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Chagee reported weaker Q3 performance as net revenue fell to RMB 3.21 billion and net income declined to RMB 397.9 million, driven by lower GMV in Greater China and softer franchise sales amid tighter subsidy competition among food delivery platforms. The outlet count rose 26% YoY to 7,338, though same-store GMV declined in both domestic and overseas markets.

China’s factory activity contracted for an eighth month in November, with the PMI at 49.2 and services slipping to 49.5 as demand remained weak. Output stalled and the index for new orders stayed below 50, underscoring pressure from soft consumption, trade tensions, and debt constraints. Analysts said major policy support may wait until early 2026 despite the uneven recovery.

PaleBlueDot AI is seeking about USD 300 million in financing to acquire <a href="/company/nvidia">Nvidia</a> chips for a Tokyo data center serving Chinese platform <a href="/company/xiaohongshu">Xiaohongshu</a>, according to people familiar with the matter. The plan illustrates how some firms are navigating US export limits on high-end GPUs, though lenders remain cautious amid political sensitivities and uncertain policy direction.

Cainiao’s Hong Kong eHub has introduced an automated palletizing system, becoming the city’s first pre-security cargo facility to automate the full process from security screening to pallet assembly. The upgrade aims to improve cargo handling efficiency and support rising cross-border air logistics demand.

<a href="/company/bytedance">ByteDance’s</a> Doubao team has released a technical preview of its Doubao phone assistant, an OS-level <a href="/industry/ai">AI</a> tool developed with handset makers to enable automated app operations, multimodal interaction, and memory-based personalization. The preview is available on the Nubia M153, with broader ecosystem integration planned as the product continues to evolve.

<a href="/company/xiaomi">Xiaomi</a> is set to roll out an in-stock car program featuring unregistered new, display, and near-new vehicles. The company said customers can expect quicker handovers and full warranty coverage, with some models discounted. Users with locked orders may switch to in-stock units ahead of the full launch on December 3, and eligible buyers may receive a tax subsidy if delivery occurs in 2026.

China’s bitcoin hash rate edged up 14.06% in Q2 this year, triggering debate over whether mining could help utilize excess wind and solar power. Scholars have urged Beijing to reconsider its ban, but analysts said authorities remain focused on strategic sectors that require large-scale electricity, leaving energy-intensive crypto mining at odds with national goals.

<a href="/company/meituan">Meituan</a> posted a Q3 net loss of RMB 18.6 billion as heavy incentives and promotional spending in food delivery drove its core local business to a RMB 14.1 billion operating loss. Revenue rose 2% YoY to RMB 95.5 billion, while new initiatives delivered 16% growth but remained in the red. The company warned losses will persist amid overheated competition.

The Music Copyright Society of China (MCSC) and <a href="/company/tencent">Tencent</a> Music have signed a partnership in Beijing to strengthen licensing and protection for lyric and composition works. The agreement aims to improve compliance, bolster creators’ revenue safeguards, and support China’s broader effort to build a healthier digital music ecosystem.

<p data-start="530" data-end="953"><a href="/company/deepseek">DeepSeek</a> has released an open-source reasoning model that achieved "gold medal-level" performance at the International Mathematical Olympiad, matching recent proprietary advances from Google DeepMind and <a href="/company/openai">OpenAI</a>. Available on Hugging Face and GitHub, the model uses self-verification to strengthen mathematical reasoning on problems without known solutions.</p>

Chinese automakers intensified <a href="/industry/ev">EV</a> price competition at the Thailand International Motor Expo, with <a href="/company/geely">Geely</a> offering its EX2 for under THB 400,000 and rivals <a href="/company/byd">BYD</a> and <a href="/company/great-wall-motor">GWM</a> promoting compact models. The market is recovering but remains below earlier volumes amid tight lending, while Japanese brands are directing buyers toward hybrid models as charging and upkeep concerns persist.

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Chagee reports weaker Q3 results

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Jewelry house Borland raises funding to tap China’s ancient gold renaissance

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BYD, Xpeng, and rivals race to shore up growth as investors turn skeptical