当技术爆炸与动荡交织，什么才是值得信任的引领？一家65年的顶级咨询机构，如何定义这个时代的"领创精神"？ When technological explosion and turbulence intertwine, what kind of leadership is truly worthy of trust? How does a premier consulting institution with 65 years of history define the "spirit of pioneer innovators" of this era? 世界从未如此复杂，也从未如此丰盛。 The world has never been so complex, nor so abundant. AI、新能源、生物科技等领域竞相迸发，技术创新如烟花般绚烂绽放，每一个方向都在许诺一个崭新的未来。然而另一边，技术的加速度与国际局势的波动交织在一起，人们在信息洪流中反而更难辨清方向：机会越多，越怕选错；声音越杂，越渴望指引。 In fields such as AI, new energy, and biotechnology, innovations are erupting in fierce competition, with technological breakthroughs blooming as brilliantly as fireworks—each direction promising a brand-new future. Yet on the other side, the acceleration of technology and the fluctuations of the international landscape are intertwined, leaving people even more unable to discern their bearings amid the torrent of information: the more opportunities there are, the greater the fear of choosing wrongly; the more voices there are, the stronger the longing for guidance. 哪些发展方向值得关注？哪些企业值得信任？ Which directions of development deserve attention? Which enterprises are worthy of trust? 今年恰逢弗若斯特沙利文（Frost & Sullivan，简称"沙利文"）成立65周年，他们将年度主题词定为"信任"。这家陪伴了上万家企业上市、转型与变革的增长咨询公司，始终在做一件事——通过深度研究，尽可能消除信息不对称，为资本市场提供最可信的判断。 This year marks the 65th anniversary of Frost & Sullivan, which has chosen "Trust" as its annual theme. This growth consulting firm, having accompanied tens of thousands of enterprises through IPOs, transformations, and changes, has always been doing one thing—eliminating information asymmetry to the greatest extent possible through in-depth research, and providing the capital market with the most credible judgments. 自2025年开始，福布斯中国与沙利文连续合作举办行业发展领创者评选，试图进一步回答，在喧嚣与迷雾之中，究竟什么才是值得托付的引领？ Since 2025, Forbes China and Frost & Sullivan have collaborated consecutively to host the Awards of Pioneer Innovators in Industry Development, seeking to further answer this question: amid the noise and fog, what kind of leadership is truly worthy of entrustment? 日前，2026福布斯中国行业发展创作者评选颁奖盛典圆满落幕。在颁奖环节正式开始前，我们与弗若斯特沙利文全球高级副总裁、亚太区联合主席、中国董事长王昕博士进行了一场对话，探讨“领创”二字的份量，以及信任何以成为这个时代最稀缺的资产。 Recently, 2026 Forbes China Pioneer Innovators in Industry Development Selection Gala Banquet concluded successfully. Before the official award presentation began, we had a conversation with Dr. Neil Wang, Global Senior VP, Co-Chairman of Asia Pacific, and Chairman of China, Frost & Sullivan, to explore the weight of the word "pioneering" and why trust has become the most scarce asset of this era. 01 小荷才露尖尖角 The Lotus Bud Just Showing Its Tip 3月18日上午，上海宝格丽酒店宴会厅外。红毯已经铺好，身着西装的安保人员在入口处来回巡视，数十位工作人员手里攥着流程单，步履匆匆，空气中弥漫着一种紧张却充满期待的气氛。 On the morning of March 18, outside the ballroom of the Bvlgari Hotel Shanghai. The red carpet had already been laid out; security personnel in suits patrolled back and forth at the entrance; dozens of staff members clutched their run-of-show sheets, hurrying to and fro. The air was filled with an atmosphere that was tense yet brimming with anticipation. 紧张，是因为这场备受瞩目的盛会不容有失。而期待，是因为今晚，一批在各自领域内成绩斐然的名字将登上属于他们的舞台。沙利文要将最能引领中国未来发展的领创者们郑重地介绍给世界。 The tension stemmed from the fact that this highly anticipated grand event brooked no mishap. The anticipation arose because tonight, a group of names that had achieved remarkable success in their respective fields would ascend to a stage that belonged to them. Frost & Sullivan would solemnly introduce to the world the pioneer innovators best positioned to lead China's future development. 王昕拆解"领创"两个字："'领'就是领先。第一个吃螃蟹需要冒险，敢为天下先，但同时也意味着有巨大的机会。我们觉得任何一个行业必须有领军人物和领军企业，它们对细分赛道、甚至对更大的行业资源有先锋示范作用。'创'就是创新，最好是开天辟地式地创造出一些新的东西。可以是一个引领时代的新业务模式，一种新的潮流，或者一个新的想法。最重要的是要对过去的墨守成规说'不'，要打破那些条条框框的束缚。" Dr. Neil Wang deconstructed the two characters "ling chuang": "'Ling' means leading. Being the first to eat the crab requires taking risks and daring to be the trailblazer, but it also signifies enormous opportunity. We believe that every industry must have leading figures and leading enterprises, which serve as pioneering exemplars for niche tracks and even for broader industry resources. 'Chuang' means innovation, preferably the creation of something new in a groundbreaking manner. It can be a new business model that leads the era, a new trend, or a new idea. Most importantly, it means saying 'no' to the rigid adherence to conventions of the past, and breaking free from the shackles of those rules and constraints." 今年入选的领创者们，正是这样一群企业与个人。他们中的多数是深耕细分赛道的创新型成长期企业，亦不乏手握核心技术的初创新势力。虽然尚未长成行业巨头，但是他们凭借前瞻的视野与破界的创新力，已成为各自领域的先行者。 This year's selected pioneer innovators are precisely such a group of enterprises and individuals. The majority are innovative growth-stage enterprises deeply rooted in niche tracks, while there is also no shortage of nascent new forces armed with core technologies. Though they have not yet grown into industry giants, they have become trailblazers in their respective fields by virtue of their forward-looking vision and boundary-breaking innovative capabilities. 九层之台，起于累土。不管是巨无霸的跨国公司还是百年企业，都是一点一滴积累而成，涓涓细流才能汇成汪洋大海。因此王昕坚信，这些成长期企业和初创企业是产业发展的根基，更是未来商业格局的孕育者。 A nine-story tower begins with a pile of earth. Whether it is a behemoth multinational corporation or a century-old enterprise, all are built up drop by drop; only trickling streams can converge into a vast ocean. Therefore, Dr. Neil Wang firmly believes that these growth-stage and start-up enterprises are the foundation of industrial development, and even more so, the incubators of future commercial landscapes. 根基的成长，往往伴随着脆弱。根据沙利文多年来在全球范围内的大量研究结果显示，初创企业有将近97%甚至更高，在创业的前两三年面临极高的失败风险。"就好像一个新生的幼鸟，经不住狂风暴雨。在前两年里，它极度需要关注，需要背书，需要帮助，需要唤起合作伙伴、客户对它的认可。" The growth of foundations is often accompanied by fragility. According to extensive research results accumulated by Frost & Sullivan over many years across the globe, nearly 97% or even more of start-up enterprises face extremely high risks of failure during the first two or three years of their founding. "It is like a newborn fledgling, unable to withstand violent storms. In the first two years, it desperately needs attention, endorsement, assistance, and the need to evoke recognition from partners and customers." 他引用了一句诗："小荷才露尖尖角，便有蜻蜓立上头。"沙利文愿做"蜻蜓"，为"小荷"采蜜传粉。 He quoted a line of poetry: "The lotus bud just shows its tip, and already a dragonfly perches atop." Frost & Sullivan is willing to be the "dragonfly," gathering nectar and pollinating for the "lotus bud." 与2025年相比，本届入选者的画像更为鲜明。多位评委不约而同地发现，海归、年轻、高学历是这一届的突出特点，"跟我们几十年前改革开放之初，很多创业者从基层一点点做起来不一样。这些人有全球化视野，在最前沿的高科技解读方面特别牛。"王昕说。 Compared with 2025, the profile of this year's selected pioneer innovators is more distinct. Multiple judges independently discovered that returnees from overseas, youth, and high educational attainment are the prominent characteristics of this cohort. "This is different from the early days of reform and opening-up several decades ago, when many entrepreneurs worked their way up from the grassroots level bit by bit. These people have a globalized vision and are particularly formidable in interpreting the most cutting-edge high technology," Dr. Neil Wang said. 但技术领先不等于一切。王昕补充了一个关键观察："好的科技不代表有好的市场，也不代表有好的推广前景。顶级的技术，不一定能带来巨大的市场效益和投资效益。" But technological leadership does not equal everything. Dr. Neil Wang added a crucial observation: "Good technology does not necessarily mean a good market, nor does it mean promising prospects for promotion. Top-tier technology does not automatically yield enormous market returns and investment returns." 技术之外，资本市场真正在寻找的另有答案。 Beyond technology, what the capital market is truly seeking lies in another answer. 02 企业家精神的底色 The Essence of Entrepreneurship 资本市场逐利而动，但高收益往往伴随高风险，二者互为表里，无法剥离。那些能将技术转化为可持续商业价值的人，往往更加懂得如何驾驭风险。因此一个能真正穿越周期的领创者，必须具备超越技术本身的企业家精神。 The capital market moves in pursuit of profit, but high returns often accompany high risks; the two are the outward and inward aspects of the same entity, inseparable. Those who can transform technology into sustainable commercial value typically understand even better how to manage risk. Therefore, a pioneer innovator who can truly traverse cycles must possess an entrepreneurial spirit that transcends technology itself. 王昕认为："企业家精神不是体现在他能研发出一个好的产品，而是在于整合资源的能力。" Dr. Neil Wang believes: "Entrepreneurial spirit is not manifested in one's ability to develop a good product, but rather in the capacity to integrate resources." 优秀的企业家必须有办法充分利用所有的社会资源和商业生态资源，把不同的利益相关者整合起来组成一个团队。这个团队不光指企业内部团队，王昕说："外面的世界非常广阔，如果一个企业家能发动外部的社会资源，让商业合作伙伴、生态，甚至政府职能部门、政策制定方、监管机构都能支持他，重视他的一些理念、产品、服务，乃至他的市场进入策略、营销布局和全球化战略，那么企业的价值就更容易被广泛看见与认同。" An outstanding entrepreneur must find ways to fully utilize all social resources and commercial ecosystem resources, integrating different stakeholders to form a team. This team does not refer only to the internal enterprise team, Dr. Neil Wang said: "The outside world is extraordinarily vast. If an entrepreneur can mobilize external social resources, enabling commercial partners, the ecosystem, and even government functional departments, policymakers, and regulatory agencies to support him and attach importance to his concepts, products, services, as well as his market entry strategies, marketing layouts, and globalization strategies, then the value of the enterprise will more easily be widely seen and recognized." 2026福布斯中国行业发展领创者评选颁奖盛典上，沙利文特意邀请了产、学、研、投、媒各界人士齐聚活动现场，对企业家而言，这正是一次难得的资源整合与生态链接机会。 At 2026 Forbes China Pioneer Innovators in Industry Development Selection Gala Banquet, Frost & Sullivan deliberately invited figures from industry, academia, research, investment, and media to gather at the event. For entrepreneurs, this was precisely a rare opportunity for resource integration and ecosystem linkage. 王昕所说的"外面的世界"是要放眼全球。他说："现在的竞争，是地球村里的竞争。竞争的国际属性，我们绝对不能遗忘。" The "outside world" that Dr. Neil Wang spoke of requires a global perspective. He said: "Today's competition is competition within the global village. The international nature of competition is something we must never forget." 他讲了一个真实的故事，一位百亿级上市公司的企业家说要出海，专家问："你要去哪个国家？"企业家说："我要去非洲。"专家又问："非洲有五十几个国家，你想去哪个？语言、文化、开放程度、经济发展水平千差万别。你都不知道自己在问什么，又何谈答案？" He told a true story. An entrepreneur from a listed company with a market value in the tens of billions said he wanted to go overseas. An expert asked: "Which country do you want to go to?" The entrepreneur replied: "I want to go to Africa." The expert asked again: "There are over fifty countries in Africa. Which one do you want to go to? The languages, cultures, levels of openness, and economic development vary enormously. You don't even know what you're asking, so how can you talk about answers?" 王昕很清楚，企业家并不是全能的，尤其是在全球化这门复杂的功课面前，没有人是天生的优等生。但这没关系，沙利文可以提供系统的方法论。近期，沙利文和中国顶级的出版社达成合作，即将推出一本《企业出海增长指南》（英文名为《GO GLOBAL: The Growth Coaching Book》）。他相信，全球化的势头，没有任何人可以阻挡。 Dr. Neil Wang is well aware that entrepreneurs are not omnipotent, and especially before the complex subject of globalization, no one is a born top student. But that is all right; Frost & Sullivan can provide systematic methodologies. Recently, Frost & Sullivan has reached a cooperation with a top-tier Chinese publisher and will soon launch a book titled "企业出海增长指南" (with the English title "GO GLOBAL: The Growth Coaching Book"). He believes that the momentum of globalization is unstoppable by anyone. 他形象地介绍："出海，就好像坐船。你不可能开个小舢板出海，可能没开出几公里，一个浪来了就翻了。一定要有海图告诉你哪里有暗礁，有GPS帮你做引导。这不是盲人摸象，而是要有既定的步骤、有全球通行的成熟方法。" He vividly explained: "Going overseas is like sailing. You cannot set out to sea in a small sampan; you might not get a few kilometers before a wave capsizes you. You must have nautical charts to tell you where the reefs are, and GPS to guide you. This is not groping about in the dark like a blind man touching an elephant, but rather having established approaches and mature methodologies recognized globally." 他对沙利文很有信心，因为用专业为企业赋能这件事，沙利文已经做了65年。 He has great confidence in Frost & Sullivan, because empowering enterprises with professionalism is something Frost & Sullivan has been doing for 65 years. 03 65年浇灌信任 65 Years of Nurturing Trust 咨询行业潮起潮落，每10-20年就会迎来一次格局洗牌，而沙利文是全球少有的、横跨半个多世纪仍保持活跃的专业咨询机构之一。 The consulting industry ebbs and flows, with its landscape reshuffled every 10 to 20 years. Frost & Sullivan is one of the few professional consulting institutions globally that has remained proactive across more than half a century. 目前，沙利文在全球设有近50个分支机构，覆盖所有的发达国家、新兴经济体和主要资本市场，成为无数客户的信赖之选。信任，是它的王牌。 Currently, Frost & Sullivan has nearly 50 branches worldwide, covering all developed countries, emerging economies, and major capital markets, becoming the trusted choice of countless clients. Trust is its trump card. "现在海量信息鱼目混珠，良莠不齐。获取信息的成本极大下降了，但质量也打上了问号。"王昕说，"水军、假新闻、AI伪造的内容、不良个体或小机构的短期行为……它们没有历史沿革，没有长期经营的观念，不把品牌和质量放在第一位。所以，信任是普遍匮乏的。" "Now, massive amounts of information are a mix of fish eyes and pearls, of uneven quality. The cost of obtaining information has dropped enormously, but its quality is also cast into doubt," Dr. Neil Wang said. "Internet water armies, fake news, AI-generated forgeries, short-term behavior by unscrupulous individuals or small institutions... they have no historical lineage, no concept of long-term operation, and do not place brand and quality first. Therefore, trust is universally scarce." 沙利文成立65周年的关键词就选定为"信任"，王昕时常提醒团队，脚踏实地地认真做好每一天的本职工作，慢工出细活，不能追求一蹴而就。 The keyword chosen for Frost & Sullivan's 65th anniversary is "Trust." Dr. Neil Wang frequently reminds his team to do their daily work conscientiously and steadily, with the understanding that slow and careful work yields fine results, and that one cannot pursue instant success. 他阐释，沙利文从三个层面构建信任：第一，提供可信的方法论，一套被绝大多数各方接受的标准操作流程，与全球标准对齐的正规度；第二，是历史沿革，65年来公司保持了良好的业界口碑，在全球覆盖数百个细分行业，通过持续研究形成数据库、行业知识库，确保信息的准确性；第三，只选择顶级合作伙伴。与福布斯中国联合主办的行业发展领创者评选即是诞生于这样的标准。 He elaborated that Frost & Sullivan builds trust on three levels: first, by providing credible methodologies—a set of standard operating procedures accepted by the vast majority of parties, with a degree of formality aligned with global standards; second, through historical lineage—over 65 years, the company has maintained an excellent industry reputation, covering hundreds of niche industries globally, and through sustained research has formed databases and industry knowledge bases to ensure information accuracy; third, by selecting only top-tier partners. the Awards of Pioneer Innovators in Industry Development co-hosted with Forbes China were born from such standards. 正是这种坚持，让沙利文的报告获得全球主要机构的普遍认可。王昕说："在常年扮演独家IPO行业顾问的过程中，我们的研究结论需要进入招股说明书，持续接受监管机构、投资者和市场的多重审视。近10年来，沙利文连年蝉联中国企业赴香港及境外上市专业行业顾问市场份额的领导地位。2025年沙利文香港IPO行业顾问市占率高达73%。这种高度集中的市场认可本身就是一种信任机制。" It is precisely this persistence that has won Frost & Sullivan's reports widespread recognition from major institutions worldwide. Dr. Neil Wang said: "In the process of serving as an exclusive IPO industry advisor over the years, our research conclusions must enter prospectuses and continuously undergo multiple scrutiny by regulators, investors, and the market. Over the past decade, Frost & Sullivan has consecutively maintained its leadership in market share as the professional industry advisor for Chinese enterprises listing in Hong Kong and overseas. In 2025, Frost & Sullivan's market share as a Hong Kong IPO industry advisor reached as high as 73%. This highly concentrated market recognition is itself a mechanism of trust." 沙利文追求长期主义，对前沿科技的追踪同样遵循这套系统性的方法论。面对AI浪潮，早在七八年前创办头豹科创网时，王昕就前瞻性地提出了"AI+HI"（人工智能+人类智能）的理念，并且一直身体力行。 Frost & Sullivan pursues long-termism, and its tracking of cutting-edge technology similarly follows this systematic methodology. Faced with the AI wave, as early as seven or eight years ago when founding LeadLeo Science and Technology Innovation Network, Dr. Neil Wang put forward the forward-looking concept of "AI + HI" (Artificial Intelligence + Human Intelligence) and has consistently practiced it. "AI可以进行海量数据的处理，可以在人的指挥下筛选出数学模型，这是人力所不及的。"他解释，"就好像我们去拔草，用手能拔几根？但开着除草机去，效率就高了。不是我们人不行，而是我们把不擅长的工作，交给了擅长做这些工作的AI。" "AI can process massive amounts of data and, under human direction, screen out mathematical models—this is beyond human capability," he explained. "It is like weeding: how many weeds can you pull by hand? But drive a weeding machine, and efficiency soars. It is not that we humans are incapable, but rather that we entrust tasks we are not good at to AI, which excels at them." 他话锋一转："AI是有短板的。比如，见一叶落而知天下秋，机器看到一片叶子掉了，它不知道这意味着什么。再比如，一个苹果砸在牛顿头上，和砸在普通人头上，是两个效果。" He then shifted his tone: "AI has its shortcomings. For example, when one leaf falls, the wise know that autumn is coming; when a machine sees a leaf drop, it does not know what it means. Another example: an apple falling on Newton's head and an apple falling on an ordinary person's head produce two entirely different effects." 所以在沙利文，AI提供效率和广度，人提供深度和判断。两者结合，才能输出真正值得信任的结论。 Therefore, at Frost & Sullivan, AI provides efficiency and breadth, while humans provide depth and judgment. Only by combining the two can truly trustworthy conclusions be delivered. 他的技术理念与当前中国的人工智能发展战略部署同频共振。在中国，沙利文已经连续经营28年。它始终坚持高度本土化，以服务国家与社会、推动经济发展、增进人民福祉，为经营宗旨。积极响应中国的产业政策和战略转型方向，在"一带一路"、双循环、双碳、企业出海、品牌强国、数字中国等重大战略布局上，贡献行业力量。 His technological philosophy resonates in frequency with China's current AI development strategy and deployment. In China, Frost & Sullivan has operated continuously for 28 years. It has consistently adhered to a high degree of localization, with its operational mission being to serve the nation and society, promote economic development, and enhance the well-being of the people. It actively responds to China's industrial policies and strategic transformation directions, contributing industry strength to major strategic layouts such as the Belt and Road Initiative, dual circulation, dual carbon, enterprise globalization, brand empowerment, and Digital China. 王昕相信："未来我们可以发挥的空间非常巨大。"因为这家走过65载春秋的公司，步履轻快，对未来依然充满好奇，"影响世界的50大科技"、"中国未来50年"……沙利文从未停止向读者分享眺望未来的目光。 Dr. Neil Wang believes: "The space in which we can exert influence in the future is enormously vast." Because this company, having traversed 65 years, moves with light steps and remains full of curiosity about the future—"Top 50 Technologies Shaping the World," "China's Next 50 Years"... Frost & Sullivan has never stopped sharing its gaze toward the future with its readers. 这或许就是"信任"二字在这个时代最稀缺、也最珍贵的含义：它不是一句口号，而是一个在长期稳定的坚持中，一点点积累起来的、可验证的承诺。它来自于对互利共赢的践行，对民众福祉的关切，也来自于对长期主义的信仰。 This, perhaps, is the most scarce and most precious meaning of the word "trust" in this era: it is not a slogan, but a verifiable promise accumulated bit by bit through long-term, steadfast persistence. It comes from the practice of mutual benefit and win-win outcomes, from concern for the well-being of the people, and from faith in long-termism. 无论是领创者，还是托举者，最终都要回归到这个朴素却颠扑不破的真理上来。 Whether pioneer innovators or those who support them, all must ultimately return to this simple yet indestructible truth. 本文版权归福布斯所有，经授权转载

站在 “十五五”规划的新起点上，《 2026 年政府工作报告》明确指出，要培育壮大新兴产业和未来产业，推动生物制造等产业成为新的经济增长点。合成生物学作为继“ DNA 双螺旋结构发现”与“基因组技术革命”之后的第三次生命科学革命，正引领生物制造产业加速迈入 4.0 时代，成为重塑全球物质生产方式的重要战略支点。未来，将深度重构生物医药、先进材料、消费品、能源、环保、农业等产业的发展范式。大力发展合成生物与生物制造产业，不仅是抢抓全球制高点的战略契机，更是加快形成新质生产力、实现高水平科技自立自强的重要路径。 基于对全球前沿科技与生物制造相关产业的长期洞察经验，弗若斯特沙利文（ Frost  & Sullivan ，以下简称“沙利文”）将启动《全球合成生物与生物制造产业发展白皮书（ 2026 ）》的筹建与编写工作。本白皮书将通过“政 - 产 - 学 - 研 - 金 - 用”的紧密合作与深入调研结果，旨在为政府机构、投资机构、产业界以及社会各界，提供前瞻性的结构化启示与参考。 研究内容 本白皮书将系统梳理全球合成生物与生物制造产业发展全景，通过详尽的产业链全景图谱，深入解析上游工具层、中游平台层及下游多元化应用场景的发展现状，从技术演进、商业逻辑及市场格局等维度，阐明合成生物在重构生产逻辑、保障供应链安全，以及驱动绿色可持续发展等方面的战略价值。   此外，还将重点梳理中、美等全球主要国家的产业生态与监管框架，对比不同政策环境下的产业生态及发展阶段差异，解析 “监管创新”与“产业策源”的协同关系，包括推动绿色低碳转型、供应链安全保障、产业格局重塑。同时，报告将结合中国市场的发展实情，系统解构行业所处的发展阶段与产业结构特征，深入挖掘驱动中国合成生物与生物制造产业未来跃迁的核心动力，以此洞察未来发展趋势。   其中，针对产业链上下游、标杆案例（园区、企业、产业平台等）章节，诚邀相关企业合作，通过第一视角分享如何直面现存挑战、迎合商业机遇，展示其商业模式、技术平台、先进工艺、生态合作等核心竞争力。这些实证案例将为合作企业提供权威发声与聚焦传播的窗口，同时为资本方、科研机构、行业等提供参考，吸引上下游合作伙伴主动加入企业生态。参与此次白皮书合作，有助于提升合作企业在全球市场的品牌声量，助力全球化品牌建设与产品布局。 企业参与价值   1.全球品牌声量构建与权威背书   白皮书英文版将同步登陆全球知名通讯社（美联社等）、主流财经媒体（雅虎财经等）、北美财经媒体和网站（商业内参、道琼斯市场观察、 Benzinga、华尔街内参等）以及全球各区域媒体。   依托沙利文全球媒体矩阵与品牌影响力，将提升企业在全球合成生物与生物制造赛道中的战略位势，助力企业构建面向国际市场的品牌影响力和商业公信力。   2.树立行业形象与行业话语权确立   本白皮书将深度整合企业市场研判、技术洞察及产业实践案例，依托系统化、专业化的研究成果，助力企业巩固细分赛道专业形象与战略定位，凸显技术认知领先优势，增强企业的专业认可度与话语权，提升在行业内部与外部市场中的辨识度与影响力。   3.生态连接赋能与资本价值传导   白皮书将作为连接产业端与资本端的核心纽带，精准触达一、二级市场投资者、政府相关机构及产业链上下游合作伙伴。通过深度解析企业的业务布局与核心能力，将企业的商业潜力转化为资本市场可理解的“逻辑语言”，为后续的投融资对接、政府资源落地及战略合作创造高价值底座。 白皮书发布计划   项目启动时间      ： 2026年5月   报告完整版发布      ： 2026年8月4-5日第二十届沙利文全球增长、科创与领导力峰会暨第五届新投资大会   发布渠道     ：沙利文集团创作矩阵中拥有30+金融平台及财经媒体创作矩阵，旗下运营账号包括：弗若斯特沙利文、头豹、活报告（LiveReport大数据）等，全网拥有50万+由投资者、分析师、企业家、媒体人等组成的高知、高净值粉丝。   参与合作     请联系我们     沙利文中国   高级合伙人兼董事总经理   杨晓骋   邮箱： jacky.yang@frostchina.com   沙利文中国   医疗首席分析师   孙榕   邮箱： skyler.sun@frostchina.com   长按扫描下方二维码，我们将与您取得联系

Exclusive Interview with Frost & Sullivan Entrepreneurs   True Biology was established in In 2012, the company was a biotechnology enterprise driven by innovative research and development, focusing on the development, production, and commercialization of innovative drugs for major diseases such as viral infections and tumors. The company adheres to the orientation of meeting unmet clinical needs, concentrates on the fields of antiviral and anti-tumor research, and is committed to addressing key challenges such as drug resistance and insufficient efficacy through mechanism innovation. The company's core management team has rich experience in international innovative drug research and development and transformation, providing solid support for continuous innovation.   In the field of viral infections, the company's core product Azvudine has been conditionally approved for use HIV infection and COVID-19 treatment, with the latter becoming the first domestically approved oral drug in this field. Moreover, Azvudine, with its dual mechanism of 'inhibiting viral replication + immune regulation,' shows potential clinical value in areas where immunological recovery is incomplete. The ongoing product CL-197 has long-acting characteristics and is expected to achieve once-weekly dosing, improving treatment compliance.   In the oncology field, the company has expanded its antitumor indications around AZD9291 and is advancing its collaboration with The development of PD-1 monoclonal antibody combination therapies aims to break through the limitations of current immunotherapy. In addition, the company is simultaneously deploying innovative directions such as non-camptothecin structure TOPO1 inhibitors, ADCs, and peptide radioconjugated drugs (PRCs), developing unique drug pipelines targeting tumor resistance and heterogeneity.   Real Biotech has established a complete production and commercialization system, with core products achieving wide terminal coverage. In the future, the company will continue to advance the development of innovative pipelines to enhance clinical value and accessibility.   Against this backdrop, Frost & Sullivan frost  & Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan', invited Dr. Du Jinfan, Chairman, CEO and CSO of Zhenre Biology, to participate in a dialogue and exchange, focusing on the company's R&D strategy and product layout. Exclusive Interview Guest       PROFILE   · Dr. Du Jinfa   · Chairman of Real Biotech   · CEO and CSO · Recognized by the Chinese government "National Distinguished Expert"   One of the inventors of the revolutionary hepatitis C treatment drug sofosbuvir   The drug has been hailed as The Galen Prize, known as the 'Medicine Nobel Prize'.   The contribution to the treatment of hepatitis C has been hailed by the journal Cell as one of the most significant public health achievements of our time. 01 Focus on unmet clinical needs and build an innovative R&D system driven by both antiviral and anti-tumor strategies @Frost & Sullivan China Healthcare Business Unit     In your previous career, you have been involved in the research and development of key drugs for AIDS treatment - Enquetiapine, this drug is still one of the main medications used for treating AIDS patients globally. Later, the hepatitis C cure drug sofosbuvir was developed, creating significant social and economic benefits. Looking back on this experience, what is your deepest takeaway? How have these experiences influenced your return to China?    @Dr. Du Jinfang   The most profound realization is that when making medicine, one must create products that can truly address unmet clinical needs and benefit human health. This cannot be achieved without genuine pharmaceutical innovation. Innovation requires the courage to be ahead of others and to venture into uncharted territories.   Challenging the impossible has always been a core aspect of my new drug research and development practice. At Zai Lab, before embarking on each project, we ask: What is the most troubling issue for patients in this field, and how do we solve it? Therefore, in response to unmet clinical needs, we have deployed a series of unique drug pipelines.   @Frost & Sullivan China Healthcare Business Unit     Real Biotech has long focused on antiviral and anti-tumor fields. Could you please share the company's core judgments on research and development direction choices? How does the company identify tracks with truly unmet clinical needs? Additionally, the company has established nucleoside drugs, The TOPO1 inhibitor and XDC, as well as other diversified R&D platforms, how do these platforms collaborate with each other, and what key roles have they played in enhancing the overall R&D success rate?    @Dr. Du Jinfang   Real Biotech focuses on the fields of antiviral and anti-tumor research, with R&D directions centered on unmet clinical needs. It prioritizes the layout of disease tracks with high disease burden, prominent drug resistance issues, and existing therapeutic bottlenecks, focusing on solving key pain points that have not been met clinically.   Among them, the nucleoside platform serves as the underlying core, fully exploring the value of Azvudine in anti-infection and anti-tumor applications, focusing on unmet clinical challenges such as immune reconstruction deficiency and immunosuppression.   New non-hypogalatinizing agents TOPO1 Inhibitor platform, overcoming traditional toxin resistance from the source, available as a monotherapy or as part of a new generation ADC high activity toxin;   XDC Dual load platform layout ADCs coupled with peptide radionuclides (PRCs) target innovative targets that have not yet been addressed by drugs in the oncology field, offering innovative solutions for tumor heterogeneity and resistance development.   The three major platforms form a collaborative R&D pattern through underlying technology interoperability, complementary mechanisms, and resource sharing, providing continuous support for the company's long-term innovative development. 02 Deepen antiviral strategies, expand on immune reconstruction deficits The therapeutic value of INR) and leads the innovative direction of long-acting HIV   @Frost & Sullivan China Healthcare Business Unit     Azvudine, the core product of the company, has been commercially launched in the field of antiviral therapy and has accumulated relatively sufficient data in clinical trials and real-world settings. How do you evaluate its clinical value and competitive advantage within the current treatment system?    @Dr. Du Jinfang   Azvudine, with its low dose, high activity, dual target, and immunomodulatory comprehensive characteristics, The HIV treatment system has unique advantages and broad clinical value.   Clinical trial data shows, Azvudine 3 mg has an antiviral effect comparable to lamivudine 300 mg, achieving effective viral suppression at a low dose. At the same time, the drug has dual targets to inhibit viral replication. + The unique mechanisms of immunomodulation not only enrich existing treatment options but also The global unmet need for HIV immune reconstitution provides an important research direction and potential solutions.   @Frost & Sullivan China Healthcare Business Unit     Why do real organisms focus on immune reconstitution insufficiency? Regarding the issue of (INR), how do you view the clinical value and future treatment directions in this field?    @Dr. Du Jinfang   Immunodeficiency INR is a globally recognized clinical challenge in the field of HIV treatment, with significant unmet needs.   According to the 'Guidelines for the Diagnosis and Treatment of AIDS in China ( (2024 Edition). After ART treatment, the immune abnormalities of some patients can return to normal or near-normal levels, achieving immune function reconstruction. However, there are still 10% to 40% of patients who cannot fully achieve immune reconstruction even after long-term viral suppression. Compared with those who have achieved complete immune reconstruction, these patients have a higher incidence and mortality rates of opportunistic infections, non-AIDS complications, tumors, etc. Currently, there is a global lack of effective treatment drugs for patients with incomplete immune function reconstruction, and there is an urgent unmet clinical need.   Related work has been carried out by real organisms According to IIT research, positive data were observed in subjects after treatment with Azvudine, which will be further validated through larger-scale clinical studies, aiming to provide new treatment pathways for this field.   03 Give full play to the advantages of dual mechanisms, promote combined immunotherapy, and expand the space for tumor indications   @Frost & Sullivan China Healthcare Business Unit     Azvudine has expanded its application scope from the field of anti-infection to anti-tumor therapy, How does the 'dual mechanism' play a role in tumor treatment? What are its unique advantages?    @Dr. Du Jinfang   Azvudine passes "Direct tumor suppression + immune regulation The dual mechanism exerts a broad-spectrum anti-tumor effect. On one hand, azvudine can terminate DNA chain elongation and interfere with the function of enzymes related to cancer cell nucleic acid synthesis, directly inhibiting tumor cell proliferation. On the other hand, it can reduce the infiltration of myeloid-derived suppressor cells (MDSCs) in the tumor microenvironment and promote CD8⁺ T cells, CD4⁺ T   Cell infiltration and proliferation reshape the immunosuppressive microenvironment, activating the body's own anti-tumor immune response.   Compared with anti-tumor drugs that rely solely on a single mechanism, azvudine combination therapy can achieve The synergistic effect of '1+1>2' can particularly transform 'cold tumors' into 'hot tumors', breaking through the bottlenecks of immune therapy resistance and non-response, and possesses significant differential advantages in the treatment of broad-spectrum solid tumors.   @Frost & Sullivan China Healthcare Business Unit     this year In February, the clinical trial of azvudine combined with PD-1 monoclonal antibody for the treatment of advanced solid tumors was approved by the National Medical Products Administration. What are the core considerations behind the company's decision to advance this combination therapy? How do you evaluate the potential for this combination regimen to be applied in a broader patient population?    @Dr. Du Jinfang   Our choice for this direction is mainly aimed at breaking through the current clinical bottlenecks in immunotherapy. Taking colorectal cancer as an example, there are approximately RMB 2.03 million, of which approximately 95% are microsatellite-stabilizing (MSS) patients. These patients are basically ineffective with PD-1 monotherapy and face the dilemma of having no effective immunotherapy options for a long time.   A clinical trial initiated by a researcher has shown that azvudine in combination PD-1 inhibitors and anti-VEGFR drugs are used for patients with microsatellite stable colorectal cancer who have received multiple lines of treatment: In the non-liver metastasis subgroup, the disease control rate was 100% in the higher dose group, the objective response rate was 40%, and the average treatment duration reached 33.9 weeks, showing positive data in terms of clinical efficacy and treatment persistence.   Based on clear mechanism synergy and positivity IIT data suggests that this combined approach holds promise for transforming 'cold tumors' into 'hot tumors', breaking through the immune treatment bottleneck for refractory tumors such as MSS colorectal cancer, and has significant application potential in a broader population of patients with advanced solid tumors.   04 Focusing on the challenges of drug resistance and heterogeneity, we are building a diversified conjugation and small molecule innovation platform   @Frost & Sullivan China Healthcare Business Unit     company The TOP1 inhibitor platform adopts a non-camptothecin structure and has an advantage in overcoming drug resistance. What is your view on the strategic significance of this platform in next-generation anti-tumor drugs?    @Dr. Du Jinfang   Currently exceeds Eighty percent of ADC drugs use taxanes as their toxins, and most of these drugs develop resistance after a period of treatment. We aim to develop a drug with a completely new chemical structure to provide an effective solution for this type of drug-resistant tumor.   Preclinical research results indicate that the new Topo1 inhibitor, ZSSW-136, has an inhibitory activity against drug-resistant tumors that is 400 times greater than that of irinotecan in patient-derived xenografts. In animal models of drug-resistant tumors, it can completely inhibit tumor growth. The results of this study are currently being published. Notably, it can be used alone as a small molecule compound for drug development or as the toxin of a new generation of ADCs, leading to the development of a series of novel ADCs antitumor drugs effective against existing ADC-resistant tumors.   @Frost & Sullivan China Healthcare Business Unit     In the field of novel conjugated drugs, the company has made arrangements In the ADC and PRC directions, such as PSMA dual payload ADCs and GRPR-targeted PRC pipelines. Why did the company choose these two targets?    @Dr. Du Jinfang   The company's layout in the field of novel conjugated drugs always focuses on innovative targets that have not yet been addressed in oncology, aiming to meet unmet clinical needs and develop innovative solutions for the challenges of tumor heterogeneity and resistance.   Among them, PSMA is a validated antigen with high tumor specificity, limited expression in normal tissues, and efficient internalization capabilities. Based on the characteristics of this target, ZS-1005, a dual payload ADC candidate drug with an innovative mechanism, has been designed by Zhenbio. It currently exhibits excellent tumor growth inhibitory capabilities and good safety profiles in mouse models of prostate cancer and other diseases.   and GRPR is expressed at low levels and in limited distribution in normal tissues, but it is highly expressed in various human solid tumors including lung cancer, breast cancer, prostate cancer, some gastrointestinal tumors, and neuroblastoma. It may be involved in promoting tumor growth and progression, making it a highly promising therapeutic target. Our candidate drug ZS-2004, developed based on this target, has observed excellent efficacy and safety data in animal trials and is currently undergoing further preclinical studies.   @Frost & Sullivan China Healthcare Business Unit     real organisms What are the core technical advantages of ADC 'Dual Payload' design? What specific value can it bring to clinical practice?    @Dr. Du Jinfang   Dual payload design is a key technological innovation for real organisms to cope with tumor heterogeneity and resistance risks. In the ADC field, this design achieves simultaneous killing of tumor cells in different cell cycles by precisely delivering two toxins with different mechanisms of action to tumor cells. It also takes into account antigen-expressing and antigen-lowly expressing subpopulations, effectively addressing the challenges posed by tumor heterogeneity.   At the same time, this strategy can delay or overcome the risk of single pathway resistance at the source. The synergy of these two mechanisms is expected to enhance the therapeutic index and safety margin, providing a more durable response for clinical practice. This design aims to ensure the effectiveness and safety of treatment, further improving long-term benefits for patients.   05 From product commercialization to industry evolution, gain insights into future technology trends and competitive landscape   @Frost & Sullivan China Healthcare Business Unit     From a commercialization perspective, what do you believe are the company's most core strengths in terms of production capacity, access, and channels? Especially against the backdrop of the gradual advancement of Azvudine's new indications, how will these strengths be translated into future growth drivers?    @Dr. Du Jinfang   From a commercialization perspective, the company has established an integrated, replicable, and rapidly scalable commercial support system across three major sectors: production capacity, access channels, and distribution networks. This can provide a stable guarantee for the long-term development of Azvudine and the company's overall innovation pipeline.   Firstly, there is guaranteed self-production capacity through scale-up and compliance. The company has completed GMP Certify a modern production base with stable and large-scale supply capabilities, capable of supporting the sales of existing indications and rapid expansion of new indications in the future. Ensure that supply, quality, and costs are controllable.   Secondly, the medical insurance access and price advantage are prominent. Azvudine has been included in the national medical insurance catalog, with stable prices and significant policy and cost advantages. This enhances the accessibility of the drug, laying the foundation for its rapid hospitalization and increased usage in new indications.   Thirdly, in terms of channels and commercialization capabilities, the company has established a commercial network covering medical institutions nationwide, off-campus platforms, and online platforms. It has also assembled a professional team with relevant experience, capable of providing implementation and promotion support for more innovative products based on AZD307.   At the same time, Zhenre Biology adheres to its commercial strategy of 'rooted in China, radiating globally'. Focusing on the global layout of Azvudine, it targets advantageous markets such as Africa, Southeast Asia, Europe, and America. Through localized cooperation and rapid registration, it achieves overseas presence, expands cross-regional revenue sources, and ensures sustainable profitability. Subsequently, with the clinical breakthrough of Azvudine in new indications such as tumors, combined with the cooperation and expansion of innovative pipelines such as ADCs, PRCs, and TOPO1 inhibitors, it further opens up larger market spaces, forming a matrix of core product iteration + innovative pipeline, serving as a long-term growth engine through collaboration.  

On the afternoon of April 16th, “Building a Trusted Ecosystem Together   Create an Intelligent Future Together The 'AI Content Ecosystem and Responsible GEO Governance Seminar' was packed with attendees, filling every seat. Relevant leaders from Chengdu Media Group attended, along with representatives from the Industry Culture Development Center of the Ministry of Industry and Information Technology Leaders from the AI Application Working Group, Luo Yi, President of the China Journalism Technology Workers' Federation, and Zhao Jian, President of the China Economic Media Association, delivered speeches at the seminar. from Representatives from 8 national-level institutions and industry organizations, 18 authoritative media outlets, 3 top universities and 52 leading enterprises gathered together. Relevant officials from key institutions such as the State Key Laboratory of Xinhua News Agency, the Brand Laboratory of the National Advertising Research Institute, the Artificial Intelligence Research Institute of the China Academy of Information and Communications Technology, as well as top universities like Renmin University of China, Communication University of China, and Central University of Finance and Economics, along with Frost & Sullivan China, Zhihu Research Institute, Tencent Research Institute, and iResearch, engaged in in-depth discussions on cutting-edge topics related to GEO (Generative Pre-trained Transformer for Optimal Inference). Through the launch of industry initiatives, the establishment of co-construction alliances, and the first fintech sector The GEO standard group standard project was initiated, and the seminar established the 'wind vane' for GEO ecological governance, delivering a highly leading response to the construction of a credible AI content ecosystem. this time The AI Content Ecosystem and Responsible GEO Governance Seminar, along with the kick-off meeting for the development of the 'Classification and Accreditation Optimization Standards for Financial Information Sources of Large AI Models', was organized by the China Federation of Journalism and Technology Workers and the China Economic Media Association. It was undertaken by RENEE Daily Economic News, Every Economy Technology, Every Economy AI Think Tank, and the AIGC and Digital Communication Special Committee of the China Federation of Journalism and Technology Workers, with guidance from the AI Application Working Group of the Industrial Culture Development Center of the Ministry of Industry and Information Technology and Chengdu Media Group. Frost & Sullivan frost  & Wang Chenhui, China's managing partner and president of Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was invited to attend and witness the 'Initiative Launch, Alliance Activation and Group Standard Project Approval' with guests from various sectors. 01 Responsible GEO ignites industry resonance Forty institutions jointly issue a high-specification initiative when GEO has transformed from a technical path into information poisoning. When mass-produced low-quality content begins to pollute information sources and manipulate AI cognition, GEO is at a crossroads where it is transitioning from barbaric growth to standardized governance. During the seminar, BNY Economics, in collaboration with nearly Forty co-initiating units launched the 'Responsible GEO Governance Initiative', and continue to solicit participation. Under the framework of relevant laws, regulations, and regulatory requirements for information security and data privacy in our country, we have gathered the basic consensus of joint initiating units from all sectors. We advocate basing our initiatives on Chinese practices and proposing systematic and implementable responsible measures. The GEO governance framework is aimed at stakeholders such as industry organizations, brand enterprises, media institutions, research institutions, technology companies, and related service providers. It advocates for the optimization of generative engines towards compliance, long-term effectiveness, authenticity, and good practices. The initiative is clearly put forward, The core of GEO is not about manipulating AI responses, nor about using AI to poison and pollute the internet. Instead, it is about transforming content into knowledge that generative AI can understand and comprehend through compliant and legitimate methods, based on reality and value. The initiative also proposes a systematic and actionable responsible GEO governance framework. As a leader in financial intelligence media, RMB Daily Economic News is actively implementing the initiative with practical actions. Currently, RMB Daily Economic News is building the first The GEO ecological platform is an authoritative economic information index for AI systems. It organizes years of accumulated authoritative financial and economic information into a structured knowledge base, enabling large models to accurately identify and cite it. This helps enterprises enhance their 'visibility' in the AI era and enables high-quality content to truly obtain its due value. Liu Linpeng, member of the Party Committee and Deputy Editor-in-Chief of Daily Economic News, and Chairman of B&R Technology, emphasized during his interpretation of the initiative that GEO can become a 'civilized method of knowledge dissemination,' provided that it returns to authenticity, transparency, and responsibility. 'We call on governments, enterprises, media, and the public to work together, with authenticity as the foundation color, transparency as the standard, and responsibility as our duty, to jointly protect the digital knowledge ecosystem and make AI truly become a bridge connecting high-quality information with human needs.' Liu Linpeng, member of the Party Committee and Deputy Editor-in-Chief of Economic Daily, Chairman of E-commerce & Technology of CBN   Photo provided by the organizer The Financial and Economic Information Source Co-construction Alliance has established its first financial and economic field initiative The implementation of the GEO Standard Project Initiation and Development Initiative requires the joint efforts of the alliance. As China's most influential, authoritative, and credible financial and economic media, Daily Economic News fully leverages its community energy, gathers high-end think tanks, consolidates consensus from all sectors, and has officially established the 'Joint Construction Alliance for High-Quality Financial and Economic Corpus and Credible Sources' with dozens of units including industry associations, professional media, research institutes, financial institutions, and more. More than a dozen Experts from the 'Frost & Sullivan' China office, Zhihu Research Institute, Tencent Research Institute, and iResearch, industry leaders from Sunshine Insurance, China Life Insurance, Industrial and Commercial Bank of China, Fudian Bank, YuanYi Information, Guangyuyuan, Aerospace Information, SenseTime Technology, Xingdao News, Thomson Reuters, Beijing Business Daily, and other leading figures from various sectors gathered together to witness this historic moment. On-site guests witnessed the launch of the initiative, the alliance's establishment, and the project approval of the league standard. Photo provided by the organizer The implementation of concepts requires standard support. Led by the Industrial Culture Development Center of the Ministry of Industry and Information Technology, jointly promoted by units such as the China Economic Media Association, China Business News, and Sunshine Insurance Group, CBN Technology is based on its profound accumulation in the financial field and The technical exploration organization for AI applications, under the jurisdiction of the China Journalism Technology Workers' Federation, has officially launched the project development work for the group standard 'Classification and Accreditation Optimization Specifications for Financial Information Sources of Large AI Models'. This has laid the first cornerstone for the standardized development of the GEO industry. On the day of the event, the kick-off meeting for the development of the standard 'Classification and Optimization of Credibility of Financial Information Sources Using Large AI Models' was held simultaneously. Under the organization of the News Information Standardization Sub-committee of the China Journalism and Technology Workers' Federation, representatives of the applying units made project establishment statements. Invited experts conducted inquiries online and offline and put forward review opinions, leading to the approval of the project establishment for the group standard. Luo Yi spoke highly of the development of this group standard: "The group standard for the grading and credibility optimization of financial information sources directly targets the pain points of the GEO industry. By establishing a scientific grading system for financial information sources and a standardized credibility mechanism from the source, it has pioneering social value and industry demonstration significance." Professor at the State Key Laboratory of Media Convergence and Communication, Communication University of China, and member of the China Journalism and Technology Workers Federation Tang Yuanqing, Director of the AI and Intelligent Communication Special Committee of AIGC, also stated that the development of this group standard is an important measure for the industry to coordinate and standardize financial information related to artificial intelligence large models. It is also a crucial step in addressing industry pain points and promoting high-quality industrial development. Professor at the State Key Laboratory of Media Convergence and Communication, Communication University of China, and member of the Chinese News Technology Workers' Federation AIGC Co-chair of the Digital and Intelligent Communication Special Committee, Tang Yuanqing   Photo provided by the organizer 02 Cross-border Big Names Discuss The Changing Landscape of Communication and Brand Infrastructure in the AI Era The seminar not only yielded fruitful results but also demonstrated industry-leading foresight in its discussions. Wang Chenhui attended a roundtable dialogue chaired by Yue Qi, Chief Product Officer of Evernote Technology, focusing on "New Developments in Communication under the AI Wave and New Brand Infrastructure", which deeply discussed with representatives from various parties the content ecosystem and brand building in the AI era. Guests are discussing during the roundtable discussion session   Photo provided by the organizer Standing from the perspective of media, Liu Canguo, Honorary Vice President of the China Economic Media Association and Founder of the Media Tea Party, believes that, In the GEO era, institutional media should cherish their reputation even more and produce more trustworthy products. Chen Ni, deputy director of the Brand Lab at the National Advertising Research Institute, pointed out from the perspective of brand building that AI brand asset management should be established. First, a credible corpus should be built, and second, the construction of a knowledge system should be strengthened. Owned in the Chinese market Wang Chenhui, the managing partner and president of Frost & Sullivan China with 28 years of industry research experience, also spoke bluntly in the conversation that enterprises should divert their energy from rapidly consumed and metabolized traffic, seriously organize their knowledge assets, and solidify their brand foundation. At the same time, he called on major institutions to join hands to promote industry self-discipline in GEO. "Enterprises need to clearly understand how to effectively combine brand communication with GEO and plan for GEO from a strategic perspective and with a long-term vision." As one of the early service providers in China to explore GEO, Hu Ying, head of the YuanYi Information Business Ecosystem, believes that to avoid poisoning GEO efforts, enterprises should focus on the essence and positive output of the brand rather than merely pursuing ranking traffic. Sang Tian, head of the Zhihu Marketing Research Institute, believes that in In the AI era, enterprises should transform into knowledge-based companies within their respective fields, producing content that users need and is friendly to AI. Zhang Hongru, a researcher at Tencent Research Institute, pointed out that after AI becomes an entity with active comprehensive capabilities, content production requires consideration of human-machine collaboration to gain the trust of both machines and audiences. A corporate representative attending the event said in an interview with a reporter from 'Daily Economic News' that this event is within the industry "Very pioneering," especially in the context of this year's booming GEO concept, NBD's ability to take the lead in discussing GEO governance is a testament to its strong sense of social responsibility. Registration for the event is booming, with over The lively discussion atmosphere at the scene involving 100 people confirmed the industry's urgent need for GEO governance, and also highlighted the mainstream media's responsibility and industry-leading role in maintaining the health of the content ecosystem in the intelligent era. To continue exploration The AI content ecosystem and responsible GEO governance are areas that E-commerce Times and E-commerce Times Technology have specifically dedicated to by establishing the E-commerce Times AI Think Tank. Yue Qi stated at the roundtable discussion that after this event, the E-commerce Times AI Think Tank will continue to organize a series of seminars focused more on the industry. The construction of an AI content ecosystem is a long-term battle. This seminar has delineated a clear red line and development path for the GEO industry, which is deeply troubled by 'standard deficiencies' and 'trust crises'. It marks a significant step forward for the domestic GEO ecosystem as it bids farewell to its wild growth and enters a new phase of regulated governance. A digital and intelligent knowledge ecosystem, with authenticity as its base color, transparency as its criterion, and responsibility as its commitment, is accelerating its formation through the joint efforts of all parties. 03 Authoritative institutions, top scholars, industry bigwigs Discuss AI Content Ecosystem The Internet content ecosystem is transitioning from At a critical moment of deep transformation from the 'search era' to the 'generation era', GEO is standing at the crossroads of transitioning from wild growth to regulated governance. The emergence of 'AI poisoning', malicious prompt injection, and other chaos has made it urgent for GEO to return to authenticity and trust. Luo Yi stated in his speech that GEO, as the core technical link connecting large models with content supply, has evolved from a niche concept into a key element affecting the content ecosystem, dissemination efficiency, and public opinion orientation. Its governance effectiveness has also become an important means to safeguard the AI content ecosystem. However, GEO governance is still in its infancy, with a lack of governance standards, lagging governance methods, and inefficient governance mechanisms, putting the AI content ecosystem under unprecedented trust tests. Luo Yi, President of the China Press Technology Workers' Federation   Photo provided by the organizer Zhao Jian said that economic information is crucial for market operation "The signal light," its authenticity and authority are directly related to market order and economic security. In GEO practice, economic media must adhere to the bottom line, clarify responsibilities, and strengthen compliance. Zhao Jian, President of the China Economic Media Association   Photo provided by the organizer Liang Xianrui, editor-in-chief of Economic Daily, stated that the industry's development is facing dual tests of compliance and transparency. These issues are not just technical problems but also content ecosystem and social responsibility issues. Against this backdrop, this seminar came into being. Liang Xianrui, Editor-in-Chief of Daily Economic News   Photo provided by the organizer During the keynote speech session, Wang Fei, a professor at the School of Journalism at Renmin University of China and director of the Modern Advertising Research Center, proposed that in the AI era, brand competition is shifting from 'being seen' to 'how it is understood.' Brands are first understood by machines and then chosen by users. GEO is not just about making brands appear more frequently in answers; its impact lies in how brands enter the machine's domain. 'The next stage for brands is 'meaning models that can be called by machines,'" Wang Fei said. 'Whoever can be correctly understood can be continuously seen.' Wang Fei, Professor at the School of Journalism and Director of the Modern Advertising Research Center at Renmin University of China   Photo provided by the organizer Huna Ying, Deputy Director of the Security Governance Department at the Artificial Intelligence Research Institute of the China Academy of Information and Communications Technology, delivered a keynote speech stating that in the GEO era, data pollution is no longer just a simple issue of training data quality but a deeper issue of source governance. In the face of the challenges brought about by GEO abuse, Huna Ying pointed out that at least five parties need to share responsibility, including brand enterprises, service providers, content platforms, generative AI manufacturers, and end-users. Only through collaboration among all parties can a long-term content recognition barrier be built, achieving compound interest growth in brand value and driving the trustworthy development of the entire chain. Hu Naying, Deputy Director of the Security Governance Department at the Institute of Artificial Intelligence, China Academy of Information and Communications Technology   Photo provided by the organizer Chen Duan, Director of the Digital Economy Integration and Innovative Development Center at Central University of Finance and Economics, introduced that with the deep integration of AIGC technology and financial scenarios, while generating a huge 'efficiency dividend', it has also given rise to unprecedented 'complexity risks'. It is necessary to build a collaborative immune system of 'technology - market - regulation', going beyond traditional 'containment' thinking, establishing a dynamic, adaptive, multi-agent collaborative defense system, and achieving 'technological immunity, regulatory penetration, and ecological co-governance'. Chen Duan, Director of the Digital Economy Integration and Innovative Development Center at Central University of Finance and Economics   Photo provided by the organizer Li Zhi, the dean of iResearch, believes based on his research report analysis that in the second half of this year, the GEO market will enter a watershed period, with a large number of suppliers being eliminated and the industry entering a process of rapid compliance development. Just as data quality determines the ceiling of model capabilities, content quality also determines the ceiling of GEO. In the AI era, media institutions with professional verticality, authoritative sources, and high content quality will become increasingly important in corporate brand building and content marketing. In the future, GEO models that integrate resources and focus on content will stand out more and more. Li Zhi, President of iResearch   Photo provided by the organizer   The copyright of this article belongs to China Business News, and reproduction is authorized.

as The full implementation of the 'Artificial Intelligence+' initiative and the '15th Five-Year Plan' have listed biomedicine as a new pillar industry. The intelligent transformation driven by AI is undergoing a profound leap from single-point technological breakthroughs to collaborative innovation across the entire industrial chain. Currently, AI technology has been fully integrated into core scenarios such as drug research and development, clinical research, and commercialization. Driven by the continuous activity of investment and financing in the primary market and the record-breaking scale of BD transactions among multinational pharmaceutical companies, AI-driven drug manufacturing has become the underlying infrastructure for reshaping the core competitiveness of the pharmaceutical industry.   Although the industry still faces systemic challenges in data governance, algorithm explainability, and clinical validation pathways, the combined efforts of policies and capital are accelerating the closure of the industrial loop. Against this backdrop, how to grasp The '15th Five-Year Plan' strategic opportunity has become the core issue for all participants in the industrial chain to achieve differentiated competitive advantages and sustainable development.   Based on With the continuous research and accumulation of AI technology in healthcare and cutting-edge technology fields, Frost & Sullivan (Frost  & Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') plans to officially release the 'Global AI Pharmaceutical Industry Development Blue Book 2026' in July 2026 and sincerely invites companies in the industry to participate to promote industry development. Research content   This time, The 'Global AI Pharmaceutical Industry Development Blue Book 2026' will systematically define the technical and application scopes of the global AI pharmaceutical industry, deeply dissect the reconstruction logic of its traditional drug R&D paradigm, and based on the analysis of the upstream and downstream collaborative ecosystem of the industrial chain, combined with the active investment and financing in the primary market and the trend of licensing transactions, it will delve into the core factors driving industrial transformation and future evolution directions.   Centering on various drug R&D, this blue book will conduct a systematic analysis The technical principles and application scenarios of AI in multimodal drug development cover small molecule targeted drugs, peptide drugs, antibody drugs, nucleic acid drugs, and cell gene therapy. In response to the technical challenges and unmet clinical needs of different modal drugs, the Blue Book will delve into how AI helps to break through key R&D bottlenecks, provide a new path from targets to molecules for drug innovation, and open up new directions for technological breakthroughs for enterprises.   During the clinical research phase, the Blue Book will conduct a comprehensive review The multiple key dimensions empowered by AI include the design and optimization of clinical trial protocols, patient stratification and precision enrichment, patient recruitment and intelligent matching, adaptive trial design and dynamic adjustment, analysis of patient subtypes and individualized benefit assessment, automated data collection and intelligent monitoring, as well as the integration of real-world evidence and post-marketing pharmacovigilance. Through these systematic analyses, the Blue Book will demonstrate how AI can penetrate the entire clinical research process, significantly improving trial efficiency and success rates, helping enterprises shorten R&D cycles and reduce investment risks.   In the commercialization segment, the Blue Book will provide an in-depth interpretation. How AI drives the precise realization of commercial value after product launch, covering core scenarios such as differentiated competitive positioning and medical evidence production, simulation of medical insurance negotiation access and optimization of pricing strategies, digital-driven precision medicine communication and full-channel value management, smart supply chain and refined demand forecasting. The Blue Book will demonstrate how AI assists enterprises in optimizing market access decisions and improving business operational efficiency, providing data-driven strategic support for value transformation after product launch.   At the level of organ-on-a-chip technology, the Blue Book will also focus on its empowering pathways in high-fidelity preclinical safety evaluation, automated high-throughput phenotyping screening, discovery of new targets and research on pharmacodynamic mechanisms, as well as supporting the evolution of regulatory paradigms. By systematically presenting organ-on-a-chip technology and The collaborative innovation of AI, as outlined in the Blue Book, will clarify how AI can improve the predictive accuracy and screening throughput of organ-on-a-chip models. This will assist in drug development by obtaining more physiologically relevant validation data, thereby reducing the risk of clinical translation.   Relying on the collaborative innovation perspective of the entire industrial chain, this blue book aims to map The comprehensive blueprint for AI-powered intelligent transformation of the pharmaceutical industry, helping the industry achieve a profound transformation from technological breakthroughs to value leaps. At the same time, the report will feature an enterprise special section, systematically presenting the development history, product pipeline layout, and core technical capabilities of representative enterprises. Under the overall industry framework, it will display the positioning and competitive advantages of enterprises in the industrial chain. Combining dimensions such as iterative underlying algorithm models, clinical validation pathways, and standard system construction, a comprehensive judgment on the trend of breaking through industry bottlenecks and paradigmatic transformation will be formed.   Frost & Sullivan will collaborate with multiple stakeholders within the industry chain to participate in the research and release process. Under a professional research framework, they will form a rational expression of industry development and accumulate consensus, jointly promoting China The long-term and healthy development of the AI pharmaceutical industry.     Release Highlights   1. Increase the propagation potential   The Blue Book, as a systematic industry research output, is made available to the public through the Frost & Sullivan official website, Frost & Sullivan's global media matrix, and AI and healthcare vertical media channels are published, and the content is widely disseminated on mainstream financial platforms. The Blue Book systematically presents the core strengths of enterprises in terms of technology layout, product capabilities, and industrial collaboration, enhancing market recognition and trust in the professionalism of enterprises, improving industry influence and brand awareness, and providing a window for cooperative enterprises to voice their opinions and focus on targeted communication with authoritative voices.   The English version will also be made available simultaneously on globally renowned news agencies (such as The Associated Press), mainstream financial media (such as Yahoo Finance), top North American financial media and websites (Business Insider, Dow Jones Market Watch, Benzinga, Wall Street Insider, and other top media outlets from various regions around the world. Further expand the brand voice and influence of the enterprise in the international market, effectively helping Chinese AI pharmaceutical companies advance global brand building and product layout.   2. Establish ecological connectivity   Through the Blue Book Research and Publication Platform, we promote in-depth exchanges and cooperation docking among enterprises within the context of the industrial chain.   Under the industry development framework, it demonstrates the enterprise's positioning and competitive advantages within the industrial chain, strengthens cognitive connections with upstream and downstream enterprises, partners, and relevant institutions, promotes technological collaboration and resource integration, and creates a foundation for subsequent cooperation.   3. Establish industry image   The Blue Book will objectively present the business situation and industry status of enterprises from dimensions such as industry development stages, competitive landscape, and trend analysis.   By systematically presenting research content, the enterprise strengthens The professional image and strategic positioning in the field of AI pharmaceuticals enhance recognition and influence within the industry and external markets.   4. Overwrite capital market concerns   Relying on Frost & Sullivan's network of partners and followers in primary and secondary markets, the release of research findings helps to enhance a company's visibility and attention in the capital market.   By disseminating research findings, we aim to attract the attention of potential investors and related institutions and promote effective communication with the capital market.   5. Lay the foundation for long-term cooperation   The in-depth exchanges formed through the Blue Book cooperation help both parties further explore potential cooperation in brand communication, investment and financing consulting, growth strategies, etc., laying a foundation for long-term follow-up cooperation.

Driven by continuous technological breakthroughs, gradual improvement in regulatory pathways, and increasing capital investment, the internal gene therapy industry is accelerating its transition from an early exploration phase to commercialization. This is especially true in China. Against the backdrop of the '15th Five-Year Plan' listing biomanufacturing as a core direction for strategic emerging industries and gene therapy being identified as a key area requiring 'key progress', gene therapy has risen to become an important component in building national bioeconomic competitiveness.   However, the industry still faces systemic challenges such as complex production processes, insufficient large-scale production capacity, high hollowing-out rates and cost pressures, long-term data to be verified, and an imperfect payment system. Based on continuous research and accumulation in the field of gene therapy within the body, Frost & Sullivan ( frost  & Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan', plans to officially release the '2026 Global In Vivo Gene Therapy Industry Development Blue Book' in August 2026, and sincerely invites companies in the industry to participate together to promote industry development. Research content   This time, The 'Global In Vivo Gene Therapy Industry Development Blue Book 2026' will conduct a systematic study focusing on the development panorama and key links of the in vivo gene therapy industry. The report will define the core concepts and technical classifications of in vivo gene therapy, starting from different treatment strategies such as gene replacement, gene augmentation, and gene editing. Combining two major delivery systems, viral vectors and non-viral vectors, it will compare and analyze their technical principles, applicable scenarios, and differentiated characteristics, thereby constructing an overall cognitive foundation for the in vivo gene therapy technology system.   At the industrial chain level, the report systematically disassembles the complete industrial chain and key technology system of in vivo gene therapy from upstream production to downstream purification, with a focus on analyzing cell line development and transfection. /Optimize core process links such as infection system and chromatographic purification, and conduct in-depth analysis of key bottlenecks including low yields, high empty capsule rates, difficulties in scale-up, high purification costs, complex quality control methodologies, and the absence of unified standards.   In terms of commercialization and value realization, the report will analyze the key path from clinical validation to commercialization implementation of in vivo gene therapies. It will focus on core indication areas such as ophthalmology, blood diseases, central nervous system, and cardiovascular diseases. The report will sort out the structural distribution of globally marketed products and research pipelines, and analyze their cost substitution logic and pricing basis based on long-term efficacy from the perspective of health economics. It will also explore the commercialization feasibility path of in vivo gene therapies by combining multiple payment models such as installment payments, risk sharing, and commercial insurance.   In addition, the report will also analyze the core driving factors and future trends of the development of the gene therapy industry globally and in China, systematically exploring Against the backdrop of the '15th Five-Year Plan', optimized delivery systems, upgraded gene editing technology, AI-empowered process quality control, increased capital investment, expansion of indications from rare diseases to chronic diseases, optimized regulatory pathways, and rising demand for precision medicine, the industry's long-term development direction and growth potential are multifaceted. Finally, the report will conduct case studies on representative key enterprises in the global intravenous gene therapy field, systematically sort out their development history and strategic positioning, comprehensively present their latest product pipeline layout and clinical progress, and deeply analyze the therapeutic advantages of core products in different sub-indices. At the same time, combining key dimensions such as delivery efficiency, production technology, and safety, it will dissect the main challenges and competitive advantages they face in the process of technical realization and industrialization.   Frost & Sullivan will collaborate with multiple stakeholders within the industry chain to participate in the research and release process. Under a professional research framework, they will form a rational expression of industry development and accumulate consensus, jointly promoting the long-term healthy development of the global gene therapy industry.   Release Highlights   1.  Increase the propagation potential "The The 'Global In Vivo Gene Therapy Industry Development Blue Book 2026' will be officially released at the 20th Global Growth and Innovation Leadership Summit of Frost & Sullivan in early August 2026. The blue book will be published through the official Frost & Sullivan website, the global media matrix of Frost & Sullivan, and vertical media channels in the field of gene therapy, and will also be widely disseminated on mainstream financial platforms. The report will systematically present the core strengths of enterprises in terms of technology layout, product capabilities, and industry collaboration, enhancing market recognition and trust in the professional strength of enterprises, improving industry influence and brand awareness, and providing a window for cooperative enterprises to voice their opinions with authority and achieve highly focused communication.   The English version will also be made available simultaneously on globally renowned news agencies (such as The Associated Press), mainstream financial media (such as Yahoo Finance), top North American financial media and websites (Business Insider, Dow Jones Market Watch, Benzinga, Wall Street Insider, and other sources, as well as top media from various regions including Europe, Japan and South Korea, Southeast Asia, and the Belt and Road Initiative. This further expands the brand voice and influence of the enterprise in the international market, effectively helping global companies in the field of gene therapy advance product development and layout.   2. Establish ecological connectivity   Through the Blue Book Research and Publication Platform, we promote in-depth exchanges and cooperation docking among enterprises within the context of the industrial chain.   Under the industry development framework, it demonstrates the enterprise's positioning and competitive advantages in the industrial chain, strengthens the cognitive connection with upstream and downstream enterprises, partners, and relevant institutions, promotes technological collaboration and resource integration, and creates a foundation for subsequent cooperation.   3. Establish industry image   The Blue Book will objectively present the business situation and industry status of enterprises from dimensions such as industry development stages, competitive landscape, and trend analysis.   By systematically presenting research content, we aim to strengthen the professional image and strategic positioning of enterprises in gene therapy within the industry, enhancing their recognition and influence both in the internal and external markets.   4. Overwrite capital market concerns   Relying on Frost & Sullivan's network of partners and followers in the primary and secondary markets, the release of research findings helps to enhance a company's visibility and attention in the capital market.   By disseminating research findings, we aim to attract the attention of potential investors and related institutions, and to promote effective communication with the capital market.   5. Lay the foundation for long-term cooperation   The in-depth exchanges formed through the Blue Book cooperation help both parties further explore potential cooperation in brand communication, investment and financing consulting, growth strategies, etc., laying a foundation for long-term follow-up cooperation.

Against the backdrop of artificial intelligence accelerating towards a higher level of integration with advanced intelligence and deep learning, severe challenges are posed to underlying infrastructure, deeply forcing cloud computing architectures to undergo disruptive upgrades. The AI full-stack cloud is based on user usage and ecological development choices, with strong market potential. It provides users with a complete AI capability stack through infrastructure and service capabilities, ranging from underlying computing power, AI frameworks, AI development platforms, model training/retrieval, data management, MaaS (Model as a Service), to upper-layer application development and security operations and maintenance. It is provided to users in service form, eliminating the need for users to build complex hardware or start from scratch constructing AI capabilities. The 'AI Full-stack Cloud Value Impact Matrix' is authored by Frost & Sullivan (Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan') and LeadLeo Research Institute Initiated jointly with the China Academy of Information and Communications Technology (referred to as 'CAICT'), based on data extraction and competitiveness analysis of AI full-stack cloud enterprises in China; combined with the capabilities of industry, academia, and research experts, a multi-dimensional and in-depth analysis of China's AI full-stack cloud enterprises is conducted from aspects such as infrastructure capabilities, technical maturity, influence, and sustainability of development models. Since the launch of the 'Cloud Computing Value Impact Matrix', the China Academy of Information and Communications Technology has successively researched and released the 'Hybrid Cloud Value Impact Matrix 2023', 'Value Impact Matrix for the Supply Capability of Cloud Service Providers for Central and State-owned Enterprises', 'Intelligent Computing Cloud Ecosystem Value Impact Matrix', and '2025 Large Model Cloud Value Impact Matrix', effectively promoting industrial connection and collaboration. Matrix result Research Background   ● Cloud computing is Solid foundation for AI development     2025, Agentic   The development of AI has driven a paradigm shift in the field of artificial intelligence, with Agentic AI Also known as proxy AI, which appears at the Generative   After AI (Generative AI), in Physical   Before AI (Embodied AI), Agentic   AI has the capability to automatically adapt and make decisions using various technologies, Agile   The key feature of AI is its ability to perceive and understand context, answer or solve problems through reasoning, and take action after making plans. But agentic   AI has not changed the AI technology paradigm. Compared to the output of traditional large language models, when the Token generation speed is the same, the computing power requirement is more than ten times higher. The current demand for computing power has just begun to unlock the gates for massive applications. High-density computing infrastructure continues to pose challenges in various aspects such as power supply, cooling, large-scale parallel computing, and scalability of AI infrastructure. To support running high-demand applications in the cloud AI Tasks of the workload AI cloud needs to combine performance, advanced networking, flexibility, security, and scalability to meet customers' demands for AI Workload and New Agents The reasoning and training requirements of the application. With the development of cloud computing, cloud services have gradually shifted from traditional computing and storage resource provisioning to providing higher-value The evolution of AI cloud services. AI cloud services not only provide underlying computing power support but also integrate capabilities such as model training, inference platforms, and Model as a Service (MaaS), promoting the implementation of artificial intelligence technology in various industries. The full-stack AI cloud services focus on out-of-the-box use, full-stack integration, and flexible expansion, aiming to lower the threshold for AI usage. Research Content and Value   AI full-stack cloud services are becoming the key engine driving the intelligent upgrade of enterprises. They not only meet diverse business needs but also significantly improve the efficiency and value of AI applications.   ● Enhance flexibility and cost-effectiveness   · The platform supports on-demand resource scaling and flexible service customization to meet the needs of enterprises of different scales. Users only need to pay for the computing resources they actually use and can dynamically adjust resource allocation according to business growth, effectively controlling costs while maintaining the high-performance operation of the system. ● Simplify and Accelerate AI application development   · By providing out-of-the-box tools and services, full-stack The AI cloud platform greatly simplifies the construction process of AI applications.     · From data preparation, model training to deployment and launch, users do not need to worry about underlying infrastructure management. They can focus on business logic implementation, significantly shortening the product time to market.   ● Security and compliance assurance   · The provider is responsible for ensuring that the platform's security and data protection measures comply with industry standards and legal requirements, allowing users to handle sensitive information with confidence. · Continuous technical updates and maintenance ensure that the system is always in the latest state, enhancing the overall security protection capabilities. Matrix advancement process   To systematically and accurately present the AI full-stack cloud value influence matrix, the process will rely on rigorous research and evaluation mechanisms, covering the entire lifecycle from enterprise participation to result release. The specific steps include: Time planning   Project startup      : March 2026   Manufacturer registration and technical evaluation      : May 2026   Release (anticipated)      : Official release and interpretation in July 2026     Participation Method   The solicitation period starts today and ends On April 30th, we sincerely invite enterprises related to the industry to participate. Enterprises interested in participating can register with their business contacts. Please feel free to inquire. Interested enterprises are welcome to sign up. Contact number: 021-5407-5836   Contact email: PR@frostchina.com  

China Biochemical Pharmaceutical Industry Association, in 2026 year 4 month 7 day after tomorrow 9 On the 1st, the '6th China Sugar industry Assembly' was held in Cangzhou, Hebei Province. The conference invited academicians, industry experts, corporate representatives, clinical experts, and heads of regulatory authorities to participate, aiming to create a high-end exchange platform integrating 'industry, academia, research, application, management, investment', and to promote the coordinated integration and sustainable development of the industrial chain. Frost & Sullivan frost Sullivan, hereinafter referred to as Wang Peng, Consulting Director of Frost & Sullivan's Healthcare Business Unit in China, was invited to attend and deliver a speech. Wang Peng pointed out in his speech that hyaluronic acid hyaluronic   acidic abbreviation HA Hyaluronic acid, also known as HA, is an indispensable high molecular polysaccharide within living organisms. Its molecular structure mainly consists of N- Acetylglucosamine as well as D- Glucuronic acid is composed of two monomers connected alternately. Hyaluronic acid is widely distributed in the human body, especially concentrated in the vitreous body of the eye, joints, umbilical cord, skin, and other areas. Wang Peng also emphasized that molecular weight is an important parameter for hyaluronic acid. Hyaluronic acid raw materials can be prepared through animal tissue extraction or microbial fermentation methods. The molecular weight of hyaluronic acid obtained through animal tissue extraction is generally between 200 kDa - 2,000 kDa Between them, while microbial fermentation can obtain molecules with a molecular weight greater than 2,000 kDa Hyaluronic acid can also be obtained with a molecular weight less than 200 kDa Hyaluronic acid. From the perspective of industrial structure, China's hyaluronic acid industry has developed rapidly and has entered the ranks of global hyaluronic acid industry powers. China is the world's largest producer and seller of hyaluronic acid raw materials. 2020 The total sales volume of hyaluronic acid raw materials in China accounted for 81.6% The sales volume of hyaluronic acid raw materials in China 2016 year 301.0 tons grew to 2020 year 490.0 tons, with an annual compound growth rate reaching 13.0% In the medical aesthetics injection terminal product market, hyaluronic acid has maintained rapid growth with its long-established safety profile. The retail market for hyaluronic acid injections in China has shifted from 2018 year 139 RMB 10 billion, an increase of 2023 year 335 RMB 10 billion, with a compound annual growth rate of 19.2% With more products approved, changing social concepts, and enhanced consumer education, the retail market for hyaluronic acid in China is expected to continue with 21.1% The growth rate remained positive, up to 2027 In [year], the market scale is expected to reach 722 RMB 10 billion. Wang Peng specifically pointed out that although from 2025 Looking at the annual and semi-annual reports, major Chinese hyaluronic acid companies have all experienced varying degrees of revenue decline. However, hyaluronic acid, as one of the medical beauty injection products with the longest global application history and the widest range of uses, has long been fully verified for its safety and efficacy by the market and consumers. According to the International Society of Aesthetic Plastic Surgery ( ISAPS ) data, 2024 The global hyaluronic acid injection project exceeded 630 Ten thousand cases, accounting for all non-surgical medical aesthetics projects 30.9% relatively 2023 Year-on-year growth 5.2% This data indicates that hyaluronic acid injections still have significant growth potential. Regarding high-end hyaluronic acid products, Wang Peng emphasized that high-end hyaluronic acid has gone beyond mere 'filling' to achieve superior biocompatibility, durability, and safety. The aim is to provide higher compliance and safety standards compared to mid- to low-end hyaluronic acid products through refined applications, as well as superior clinical effects and durability. The core dimensions of high-end hyaluronic acid products are reflected in: higher compliance and safety, more unique physical and chemical properties and core technologies, more precise adaptation and positioning, and superior clinical effects and durability. In terms of long-term maintenance, they differ from conventional products. 6 - 8 The maintenance time for [a certain period]. With its advanced technology, high-end hyaluronic acid can usually achieve longer clinical effects. Cross-linking technology is the 'chip' that determines the performance of hyaluronic acid and is also the core barrier distinguishing high-end from ordinary products. The industry is constantly seeing the emergence of technologies such as linear cross-linking, 3D More advanced technologies such as cross-linking and micro-cross-linking. High-end product lines usually have a richer product matrix, developing exclusive models with unique physical and chemical properties to achieve precise “tailor-made” treatment. At the same time, it is necessary to obtain NMPA United States FDA Europe CE/MDR With authoritative certification endorsement and robust large-scale, long-term clinical trial data support. The high-end hyaluronic acid has achieved a dual leap in effectiveness and reputation from among numerous products through technological breakthroughs and brand positioning. In terms of development trends, Wang Peng stated that driven by various factors, the hyaluronic acid industry is showing a development trend towards high purity, branding, cross-border applications, and compound formulations. China has a vast market both in hyaluronic acid raw materials and end products. With more products being approved, changes in social concepts, and enhanced consumer education, the industry will continue to maintain rapid growth.  

With listed companies With the arrival of the 2025 annual report disclosure season, people have been able to glimpse the catalytic effect of AI on listed companies' performance. Among them, hardware manufacturers such as Industrial Foxconn, Inspur XCUOCHENG, and Cambricon, which are the "scraping contractors" in the upstream AI industry chain, have seen a surge in performance that has confirmed the high industry prosperity brought about by the explosive demand for AI. However, to verify the progress of AI commercialization, attention needs to be paid to the midstream platform layer and downstream application layer. From the listed companies' 2025 performance, has the commercialization of AI applications been verified? Has the shift from "speculating on concepts" to "looking at performance" been completed? Which types of companies (such as cloud providers/vertical SaaS) have achieved the most successful commercialization of AI? What is your most concerned indicator, such as the proportion of AI revenue or changes in gross profit margin?   Frost & Sullivan frost  & Lu Jing, China Business Partner and Managing Director of Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by the Financial Times to discuss the commercial validation of AI. Q :   It is generally believed 2025 The year is AI The first year of application. Listed company 2025 In the annual results, AI Has the commercialization of applications been validated? Has the shift from 'speculating on concepts' to 'evaluating performance' been completed? I think AI Application commercialization in 2025 The year has been partially validated, but it has not yet entered the full performance realization phase. From the financial report, what the market is most clearly seeing are two types of changes: First, AI We have started to substantially drive revenue growth rather than merely boosting market sentiment. Second, some companies have seen synchronized improvements in profit margins, cash flow, and subscription metrics, which means AI It's not just about feature upgrades, but about reconstructing the business model. Take US stocks as an example. AI The commercialization of applications is first realized in high-frequency workflows and enterprise productivity platforms. Adobe , ServiceNow , Salesforce Waiting for the company's AI The related products have all achieved significant growth. These data indicate that the global market is no longer just about having it AI Story, rather than just starting to read AI Whether it can drive subscription, contract volume, renewal, and enterprise spending expansion. In addition, the industry is still in a clearly differentiated phase, with some companies having proven AI Can bring new revenue and profit leverage, while some companies are still stuck at feature display, POC Verification or pay-as-you-go for low-permeability scenarios. 2025 The annual financial report has been verified AI The application is not a false positive, but not all connections have been verified. AI Companies in the industry can all successfully deliver their performance. From an investment perspective, the market has indeed moved on from whether AI Ability switched to AI Whether the income structure, profit margin, and cash flow can be changed, but this transition is still ongoing and has not been fully realized. Q : From a financial report perspective, which types of companies (such as cloud providers / vertical SaaS ) AI Is commercialization the most successful? What are the most concerned metrics, such as AI Changes in revenue proportion and gross profit margin? from 2025 Looking at the year and the most recent full financial reporting cycle, AI The most commercially successful companies are mainly concentrated in three categories. The first category is consumer-oriented high-frequency tool companies, which have clear user scenarios, extremely short paid conversion paths, and subscription-driven business models. AI The most direct manifestation is user growth, ARPU Enhancement and profit release. The second category includes enterprise software and productivity platform companies, including Adobe , ServiceNow , Salesforce , Zoom in The common characteristic of these companies is that they are already located at the center of the customer's daily workflow. AI It's not about creating demand from scratch, but about enhancing automation, reducing manual operations, and improving the customer ROI To drive penetration of additional purchases, renewals, and higher-tier packages. ServiceNow and Salesforce Enterprise-level AI The most effective commercialization approach is to AI Embedding into work order flow, customer service flow, sales flow, and enterprise data layers can translate into growth in contract amounts and remaining performance obligations. The third category is vertical industry solution companies, which often do not burst onto the profit statement as early on but are more likely to show early signs in terms of orders, collections, scenario penetration, and large customer signings.   As for the most important indicators, I don't think we can just focus on AI Income proportion. Because many companies haven't yet AI If income is separated out, this alone can underestimate the true progress. I am more concerned with five types of indicators: first, ARR , RPO Contract liabilities, number of subscribed users AI Whether it generates sustainable revenue; secondly, gross profit margin and operating profit margin, to be considered AI Whether there is economies of scale, rather than just increased reasoning costs; thirdly, operating cash flow and sales receipts AI Whether the revenue can really be recovered; fourthly AI Whether the core business revenue growth rate of the driver is faster than the overall company growth rate; fifthly, the usage depth at the customer level, such as in large customer orders AI permeability, AI   MAU , AI Package add-ons, etc. In short, determine AI The commercialization of an application doesn't depend on what models are released, but on AI Has the quality of the company's revenue and operating leverage changed?   Q : Achieved AI What commonalities do commercial companies possess? Data barriers, customer base, industry Know-how Technical capabilities — which is the most critical? Which segments are easier to break into and dominate? I believe it can be successfully achieved AI Commercial companies typically possess four common characteristics: First, they have high-frequency, rigid demand, and are quantifiable. ROI Application scenarios; secondly, having a native customer base and mature distribution channels; thirdly, having data, process, and industry knowledge accumulation; fourthly, being able to encapsulate model capabilities into products and workflows, rather than staying at the technical demonstration level. I believe the most critical aspect is the industry Know-how Add workflow integration capabilities. As underlying model capabilities are accelerating their diffusion, simply calling the model API It's difficult to build a long-term moat; what really determines who can make money is who understands business processes better, who understands customer pain points better, and who can AI Embed it into the existing software and service system, and transform capabilities into efficiency gains, price increases, or additional purchases. Adobe , ServiceNow and Salesforce This is the commonality, AI Ability is not a cheat code, but part of the core capabilities of the platform.   From the perspective of the track, I think the one that is most likely to take the lead is ROI The track with the clearest vision, the shortest procurement decision-making process, and the deepest product integration. Currently, at least three tracks are more likely to lead in delivering value first. The first is content creation and personal productivity tools, including images, videos, design, office software, language learning, etc., because users use them frequently, the subscription model is mature, AI Enhancing user experience is intuitive and can be easily translated into paid services. The second category includes enterprise productivity and process software, such as CRM Collaborative Office, Customer Service, and Sales Automation, because AI It can be directly translated into increased employee efficiency and reduced operating costs, making companies more willing to pay for it. Thirdly, there are vertical scenarios with strong industry process loops, such as industrial production, healthcare, education, etc. Although the implementation pace of these tracks may be slower than consumer subscriptions and standardization, SaaS However, once verified, customer stickiness and entry barriers are often higher. In contrast, those lacking clear scenarios, with unclear sources of customer budgets, and relying solely on one-time project revenues are more AI App companies, on the other hand, find it even more difficult to lead the way in financial reporting.   * This interview was published in Financial Times Reporter: Li Guohui Original title: Unveiling the Secrets of the Earnings Season: AI Have you started making money?  

2026 is the beginning year of the 14th Five-Year Plan and a critical juncture for China's economy to move towards a new stage of high-quality development. Against the backdrop of accelerating global industrial chain restructuring and continuous evolution of technological revolutions, new types of productive forces are becoming an important engine for reshaping the economic growth pattern. Finance, as the core of modern economies, shoulders the mission of serving national strategies, guiding capital flows, and empowering industrial upgrading. On March 26, the parallel forum of the 2026 Global Southern Financial Journalists' Forum & 2026 Global Southern Asset Management Forum, themed 'Value Reshaping, Intelligent Future', was held in Beijing. Based on macro policy guidance, the forum deeply explored the structural opportunities in the equity market for 2026, discussing how to identify core assets with long-term value in the process of cultivating new productive forces, using professional research capabilities to guide capital to serve national strategies precisely. At the forum, Wang Chenhui, China's managing partner and president of Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan'), stated in his keynote speech titled 'Highlighting Industry Characteristics to Enhance Corporate Valuations', that with market development and investors' increasing demand for real sources of information, industry research should shift from 'closed-source' to 'open-source' to meet the needs of different levels of investors for real sources of information.   "Three Carriages" Escorts Enterprise's Hong Kong Stock Listing   The value of a company is not only reflected in its financial statements but also in its industry position, growth logic, and market perception. How to tell a good industry story, highlight distinctive advantages, thereby enhancing corporate valuation, is a topic that every company and every investor needs to consider. As a globally renowned enterprise growth consulting and investment banking service company, Frost & Sullivan has long been committed to industry research and value discovery, providing strategic consulting and market insights to businesses worldwide. It has accumulated rich experience in helping companies articulate their industry-specific characteristics and enhance capital market awareness. Looking back at 2025, against the backdrop of policy support and optimized regulatory approval processes, Hong Kong saw active new share listings. 'A large number of leading enterprises have further joined the Hong Kong stock market. In addition, the Hong Kong refinancing market has also performed relatively well,' said Wang Chenhui. According to statistics as of December 31, 2025, the Hong Kong Stock Exchange saw a total of 119 new shares listed throughout the year, raising a total of HK$2858 billion, a year-on-year surge of 224%, reclaiming the top spot in global IPO financing. From January to December 2025, Frost & Sullivan's market share in the Hong Kong IPO industry advisory market reached 73%. Wang Chenhui stated that as an independent industry consultant, Frost & Sullivan provides professional industry research services for companies going public. Based on public market data and information provided by the company, it conducts independent analysis and verification of industry information to assist the sponsor in responding to inquiries from the Hong Kong Stock Exchange regarding industry sections. "Successful listing of a company usually requires three fundamental aspects: legal compliance, financial performance, and a clear investment logic based on industry research. Among these, legal compliance and financial performance are the basic thresholds set by regulatory requirements, while rigorous and independent industry research is an important basis for supporting reasonable valuations and articulating a good investment logic. From this perspective, it is necessary to focus on explaining three issues that the market is concerned about." Wang Chenhui further stated that the first is the company's precise positioning and segmentation, which specifically includes in-depth analysis of the company's business characteristics, industry characteristics, business model characteristics, etc., to uncover the company's strengths, accurately identify investment highlights, and on the basis of the company's positioning, segment the market in which the company operates, providing fundamental support for the company's future development." Secondly, it is about the market ranking of the enterprise. By analyzing competitive enterprises in the same industry both domestically and internationally against segmented markets, it can more accurately reflect the enterprise's competitive advantages, market share, and market position. Finally, there are the future development expectations of the enterprise. By predicting the enterprise's own business and industry, we provide investors and the market with an outlook for the future. "Our (Frost & Sullivan) job is to assist sponsors and companies in objectively presenting the true state of the industry and enterprises to investors based on these three dimensions," said Wang Chenhui.   Industry research should shift from 'closed-source' to 'open-source'.   From the perspective of investors, Wang Chenhui believes that when investors buy stocks of listed companies, they are essentially paying for the future expectations of the enterprise. Therefore, enterprises need to convey a clear picture of the future to the market and investors through scientific and reasonable predictions of their own business and industry. Wang Chenhui stated that in the past, the description of industry scale in prospectuses was often quite brief, but the actual situation is much more complex. Wang explained that taking liver cancer treatment drugs as an example, to accurately estimate their market size, multiple sub-elements must be considered comprehensively: which stage of liver cancer does the drug apply to? Liver cancer itself encompasses various types of lesions, with different stages of disease progression; can the drug be included in national or provincial medical insurance? What are doctors' preferences for medication? Are there alternative drugs and their costs? In addition, there are significant differences in payment capabilities between different cities and patients. 'Only by integrating these factors into analysis can a relatively rigorous model be constructed, ultimately leading to scientific and credible market size and future forecasts,' he said. From the perspective of looking ahead to industry development, Wang Chenhui believes that with the popularization of AI in investment analysis, simple 'investor stories' can no longer meet investors' requirements for verifiable trust. Industry research should shift from 'closed-source' to 'open-source'. Under regulatory guidance, Frost & Sullivan will use transparent research methods to clearly demonstrate data sources, analysis models, and research logic to investors, ensuring that the research process is traceable and verifiable. This article is reprinted from: China Securities Journal