2025 International Beer Brewing Summit Business Forum   On April 15, 2025, the annual grand event of the Asian craft beer industry - CBCE 2025 - was grandly held at the Shanghai New International Expo Center. As the largest professional event for craft beer in Asia, this summit, themed 'Cross-Border Integration', gathered leaders, scientific pioneers, and innovators from the global beer industry to jointly discuss cutting-edge trends and business transformation paths in the industry.   Mr. Zhang Jian, Partner and Managing Director of Frost & Sullivan Greater China, was invited to attend the event. From an industry perspective, he conducted an in-depth analysis of the development trends of the craft brewing and restaurant markets from a capital perspective. Zhang Jian, Partner and Managing Director of Frost & Sullivan Greater China Region   Zhang Jian stated that the watershed for investment and financing in China's beer industry was 2013. Before 2013, the beer industry was in a growth phase, with leading enterprises rapidly expanding through investment and mergers and acquisitions of local breweries to complete market integration. Afterward, the industry entered a stockpiling stage, with top companies shifting towards high-end and product upgrades, leading to a slowdown in investment and financing activities. Craft brewing, as an important direction for the industry's high-end transformation, saw an investment and financing peak between 2021 and 2022. Subsequently, affected by the overall cooling of the consumer market, its popularity declined, and the investment style shifted from early angel/A rounds to mature targets, reflecting that capital values profit model validation and scalability. Zhang Jian, Partner and Managing Director of Frost & Sullivan Greater China Region   Zhang Jian pointed out that 'nightlife' is gradually becoming a fashionable lifestyle pursued by citizens. The booming development of China's nightlife economy market is conducive to participants in the restaurant and bar market further creating offline social platform attributes at night, promoting the further development of the industry. In recent years, many places have introduced a series of policies to support and guide the layout of related industries. With the optimization of urban facilities and services, and the continuous assistance of core driving factors such as industrial integration and business format innovation, China's nightlife economy has entered a stage of rapid development.   He stated that craft brewing is an 'imported product' that has gradually come into public view with the maturity of China's beer industry. After years of development, it has initially established a market scale both online and offline and has been defined as 'artisan beer'. It has gone through four development periods, including: Industry infancy (early 20th century - 1960s): China entered the era of industrial beer, and craft brewing had not yet entered mainstream consciousness; Developmental phase (1970s - early 21st century): The concept of 'craft beer' was introduced in the UK, and Chinese bars began to serve 'self-brewed' beer; Maturity period (about 2008-2017): Craft beer received widespread attention online and offline, with industry scale growing; The new phase of 'Craft Beer' (since 2018): Craft brewing, as an 'imported product', has acquired a new official name in China, namely 'Craft Beer'.   With the increasing heat, the concept of 'craft beer' has been given a new official definition as an 'imported product' by beer industry-related organizations in 2018, which refers to 'brewhouse beer'.   The brewing beer saccharification and dispersion fermentation technology involves a series of processes including crushing, gelatinization, saccharification, and fermentation of the main ingredient malt to obtain the finished product. Each step requires strict control to ensure high-quality brewing output. Affected by consumption upgrading and increased health awareness, the demand for traditional industrial beer continues to shrink. With the gradual release of excess capacity pressure in the early stages, production volume decreased by only 5.0% after 2019. At the same time, the industry maintains high operational efficiency, production and sales rates, and continuously improves inventory turnover efficiency through optimized supply chain management, providing support for enterprises to maintain profitability under market contraction conditions. Overall, under the trend of rationalizing consumption concepts, the Chinese beer market has entered a new development stage where quality replaces quantity, and the future rate of production contraction is expected to further slow down.   He pointed out that looking at the development processes of the United States and Japan, both beer industries have gone through a phase of transformation from quantity to quality. The trend towards high-end products is clear, and craft beer, as the core carrier of beer's high-endization, is becoming a key driving force for industry development. The overall production of the beer industry has declined, while the craft beer industry has grown rapidly, with steady increases in overall penetration and market share. Compared to the United States, there is still room for growth in the craft beer market in the future.   He stated that the Chinese restaurant industry is booming, with industry revenue exceeding 110 billion in 2024. However, the current chain rate is relatively low. Based on the experience of developed countries, it is estimated that there is significant room for concentration improvement in the Chinese restaurant industry in the future.   Finally, Zhang Jian stated that the integration of dining and drinking is becoming a new trend in the restaurant industry. By extending operating hours to 16-18 hours to cover all consumption scenarios, it not only meets the diverse needs of young people for dining and then moving on to drinking, but also optimizes operational costs by improving floor efficiency, becoming an important direction for restaurant transformation and upgrading. The restaurant industry will exhibit the following four main development trends:   I. In the face of intensified industry competition and rising operating costs, restaurant businesses are accelerating their transformation into integrated formats. By extending operating hours, enriching consumption scenarios, and expanding delivery services, these innovative models effectively distribute fixed cost pressures while improving floor efficiency, achieving continuous optimization of operational benefits. Against the backdrop of consumer upgrading and the booming development of the nightlife economy, the dining bar format has risen rapidly. With a 16-18 hour all-day operating model, it precisely covers the diverse consumption needs of young customers, successfully connecting the complete consumption chain from daytime dining to night markets;   II. As a strong scenario for dining consumption, the meal bar is distinctly different from other hotel regular dining experiences. For the younger consumer group, products mainly consist of casual dining and comfortable-tasting alcoholic beverages to meet consumer needs, while also being integrated into consumption scenarios that match these needs, including small gatherings with friends, stress-relieving drinks, leisurely relaxation, etc. Meal bar consumption emphasizes conveying product and brand values to consumers within the context of the scene, not only achieving precise reach but also enhancing the brand stickiness of the meal bar through the establishment of emotional resonance;   III. Restaurants and bars primarily operate under the 'drinking + dining model', typically focusing on alcoholic beverages and food. They attract many young consumers with personalized decor, all-day operation, and a variety of products. Compared to traditional taverns, restaurants and bars have medium pricing, offer a wide range of menu options, a relaxed environment, and possess social and stress-relieving attributes, making them suitable for activities such as friends' gatherings. At the same time, restaurants and bars are also marketing themselves through developing high-tech ordering systems, continuously launching their own brands, utilizing new media, cross-border collaborations, and other methods to create unique gathering spaces that are deeply loved by young people.   IV. The restaurant industry is accelerating its digital upgrade. Through the deep application of intelligent business systems and local life platforms, operational efficiency has been comprehensively improved, and the industry has entered a new stage of refined operation. Local life platforms such as Meituan have opened up SaaS and big data platforms, promoting the onlineization and digitization of catering operations. They provide data solutions such as food delivery order scheduling, online reservation management, and intelligent restaurant management systems, helping catering chains enhance store operations and backend efficiency, and providing intelligent decision support for various chain restaurants. The development of the internet has established new connections between restaurant operators and consumers. Consumers can more conveniently place food orders and share reviews through online social media; in addition, the rapid development of online social media has also brought about a fan economy for restaurants, as they have accumulated a wide range of fans on online social media.

Insights from Frost & Sullivan To date, several multinational pharmaceutical companies and innovative drug companies have released their performance forecasts or annual reports for 2024. In the field of innovative drugs, PD-1 products have achieved remarkable results. Taking some leading companies as examples, BeiGene's tislelizumab has firmly ranked first with sales of 4.467 billion yuan, a year-on-year increase of 17.4%; Innovent Biologics' sintilimab had an annual sales volume of $526 million (approximately 3.8 billion yuan) in 2024, a year-on-year increase of 34%; Junshi Biosciences' trastuzumab experienced explosive growth in 2024, with domestic sales reaching 1.501 billion yuan, a year-on-year surge of 66%, becoming the fastest-growing top variety. What are your views on the current competitive landscape and trends in the PD-1/PD-L1 market? (Does the improvement in the performance of leading PD-1 companies indicate that market competition is becoming more rational?) Has the PD-1/PD-L1 market entered an ' stock game' stage, presenting a situation where 'the strong take all and the weak are eliminated'? Against the backdrop of extreme 'involution' in PD-1 products, are bispecific antibodies becoming a new track for companies seeking differentiated breakthroughs? How should we evaluate the commercial value of PD-1/VEGF bispecific antibodies?   Wang Peng, project manager at Frost & Sullivan's Greater China Life Sciences business unit, was interviewed by the Daily Economic News to discuss the ' stock game' in the PD-1 market and how bispecific antibody tracks can break through. Daily Economic News *Click on the end of the article Read the original article for a complete report   Q: What are your views on the current competitive landscape and trends in the PD-1/PD-L1 market? (Does the improvement in the performance of leading PD-1 companies indicate that market competition is becoming more rational?) Has the PD-1/PD-L1 market entered an ' stock game' stage, presenting a situation where 'the strong take all and the weak are eliminated'? Wang Peng Project Manager at Frost & Sullivan's Greater China Life Sciences business unit   With the expansion of approved indications for PD-1/PD-L1 products, medical insurance coverage, and the global layout of leading PD-1 companies, the performance of leading companies has generally seen growth. Currently, several PD-1/PD-L1 products have been approved for marketing in China, with leading companies occupying a high market share. Companies with weak R&D capabilities and delayed commercialization progress have gradually terminated the development and advancement of related product pipelines; under the influence of multiple factors such as accelerated technological iteration, intensified international competition, and policy-driven medical insurance negotiations, the R&D threshold has further increased, driving resources towards leading companies. This marks that the market has entered an ' stock game' stage.   Q: Against the backdrop of extreme 'involution' in PD-1 products, are bispecific antibodies becoming a new track for companies seeking differentiated breakthroughs? How should we evaluate the commercial value of PD-1/VEGF bispecific antibodies? Wang Peng Project Manager at Frost & Sullivan's Greater China Life Sciences business unit   In recent years, with the intensification of homogeneous competition among Chinese enterprises, differentiated layout has become the key for companies to break through. Taking the bispecific antibody drug Efficimab (PD-(L)1/VEGF bispecific antibody) as an example, in clinical trials for first-line treatment of PD-L1-positive non-small cell lung cancer patients, it significantly extended the median progression-free survival period compared to pembrolizumab, showing both statistical and clinical significance. The higher clinical treatment benefits of the product determine its value, which will ultimately be translated into the market commercial value of the product. *This interview has been published in the Daily Economic News, with reporters Xu Libo and Lin Zichen, and the original title was: 'Marketing of Leading Pharmaceutical Companies Sparks Hot Debate, Behind Which Is the 'Involution' of the PD-1 Single-Agent Market'

The First High-Value Patent Cultivation (Transformation and Application) Competition   April 26th is 'World Intellectual Property Day'. Recently, the first high-value patent cultivation (transformation and application) competition in Lucheng District, Wenzhou City, Zhejiang Province, and the launching ceremony of the 2025 Lucheng District Intellectual Property Publicity Week were held. Through roadshow competitions, list releases, achievement displays, and other forms, a 'product-industry-research integration' dialogue platform was built for young scientists and Wenzhou business entrepreneurs, promoting the acceleration of a number of innovative achievements. Zhang Yuchen, Corporate Communication Director of Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan'), was invited to attend this event and gave a key interpretation of the 'Intellectual Property Value Ranking of Listed Companies on the Zhejiang Science and Technology Innovation Board'.   The 'Intellectual Property Value Ranking of Listed Companies on the Zhejiang Science and Technology Innovation Board' was jointly compiled by Shenzhen National Standard Intellectual Property Big Data Center and Frost & Sullivan. Based on the public financial data of more than 700 listed companies in Zhejiang Province, the ranking reveals the understanding and emphasis of listed companies in Zhejiang Province on intellectual property assetization through quantitative analysis and the public disclosure of the value of intangible assets within financial statements. This pioneering research achievement fills a gap in the field of domestic intellectual property value determination and sets a new benchmark for the development of high-quality intellectual property assetization. At the event site, Zhang Yuchen briefly analyzed the core value and significance of the ranking from three dimensions: core insights, industry depth analysis, and trend recommendations, and deeply dissected the intellectual property value performance of listed companies in Zhejiang Province, providing important references for regional innovation development and the assetization operation of listed companies' intellectual property. Intellectual property has provided vivid examples of traditional manufacturing enterprises rejuvenating through technological upgrading and emerging industries overtaking in niche tracks, as well as providing references for Wenzhou business enterprises in terms of technology layout and innovation transformation. Zhang Yuchen, Corporate Communication Director of Frost & Sullivan Greater China Zhang Yuchen, Corporate Communication Director of Frost & Sullivan Greater China   This event relies on the World Wenzhou Entrepreneurs and Young Scientists Intellectual Property Transformation Center. As an important part of Wenzhou's intellectual property public service system, since its establishment in 2024, the World Wenzhou Entrepreneurs and Young Scientists Intellectual Property Transformation Center has integrated the business resources of world Wenzhou entrepreneurs and the innovative achievements of young scientists, constructing a diversified intellectual property transformation ecosystem to promote the transformation and industrialization of intellectual property. As of now, the center has connected a total of 26 patent technology transformation projects of Wenzhou entrepreneurs, facilitating the implementation of 5 enterprises (projects).   It is reported that through preliminary solicitation, the first high-value patent cultivation (transformation and application) competition in Lucheng District has selected ten excellent projects. At the event site, representatives of five high-value patent projects, including 'High-Weight, High-Frequency, High-Energy Super-Strong Femtosecond Lasers', 'A Method for Edge Network Communication Path Selection in Distributed Neural Networks', 'New Multifunctional Fireproof Paper', 'High-Performance Alloy Plastic Forming Components', and 'Agricultural Internet of Things Intelligent Pushing Robot', conducted roadshow connections to showcase the highlights of their projects.   At the event site, the unveiling ceremony of the 'Market Supervision & e-Lucos' intelligent valley market supervision integrated service station and the 'Lucos & Service e-Home' intelligent valley intellectual property workstation was also held. Since 2025, Lucheng District has innovatively created the 'Lucos & Service e-Home' intellectual product brand based on the provincial-level intellectual property 'one-stop' public service platform, focusing on the demands of key scientific and technological innovation platforms, large incubator clusters, key industrial parks and other innovation entities. Centering around the four major themes of basic services, comprehensive protection, industrial innovation, and overseas rights protection, a number of market supervision integrated service stations and intellectual property workstations have been established in the China (Wenzhou) Intelligent Valley, Wenzhou International Convention and Exhibition Center, Shuangyu West Coast Cross-border E-commerce Park, etc., realizing the personalized demands of innovation entities 'available at one stop' and 'excellent at one stop'.   Nearly 100 people attended, including responsible persons from the Wenzhou Market Supervision Bureau, Lucheng District Government, and Lucheng District Market Supervision Bureau, experts and scholars from relevant universities and research institutions, and representatives of Wenzhou business enterprises.     About Shenzhen National Standard Intellectual Property Big Data Center Shenzhen National Standard Intellectual Property Big Data Center is a non-profit NGO registered with the Civil Affairs Bureau of Shenzhen Municipality, supervised by the Shenzhen Market Supervision Administration (Shenzhen Intellectual Property Office), and jointly initiated by Tencent Technology and the Shenzhen Chamber of Commerce. It is a NGO organization.  

The '2025 China Pet Industry White Paper' shows that the urban (dog and cat) consumer market in China reached as high as 300.2 billion yuan in 2024, and the global pet apparel market could reach $8.7 billion by 2030. In recent years, pet consumption has gradually climbed. What are the reasons behind this? Currently, some domestic companies are making efforts to seize a share of the pet industry, with domestic substitution underway. What will be the future pattern of the pet industry? Looking at data from the past five years, the overall scale of imported pet food has shown a downward trend. Under the 'equivalent tariffs' policy in the United States, what opportunities and challenges does it present for the domestic pet industry? Some listed companies in the domestic pet industry have a relatively large proportion of exports. Under the 'equivalent tariffs' policy, how should these companies respond? Many companies have established production bases in Cambodia. Does the 'equivalent tariffs' have an impact on this?   Lu Siyi, a consulting manager for the consumer industry in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by 'Shanghai Securities News' to discuss the second half of the pet industry, how domestic brands can break through and overcome challenges.     Q: The '2025 China Pet Industry White Paper' shows that in 2024, China's urban (dog and cat) consumer market reached as high as 300.2 billion yuan, and the global pet apparel market could reach $8.7 billion by 2030. In recent years, pet consumption has gradually climbed. What are the reasons behind this? Lu Siyi Consumer Industry Consulting Manager, Greater China, Frost & Sullivan   There are several reasons:   Economic level improvement and consumption upgrade: With the growth of per capita disposable income, pet owners' demands for pet quality of life have increased, leading to a surge in demand for high-end products such as pet clothing, smart gadgets, and customized services;   Emotional consumption demand is strong: with the acceleration of urbanization, single-person economy, and aging society, pets have become an important emotional support. Single young people and empty-nest elderly regard pets as 'family members', driving 'personification consumption';   The awareness of scientific pet care has increased: New-generation consumers (born in the 90s and Generation Z) place greater emphasis on pet welfare, enhancing their scientific pet care awareness. From an industry perspective, in recent years, the proportion of health-related expenditures such as pet medical care and nutritional products has significantly increased, reflecting the importance placed on long-term pet health management.   Q: Currently, some domestic enterprises are making efforts to seize market share in the pet industry, with domestic substitution in progress. What will be the future landscape of the pet industry? Lu Siyi Consumer Industry Consulting Manager, Greater China, Frost & Sullivan   Firstly, domestic brands will gradually break the monopoly of imported brands by leveraging cost-effectiveness and localization advantages. Through e-commerce channels and targeted marketing, they will rapidly penetrate the lower-tier market with a strategy of 'high cost-effectiveness + catering to the dietary habits of Chinese pets'.   Secondly, the concentration in the pet industry has increased, with leading companies improving their industrial chain layout through mergers and acquisitions (such as food companies acquiring medical brands), forming an 'food + medical + service' ecological closed-loop. At the same time, cross-border integration has intensified, with traditional industries such as home appliances and pharmaceuticals leveraging their existing business advantages to enter the pet market. For example, Midea and Gree have launched new products to layout pet smart products.   Finally, domestic enterprises have further expanded overseas markets, accelerating their expansion into Southeast Asia, Europe, and America by leveraging supply chain cost advantages and cultural output.   Q: Looking at the data from the past five years, the overall scale of imported pet food has shown a downward trend. Under the US 'equivalent tariff' policy, what opportunities and challenges does it present to the domestic pet industry? Lu Siyi Consumer Industry Consulting Manager, Greater China, Frost & Sullivan   In terms of opportunities, firstly, it helps domestic brands seize the high-end market. Currently, the market share of domestic pet food has exceeded 60%, while the share of imported brands has been continuously shrinking in recent years.   Secondly, it helps to force the improvement and development of the domestic supply chain. Import tariffs drive up the cost of overseas raw materials, prompting enterprises to turn to the domestic supply chain, which to some extent promotes the optimization of the supply chain in China's domestic pet industry. It may also encourage domestic enterprises to explore new markets, turning to emerging markets such as Southeast Asia and the Middle East.   Regarding challenges, the increase in tariffs will bring a significant cost shock to enterprises that rely heavily on imported raw materials. At the same time, it is also not conducive to the export of pet products from our country. According to Chinese customs statistics, in 2023, China's exports of pet food to the US decreased by 12% year-on-year. In addition, it may also exacerbate brand homogenization and trigger price wars.   Q: Some domestic listed companies in the pet industry have a relatively large proportion of exports. Under the 'equivalent tariff' policy, how should these companies respond? Many companies have established production bases in Cambodia. Does the 'equivalent tariff' have an impact on this? Lu Siyi Consumer Industry Consulting Manager, Greater China, Frost & Sullivan   In the face of the adverse effects on exports brought about by 'equivalent tariffs', enterprises can choose to transfer their production capacity globally, such as building factories in low-tariff countries like Cambodia and Thailand, or actively exploring emerging markets, focusing on developing RCEP member states and 'Belt and Road' countries. By 2024, China's exports of pet food to ASEAN had increased to account for 25% of its total exports, becoming the second-largest export market.   For factories built in regions such as the southeast, which are considered to bring short-term cost advantages through red profits due to relatively lower tariffs and labor costs, long-term development may be hindered by changes in U.S. tariff policies or insufficient local industrial chain support. Therefore, it is necessary to approach this with caution and actively seek other sustainable solutions. *This interview has been published on the Securities Daily Network, with reporter Yang Xiangfei and the original title being: 'Tariff Impacts "Its Rations"? Domestic Goods Are Rising'

Recently, Our company learned about it through the public media channels The general situation of the public opinion incident of 'Rabbit Head Mom', as well as information obtained through media publications three How is it a fact: 1) The brand used patent information that had not been officially granted a patent authorization as a promotional selling point for its children's toothpaste products, conducting misleading and exaggerated advertisements on e-commerce platforms to consumers. 2) The brand exaggerates the restrictive conclusions issued by Frost & Sullivan for the brand across multiple channels, avoiding information on the research sample, scope, and timing of the research, thereby misleading consumers. 3) Regarding the 'Rabbit Head Mom' children's toothpaste, whether the oral fluoro ingredient is domestically produced or imported from Germany, the brand's promotional copy and images on e-commerce channels have misled consumers and may constitute false advertising. Based on the above Based on the review of the basic public opinion status of 'Rabbit Head Mom', our company hereby Make a positive response and state: I. by The 'Rabbit Head Mom' commissioned us to conduct a market position study, and the research output is as follows: 1. Issue a Market Position Statement: 1) "2023 National Children's Anti-cavity Toothpaste Sales Leader" footnotes Data sourced from Frost & Sullivan, calculated based on the sales of children's toothpaste brands in 2023 (in billions of yuan); " Children's anti-cavity toothpaste "Fluoride-added toothpaste, which not only has the basic functions of toothpaste but also has anti-caries effects, is suitable for children aged 18 and below; the survey was completed in January 2024." 2) '2023 National Sales Leader in High-End Children's Anti-Cavity Toothpaste' footnotes Data sourced from Frost & Sullivan, based on the total channel sales (in thousands of units) of high-end children's toothpaste brands during 2023. 'High-end children's toothpaste' refers to those with a retail price exceeding 40 yuan per 100 grams and containing fluoride. In addition to their basic toothpaste functions, they also have anti-caries effects and are suitable for children aged 18 and under; the survey was completed in January 2024. 2. Issue market research reports: Survey sample: 100 dentist Research scope: covering first-tier, new first-tier, and second-tier cities Research period: January 2024 Research Conclusion: In January 2024, Frost & Sullivan conducted a consumer survey among 100 dentists from first- and second-tier cities in China. The results showed that among dentists targeting children's dental caries, the largest number were those who promoted the Rabbit Head Mom brand as their top recommended children's toothpaste. " Rabbit Head Mom " Entrust us with conducting market research on the sales volume and revenue of children's anti-cavity toothpaste only, and provide research samples as A research report on 100 dentists covering first-tier, new first-tier, and second-tier cities. The deliverables we provide are based on rigorous and objective data research, as well as industry-standard research methods. The validity period of the market position conclusion submitted by our company is twelve ( 12) months have passed since the conclusion was made, and to date, our company has not provided any updated research services or other market position research services regarding the market position of Rabbit Head Mama. II. About our company Emphasis on the 'Market Positioning Statement' business Our company of Market Positioning Statement service, mainly providing independent market research and analysis through industry-standard research methods for specific markets. through Core and key players in the market conduct identify and provide corresponding market Status confirmation service , Form objective research results and derive specific enterprise products /Business/service/other operating items' market position in the respective sector. Our company A market position statement has gradually taken shape over the course of business development certificate This carrier for visualizing research conclusions form By presenting a series of core elements such as the regions covered by the research, time span, calculation dimensions, product definitions, and the completion time of the research in a standard and standardized manner, the goal is to guide brand owners to comply with citation regulations. Our company has also noticed that some brand owners make inappropriate or non-standard statements when citing the market position statement certificates or reports issued by our company for market promotion. For example, they wrongly describe the market research services provided by our company as Expressions such as "XXX Certification Service", "Obtained XXX Authoritative Certification", etc.; at the same time, for some enterprises Citation Issued by our company report content When conducting publicity, there is a tendency to misinterpret, alter, or simplify conclusions, as well as to truncate conditions for conclusions. situation . We are Provide for customers service of during the process has Clarify that brand owners shall not tamper with it or hidden Market Position Conclusion Relevant content and limitations , Or any business-related exaggeration or misinterpretation of the market research services provided by our company. We also advocate Each brand company should Maintain a cautious attitude towards strengthening compliance with advertising promotion , jointly Build a positive and healthy market consumption environment. Based on the above key matters stated, our company hereby urge "Hangzhou Island Star sunny Biotechnology Co., Ltd." and its affiliates brand " Rabbit Head Mom "Modify or delete in advertisement Possible in dissemination give Content that causes misunderstandings to the public ; At the same time, our company will also address some from the brand side Controversial content , Timely deletion of relevant articles published on the official website and WeChat official account.   Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch April 21, 2025

On April 11, 2025, at the highly anticipated 2025 Wuzhen Health Conference, Frost & Sullivan, a global top growth consulting firm, won the 'China Famous Brand' awarded by Xinhua News Agency for its outstanding innovation practices in the three dimensions of 'technology integration, industry linkage, and brand co-creation'. Top Value Brands with Cross-border Integration for 2025 "This honor is not only a high recognition of Frost & Sullivan's leadership in the field of cross-border integration but also an authoritative affirmation of its role in promoting the deep integration of the health industry with resources from multiple sectors and building a high-quality development ecosystem."   Cross-border: Transforming Traditional Consulting and Leading Digital Transformation As a global leader in the consulting industry, Frost & Sullivan has always focused on technological innovation as its core driving force, dedicated to leading the digital transformation of the traditional consulting industry. By introducing advanced technologies such as AI, large models, and cloud computing, and innovatively proposing the 'Artificial Intelligence Empowered, Blockchain Technology Supported Knowledge Services (ABCK)' solution, Frost & Sullivan has taken the lead in deeply integrating knowledge services with digital tools in the industry. This has solved the pain points of 'information silos' and 'repeating the same wheel' in the traditional consulting industry, significantly improving service efficiency and accuracy. It is worth mentioning that as a professional research institution, Frost & Sullivan is also actively committed to providing high-quality research and consulting services for brands and society in the AI era. Frost & Sullivan cultivates industry-academia talents through open-source research and collaboration with universities, providing high-quality data support for large model training. At the same time, Frost & Sullivan is also actively involved in the formulation and promotion of industry standards, promoting the healthy development of AI technology. It hopes that through its own efforts, it can help brands build a clean online environment and a knowledge Great Wall in the AI era, enhancing the value and influence of brands.   Link: Delve into industry research to inspire cross-border wisdom Frost & Sullivan has been deeply involved in industry research for over 60 years, accumulating more than 10,000 original industry research reports and white papers in China. It spans across 19 core national economic industries and more than 6,000 sub-markets, providing in-depth analysis and trend predictions for various industries. In addition, Frost & Sullivan has published textbook-level publications such as 'White Paper on the Development Trends of China's Industries over the Next 50 Years', 'Investment Activity Report on the Issuance of 18A Biotech Companies in Hong Kong Stock Market', 'White Paper on the Development of Artificial Intelligence Industry in Hong Kong Stock Market', 'Hong Kong IPO and Secondary Market White Paper', and 'ESOP Equity Incentive Professional Plan' for many consecutive years in China. It has also cooperated with authoritative organizations including the China Academy of Information and Communications Technology, the Boao Forum for Asia Global Health Forum, and the Shanghai Stock Exchange to publish several industry white papers. In the field of life sciences, Frost & Sullivan maintains high-frequency and regular in-depth research outputs, releasing a large number of heavyweight industry white papers and blue papers every year, which have gained wide recognition from the capital market, industry, and investment community. From 2022 to 2024, it published three consecutive years with the 'Investment Activity Report on the Issuance of 18A Biotech Companies in Hong Kong Stock Market' (which includes not only 18A biotech companies in Hong Kong but also analyzes domestic science and technology innovation board biotech companies and those planning to go public), earning widespread praise from the industry for its influence and dissemination power.   Frost & Sullivan has also been actively advocating for industry integration, building cross-field dialogue bridges, and stimulating cross-border wisdom through its high-end exchange platforms such as the Frost & Sullivan Summit, which has been held in China for nearly 20 consecutive years and has been running continuously for nearly 30 years globally. Since 2022, Frost & Sullivan has hosted the New Investment Summit Forum in Life Sciences in China. Over the years, it has gathered more than 100 industry leaders, senior executives from biopharmaceutical companies, medical device companies, investment institutions, and professional service organizations, attracting over 1,000 professional attendees to jointly discuss new investment cooperation models, build a closer, more efficient, and win-win cooperation network, and jointly promote the vigorous development of the domestic and international life science industries. To this day, the Frost & Sullivan Summit has become an important platform for outstanding domestic enterprises, the investment community, and regulatory authorities to exchange successful experiences and jointly discuss development directions, as well as an important window for the world to understand China's most cutting-edge development trends.   Increment: Collaborating with authoritative institutions to drive brand growth Frost & Sullivan places great emphasis on and actively participates in the construction of 'Brand Powerhouses'. It has carried out in-depth strategic cooperation with highly influential institutions at home and abroad such as Xinhua News Agency's 'China Famous Brands', CCTV-1's 'Big Country Brands', and Forbes China Group, to jointly explore the value of Chinese enterprises and assist in the growth of Chinese brands. By integrating global resources with local insights, Frost & Sullivan has established a market position validation system and innovatively proposed the 'FSBVFrost & Sullivan Brand Value Model'. It has provided market position validation and brand valuation services to over 1,000 enterprises, continuously helping a large number of Chinese brands achieve growth strategies both domestically and overseas.   Frost & Sullivan: Crossing Boundaries to Create TOP Value Brands Dr. Wang Xin, Global Partner and Chairman of Frost & Sullivan Greater China, stated that we highly agree with the concept of 'cross-border integration, connectivity, and incremental value' proposed by Xinhua News Agency “China Famous Brands&rdquo., and will continue to promote the deep integration of the health industry with resources from multiple fields through innovative practices and professional services. This award for '2025 Cross-Border Integration TOP Value Brand' signifies that Frost & Sullivan's outstanding achievements in the field of cross-border integration have been highly recognized by the industry and market. In the future, Frost & Sullivan will continue to use technology as the engine, connectivity as the bond, and brands as the cornerstone to continuously empower the high-quality development of the health industry and contribute professional strength to building a new ecosystem of cross-border integration!  

2025 Wuzhen Health Conference   On April 11, 2025, the Wuzhen Health Conference —— Health Industry Innovation Forum was held in Wuzhen. With the theme of "Cross-border, Linking, Incremental," the forum aimed to aggregate rich ecological resources from various industries, cross-border integrate with China's health industry, and create a benchmark for leading high-quality innovation and development in China's health industry.   Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan Greater China, Co-founder and President of LeadLeo, was invited to attend the forum. In his keynote speech titled "Content Marketing in the New Era of Technology: AI Marketing," he stated that 2025 is the first year of AI search, and there will be a good dividend period in the next 3-5 years. Under the wave of AI, by integrating authoritative reports and multimodal distribution strategies, brands can optimize their content adaptation and exposure in AI search, enhancing their influence in the era of AI search. Wang Chenhui Wang Chenhui   AI technology reshapes content marketing: from passive response to active intelligence Wang Chenhui pointed out that traditional AI relies on rule-driven and structured data, limited to specific task scenarios. However, large model technology breaks through domain limitations through large-scale pre-training and parameter sharing, achieving "active interaction." The new generation of AI represented by GPT-4 not only has multimodal understanding capabilities but can also generate high-quality text, images, and even complex reasoning results based on user needs.   “AI search extends from text to images, videos, voice, and integrates with smart wearables to achieve full-scenario interaction; future searches will be more intelligent, creating new opportunities for brands to reach consumers precisely.” He cited examples where e-commerce platforms can analyze user behavior through large models to achieve precise push notifications. Based on this, interactions between brands and users will also develop in a more efficient and personalized direction, further enhancing user experience and brand influence.   Breaking the information pollution dilemma: LeadLeo builds a credible data ecosystem Facing the problem of false content proliferation caused by information explosion, Wang Chenhui pointed out that “to promote the healthy development of information dissemination in the new era of AI, building an authoritative content screening and full-chain monitoring mechanism is a key measure to suppress the spread of false information and consolidate user trust.”   LeadLeo made forward-looking arrangements, opening its corpus since 2022, becoming one of the first domestic large model training data providers, and cooperating with authoritative platforms such as Wantu and Choice to incorporate professional reports into the knowledge source of large models, taking the market lead in advance. “LeadLeo's reports are highly professional, relying on industry-university-research cooperation with top universities such as Peking University, Tsinghua University, and Fudan University to continuously produce cutting-edge research, ensuring the authority and credibility of content.” Wang Chenhui said.   LeadLeo 5.0 era: A leader in AI-driven industry research transformation “LeadLeo's evolution from 1.0 to 5.0 era has gradually built a foundation for industry research, promoted technological innovation and collaborative development, and ultimately led the AI-driven industry research transformation.”   Wang Chenhui pointed out that since its official establishment in the 1.0 era in 2018, LeadLeo has built basic industry and enterprise research databases; entered the 2.0 era, promoted data platform inclusion and standardized product development, improving the level of research; in the 3.0 era, established an institute and expanded technology and education sectors to achieve multi-field collaboration; entered the 4.0 era, gained recognition from society and government, and won the deep trust of investors and readers; in the 5.0 era, deeply integrated AI technology, LeadLeo will continue to produce authoritative content and lead the digital industry research process.   Future outlook: Intelligent search reconstructs brand and user connections At the end of his speech, he called on the industry to embrace AI transformation, “2025 is in the cycle of updating large model training data. If enterprises can complete high-quality content layout during this period, they will lock in a cognitive dividend for 3-5 years.”   Wang Chenhui emphasized that LeadLeo's practice of deeply integrating authoritative reports and AI technology will continue to provide the industry with traceable authoritative content, helping brands achieve efficient reach and user trust building in the era of AI search, and jointly promoting the information ecosystem to evolve towards transparency and intelligence.   “With LeadLeo AI content marketing, brands can achieve precise and stable natural traffic acquisition and marketing ROI improvement, seize the opportunity in AI search, and form long-term competitiveness.”

Frost & Sullivan insight OpenAI, once a champion of closed-source development, has now turned its attention to open-source projects. On April 1st, Sam Altman, CEO of OpenAI, announced on the social media platform X that the company will release a "powerful new open-weight model" within the coming months. After years of adhering to a closed-source approach, OpenAI is re-examining the value of open-source. What are the motivations behind big companies choosing open-source models? Is it to build an ecosystem, attract developers, or to foster technological iteration through community feedback? Will multi-modal model open-source lead to the emergence of DeepSeek within the multi-modal space? What are the particularities of multi-modal models compared to text generation? How should we evaluate the current open-source ecosystem for multi-modal models? What are the main challenges that need to be overcome in current multi-modal large models? How can open-source promote the refinement and maturity of technology? Which industries might benefit from the open-source of multi-modal models?   Tran Cui, Executive Director of Frost & Sullivan Greater China, was interviewed by 21st Century Business Herald to discuss the construction of the ecosystem and industry opportunities under the wave of multi-modal model open-source. 21st Century Business Herald *Click at the end of the article Read the original article for a complete report     Q: What are the motivations behind big companies choosing open-source models? Is it to build an ecosystem, attract developers, or to foster technological iteration through community feedback? Tran Cui Executive Director of Frost & Sullivan Greater China   Firstly, big companies' open-source of multi-modal models will build a three-dimensional ecosystem that includes developer communities, hardware adaptation solutions, and industry application cases. Such an ecosystem construction will lower the entry threshold for developers, enabling them to quickly get started and innovate. With the development of the ecosystem, technology will advance rapidly and explore the application possibilities of multi-modal models in more scenarios, laying a solid foundation for future commercialization.   In addition, open-source has a deeper meaning, which is to promote the popularization and democratization of technology. Big companies have lowered the threshold for users to enter the multi-modal model field through open-source, allowing more small and medium-sized enterprises and developers to use advanced technology at a lower cost. This inclusiveness of technology not only accelerates the penetration rate of AI technology but also injects vitality into the rapid development of the entire industry.   At the same time, open-source also reflects the social responsibility of big companies. By open-sourcing, big companies are actually paving the way for future technical standardization. This open attitude not only makes technology more transparent but also helps with the healthy development of the industry.   Q: Will multi-modal model open-source lead to the emergence of DeepSeek within the multi-modal space? Tran Cui Executive Director of Frost & Sullivan Greater China   Under the trend of multi-modal model open-source, enterprises like DeepSeek are expected to stand out. These enterprises, with their advantages in technology, cost-effectiveness, open-source strategy, and ecosystem construction, will emerge in the market and drive progress in the entire field of multi-modal large models.   Q: What are the particularities of multi-modal models compared to text generation? How should we evaluate the current open-source ecosystem for multi-modal models? Tran Cui Executive Director of Frost & Sullivan Greater China   Firstly, compared to text generation models, multi-modal models need to handle various types of data such as text, images, audio, and video, while text generation models mainly handle text data. This characteristic of diverse data processing makes the application scenarios of multi-modal large models more extensive, such as environmental perception and decision-making in intelligent driving, and diagnostic assistance in medical imaging. In addition, multi-modal models are more complex in technical implementation and need to solve problems such as alignment and fusion between modalities. For example, how to effectively combine visual information in images with semantic information in text to achieve accurate understanding and generation. Therefore, multi-modal models usually require larger computing resources and more complex training strategies. In summary, compared to text generation models, multi-modal large models have characteristics such as diverse data processing, extensive application scenarios, and technical implementation complexity.   Currently, the contribution of open-source communities to multi-modal models is increasing day by day. Developers and researchers share code, datasets, and research results through community platforms, accelerating the iteration and optimization of technology. This positive development has continuously led to breakthroughs in the performance of multi-modal large models, gradually narrowing the gap with closed-source models, and even surpassing them in some aspects. At the same time, their application scenarios are also constantly expanding, covering multiple fields such as image generation, video editing, and voice interaction.   Q: What are the main challenges that need to be overcome in current multi-modal large models? How can open-source promote the refinement and maturity of technology? Tran Cui Executive Director of Frost & Sullivan Greater China   Currently, multi-modal large models face challenges in data processing and alignment. Due to the heterogeneity of multi-modal data, there are differences in format, dimensionality, and statistical properties among different modalities, making data fusion and processing complex. In addition, data from different modalities may have complex associations at the time, space, and semantic levels, thus triggering challenges in modal alignment and fusion during training, as well as problems such as "catastrophic forgetting" of language ability. Therefore, training multi-modal large models not only requires a large amount of computing resources but also has long training times and low efficiency.   However, open-source initiatives have lowered the usage threshold for multi-modal large models, enabling more developers and enterprises to access and apply advanced technology. This change has not only promoted the spread of technology but also enriched data resources and improved data quality as an opportunity. These improvements help train better models and further promote the refinement of technology.   Q: Which industries might benefit from the open-source of multi-modal models? Tran Cui Executive Director of Frost & Sullivan Greater China   The open-source of models will greatly promote the development of multiple industries. By providing high-quality capabilities such as video generation, voice interaction, and image generation, these models will bring innovation and efficiency improvements to multiple fields such as film and television entertainment, intelligent vehicles, education, autonomous driving, finance, logistics, healthcare, entertainment creativity, office tools, social entertainment, and legal consulting. *This interview has been published in 21st Century Business Herald. The reporter is Dong Jingyi, and the original title is: "Tearing off the Closed-Source Label! OpenAI 'Testing the Waters' with Open-Source, a Counterattack or Compromise?"

at 3 month 22 held on 2025 At the Frost & Sullivan China Entrepreneur Annual Conference and the Forbes China Industry Development Pioneer Awards Ceremony, Frost & Sullivan ( Frost & Sullivan Wang Chenhui, Managing Partner & President of Frost & Sullivan Greater China, delivered a speech on 'Content Marketing in the New Technology Era'. AI The wonderful speech in "Marketing", which delved into AI The profound impact of technology on industry development, as well as the role of brands in AI Strategies for responding to the times.   Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan Greater China Region   AI Large models drive content marketing transformation   Wang Chenhui pointed out that since this year's Spring Festival, terms such as 'artificial intelligence' have once again become industry buzzwords, with large models making significant progress in reinforcement reasoning capabilities, computing power, and multimodal integration. Especially the addition of networking functions has made ordinary consumers feel the convenience and personalization of large model tools, driving a substantial increase in the daily and monthly active users of related tools. However, traditional PGC (professional-generated content) and UGC (User-generated content) models still face challenges in terms of information rigor and data pollution. In AI era, combine PGC high-quality works and UGC The rapid response capability enables the creation of more excellent content. It effectively conveys professional knowledge and information that was previously difficult for ordinary consumers to access to end customers, thereby promoting the progress of information production and circulation.   AI The Rise of Search and User Needs Satisfication   Wang Chenhui emphasized, AI Search is current. AI The fastest-growing area in the track industry. Compared to traditional search engines, AI Search can better identify user intent and help find more accurate information sources through search tools. Ordinary users often cannot delve into finding information when using traditional search engines due to limited energy. AI The inclusion allows users to view more references, providing stronger support for research. AI The popularization of search tools has met users' reliance on authority, avoidance of cognitive burden, and demand for efficiency improvement and immediate satisfaction. Consumers will AI Tools are regarded as your personal experts, and you want to directly access research results rather than reading obscure papers or reports. AI The development of technology, the future AI Search will be more diversified, not limited to web pages and APP It may also expand to various terminal devices such as smart cockpits, headphones, and glasses, changing people's search and communication habits.   Brand in AI Opportunities and Challenges of the Times   Wang Chenhui mentioned, AI The brand building of the times faces new opportunities and challenges. On one hand, through AI Search allows brands to reach target users more accurately, thereby enhancing brand awareness and influence. For instance, some brands optimize their content through AI The mention rate in the responses has seen a significant increase. On the other hand, AI The popularization of tools has also led to rapid information dissemination and the risk of data pollution. The release of bad content may cause damage to brands and categories. Therefore, brands need to strengthen underlying content defense to prevent false information from having a negative impact on brands and segments. Frost & Sullivan tests brands and categories on AI Performance in context, thereby helping brands understand their own AI Understand the cognitive environment and formulate corresponding content marketing strategies.   AI Marketing   Wang Chenhui suggested that brands AI The era adopts proactive and positive strategies to enhance brand influence. Firstly, brands need to attach importance to AI Search optimization is achieved by publishing high-quality, rigorous research reports and disseminating press releases through whitelist media to spread correct and authentic knowledge, thereby enhancing the brand's AI The mention rate and content authority in the answers. Secondly, brands should pay attention to AI The traceability of search results ensures the accuracy and credibility of brand information, namely 'certainty of rights, authenticity, and value'. In addition, brands can also enhance their brand reputation and authority by collaborating with professional research institutions, leveraging their expertise, industry reputation, and authority. AI Competitiveness in the environment. At the same time, brands need to pay attention AI The development trend of technology, timely 'health check-ups', adjusting marketing strategies to adapt to the ever-changing market environment, and building one's own knowledge fortress.     Frost & Sullivan's' AI The Mission and Action of the Times   Wang Chenhui said that as a professional research institution, Frost & Sullivan is committed to in AI The Times provides high-quality research and consulting services for brands and society. Frost & Sullivan cultivates industry-academia research talents through open-source research and collaboration with universities, providing high-quality data support for large model training. At the same time, Frost & Sullivan actively participates in the formulation and promotion of industry standards, driving AI The healthy development of technology.    Frost & Sullivan hopes to help brands in AI The era constructs a clear online environment and a knowledge Great Wall to enhance the value and influence of the brand.   At the end of his speech, Wang Chenhui called on leading brands and enterprises across all industries to take the lead in attaching importance to it AI Content marketing and brand building in the era, actively responding AI Opportunities and challenges brought about by technology. He emphasized that brands need to AI Build defensive barriers in the environment to prevent infringement of false information. At the same time, enhance brand influence through innovative marketing strategies and high-quality content output. AI Competitiveness in the Search Era. Wang Chenhui's speech for brands in AI The marketing and construction of the era have provided valuable guidance and inspiration, attracting widespread attention and discussion among participants.