Domestic AI emerges as a dark horse, Xiaomi SU7 dominates the screen, "Wukong" goes viral... A comprehensive review of the top ten business events in China in 2024

As 2024 is about to come to a close, the business world remains bustling and lively. This year has been one of transformation and reshaping, with countless stories emerging in the business sector, among which the top ten events are particularly noteworthy.

Domestic AI smart assistants have shown a "two super, many strong" landscape, with Kimi and Doubao leading the way; Xiaomi's automotive venture has gone from zero to one, with the SU7 dominating the screens; the "remote confrontation" between Zhong Shanshan and Zhang Yiming has sparked a major discussion on corporate philosophy and market strategy.

"Black Myth: Wukong" has burst onto the scene, becoming a phenomenal hit in the cultural industry; the beverage industry is also tumultuous, with a milk tea price war escalating, even coffee getting caught up in the melee; Huawei has reclaimed the top spot in smartphone sales, once again proving the return of the tech king.

The fates of individuals and enterprises are intertwined, with 79-year-old Zong Qinghou passing away, marking a generational shift for Wahaha; Dong Yuhui's solo venture has opened a new chapter in the traffic economy. Meanwhile, capital operations have shown their power again, with Miniso spending 6.3 billion to gain control of Yonghui Superstores, attracting attention; while Li Auto has witnessed challenges and opportunities for its brand image amid the MEGA storm.

From technology to retail, from capital to culture, these events have not only rewritten the industry landscape but have also become key pieces in the business map of 2024. Next, let us review the ten most important business events of this year.

Kimi and Doubao Lead the Way, Accelerating the Domestic AI Race

In 2024, China's artificial intelligence industry, after experiencing the "hundred model war," is gradually maturing and differentiating. Among them, the AI assistant field has shown a "two super, many strong" competitive landscape, with Kimi and Doubao standing out due to their respective technological advantages and market strategies, becoming the leaders in the industry.

Kimi, under the banner of Moon's Dark Side, focuses on technological innovation as its core driving force. On December 16, Moon's Dark Side released the latest visual thinking model k1. The official statement indicated that in benchmark capability tests in basic scientific disciplines such as mathematics, physics, and chemistry, the performance of the first-generation k1 model surpassed that of OpenAI's o1, GPT-4o, and Claude 3.5 Sonnet.

Doubao, under ByteDance, is known for its large user base and strong interactive capabilities, aiming to create a national-level AI assistant. On December 18, at the Volcano Engine FORCE Original Power Conference, the Doubao model family underwent a comprehensive optimization upgrade, with the visual understanding model enabling Doubao to "understand the world," capable of interpreting images, videos, and other multimodal information, while the 3D generation model provided users with a more realistic and immersive experience.

According to Quantum Bit data, **as of the end of November, the Doubao APP's cumulative user base in 2024 has successfully surpassed 160 million, with an average daily new user download rate stabilizing at 800,000, a growth rate exceeding 15%, making it the second-ranked AI APP globally and the first in China **

ByteDance's significant investment in AI demonstrates its determination to accelerate its efforts in this field. In 2024, ByteDance's investment in AI will reach 80 billion RMB, equivalent to the total investment of the three giants in the BAT (Baidu, Alibaba, Tencent) in this area, with an expected investment of 160 billion RMB in 2025.

On December 26, DeepQiuSuo announced the launch and simultaneous open-sourcing of the DeepSeek-V3 model. DeepSeek-V3 is a 671 billion parameter expert mixture (MoE, which uses multiple expert networks to partition the problem space into homogeneous regions) model, with 37 billion active parameters, pre-trained on 14.8 trillion tokens. Its performance surpasses that of open-source models such as Qwen2.5-72B and Llama-3.1-405B, and is on par with world-class closed-source models like GPT-4o and Claude-3.5-Sonnet.

Yang Zhilin, founder of the Dark Side of the Moon, stated that they focus more on enhancing the model's reasoning capabilities to bring real value to users, rather than deliberately pursuing uniqueness. This "focus" strategy is also reflected in Kimi's product features. Analysis suggests that Doubao emphasizes user experience and interaction, aiming to cover a broader user base; while Kimi focuses on technological innovation, building core competitiveness by enhancing the model's reasoning and thinking abilities; DeepSeek V3 is known for its efficient training and low cost, excelling particularly in code and mathematics.

With the continuous development of technology and the growing demands of users, there remains significant room for growth in the AI assistant field. The leading positions of Kimi and Doubao not only drive the development of China's AI industry but also provide new ideas and directions for the global AI assistant development.

SU7 Emerges, Xiaomi's Automotive Business from Zero to One

The Chinese automotive industry is undergoing a major transformation not seen in 40 years, and the emergence of the Xiaomi SU7 is undoubtedly a highlight.

On the evening of March 28, 2025, the highly anticipated Xiaomi SU7 finally unveiled its mystery. This mid-to-large-sized pure electric sedan launched three models at once, including SU7, SU7 Pro, and SU7 Max, with prices starting at 299,900 RMB.

The longest wait of over half a year did not dampen consumer enthusiasm; after its launch in March, SU7's orders continued to soar, securing 50,000 large orders within 27 minutes. Currently, the weekly new locked order volume remains around 6,000.

From a production capacity of 7,000 vehicles in April to the 100,000th vehicle rolling off the line 230 days after launch, and now achieving over 20,000 deliveries for two consecutive months, Xiaomi has repeatedly raised its annual sales target, with the latest goal being to deliver 130,000 vehicles in 2024.

Not only that, since the beginning of this year, Xiaomi Auto has been actively promoting two products: in July, the Xiaomi SU7 Ultra Prototype was unveiled; in October, the mass production version of the SU7 Ultra was officially released; in December, Xiaomi's first SUV, the YU7, was showcased, with an expected official launch in June or July next year.

Xiaomi's entry not only accelerates competition in the new energy vehicle market but also drives a reshuffle and upgrade of the entire industry with a brand new posture and model.

2025 will be a year when Xiaomi shines in the new energy vehicle field and a year of significant changes in the automotive industry landscape in China and even globally.

"Black Myth: Wukong" Goes Viral Online

On August 20, accompanied by countless players' anticipation, "Black Myth: Wukong" officially launched on PC and PS5 platforms.

This work, hailed as “China's first AAA game”, showcased its strong revenue-generating ability as soon as it appeared. In just three days, total sales across all platforms exceeded 10 million copies, breaking China's game sales record, with the highest concurrent online users surpassing 3 million. By September, estimated sales had soared to 18.9 million copies, generating over 6.4 billion yuan in revenue, setting a new milestone for China's gaming industry.

The success of "Black Myth: Wukong" is not limited to the gaming circle; it resembles a cultural phenomenon sweeping across society. From August 20 to September 12, discussions about "Black Myth: Wukong" on the internet reached 21.14 million posts, peaking on August 22, with various topics emerging, sparking nationwide discussions. People enthusiastically talked about the exquisite graphics, meticulous details, and the innovative interpretation of the classic IP "Journey to the West."

Regarding the viral success of "Black Myth: Wukong," Goldman Sachs pointed out in a recent report that this marks a significant turning point for China's console gaming industry and a key step for Chinese games to go global, which may stimulate investment in China's gaming industry, especially in AAA games At the TGA (The Game Awards) ceremony held on December 13, 2024, "Black Myth: Wukong" won two major awards. Although it regrettably did not win the Game of the Year title, as China's first truly AAA single-player game, it undoubtedly boosted the development of China's console gaming market, which is of great significance.

The Return of the King: Huawei Regains the Top Spot in China's Smartphone Market Sales

At the beginning of 2024, Huawei made a strong comeback, regaining the title of the top seller in the Chinese market.

On February 4, Counterpoint Research released a report stating that Huawei topped the Chinese smartphone market sales in the first two weeks of 2024.

In week 49 of 2024 (from December 2 to December 8), Huawei's smartphone activation share in the Chinese market reached 25%, a year-on-year increase of 59%, ranking first in market share.

In this week's sales competition, Huawei made the list with three models: Huawei Mate 70, Huawei Mate 70 Pro+, and Huawei nova 13, demonstrating Huawei's strong competitiveness in the high-end market.

Analysts believe that the sales of the Huawei Mate 70 series have significantly increased compared to the previous generation, with expectations to support sales exceeding ten million units, providing strong support for the overall sales growth of Huawei smartphones.

On September 10, the Huawei Mate XT Extraordinary Master was officially released. With a 10.2-inch ultra-large screen, a thickness of just 3.6mm, and an innovative dual-hinge structure that bends both inwards and outwards, it redefines foldable smartphones. This product is not only a pinnacle of Huawei's technology but also a bold innovation in the form of foldable smartphones.

79-Year-Old Zong Qinghou Passes Away, Wahaha Enters a New Era

On February 25, 2024, Wahaha Group founder and chairman Zong Qinghou passed away due to illness at the age of 79. His passing marks not only the end of an era but also the beginning of a power transition within Wahaha Group.

Zong Qinghou's daughter, Zong Fuli, officially took over the baton of Wahaha as the second-generation successor.

Zong Fuli's succession has not been smooth sailing; her path to reform is filled with controversy. Shortly after Zong Qinghou's death, Zong Fuli announced her resignation as Vice Chairman and General Manager of Wahaha Group, sparking widespread attention regarding the company's future direction However, just four days after the resignation incident, Wahaha issued a statement saying that Zong Fuli decided to continue fulfilling her management responsibilities at Wahaha Group.

Under Zong Fuli's leadership, Wahaha Group underwent a core management team “overhaul”. Several executives stepped down from their positions as directors and supervisors, and the core management team was almost completely replaced; employee contracts and distributor contracts in core departments were transferred to Hongsheng Beverage Group Co., Ltd.; the distributor system was restructured, and for the first time, a “bidding” process was used to select distributors.

Zong Fuli proposed that Wahaha should adhere to a big health development strategy, establishing a distinctive product chain and sales network. Under her leadership, Wahaha focused on brand strategies such as “youthfulness” and “big health,” seeking paths for the transformation of old and new driving forces.

However, Zong Fuli's reforms also faced challenges. Over a thousand Wahaha employees joined a rights protection group and sued Zong Fuli, accusing her reforms of harming their interests.

Zong Fuli not only has to inherit her father's legacy but also must lead Wahaha Group towards a broader future in the new business environment. This is a contest of inheritance and innovation, a handover of power and responsibility, and an important chapter in the development history of China's private enterprises.

Zhong Shanshan's Angry Retort to Zhang Yiming

On the commercial stage of 2024, a striking confrontation unfolded. The protagonists are two business giants: Zhong Shanshan, the head of NONGFU SPRING, and Zhang Yiming, the founder of ByteDance.

From November 19 to 20, Zhong Shanshan attended an agriculture-related event in Xinfeng County, Ganzhou City, where he publicly called out Zhang Yiming, stating that the latter turned the internet into a technical algorithm, manipulating the intelligence of the public, and regarding the harm caused by various rumors, he would wait for an apology:

“You are the actual controller of Toutiao, and you are also a profitable enterprise. You are a platform enterprise with sufficient control over public opinion, so please bear the rules of corporate civility.”

This public relations crisis originated in February of this year when Wahaha founder Zong Qinghou passed away, putting Nongfu Spring in the spotlight. After nearly 180 days of continuous "online bullying" on platforms like Douyin and Toutiao, Nongfu Spring's market value evaporated by nearly HKD 210 billion; Zhong Shanshan, who holds nearly 83% of the company's shares, saw his personal wealth shrink by nearly HKD 180 billion.

According to data from Guojin Securities, since the end of February, a large amount of malicious defamation against the company has appeared online. In the first half of this year, Nongfu Spring's bottled water sales fell by 18% year-on-year, and the operating profit margin of its water business declined by 4.3 percentage points year-on-year.

As a result, Nongfu Spring had to respond to various controversies regarding Zhong Shanshan and Zong Qinghou's past, the company's country of origin, and tax issues. Zhong Shanshan even accepted an interview with CCTV's "Dialogue" program after 20 years.

For Zhong Shanshan, he must defend the Nongfu Spring brand, as the quality of a brand can often influence the life and death of a consumer goods company.

In an era of information explosion, Nongfu Spring will undoubtedly face a difficult mental battle if it wants to regain its former glory.

The Tea Beverage Market Competition Between Luckin Coffee and Bawang Chaji

In 2024, competition in the tea beverage industry has entered a heated stage. In particular, the market battle between Luckin Coffee and Bawang Chaji has become the focus of industry attention. Luckin Coffee challenges the afternoon market with its new product "Light Jasmine," while Bawang Chaji defends its position with its signature product "Boyang Juexian."

During the Paris Olympics, domestic tea beverage brands engaged in fierce marketing competition. Bawang Chaji became the big winner in the traffic battle thanks to the endorsement of Zheng Qinwen, the women's singles tennis champion.

Luckin Coffee is also not to be outdone. On August 11, Luckin Coffee officially announced Liu Yifei as its global brand ambassador, praised by netizens as "instantly becoming like a luxury brand." On August 12, Luckin launched the "100 million cups of 9.9 yuan afternoon tea" campaign, inviting consumers nationwide to taste its new product "Light Jasmine."

It is worth mentioning that the main ingredients of this product include jasmine tea, pure milk, light cream, green coffee liquid, and original flavored syrup, which are highly similar in composition to Bawang Chaji's "Boyang Juexian." Clearly, coffee giant Luckin has begun to venture into the tea beverage sector and is directly targeting the strong competitor Bawang Chaji in the tea and milk segment.

Data shows that Luckin Coffee's revenue for the third quarter of 2024 was RMB 10.1808 billion, a year-on-year increase of 41.4%, with a net profit of RMB 1.3 billion, a year-on-year increase of 32%. In that quarter, 1,382 new stores were opened, a month-on-month increase of 6.9%, bringing the total number of stores to 21,343.

The competition between Luckin Coffee and Bawang Chaji is not only a battle of products and prices but also a contest of brand strategy and market positioning. In this tea beverage war, who will ultimately prevail still requires further testing by the market and consumers.

Miniso Spends 6.3 Billion to "Acquire" Yonghui Supermarket

In the Chinese retail industry, Miniso's acquisition storm this year has stirred waves.

On September 23, 2024, Miniso announced a massive investment of 6.27 billion yuan to acquire 29.4% of Yonghui Supermarket's shares, becoming its largest shareholder.

Some analysts believe this is a bold attempt by Miniso to create a "Chinese version of Sam's Club," intending to spark a revolution in the retail industry.

As one of the giants in China's supermarket industry, Yonghui Supermarket has been troubled by declining performance in recent years. From 2021 to 2023, it accumulated losses of up to 8.375 billion yuan. In the face of difficulties, Yonghui Supermarket has attempted self-adjustments, such as the Pang Donglai model, but replicating it in first-tier cities still faces challenges.

Once the acquisition news broke, the market reacted strongly. Miniso's stock price fell by 36.47% on the first trading day after the announcement, with a market value evaporating by about 850 million USD. Investors expressed concerns about the financial burden and integration challenges of this acquisition. In contrast, Yonghui Supermarket's stock price hit the daily limit up after the news was released.

This acquisition is not just a game of funds but also a strategic contest. Miniso needs to face a series of challenges, such as how to integrate Yonghui Supermarket's business and how to enhance its overall competitiveness. On the other hand, Yonghui Supermarket, after the adjustments from the Pang Donglai model, has seen significant improvements in performance, undoubtedly giving Ye Guofu more confidence.

On December 3, 2024, the Guangdong Provincial Market Supervision Administration announced that Miniso's subsidiary, Guangdong Jun Cai International Trade Co., Ltd., received unconditional approval for the acquisition of shares in Yonghui Supermarket Co., Ltd. during the review of operator concentration cases. This marks a key step forward for the acquisition.

Miniso's gamble is an exploration of trillion-level opportunities or an incomprehensible gamble? Time will provide the answer.

Dong Yuhui Goes Solo: A Turning Point in Live E-commerce

In 2024, a significant event shook the live e-commerce industry—Dong Yuhui announced his solo venture. This decision not only marks a new chapter in his personal career but also has a significant impact on the entire live e-commerce industry On July 25, Dongfang Zhenxuan announced that Dong Yuhui would no longer serve as an employee and senior management of the company, while transferring 100% equity of its wholly-owned subsidiary "With Hui Together" to Dong Yuhui for RMB 76.585 million.

This transaction is essentially a financial support from Dongfang Zhenxuan to Dong Yuhui, as With Hui Together has achieved a net profit of RMB 140 million from its establishment until June 30, 2024, all of which is awarded to Dong Yuhui.

Dongfang Zhenxuan also provided With Hui Together with a self-developed information system for free to maintain its normal operations and helped Dong Yuhui find a new office space.

After going solo, Dong Yuhui quickly expanded his business territory, establishing multiple companies involved in daily necessities sales, internet sales, broadcasting and television program production, and performance brokerage. His actions received enthusiastic support from fans, who believe that Dong Yuhui's solo venture is a significant advancement in the live e-commerce industry.

However, Dong Yuhui's solo venture is not without controversy. Dongfang Zhenxuan's stock price fluctuated due to this event, and there were many doubts from small and medium shareholders.

Public opinion on Dong Yuhui's solo venture is mixed; some believe it is a great opportunity for him to break free from constraints and realize his self-worth, while others worry that it may adversely affect his personal brand and live streaming career.

Despite facing controversies and challenges, Dong Yuhui's solo venture is undoubtedly a turning point in the live e-commerce industry. As Dong Yuhui continues to explore and advance on his new path, perhaps he can bring more innovation and vitality to live e-commerce.

Li Auto MEGA Controversy

In the spring of 2024, Li Auto's first pure electric MPV model—Li Auto MEGA—became the focus of public opinion.

On March 1, the highly anticipated Li Auto MEGA was officially launched, attracting much attention with its unique appearance and high-end positioning. However, the response was not all praise; instead, it sparked a huge controversy regarding its design. Some netizens mockingly referred to its unique rear shape as "coffin" design and edited images online, adding words like "offering," which quickly spread on social media, igniting intense discussions.

This controversy not only affected the brand image of Li Auto MEGA but also directly led to a significant drop in sales. Reports indicate that Li Auto MEGA faced over 10,000 cancellations within 72 hours of its launch The stock price was also severely impacted. On March 4th, Li Auto's stock price plummeted by 12.89% in the Hong Kong market, with a market value evaporating by nearly HKD 40 billion.

In the face of this crisis, Li Auto's founder Li Xiang publicly stated that he would use legal means to counter these malicious attacks and emphasized that "no matter how difficult it is, we cannot become Darth Vader."

In this turmoil surrounding the Li Auto MEGA, Li Auto demonstrated its determination and ability to respond to crises, but it also exposed shortcomings in product design and market prediction. Data from the following months showed that Li Auto continued to maintain strong sales momentum in the Chinese market. By November 2024, Li Auto's total sales reached 48,743 vehicles, with 863 units of the Li Auto MEGA sold, and cumulative sales for 2024 reaching 9,543 vehicles.

On December 25th, after "disappearing" from the public eye for nine months, Li Xiang held an interview communication meeting. He stated that Li Auto will definitely make robots in the future and will not venture into Robotaxi. By 2030, there is a 50% chance that Li Auto will produce a very interesting supercar equipped with artificial intelligence.

In the future, how Li Auto adjusts its product and market strategies will be the focus of industry attention