The long video market continues to contract.

On August 20, 2025, iQiyi Inc. disclosed its second-quarter earnings report. The financial results showed that during the period, iQiyi Inc.'s revenue fell 11% year-over-year to 6.628 billion yuan, a decline exceeding 800 million yuan; net loss was 133.7 million yuan, compared to a net profit of 68.7 million yuan in the same period last year.

Among the segments, iQiyi Inc.'s membership revenue declined 9% year-over-year to 4.09 billion yuan, advertising revenue fell 13% year-over-year to 1.27 billion yuan, content distribution revenue dropped 37% year-over-year to 437 million yuan, while other revenue increased 6% year-over-year to 829.3 million yuan.

Under such market conditions, iQiyi Inc.'s content costs decreased 8% year-over-year to 3.78 billion yuan.

It's worth noting that iQiyi Inc. is far from the only company facing performance challenges.

TENCENT's financial report showed that as of the end of the second quarter this year, Tencent Video's paid subscribers numbered 114 million, down 3 million both year-over-year and quarter-over-quarter.

iQiyi Inc. founder Gong Yu revealed that long video platforms are losing viewers, with the situation becoming particularly severe over the past two to three years.

Fortunately, some policies are flowing toward the film and television industry.

On the evening of August 18, the National Radio and Television Administration issued a statement clarifying that it had recently printed and implemented "Several Measures to Further Enrich TV Big Screen Content and Promote Radio and Television Audiovisual Content Supply."

The "Several Measures" emphasizes multiple approaches to strengthen content construction and increase high-quality radio and television audiovisual content supply. It implements a "Content Renewal Plan" to strengthen content innovation; improves management policies regarding TV drama episode counts and seasonal drama broadcast intervals; improves TV drama content review work, optimizes mechanisms, and increases efficiency; strengthens ultra-high-definition program production and broadcast promotion; strengthens quality creation of documentaries and animated films; encourages and supports excellent micro-dramas to enter television broadcasting; promotes the introduction and broadcasting of excellent foreign programs, among other initiatives. Meanwhile, it strengthens relevant legal and regulatory system construction and enhances program copyright protection.

This implementation of the "Several Measures" will have direct market impact.

For example, the Radio and Television Administration mentioned in related briefings that previously, costume dramas broadcast during prime time on satellite TV were required not to exceed 15% of the total annual episodes, but this was adjusted to 30% last year. In the future, more precise and flexible costume drama broadcasting measures will be introduced based on actual conditions and audience demand.

Additionally, the briefing mentioned a new mechanism of "trial simultaneous review and broadcast, simultaneous modification and broadcast, with episode-by-episode and unit-by-unit feedback" for series dramas, situational comedies, and anthology dramas.

These are substantial pushes for the industry.

On August 20, the SSE Consumer 80 Index closed at 5075.73 points, up 1.72%.

**Consumption Promotion**

**Childcare Subsidies Exempt from Personal Income Tax**

On August 20, the Ministry of Finance and the State Taxation Administration issued a notice regarding personal income tax policies for childcare subsidies. To implement relevant provisions of the "Childcare Subsidy System Implementation Plan" issued by the General Office of the CPC Central Committee and the General Office of the State Council, the two departments decided to exempt childcare subsidies issued according to the childcare subsidy system from personal income tax; health departments will establish information sharing mechanisms with finance and taxation departments, with county-level health departments handling personal income tax exemption applications for subsidy applicants according to regulations.

**Personnel Changes**

**Hershey Appoints New Chief Human Resources Officer**

Recently, according to media reports, The Hershey Company has appointed Natalie Rothman as Chief Human Resources Officer. Rothman will lead the company's global human resources function and report to Company President and CEO Kirk Tanner.

**Air China Group Chairman Adjustment**

On August 19, according to China National Aviation Corporation news, on August 19, 2025, China National Aviation Corporation Limited convened a meeting of middle and senior management personnel. Relevant officials from the Central Organization Department announced the Party Central Committee's decision regarding adjustments to the main leadership of China National Aviation Corporation Limited: Comrade Liu Tiexiang was appointed Chairman and Party Secretary of China National Aviation Corporation Limited, relieved of his duties as Director, General Manager, and Deputy Party Secretary of China Eastern Air Holding Company Limited; Comrade Ma Chongxian was relieved of his duties as Chairman and Party Secretary of China National Aviation Corporation Limited. Related appointments and dismissals will be handled according to relevant laws and articles of association.

**Fonterra Corporate Venture Capital Appoints New Head**

Recently, according to media reports, Fonterra has appointed Xin Ma as Chief Investment Officer of its investment arm Ki Tua Fund, primarily responsible for overseeing the fund's global investment strategy, focusing on startups in food, agriculture, nutrition, and health technology sectors. Xin Ma previously served as Vice President and EU Venture Capital Head of the fund.

**Agriculture**

**National Agricultural Product Wholesale Market Pork Average Price Declines**

On August 20, according to Ministry of Agriculture and Rural Affairs monitoring, as of 14:00 that day, the national agricultural product wholesale market pork average price was 20.04 yuan/kg, down 0.8% from the previous day.

**Food and Beverage**

**Tianwei Food Plans Hong Kong Listing**

On August 20, Tianwei Food announced that it is planning to issue overseas listed shares (H shares) and apply for listing on the Hong Kong Stock Exchange Main Board.

**Nongfu Spring First Enters Top Three Global Soft Drink Brand Value Rankings**

Recently, according to media reports, international authoritative brand evaluation agency Brand Finance released the "2025 Global Soft Drink Brand Value Top 50" report. The report shows that Nongfu Spring Co., Ltd. achieved value growth in the non-alcoholic beverage list, ranking 3rd, up one position from 2024, only behind Coca-Cola and Pepsi. Nongfu Spring's 2025 brand value reached $11.09 billion, up 33.6% year-over-year. The Brand Strength Index (BSI) increased 3.5 points to 91.1, with brand strength rating rising to the highest level AAA+, becoming a benchmark brand in Asia's non-alcoholic beverage sector. This marks the first time a Chinese brand has entered the top three of this ranking, and Nongfu Spring's third consecutive year in the top ten.

**Moutai Launches on Taobao Flash Purchase, Over 1,000 Official Stores Provide 30-Minute Delivery**

Recently, according to media reports, Guizhou Moutai Sauce Liquor Marketing Co., Ltd. and Taobao Flash Purchase announced the launch of deep cooperation, with the first batch of over 1,000 "Moutai Sauce · Shared by Ten Thousand Families" official stores going live on Taobao Flash Purchase, providing consumers with "authentic Moutai 30-minute delivery" service. Currently, the "Moutai Sauce · Shared by Ten Thousand Families" Taobao Flash Purchase store has launched Moutai 1935, Guizhou Daqu, Moutai Yingbin, Moutai Prince, Han Sauce and other series products, covering the full price range from mass to premium. In the future, Taobao Flash Purchase will connect Moutai's over 270 experience centers and over 6,500 themed terminal stores nationwide, achieving full online presence.

**Master Kong Ice Tea Launches 'Duck Shit Fragrance Lemon Tea' New Product**

Recently, Master Kong Ice Tea launched the 'Duck Shit Fragrance Lemon Tea' new product.

**Mengniu Launches 'New Yangdao Functional Milk Series' New Products**

On August 19, Mengniu New Yangdao launched a functional milk series targeting the new pre-elderly group, including three products: Yougu, Youyi, and Youshan.

**Dining**

**Baifukong Reaffirms Meet Noodles Capital Process Advancement**

On August 20, Baifukong Holdings, which owns Hehegu and New Spicy Way, announced that its revenue for the first half of 2025 was 190 million yuan, down 22% year-over-year; net loss attributable to shareholders was 32.86 million yuan, narrowed from 45.12 million yuan in the previous year. The total number of dining brand stores was approximately 1,131, with total system sales of 1.716 billion yuan. When mentioning its investment in Meet Noodles, the company stated that Meet Noodles strengthens competitiveness through price advantages, product richness, and multi-time operations, expands Hong Kong regional layout, and advances the capitalization process.

**Saizeriya Plans to Establish Company in Malaysia to Develop Local Market**

On August 19, Saizeriya announced it will establish a wholly-owned subsidiary "Malaysia Saizeriya" (tentative name) in Malaysia. This new subsidiary aims to expand the Malaysian market, promote "Saizeriya" restaurant business development, and further expand the group's business territory. The new company is expected to be officially established in September 2025, with registered capital of approximately 300 million yen (about 14 million yuan), 100% controlled by Saizeriya.

**Starbucks North America Employees to Receive 2% Pay Raise This Year**

Recently, according to media reports, Starbucks plans to give all salaried employees in North America a 2% pay raise this year. This raise applies to all local white-collar employees as well as production and distribution department employees, while salaried retail business leaders such as store managers will also receive a 2% raise. The uniform raise for all salaried positions differs significantly from the previous policy where managers decided raises. This adjustment is also part of a comprehensive transformation plan under CEO Brian Niccol's leadership, which also includes restoring cafe-style store atmosphere.

**ChaPanda Introduces "Outsourced Closing" Service to Stores**

Recently, according to media reports, ChaPanda contracts external service providers to send personnel to help with closing tasks, and early shift employees the next day only need to take photos to verify the service. This project is called the "Night Clean Plan" internally at ChaPanda, where "night clean" means "nighttime cleaning." It's understood that after tea shops close, they still need to spend about two hours on cleaning and other work. As of July, 1,350 ChaPanda stores in China have adopted night cleaning, accounting for about 1/5 of national stores.

**Burger King × Naruto Collaboration Merchandise Goes Live**

On August 19, Burger King's official Weibo announced that the collaboration with Naruto officially went live. For this collaboration, Burger King launched Shadow Clone Beef Whopper, Chidori Spicy Chicken Leg Burger, and limited-edition orange buns. Purchasing designated collaboration meal sets can get T-shirts, figurines and other merchandise. Additionally, Burger King opened themed stores nationwide.

**DQ Launches 'Hall of Fame Autumn Parfait' Ice Cream New Product**

On August 20, DQ launched the 'Hall of Fame Autumn Parfait' ice cream new product.

**E-commerce and Retail**

**Meituan's International Food Delivery Brand Keeta Officially Launches in Qatar**

On August 20, Meituan announced that Meituan's international food delivery brand Keeta officially launched in Doha, the capital of Qatar, marking another important breakthrough for Meituan in the Middle East market after Saudi Arabia.

**Express Logistics**

**ZTO Express Q2 Net Profit 1.938 Billion Yuan, Down 25.8% Year-over-Year**

On August 20, ZTO Express released an announcement on the Hong Kong Stock Exchange. The financial report showed that Q2 revenue reached 11.832 billion yuan, up 10.3% year-over-year; net profit attributable to shareholders was 1.938 billion yuan, down 25.8% year-over-year.

**Fashion Footwear and Apparel**

**SHEIN Signs Memorandum of Understanding with Lufthansa Cargo**

According to Jiemian News, on August 20, SHEIN and Lufthansa Cargo announced the signing of a memorandum of understanding, confirming they will complete the final adoption of sustainable aviation fuel (SAF) offset solutions for SHEIN cargo transportation within the next six months and advance other multiple initiatives to promote the transition of aviation transport operations to renewable and low-carbon energy.

**Jewelry**

**Lao Pu Gold: First Half Net Profit 2.268 Billion Yuan, Up 285.8% Year-over-Year**

On August 20, Lao Pu Gold announced that for the six months ended June 30, 2025, operating revenue was 12.354 billion yuan, up 251.0% year-over-Year; period profit was 2.268 billion yuan, up 285.8% year-over-year.

**Daily Chemicals**

**Huang Zitao's Sanitary Pad Company Establishes New Company in Jinhua with 10 Million Yuan Registered Capital**

According to Qichacha, on August 19, Jinhua Duowei Sanitary Products Co., Ltd. was established, with Xu Jiabin as legal representative and registered capital of 10 million yuan. The business scope includes production and sales of sanitary products and disposable medical products, personal hygiene product sales, etc. Shareholder information shows the company is wholly owned by Zhejiang Duowei Care Products Co., Ltd., which is jointly held by Hangzhou Hengyan Technology Co., Ltd., Hangzhou Xinyan Cultural Creativity Co., Ltd., Hangzhou Longzeling Network Technology Co., Ltd., and Huang Zitao.

**Tourism and Travel**

**12306 Customer Service Responds to "High-Speed Rail Launches Milk Tea"**

On August 19, according to media reports, during this year's summer transport period, railway dining showed some new changes. The high-speed rail milk tea ice-cool series beverages launched by China Railway Guangzhou Group averaged over 6,000 cups in daily sales. Some trains also introduced ice cream for passengers based on seasonal factors. Railway 12306 customer service staff responded that high-speed trains previously sold milk tea, but passengers couldn't see when booking tickets whether their train would have milk tea available, and could only inquire with dining car staff after boarding about daily milk tea availability.

**Entertainment**

**POP MART Founder Wang Ning: Will Release Mini Version Labubu Next Week**

On August 20, according to Yicai, POP MART founder Wang Ning stated: "We'll release Mini version LABUBU this week. Previously people might hang it on bags, but starting next week, people can even hang it on phones, expanding usage scenarios."

**POP MART Wen Deyi: Expects Overseas Stores to Reach 200 by Year-End**

On August 20, POP MART held its 2025 interim results meeting. POP MART Joint Chief Operating Officer Wen Deyi stated that POP MART currently has 140 overseas stores, expecting to exceed 200 overseas stores by year-end. POP MART plans to open its first store in Doha, Qatar in the second half, entering the Middle East market.

**Game Science Announces New Work: "Black Myth: Zhong Kui" Enters Development**

On August 20, at the Cologne Game Show Opening Night held at Beijing time August 20, Game Science officially announced its new work "Black Myth: Zhong Kui" with a CG teaser trailer. According to Game Science's official website, "Black Myth: Zhong Kui" is the second work in the Black Myth series. As a standard single-player action RPG, its business model is identical to "Black Myth: Wukong." The new work has officially entered development but has no real gameplay demonstration yet.