China Recap is a weekly roundup tracking Chinese companies expanding abroad, covering market entries, funding rounds, product launches, and global partnerships.
China’s corporate globalization strategy is evolving fast. Industry giants are rewriting the global playbook, while a new generation of companies charts fresh paths overseas.
China Recap tracks both—focusing on strategic expansion, brand building, and localized operations—to help readers make sense of shifting trends and understand how Chinese firms are reshaping their global approach.
In this edition, we unpack second-quarter earnings from China’s global-facing firms, revealing a mixed performance. Some are gaining traction through new initiatives and overseas growth, while others face continued pressure from narrowing margins and softening demand:
Baidu profit rises as AI businesses grow
Baidu reported RMB 32.7 billion (USD 4.6 billion) in revenue for the second quarter of 2025, down 4% year-on-year (YoY), while net profit rose 33% to RMB 7.32 billion (USD 1 billion). Artificial intelligence businesses supported growth, with cloud revenue up 27% and Apollo Go trips up 148%. CEO Robin Li said a new Ernie model is in development. —The Paper
iQiyi swings to net loss in Q2
iQiyi reported Q2 2025 revenue of RMB 6.63 billion (USD 928.2 million), down 11% YoY, as membership and advertising income declined. The company swung to a net loss of RMB 134 million (USD 18.8 million) from a profit a year earlier, while free cash flow fell to negative RMB 34 million (USD 4.8 million). It said it is investing in micro dramas, new experiences, and overseas expansion to drive long-term growth.
Futu Q2 net income surges 112.7%
Futu’s Q2 2025 net income rose 112.7% YoY to HKD 2.57 billion (USD 329 million) on revenue of HKD 5.31 billion (USD 679.8 million). Trading volume reached HKD 3.59 trillion (USD 459.6 billion), led by US equities. The firm added 204,000 funded accounts, more than half outside Hong Kong, bringing the total to 2.88 million as client assets climbed to HKD 973.9 billion (USD 124.7 billion).
Ping An profit surges in H1
Ping An Good Doctor posted H1 2025 revenue of RMB 2.5 billion (USD 350 million), up 19.5% YoY, with net profit rising 136.8% to RMB 134 million (USD 18.8 million). Paying users grew 35.1% as the company expanded corporate health services and launched new AI-powered medical tools.
WuXi Biologics lifts outlook after profit jump
WuXi Biologics posted H1 2025 revenue of RMB 9.95 billion (USD 1.4 billion), up 16.1% YoY, with IFRS net profit rising 54.8%. EBITDA (earnings before interest, taxes, depreciation, and amortization) grew 50.5%, and gross margin reached 42.7%. The company added a record 86 new integrated projects and raised its fiscal year 2025 revenue growth target to 14–16%, citing demand for complex biologics and late-stage manufacturing.
Pop Mart profits nearly quintuple in H1
Pop Mart reported revenue of RMB 13.9 billion (USD 1.9 billion) for the first half of 2025, up 204.4% YoY, with net profit surging 396.5% on strong global demand for its Labubu collectibles and expansion into higher-margin overseas markets. Five IP lines each generated over RMB 1 billion (USD 140 million), as the company expanded to 571 stores and 2,597 vending machines across 18 markets. —Reuters
Xpeng narrows losses on record sales
Xpeng reported Q2 2025 revenue of RMB 18.27 billion (USD 2.6 billion), up 125.3% YoY, as deliveries rose 242% to 103,181 vehicles. Net loss narrowed to RMB 480 million (USD 67.2 million), while gross margin climbed to 17.3% and vehicle margin hit a record 14.3%. The electric vehicle maker also launched the G7 SUV and expanded its tech partnership with Volkswagen.
Smart EV growth lifts Xiaomi earnings
Xiaomi posted record Q2 2025 results, with revenue up 30.5% YoY to RMB 116 billion (USD 16.2 billion) and adjusted net profit rising 75.4% to RMB 10.8 billion (USD 1.5 billion). Smart EV revenue more than tripled to RMB 21.3 billion (USD 3 billion) on a 198% jump in deliveries. IoT and lifestyle revenue rose 45% YoY, while smartphone shipments posted modest growth.
Tongcheng Travel sees growth in demand
Tongcheng Travel reported H1 2025 revenue of RMB 9.05 billion (USD 1.3 billion), up 11.5% YoY, with adjusted EBITDA rising 35.2% to RMB 2.34 billion (USD 327.6 million). Trip volume reached 1.99 billion, led by users from non-first-tier cities, who now account for 87% of its base. Lodging revenue rose 18.8%, and paid users hit 252 million.
Meitu posts strong AI-driven earnings
Meitu reported a 71.3% YoY rise in adjusted net profit to RMB 467 million (USD 65.4 million) for H1 2025, as revenue grew 12.3% to RMB 1.82 billion (USD 254.8 million). Monthly active users reached 280 million, and paying subscribers hit 15.4 million, driven by global demand for AI-powered tools like RoboNeo. Revenue from photo, video, and design products rose 45.2%, with improved margins.
That wraps up this edition of China Recap. If your company is expanding internationally, we’d love to hear about your latest milestones. Get in touch to share your story.