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This report is from this week’s CNBC’s The China Connection newsletter, which brings you insights and analysis on what’s driving the world’s second-largest economy. You can subscribe here.

Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a succinct snapshot of what I’m seeing and hearing from local businesses.

Today, I unpack what’s next for Chinese companies using AI to make money. As more than one executive tells me, large language models like DeepSeek are no longer enough. What are they looking for instead?