'Frost & Sullivan' Insights The three major operators are accelerating the collaborative advancement of network services for 5G-A commercialization. China Mobile previously planned to achieve full commercial deployment by the end of 2026. Since the beginning of this year, in addition to supporting typical scenarios such as low-altitude operations, 5G-A has gradually begun to empower robots and AI intelligent agents. How do you view the empowerment of 5G-A in recent years in multiple popular fields such as low-altitude operations, humanoid robots, and AI intelligent agents? Is this due to the traditional telecommunications business development of operators and communication enterprises slowing down and an urgent need to find new business breakthroughs, or is the development in related fields indeed supported by network upgrades? What stage has the development of 5G-A currently entered? Are the conditions ripe for full commercial deployment of 5G-A, or are there still specific challenges?   Frost & Sullivan (Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan') industry analyst Song Anqi was interviewed by Cailian News to discuss the key paths and industrial breakthrough points for the full commercialization of 5G-A . Cailian News     Q: How do you view the empowerment of 5G-A in recent years in multiple popular fields such as low-altitude operations, humanoid robots, and AI intelligent agents? Is this due to the traditional telecommunications business development of operators and communication enterprises slowing down and an urgent need to find new business breakthroughs, or is the development in related fields indeed supported by network upgrades? Song Anqi Frost & Sullivan industry analyst 5G-A does not create demand out of thin air but truly meets and supports the objective needs of emerging fields such as low-altitude drones, autonomous robots, and AI intelligent agents for higher-performance networks. It can be said that the development of these emerging fields indeed forces the evolution of communication network capabilities. In typical scenarios such as drone dispatching in low-altitude airspace, remote control of humanoid robots, and multi-modal task execution by AI intelligent agents, networks often need to have high upstream capacity, large bandwidth, low latency, and high stability simultaneously, which has already become a bottleneck for existing 5G networks. The technical characteristics of 5G-A can just meet the communication and computing power coordination needs of these complex tasks, enabling intelligent agents to think quickly in the cloud and act flexibly at terminals. More importantly, as scenarios such as AI large models, intelligent manufacturing, and urban low-altitude transportation continue to deepen and implement, networks are no longer ancillary facilities but gradually become the core infrastructure of intelligent systems, which must have predictable and guaranteed service capabilities. 5G-A is playing a key role in industrial upgrading by gradually shifting its role from being an 'available service' to a 'necessary service' with its enhanced connectivity and native intelligent network capabilities. At the same time, it is undeniable that operators are vigorously promoting the empowerment of 5G-A in vertical industries in order to expand new blue ocean services in the communication industry and transform their own growth models. As traditional C-end business growth slows down, operators urgently need to find new growth drivers, and 5G-A provides them with a two-way breakthrough point for high-experience consumption and high-value government-enterprise services. On the one hand, through 5G-A-supported differentiated experience services (such as cloud gaming, XR live streaming, etc.), operators can try to shift from 'traffic-based billing' to 'experience-based billing'; on the other hand, in B-end scenarios such as industry, transportation, and healthcare, operators are gradually integrating technologies such as 5G-A with AI, edge computing, and cloud-network integration into the core systems of government-enterprise digital transformation, providing customized and operational network + computing power + application solutions. In this sense, 5G-A is not only a technological upgrade of communication networks but also a deep shift in the strategic focus of operators, which is expected to help operators transform from 'pipe providers' to 'digital enablers' and reshape their value positioning in the digital economy era.   Q: What stage has the development of 5G-A currently entered? Are the conditions ripe for full commercial deployment of 5G-A, or are there still specific challenges? Song Anqi Frost & Sullivan industry analyst Currently, China's 5G-A has kicked off commercialization. The basic conditions from standards, networks to terminals have gradually matured and are in a critical expansion period transitioning from scale pilots to full commercialization. With the official freezing of the 3GPP R18 standard, the technical system of 5G-A has entered a finalization stage, and the three major operators are also rapidly deploying networks nationwide, with continuous coverage initially formed in several key cities. At the same time, terminal manufacturers have launched more than 160 devices supporting 5G-A, and the synergistic effect between networks and terminals has initially emerged. At the application end, industry exploration continues to deepen, with typical scenarios such as cloud gaming, naked-eye 3D live streaming, AI intelligent agents, and low-altitude economy becoming the first batch of customers for 5G-A to verify network performance and service capabilities in the next stage of large-scale implementation. For example, ZTE released the 'AgentGuard' network solution for AI intelligent agents at MWC Shanghai, supporting multi-modal task execution through upstream bandwidth enhancement and deterministic guarantee; Huawei demonstrated a digital human team and workflow intelligent agent built based on the integration of 5G-A and AI, used to improve operation efficiency and network self-optimization capabilities. The humanoid robot 'Kua Fu' also made an appearance at the conference, realizing remote control and intelligent decision-making relying on 5G-A to provide feasibility verification for operations in complex environments. It can be said that 5G-A is in a critical leap period from 'available' to 'usable', and 2025 will become a turning point year for the integration and advancement of network construction and application ecosystems, laying a solid foundation for full commercialization nationwide in 2026. Although the current commercial technology and industrial foundation of 5G-A are quite mature, the general direction and pace of full popularization are basically clear. However, there are still some challenges that need to be overcome to truly achieve the full commercialization of 5G-A, not only in the deployment and technology integration of the network itself but also depending on the application ecosystem and demand cultivation. On the one hand, 5G-A has introduced many new capabilities such as sensory integration, air-ground-space integration, and endogenous intelligence, but stable operation in complex and variable actual scenarios still requires optimization and verification over time; on the other hand, whether it is high-end experience services for the C-end or industry solutions for the B-end, most are still in the demonstration or customized stage, and there is still a distance from large-scale replication. In addition, whether users are willing to pay a premium for higher-performance networks and how operators build sustainable business models are also key determinants of whether 5G-A can truly run smoothly. Therefore, in the next one or two years, 5G-A will not only 'be built well' but also 'be usable'. Only with the dual-wheel drive of technological evolution and ecological co-construction can we truly open up the next growth cycle of communication industry development. * This interview has been published in Cailian News, with reporter Fu Jing, and the original title was: Upstream speed increases by more than 20%! The empowerment of AI intelligent agents and embodied intelligence is becoming a trend. How is the progress of expanding the 'new blue ocean' in the communication industry?

Frost & Sullivan insights This summer, heatwaves swept across many regions, and the "summer relief" product, air conditioners, have been selling briskly. Driven by high temperatures, the previously less popular Northeast region has also seen a surge in demand. It is understood that the "national subsidy" combined with the recent high temperatures across the country has led to a significant increase in air conditioner sales by several companies. In addition, rising temperatures in Europe have also boosted local air conditioner sales. When is it expected that the peak season will continue? Will the hot sales of products under high temperatures lead to an increase in air conditioner sales for the whole year? What new characteristics have emerged in air conditioner sales this summer? What is the overall price performance like? How is the export potential of energy-saving air conditioners viewed? Lou Lei, Executive Director of Frost & Sullivan's China region, was interviewed by Cailian News to discuss the subsequent growth logic of the air-conditioning industry and the new global competitive landscape. Time Weekly   Q: It is understood that the 'national subsidy' coupled with recent high temperatures across the country has led to a significant increase in air conditioner sales for many enterprises. In addition, the rising temperatures in Europe have also driven local air conditioner sales. When is it expected that the peak season will continue? Will the hot sales of products during the high-temperature weather lead to an increase in the annual air conditioner sales volume? Lou Lei Executive Director, Greater China, Frost & Sullivan The growth in air conditioner sales this year is mainly due to the superposition of multiple factors: On one hand, the national subsidy has been very substantial, with the central finance allocating 300 billion yuan in subsidies in batches. This has not only boosted air conditioner sales but also led to an ideal recovery in overall consumer data across the country during the first half of the year. According to data from the National Bureau of Statistics, from January to May, total retail sales of consumer goods reached 2031.71 billion yuan, a growth of 5.0%. Among them, retail sales of consumer goods other than automobiles amounted to 1843.24 billion yuan, a growth of 5.6%. It can be said that the overall growth of consumption has been relatively good. On the other hand, this year's weather has been extremely hot, not only ending earlier than usual with the arrival of the plum rain season, but also seeing widespread high temperatures across the country. Moreover, the onset of high temperatures has come somewhat earlier than in previous years. Coupled with the major e-commerce platforms starting their 618 activities in May this year, which coincided with the national subsidy and hot weather factors. Under the influence of multiple factors, there was a prosperous supply and demand situation in the air-conditioning market from May to June. However, on the other hand, there is a need to be vigilant about the tapering of subsidies and the slowdown in growth rates after the end of the 618 event. In fact, since the second half of June, there has been a certain fatigue in industry sales growth, with some provinces such as Zhejiang showing signs of exhaustion of state subsidy funds. Overall, there have been no major changes in the macroeconomy. The booming sales of air conditioners starting in May have, to some extent, pushed up the demand for air conditioners during the summer season in previous years to May and June. However, if there are no new actions such as national subsidies in the future, the industry is unlikely to maintain such a high growth rate for a long time and will gradually return to a steady growth. The growth in overseas orders, especially those from Europe, is indeed a highlight for the industry. For a long time, the penetration rate of household air conditioners in regions such as Europe has been lower than that in China. However, this year there have also been widespread high temperatures in Europe, with some countries experiencing temperatures exceeding 40 degrees Celsius. Coupled with the fact that domestic air conditioner manufacturers have reached international advanced levels in technology and energy consumption after a long period of development, and with the added advantage of cost-effectiveness, there has been a significant increase in overseas orders this year.   Q: What new characteristics have emerged in air-conditioner sales this summer? How has the overall price performance been? Lou Lei Executive Director, Greater China, Frost & Sullivan The more obvious feature is that both volume and value have reached new highs, but prices have seen a certain degree of decline. This trend has generally continued the overall trend of the industry since 2024. The use of price to trade for volume also reflects the intensified competition in the industry since 2024, and it also indirectly reflects everyone's certain concerns about the uncertain future, hoping to maintain their market share in 2025. Specifically, looking at online and offline sales, the price cuts on the online platform are higher than those offline. Relatively speaking, the prices of online products are more transparent at present, and price competition is also more intense. In recent years, manufacturers have made certain distinctions between online and offline product lines by differentiating models, etc., to avoid price influence between them.   Q: What is the export potential of energy-saving air conditioners? Lou Lei Executive Director, Greater China, Frost & Sullivan Competing in energy efficiency has been one of the key areas of competition among domestic air-conditioning manufacturers in recent years. As the market with the most intense global competition for air conditioners, leading manufacturers have also taken the lead in technology over the years. New features, AI technology, and energy-saving technology are all key areas of competition for domestic manufacturers. Especially with the current large-scale development of AI technology in China, it is expected to help enterprises achieve overtaking on a curve. Looking at domestic sales products, the proportion of high-efficiency models has been continuously increasing in recent years. Data shows that from the list of best-selling models, the proportion of high-efficiency models with an APF greater than 5.6 has risen to over 20%. Domestic products have gradually moved away from the previous stage of simply competing on price. With the increasing proportion of high-efficiency products in China and their popularization, from the perspective of energy-saving efficiency alone, leading brands are continuously narrowing the gap with the world's top levels. They also have the potential to further expand their export scale by relying on high efficiency + high cost-effectiveness, competing with traditional Japanese and European manufacturers in overseas markets. *This interview has been published in Cailian Finance & Economics News Agency The reporter is Lu Tingting, and the original title is: Heatwave 'forces' air-conditioning consumption to boom: factories are fully producing with tight inventory, so why do dealers still not dare to 'stock up' more? The investment and financing business of Frost & Sullivan Greater China has achieved full industry coverage of the Chinese national economy, including a high level of attention to all economic hotspots such as new economies and new infrastructure. It covers digital infrastructure, consumer electronics, dual-carbon new energy, healthcare and life sciences, catering and new retail, semiconductors and integrated circuits, smart homes, automotive and mobility, health services, food and beverages, information and communication technology, fintech, real estate and property, mining and smelting, beauty and fashion, big data and artificial intelligence, logistics and supply chain, construction technology and decoration, special new materials, culture and entertainment, enterprise-level services, cross-border e-commerce trade, infrastructure construction, environmental protection and energy-saving technology, education and training, etc. Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong and overseas stock exchanges, making it a leading enterprise in the field of investment and financing strategy consulting in China. 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Frost & Sullivan insight The low-altitude logistics industry chain is presenting a new pattern where logistics enterprises, e-commerce platforms, and drone manufacturers are 'competing among themselves'. The 'closed loop' in the traditional logistics structure is being broken. In the past, express logistics enterprises controlled the entire resource chain from warehousing to trunk lines and last-mile delivery. However, in the low-altitude logistics scenario, capabilities such as aircraft manufacturing, airspace scheduling, platform operation, and safety management have become more specialized and systematic. A large number of technology companies have entered key links by integrating algorithms, platforms, and equipment, shifting from 'supporting roles' to 'leading roles'. What are the differences in the technical paths and strategic priorities among the three parties? Previously, the core competitiveness of the logistics industry was ground network density, etc. In the low-altitude logistics field, what aspects are the focus of key technology competition? Is it easier for industry integrators that integrate 'flight technology, platform capabilities, and scenario operation' into a system to succeed in breaking through?   Mr. Liu Xufeng, Senior Consulting Advisor at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') for Greater China, was interviewed by 'Securities Daily' to discuss the next evolution path of the low-altitude logistics industry . 'Securities Daily'   Q: What are the differences in the technical paths and strategic priorities among the three parties? Mr. Liu Xufeng Senior Consulting Advisor at Frost & Sullivan for Greater China Although low-altitude logistics is still in its exploration phase, the technical paths and strategic priorities of the three types of participants have actually begun to diverge. The core logic of logistics enterprises is to introduce low-altitude transport capacity into the existing transportation system to supplement and optimize the network. They are more concerned with how to incorporate drones into the overall structure of trunk lines, feeder lines, and last-mile delivery to improve regional coverage efficiency and reduce marginal distribution costs. Technically, they will focus on investing in the construction of scheduling systems and airspace-ground coordination capabilities. The logic of e-commerce platforms is actually quite different. For them, low-altitude logistics is a 'new type of transport capacity module' within the entire fulfillment capability, with the core goal still being to improve user experience and order response efficiency. They emphasize more on platform-side scheduling algorithms, transport capacity integration, and flexible capabilities for multi-channel fulfillment. Logistics enterprises are building transport capacity systems, while e-commerce platforms are adjusting transport resources. Drone manufacturers start from flight technology and pay more attention to underlying technologies such as flight control safety, communication links, and energy consumption management. Many manufacturers are now moving towards system integration, no longer just selling equipment but starting to provide platform-level scheduling capabilities and operational support. Overall, logistics enterprises are integrating networks, e-commerce platforms are developing system intelligence, and drone manufacturers are building flight bases. Each party has its own focus and is looking for entry points around their strengths. There will definitely be more possibilities for cross-cooperation in the future.   Q: Previously, the core competitiveness of the logistics industry was ground network density, etc. In the low-altitude logistics field, what aspects are the focus of key technology competition? Is it easier for industry integrators that integrate 'flight technology, platform capabilities, and scenario operation' into a system to succeed in breaking through? Mr. Liu Xufeng Senior Consulting Advisor at Frost & Sullivan for Greater China In the new field of low-altitude logistics, the current competitive logic indeed differs from the mature ground system. Traditional ground logistics emphasizes more on network density, coverage capacity of the warehousing and distribution system, and end-touch efficiency. In the current stage of low-altitude logistics, the importance of technical system capabilities is more prominent than ground network coverage. That is to say, what is being competed on now is not who has more network points, but who can fly more safely, schedule more efficiently, and control costs more effectively. At present, flight safety remains the most fundamental and non-negotiable threshold of the entire industry. In addition to hardware factors such as the flight control performance, obstacle avoidance ability, and redundant design of drones themselves, platform-level scheduling capabilities, route design, and emergency handling are also important components in measuring safety levels. For example, how to maintain the orderliness of multiple aircraft operations in complex urban airspace? Can a system-level response be achieved in case of emergencies? These are all key factors determining whether you can obtain airspace resources, advance BVLOS (Beyond Visual Line of Sight) approval, and achieve compliant operations. At the same time, cost issues are also an unavoidable reality challenge. As a highly price-sensitive industry, whether a new technology is ultimately scalable depends on whether its unit transportation cost is competitive. Even if the technology is advanced and efficient, if the cost remains high, it is difficult to form a practical substitution relationship with existing solutions such as riders and driverless cars. Therefore, low-altitude logistics not only needs to run fast but also be affordable. So returning to the previous question, on the premise of ensuring safety, those enterprises that can find suitable scenarios faster, achieve large-scale operations, and take the lead in breaking through the profit model locally are indeed more likely to succeed in the current stage. *This interview has been published in 'Securities Daily', with reporter Wang Jingru. The original title was: The low-altitude logistics industry chain is accelerating its formation

Insights from Frost & Sullivan Over the past few days, several pharmaceutical companies have successively disclosed their BD (business cooperation in the biopharmaceutical field, usually referring to pipeline licensing) expectations, drawing significant attention from the market. What trends are currently seen in BD transactions among innovative pharmaceutical companies in terms of transaction models, transaction data, and transaction targets? What are the reasons behind these trend changes? How should innovative pharmaceutical companies balance 'selling' and 'not selling'? When companies face contradictions between financial pressure and market prospects, when should they stick to independent development to control pricing power, and when should they achieve cash flow recovery through BD transactions? Is Yu Decao's decision-making logic of 'refusing short-term cashing out and betting on the ultimate outcome of the Chinese market' still valuable for reference in the current industry environment?   Zhao Yifei, a pharmaceutical industry analyst at Frost & Sullivan's Greater China Life Sciences Business Unit, was interviewed by 21st Century Business Herald to discuss the value boundaries of innovative drug BD . *Click at the end of the article Read the original article for the complete report   Q: What trends are currently seen in BD transactions among innovative pharmaceutical companies in terms of transaction models, transaction data, and transaction targets? What are the reasons behind these trend changes? Zhao Yifei Pharmaceutical industry analyst at Frost & Sullivan's Greater China Life Sciences Business Unit From transaction data, the number of BD transactions remained strong in the first half of 2025. According to incomplete statistics, there were already 307 transactions, a slight increase compared to the same period in 2024; more notably, the transaction amount increased significantly, with multiple projects reaching high cooperation agreements. For example, Sanyo Pharmaceutical licensed its global rights (excluding the Chinese mainland) for its PD-1/VEGF bispecific antibody SSGJ-707 to Pfizer for a total transaction amount of $6.05 billion, including a $1.25 billion upfront payment. Such transactions indicate that market funds are concentrating on assets with real differentiation and global potential.   In terms of transaction models, License-out remains the absolute mainstream, accounting for more than 50% of transactions in 2024. However, the NewCo model is accelerating its rise—7 transactions were recorded in 2024 and 4 in the first half of 2025, mainly targeting early pipelines and binding long-term returns through joint venture structures; mergers and acquisitions continue to grow steadily, focusing on mature pipelines and providing efficient exit channels for resource-limited enterprises.   In terms of transaction targets, two trends are particularly evident. One is that platform-based technologies are becoming the core driving force of high-value transactions. For example, multiple rounds of high-value cooperation between Corbus Therapeutics and MSD around the ADC platform are based on their complete platform capabilities covering antibody screening, linker optimization, and toxin payload development. Buyers are willing to pay a premium for their scalability and high conversion rates. The second is a significant diversification of asset types. Transaction targets are no longer concentrated on traditional hotspots such as PD-1 and VEGF but are gradually expanding to new targets, non-tumor indications, and diverse drug types, reflecting that Chinese pharmaceutical companies are gaining international recognition through Best/First-in-class innovation after 'me-too' drugs.   The driving factors behind these trends include both internal initiatives for change within the companies and external push from the market environment.   On one hand, the innovation capabilities of Chinese innovative pharmaceutical companies continue to improve, with multiple First-in-class pipelines emerging globally; at the same time, domestic market profit margins are being compressed by centralized procurement and medical insurance cost control, and primary market financing is also tightening, making companies more dependent on BD transactions to raise funds and hedge uncertainties. In addition, national policies such as the '14th Five-Year Plan' for the pharmaceutical industry development plan are also strategically promoting companies to accelerate their internationalization process.   On the other hand, developed countries such as Europe and America not only have a large patient base and payment capabilities but are also facing the expiration of multiple original research drug patents, increasing their efforts to introduce innovative assets. At the same time, under the background of policies such as the 'Belt and Road', emerging market medical demand is growing rapidly, providing more opportunities for Chinese innovative pharmaceutical companies to go global.   Q: On one hand, some views hold that BD has broken the traditional model of 'cash flow only after product approval and launch', bringing sufficient cash flow to innovative pharmaceutical companies. In recent years, many innovative pharmaceutical companies have turned from losses to profits due to the inflow of BD funds; on the other hand, some innovative pharmaceutical companies such as Pemrix are considered to be adopting unsustainable measures of 'selling seedlings at low prices', which are not conducive to the development of domestic innovative assets in the long run. How should we view the conflict between these two views? Does the phenomenon of 'selling seedlings at low prices' reflect the bargaining power dilemma of Chinese pharmaceutical companies in the global value chain? How should innovative pharmaceutical companies strive for more favorable conditions in BD transactions? Zhao Yifei Pharmaceutical industry analyst at Frost & Sullivan's Greater China Life Sciences Business Unit   The essence of BD is the dynamic redistribution of R&D risks by innovative pharmaceutical companies. Especially when primary market financing in China continues to tighten, BD transactions—especially License-out, which accounts for the largest proportion—have become the lifeline of Biotech companies. Since 2022, the transaction scale has exceeded the total primary market financing for three consecutive years, upgrading from an option to a survival necessity. The example of Kangfang Biotech achieving its first profit through bispecific antibody licensing is an illustration. However, excessive reliance on BD income can amplify the performance volatility risk of pipeline breaks. Essentially, this is a game between short-term blood transfusion and long-term hematopoiesis capabilities.   The so-called 'selling seedlings at low prices' phenomenon profoundly reflects the phased weakness of Chinese innovative pharmaceutical companies in the global value chain: there are gaps between clinical data quality and international standards, target homogenization weakens asset scarcity, the commercial prospects of niche indications are unclear, and insufficient overseas promotion experience forms multiple constraints. At the same time, companies are forced to exchange core assets for survival rights under capital pressure, falling into a vicious cycle of 'R&D - low-price licensing - re-R&D' in the long run.   Enhancing bargaining power itself is about building uniqueness and differentiation. The first point is to build technical uniqueness by innovating targets, breakthrough designs, and platform capabilities to establish a data moat. The second is to strengthen clinical persuasiveness by adopting global trial designs that meet FDA/EMA standards and introducing third parties when necessary to enhance data credibility. Finally, be proficient in transaction strategies, using competitive negotiations and flexibly constructing transaction structures, simultaneously contacting multiple buyers to trigger bidding mechanisms, and maintaining asset control while maximizing benefits through flexible structures such as phased licensing and regional splitting.   Q: Against the backdrop of pharmaceutical companies going global becoming a trend, on one hand, companies such as BeiGene are exploring international markets through different models such as independent going global and License-out; on the other hand, companies like SinoCure have recovered their overseas rights for Cimzia but have also suffered losses in performance. How should innovative pharmaceutical companies balance 'selling' and 'not selling'? When companies face contradictions between financial pressure and market prospects, when should they stick to independent development to control pricing power, and when should they achieve cash flow recovery through BD transactions? Is Yu Decao's decision-making logic of 'refusing short-term cashing out and betting on the ultimate outcome of the Chinese market' still valuable for reference in the current industry environment? Zhao Yifei Pharmaceutical industry analyst at Frost & Sullivan's Greater China Life Sciences Business Unit   The essence of 'selling' and 'not selling' is the company's dynamic assessment and balancing of clinical development capabilities, cash flow reserves, and in-depth evaluation. BeiGene's successful independent going global with zanubrutinib stems from its investment of over $1 billion to build a global clinical team and commercial network; another strategy emphasizes the release of phased value, such as some companies choosing to recover product rights in specific markets or stages, focusing more on resource allocation and core market strategies, often based on comprehensive consideration of market rhythm and strategic priorities.   Therefore, the core of decision-making lies in: when a product has global competitiveness and the company has overseas development resources, sticking to independence is the long-term optimal solution; otherwise, BD transactions are a rational choice to avoid risks.   Specifically, companies need to dynamically choose strategies based on three elements: cash flow reserves, pipeline maturity, and technical barriers: if funds are sufficient and the pipeline is mature (clinical Phase III and beyond), it is recommended to adopt a dual-track approach of 'independent going global + cooperative development' to build global capabilities; for companies with tight cash flow but leading technology, they can use License-out to raise funds and retain core regional rights to maintain long-term revenue capacity for R&D and expansion; for early pipelines (clinical Phase II and before) with technical uniqueness, they can attract overseas capital through the NewCo model to lock in long-term returns; for companies with mature pipelines but lacking overseas resources, they can seek mergers and acquisitions to realize the monetization of technical value. The key is to accurately match models according to one's own endowment, rather than chasing a single paradigm. *This interview has been published in 21st Century Business Herald, with reporter Han Liming, and the original title was: International competition heats up! BD dynamics among pharmaceutical companies frequent, market value fluctuations intensify   Contact phone: 021-5407-5836 Contact email: PR@frostchina.com

Insights from Frost & Sullivan Starting from the fourth quarter of 2024, a large number of A-share listed companies have sought listing on both A and H markets, and this trend is intensifying. In April 2025 alone, the number of companies disclosing their Hong Kong listing plans and the total market value exceeded that of the first quarter of 2025. Judging from the market performance of Hengrui Medicine's successful listing on the Hong Kong Stock Exchange, reaching the upper limit of the issuance range, and a significant increase on the first day, does this reflect the current capital market's confidence in the internationalization of Chinese innovative pharmaceutical companies? Can Hengrui's listing open the way for more local pharmaceutical companies to seek financing in Hong Kong or overseas?   Zhang Chenyang, consulting director of Frost & Sullivan's Life Sciences Business Unit in Greater China, introduced an interview with the Daily Economic News to discuss the impact of Hengrui's listing on the internationalization of innovative drugs . Daily Economic News *Click at the end of the article Read the original article for a complete report     Q: From the market performance of Hengrui Medicine's successful listing on the Hong Kong Stock Exchange, reaching the upper limit of the issuance range, and a significant increase on the first day, do you think this reflects the current capital market's confidence in the internationalization of Chinese innovative pharmaceutical companies? Can Hengrui's listing open the way for more local pharmaceutical companies to seek financing in Hong Kong or overseas? Zhang Chenyang Consulting director of Frost & Sullivan's Life Sciences Business Unit in Greater China   As a representative of large Chinese pharmaceutical companies, Hengrui Medicine's successful issuance of H shares this time fully demonstrates the global capital market's recognition of the innovative R&D capabilities of Chinese pharmaceutical companies. What Chinese pharmaceutical companies can solve is not only domestic unmet clinical needs; we also hope that products with high clinical benefits can benefit patients worldwide. Hengrui's appearance on the international stage will also fully boost the confidence of Chinese innovative pharmaceutical companies in listing in Hong Kong, and we believe that more Chinese innovative pharmaceutical companies will tell their own investment stories based on disruptive clinical data and pipelines with high revenue potential.   Q: Hengrui Medicine has raised HK$100 billion through this Hong Kong stock offering, intending to invest in R&D and internationalization. In your opinion, how will this promote Chinese pharmaceutical companies to occupy a higher position in the global innovation drug competition? What positive impacts may it bring to upstream and downstream enterprises in the domestic innovation drug industry chain? Zhang Chenyang Consulting director of Frost & Sullivan's Life Sciences Business Unit in Greater China   As of now, Hengrui Medicine already has more than 90 new molecular entities and has also created myths in terms of quantity and amount in overseas BD transactions. The funds raised through this Hong Kong stock offering will be applied to the advancement of clinical R&D and the construction of an innovation platform, providing financial support for creating more first-in-class and best-in-class products, and enabling Chinese innovative drugs to truly go global and benefit patients worldwide. The R&D of innovative drugs cannot be separated from the support of all links in the industry chain. For upstream and downstream enterprises, the internationalization of innovative drugs also means that raw materials, equipment instruments, and service providers related to new drug R&D will gradually align with international standards, creating opportunities for gaining recognition from pharmaceutical companies worldwide. *This interview has been published in the Daily Economic News, with reporters Xu Libo and Zhen Sujing. The original title was: From Lianyungang to Hong Kong, Hengrui Medicine Sets a Record for the Largest IPO of Hong Kong-listed Pharmaceuticals in Nearly Five Years, Raising a Total of HK$10 Billion

Frost & Sullivan insights "Snatching up LABUBU" has become a microcosm of the recent life in the trendy toy industry. On April 24, 2025, with the release of the third-generation enamel plush toy "Frontal High Energy" series under Bubble Mart's popular IP LABUBU, a global craze for purchasing ensued. According to Bubble Mart's latest performance report, overseas market revenue soared by 475%-480% year-on-year, becoming the absolute main driver of growth. Among them, the Asia-Pacific region maintained its momentum, while Europe and America experienced explosive growth. What are the main reasons why Bubble Mart can achieve growth in these two regions? Bubble Mart belongs to non-essential consumer goods, and product sales are vulnerable to shocks during economic downturns. Why has Bubble Mart been able to maintain counter-cyclical growth? Compared to other trendy toy brands such as TOPTOY and 52TOYS, what is its differentiated advantage in the overseas market?   Zhu Yiming, Executive Director of Frost & Sullivan Greater China, was interviewed by Business School magazine to discuss IP going global and cultural resonance . Business School Magazine *Click at the end of the article Read the original text View the full report     Q: According to the latest performance report of Popomart, overseas market revenue soared by 475%-480% year-on-year, becoming the absolute main driver of growth. Among them, the Asia-Pacific region maintained its momentum, while Europe and America witnessed explosive growth. What are the main reasons why Popomart has been able to achieve growth in these two regions? Zhu Yiming Executive Director, Greater China, Frost & Sullivan The success of Popomart stems from the flywheel effect of 'IP incubation - full-channel reach - cultural promotion - user feedback'. By designing and resonating with emotions to create cross-cultural appeal, relying on direct-operated networks and localization strategies to lower market entry barriers, it has completed the transformation from trendy toys to pan-entertainment, building a global IP ecosystem.   1) IP Design: Cultural Resonance and Local Innovation   Popcorn Mart has formed an IP matrix covering different cultural backgrounds by signing global artists, tapping into local designers, and collaborating with internationally renowned IPs (such as Disney and Marvel). For instance, the Thai CRYBABY series was designed by local artists, incorporating tear-drop elements to evoke emotional resonance and entered the top two best-selling lists in Thailand within two months. Another example is the Tycoco skull image, which is popular in the Mexican market due to its connection with the undead culture, while the European market prefers the space-themed Space Molly29. By collaborating with local artists and designing limited editions, the brand enhances consumers' cultural identity.   2) Product Matrix: Category Expansion and Scenario Extension   Blind Box Mode Upgrade: The blind box gameplay combines randomness with collectible attributes, complemented by a scarcity design for hidden items, stimulating repeat purchases. For example, LABUBU plush accessories are 'hard to come by' in mainland China, and the trend has also been replicated in Southeast Asian markets.   Diversification of categories: Expanding from collectibles to MEGA (big kids), plush toys, building blocks, derivatives (such as Hanfu collaborations), and theme parks. In 2024, plush toy revenue increased by 994% year-on-year, while MEGA grew by 142%.   Build immersive scenarios: Extend the IP lifecycle through animations, mobile games (such as the collaboration with "Ne Zha 2"), theme parks, and pop-up entertainment exhibitions (such as PTS International Exhibition), to create immersive consumption scenarios. For example, the Singapore pop-up entertainment exhibition attracted over 20,000 visitors over three days, strengthening brand cultural output.   3) Sales Channels: Direct Store Expansion and Omnichannel Penetration   Landmark store strategy: Opening thematic flagship stores at global landmarks such as Bangkok's MEGA BANGNA and the Louvre in Paris, with the highest single-day sales reaching 10 million yuan.   Regional expansion strategy: Adopting a 'from near to far' approach, priority will be given to culturally similar regions such as Southeast Asia (e.g., Thailand, Indonesia) and East Asia (South Korea, Japan), followed by expansion into Europe and America. By 2024, overseas stores will exceed 147, with 11 new locations added in the United States.   Online full-platform coverage: Dominated by DTC online stores, social fission dissemination is carried out by integrating social e-commerce and UGC content.   4) Marketing: Emotion-driven and localized operations   Localized precision strategy: Promoted in Thailand with local stars (such as Lisa), launching traditional clothing versions of LABUBU; enhancing brand tone in Europe through the Louvre flagship store. For example, the welcome ceremony at Bangkok Airport with LABUBU featured an integration of IP into local cultural symbols, in collaboration with the Tourism Authority of Thailand.   Localization of the supply chain: Vietnamese factories are put into production to reduce production costs, and overseas warehousing arrangements (such as North America) improve logistics efficiency. By 2024, overseas production will account for 10% of total production, with the goal of further expansion.   Q: Bubble Mart is a non-essential consumer product. In times of economic downturn, product sales are vulnerable to impact. Why has Bubble Mart been able to maintain counter-cyclical growth? Compared to other trendy toy brands such as TOPTOY and 52TOYS, what is its differentiated advantage in the overseas market? Zhu Yiming Executive Director, Greater China, Frost & Sullivan   The current Chinese economy continues to maintain a steady growth trend, with GDP expected to reach 135 trillion yuan in 2024, maintaining a year-on-year growth rate of 5.0%. It may further increase to 5.4% in the first quarter of 2025. On the consumer side, the market is undergoing structural changes: The millennial and Z generations (accounting for over 45%) as the core consumer group exhibit a combination of rationality and emotionality—demanding not only a high match between product price and functional value but also seeking cultural identity and emotional experience carried by goods. Under this trend, trendy toy companies represented by Popomart are building competitive barriers through a full industrial chain layout: at the front end, they collaborate with over 800 artists globally to incubate IPs, using "cultural symbols + localized narratives" to resonate with consumers; at the middle end, relying on a digital supply chain system, they compress the design-to-production cycle to 21 days and achieve flexible production through overseas production bases in Vietnam and other regions; at the terminal, they form a closed-loop sales network with more than 300 direct-operated stores and D2C e-commerce platforms. Their ecological closed loop of "content creation - agile manufacturing - precise reach" not only drives an average annual growth rate of 15% in customer unit price but also reshapes the new consumption paradigm of "goods are emotional carriers." Compared to traditional toy merchants, this model, centered on cultural empowerment and supported by a responsive supply chain, provides a replicable sample for companies to achieve differentiated breakthroughs in the era of consumer segmentation.   Q: According to the financial report data of Popomart for 2024, the membership renewal rate has been on a downward trend, dropping from 58% in 2019 to 49.4% last year. The decline in the renewal rate is a market characteristic of this product. How should Popomart better improve the renewal rate? Zhu Yiming Executive Director, Greater China, Frost & Sullivan   Although the user repurchase rate of nearly 50% is still at a high level in the industry, the year-on-year decline of this indicator by 8.7 percentage points (from 54.3% in Q4 2023 to 45.6% in Q4 2024) requires a structural interpretation: In 2024, 11.729 million new registered members were added, a sharp increase of 34% year-on-year, driving the cumulative number of mainland Chinese members to exceed 46 million, with new customers accounting for 25.4% - the dilution effect brought about by large-scale traffic inflows is the main cause of short-term fluctuations. Looking at deeper data, core users (the 10.2% high-net-worth group with annual consumption exceeding five times) have a stable annual average repurchase frequency of 7.2 times, and the average transaction value per customer has increased by 18%, proving that the consumer stickiness of the base plate remains strong. The current challenge lies in how to convert the 'taste-testers' (with an average annual consumption of 1.2 times) who account for 62% of the total membership into continuous consumers. It is recommended to focus on two key approaches: one is to strengthen identity recognition by grading the membership system (such as offering limited edition priority purchase rights with annual subscription SVIPs); the other is to develop a 'luxury-oriented product line' based on user profiles (pricing between 200-500 yuan), filling the gap in consumer upgrade paths between ordinary blind boxes (59-99 yuan) and high-end collectibles (over a thousand yuan), to create a secondary repurchase scenario with a stepped product matrix. This may become the key path to breaking through the imbalance dilemma of 'traffic growth-retention conversion'.   Q: What are the main issues or challenges that Popomart still needs to face in its globalization expansion at present? Zhu Yiming Executive Director, Greater China, Frost & Sullivan   The essence of competition in the trend culture industry is the struggle for cultural identity, with a core focus on establishing a deep spiritual resonance between products and consumers. However, regional cultural differences lead to significant differentiation in consumer demands: Asian markets prefer cute and healing IPs (such as Sonny Angel, with a penetration rate of 37%), while European and American users tend towards rebellious street art symbols (such as KAWS, accounting for over 60% of sales in North America), and the Middle East market has seen a surge in demand for trend culture that incorporates local mythological elements (the transaction volume of related categories at the 2024 Dubai Trend Culture Exhibition increased by 82% year-on-year). This diversity requires companies to build a three-stage model of 'cultural decoding - IP reconstruction - product adaptation': first, through localized community operations (such as Popcorn Mart in Southeast Asia collaborating with local artists to hold 'cultural gene mining' workshops), extracting regional emotional symbols; then, using modular design to transform abstract cultural elements into commercializable IP images (such as the 'MOLLY Oriental Maid series' with a repurchase rate of up to 58% in Hong Kong and Macau); finally, matching product forms according to consumer scenario differences—first-tier cities promote limited-edition artworks (collectible items priced over 2000 yuan), lower-tier markets focus on cost-effective blind boxes (59-99 yuan mainstream line), and overseas markets develop religious cultural fusion items (such as Indonesian Islamic-style blind boxes with annual sales exceeding 1.2 million pieces). Only by completing a full-chain closed-loop from 'cultural insight' to 'commercial carrying' can companies truly break through regional barriers and achieve resonance between spiritual and commercial value.   Q: Under the influence of tariff background, what are the main reasons why Popomart can resist this risk to a certain extent? Zhu Yiming Executive Director, Greater China, Frost & Sullivan   From the strategic moves of Popomart in recent years to accelerate the layout of production bases in Southeast Asia, it is evident that its global supply chain reconstruction has formed a clear path: the capacity deployment in Vietnam (2 factories), Indonesia (1 industrial park), and Thailand (under construction) not only effectively offsets the trade barriers imposed by Europe and America on Chinese-made toys with an additional 15-25% tariff, but also constructs an agile supply network with 'regional center radiation'. Data shows that Southeast Asian factories have reduced the delivery cycle for orders from Europe and America to 12 days, a 40% acceleration compared to the original Chinese export model, and localized production has increased the product iteration speed to new series every quarter for 3-4 new items. The deeper value lies in the closed-loop of 'localized production - localized adaptation': on one hand, by monitoring regional consumption data (such as the Muslim population accounting for 87%), rapidly developing religious and cultural fusion products (with a 92% first-month sales rate for the 2024 Bali limited series); on the other hand, relying on local supply chains to achieve 'light inventory' operations, reducing the proportion of unsold items from 18% to 7%. This dual-engine strategy of 'risk diversification + direct demand connection' is reshaping the global competition paradigm of the pop culture industry. *This interview has been published in the Business School magazine, with reporter Wang Yadi and the original title being: Becoming the World's PopMart, Not Just by LABUBU   Contact number: 021-5407-5836 Contact email: PR@frostchina.com

Recently, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued the "Opinions on Improving the Price Governance Mechanism," which emphasized the important direction of deepening market-oriented price reforms and explicitly proposed to establish and improve the energy storage price mechanism. The introduction of this policy will not only have a profound impact on the structure of the electricity market but also provide new market participation paths for industrial and commercial users, promoting efficient energy use and green transformation. How should we view the significance and impact of establishing and improving the energy storage price mechanism on the energy storage industry? At present, what difficulties still face the improvement of the energy storage price mechanism? According to the new regulations, the government will actively promote the establishment of the energy storage price mechanism, aiming to guide the market to form reasonable energy storage prices, thereby motivating more industrial and commercial users to participate in electricity market exchanges. To promote more industrial and commercial users to directly participate in market transactions, from a behind-the-scenes logic perspective, how should we understand the driving role this group plays in promoting electricity trading and the energy storage market?   Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') China regional executive director Xiang Weili was interviewed by Securities Daily to discuss the reconstruction of the energy storage value mechanism. Q: How do you view the significance and impact of establishing and improving the energy storage price mechanism on the energy storage industry? At present, what difficulties still face the improvement of the energy storage price mechanism? To power Executive Director, Greater China, Frost & Sullivan Establishing and improving the energy storage price mechanism is of great significance to the energy storage industry. On one hand, it helps to clarify the market value of energy storage, guide rational investment inflows, and promote the healthy development of the industry; on the other hand, the price mechanism can promote the optimal allocation of energy storage resources, improve system operation efficiency, and enhance the flexibility of the power system. However, there are still some difficulties in improving the price mechanism at present, such as: an imperfect cost recovery mechanism for energy storage, lacking a long-term and stable revenue model; market rules are not yet perfect, and price signals are unclear; at the same time, the diversity of energy storage value in different application scenarios also poses challenges to pricing. It requires coordinated efforts from policies, markets, technology, and other aspects to gradually establish a scientific, reasonable, and sustainable energy storage price mechanism.   Q: According to the new regulations, the government will actively promote the establishment of an energy storage price mechanism, aiming to guide the market to form reasonable energy storage prices, thereby motivating more industrial and commercial users to participate in electricity market exchanges. To promote more industrial and commercial users to directly participate in market transactions, from a behind-the-scenes logic perspective, how should we understand the driving role this group plays in electricity trading and energy storage markets? To power Executive Director, Greater China, Frost & Sullivan Industrial and commercial users, who directly participate in power market transactions and energy storage markets, can significantly enhance market vitality and competitiveness. On one hand, as major electricity consumers, they are more sensitive to price changes and have the ability to participate in peak-valley arbitrage and ancillary services through flexible adjustment of electricity consumption behavior, thereby enhancing the application value and economic efficiency of energy storage. On the other hand, the widespread participation of industrial and commercial users will drive the transformation of energy storage from 'policy-driven' to 'market-driven', accelerate business model innovation and technological progress, and promote the mature development of the entire energy storage industry chain. Therefore, this group is not only an important participant in the power market but also a key force in constructing a new type of power system.   Q: Policy support will promote further innovation and application of energy storage technology, while also creating clear market demand for related enterprises. With the gradual implementation of policies, which segments of the energy storage industry chain will embrace development opportunities? To power Executive Director, Greater China, Frost & Sullivan With the gradual implementation of policies, the energy storage industry chain will embrace all-round development opportunities, especially in the upstream key material and equipment manufacturing, midstream system integration, and downstream application segments (such as grid-side energy storage, commercial and industrial energy storage, household energy storage). After policies clarify market demand, they will accelerate the aggregation of capital and technology towards core links, promote breakthroughs in high-performance, low-cost energy storage technologies, and also spur the rapid development of value-added segments such as operation and maintenance services and energy management systems, helping to improve the overall quality and efficiency of the industry chain.   Q: The development of the energy storage market is not only promoted by policies, but market demand and technological progress are also indispensable factors. From the perspective of enterprises, we should pay more attention to which areas of technology their companies are making progress in? To power Executive Director, Greater China, Frost & Sullivan From the corporate perspective, the key to promoting the development of the energy storage market lies in focusing on breakthroughs in core technologies and application innovation, especially in areas such as battery energy density improvement, optimization of charging and discharging efficiency, cost control, extension of battery life, and enhancement of safety performance. In addition, intelligent management systems, energy management algorithms, modular design, and system integration capabilities are also important directions for companies to achieve differentiated competition and expand their markets. These technological advancements not only enhance product competitiveness but also provide strong support for companies' implementation and application in diversified scenarios of energy storage.   Q: The introduction of Document No. 136 has also had a significant impact on the energy storage industry, which is currently in a policy transition period. As a necessary means for coordinating and regulating new energy, the industry believes that the configuration method of energy storage has shifted from the passive configuration required by past policies to an active configuration oriented towards value returns. What is your view on this? To power Executive Director, Greater China, Frost & Sullivan This transformation marks a shift from policy-driven to market-driven development in the energy storage industry, which is a crucial step towards high-quality development. The issuance of Document No. 136 emphasizes that energy storage, as an important tool for new energy consumption and power system regulation, is shifting its allocation method from 'passive compliance' to 'value orientation'. This means that enterprises will pay more attention to the actual benefits of energy storage in peak shaving, frequency regulation, electricity price arbitrage, capacity services, etc. This not only helps to improve the economic efficiency and flexibility of energy storage allocation but also prompts enterprises to focus more on practical results in technological innovation and business models, driving energy storage from 'equipping up' to 'optimizing allocation'.   Q: In recent years, there has been a severe industry competition in energy storage. With the introduction of a series of policies, what changes are expected to occur in the industry's competitive ecosystem? To power Executive Director, Greater China, Frost & Sullivan With the introduction of a series of policies, the competitive ecosystem in the energy storage industry will gradually shift from 'price war' to 'value competition'. In the past, companies generally focused on low prices to capture the market, leading to serious product homogenization. The implementation of new policies will push the market to place more emphasis on technological innovation, system integration capabilities, and full lifecycle service capabilities. In the future, companies with core technologies, stable supply chains, and sustainable business models will stand out in competition, and the industry will accelerate its evolution towards high-quality, standardized, and differentiated development. *This interview has been published in 'Securities Daily', with reporters Xu Linyan and Feng Yuyao. The original title was: Market-oriented Reform of Energy Storage & 'Breaking Through and Establishing at the Same Time' to Embark on a New Journey of Value Competition

Announcement of Declaration Letter Recently, our company has noticed that there are individual companies in the market /Counterfeiting the brand's market position statement issued by us, arbitrarily tampering with the market position statement issued by us declaration Key information in the conclusion, Taobao, Tmall, JD.com, etc. False promotion through multiple channels , to Consumers and Markets It has caused adverse misguidance, and at the same time Seriously damaged the reputation of our company. At the same time, our company has also noticed that category In addition to fabricating market position research conclusions issued by our company, the enterprise has also misinterpreted the nature of the market research services provided by us, wrongly stating that the market research services provided by our company "XXX professional quality inspection team rigorously reviews product qualifications", "XXX international organization authoritatively certifies", and so on. Our company special It is emphasized that the Market Positioning Statement service mainly conducts independent market research and studies for specific markets. Through rigorous data research services, it investigates data such as the release time or market sales performance of specific brand products based on market consensus and industry-related standards. It does not involve any services that confirm or verify product quality, specifications, technology, standards, etc. category Enterprises not only fabricate relevant conclusions but also maliciously misinterpret the findings of research reports, strongly associating the conclusions with implied content such as product quality, practical effectiveness, and industry standards, thereby releasing misleading information to the public that Frost & Sullivan is an institution engaged in product quality testing or experimentation. Our company hereby urges the following stores to remove any false or fabricated statements about our company's market position as soon as possible. book and related picture And text :   1. Taobao store name: Shenzhen Huaqiang North Original Goods Store Product Title: Bluetooth Headphones, Wireless Earbud-style Bone Conduction Open-fit Over-Earphones, Suitable for Men and Women Who Exercise or Run 2025 New Model 2, Taobao Store Name Huaqiangbei Original and Genuine Earphones Headquartered in Beijing Product Title: Bluetooth earphone 2025 New Wireless Earbud Open-Ended Air-Bone Conduction 3, Tmall store name: You earnestly Digital Flagship Store Product Title: Bluetooth Headphones 2025 New Clip In-Ear Bone Conduction Wireless Open-Loop Sport Running Earloop 4, Tmall store name: Andme Digital Flagship Store Product Title: Bluetooth Headset Wireless Earbud Type, Sony Official Original, In-ear-Not-Compliant 2025 New Bone Conduction 5, JD.com store name :Diligent Audio-Visual Entertainment Specialty Store Product Title: WeDon [Official Website Clip | 2025 New Model] Bluetooth earphone earplugs with open design, top-of-the-line wireless running sports call noise reduction, bone conduction suitable for Huawei [Rose Gold]. Panoramic sound effect | Comfortable for long wear, ultra-long battery life, ultra-clear calls with noise reduction   at the same time, To maintain market order and our legitimate rights and interests, in response to the aforementioned infringement, our company has collected and fixed relevant evidence and filed a complaint through multiple regulatory channels. will The right to take further legal measures shall be retained, and the infringing party shall be held legally responsible in accordance with the law.     Frost & Sullivan May 26, 2025

Frost & Sullivan insight Exoskeleton robots, known as the 'lazy person's mountain climbing helper,' have swept across domestic mountainous scenic areas. At popular destinations such as Huangshan in Anhui, Mount Tai in Shandong, and Huashan in Shaanxi, these wearable devices have quickly become popular for their 'painless mountain climbing' experience, receiving enthusiastic support from tourists. What are the main application scenarios of exoskeleton robots? What is the current price range, and will prices continue to decline in the future? What are the key factors affecting price trends? What are the core technological highlights of exoskeleton robots? How can technological innovation be used to achieve high-difficulty movements such as 'painless mountain climbing'?   China executive director of Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') Xiang Wei was interviewed by Time Weekly to discuss how exoskeleton technology balances performance and user experience. Time Weekly *Click on the end of the article Read the original article for a complete report   Q: What are the main application scenarios of exoskeleton robots? What is the current price range, and will prices continue to decline in the future? What are the key factors affecting price trends? Xiang Wei Executive Director of Frost & Sullivan Greater China Exoskeleton #Robot is a man-machine collaborative device that combines mechanics, sensors, control systems, and artificial intelligence technology. It currently shows broad application prospects in multiple fields. Currently, exoskeleton robots can be used to help disabled or elderly people with rehabilitation training, especially those recovering from spinal cord injuries, strokes, and motor dysfunction. In manufacturing, exoskeletons can provide workers with support for waist, shoulder, and leg strength, reducing their physical burden and improving production efficiency.   Exoskeleton robots vary in price from thousands to millions of yuan depending on the application scenario. With technological progress and increased application scenarios, prices are expected to decline in the future. Especially in industrial and civilian markets, as technology advances and market demand expands, product prices are expected to gradually become more affordable. Key factors driving down exoskeleton robot prices include the improvement of technical maturity, especially the development of lightweight materials, drive motors, and intelligent control systems, which have reduced manufacturing costs; secondly, the expansion of production and application scale, where economies of scale will flatten unit costs; thirdly, policy support. For example, if medical scenarios can be included in the medical insurance system or receive government procurement support, market penetration will accelerate; in addition, the substitution of domestic parts and the improvement of the industrial chain will further compress costs and drive prices down.   Q: What are the core technological highlights of exoskeleton robots? How can technological innovation be used to achieve high-difficulty movements such as 'painless mountain climbing'? Xiang Wei Executive Director of Frost & Sullivan Greater China Exoskeleton robots rely on relatively complex electronic control technology, motor technology, and sensing systems, as well as strong intelligent control capabilities. Modern exoskeleton robots are equipped with a variety of sensors, such as electromyography (EMG) sensors, inertial measurement units (IMU), and pressure sensors, which can capture users' movement intentions and posture changes in real time. For example, the HAL (Hybrid Assistive Limb) system developed by Cyberdyne Corporation in Japan detects weak electrical signals emitted by users' muscles to predict their movement intentions and provide corresponding assistance. Secondly, exoskeleton robots use lightweight, high-torque motors or hydraulic servo drive systems, combined with flexible materials, to improve the comfort and response speed of the exoskeleton. For example, the Hypershell X exoskeleton weighs only 1.8 kilograms and can significantly enhance leg strength and reduce muscle burden. In addition, through AI algorithms and multi-modal sensor fusion, exoskeletons can achieve natural interaction with users. The MotionEngine AI system of Hypershell X supports multiple modes, including walking, cycling, and mountain climbing, which can automatically switch according to users' actions and provide personalized assistance. During outdoor climbing, exoskeleton robots predict users' action intentions through various sensing technologies and provide corresponding assistance. The use of lightweight materials such as carbon fiber and titanium alloy, combined with ergonomic design, improves the wearing comfort of exoskeleton robots, reduces user fatigue, and helps users achieve 'painless mountain climbing'. *This interview has been published in Time Weekly, with reporter Zhu Chengcheng, and the original title was: 'Lazy person's mountain climbing helper' goes viral: Exoskeleton robots are popular, potentially sparking a silver-haired market of 310 million people     Contact phone: 021-5407-5836 Contact email: PR@frostchina.com

EY Fudan Most Promising Companies 2025   From ChatGPT's stunning entry into public view to DeepSeek's global impact, the world has been continuously amazed by the powerful capabilities of large language models. Embodied intelligence is an emerging and important research direction in the field of artificial intelligence, marking a significant step towards general artificial intelligence. It endows artificial intelligence with a 'physical carrier,' thereby building a bridge for direct communication between artificial intelligence and the physical world. The government work report for 2025 mentioned 'embodied intelligence' and 'intelligent robots' for the first time, signaling that this field has officially become a national strategic direction.   On May 23, 2025, Shanghai - the 'EY Fudan Most Promising Companies' 2025 selection activity was officially launched today and has been accepting registrations from all sectors since then. This selection will be themed 'Unlimited Possibilities - Intelligent Embodiment for a Better Future', focusing on innovative entities that anchor the integrated application of AI and robotics technology and possess the capability for large-scale implementation. It aims to help build a new ecosystem of 'technology - industry - people's livelihood' coordinated evolution, dedicated to discovering a group of non-listed companies with excellent performance and growth potential, and assisting them in rapidly growing into industry leaders. Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan') is the co-supporting institution for this selection event. Dr. Wang Xin, a global partner of Frost & Sullivan and Chairman of the Greater China Region, attended the launching ceremony as a representative of the co-supporting institutions and a member of the selection committee, and delivered a welcome speech.   Chen Kai, Chairman of EY China and Chief Executive Officer of EY Greater China, said "2025 is the year to conclude the 14th Five-Year Plan and begin the planning for the 15th Five-Year Plan. The explosive development of large AI models that has emerged at the beginning of the year is accelerating the reconstruction of the industrial landscape— from intelligent manufacturing to people's livelihood services. The deep integration of technological innovation with scenario applications precisely injects 'intelligent momentum' into economic growth. Embodied intelligence is an important direction for cultivating future industries in China and also a significant force leading industrial transformation, promoting economic growth, and social progress. With proactive policy-driven efforts and key technology breakthroughs, it is believed that 'embodied intelligence' will create a brand-new intelligent future."   Since its inception in 2011, after 15 years, the "EY Fudan Most Promising Companies" selection has gained widespread social influence and profound practical significance, continuously attracting attention from all sectors of society and strong support from various sectors. As of this year, including nearly 50 unicorn companies, a total of 348 emerging companies have stood out in the selection, covering many forward-looking and strategic emerging industries such as high-tech, artificial intelligence, space aerospace, biotechnology, new energy and materials.   This year's selection is jointly carried out by Ernst & Young in collaboration with a team of senior scholars and professors from the academic community led by the School of Management at Fudan University. The selection will adhere to professional, objective, and open principles, focusing on evaluating the future growth potential, sustainable development, national and international development capabilities, as well as whether an enterprise has a clear competitive advantage. At the same time, the emphasis on 'technology empowering people's livelihoods' and 'policy coordination innovation' highlighted in the Government Work Report provides a new value coordinate for the selection: we not only focus on technological breakthroughs themselves but also pay attention to the practical contributions of enterprises in promoting regional balanced development and transforming scientific research achievements. We look forward to truly transforming innovation momentum into tangible social development through identifying 'technology implementation pioneers'. He Zhaofeng, Head of Listing Services for Greater China at EY   He Zhaofeng, Head of Listing Services for Greater China at EY, said: "15 years ago, we embarked on this journey with the School of Management at Fudan University, with the mission of discovering China's innovative forces. From focusing on innovation practices in supply-side reform in the early days to deeply integrating into the digital economy wave in recent years, this platform has always resonated with national strategies and has become a link connecting academic wisdom with industry frontiers. 15 years of accumulation have made us more clearly aware that the growth of potential enterprises requires multi-dimensional empowerment from capital, technology, and ecosystems. EY will continue to leverage its global network advantage to provide full-cycle support for selected enterprises, ranging from strategic consulting to capital market connections, to jointly write a new chapter in China's technological innovation."   EY has always been committed to focusing on the growth of emerging enterprises and encourages entrepreneurs to fully leverage their entrepreneurial spirit to illuminate the path of innovation. In the future, EY is willing to stand alongside enterprises, expand industrial boundaries with intelligent technologies, accelerate technological breakthroughs and industrial transformation, provide the 'Chinese solution' for global technology governance, and help build an open, shared, and sustainable intelligent future. Professor, Doctoral Supervisor at Fudan University, Deputy Dean of the School of Management at Fudan University, Lü Changjiang   Dr. Wang Xin, Global Partner and Chairman of Frost & Sullivan Greater China Region   Dr. Wang Xin, Global Partner at Frost & Sullivan and Chairman of the Greater China Region, pointed out that Frost & Sullivan has been a partner of EY's Most Potential Companies selection for the fifth consecutive year, jointly identifying and empowering emerging industry leaders in China's strategic emerging sectors.   The themes selected for MPE represent the hottest investment directions in recent years, which also possess infinite commercial potential. Dr. Wang Xin stated that the evolution from artificial intelligence to embodied intelligence represents a new advancement in the application development of intelligent technologies, and it is a crucial leap from virtual worlds towards more advanced forms of intelligence in the physical world. The development of embodied intelligence benefits from interdisciplinary integration, with a wide range of application scenarios and broad growth potential.   As a globally leading investment banking and corporate growth consulting firm, Frost & Sullivan is committed to providing professional consulting services for industries with high growth potential, strategic importance, and leadership qualities. Over the past 30 years, Frost & Sullivan has helped nearly a thousand companies successfully list on global capital markets by providing professional industry analysis, market insights, and investment and financing consulting services. Among them, there are many outstanding enterprises in artificial intelligence, semiconductors, robotics, and related fields. We have not only witnessed the growth of these enterprises but also contributed our part to their development journey.   During this year's selection process, we will continue to uphold a professional, objective, and fair attitude, strictly evaluating the participating enterprises based on a series of key indicators such as industry attributes, development models, and innovation capabilities. We strive to identify a new batch of future industry leaders. Frost & Sullivan will also continue to leverage its comprehensive investment management services in market insight, strategic planning, capital operations, and other areas. We will cooperate deeply with firms such as Ernst & Young and Fudan to empower their development.   Finally, Dr. Wang Xin said, 'Only innovators advance, only innovators are strong, and only innovators win.' In this era filled with challenges and opportunities, Let us all look forward to these most promising enterprises bravely standing at the forefront, using technological power to grasp the future, business wisdom to meet challenges, and social responsibility to demonstrate their commitment. They will lead the future industries and intelligent wearable industries towards boundless innovation and infinite possibilities!     Recommended Reading Recent whitepapers related to the AI field 1. Frost & Sullivan, in collaboration with LeadLeo Research, released 'Insights into the Content Marketing Industry in the New AI Era 2025'. 2. Frost & Sullivan, in collaboration with LeadLeo Research Institute, released the '2025 China Large Model Annual Evaluation Report'. 3. Frost & Sullivan, in collaboration with LeadLeo Research Institute, released the '2024 China Enterprise Going Global Cloud Services Market Report'. 4. Frost & Sullivan, in collaboration with LeadLeo Research Institute, released the '2024 China GenAI Technology Stack Market Report'. 5. Frost & Sullivan, in collaboration with LeadLeo Research Institute, released the '2024 China AI Agent Annual List'. 6. Frost & Sullivan, in collaboration with LeadLeo Research Institute, released 'China Industry Cloud Hybrid & Private Cloud Market Report 2024'.   AI Industry Advisory Cases (Scroll up and down to view more) Frost & Sullivan assisted INLF in successfully going public in the US (INLF.NASDAQ) Frost & Sullivan assists Innoventec in successfully listing on the Hong Kong Stock Exchange (2577.HK) Frost & Sullivan helps Tianju Dihé successfully go public in Hong Kong (2479.HK) Frost & Sullivan helps YunGongTang successfully go public in Hong Kong (2512.HK) Frost & Sullivan assists UOB Holdings in successfully listing on the Hong Kong Stock Exchange (8529.HK) Frost & Sullivan assists MFS Group in successfully listing on the Hong Kong Stock Exchange (2556.HK) Frost & Sullivan assisted ZBAAO.US, a leading provider of cloud-based enterprise software, in successfully going public in the US. Frost & Sullivan assisted Logica in successfully going public in the US (LGCL.NASDAQ) Frost & Sullivan assisted Ebuy International in successfully listing on the Hong Kong Stock Exchange (9880.HK) Frost & Sullivan helps Beck Microelectronics successfully go public in Hong Kong (2149.HK) Frost & Sullivan assisted WILL's successful issuance of GDRs on the Hong Kong Stock Exchange Frost & Sullivan assists Conglian Technology in successfully going public in the US (ICG.NASDAQ) Frost & Sullivan assisted iRobot in successfully going public in the US (AIXI.US) Frost & Sullivan assists Kingsoft Cloud Holdings in successfully listing on the Hong Kong Stock Exchange (3896.HK) Frost & Sullivan assists Haojing Technology in successfully listing on the Hong Kong Stock Exchange (2440.HK) Frost & Sullivan assists Xuanwu Cloud Technology in successfully listing on the Hong Kong Stock Exchange (2392.HK) Frost & Sullivan assisted Huitongda in successfully listing on the Hong Kong Stock Exchange (9878.HK) Frost & Sullivan helps innovative startups successfully go public in Hong Kong (2121.HK) Frost & Sullivan helps SenseTime Technology successfully go public in Hong Kong (0020.HK) Frost & Sullivan assists Qinhuai Data in successfully going public in the US (CD.NASDAQ) Frost & Sullivan assists Mingyuan Cloud in successfully listing on the Hong Kong Stock Exchange (0909.HK) Frost & Sullivan assists Century Group in its successful listing on the Hong Kong Stock Exchange (1849.HK) Frost & Sullivan assisted WeCom Group in successfully listing on the Hong Kong Stock Exchange (2013.HK) Frost & Sullivan assists Wan Ka Yilian in successfully listing on the Hong Kong Stock Exchange (1762.HK) Frost & Sullivan helps AsiaInfo Technology successfully go public in Hong Kong (1675.HK) Frost & Sullivan assists Hong Kong Asia Holdings in successfully listing on the Hong Kong Stock Exchange (1723.HK) Frost & Sullivan assisted Aurora Mobile in successfully going public in the US (JG.NASDAQ) Frost & Sullivan assists Crown Holdings in successfully listing on the Hong Kong Stock Exchange (8606.HK) Frost & Sullivan helps Qiyi Technology successfully go public in Hong Kong (1739.HK) Frost & Sullivan assists WeBank Jinko in successfully listing on the Hong Kong Stock Exchange (2003.HK) Frost & Sullivan helps HuiFu Tianxia successfully go public in Hong Kong (1806.HK) Frost & Sullivan helps Atlinks successfully list on the Hong Kong Stock Exchange (8043.HK) Frost & Sullivan assists Zioncom in successfully listing on the Hong Kong Stock Exchange (8287.HK) Frost & Sullivan assists ISP Global in successfully listing on the Hong Kong Stock Exchange (8487.HK) Frost & Sullivan assists Vobile in successfully listing on the Hong Kong Stock Exchange (3738.HK) Frost & Sullivan assists Abbot Technology in successfully listing on the Hong Kong Stock Exchange (2708.HK) Frost & Sullivan assisted iClick in successfully going public in the US (ICLK.NASDAQ) Frost & Sullivan assists Shengye Capital in successfully listing on the Hong Kong Stock Exchange (6069.HK) Frost & Sullivan assists Anling International in successfully listing on the Hong Kong Stock Exchange (8410.HK) Frost & Sullivan assists Ankox Systems in successfully listing on the Hong Kong Stock Exchange (8353.HK) Frost & Sullivan assists Junmeng International in successfully going public in Hong Kong (8062.HK) Frost & Sullivan assists Feida in successfully listing on the Hong Kong Stock Exchange (8342.HK) Frost & Sullivan helps Future Data successfully go public in Hong Kong (8229.HK) Frost & Sullivan assists Asia-Pacific Backup Systems Group Limited (8290.HK) in successfully going public in Hong Kong *The above order is not sequential and is arranged in reverse chronological order based on listing time.