GIL 2026 | Dr. Wang Xin Delivers Speech at the Opening Ceremony of Frost & Sullivan Summit 2026

Respected Chairman David Frigstad, Mayor Tu, President Aroop Zutshi, distinguished leaders and guests, ladies and gentlemen — good morning, everyone! This morning has been incredibly informative. As the old saying goes: "A single conversation with a wise person is better than ten years of study."

Dear Chairman David Frigstad, Mayor Tu, President Aroop Zutshi, distinguished leaders and guests, ladies and gentlemen — good morning, everyone! This morning has been incredibly informative. As the old saying goes: "A single conversation with a wise person is better than ten years of study."

Frost & Sullivan has a 65-year history. It was born in 1961. It is a fortunate coincidence that our Global President, Mr. Aroop Zutshi, was also born in the same year. That year was the Year of the Ox. Since our establishment on Wall Street in New York in 1961, Frost & Sullivan has long served global capital and securities markets, as well as countless listed corporations, multinationals, emerging enterprises and startups. Because it was the Year of the Ox — or the Year of the Bull, symbolizing prosperity — Frost & Sullivan has always maintained a highly optimistic and long-term bullish outlook on the global market. May this bullish market bring soaring success to everyone here with us and watching online.Aroop ZutshiMr., this year is the Year of the Ox. Since our establishment on Wall Street in New York in 1961, Frost & Sullivan has long served global capital and securities markets, as well as countless listed corporations, multinationals, emerging enterprises and startups. Because it was the Year of the Ox — or the Year of the Bull, symbolizing prosperity — Frost & Sullivan has always maintained a highly optimistic and long-term bullish outlook on the global market. May this bullish market bring soaring success to everyone here with us and watching online.

Frost & Sullivan has worked through a journey of 65-year history. Frost & Sullivan was born in 1961. It is a fortunate coincidence that our Global President, Mr. Aroop Zutshi, was also born in the same year. That year was the Year of the Ox. Since our establishment on Wall Street in New York in 1961, Frost & Sullivan has long served global capital and securities markets, as well as countless listed corporations, multinationals, emerging enterprises and startups. Because it was the Year of the Ox — or the Year of the Bull, symbolizing prosperity — Frost & Sullivan has always maintained a highly optimistic and long-term bullish outlook on the global market. May this bullish market bring soaring success to everyone here with us and watching online.

I would like to share a little story. This morning, Mayor Tu met with our Chairman David Frigstad, President Aroop Zutshi, and other leaders. Mayor Tu asked a question: "Mr. Frigstad, what year were you born?" He said: "I went to Hong Kong 50 years ago, traveling there as a young man in my twenties. At that time, a feng shui master saw me and offered to read my fortune. That's when I first learned about the twelve Chinese zodiac signs — I hadn't known about them before. "The twelve signs were in English, but he said he wouldn't tell me which sign was mine — he wanted me to read them myself." So Mr. Frigstad read through the descriptions of all twelve zodiac signs. After reading them, he said, "This one seems to be me!" It turned out to be the description for the Year of the Horse. He was shocked.

Let me share a little story. This morning, Mayor Tu met with our Chairman David Frigstad, President Aroop Zutshi, and other leaders. Mayor Tu asked a question: "Mr. Frigstad, what year were you born?" He said: "I went to Hong Kong 50 years ago, traveling there as a young man in my twenties. At that time, a feng shui master saw me and offered to read my fortune. That's when I first learned about the twelve Chinese zodiac signs — I hadn't known about them before. "The twelve signs were in English, but he said he wouldn't tell me which sign was mine — he wanted me to read them myself." So Mr. Frigstad read through the descriptions of all twelve zodiac signs. After reading them, he said, "This one seems to be me!" It turned out to be the description for the Year of the Horse. He was shocked.

This year, we are back in the Year of the Horse. As the Chinese saying goes: "Good farming in the Year of the Ox and the Year of the Horse," right? We are willing to serve the Chinese people and the people of the world — we are willing to work like oxen and horses for everyone. Mr. Frigstad was born in 1954, and this year is his sixth zodiac cycle — the Year of the Horse once again. The Year of the Horse carries many meanings in traditional Chinese culture: "follow the lead of the horse," "dragon-horse spirit," "taking the lead," "time flies like a white horse," "heavenly steed soaring across the skies" — there are countless idioms related to horses. "Flushed with success, the horse's hooves are swift in the spring breeze; in one day, one sees all the flowers of Chang'an." All themes related to horses are excellent. I hope that our Chairman and President, who traveled thousands of miles across the vast Pacific Ocean to arrive in Shanghai the day before yesterday, will bring you Frost & Sullivan's sincerity, along with our most in-depth understanding and insights on the global market.

This year, we are back in the Year of the Horse. As the Chinese saying goes: "Good farming in the Year of the Ox and the Year of the Horse," right? We are willing to serve the Chinese people and the people of the world — we are willing to work like oxen and horses for everyone. Mr. Frigstad was born in 1954, and this year is his sixth zodiac cycle — the Year of the Horse once again. The Year of the Horse carries many meanings in traditional Chinese culture: "follow the lead of the horse," "dragon-horse spirit," "taking the lead," "time flies like a white horse," "heavenly steed soaring across the skies" — there are countless idioms related to horses. "Flushed with success, the horse's hooves are swift in the spring breeze; in one day, one sees all the flowers of Chang'an." All themes related to horses are excellent. I hope that our Chairman and President, who traveled thousands of miles across the vast Pacific Ocean to arrive in Shanghai the day before yesterday, will bring you Frost & Sullivan's sincerity, along with our most in-depth understanding and insights on the global market.

After ten years, Mr. Frigstad has come back to China. Just now, during his conversation with Mayor Tu, he mentioned that seeing the rapid and tremendous changes in China left him deeply amazed — it is simply beyond words. Just as Prof. Vinod K. Aggarwal mentioned: "If you want to see the future, don't go to the cinema — come to China, and you'll see it for free." This particularly reflects what Frost & Sullivan has always emphasized: we should overweight China, overweight the future. So what is the future? Today I will share a few brief points with you.

After ten years, Mr. Frigstad has come back to China. Just now, during his conversation with Mayor Tu, he mentioned that seeing the rapid and tremendous changes in China left him deeply amazed — it is simply beyond words. Just as Prof. Vinod K. Aggarwal mentioned: "If you want to see the future, don't go to the cinema — come to China, and you'll see it for free." This particularly reflects what Frost & Sullivan has always emphasized: we should overweight China, overweight the future. So what is the future? Today I will share a few brief points with you.

This year, Albert Bourla, the global CEO of Pfizer, said, "Someone asked me: 'What do you focus on every day? What keeps you awake at night?' He said: 'There are only two topics: one is China, and the other is AI.' As we all know, China, as an ancient civilization with five thousand years of history, has made enormous contributions to human civilization. Especially in the forty years of reform and opening up, and particularly in the past decade, China has become a global benchmark. We have created a milestone in human history — no other country has, in just over forty years, transformed a country with relatively modest GDP into one with 300-fold growth. This has never been seen before in human history, and it will go down in history. What does China's example contribute to our world and to humanity? If you talk about megatrends, there are only two in the world: number one being China, number two being AI, artificial intelligence. There's no doubt. If you forget these two major megatrends, you will lose your sense of direction, and your perspective will become very narrow.

This year, Albert Bourla, the global CEO of Pfizer, told a story. He said someone asked him: "What do you focus on every day? What keeps you awake at night?" He said: "There are only two topics: one is China, and the other is AI." As we all know, China, as an ancient civilization with five thousand years of history, has made enormous contributions to human civilization. Especially in the forty years of reform and opening up, and particularly in the past decade, China has become a global benchmark. We have created a milestone in human history — no other country has, in just over forty years, transformed a country with relatively modest GDP into one with 300-fold growth. This has never been seen before in human history, and it will go down in history. What does China's example contribute to our world and to humanity? If you talk about megatrends, there are only two in the world: number one being China, number two being AI, artificial intelligence. There's no doubt. If you forget these two major megatrends, you will lose your sense of direction, and your perspective will become very narrow.

Today, we are especially grateful to: President Zhang Guohua of the China Advertising Association, Dr. Sun Jianping, President of the Shanghai Modern Service Association, Chairman Lu Wei of the China Cybersecurity Association, and other association leaders for their strong support; thank you to important leaders from national and Shanghai local associations who took the time to attend; thank you to Professor Wang Yu and Academician Zhao Guoping, among other top experts, for their presence and guidance; thank you to the presidents, members, and expert advisory panels of Frost & Sullivan’s various committees, as well as partners from top professional institutions such as CICC, CITIC, Morgan Stanley, Ernst & Young; thank you to leaders from local industrial investment platforms and institutions such as Shengshi Group, Xuzhou Guosheng Holdings Group, Xingfu Capital, Yuanhe Puhua, Zhongke Chuangxin, Probe Venture Capital, and others; and thank you to top media journalists from CCTV, Xinhua News Agency, People's Daily, China News Service, Financial Times, Reuters, Bloomberg, etc. Your presence is a great encouragement and motivation for us at Frost & Sullivan. Let us push forward and reach new heights. Thank you!

Today, we would like to express our special thanks to: President Zhang Guohua of the China Advertising Association; Dr. Sun Jianping, President of the Shanghai Modern Service Industry Federation; Chairman Lu Wei of the China Cyberspace Security Association; and other association leaders for their strong support; we thank the leaders of national and Shanghai-based associations for taking time from their busy schedules to be here; we thank Professor Wang Yu, Academician Zhao Guoping, and other world-class experts for gracing us with their presence; we thank the chairpersons, committee members, and expert advisory boards of Frost & Sullivan’s various committees, as well as partners from top global professional institutions including CICC, CITIC, and Ernst & Young; we also thank the leaders of Shengshi Group, Xuzhou Guosheng Holding Group, YUAN CAPITAL, Hua Capital, CASSTAR, and Probe Venture Capital, along with other local government industrial investment platforms and investment institutions, for participating in person; Finally, we thank the reporters from top global media outlets, including CCTV, Xinhua News Agency, People's Daily, China News Service, Financial Times, Reuters, and Bloomberg. Your presence is a tremendous encouragement and inspiration for Frost & Sullivan. Let us spur our horses on and reach even greater heights. Thank you all!

刚才各位领导已经讲到，2026年是我们"十五五"计划的开局之年。中国人讲，万事开头难；好的开始相当于成功的一半。今年也是我们沙利文成立65周年，沙利文进入中国28周年，也是我们的沙利文峰会——增长、科创与领导力峰会——今年在上海第20个年头成功举办。20年，我们风雨无阻，从未间断，不管是平时还是特殊时期，我们一如既往按期举行。希望我们的峰会给大家创造一个全球思想碰撞的平台，也能沟通东西，融合商业未来，融合不同国家、不同思维、不同行业、不同赛道、不同业界，还有生态伙伴的整合共融。

As the leaders have just mentioned, 2026 marks the inaugural year of China’s 15th Five-Year Plan. As the Chinese saying goes: "Everything is difficult at the beginning, but a good start is half the battle." This year also marks the 65th anniversary of Frost & Sullivan and the 28th anniversary of Frost & Sullivan’s entry into China. It also marks the 20th consecutive year that our Frost & Sullivan Summit — the Growth, Innovation and Leadership Summit — has been successfully held in Shanghai. For 20 years, rain or shine, we have never missed a year. Whether in normal times or unprecedented periods, we have always held it on schedule. We hope our summit creates a grand platform for global intellectual exchange, bridging East and West, integrating the future of business, and bringing together different countries, mindsets, industries, sectors, and ecosystem partners for integration and synergy.

First, what I would like to share with you is that to understand the future, we must look back at the past, allowing history to guide us toward the future. Remembering the past is the foundation for the future. Do you understand? As far as I know, our digital camera was originally invented by Kodak. However, after inventing it, he put it away in a safe and hidden it secretly, believing that it would not become mainstream. As a result, Kodak has largely withdrawn from the stage of history.

First, to understand the future, we must look back at the past. Let history tell the future. "Remember the past, and it shall be a guide for the future." Did you know that the digital camera was originally invented by Kodak? But after inventing the digital camera, they shelved it — locking it away in a safe. Because they thought it would never become mainstream. And the result? Kodak has essentially faded into history.

And Fuji Film. Although Fuji was not the first to invent digital cameras, it discovered something: digital products and digital cameras will definitely become essential in the future. When promoting the digital economy and digital products on a large scale, it utilized its existing coating technology, optical imaging, and polymer technology to enter the medical and life sciences sectors. It shifted from silicon-based technologies to carbon-based ones, and from the semiconductor industry to the life sciences industry. Now we know that many of its medical imaging equipment products account for a significant share. It transformed from scratch into a highly influential medical and semiconductor-related company in just two or three decades. Over these two or three decades, tremendous changes took place, which cannot be compared to anything else.

As for Fujifilm, it was not the first to invent the digital camera, but it recognized something: digital products and digital cameras will inevitably become the future. During the widespread adoption of digital products and the digital economy, it utilized its existing coating technology, optical imaging, polymer technology, and other capabilities, and entered the medical and life science sectors. It shifted from silicon-based to carbon-based technologies, and from the Semiconductor industry to the Life Science industry. As we know, its medical imaging equipment currently holds a significant market share. Starting from scratch, it became a highly influential company in medical and semiconductor-related fields within just twenty to thirty years. Over these two to three decades, the transformation has been profound—now it represents a completely different era.

这告诉我们什么？如果我们不能把握未来的大趋势，我们注定很难走得远、走得长。AI，我们大家都知道——刚才祖亚儒总裁已经介绍了，我们沙利文自主研发的、拥有独立自主产权的、完全由我们内部团队编写的AI平台，包括我们跟SAP合作，也借鉴了很多先进经验。我们创造了自己的AI平台，叫MEGA NEGA。Mega什么意思呢？Mega就是"大"的意思，megatrend就是大趋势。NEGA是Next Generation的缩略语——我们搞了个谐音梗。实际上generation应该缩写为GE，但是为了跟通用电气公司（GE）以示区别，我们用了GA。所以下一代最大的事情是什么？就是AI。

What does this reveal? If we fail to capitalize on the future megatrend, we will have difficulty surviving, let alone thriving in the long term. As for AI, we just witnessed President Aroop introduce Frost & Sullivan's proprietary, in-house developed AI platform. This platform was entirely developed by our team, while also drawing on advanced practices from our collaboration with SAP. We have created our own AI platform called MEGA NEGA. What does Mega mean? Mega means “big” — referring to the megatrend. NEGA stands for Next Generation. We used some wordplay here — normally, “generation” might be abbreviated as GE, but to avoid confusion with General Electric, we chose GA. So what is the most important aspect for the next generation? It is AI.

刚刚前不久，我们国家的最高领导层出席了在上海举办的世界人工智能大会WAIC。这是非常非常重要的。我们最高领导的指示就是讲：这代表全世界未来。这就是我们沙利文讲的transformation（转型）。那transformer对企业来说有什么意义呢？AI是不能忽视的。那AI是不是完美？不是。实际上最好的组合是AI加HI，一会我会讲到。

Just recently, China's top leadership attended the World Artificial Intelligence Conference (WAIC) held in Shanghai. This is extremely important. The message from our top leadership was clear: AI represents the future of the world. This is what Frost & Sullivan calls transformation. So what does being a "transformer" mean for enterprises? AI cannot be ignored. Is AI perfect? No. In fact, the optimal combination is AI plus HI (Human Intelligence) — which I will discuss shortly.

Frost & Sullivan over the years has published the Top Fifty Technologies, which are actually Disruptive Technologies, for the 16th time, 16th edition. We continue to track this annually because Frost & Sullivan has a powerful department called Tech Vision. Many people think that Frost & Sullivan may only have some understanding of markets and finance, but in fact, we are a company that deeply understands technology. Good technology does not necessarily lead to good markets, but good markets require excellent technology. This year, we are also updating the White Paper on China’s Industrial Development Trends for the Next 50 Years for the fifth time.

This marks Frost & Sullivan’s 16th consecutive year publishing the Global Top 50 Technologies — which are, in reality, disruptive technologies. We track them every year, driven by Frost & Sullivan’s highly capable Tech Vision department. Many people assume Frost & Sullivan only understands markets and finance. In reality, we are a firm with a profound understanding of technology. While good technology doesn’t always guarantee market success, market success is almost always backed by outstanding technology. This year also marks the fifth edition of our “White Paper on China’s Industrial Development Trends Over the Next 50 Years”.

下面的活动，我们即将看到我们跟Financial Times（金融时报）联合发布——前四届我们一直是独自发布，这次FT大力支持我们，给我们背书，我们一同发布这个中英文版。在这本书里边，我们有十大经典案例，都是最优秀的、最杰出的中国企业和中国企业家。有的企业家我看今天已经到场，比如说赵燕董事长。她做的很多产品，包括玻尿酸，还有很多相关产品，占据世界上基本半壁江山。过去的36个月和过去的12个月，我们沙利文在赴香港及境外上市作为独立行业顾问，市场份额从69%增长到71%。

In the remainder of today’s program, we will co-release this report with the Financial Times. Although we published the first four editions independently, we are delighted to receive strong support and endorsement from the FT this time, and we will jointly release both Chinese and English versions. The white paper includes ten classic case studies that highlight some of the most outstanding Chinese enterprises and entrepreneurs. I see some of these leaders present today, such as Chairwoman Zhao Yan. Her company’s products, particularly hyaluronic acid and its derivatives, account for nearly half of the global market share. Over the past 36 months — and especially in the last 12 months — Frost & Sullivan’s market share as an independent industry consultant for Hong Kong and overseas IPOs has increased from 69% to 71%.

But this is not the issue I want to discuss. I have identified a particularly important phenomenon. I will not provide specific figures; I simply share some numbers from the Hong Kong Stock Exchange during the first half of this year: There were 84 new stocks listed on the HKEX in the first half, and Frost & Sullivan provided independent industry consulting services for 50 companies, accounting for nearly 70%. In the semiconductor sector, Frost & Sullivan served 11 companies out of 16. In the AI sector, Frost & Sullivan served 13 companies out of 18, includingSparc AI Chapter (2513.HK) (The First Large Model Stock)Frost & Sullivan, Frost & Sullivan China, LeadLeo, LeadLeo Research Institute, LeadLeo, YUAN CAPITAL, SULLIVAN TELE-TREND CLOUD TECHNOLOGY, TradeGo, MagnaTEC, Automotive & Mobility, Environmental Protection & Energy Saving Technology, Logistics & Supply Chain, MATERNAL AND INFANT, Education & Training, Real Estate & Property, Catering & New Retailing, Advanced Materials, Healthcare & Life Sciences, Semiconductor & Chip, COMMERCIAL AVIATION, Technology, Media and Telecom, LANDSCAPING, Big Data & AI, Infrastructure Construction & Utilities, Culture & Entertainment, AGRICULTURE, FORESTRY ANIMAL HUSBANDRY AND FISHERY, Food & Beverage, Fintech, SHIPPING AND PORTS, Dual Carbon & New Energy, Mining & Metals, Public Sector, Cross-Border E-commerce Trade, Building Technology, Construction & Decoration, Beauty & Fashion, Smart Homes, Digital Infrastructure, Enterprise Services, Consumer ElectronicsMagnaTEC (3986.HK) (Semiconductor Leader)Frost & Sullivan, Frost & Sullivan China, LeadLeo, LeadLeo Research Institute, LeadLeo, YUAN CAPITAL, SULLIVAN TELE-TREND CLOUD TECHNOLOGY, TradeGo, MagnaTEC, Automotive & Mobility, Environmental Protection & Energy Saving Technology, Logistics & Supply Chain, MATERNAL AND INFANT, Education & Training, Real Estate & Property, Catering & New Retailing, Advanced Materials, Healthcare & Life Sciences, Semiconductor & Chip, COMMERCIAL AVIATION, Technology, Media and Telecom, LANDSCAPING, Big Data & AI, Infrastructure Construction & Utilities, Culture & Entertainment, AGRICULTURE, FORESTRY ANIMAL HUSBANDRY AND FISHERY, Food & Beverage, Fintech, SHIPPING AND PORTS, Dual Carbon & New Energy, Mining & Metals, Public Sector, Cross-Border E-commerce Trade, Building Technology, Construction & Decoration, Beauty & Fashion, Smart Homes, Digital Infrastructure, Enterprise Services, Consumer ElectronicsFujitsu AI Chip (9903.HK) (The First Stock of Domestic General GPU)What do you see as the capital flow? Hard technology, AI, and new quality productivity.

But that's not the main point I want to make today. Instead, I want to highlight a highly significant trend. While I won't read out an endless list of statistics, I do want to share a few key figures from the Hong Kong Stock Exchange for the first half of this year: In the first half, there were 84 new listings on HKEX. Frost & Sullivan provided independent industry consulting services for 50 of them — nearly 70%. In the semiconductor sector, Frost & Sullivan advised on 11 out of 16 listings. In the AI sector, Frost & Sullivan advised on 13 out of 18, including Z.AI (2513.HK) (the first large-model stock), GigaDevice (3986.HK) (a leading semiconductor company) and ‌ILUVATAR (9903.HK) (the first domestic general-purpose GPU stock). Where is the capital flowing? Toward hard technology, AI, and new quality productive forces.

Today, we have also brought Xu Shilong, the Chairman of Frost & Sullivan China’s New Quality Productivity Committee, to the scene. We request Chairman Xu to oversee this process. It is essential that our New Quality Productivity and all Frost & Sullivan’s work are carried out properly, with leadership oversight, so that we can build confidence. In the Hong Kong stock market, AI has experienced a significant surge. From late last year to early this year, AI-related IPOs raised nearly 100 billion Hong Kong dollars, accounting for more than 50%-55% of the total new share offerings during the same period. Therefore, AI is not just a separate industry; it is like electricity. We can imagine: from power generation—for example, power generation is computing power—to transmission and distribution—power transmission and distribution networks—this is our models, our large models. Finally, to electrical devices—whether household appliances or factory equipment—these are all applications.

Today, we are honored to have Chairman Xu Shilong, who supports our initiatives in new quality productive forces, present to provide his guidance. With our leadership guiding the quality of this work, we move forward with great confidence. We have seen a significant surge in AI IPOs on the HKEX. From the end of last year to the beginning of this year, AI-related IPOs have collectively raised nearly 100 billion Hong Kong dollars, representing over 50%-55% of the total new share capital raised during the same period. Therefore, AI is not merely a single industry—it is like electricity. Consider it this way: power generation is the computing power; the transmission and distribution grid represent the large models; and end-user devices—whether household appliances or factory equipment—are the AI applications.

Therefore, we see that AI has transformed our entire industrial chain. What really enables us to overcome market cycles? By remaining true to our original goals, we can achieve long-term success. As you know, we always emphasize that a company should have a vision and mission, right? So what exactly does a mission entail? It requires both entrepreneurs and employees to have a sense of responsibility and purpose. Even at a low position, one must not forget the concerns of the country. What is I? It is the Innovation that our country has strongly promoted over the years. However, the meaning of innovation is very broad; currently, we focus more on technological innovation, simply referred to as “Kechang”. T refers to establishing Trust, because without trust, no one will cooperate with you. Without integrity, it is impossible to thrive in society.

From this perspective, it is evident that AI is fundamentally transforming our entire industrial value chain. What is necessary to navigate through these cycles? Never forget your original aspiration—that is the key to success. We always say that a company must have a vision and mission, right? So what does a mission entail? It means that both entrepreneurs and employees must possess a strong sense of responsibility and purpose. As the old saying goes, no matter how humble our position, we must never lose sight of our duty to our nation. What does the “I” represent? It represents Innovation, a concept that our country has been actively promoting in recent years. Although innovation is a broad concept, our current focus is on technological innovation. The “T” stands for Trust. Without trust, collaboration is impossible, and it is impossible to establish a presence in society.

大家知道在几何学里边，三角形是最稳定的结构，四边形是不行的，其他多边形也很难做到这一点，只有三角形才是最牢固最稳定的。企业家的责任是什么？他们的使命是什么？往广义上讲，为人类命运共同体创造一个美好的未来——a better world，这是第一点。第二点，一定要造福我们的伟大祖国，造福我们伟大的人民，为我们的人民服务。第三点，一定要在我们的社会责任方面——比如ESG、CSRWhether it is environmental protection issues, Dual Carbon issues, or corporate social responsibility—one must set the highest example within their capabilities.

As we know from geometry, the triangle is the most stable structural shape. Unlike quadrilaterals or other polygons, the triangle provides unparalleled solidity and stability. So, what is the responsibility of an entrepreneur? What is their ultimate mission? First, in the broadest sense, it is to build a better world — to create a brighter future for a global community with a shared future. Second, we must benefit our great nation, uplift our people, and truly serve our society. Third, we must lead by example in our social responsibilities. Whether through ESG initiatives, environmental protection, or achieving our dual carbon goals, we must do everything in our power to set the highest possible standard.

I just mentioned to everyone that the MEGA NEGA we recently launched is actually an AI platform. However, it does not involve laying off all Frost & Sullivan employees; instead, we use it as a complement to our human intelligence. As we know, human intelligence has many limitations, despite its numerous advantages. What are those limitations? It cannot quickly read and summarize vast amounts of human knowledge in a short time—this is beyond anyone’s ability. But what makes human intelligence superior to artificial intelligence? It can only identify certain patterns; it is not very effective at handling non-linear, irrational thinking and predictive actions. I believe that with the development of AI—this is why AI has great market opportunities and investment potential. Therefore, the trend of the world is overwhelming; following it leads to success, resisting it leads to destruction—these were words spoken by Dr. Sun Yat-sen, the great revolutionary pioneer who overthrew the imperial system. We cannot stand in the way of history; we must follow the flow of time and be at the forefront of the era.

As I mentioned earlier, our recently launched MEGA NEGA is, at its core, an AI platform. However, its purpose is not to replace or lay off Frost & Sullivan employees. Rather, it is designed to act as a complement to human intelligence (HI). As we know, despite its many advantages, human intelligence has its limitations. For instance, no human can process the vast ocean of global knowledge in a fraction of a second to instantly extract underlying patterns. Conversely, where does human intelligence outperform AI? Currently, AI is largely limited to pattern recognition. It struggles with non-linear, abstract thinking, and nuanced predictive judgment. Bridging this gap as AI continues to evolve is exactly why the sector holds such enormous market opportunity and investment potential. As Dr. Sun Yat-sen, the great revolutionary pioneer who overthrew the imperial system, famously said: "The tide of history is mighty; those who submit to it will prosper, those who resist it will perish." We cannot be like the proverbial mantis trying to stop a chariot. Instead, we must ride the tide of history and become the trendsetters of our era.

Therefore, I believe that AI combined with HI is the best CI. Some call it Co-Intelligence, others call it Combined Intelligence, but it doesn’t matter. Only by combining and integrating these two intelligent approaches can we achieve the optimal outcome. Over the years, Frost & Sullivan has proposed two concepts: one internal and one external. Internally, we introduced the Open Industry Research Format (OIRF) – what does this mean? We aim to create an open-source system. Frost & Sullivan also addresses the consulting industry and knowledge services sector; they should not be black boxes or blind boxes. People do not know the internal operations, there is no transparency, zero transparency – which is not what we want. We want everyone to see our “open kitchen” – every detail, every action of a chef here preparing meals, as well as our food, data, information, and sources, all made public and transparent. Our regulators, customers, and all partners should supervise this – that is our goal. We call this KNIT, a trustworthy knowledge network – The Knowledge Network of Integrity and Trust. How is the character “信” written? As you can see, on the left is a person radical, and on the right is the character “yan”.

Therefore, I believe that AI plus HI equals the ultimate CI. Whether you call it Co-Intelligence or Combined Intelligence, the essence remains the same. Only by combining and integrating these two forms of intelligence can we achieve the optimal outcome. In recent years, Frost & Sullivan has introduced two core concepts: one internal and one external. Internally, we launched the Open Industry Research Format (OIRF). What exactly does this entail? Our goal is to create an open-source model for our industry. Frost & Sullivan, and indeed the broader consulting and knowledge services sectors, should never operate as a black box. Operating behind closed doors with zero transparency goes entirely against our vision. We want our clients to see into our “open kitchen.” Just as you can watch a chef meticulously prepare a meal, we want our data, our information, and our sources to be completely visible and transparent. We actively welcome the scrutiny and oversight of regulators, clients, and partners alike. That is our ultimate objective. We call this initiative KNIT: The Knowledge Network of Integrity and Trust. Consider the Chinese character for trust, “信” (xìn). The left side represents a “person,” and the right side represents “speech” or “words.”

Our ancient ancestor Cangjie created characters, and the greatness of the Chinese nation lies in its splendid civilization and culture. It is essential to keep promises and act on them. We truly hope that Frost & Sullivan and all our partners can build a trust-based relationship. You have entrusted us with significant responsibilities—such as financing activities, mergers and acquisitions, refinancing, bond issuance, etc., which many clients need in international capital markets and stock markets. What they require is a company they can fully trust, one that keeps secrets confidential and provides high-quality professional services. Frost & Sullivan must have this commitment, confidence, determination, and courage so that we can serve everyone well. We sincerely—devote ourselves wholeheartedly to serving others.

The wisdom embedded in our ancient language is profound — the greatness of the Chinese nation lies in its splendid civilization and culture. A person must stand by their word and honor their promises. It is our sincere hope that Frost & Sullivan, alongside all our ecosystem partners, can forge a truly trust-based network. When clients entrust us with critical milestones — whether it be IPOs, M&A, refinancing, or bond issuances in international capital markets — they require a partner they can implicitly trust to safeguard their confidentiality and deliver top-tier professional services. Frost & Sullivan must embody this commitment, confidence, determination, and courage to serve our clients to the highest standard. We are fully committed to working tirelessly and humbly as dedicated servants to our clients' success.

大家可以看到，我们对内和对外——不管是从OIRF还是KNIT——我们都要做。我们认为企业家现在最核心关注的三点是什么？要勇攀像雪山一样的高峰——第一个就是要做Branding（品牌建设）。所有在座的杰出的企业家，没有一个人是不讲branding的。I，Innovation，创新，不说了，科创大家不用讲。G，Globalization，出海。我们沙利文是怎么总结的？中国的企业家要引领科创、服务人民、报效祖国、走向世界。我们特别强调这个理念，也希望大家跟我们产生互动和共鸣，也希望大家为我们的理念指正。刚才我们的主席富大为先生（David Frigstad），还有我们的总裁祖亚儒先生（Aroop Zutshi），他们都不约而同地讲到了这本书。企业增长是企业永恒的主题。企业增长需要靠什么？必须有一个教练。

As you can see, whether examining internal factors through OIRF or external factors through KNIT, we are fully committed to implementing these principles. So, what are the three core priorities for today’s entrepreneurs as they strive to reach new heights in their industries? The first is Branding. Every outstanding entrepreneur in this room recognizes the essential importance of brand development. The second is Innovation—specifically technological innovation, whose necessity is self-evident. And the third is Globalization. How do we, at Frost & Sullivan, summarize this mission? We believe Chinese entrepreneurs should embody Pioneering Innovation, Serving the People, Dedicated to the Motherland, and Going Global. This is a philosophy we strongly advocate. We hope this vision resonates with you, and we warmly welcome your insights and feedback. Previously, both our Chairman, David Frigstad, and our President, Aroop Zutshi, mentioned this book. Corporate growth is an eternal pursuit. But what drives this growth? Every enterprise needs a mentor.

As we all know, coaches may not necessarily be world champions—it seems that Messi’s coach is not a world champion, and so is Cristiano Ronaldo. It is precisely these non-champion coaches who can become your guides. This book will be released by the end of this year—I also saw the president at our conference today—and we will publish it together with Machine Industry Publishing. Machine Industry Publishing not only publishes engineering drawings and mechanical drawing materials; it is one of China’s top-tier, business school-style, encyclopedic publishers specializing in management and finance, with significant global influence.

As we know, a coach does not necessarily have to be a world champion. Neither Messi’s nor Cristiano Ronaldo’s coaches were world champions themselves. However, it is precisely these non-champion coaches that serve as the best guides. We will officially release this book before the end of the year, co-published with Frost & Sullivan China. I actually saw President Shi among the audience today. As many of you know, Frost & Sullivan China goes far beyond engineering and technical manuals. It is one of China’s leading publishers for business management and finance, with a comprehensive portfolio and significant global influence.

Frost & Sullivan officially announces another news, and I will give a brief preview: Frost & Sullivan has established a Growth Coaching Center. I have reported this to David Fu Da, who serves as the chairman of this center. Fu Da recommended that our first location be Shanghai, where we will set up a training center and coaching center. The center employs a unique systematic approach to teach people how to analyze, identify, and evaluate opportunities, find growth avenues, and provide a complete closed-loop service.

I would also like to make an official announcement — a sneak peek: Frost & Sullivan has established a Growth Coaching Center. When I discussed this with Chairman Frigstad, he personally designated Shanghai as the inaugural location for our training academy. We have set up a dedicated coaching center specifically for this initiative. This center features a highly systematic methodology designed to teach you how to analyze, identify, and evaluate opportunities, pinpoint the right growth tracks, and ultimately deliver a complete closed-loop service.

Professor Ge Wanyi was our first Dean and first Director. He is very modest and has written numerous books; over thirty to fifty books have had their copyrights licensed by Oxford Publishing. Yesterday, I asked Professor Ge Wanyi, "Professor, could you do me a favor? Could you transfer some of the copyrights to us so that we can discuss it with Oxford Press?" He agreed. We hope to use these excellent books in our training center.

Professor Vinod K. Aggarwal will serve as our founding Dean. He is too modest to mention this himself, but he is a prolific author with dozens of books published exclusively by Oxford University Press. Yesterday, I asked him, "Professor, could you do me a favor and transfer some of those copyrights to us? We can negotiate with Oxford University Press." He graciously agreed. We look forward to bringing these outstanding resources into our training center.

As everyone knows, many friends ask what FS represents. One representation is our hope for good feng shui and favorable locations; the other is Future Study, which refers to the Future Study Institute. The Future Study Institute—of course, our Chairman of the Board of Directors is Mr. Fu Dawei, and our first Executive Dean is Mr. Zu Ya Ru, with Professor Ge Wan Wei as the Dean. We hope that all of you present will actively sign up for our first round of activities. For this first time, we have 21 days and 21 entrepreneurs. Someone asked me why 21? Because I believe these bosses and experts are top-level Chinese experts worldwide, who truly love Chinese culture, food, and coming to China. They understand the saying—“no matter what.” What does “no matter what” mean? No matter what difficulties arise, we must overcome all obstacles and move forward. 21 is a very good number—123: Dao gives birth to One, One gives birth to Two, Two gives birth to Three, and Three gives birth to all things. In conclusion, the long-term sustained and stable growth of the Chinese economy is one of the greatest benefits for the world.

As you all know, many friends often ask me what “FS” stands for. One interpretation is “Feng Shui” — favorable winds and auspicious waters; another is “Future Study,” which I have expanded into the “Future Study Institute” — our Future Academy. For this Future Academy, Mr. David Frigstad serves as Chairman of the Board, Mr. Aroop Zutshi as our founding Executive Dean, and Professor Aggarwal as our Dean. I warmly invite everyone here to sign up for our inaugural program. Our first cohort will run for 21 days, featuring 21 entrepreneurs. People ask me, “Why 21?” Our world-class leaders and experts deeply appreciate Chinese culture. They are familiar with the Chinese idiom “regardless of three-times-seven-twenty-one,” which means “no matter what.” It symbolizes our determination to overcome any obstacle and move forward. Moreover, 21 is an auspicious number. It can be broken down into 1, 2, and 3, reflecting the Taoist philosophy: “The Tao produces One, One produces Two, Two produces Three, and Three produces all things.” Ultimately, what is the greatest benefit to the global economy? It is China’s sustained and steady long-term economic growth, which is one of the world’s greatest advantages.

希望按照我们市长给我们的重要指示，我们按照领导的指示方针落实这个事，尽全力做好我们沟通全世界的工作。我再讲一个简单的事，就是图灵奖讲到，我们要从硅基的科学，走向碳基的科学，从生命科学开始研究未来。过去不管你是计算科学、人工智能、空间科学，实际上都是硅基的，只有我们life science是from silicon to carbon，这很重要——S to C，对吧？这个S to C是非常非常重要的。再次感谢大家莅临现场，听取我们的汇报。我希望在座各位永远大力支持沙利文。谢谢大家！

Guided by the important directives of our Mayor and city leadership, we are fully committed to putting these principles into action and doing our utmost to fulfill our mission of connecting with the world. Let me share one final thought, echoing what the Turing Award laureate mentioned earlier: we are transitioning from silicon-based science to carbon-based science, looking toward life sciences to understand the future. Historically, fields like computational science, artificial intelligence, and space science have all been fundamentally silicon-based. Life sciences represent a crucial shift "from silicon to carbon" — or "S to C." This S to C transition is of paramount importance. Once again, thank you all for being here today and for listening to our presentation. I hope we can count on your continued and unwavering support for Frost & Sullivan. Thank you!