| Thursday, March 26, 2026 |
NO.1 Zhihu releases 2025 financial report: achieving Non-GAAP profit for the first time
On March 25, Zhihu released its fourth quarter and full-year performance report for 2025. Revenue in the fourth quarter was 644 million yuan, and full-year revenue in 2025 was 2.75 billion yuan, down 23.6% year-on-year. The adjusted net profit for the year was 37.87 million yuan, compared with a net loss of 96.27 million yuan in the same period last year. It achieved full-year non-GAAP profit for the first time, mainly due to the reduction in content and operating costs related to the decline in revenue, as well as the reduction in personnel-related expenses. Total cost of revenue decreased by 22.3% to 1.101 billion yuan.
Comment: Zhihu achieved its first full-year profit. This milestone stems from extreme cost reduction and is a "profit on the edge." Paid reading has become the core revenue pillar, and AI applications help cost optimization, but user and advertising businesses are under pressure. This turnaround is an operating turning point, and we need to find a balance between profitability and growth in the future.
NO.2 Bubble Mart small household appliances have started large-scale stocking
On March 25, at the Bubble Mart results conference call, Chairman and CEO Wang Ning stated that derivative small home appliances with IP (creative content or brand with commercial value) as the core will be launched in April and will be sold on e-commerce platforms such as JD.com. In this regard, the reporter learned from people familiar with the matter that the core OEM company of Bubble Mart small home appliances is Xinbao Shares. It is reported that the cooperation model between the two parties is mainly based on the OEM (Original Manufacturing) model. The current categories include electric kettles, coffee machines, electric toothbrushes, hair dryers and other products. At this stage, they have entered a large-scale stocking stage. Target market planning may be domestic first and then overseas.
Comment: Bubble Mart announced the launch of IP-derived small home appliances in April. This move is a key step in the deep realization of its IP value and its extension from trendy toys to lifestyle brands. Relying on its fan base and IP premium, it is expected to open up the young consumer market. However, competition in the small home appliance market is fierce, and quality control and after-sales requirements are high. Whether it can balance IP design and product practicality and maintain profitability after crossing over has yet to be tested by the market.
NO.3 Guming: Revenue reaches 12.9 billion yuan in 2025
On March 25, Guming released its 2025 annual performance report. According to the financial report, in 2025, Guming will achieve total revenue of approximately 12.9 billion yuan, a year-on-year increase of 46.9%; adjusted profit (non-IFRS measurement) will be approximately 2.575 billion yuan, a year-on-year increase of 66.9%. As of the end of 2025, the number of Guming stores reached 13,554, a net increase of 3,640 stores compared with the end of 2024. Among them, the number of stores in second-tier cities and below accounted for 82% of the total number of stores, and the proportion of rural stores increased to 44%. As of December 31, 2025, more than 12,000 Guming stores have been equipped with coffee machines.
Comment: Guming’s revenue and profits have increased sharply, and its superimposed stores have expanded rapidly, showing that its ability to penetrate lower-tier markets continues to increase. Over 90% of stores are equipped with coffee machines, which means that they are transforming from a single tea drink to a "tea + coffee" composite model to increase unit price and time period utilization. Whether profitability can be maintained in the future will depend on the efficiency of the supply chain and the stability of the single-store model.
NO.4 Yellow Swan issued a statement on the results of egg canthaxanthin sampling
Huang Swan official Weibo reported on March 25 that Fengji Food Group Co., Ltd. issued a "Statement on the Results of Sampling Tests for Canthaxanthin in Yellow Swan Eggs": After the incident, the regulatory authorities where the company's production base was located paid close attention and quickly organized random inspections of related products; at the same time, the company immediately carried out self-inspections. At present, the test results of random inspections by regulatory authorities in the three places and self-inspections by enterprises have been fed back to the enterprise. All of them show that no canthaxanthin was detected in Yellow Swan eggs.
Comment: Huang Swan issued a statement on the issue of egg canthaxanthin sampling. Both regulatory and corporate self-inspection results showed that no relevant substances were detected, which to a certain extent alleviated the market's concerns about the quality of its products. As a raw-eatable egg head brand, this public opinion test is not only product safety, but also brand credibility and crisis response efficiency. Only by strictly adhering to quality control and being transparent and open can food companies stabilize consumer confidence and maintain their competitive advantages in market segments.
