24-hour news update Page 36

Just this month, three Chinese students, two of whom were graduate students, were arrested in Singapore for buying tax-untaxed cigarettes online. As soon as the news came out, many netizens lamented: It’s not worth sacrificing your academic future just for a few cigarettes!

Today we will talk about Singapore’s strict regulations on cigarettes and the “bloody lessons” that really happened.

One college student and two graduate students

Buy cigarettes online and ship to Singapore

According to the news released by the Customs Bureau on social platforms yesterday (March 24), the operation was carried out from the 10th to the 11th of this month. Among the four arrested, except for a 34-year-old Singaporean woman, the other three are Chinese men, aged between 19 and 23 years old. One of the three is a college student and two are graduate students. In addition, a 40-year-old Chinese man is currently assisting in the investigation.

Image source: FB@Singapore Customs

According to the case, the five people were suspected of contacting overseas sellers through social media platforms to purchase untaxed cigarettes and sending the cigarettes into Singapore by mailing packages.

The Customs Bureau revealed that three people have been charged in the national court, and the investigation against the other two is still continuing. During the operation, law enforcement officers seized more than 87 cartons of duty-unpaid cigarettes, involving a total of approximately S$11,400 in evaded duties and excise taxes.

How strict are Singapore’s cigarette regulations?

1. Cigarettes are “taxable goods”

In Singapore, tobacco products are one of the four categories of taxable goods. This means that all imported cigarettes must pay customs duties and excise taxes, and are not exempt even for personal use.

2. Every cigarette must have an “ID card”

All cigarettes sold legally in Singapore must be printed with the words "SDPC" and a series of vertical stripes. Cigarettes without this logo are all illegal and tax-evading cigarettes.

3. There is no duty-free quota for cigarettes

Many travelers may know that you can bring alcohol into the country, but please note: there is no duty-free allowance for cigarettes! Passengers who are over 18 years old, entering from countries other than Malaysia and leaving the country for no less than 48 hours can enjoy duty-free discounts on alcohol, but not cigarettes. You must declare and pay taxes when bringing cigarettes into the country.

The Customs Department emphasized in a statement that it is illegal to purchase, possess, store or smoke tax-unpaid cigarettes, and offenders will face severe legal sanctions. According to relevant Singapore laws, those involved may be fined up to 40 times the amount of tax evaded, or face up to six years in prison, or both.

It is worth noting that for foreign students, if they are involved in a case, they will not only face criminal penalties, but their student passes may also be revoked, which means that they will not be able to continue to complete their studies in Singapore.

The Customs Bureau reminds the public not to break the law by taking one's own actions. Any behavior involving tax evasion on cigarettes will be severely punished.

As a final reminder, when entering Singapore, please remember the rules of the red and green channels:

Checkpoint personnel have the right to conduct selective inspections at the green channel. Improper use of lanes can result in fines of up to S$10,000 or imprisonment.

If you come across any clues about smuggled or duty-unpaid cigarettes, you can report it through the Customs Department’s website: https://go.gov.sg/reportcustomsoffence

Similar cases

Someone got lucky and fined

Someone is in jail

Just a few days ago, a 57-year-old Chinese man was intercepted at T1 of Changi Airport. He initially declared that he was carrying 10 cartons of cigarettes, but law enforcement officers found 218 cartons of duty-unpaid cigarettes in his belongings and has been handed over to the Customs Bureau for investigation.

Last month, a 40-year-old Chinese man was suspected of taking tax-unpaid cigarettes from an air cooler for packaging and distribution. Law enforcement officers seized a total of 14,550 cartons of tax-unpaid cigarettes, with a tax evasion amount of approximately S$1,578,512. The man has been arrested and court proceedings are ongoing.

In January this year, the Customs Department raided the Jurong East Industrial Building and the dormitory for foreign workers, arrested 14 men and seized more than 170 packs of duty-unpaid cigarettes. Twelve of them received fines ranging from S$500 to S$800, and two were charged in court.

| Thursday, March 26, 2026 |

NO.1 Pinduoduo releases 2025 financial report: revenue of 431.8 billion yuan, a year-on-year increase of 10%

On March 25, Pinduoduo released its financial report for the fourth quarter and full year of 2025 as of December 31. Data show that in the fourth quarter of 2025, the company's revenue was 123.9 billion yuan, a year-on-year increase of 12%; the fourth quarter net profit was 24.541 billion yuan, a year-on-year decrease of 11%. Annual revenue was 431.8 billion yuan, a year-on-year increase of 10%. According to the financial report, in April 2025, Pinduoduo launched the "100 billion support" business benefit plan, planning to invest more than 100 billion yuan in capital and traffic within three years. At the end of the year, the company upgraded its governance structure, implemented a co-chairman system, and adjusted its strategic focus to "focusing on China's supply chain." In terms of logistics, Pinduoduo has built county-level transfer warehouses and village-level collection points in more than 10 provinces and cities to bear the second-stage transfer fees for orders delivered to villages. In terms of platform governance, food safety governance measures were introduced during the Spring Festival, involving qualification review, live broadcast control, etc.

Comment: Pinduoduo’s revenue in 2025 will be 431.8 billion yuan, a year-on-year increase of 10%. However, net profit fell by 11% in the fourth quarter, indicating increased investment. The company's strategy has shifted to the "heavy supply chain", launched the "100 billion support" plan and deepened the logistics sinking, aiming to consolidate long-term competitiveness. Against the background of slowing industry growth, Pinduoduo is shifting from scale expansion to quality construction to cope with competition and stabilize its fundamentals.

NO.2 Kuaishou Keling AI’s revenue in the fourth quarter of last year was 340 million yuan, and its monthly revenue exceeded 20 million US dollars in December

On March 25, Kuaishou released its fourth quarter and full-year financial report for 2025. The financial report shows that Keling AI’s revenue in the fourth quarter reached 340 million yuan. In December, Keling AI’s revenue exceeded US$20 million, corresponding to an annualized revenue run rate of US$240 million. Since the fourth quarter of 2025, Keling AI has successively launched the unified multi-modal video model Keling O1, the Keling 2.6 model with the ability to "produce audio and video at the same time", and the Keling 3.0 series of models based on the All-in-One concept.

Comment: Kuaishou Keling AI’s revenue in the fourth quarter was 340 million yuan, and exceeded 20 million US dollars in a single month in December. Commercialization is progressing rapidly. As the leader in the domestic AI video generation track, Keling consolidates its technical advantages through intensive iteration of multi-modal models. In the context of the industry's competition to deploy large-scale model applications, its revenue performance has verified the potential of AI productization, but it still needs to deal with the challenges of fierce competition and continued investment in the future.

NO.3 SoYoung’s total revenue in 2025 will be 1.523 billion yuan, and the number of SoYoung youth clinics will increase to 49

On March 25, SoYoung released its fourth quarter and full-year financial performance report for 2025. In the fourth quarter of 2025, the company achieved total revenue of 461 million yuan, a year-on-year increase of 25%, setting a record high in single-quarter revenue. Among them, chain business revenue increased by 205% year-on-year, growing rapidly for nine consecutive quarters, accounting for more than 50% of the company's total revenue for the first time, becoming the company's largest source of income, and the core member repurchase rate exceeded 80%. For the whole year of 2025, the company's total revenue will be 1.523 billion yuan. By the end of 2025, the number of SoYoung Youth Clinic stores has increased to 49, covering 15 cities, making it the largest light medical beauty chain in China, with more than 170,000 active users.

Comment: SoYoung’s revenue in 2025 will be 1.523 billion yuan, reaching a new high of 461 million yuan in the fourth quarter. Chain business revenue accounted for more than 50% for the first time, becoming the core growth engine. With 49 stores, it established its leading position in the scale of the light medical beauty chain. Under the trend of industry standardization and centralization, SoYoung has achieved remarkable results in its transformation from platform to physical services, and its high repurchase rate has verified its operational capabilities. However, it still needs to deal with the quality control and competitive pressure of chain expansion in the future.

NO.4 The share prices of the “Three Food Delivery Giants” soared

On March 25, the official website of the State Administration for Market Regulation reprinted an article from the Economic Daily titled "The Takeout War Is Over." The article stated that the food delivery war not only affects the accounts of restaurant industry owners, but also the livelihoods of ordinary people. When catering consumption, which is the "ballast stone", stalls due to price wars, the chill felt by the broader economy will eventually be transmitted to every micro individual. Healthy competition should be a healthy competition for technological innovation, efficiency improvement, and service optimization. In the afternoon of March 25, Hong Kong technology and Internet stocks suddenly rose sharply, with the "three food delivery giants" leading the gains. In the end, Meituan rose by nearly 14%, JD.com rose by nearly 5%, and Alibaba rose by 4.63%.

Comment: The official tone is that the food delivery industry should end price wars, turn to healthy competition, and release signals for policy cooling. Affected by this, the stock prices of Meituan, JD.com, and Alibaba rose sharply. This move is expected to guide the industry from burning money in exchange for growth back to value competition, help leading companies optimize their profit models, and push the food delivery market back to a healthy track of technological innovation and service upgrades.

On the 25th, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, had telephone conversations with Turkish Foreign Minister Fedan and Egyptian Foreign Minister Abdel Ati respectively at request.

Recently, the Philippines gathered a large number of ships and rushed into the training area under the jurisdiction of the Chinese Coast Guard near Huangyan Island in an attempt to cause trouble, incite hype, and deceive international attention. The China Coast Guard is warning the Philippines to stop provoking troubles and hyping up slander.

In 2026, the Ministry of Education will work with relevant departments to promote the completion of the Student Traffic Safety Improvement Action Plan (2023-2026), effectively ensure the safety of students traveling to and from school, and resolutely combat "black school buses".

The "Regulations on the Supervision and Management of the Implementation of Food Safety Subject Responsibilities in Kindergartens" is open to the public for public opinion. The content includes the implementation of the principal responsibility system for food safety in kindergartens and the establishment of a "daily control, weekly inspection, and monthly dispatch" system and mechanism.

On the 25th, my country’s self-developed new generation of 307,000-ton very large oil tankers was officially delivered. The ship is about 333 meters long and 60 meters wide. It can carry more than 2 million barrels of crude oil, and its performance indicators have reached world-class levels.

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On the 25th, Guangzhou’s new airport started construction in Gaoming District, Foshan. After completion, the annual passenger throughput will reach 30 million and the cargo and mail throughput will be 500,000 tons.

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The National Natural Science Foundation of China released the "Top Ten Progress in Science in China" for 2025, and ten basic studies including the Chang'e-6 sample revealing the evolution history of the far side of the moon and the giant impact effect were selected for the first time.

Recently, the procuratorate launched a public prosecution in accordance with the law against Ren Yuzhong, the former vice president of Peking University, on suspicion of accepting bribes.

On the 25th, the Intermediate People's Court of Dalian City, Liaoning Province publicly pronounced the first instance verdict on Tan Ruisong, the former party secretary and chairman of Aviation Industry Corporation of China, for corruption, bribery, insider trading, and leaking inside information. Tan Ruisong was sentenced to death with a two-year suspended sentence.

On the 25th, spot gold continued to rise, with an intraday increase of nearly 3%. The prices of some domestic brands of gold jewelry have returned to 1,400 yuan per gram, with prices rising by more than 60 yuan per gram.

U.S. President Trump once again stated on the 24th that the United States and Iran are negotiating and Iran has promised never to develop nuclear weapons. US media reported that the United States has handed over to Iran an agreement aimed at ending the conflict. An Iranian military spokesman once again denied on the 25th that the United States and Iran were negotiating and urged the United States not to call failure an agreement.

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On the 25th local time, the Permanent Mission of Iran to the United Nations issued a statement that ships from non-belligerent countries can safely pass through the Strait of Hormuz in coordination with relevant Iranian departments as long as the country they belong to does not participate in or support hostilities against Iran and fully abides by the published safety and security regulations.

According to Ukrainian news, the Russian army launched one of the largest drone attacks since the conflict on the 24th. On the 24th alone, more than 550 drones were used.

On the 24th local time, OpenAI officially announced that it would shut down the Sora video generation application and terminate its $1 billion cooperation agreement with Disney.

The Central Meteorological Observatory predicts that from 20:00 on March 25 to 20:00 on March 26, there will be light to moderate snow or sleet in parts of eastern Xinjiang, southern and eastern Tibet, northern and eastern Qinghai, Qilian Mountains and southwest Gansu, northern Sichuan Plateau, and northeastern Inner Mongolia. There are moderate to heavy rains in some areas in central and eastern Guizhou, southeastern Chongqing, and central and northern Jiangnan.

CCTV News has teamed up with museums across the country to launch the cultural heritage popularization product "Cultural Museum Calendar", which will help you learn about a cultural relic every day.

This brick carved with characters from the Northern Song Dynasty drama freezes a great show that took place hundreds of years ago. The five characters on the carved bricks are completely consistent with the Zaju characters Yinxi, Moni, Zhuanggu, Fujing and Fumo recorded in Song Dynasty literature. The craftsmen use simple lines to depict the expressions of the dramatic characters, allowing us to get a glimpse of the stage scene thousands of years ago.

|Thursday, March 26, 2026|

NO.1 The central bank launches 78.5 billion yuan 7-day reverse repurchase operation

On March 25, the central bank launched a 78.5 billion yuan 7-day reverse repurchase operation in the open market, with an operating interest rate of 1.40%.

Comment: Ming Ming, chief economist of CITIC Securities, said that judging from the liquidity situation, the liquidity market has been generally loose since the Spring Festival this year, and liquidity supply and demand have generally remained balanced. Since March, several long-term liquidity instruments have been mainly net withdrawals. In addition, the recent geopolitical conflicts have increased the risk of imported inflation in my country. Monetary policy may be reasonably arranged based on internal and external balance, and the aggregate operation will be more stable.

NO.2 Spot gold once returned to US$4,600 per ounce

On March 25, spot gold continued to rise. It once exceeded the two major levels of US$4,500/ounce and US$4,600/ounce, rising nearly 3%.

Comment: Tian Lihui, a professor of finance at Nankai University, said that the current fluctuations in the precious metals market have exceeded the scope of normal corrections and have entered an abnormal stage of high intensity and uncertainty. Ordinary investors are more suitable for long-term allocation through non-leveraged methods such as gold accumulation and gold ETFs.

NO.3 China Life: Plans to invest 2.8 billion yuan to participate in the establishment of a science and technology innovation relay fund

On March 25, China Life announced that the company planned to invest 2.8 billion yuan as a limited partner to jointly establish the Fujian Xinrui Science and Technology Relay Equity Investment Fund Partnership (limited partnership) with Fujian Government Investment, Fuzhou Financial Investment, etc., with a total fund scale of 4.0154 billion yuan. The fund focuses on the private equity secondary market and focuses on investing in strategic emerging industries such as new generation information technology, biomedicine, and high-end manufacturing. This transaction constitutes a related transaction and has been reviewed and approved by the board of directors. The related directors abstained from voting and do not need to be submitted to the shareholders' meeting for review.

Comment: China Life’s participation in the establishment of the Science and Technology Innovation Relay Fund demonstrates its emphasis on and support for strategic emerging industries. This type of investment not only helps promote innovation in information technology, biomedicine and other fields, but is also a strategic extension of diversified investment in insurance capital layout. The establishment of this fund provides the market with more diversified investment opportunities, encourages capital investment in areas with high growth potential, and improves the efficiency of capital use.

NO.4 Bank of Communications issues risk warning for precious metals business

On March 25, Bank of Communications issued an announcement on risk warning for precious metals business. The announcement mentioned that the price fluctuations of precious metals at home and abroad have intensified recently, and the risks of investment transactions have increased. It is recommended to increase risk prevention awareness, do a good job in investment risk management and control, rationally arrange investment transactions, reasonably control the size of precious metal positions, and prevent the risk of precious metal price fluctuations.

Comment: The price of precious metals has continued to fluctuate recently, and the "roller coaster" market has significantly increased the investment risks of gold and other precious metals. In this regard, many banks have once again issued market risk warning announcements to "call out" investors, reminding everyone to stay calm and rational when investing in gold.

NO.5 CICC: The situation in Iran has escalated, and expectations of interest rate cuts by European and American central banks have been fully reversed into expectations of interest rate hikes.

CICC Research reported that the situation in Iran has further escalated recently, crude oil prices have risen again, and concerns about stagflation in the European and American economies continue to rise. Last week was the "Super Central Bank Week". The Federal Reserve, the European Central Bank, and the Bank of England released hawkish signals, triggering investors to significantly increase their expectations for the path of monetary policy. The Fed's interest rate cut implicit in the futures market has been postponed to the second half of 2027. There are even certain expectations of an interest rate increase in 2026. The interest rate cut expectations of the European Central Bank and the Bank of England have also been reversed into expectations of an interest rate increase.

Comment: As the situation in Iran escalates, expectations of interest rate cuts by European and American central banks have been completely reversed into expectations of interest rate hikes, revealing possible major changes in the global economic landscape. The resulting rise in oil prices and macroeconomic uncertainty may increase global inflationary pressures and trigger market concerns.

丨Thursday, March 26, 2026丨

NO.1 Zangge Mining: Received a cash dividend of 1.539 billion yuan from the joint-stock company Julong Copper.

On March 25, Zangge Mining announced that the company received a cash dividend of 1.539 billion yuan from its joint-stock company Tibet Julong Copper Co., Ltd. on March 24. The dividend is based on Julong Copper's good performance of achieving revenue of 16.663 billion yuan and net profit of 9.141 billion yuan in 2025. The company received dividends based on its 30.78% shareholding ratio. This dividend will enhance the company's cash flow, provide financial support for operations and investments, and have a positive impact on future performance. The specific accounting treatment shall be subject to the annual audit results.

Comment: Zangge Mining enjoyed the “cash cow” dividend and received a large dividend of more than 1.5 billion yuan, which fully confirmed the excellent profitability of Julong Copper. The huge cash inflow not only significantly improved the company's cash flow situation, but also provided ample "ammunition" for its business expansion and investment. The sustained returns on high-quality equity assets have effectively smoothed performance fluctuations and further consolidated the company's long-term investment value.

NO.2 Robotco: Signed a 600 million yuan order for mass-produced coupling equipment and services suitable for pluggable silicon photonic technology routes

On March 25, Robotco announced that its wholly-owned subsidiary ficonTEC and its subsidiaries signed major contracts for daily operations with F and its subsidiaries, a company listed on Nasdaq, from March 19, 2026 to March 25, 2026. The cumulative amount equivalent to RMB is approximately 600 million yuan. They are mass-produced coupling equipment and service orders suitable for pluggable silicon photonic technology routes, accounting for more than 54.23% of the company's audited operating income in 2024. If successfully implemented, it is expected to have a significant positive impact on the company's operating performance in 2026. The performance of the contract will help the company continue to improve its technical level in the cutting-edge field of high-precision coupling equipment.

Comment: Robotco signed a large order of 600 million yuan, which is more than half of its revenue in 2024, and its performance is astonishingly explosive. This cooperation focuses on silicon photonics cutting-edge technology, and the customer is a Nasdaq-listed company. It not only locks in high performance growth in 2026, but also verifies the company's international competitiveness and technical strength in the field of high-end semiconductor equipment.

NO.3 Hongyuan Green Energy: its holding subsidiary participated in the bankruptcy and reorganization of Wuxi Suntech

On March 25, Hongyuan Green Energy announced that on March 24, the company's holding subsidiary Hongyuan Solar (Wuxi) Co., Ltd. ("Hongyuan Solar") signed a "Reorganization Investment Agreement" with Wuxi Suntech Solar Power Co., Ltd. ("Wuxi Suntech") and its managers. Hongyuan Solar and Wuxi Suntech will jointly establish New Suntech (the equity formed by Wuxi Suntech's investment will be used to pay off debts with shares from ordinary creditors), with a registered capital of 1 billion yuan. Among them, Hongyuan Solar will invest 630 million yuan to hold approximately 63% of the equity of New Suntech, and will serve as the lead investor to form an investment consortium and introduce other investors. After the establishment of New Suntech, Hongyuan Solar will pay 142 million yuan in restructuring investment to Wuxi Suntech through New Suntech after the court approves the reorganization plan, which will be used to acquire the assets required for the operation of New Suntech. The reorganization investment funds are used to pay for bankruptcy expenses, common debts, employee claims, corresponding taxes, debt repayments and related expenses to improve the repayment rate of ordinary creditors.

Comment: Hongyuan Green Energy spent 630 million yuan to lead the reorganization of Wuxi Suntech and obtain controlling stake in the new company. In the context of the intensified survival of the fittest in the photovoltaic industry, this move is intended to integrate established leading brands and channel resources to achieve low-cost expansion. If the reorganization goes smoothly, it will strengthen the company's industrial chain layout, but how to resolve the debt burden and activate operating vitality in the future is still a major management test.

Good morning! Shangguan News "Morning Reading" is here! Today is Wednesday, March 25, 2026, the seventh day of the second lunar month.

§Yesterday and this morning

Taking advantage of the situation | Foreign Ministry spokesperson Lin Jian said at a regular press conference on the 24th that a criminal who claimed to be an active official of the Japanese Self-Defense Forces broke into the Chinese Embassy in Japan over the wall and threatened to kill Chinese diplomats in the so-called "name of God." This incident once again reflects the rampant far-right ideological trends and forces in Japan, and the "new type of militarism" taking advantage of the situation. A reporter from the main station learned that the man had been arrested that day. The Japan Metropolitan Police Department reported that the man was Midai Murata (23 years old), a third-class land officer affiliated with the Ground Self-Defense Force Ebino Station, and was arrested on suspicion of illegally trespassing into a building.

Positioning downgrade? ｜At the regular press conference of the Ministry of Foreign Affairs held on the 24th, a Reuters reporter asked that the draft annual diplomatic report being reviewed by the Japanese government plans to downgrade the positioning of Japan-China relations from "one of the most important bilateral relations" to an "important neighbor", retaining the expression "strategic mutual benefit". What is China’s comment on this? Foreign Ministry spokesperson Lin Jian said that the root cause of the current situation in Sino-Japanese relations lies in Japanese Prime Minister Sanae Takaichi's Taiwan-related fallacies, which aroused the public indignation of the Chinese people and challenged the red lines of the post-war international order. According to media reports, the Japanese government plans to approve the 2026 version of the "Diplomatic Blue Book" in April.

Self-Declared “Victory” | U.S. President Trump stated at the White House on March 24, local time, that the United States had “achieved victory” in its action against Iran and Iran had been “completely defeated.” He also said that the negotiations between the United States and Iran "may be quite close to reaching an agreement" and emphasized that Iran "has agreed not to develop nuclear weapons", including not to engage in uranium enrichment activities. He said the United States was communicating with the "right people" and that Iran "wanted to make a deal." He also said that Iran "has no leadership." On the same day, the U.S. Central Command stated that the U.S. military had destroyed more than 9,000 military targets in Iran, "significantly weakening the Iranian regime's combat capabilities."

It’s called “Ciyuan” | At the 2026 Annual Meeting of the China Development Forum held recently, Liu Liehong, director of the National Data Administration, gave an official translation for Token: “Ciyuan”. He said that the daily average number of word element calls in my country has increased by more than a thousand times in the past two years. Since the end of January this year, some model companies have set performance records in which their 20-day revenue exceeds their total revenue in 2025. Behind these numbers is a set of new business logic based on word unit billing that is accelerating its evolution.

Xuantie C950｜Alibaba Damo Academy released a new generation of RISC-V CPU (central processing unit) chip Xuantie C950 in Shanghai, taking the lead in completing the adaptation of a large model with hundreds of billions of parameters and setting a new global performance record for the same type. RISC-V is expected to become a new CPU server sample in the era of AI agents. Authoritative organizations predict that by 2031, RISC-V equipment will maintain a compound annual growth rate of over 30%, with the market size exceeding US$300 billion.

China-Iran phone call | Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, had a phone call with Iranian Foreign Minister Araghchi on the 24th. Araghchi said that Iran is committed to achieving a comprehensive ceasefire and not just a temporary ceasefire. The Strait of Hormuz is open to everyone and ships can pass through safely, but countries at war are not considered. We look forward to China continuing to play an active role in promoting peace and ending war. Wang Yi stressed that it is better to talk than to fight. It is hoped that all parties will seize every opportunity and window for peace and launch the peace talks process as soon as possible. China will continue to uphold an objective and fair stance, oppose infringement of other countries' sovereignty, actively promote peace and an end to war, and be committed to regional peace and stability.

Pakistan is playing host? ｜On March 24, local time, US President Trump forwarded the initiative proposed by Pakistani Prime Minister Shahbaz, supporting Pakistan to host "meaningful and decisive" talks between the United States and Iran. The White House stated that day that whether the United States would participate in the U.S.-Iran talks in Pakistan was still a "dynamic situation." According to media reports the day before, two people involved in the mediation said, "At present, Iran insists on asking the United States to make compensation and guarantee that it will not take further actions against Iran in any agreement." Some Israeli officials said that the possibility of an agreement between the United States and Iran is "extremely slim."

Economic slowdown｜Affected by the war between the United States and Israel, the economic recovery momentum of the Eurozone has slowed down recently. Data released by S&P Global on the 24th showed that the Eurozone's Composite Purchasing Managers' Index (PMI) fell to 50.5 in March, significantly lower than the 51.9 last month. The Eurozone's services PMI fell sharply to 50.1 in March, hitting a new low since May last year. At the same time, new orders in the service industry fell for the first time in eight months, dragging down overall economic growth.

Must get rid of | German President Steinmeier said on the 24th that since US President Trump started his second term, the rift in transatlantic relations has been deep. Trust in U.S. great power politics has been lost among allies and around the world. Speaking at a commemorative event at the German Foreign Ministry that day, Steinmeier said that the military strikes by the United States and Israel against Iran undoubtedly violated international law. He said that in the transatlantic relationship, Germany must get rid of the dependencies that make it vulnerable.

“Number One Enemy Country”｜North Korean leader Kim Jong Un officially defined South Korea as “Number One Enemy Country.” Yonhap News Agency quoted the Korean Central News Agency's report on March 24 that Kim Jong-un delivered a policy speech at the first meeting of the 15th Supreme People's Assembly the day before and clarified foreign policy. Kim Jong-un said that North Korea will make South Korea pay the price without hesitation or hesitation for its provocative behavior. He also pointed out that the United States is launching wanton terrorist attacks and acts of aggression around the world, but did not directly condemn US President Trump.

Sudden cardiac death｜On March 24, Suzhou Fengxue Weilai Education Technology Co., Ltd. issued an obituary stating that Zhang Xuefeng died due to a sudden illness and failed rescue efforts. The reporter learned that at 12:26 noon on the 24th, Zhang Xuefeng developed discomfort after running in the company and was rushed to the hospital. Unfortunately, he died at 3:50 pm after all efforts to save him failed. The hospital diagnosed the cause as sudden cardiac death. Zhang Xuefeng became popular on the Internet ten years ago with "Interpretation of 34 985 Universities in Seven Minutes". In 2021, Zhang Xuefeng founded Fengxue Weilai in Suzhou.

Recently, Rongjie Co., Ltd. ("Rongjie Co., Ltd.", 002192.SZ) disclosed its 2025 annual report. During the reporting period, the company achieved total operating income of 840 million yuan, a year-on-year increase of 49.71%; net profit attributable to the parent company was 279 million yuan, a year-on-year increase of 29.52%.

During the reporting period, the growth in production and sales of Rongjie's lithium concentrate products and the increase in net profits of associates became the core driving factors for the company's year-on-year growth in operating income and profits. However, the annual report also disclosed that the production and sales volume of non-ferrous metal processing and smelting industries, which account for a relatively low proportion of the company's revenue, decreased year-on-year. In addition, affected by factors such as reduced government subsidies, the company's net cash flow from operating activities decreased by 31.12% year-on-year.

Lithium concentrate products drive performance growth

The main business of Rongjie Co., Ltd. covers lithium ore mining, lithium salt processing and smelting, and lithium battery equipment manufacturing. Its main products include lithium concentrate, battery-grade lithium salt, and lithium battery equipment. During the reporting period, the company's lithium battery cathode and anode material projects were still in the construction and early planning stages, and no products had been produced yet.

From the perspective of product layout, Rongjie's main business is located in the middle and upper reaches of the new energy lithium battery industry chain, and its terminal application fields include new energy vehicles, energy storage power stations, consumer electronics, etc. Among them, new energy vehicles and energy storage are the most important application areas and sources of increase for lithium batteries.

Against this background, Rongjie's performance changes are generally in line with the development trend of the new energy lithium battery industry. The annual report shows that during the reporting period, the company achieved simultaneous growth in total operating income and net profit. As of the end of the reporting period, the company's total assets reached 4.924 billion yuan, an increase of 13.80% from the beginning of the period; the net assets attributable to shareholders of listed companies were 3.531 billion yuan, an increase of 5.15% from the beginning of the period.

The main driving factors for Rongjie's performance growth were the increase in the production and sales of lithium concentrate products during the reporting period, as well as the increase in the net profit of the associated company Chengdu Rongjie Lithium Industry. During the reporting period, the company's production volume of lithium concentrate (6% grade) reached 185,600 tons, an increase of 174.83% over the previous year. The main product lithium concentrate achieved a breakthrough in output doubling through raw ore transportation. The increase in output drove the company's operating income to increase significantly.

In the company's revenue structure, the non-ferrous metal ore mining and processing industry to which lithium concentrate products belong accounts for 91.25% of revenue, with a year-on-year growth of 92.54%. In contrast, the non-ferrous metal processing and smelting industry to which lithium salt products belong accounted for 0.53%, a year-on-year decrease of 93.10%. Although it accounted for a low proportion of revenue, the output and sales volume of the company's non-ferrous metal processing and smelting industry decreased by 37.68% and 47.18% respectively year-on-year during the reporting period. This was mainly due to the decrease in product production and sales due to the impact of market conditions and production line technical reforms.

In response to the revenue of the non-ferrous metal processing and smelting industry, Rongjie Co., Ltd. stated in its annual report that the lithium salt business within the company's consolidated scope currently has a small production capacity; the joint lithium salt enterprise Chengdu Rongjie Lithium Industry has a planned production capacity of 40,000 tons/year, and has put into production 20,000 tons/year. During the reporting period, due to the significant increase in the company's lithium resource output, the lithium salt output of the joint lithium salt plant was guaranteed to reach full production. If Chengdu Rongjie Lithium Industry's planned production capacity is fully completed, it will help the company further improve its overall market competitiveness and profitability.

Operating cash flow decreased by 31.12% year-on-year

The annual report of Rongjie Shares shows that at the end of the reporting period, the company's asset-liability ratio was 27.10%, an increase of 6.20 percentage points from the end of the previous year. During the reporting period, the company's net cash flow from operating activities per share was 1.20 yuan, a decrease of 0.54 yuan from the previous year; the company's net cash flow from operating activities decreased by 31.12% from the same period last year; the operating cash ratio was 36.94%, a decrease of 43.35 percentage points from the previous year.

In this regard, the company explained that it was mainly due to the year-on-year decrease in government subsidies received and the year-on-year increase in deposits and security deposits. The net cash flow generated from operating activities dropped significantly, resulting in a corresponding sharp decline in the operating cash ratio.

Rongjie Shares also disclosed specific business plans for its main business segments in 2026 in its annual report. Among them, in terms of lithium mining and processing business, the company will continue to promote the implementation of the project to add 350,000 tons/year of mineral processing capacity at the original site of the mine, as well as the site selection and implementation of the remaining production capacity of 2.5 million tons/year of mineral processing. In terms of lithium battery materials business, the company will promote the construction of Guangzhou Rongjie Power Supply Nansha cathode material project in 2026, and plans to achieve mass production in the second half of the year; at the same time, it will invest in the construction of a 50,000-ton/year lithium-ion battery anode material project. In terms of new energy operation business, the company plans to set up a holding subsidiary in 2026 to carry out new energy operation-related business, focusing on large-scale energy storage operations and other fields to cultivate new performance growth points.

Regarding the sources of funds for new projects under construction and investment plans, Rongjie Shares stated that the company has accumulated a lot of cash through continuous profitability for the past six years, and its net operating cash flow has been positive for five consecutive years. The company has the financial strength to maintain current business operations and promote continued project construction. At this stage, the company's operating conditions are stable and its bank financing capabilities are strong. In addition, the board of directors approved the company and its subsidiaries to apply for a comprehensive credit line from banks totaling 1.4 billion yuan, effectively broadening the company's funding channels.

｜Thursday, March 26, 2026｜

NO.1 Cygames "Shadow Poetry" announced the suspension of service after nearly 10 years of operation

On March 25, Cygames, a well-known Japanese game manufacturer, issued an announcement announcing that its card game "Shadowverse" will officially cease service at 10:00 on July 1, 2026. This work was launched in June 2016. It was originally a derivative work of "Wrath of Bahamut". In the past 10 years of operation, it has successfully entered the field of e-sports and derived projects such as physical card games and Switch platform works. Cygames stated that the game's "legacy" will continue to be passed down through "Shadowverse: Evolution Showdown" and its sequel "Shadowverse WB (Super World)".

Comment: Cygames took the initiative to end "Poem of Shadows", which had been in operation for nearly 10 years, reflecting its rational planning and resource focus on the product life cycle, aiming to make way for the sequel and maintain the popularity of the IP. Although this move carries the risk of short-term user loss, it can continue the IP value and user accumulation through the relay of new and old products. For the industry, this case provides a smooth transition model for the iterative inheritance of Evergreen IP, which helps manufacturers optimize their product matrix and long-term layout.

NO.2 The first beta of "Virtual Ring" produced by Tencent CDD has started

On March 24, the strategy development game "Virtual Ring" produced by CDD, an independent department of Tencent, launched its first "first look" test, covering the Android mobile terminal. This test is a small-scale confidential test with no charge and will last until March 30. The game is based on V-circle anchors. Players can develop teams, build lineups, and compete with legendary idols.

Comment: Tencent explores the V-circle vertical track with an independent department, demonstrating its differentiated layout intention in segmented user markets, and is expected to expand young user groups through theme innovation. The small-scale confidential testing method reflects the project team's cautious attitude towards product quality and aims to polish and optimize it through feedback from core players. If this move is successful, it will provide the game industry with useful exploration in diversifying content themes and enrich the supply form of pan-entertainment products.

NO.3 In March, 130 domestic game versions were approved

On March 25, the State Press and Publication Administration released a new batch of game version numbers for March, totaling 133 games. Among them, there are 130 domestic games and 3 imported games. Well-known manufacturers and products include: Tencent Northern Lights' "Little Little People", Kaiying Network's "Legends of Heroes", Xinghui Tiantuo's "Celebrating More Than Years: Nanqing Tycoon", Sanqi Interactive Entertainment's "Little Helmet Adventure", Hangzhou Travel Card "The Return of the King of Zhenhun Street", etc. As of March, a total of 467 game version numbers have been issued in 2026.

Comment: The number of version numbers issued this month has remained at a stable and high level, continuing to provide high-quality supply to the gaming industry and further strengthening the market’s expectations for the normal issuance of version numbers. Leading manufacturers such as Tencent and Sanqi Interactive Entertainment have had their products approved and are expected to contribute to future performance increases for related companies. The steady rhythm of version number approval continues to optimize the development environment of the industry and actively supports the R&D and publishing manufacturers with rich product reserves.

|Thursday, March 26, 2026|

NO.1 In the first two months of this year, the export of commercial vehicles at Horgos Port hit a record high

According to CCTV News on March 24, according to Xinjiang Horgos Customs statistics, in the first two months of this year, Horgos Port exported 54,000 commercial vehicles, a year-on-year increase of 13.9%, setting a record high. Among them, new energy vehicles are very popular in the five Central Asian countries and Russia and other regions, and have become a popular model for export.

Comment: In the first two months, the export of commercial vehicles from Horgos Port reached a record high, fully reflecting the strong competitiveness of Chinese automobiles in the Central Asian and Russian markets. New energy vehicles continue to become the main export force, which not only benefits from strong overseas demand, but also highlights the important position of western land ports in automobile sea passages, laying the foundation for high growth in automobile exports throughout the year.

NO.2 Weipai CEO Zhao Yongpo: More sensors may not necessarily be better

On March 25, Great Wall Weipai CEO (CEO) Zhao Yongpo released a video on social platforms, detailing the differences behind the use of lidar and pure vision solutions in intelligent driving routes. Zhao Yongpo said that on the intelligent driving route, Tesla firmly believes in pure vision, and most domestic car companies choose lidar + vision fusion. But more sensors are not necessarily better, and internal friction will offset the advantages. Stacking hardware is sometimes a trick, and technology that is good can truly consider users.

Comment: CEO Wei Pai proposed that “more sensors may not necessarily be better”, pointing directly to the current phenomenon of hardware accumulation in the smart driving industry. Compared with simply stacking hardware such as lidar, more emphasis is placed on algorithm optimization and technical practicality, returning to the essence of user experience. This view also reflects the rational transformation of car companies from focusing on hardware to focusing on technology implementation capabilities on the smart driving route.

NO.3 Cui Dongshu: The overall popularity of the auto market is gradually recovering in March

On March 25, Cui Dongshu, secretary-general of the Passenger Car Association, issued an article stating that the prices of raw materials, oil, chips, etc. have risen this year, the sword of "anti-involution" hangs high, and the environment faced by vehicle manufacturers is more complex. International geopolitical turmoil, uncertainty, and rising oil prices have had a considerable negative impact on fuel vehicles. Dealers are currently under pressure, and terminal transaction prices are relatively stable and have not met consumers' psychological expectations. The overall market enthusiasm is gradually recovering in March. The new energy vehicle market is waiting for new products and the market environment to gradually become clearer. This is the most difficult time right now.

Comment: Cui Dongshu’s point of view reveals the core contradiction of the current auto market: high costs and weak consumption expectations coexist. The market seems to be recovering but the foundation is not solid. Dealers and auto companies still face severe challenges. This is a realistic challenge that must be faced squarely for fuel vehicle brands that are in a critical period of revival.

NO.4 Yuexiu Leasing and FAW Jiefang reached cooperation

On March 25, according to Yuexiu Capital, Yuexiu Leasing signed a strategic cooperation agreement with FAW Jiefang Group Co., Ltd. The two parties will deepen cooperation in areas such as new energy commercial vehicles and intelligent transportation, and jointly build a full-chain service system for new energy commercial vehicles. Specifically, the two parties will design a green financing leasing plan covering the entire process of vehicle procurement, operation and maintenance, and asset disposal, promote the deep integration of intelligent transportation scenarios, and link the Internet of Vehicles technology and intelligent risk control systems to improve the efficiency and intelligence of vehicle operation management.

Comment: The strategic cooperation between Yuexiu Leasing and FAW Jiefang is an in-depth practice of "integration of industry and finance" between financial capital and industry leaders in the field of new energy commercial vehicles. This move is expected to provide an example of a comprehensive “finance + operation” solution for the new energy commercial vehicle industry, and may attract market attention to similar business models.

According to data from China Visitor Network, the Audit Committee of the Board of Directors of Beijing Kingsoft Office Software Co., Ltd. released a report on the performance evaluation and supervision of the accounting firm in 2025. The report shows that the company has renewed the appointment of ShineWing Certified Public Accountants (Special General Partnership) as the audit agency for the 2025 financial report and internal control. This resolution was reviewed and approved by the shareholders' meeting on June 4, 2025. The Audit Committee reviewed ShineWing's professional qualifications, independence and the quality of its audit work in 2024, and believed that it has sufficient professional competence and investor protection capabilities.

According to the evaluation, during the audit work in 2025, ShineWing fully communicated with the company's management and governance on the audit plan, risk judgment, annual audit focus, etc. Its audit team has the professional knowledge and qualifications to perform audit work, completed the audit of the company's 2025 financial statements and the effectiveness of internal controls on time, and issued a standard unqualified audit report. Key data shows that ShineWing's business income in 2024 will be 4.054 billion yuan, including audit business income of 2.587 billion yuan and securities business income of 976 million yuan; its 2024 listed company annual report audit clients will be 383.

The Audit Committee held pre-trial and mid-trial communication meetings with the accounting firm in November 2025 and March 2026 to supervise and discuss the audit focus, implementation status and results. The Committee believed that ShineWing maintained an independent, objective and impartial attitude during the audit process, demonstrated good professional ethics, and effectively performed its audit duties. The Audit Committee stated that it will continue to perform its supervisory duties in 2026 to ensure the quality of audit work to safeguard the legitimate rights and interests of the company and all shareholders.