Tech Brief (March 6): Huawei’s Two Auto Units Join Hands on Lidar

Published: Mar. 6, 2026 2:40 p.m. GMT+8

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JD.com swings to loss

JD.com Inc. swung to a net loss of 2.7 billion yuan ($391 million) in the fourth quarter of 2025, compared with a profit of 9.9 billion yuan a year earlier, as the fading impact of government trade-in subsidies weighed on its core electronics business and heavy investment in new ventures squeezed margins. The quarterly loss underscores the company’s challenge in balancing costly expansion into food delivery and overseas markets with cooling consumer demand in China, particularly as Beijing scales back retail stimulus measures.

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JD.com reported a Q4 2025 net loss of 2.7 billion yuan, after a 9.9 billion yuan profit the previous year.
Bilibili achieved its first annual profit in 2025, posting a net profit of 1.2 billion yuan, driven by advertising growth and cost control.
China’s core AI industry exceeded 1.2 trillion yuan in value in 2025, with over 6,200 enterprises, according to the industry minister.

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Who’s Who

JD.com Inc.: In the fourth quarter of 2025, JD.com Inc. experienced a net loss of 2.7 billion yuan ($391 million), a significant downturn from its profit a year prior. This loss is attributed to the dwindling impact of government trade-in subsidies on its core electronics business and substantial investments in new ventures, which squeezed margins. The company faces challenges balancing expansion into food delivery and overseas markets with cooling consumer demand in China.

Bilibili Inc.: Bilibili Inc., a Chinese video platform, achieved its first-ever annual profit in 2025, reporting a net profit of 1.2 billion yuan ($174 million). This significant turnaround from a previous year's loss was primarily driven by a surge in advertising revenue and effective cost controls, indicating a stronger financial position for the company.

Huawei Technologies Co. Ltd.: Huawei Technologies Co. Ltd., a Chinese company with two automotive business units, recently launched a new 896-line lidar product for smart cars. This next-generation lidar offers image-grade clarity for mapping a car's surroundings, enhancing driver-assistance systems and improving safety. This collaboration highlights increasing competition in China's auto market.

PaXini Tech: PaXini Tech, a startup focused on tactile sensors for robots, has successfully completed a Series B funding round, raising over 1 billion yuan ($145 million). This investment, led by Huangpu River Capital and Kaitai Capital, has propelled the company's valuation past 10 billion yuan.

Huangpu River Capital: Huangpu River Capital is an investor that recently participated in the Series B funding round for PaXini Tech. PaXini Tech is a startup specializing in tactile sensors for robots and raised over 1 billion yuan in this funding round.

Kaitai Capital: Kaitai Capital is an investor in PaXini Tech, a startup focused on tactile sensors for robots. Kaitai Capital participated in PaXini Tech's Series B funding round, which successfully raised over 1 billion yuan.

VAST: VAST, an artificial general intelligence (AGI) startup, successfully completed a Series A funding round, securing $50 million. The investment was co-led by Alibaba Group Holding Ltd. and Hengxu Capital, with Baidu Ventures and Primavera Capital Group also participating.

Alibaba Group Holding Ltd.: Alibaba Group Holding Ltd. co-led a $50 million Series A funding round for VAST, an artificial general intelligence startup. Other participants in the funding round included Hengxu Capital, Baidu Ventures, and Primavera Capital Group.

Hengxu Capital: Hengxu Capital is an investor that co-led a Series A funding round for VAST, an artificial general intelligence startup. The round successfully raised $50 million.

Baidu Ventures: Baidu Ventures is an investor in VAST, an artificial general intelligence startup. VAST recently secured $50 million in its Series A funding round, co-led by Alibaba Group Holding Ltd. and Hengxu Capital.

Primavera Capital Group: Primavera Capital Group is an investor in VAST, an artificial general intelligence startup. They participated in VAST's $50 million Series A funding round.

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