Morning Brief: Apple Vision Pro Line Reportedly Canceled / Smart Glasses Checked in Gaokao / DeepSeek First Round Funding ~50B RMB

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Apple's smart glasses lineup reportedly cut to just two models; Vision Pro series discontinued

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DeepSeek targets ~50 billion yuan in first funding round; Tencent and CATL set to become largest external investors

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Smart glasses to be inspected at college entrance exams across multiple regions

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ChatGPT becomes fastest app to reach 1 billion monthly active users globally

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Doubao responds to "paid service" rumors, announces upcoming Pro version

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Volcengine reportedly raises MaaS revenue target to 15 billion yuan

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Honor YOYO Agent gains direct WeChat control; Huawei, Xiaomi, OPPO, and vivo follow suit

☁️

Global NAND market grows to $46 billion in Q1

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Apple announces 2026 Apple Design Award winners

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MacBook Neo sells 1.1 million units in Q1

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CPCA: NEV passenger car retail sales hit 974,000 units in May

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Google allows websites to opt out of AI Search

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Japanese automakers unify standards for minor parts defects

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Kling AI reportedly raising funds at $18 billion valuation

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Stardust Intelligence raises over 1 billion yuan in three months

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Zhihu's adjusted net profit surges 147.2% YoY in Q1

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"AI Sycophancy" may cause CEOs to develop "AI Psychosis"

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Sugar Factory partners with Li Auto to launch AI glasses charging dock, cross-industry empowerment for AI hardware

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Insta360 Luna Ultra leaks first-person head-tracking module, supports extreme high and low angles

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Kimi Work Beta now open for testing

🖨️

Gemma 4 12B officially open-sourced: Performance rivals 26B models, runs locally on 16GB RAM laptops

Apple's Smart Glasses Lineup Reportedly Cut to Just Two Models; Vision Pro Series Discontinued

TF International Securities analyst Ming-Chi Kuo posted on X today that Apple has significantly revised its previously planned product roadmap for XR headsets and smart glasses. Currently, only two smart glass products have clear visibility, while the Apple Vision series has effectively been removed from the lineup.

Kuo stated that this major strategic shift was finalized by Apple's next CEO, John Ternus. The new direction involves scrapping the Vision Pro series and redirecting resources toward smart glasses, which offer greater consumer market potential.

According to the latest supply chain surveys, Apple's AR/XR smart glasses with displays (utilizing optical waveguide technology) will be delayed until 2029. Meanwhile, display-free AI glasses (similar in form factor to Ray-Ban Meta) are still expected to launch in 2027 as originally planned.

DeepSeek Targets ~50 Billion Yuan in First Funding Round; Tencent and CATL Set to Become Largest External Investors

According to Reuters, DeepSeek plans to raise approximately 50 billion yuan in its first funding round, with investors including Tencent Holdings, CATL, NetEase, and JD.com. Sources familiar with the matter revealed that upon completion of this round, DeepSeek's valuation is expected to reach between 350 billion and 400 billion yuan.

Regarding the investment structure, DeepSeek founder Liang Wenfeng will personally contribute 20 billion yuan. Tencent plans to invest 10 billion yuan, and CATL intends to invest 5 billion yuan, making them the largest external investors. Sources indicate that the total number of investors in this round is not expected to exceed ten.

DeepSeek is expected to close this funding round within the coming weeks, though sources caution that specific financial details remain subject to change.

Smart Glasses to Be Inspected at College Entrance Exams Across Multiple Regions

CCTV News, citing reminders from the Ministry of Education and various provincial education examination authorities, reported that security checks for this year's National College Entrance Examination (Gaokao) will explicitly include inspections for smart glasses. On June 2, the Ministry of Education issued a pre-exam warning, reminding candidates that bringing mobile phones, smartwatches, or smart glasses into the exam venue constitutes cheating, regardless of the reason or whether the devices are used.

As of now, education examination authorities in Shanghai, Fujian, Inner Mongolia, Hebei, and Guangdong have all reminded candidates to cooperate with eyewear inspections. Notably, Inner Mongolia and Hebei have specified that candidates who regularly wear smart glasses in daily life must prepare standard optical glasses in advance. Applications to use smart glasses as a substitute for optical glasses during the exam will not be accepted.

The Guangdong Provincial Education Examination Authority also previously reminded that the 2026 Gaokao will be held from June 7 to 9. Candidates entering the venue will undergo a "2+1" security screening process: two metal detector scans followed by one smart security gate check. Mobile phones, wireless earphones, smartwatches, smart bands, and smart glasses are strictly prohibited in both the restricted areas of test sites and the examination rooms.

Additionally, reporters from CCTV's *Xinwen Lianbo* learned from the Ministry of Education that the total number of registrants for the 2026 National College Entrance Examination is 12.9 million. The exam begins on June 7.

ChatGPT Becomes Fastest App to Reach 1 Billion Monthly Active Users Globally

Citing data from market research firm Sensor Tower, Reuters reported that just three years after its launch, ChatGPT officially surpassed 1 billion global monthly active users in May. This makes it the fastest application in history to reach this milestone, outpacing the growth trajectories of products like Google Maps, Instagram, and YouTube.

Meanwhile, competitor Anthropic's Claude is also maintaining strong momentum. Sensor Tower data shows that as of Q2 this year, Claude reached 56 million global monthly active users, representing a year-over-year increase of approximately 640%—far exceeding ChatGPT's growth rate of about 62% during the same period.

However, a significant gap remains between the two in terms of absolute user base.

Doubao Responds to "Paid Service" Rumors, Announces Upcoming Pro Version

Yesterday, Doubao released a statement announcing plans to launch "Doubao Pro," a version tailored for professional users. The company also firmly denied recent online rumors claiming it would "degrade basic features to push paid subscriptions."

The statement indicated that Doubao Pro will focus on specialized productivity scenarios, including software development, data analysis, professional design, workflow automation, financial analysis, and scientific research.

For everyday features used by general users—such as search Q&A, writing and image generation, and voice/video conversations—Doubao confirmed that existing free services will be maintained to ensure user experience and habits remain unaffected. The company also noted that Pro services will be available for free up to a certain usage limit.

In its statement, Doubao specifically highlighted that officials had observed numerous marketing accounts sharing identical IP addresses simultaneously publishing completely false claims. These posts alleged that Doubao would degrade basic functionality to drive membership purchases, accompanied by screenshots as supposed evidence. The statement categorically declared these claims "completely untrue."

Volcengine Reportedly Raises MaaS Revenue Target to 15 Billion Yuan

According to *Intelligent Emergence*, ByteDance's Volcengine raised its full-year MaaS business revenue target to 15 billion yuan in April, up from a previous target of 10 billion yuan set at the end of 2025. Sources close to Volcengine stated that the platform's daily average token consumption continues to grow at a monthly rate of nearly 40%.

The report notes that Seedance 2.0 is the primary driver behind Volcengine's rapidly rising MaaS revenue. Multiple insiders from major tech companies indicated that the Seedance 2.0 model alone could generate over 1 billion yuan in monthly revenue for Volcengine, and demand is still ramping up.

Honor YOYO Agent Gains Direct WeChat Control; Huawei, Xiaomi, OPPO, and Vivo Follow Suit

According to Phoenix Tech, Honor's Magic8 series, 500 series, and entire X70 lineup now fully support WeChat's A2A assistant capabilities. Honor stated that approximately 50% of its active devices currently have access to this feature.

Tencent Customer Service disclosed that WeChat is collaborating with multiple smartphone manufacturers—including Huawei, Honor, Xiaomi, OPPO, and vivo—to roll out this functionality.

To use the feature, users must update their YOYO Agent to version 90.10.30.063 or later and WeChat to version 8.0.72 or later. Once updated, users can send messages or make voice/video calls to WeChat contacts via voice commands through the YOYO assistant.

Reportedly, this feature is built on an A2A (Agent-to-Agent) collaboration mechanism. The phone manufacturer's AI agent issues commands to WeChat, which executes the tasks and returns results. A dual-authorization mechanism is employed throughout the process to ensure data security and privacy compliance.

Tencent Customer Service stated that the partnership aims to integrate WeChat's capabilities into users' daily routines in a more natural way.

Global NAND Market Grows to $46 Billion in Q1

Market research firm Counterpoint Research reported yesterday that global NAND flash memory revenue reached $46 billion in Q1 2026, growing approximately 3.5 times year-over-year and nearly doubling quarter-over-quarter. Demand for AI infrastructure drove server eSSDs to become the primary source of growth.

The report states that eSSDs accounted for 43% of the total NAND market in Q1, with their share expected to exceed 60% by year-end. In terms of vendor market share, Samsung retained the top spot with 29%, followed by SK Hynix in second place. The gap among Kioxia, Micron, SanDisk, and YMTC remains relatively narrow.

YMTC saw the most significant change during this growth cycle. Driven by demand from domestic Chinese manufacturers and supply shortages, its revenue surged nearly 445% year-over-year, and its market share rose from 8% a year ago to 13%.

Apple Announces 2026 Apple Design Award Winners

Yesterday, Apple officially announced the winners of the 2026 Apple Design Awards. This year, 12 outstanding apps and games were recognized:

Delight and Fun:

Winning App: grug | Developer: Ocho (Netherlands)

Winning Game: Is This Seat Taken? | Developer: Poti Poti Studio (Spain)

Inclusivity:

Winning App: Guitar Wiz | Developer: Bijoy Thangaraj (India)

Winning Game: Pine Hearts | Developer: Hyper Luminal Games Limited (UK)

Innovation:

Winning App: NBA: Live Games & Scores | Developer: NBA Media Ventures, LLC (USA)

Winning Game: Blue Prince | Developer: Dogubomb (USA)

Interaction:

Winning App: Moonlitt: Moon Phase Calendar & Position | Developer: Flipping Hues Srls (Italy)

Winning Game: Sago Mini Jinja’s Garden | Developer: Sago Mini (Canada)

Social Impact:

Winning App: Primary: News in Depth | Developer: Wood Metal Rocks LLC (USA)

Winning Game: Consume Me | Developer: Jenny Jiao Hsia and AP Thomson (USA)

Visuals and Graphics:

Winning App: Tide Guide: Charts & Tables | Developer: Developer Digital (USA)

Winning Game: Cyberpunk 2077: Ultimate Edition | Developer: CD Projekt S.A. (Poland)

MacBook Neo Sells 1.1 Million Units in Q1

According to TechCrunch, the MacBook Neo achieved shipments of 1.1 million units within its first few weeks of sale.

Data from market intelligence firm IDC shows that in just three weeks following its mid-March launch, global shipments of the MacBook Neo reached 1.1 million units. The U.S. market accounted for 44% of shipments, while India contributed nearly 18,000 units.

The model starts at 4,599 yuan. With educational discounts and government subsidies applied to the China mainland version, the effective starting price can drop to the 3,000–3,500 yuan range.

During the April earnings call, Tim Cook confirmed that consumer response to the MacBook Neo far exceeded expectations, leading to supply chain capacity constraints during the initial launch. He also noted that driven by Neo sales, Apple set a record for new Mac users in the fiscal quarter ending in March.

CPCA: NEV Passenger Car Retail Sales Hit 974,000 Units in May

Data released by the China Passenger Car Association (CPCA) shows that from May 1 to 31, national retail sales of new energy passenger vehicles reached 974,000 units, down 5% year-over-year but up 15% month-over-month. Year-to-date cumulative retail sales stand at 3.732 million units, a 14% year-over-year decline.

Wholesale performance was relatively stronger. During the same period, national wholesale shipments of new energy passenger vehicles by manufacturers reached 1.365 million units, up 12% year-over-year and 11% month-over-month. Year-to-date cumulative wholesale shipments totaled 5.318 million units, up 2% year-over-year.

Regarding penetration rates, from May 1 to 31, the retail penetration rate of new energy vehicles in the national passenger car market was 63%, while the wholesale penetration rate stood at 61.1%. During the same period, production of pure fuel light vehicles was 535,000 units, down 45% year-over-year. Combined production of hybrid and plug-in hybrid vehicles totaled 379,000 units, down 17% year-over-year but up 11% month-over-month.

Google Allows Websites to Opt Out of AI Search

According to a report by 9to5Google, Google is introducing new opt-out controls in Search Console, allowing website owners to decide whether their content appears in AI Mode, AI Overviews, and AI Overviews within Google Discover. Websites that opt out will continue to appear in standard Google Search results and the Discover feed.

Google stated that this setting will not be used as a ranking signal for regular search, and the Gemini app is not covered by these controls. Meanwhile, Search Console has added generative AI search analytics, including impressions in AI answers, which pages appear in those answers, and the corresponding countries or regions.

Google also revealed that AI Overviews now has over 2.5 billion monthly active users, while AI Mode has surpassed 1 billion monthly users. The new controls and analytics will first be tested with select site owners in the UK before a gradual global rollout.

Japanese Automakers Unify Standards for Minor Component Defects

According to the Nikkei, Japanese automakers and component manufacturers, including Toyota and Honda, are developing unified standards for determining component defects. The new policy aims to reduce component waste and ease quality inspection pressures amid tight raw material supplies.

This unified policy will be jointly developed by the Japan Automobile Manufacturers Association and the Japan Auto Parts Industries Association. Once implemented, suppliers will no longer independently reject and discard components with minor cosmetic flaws—such as black spots, fine scratches, harmless burrs, and flash—that do not affect vehicle performance. As long as components meet national standards and have no significant functional or aesthetic issues, automakers will accept them.

Taking plastic connectors for automotive wiring harnesses as an example, approximately 60% of defect rejections stem from black spots. Under the unified standard, domestic waste in Japan is expected to decrease by 10,000 units per month. Toyota has established a dedicated department to review components with suppliers according to the unified standards and regularly holds joint review meetings with other Japanese automakers and suppliers.

Kling AI Reportedly Raising Funds at $18 Billion Valuation

According to IPO Early Warning, Kling AI, the video generation business under Kuaishou, is conducting its first funding round since being spun off, with a pre-money valuation of $18 billion (approximately RMB 122 billion). This round is described as a Pre-IPO financing for Kling AI, which is internally preparing to file for a Hong Kong listing in early 2027.

In May, Kuaishou announced that its board was evaluating plans to restructure assets and businesses related to Kling AI, potentially involving external financing. Based on Kuaishou's closing market capitalization of approximately HKD 212.4 billion on June 2, Kling AI's pre-money valuation represents roughly 66% of Kuaishou's current market cap.

Kuaishou's Q1 FY2026 earnings report showed that Kling AI generated over RMB 650 million in quarterly revenue, a year-on-year increase of more than 300%. In March of this year, Kling AI's annualized revenue run rate approached $500 million, four times the figure from the same period last year.

Stardust Intelligence Raises Over RMB 1 Billion in Three Months

Stardust Intelligence, a cable-driven AI robotics company, recently completed its Series B funding rounds, raising a cumulative total of over RMB 1 billion across three rounds in just three months. Its valuation has now exceeded RMB 10 billion. Investors include the Liangxi Sci-Tech Innovation Industry Phase II Parent Fund, Yangzhou Longtou Chiplet, Zhongbo Juli, Thundersoft, Code Education, a leading listed enterprise, and CAS Investment.

On the commercialization front, Stardust Intelligence has simultaneously secured multiple cooperation orders for industrial applications. These include advancing an order for thousands of industrial and commercial service robots with Thundersoft for overseas markets, and co-building a RMB 100-million-level application innovation center with the Jiangdu Economic Development Zone to deploy solutions in tourism and hotel scenarios.

Founded in 2022, Stardust Intelligence is led by founder and CEO Lai Jie, who previously served as Employee No. 1 and architect at Tencent's Robotics Lab.

Zhihu Reports 147.2% YoY Growth in Adjusted Net Profit for Q1

According to 36Kr, Zhihu released its Q1 2026 financial results. The report shows that the company achieved revenue of RMB 652 million in the first quarter, up 1.3% quarter-on-quarter. Adjusted net profit reached RMB 17.16 million, a year-on-year increase of 147.2%, marking a return to profitability on a sequential basis.

The revenue structure continues to shift toward paid content and IP operations. In Q1, revenue from paid content and IP operations totaled RMB 402 million, up 15.8% QoQ and accounting for 61.7% of total revenue. Marketing services revenue stood at RMB 191 million, representing 29.4%, while other revenue amounted to RMB 57.8 million, or 8.9%.

As of the end of Q1, Zhihu held a combined total of RMB 4.49 billion in cash and cash equivalents, time deposits, and short-term investments.

💡 "AI Sycophancy" Makes CEOs "Prone to AI Psychosis"

According to The Guardian, AI sycophancy is evolving from a product experience issue into a societal risk. Columnist Arwa Mahdawi wrote yesterday that the collective euphoria in the AI industry is distorting some corporate executives' grasp on reality.

A popular saying circulating online goes: "The dumbest person you know is currently being told 'You’re absolutely right' by AI."

This quip precisely captures the essence of AI sycophancy—chatbots are deliberately designed to continuously agree with users and provide positive feedback to boost engagement. However, this design also makes it harder for individuals to spot flaws in their own judgment. Box co-founder Aaron Levie previously posted on X:

CEOs are naturally prone to "AI psychosis." Sitting at the top of the decision-making hierarchy and far removed from execution, they often only see the smooth demo paths when engaging with AI, failing to consider the dozen or twenty additional steps required for actual implementation.

The cost of this cognitive bias has already manifested in real-world incidents. In April of this year, an AI coding agent powered by Anthropic's Claude malfunctioned and deleted the entire production database and backups of startup PocketOS. Founder Jeremy Crane later remarked:

The speed at which the industry is integrating AI agents into production infrastructure has significantly outpaced the development of safety architectures.

Mahdawi argues that the root cause lies in AI being intentionally designed to be "compliant," constantly echoing user opinions to enhance stickiness—but this also makes it increasingly difficult for people to identify gaps in their own reasoning.

Candy Factory Partners with Li Auto to Launch Charging Dock for AI Glasses, Cross-Industry Empowerment for AI Hardware

Candy Factory recently collaborated with Li Auto in a cross-industry partnership to create an exclusive charging dock for Li Auto's AI glasses, Livis. It serves as the perfect companion for smart glasses, offering effortless drop-and-charge convenience, and doubles as a universal charging hub for all USB-C devices. Functioning as both a charger and a desk stand, it features a modular snap-together design for flexible portability. The dock is now available on the Li Auto Store and JD.com’s official Li Auto Smart Glasses flagship store.

Insta360 Luna Ultra Teases First-Person Head-Tracking Module, Supports Extreme High and Low Angles

Insta360 yesterday released a new first-person perspective demo video for the Luna Ultra, showcasing its innovative "First-Person Head-Tracking Module."

The module supports one-click activation of head-direction detection. By combining 3-axis gimbal tracking with real-time head motion sensing, it achieves seamless synchronization between the camera gimbal and the wearer's head movements.

Hardware-wise, the module adopts an ear-hook design emphasizing lightweight comfort. For interaction, users can double-tap the module to quickly recenter the gimbal, or long-press to calibrate wearing position. It also offers extended battery life to support prolonged shooting sessions.

Kimi Work Beta Now Open for Testing

Yesterday, Kimi announced that Kimi Work, a local AI agent tailored for knowledge workers, is officially open for beta testing. It supports Apple Silicon Macs running macOS 12 or later, with a Windows version coming soon.

Kimi Work brings the AI agent capabilities proven in engineering scenarios via Kimi Code to a desktop GUI designed for everyday knowledge workers. Users no longer need to open terminals or configure environments—they can simply describe tasks in natural language to drive the system to locally generate deliverables such as documents, spreadsheets, and presentations.

Kimi Work inherits professional Skills from the online Kimi Agent, including website building and PPT creation, along with specialized databases for finance, research, and law. It also integrates the Kimi WebBridge solution, enabling AI to directly operate the local browser. Depending on task complexity, it can autonomously assemble collaborative teams comprising up to 300 sub-agents.

Android and AirDrop Interoperability Expands to More Devices

According to MacRumors, Google's Quick Share has expanded interoperability with Apple's AirDrop to additional Android models.

Newly supported devices include the Samsung Galaxy S25 Edge, Galaxy S24 series, Galaxy Z Flip7, Z Fold7, Z Flip6, Z Fold6, Z TriFold, Honor Magic V6, OnePlus 15, OPPO Find X9 series, Find N6, and vivo X300 series. Google's own Pixel 10, Pixel 9, and Pixel 8a are also on the compatibility list.

Google plans to extend this capability to the Motorola Razr Fold 2026, OPPO Find X8 series, and Honor Magic8 Pro in the coming months.

Honor Robot Phone Rumored to Support C-Log and LUTs

According to leaks from blogger "Wangzai Baishitong," Honor's Robot Phone is set to launch in Q3 of this year. Positioned for audiovisual creation, it will feature AI-powered subject tracking, fully automated camera movement, preset templates, C-Log, LUTs, as well as focus lock, white balance lock, AE lock, and camera movement data lock.

The leak also claims the phone's drop resistance has reached flagship levels, while waterproofing continues to be optimized. At MWC 2026 in March, Honor announced a strategic technology partnership with cinema camera manufacturer ARRI, stating that the collaboration would debut on the Robot Phone with the goal of merging mobile imaging capabilities with cinematic photography techniques.

Qwen Opens Up to Third-Party Agents and Skills

Alibaba's Qwen announced yesterday that it is fully opening its platform to third-party Agents and Skills. Enterprises can now operate their branded Agents within Qwen, customizing agent personas and service boundaries. Initial pilot partners include Luckin Coffee, KFC, Mixue Bingcheng, and China Eastern Airlines, with related services rolling out progressively.

According to the official announcement, enterprise Agents will deliver products and services through conversational interfaces, equipped with memory and proactive planning capabilities. For instance, China Eastern Airlines' Agent can recommend travel itineraries based on user schedules and preferences; Luckin Coffee's Agent can proactively alert users about longer lunchtime queues, suggesting orders be placed half an hour in advance.

This openness transforms Qwen from a general-purpose chat interface into a branded service gateway. F&B, aviation, and retail brands can integrate ordering, itinerary management, loyalty benefits, and repurchase reminders into a single conversation window, with Qwen handling distribution, memory, and task orchestration.

Gemma 4 12B Officially Open-Sourced: Performance Rivals 26B Models, Runs Locally on 16GB RAM Laptops

Google has officially released Gemma 4 12B, positioned between the edge-oriented E4B and the 26B Mixture-of-Experts (MoE) model. It is also the first mid-sized model in the Gemma 4 family to support native audio input.

The core design goal of Gemma 4 12B is to enable multimodal inference on consumer-grade hardware. According to official specifications, the model requires only 16GB of VRAM or unified memory to run locally on laptops, delivering benchmark performance comparable to the 26B MoE model while consuming less than half the total memory.

Agibot Open-Sources Embodied Interaction Dataset

Agibot yesterday open-sourced the second installment of the AGIBOT WORLD 2026 dataset, titled "Rich Interaction," describing it as the industry's first open-source embodied dataset focused on physical interaction.

Targeting embodied intelligence research areas such as world models, neural simulators, physical perception, and representation learning, the dataset captures complex, high-density, and non-ideal interactions between robots and the real physical world.

According to the official announcement, this dataset aims to advance the embodied intelligence data paradigm from "learning successful actions" to "understanding complete physical distributions." It records not only successful actions but also friction, collisions, occlusions, failures, and non-standard interactions in real-world environments, enabling researchers to train models that better align with the laws of the physical world.

🤗 Hugging Face: huggingface.co/datasets/agibot-world/AgiBotWorld2026

MINISO Responds to "Non-Members Unable to Checkout" Claims

According to a report by Jiemian News, multiple consumers recently took to social media to complain that they were told "non-members cannot checkout" while shopping at MINISO stores, with some even being required to register as members to purchase everyday items.

In response, MINISO customer service stated that currently, valid membership verification is only required when purchasing blind box products. For products other than trendy toys, presenting membership credentials is entirely at the consumer's discretion.

Customer service also noted that if consumers are asked to show membership credentials when purchasing non-trendy toy items, they can submit feedback online. In December last year, MINISO introduced member-only purchase restrictions to prevent scalpers from hoarding blind boxes. At the time, customer service clarified that blind boxes and vinyl plush dolls were exclusively available to MINISO members, while other product categories remained unaffected.

Yiwu Small Commodity Market Files for Hong Kong IPO

According to Jiemian News, Zhejiang China Commodities City Group Co., Ltd. has filed an application for a Main Board listing on the Hong Kong Stock Exchange. The company stated that the Hong Kong listing is a step in its global expansion strategy, aiming to transform from an operator of the Yiwu small commodity wholesale market into a comprehensive international trade service provider.

The prospectus reveals that from 2023 to 2025, the company recorded revenues of RMB 11.281 billion, RMB 15.475 billion, and RMB 19.707 billion, respectively, with net profits attributable to shareholders of RMB 2.681 billion, RMB 3.078 billion, and RMB 4.216 billion, respectively.

The company currently operates the world's largest small commodity wholesale market, with a physical market area exceeding 1.6 million square meters and approximately 80,000 merchants. Its offerings span 26 major categories and over 2 million individual products, maintaining trade relations with 233 countries and regions.

In terms of overseas expansion, as of the end of 2025, the "Commodities City Brand Global Expansion" initiative had launched 78 projects across 36 countries and regions worldwide, including overseas branch markets, self-operated and partnered overseas warehouses, overseas showrooms, Yiwu Fair overseas exhibitions, and country-specific overseas platforms.

*Spider-Man: Brand New Day* Releases New Poster; North American Release Set for July 31

Marvel and Sony's latest co-produced superhero film, *Spider-Man: Brand New Day*, released a new poster yesterday. The artwork features protagonist Peter Parker standing alone against the backdrop of New York City, alongside appearances by villains Scorpion and The Punisher.

The film is scheduled for release in North America on July 31. It has been confirmed for release in mainland China, though a specific date has yet to be announced.

*Big Fish & Begonia* 10th Anniversary Re-release Set for June 19

The official Weibo account for the animated film *Big Fish & Begonia* announced yesterday that its 10th anniversary re-release is set for June 19, marking the first-ever IMAX 2D screening of the film. It will also receive an exclusive IMAX showcase at the 28th Shanghai International Film Festival.

*Big Fish & Begonia* was co-produced by B&T Culture, Beijing Enlight Pictures, and Horgos Coloroom Pictures, and co-directed by Liang Xuan and Zhang Chun. The film took 12 years to produce and was originally released in mainland China on July 8, 2016. Following a previous re-release in 2020, it has accumulated a total box office of RMB 575 million and currently holds a rating of 7.0 on Douban.

The first installment tells the story of Chun, a young girl who oversees the growth of begonia flowers. To repay a debt of gratitude, she resurrects the soul of a human boy named Kun, helping him grow into a giant fish and return to the sea—an act that triggers a series of catastrophic events defying the natural order of their world. A teaser trailer for the second film has also been previously released.