com, with a price of 9499 yuan, and the first 1000 subscribers can enjoy a preferential price of 7999 yuan.

AI Atlas

AI Map, brings you the latest and fastest AI information. Earth Online open beta? Google's "virtual world" Genie 4 is released, which is incredibly realistic.

 

FDE: From Silicon Valley to China, The Last Mile of AI Implementation

Silicon Valley is scrambling to recruit FDEs with annual salaries of millions, while Xiaohongshu in China is warning against "senior outsourcing". 36Kr *AI Insiders* has invited FDE experts from leading domestic tech companies and FDE entrepreneurs from both China and Silicon Valley to discuss what kind of job FDE actually is, and what the real survival status of FDEs is.

Compiled by Song Qingyu