Recently, the National Food Safety Standard Review Committee issued 21 National Food Safety Standard (Draft for Soliciting Opinions), which includes three categories of food products: 'Pasteurized Milk', 'Ultra-high Temperature Sterilized Milk', and 'Sterile Milk'. Why are these three food standards being revised? What impacts are expected to arise? What are the significant implications? The draft for soliciting comments has removed the restriction on 'beef and mutton' from the product definition. What positive effects does this have on the development of the dairy market? What is the significance of the revised draft for soliciting comments on the national standard for 'Ultra-high Temperature Sterilized Milk'? What are the advantages of dairy products mixed with reconstituted milk compared to pure fresh milk or pure cow's milk?   Frost & Sullivan Frost & Sullivan Frost & Sullivan's consulting advisor in Greater China, Zhu Renjie and Liu Yaoqian, were interviewed by Blue Whale Finance and jointly interpreted    Draft for Soliciting Opinions on the Revision of Three National Standards for Dairy Products and Their Implications   * Click "Read the Original Article" at the end of this text to read the full report. Blue Whale Finance Q Recently, the National Food Safety Standard Review Committee issued 21 The National Food Safety Standard (Draft for Soliciting Opinions) includes three categories of food products: 'Pasteurized Milk', 'Ultra-high Temperature Sterilized Milk', and 'Sterile Milk'. Why are these three food standards being revised? What impacts are expected to arise as a result? What are the significant implications? The purpose of revising these three food standards is to improve food safety and quality standards, ensuring that consumers obtain safer and higher-quality dairy products. The revised standard content mainly includes clarifying terms and definitions, sensory requirements, physical and chemical indicators, and microbial limits. This will affect production enterprises, who need to adjust their production processes to comply with the new standards. For consumers, it is expected to bring higher-quality and safer dairy product options, increasing consumer trust in products. For the entire dairy industry, these standard revisions will promote healthy development of the industry, improve product quality and safety levels, and facilitate diversified product development. Q The draft for soliciting opinions has removed the 'cattle and sheep' restriction from the product definition. What are the positive impacts on the development of the dairy market? Pasteurized milk and sterilized milk are defined based on cow and goat milk raw materials and can no longer meet market demand. This revision removes the 'cow and goat' restriction from the product definition and adds physical and chemical indicators as well as microbial limits for special dairy products such as buffalo milk, yak milk, camel milk, horse milk, donkey milk, and other specialty dairy animals. Currently, the market demand for special dairy products is gradually increasing in proportion to the products available. After the indicators are refined, it will be conducive to having clearer standards for special dairy products and will also make production and operation more standardized. This move will have four positive impacts on the development of the dairy market: ·          Product innovation and diversity increase: Removing the restriction on 'cattle and sheep' will encourage the use of a variety of milk sources, promote the production of more specialty dairy products, and meet consumers' diverse needs. ·          Market competition enhancement: Expanding product range motivates dairy companies to compete, driving improvements in product quality and innovation capabilities. ·          Local characteristic development: Supporting special dairy livestock and products may become a local characteristic industry, promoting local economic growth and employment opportunities. Increased consumer choice: Consumers now have more options to taste different milk sources, enhancing their satisfaction and loyalty. Q What is the significance of adding "reconstituted milk is prohibited in pure milk"? Does it have a significant impact on the current market of pure milk?   The biggest highlight of the revision of the national standard for 'Sterile Milk' is the removal of the use of reconstituted milk as a raw material. , That is, the statement "add or not add reconstituted milk" has been deleted, clarifying that "only raw milk of a single variety" will be used as the raw material. At the same time, the identification regulations regarding reconstituted milk have also been removed. And pasteurized milk has long been 2005 The 'Notice on Issues Concerning the Labeling of Reconstituted Milk' issued in [year] proposed that no reconstituted milk should be added to pasteurized milk, and the use of raw milk was encouraged. Reconstituted milk, also known as reduced milk, refers to a liquid made by adding a certain amount of water or milk to dried milk powder. Although there is a certain loss in bioactive substances, it was often used in the past to replace scarce milk sources. However, this situation is now relatively rare. This revision has not had a significant impact on pure milk on the market, as it is not common to find pure milk products that contain reconstituted milk. Q I visited some offline supermarkets and found that there are not many cases of using pure milk made from reconstituted milk. Why is this? Firstly, in recent years, the prices of domestic raw milk (fresh milk, dairy sources, raw milk powder) have been declining. Large dairy companies do not need to reconstitute milk powder into liquid milk for production, which leads to increased costs. Therefore, there are not many enterprises that use reconstituted milk to produce pure milk. Secondly, research has confirmed that the higher the degree of thermal damage, the lower the active nutrients in milk. Compared to other types of liquid milk, the bioactive substances such as immunoproteins, active enzymes, and active peptides are relatively severely lost in reconstituted milk. Q Currently, is there a situation within the industry where 'super milk' follows its own corporate standards? What are the drawbacks to such practices? What is the significance of the revised draft for soliciting opinions on the national standard for 'high-temperature sterilized milk'?   There are indeed instances in the industry where individual company standards are implemented. "Ultra-pasteurized milk" is a common industry term, and there are ambiguities regarding which standards it should follow. Due to the lack of a unified standard, "Ultra-pasteurized milk" sold in the same refrigerated area as traditional pasteurized milk actually follows enterprise standards, and the product's outer packaging generally indicates "high-temperature sterilized milk" (based on the State Administration for Market Regulation). 2020 year 2 The "Announcement on Revising and Announcing the Classification Catalogue of Food Production Licenses" issued in [month]: "Ultra-high temperature sterilized milk". However, there are no clear limit values for the sterilization intensity and microbial indicators of such products. For example, some dairy companies stipulate in their enterprise standards for "ultra-high temperature sterilized milk" that it needs to be heated to at least 100 Centigrade Celsius and sterilization should be maintained for a very short time; there is no specified upper limit for sterilization temperature. Some other dairy companies specify that the sterilization temperature for high-temperature sterilized milk is 85 - 132 ℃, maintain 1 Seconds 15 Seconds, etc. The enterprise standards implemented are very broad. The revised draft for soliciting opinions on the national standard for 'High Temperature Sterilized Milk' has clarified the index definitions, equivalent evaluation methods, testing methods, etc., for such products. It provides an important reference and basis for enterprises in the industry to standardize production and fills a gap in domestic standards. Q What parts of the draft for soliciting opinions on the new national standard for 'High Temperature Sterilized Milk' do you think need to be revised?   The draft for soliciting opinions on the new national standard for "High Temperature Sterilized Milk" has been 3.3 The physical and chemical indicators specify cow's milk (3.3.1) and other milks (3.3.2) Physical and chemical indicators for high-temperature sterilization that should be met. Frost & Sullivan believes that following the deletion of the 'animal' restriction in product definitions from this draft for soliciting opinions, more differentiated and refined indicator standards can be introduced for specialty milks (water buffalo milk, yak milk, camel milk, horse milk, donkey milk) in the future. Considering the different characteristics that dairy products from different protein sources may possess, it is considered necessary to develop more targeted high-temperature sterilized milk indicators (such as pollutant limits, mycotoxin limits, microbial limits, etc.) for each type of dairy product to ensure that the standards are more scientific, reasonable, and practical. Q What are the advantages of dairy products mixed with reconstituted milk compared to pure fresh milk or whole milk? During the period when domestic raw milk prices are high, dairy products mixed with reconstituted milk may offer a more competitive price and be an economical choice. Reconstituted milk is processed more thoroughly, making it easy to transport and store; whereas pure fresh milk requires cold-chain storage, which has higher transportation costs and process requirements, thus making it the most expensive; room temperature pure milk has lower storage requirements and its price is at a moderate level. In addition, although reconstituted milk does not match the taste and flavor of fresh milk, it can supplement some of the basic nutrients in milk. *   This interview was published in Blue Whale Finance The reporter is Zhang Jinglun, and the original title is: 'Three   National Standard Revision for Dairy Products: 'A Mixed Bag' of Specialties Will Be Regulated, and Ultra-Fortified Milk Will Face Its First National Standard   ">

Ningbo Biomedical Industry Development Conference Biomedicine, as one of China's seven strategic emerging industries, is an important foundation for the construction of a Healthy China and a key strategic emerging industry that Ningbo focuses on. To further promote the high-quality and rapid development of the biomedical industry, optimize global clinical development and cross-border cooperation, facilitate the promotion of technological achievements and supply-demand matching, the 'Second China Ningbo Biomedical Industry Development Conference' and the 'Third New Drug Entrepreneurship in Qianwan Project Roadshow' & Investment and Financing Negotiation Meeting" ” was held on 2023 year 12 month 15 - 17 The event is held in Ningbo every day. at 12 month 16 At the main conference venue on the day, academicians and experts, senior executives from pharmaceutical companies, academic luminaries, etc. 600 More than a hundred people gathered to discuss the current hot topics in the biopharmaceutical industry and to assess the future development direction of the life health industry in Qianwan New Area. Academicians Chen Kaixian, Lin Guoqiang, Zhao Guoping, Ge Junbo, Shi Jianlin from the Chinese Academy of Sciences, and Wu Yuzhang from the Chinese Academy of Engineering participated in the event either online or offline. The conference focused on innovative drug research and development, cellular and gene therapies, AI Discussions and exchanges are held on topics such as synthetic biology, small nucleic acid drug research and development, and modernization of traditional Chinese medicine. By deeply integrating industry resources and industrial capital, we jointly promote the vigorous development of the biopharmaceutical industry.   Frost & Sullivan Frost & Sullivan Li Qian, consulting director of the Life Sciences Business Unit in Greater China at Frost & Sullivan, was invited to attend the conference and participate in the 'Staying Focused, Overcoming Cycles' - Biopharmaceutical Investment and Financing Session, with the theme of “ 2023 A special speech was delivered on the theme of "Insights into the Investment and Financing Trends of Biomedicine in 2023," analyzing the current situation of biomedicine investment and financing and the popular biotech tracks. Li Qian pointed out that popular tracks include gene editing, conjugated drugs, and peptides, which demonstrate broad market prospects. Academician of the Chinese Academy of Sciences Chen Kaixian At the beginning of this investment and financing session, Academician Chen Kaixian of the Chinese Academy of Sciences took the stage to deliver a speech and gave a special presentation titled "Biomedical Research and Artificial Intelligence Technology in China," elaborating on the current development status and trends of biomedicine in China. In his report, Academician Chen pointed out the challenges in the development of biomedicine and shared with the guests present the application and importance of artificial intelligence in drug research and development in recent years. v Consulting Director, Life Sciences Business Unit, Frost & Sullivan Greater China Region Li Qian Li Qian, Consulting Director of Life Sciences at Frost & Sullivan Greater China, shared 2023 Insights into the Investment and Financing Trends in Biomedicine for the Year. She stated that global investment and financing in innovative drugs 2022 The continuous decline in the year has made it more challenging for capital markets to identify 'hard innovation capability' enterprises, and pharmaceutical companies will also face a more intense competitive environment for funds. Looking at the investment and financing situation in the innovation field of the capital market, Li Qian pointed out that the number and amount of investment and financing transactions for innovative drugs are 2021 Peaks are reached annually, reaching 608 Then it started to fall back, 2022 In the past year, investment and financing in innovative drugs have slowed down. In terms of investment and financing rounds, a large number of transactions have focused on the early stages. 2019 Year-end 2023 In [year], investment in innovative drugs was concentrated in A Prior to this, the proportion was 70% left and right; from the perspective of corporate financing, 18A listing Top 5 The company exists IPO listing The total previous financing is higher than IPO listing The situation of raised funds, and the Sci-tech Innovation Board 5 listed company IPO listing The raised funds are higher.   Subsequently, Li Qian analyzed three major hot tracks in the biopharmaceutical field, including gene drugs, conjugated drugs, and peptide drugs. Li Qian pointed out that gene drugs have outstanding clinical value and have been explored for treatment in many disease areas. In recent years, the market launch of gene drugs has accelerated, and the number of research pipelines has expanded rapidly; the market scale of conjugated drugs has maintained high-speed growth, globally and in China. ADC The indications are currently focused on solid tumors such as breast cancer, and are gradually expanding to non-tumor indications such as autoimmune diseases. ADC The technologies of each component are continuously iterated to RDC/PDC The new type of conjugated drug represented by it has unique advantages and is expected to become a new driving force for market growth; after the launch of Simeprevir Dipivoxil Injection in China, there has been a shortage. GLP1R The high growth rate of the targeted peptide drug market has driven rapid growth in the peptide drug market. As the application areas of peptide drugs continue to expand, GLP1R Peptide drugs are making significant progress, and their indications will undergo a major transformation after being extended to weight loss, further opening up market space.   More wonderful moments from forums   About Frost & Sullivan's Life Sciences Practice The Life Sciences Practice of Frost & Sullivan has professional analytical capabilities and extensive project experience in the field of life sciences. Leveraging Frost & Sullivan's global think tank resources and cross-industry business development platform in Greater China, the Life Sciences Practice has unique core advantages in investment and financing services for the life sciences industry. The Life Sciences Practice has a wide range of corporate clients in China and in the past 20 In the year, a vast customer network was established, accumulating extensive project experience in various subfields of life sciences. Project types include Knowledge Center projects (in-depth content, promotional activities). Pre-IPO financing project DCF model Valuation, Business Plan Services), IPO listing We provide listed projects (industry consulting, clinical audits, fundraising and investment writing), market research, market value management, and strategic consulting. We also cooperate with well-known domestic and international information platforms and investment and financing institutions to offer one-stop solutions for enterprises in specialized sub-sectors such as pharmaceuticals and medical devices. Our services have received wide attention from investors.

12 month 11 Today, the Hong Kong Exchanges & Clearing Limited (hereinafter referred to as 'HKEX') and the Qingdao Municipal Government signed a Memorandum of Understanding in Hong Kong, aiming to strengthen communication and cooperation to jointly support Qingdao enterprises in listing on the Hong Kong stock market.   While the Hong Kong Stock Exchange is deepening its ties with the mainland, mainland enterprises have gradually become the main force in the Hong Kong stock market. According to data from the official website of the Hong Kong Stock Exchange, as of this year 11 At the end of the month, the cumulative number of Mainland Chinese companies listed on the Hong Kong stock market reached 1439 Home, accounting for approximately 55.28% The market value of mainland enterprises accounted for 77.8% . How should we view the Hong Kong Stock Exchange's successive signing of cooperation memorandums with local governments in the mainland? What practical significance will this have for supporting mainland enterprises to go public in Hong Kong? How should we view the trend of characteristic enterprises from various regions flocking to the Hong Kong Stock Exchange? Mainland enterprises on the Hong Kong stock market IPO listing The market plays an important role. Which industries or companies have performed outstandingly this year?   Frost & Sullivan Frost & Sullivan Lu Jing, Partner and Managing Director of Frost & Sullivan's Greater China Region, was interviewed by Securities Daily to discuss the above topics.   * Click "Read the Original Article" at the end of the text to read the full report. Securities Daily Q Securities Daily Reporter: How do you view the Hong Kong Stock Exchange's successive signing of cooperation memorandums with local governments in the mainland, and what practical significance will it have for supporting mainland enterprises to go public in Hong Kong? How do you view the trend of characteristic enterprises from various regions flocking to the Hong Kong Stock Exchange, such as cross-border e-commerce enterprises from Guangxi? The Hong Kong Exchange has successively signed cooperation memorandums with multiple local governments in the Chinese mainland. This is an important measure to promote mainland enterprises to go public in Hong Kong and aligns with the vision of the China Securities Regulatory Commission to make it more convenient and efficient for mainland enterprises to go public in Hong Kong and further deepen interconnectivity. It sends a positive signal for the further development of China's capital market. Firstly, this marks a further strengthening of cooperation between Hong Kong and the mainland in the financial field, providing mainland enterprises with a more open and international capital market platform. As an international financial center, Hong Kong has a mature capital market, a sound legal system, and a wide range of international investors. Through this cooperation, mainland enterprises can more conveniently access international investors, enhance their global visibility and brand influence, and also obtain more diversified financing channels. This integration also includes aspects such as corporate governance, market regulation, and information disclosure, which helps mainland enterprises improve their management level and transparency, thereby enhancing their competitiveness in the international market. The cooperation between the Hong Kong Stock Exchange and local governments on the mainland also means that mainland enterprises will receive more support and convenience from local governments during the process of listing in Hong Kong. From policy guidance, market access, information exchange to regulatory cooperation, these measures will greatly reduce the threshold and cost of enterprise listing, accelerate the listing process, and thereby promote the development of the entire regional economy. The China Securities Regulatory Commission has also stated that it will play the role of an international platform supporting mainland enterprises' financing in Hong Kong, promote the formation of a more transparent, efficient, and smooth overseas listing regulatory coordination mechanism, continuously smooth the overseas listing channels for mainland enterprises, and introduce more representative 'green light' cases. Furthermore, these cooperation memorandums contribute to promoting economic integration between the mainland and Hong Kong. As more mainland enterprises choose to list on the Hong Kong stock market, the economic ties between the two places will become closer. This not only helps to develop the economy of Hong Kong but also promotes the opening up and internationalization of the mainland economy. By listing on the Hong Kong stock market, mainland enterprises can better utilize Hong Kong's international resources and market advantages to facilitate the implementation of their globalization strategies. In recent years, the Chinese mainland has focused on innovative industries such as artificial intelligence, new energy, and healthcare. Additionally, characteristic enterprises from various regions have gone public in Hong Kong, reflecting new trends in the diversified development of the Chinese economy. The Hong Kong Stock Exchange provides an international-standard capital market environment for innovative industries and characteristic enterprises. These enterprises typically possess innovative business models, flexible market strategies, and strong technical capabilities. Listing on an international financial platform like Hong Kong can not only help these enterprises obtain broader international capital support but also enhance their brand's international influence. Moreover, enterprises in characteristic industries and emerging market sectors often represent the development direction of regional economies and trends in emerging industries. Listing in Hong Kong not only helps with the development of these enterprises themselves but also promotes the upgrading and transformation of the entire industry. Overall, a series of close collaborations between the Hong Kong Stock Exchange and the mainland government have had a profound impact on supporting mainland enterprises to go public in Hong Kong. This not only benefits the development of the enterprises themselves but also helps to strengthen Hong Kong's status as an international financial center, while promoting in-depth cooperation and exchanges between the mainland and Hong Kong in the financial field. Q Securities Daily Reporter: Mainland enterprises trading on the Hong Kong stock market IPO listing The market plays an important role. In your opinion, which industries or companies have performed outstandingly this year? projected 2023 In 2019, the Hong Kong market will exceed 61 Enterprises are going public for the first time, while mainland enterprises will continue to dominate the Hong Kong market. The number of mainland companies listing in Hong Kong is expected to exceed 90% The amount raised exceeded 95% In terms of industries, technology, media, and communications IPO listing The number column ranks first in the Hong Kong market, and the biotechnology and healthcare industry tops the fundraising charts in the market. As of 2023 year 12 month 12 On the same day, the new share that raised the most funds was Zhenjiao Lidu, raising 53 HK$10 billion. Ranked after them are WuXi AppTec, Jutu Express, Hongxin Construction Materials, Corning Biotech, Guohong Hydrogen Energy, and Tuhu. The continuous interest rate hikes by the Federal Reserve, the global banking crisis, and the slower-than-expected recovery of the Chinese economy have slowed down trading in the Hong Kong market and kept valuations low. Over the past two years, Hong Kong has continuously improved its listed infrastructure and ecosystem, including the introduction of special purpose acquisition companies ( SPAC The listing system, implementation of dual-counter trading, optimization of the stock interconnect mechanism, and the recent official launch FINI The platform, etc. To further reform the Hong Kong stock market, a series of measures have been introduced this year to enhance its attractiveness. 3 The Hong Kong Stock Exchange has added 18C Zhang: Positive for technology industries such as artificial intelligence; 9 The Hong Kong Stock Exchange GEM index The consultation on the reform of the Hong Kong Growth Enterprise Market (GEM) has been launched with the aim of enhancing market liquidity, strengthening the survival-of-the-fittest mechanism, and improving the overall quality of the market. With the gradual recovery of the global economy and the continuous development of technological innovation, fields such as technology and the internet, biotechnology and healthcare, green energy and environmental protection, as well as fintech, are expected to continue to be growth engines for the Hong Kong stock market. *   This interview was published in Securities Daily Reporters: Xie Ruolin and Mao Yirong. Original title:    within the year 56 Mainland enterprises going public in Hong Kong The proportion of new economy enterprises has increased.    ">

Jiali Hui Series Salons   2023 year 12 month 8 On the same day, Frost & Sullivan, in collaboration with Tongshang Law Firm, successfully held a session on 'Chinese Biopharmaceutical Companies Going Global ( License-out period The event featured a series of salons themed 'Opportunities and Challenges of Frost & Sullivan'. This salon was presented by Jiang Tengfei, Consulting Director of Life Sciences at Frost & Sullivan Greater China, and two partners from Tongshang Law Firm, Lawyer Zhao Yingjie and Lawyer Chen Haoran, who delivered insightful speeches, attracting nearly 20 Registered guests are invited to participate on-site, along with 12 Listeners joined via online live broadcast. The atmosphere at the event site was lively, and participants actively interacted and discussed. Participants online and offline included 28 Home biopharmaceutical enterprises 1 Home medical device enterprise, among which C-level executives Proportion of the total number at this level 26% . During this event, participants engaged in an in-depth discussion on the opportunities and challenges of biopharmaceuticals going global. With the continuous expansion of the global biopharmaceutical market and technological advancements, Chinese biopharmaceutical companies have broad prospects and great potential for going global. At the same time, going global also faces many challenges, such as go-to-market strategies, laws and regulations, market access, etc. At the salon, Jiang Tengfei, consulting director of the Life Sciences Business Unit at Frost & Sullivan Greater China, delivered a captivating presentation themed 'The Distribution and Application Strategies of Overseas Licensing for Innovative Drugs', showcasing the current situation and future trends of biopharmaceuticals going global, providing valuable insights to the audience present. Jiang Tengfei pointed out that, strictly speaking, Chinese innovative pharmaceutical companies are not making enough progress in going global 5 With a history of over a hundred years, the landmark event is the liberation of Baise from Japanese rule BTK The inhibitor zanubrutinib has been approved for marketing in the United States. 2020 - 2021 year License-out of the Mainland After prosperity, 2023 year License-out of the Mainland Both quantity and amount have decreased. From publicly disclosed Chinese innovative drug companies License-out of the Mainland In terms of quantity, 2023 Year-on-year 2022 The number decreased by about 10% year-on-year. From publicly disclosed Chinese innovative drug companies license-out operation amount Top 10 Look, 2023 Year-on-year 2022 Decreased by more than 30% However, the down payment amount has increased by about 30% This indicates streamlining quantity, improving quality, and increasing down payment are 2023 New drugs of the year License-out of the Mainland The main theme of the market. The urgent need for Chinese innovative drugs to go global lies in short-term financing pressure, and they face dual pressures: immature commercialization of innovative drugs and difficulties in domestic pricing and access for innovative drugs. As the domestic R&D system aligns with international standards, Hong Kong stock 18A Numerous innovative drug products standing at the international forefront have emerged, including bispecific antibodies, ADC Cell therapy, gene therapy, small nucleic acid drugs, etc. Therefore, currently many innovative drug companies are 'pushing out' rather than being 'attracted out'. According to the enterprise capability matrix analysis, 'autonomous clinical & Authorize commercialization" and "autonomous clinical trials" & The two business models of 'autonomous commercialization' and 'licensing clinical trials' will gradually replace each other & Authorize commercialization ” model. How to plan for localized production for self-built overseas expansion + A commercial system, rather than acting as a hands-off manager, is what enables Chinese enterprises to handle overseas licensing and transfers well License-out of the Mainland The key. He introduced that several Chinese innovative drugs have successfully gone global, such as those co-developed with Legend Biotech BCMA CAR-T therapy Carvykti at 2023 Sales in the second quarter of the year 1.17 billions, total sales in the first half 1.89 billion US dollars, equivalent to 13.5 RMB 10 billion, according to 50% Divided into legendary creatures and can be obtained 9,450 $10,000,000 in revenue, equivalent to 6.75 RMB 10 billion. Junshi Biosciences' independently developed anti PD-1 Tisleluplimab (US trade name: LOQTORZI ™) on 2023 year 10 month FDA The first-line and second-line treatment indications for nasopharyngeal carcinoma that have been approved for marketing have been added. Previously, Junshi Biosciences has already collaborated with Concord , Hikma , Dr. Reddy ’ s Companies such as CanSino Biologics have reached commercial cooperation agreements covering regions including the Americas, the Middle East, North Africa, and Southeast Asia. 50 Countries. At present, China's innovative drugs have already gained international competitiveness, and in the future, overseas licensing and transfer of domestic innovative drugs License-out operation It will become a new trend in the industry. Lawyers Zhao Yingjie and Chen Haoran, two partners of Tongshang Law Firm, also participated in this salon and delivered speeches. They jointly discussed biopharmaceuticals going global. License-out Common risks in trading and negotiation strategies. The speech mainly introduced the key reasons why Chinese biopharmaceutical enterprises go global, as well as the common forms and models of overseas transactions. Pharmaceutical companies can enhance their technical level and R&D capabilities through international cooperation. In the process of collaborating with overseas enterprises, they can introduce advanced technologies and equipment to promote technological upgrading and innovation. In addition, seeking broader markets and richer resources is also one of the important reasons for enterprises going global. In overseas markets, enterprises can obtain more financing channels, resource integration, and industrial chain optimization, thereby reducing production costs and improving efficiency. Common forms of overseas transactions include inward investment. License In and external licensing License Expiration As well as joint ventures, strategic equity investments, preclinical collaborations, clinical collaborations, listing sales, and distribution partnerships. Among them, licensing transactions are the main form of biotech outbound deals, including equity models and agreement models. Recent significant outbound deals License-out Transactions are also introduced, and behind these transactions is reflected in Biotech An important strategic choice for the company. Finally, the value and significance of overseas transactions for biotech companies were emphasized, which can help companies achieve a transition from “ In China, for China "Go to" In China, for Global "The transformation of ”. In recent years, with the rapid development of the domestic biopharmaceutical industry, more and more enterprises have begun to seek opportunities for overseas transactions. These enterprises need to fully understand information about international markets and trading counterparts, formulate reasonable trading strategies, and achieve long-term development of their businesses. During negotiations, enterprises need to adopt appropriate strategies to reduce risks and strive for benefits. For example, when evaluating transaction value, they should conduct thorough market research and financial analysis to ensure that the transaction price is reasonable; when agreeing on cooperation terms, they should clarify the rights and obligations of both parties, protect intellectual property, and ensure the stability of the supply chain; during negotiations, they should flexibly apply negotiation skills to strive for more benefits and voice rights. Biopharmaceutical companies going global License-out period Trading is a common model for expanding overseas markets. When conducting overseas transactions, enterprises need to fully consider various risk factors and adopt corresponding negotiation strategies to reduce risks and seek benefits. By cooperating with overseas enterprises, mutual benefit and win-win results can be achieved, as well as common development goals. At the same time, enterprises need to continuously strengthen their own strength and resource support, improve technical levels and R&D capabilities, so as to better cope with the challenges and opportunities of the international market.

Foodaily FBIC "Entering the industrial belt" is Foodaily FBIC Centered on 'Breaking Through the Industrial Chain' The annual series of activities planned under the annual theme 'Co-creating a New Future'. Foodaily FBIC Sort out the development overview of key industries in food and beverages, select 10 As the main front, the cities visit different urban industrial belts, collaborating with upstream and downstream core resources such as governments, associations, and benchmark enterprises in the industrial belt. Through multiple sessions including visits, keynote speeches, global innovation tastings, and open discussions, they lead brand entrepreneurs to conduct in-depth discussions on strengthening industry chains such as industry changes, product innovation and brand reshaping, deep channel cultivation, and supply chain ecosystems. They re-examine the challenges, problems, and gaps in the growth of the food industry under changing circumstances, analyze the dilemmas and solutions for industrial development, and quickly seek new opportunities by pooling value resources.   2023 year 12 month 13 On the same day, the 'Into the Industrial Belt' series of events visited the Foshan Water Town Beverage and Food Industrial Park, focusing on how beverage companies embrace industrial thinking, Frost & Sullivan ( Frost & Sullivan Zhang Jian, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to participate in the event and delivered a speech titled 'New and Existing Players in the Bubble Water Industry Enter the Market One After Another. Who Can Stand Out?' Partner and Managing Director of Frost & Sullivan Greater China Region Zhang Jian Zhang Jian pointed out that there are a wide variety of bubble water products available on the market. As a representative of new-style beverages in China, bubble water has become popular in the market due to its health-conscious positioning, mild flavor, and tactile appeal. Non-flavored bubble water is usually targeted at the high-end market, while flavored bubble water is mainly aimed at the mass market. In terms of the growth rate of the soft drink market size, the market sizes of Chinese tea beverages and carbonated beverages have approached saturation. The market for sugar-free tea beverages is 2014 year 653 RMB billion grew slowly to 2020 year 792 Yuan, with an annual compound growth rate of 3.2% , while the carbonated drink market is from 2014 year 788 RMB billion growth to 2020 year 885 Yuan, with an annual compound growth rate of only 1.9% Driven by the demand for healthier and lighter-flavored products, sparkling water is set to become the most growth potential sub-market. At present, there is still significant room for development in the proportion of flavored sparkling water in China compared to developed countries. Flavored sparkling water in China only accounts for a small portion of flavored packaged water. 1% Market share, while in the same period, developed countries in Western Europe, the United States, and Japan accounted for 41% , 7% and 21% .   Zhang Jian believes that bubble water without flavor, as a representative beverage product for weak-flavored and health-conscious market demands, has a low market share that presents tremendous potential for growth in the Chinese bubble water market. The development trend towards sugar-free and low-flavor beverages is one of the directions for the development of Chinese beverages.       According to a study by Frost & Sullivan, affected by Yuanqi Forest 2018 Driven by the launch of NIO's VIVE Water in 2021, China's bubble water industry has emerged as a new force, ushering in a new era for bubble water in China 0 sugar 0 With the wave of card healthization, the industry has entered a period of rapid expansion. 2021 In China, the market scale of the bubble water industry reached 135.3 RMB 10 billion, with a compound annual growth rate during that period of 32.9% Bubbling water can leverage its own attributes to penetrate across two major beverage sub-industries: penetration rate transformation, the high-end development direction of packaged water, and the health-conscious upgrade of carbonated beverages. It is expected to maintain rapid development in the future, with the market size potentially reaching 2026 Annual achievement 329.9 100 million yuan. "Bubble water belongs to a niche segment within the soft drink industry, and its industrial chain is similar to that of traditional soft drink industries," Zhang Jian further explained. The upstream of the bubble water industry mainly involves processing and filling, while the midstream includes beverage distribution through channels and the downstream connects with consumers and businesses. The common production process of sparkling water is similar to that of carbonated beverages, with the core focus on the selection of sweeteners. Sparkling water has more stringent requirements for sugar materials to bring about a differentiated advantage. In the blending step with sweeteners, sparkling water often uses artificial sweeteners and functional sweeteners to replace natural ones with filtered pure water or mineral water to achieve a similar sweetness but lower sugar content. For example, the main sweetener used by the representative brand Yuanqi Forest is erythritol. Each large bubble water company hopes to create a major product entry point into the market. Traditional flavorless bubble waters (such as Paris Water and San Pellegrino) have become representatives of high-priced flavorless bubble waters due to their natural high-quality water sources. However, due to their high-end positioning, their consumer base is still relatively niche. Flavorful bubble waters offer a richer taste that better suits the preferences of mainstream consumers. At present, the consumer market in China is more receptive to flavored bubble waters, with sugar-free beverage products represented by erythritol occupying the market. Subsequently, Zhang Jianjian briefly analyzed the driving factors and development trends of China's bubble water industry.   He pointed out that under the long-term unhealthy dietary habits of high sugar intake, China's consumer obesity rate and diabetes prevalence continue to rise. In recent years, consumers' awareness of health has been increasing, and the 'sugar reduction campaign' has rapidly unfolded in China. The demand for healthy concepts has made sugar reduction a significant driving force for the beverage industry's development, making consumers more cautious about their sugar intake. "In the future, the bubble water industry will develop towards diversified functions, sugar-free options, and high-end products," said Zhang Jian. On one hand, the national income level has accompanied an increase in consumption levels, further diversifying beverage scenarios. The demands in different scenarios have become more detailed, and beverages are no longer limited to simply satisfying the need for thirst relief. Consumer demands change with scenario changes, and their forms have also become diverse. Bubble water has a natural advantage in form shaping due to its low-calorie and non-greasy product attributes, and it can innovatively add different components such as hyaluronic acid, lactic acid bacteria, probiotics, dietary fiber, and other elements to meet the needs of consumers in different beverage scenarios.   As functional bubble water expands into more consumer scenarios, the industry market size is expected to further grow and expand. On the other hand, as Chinese consumers' demand for health improves, their control over sugar intake will become more stringent. Under the trend of consumer health awareness, consumers' attention to sugar-free beverages continues to rise, and the sugar-free beverage industry in China is in a stage of ultra-high-speed development. In recent years, consumers' acceptance of sugar-free beverages has been continuously increasing. At the same time, major manufacturers are actively developing sucrose substitutes that balance taste and health, which will significantly increase the penetration rate of sugar-free beverages.   The use of artificial sweeteners in flavored sparkling water and the development of sugar-free, flavorless sparkling water categories have accurately captured the trend of sugar-free beverage development. The trend towards sugar reduction will be further strengthened. In addition, leveraging the gaseous nature of sparkling water, it can endow high-end water with new value points for promotion. There is a certain consumer conversion potential in the high-end water market, providing new value points for this segment. Drawing on the development experience of overseas sparkling water markets, flavorless sparkling water is more likely to move towards a high-end development path compared to flavored sparkling water. Taking Paris Water as an example, its market scale has developed rapidly since its entry into the Chinese market. 2015 Year-end 2020 The market scale grew at an average annual rate 46.9% The growth rate has increased by seven times in five years, indicating that the growth potential of high-end bubble water in the Chinese market is astonishing.   expected to 2025 The scale of high-end sparkling water can reach 100 Yuan, and high-end development will become one of the development directions for the bubble water industry in China. Finally, Zhang Jian stated that the bubble water industry in China is still in its early stages of development, with multiple brands entering the market, and there is hope for further integration of the industry.

Frost & Sullivan Greater China Consulting Director Zhou Ming son "Opportunities for Innovative Drugs" Closed-Door Salon Mature targets are flocking to each other, and homogenization is a prominent issue... After experiencing a rapid development phase, domestic innovative drugs are facing practical challenges. On December 13th, a closed-door salon titled 'The Opportunities of Innovative Drugs' was held at the News Building, co-hosted by Beijing Business Daily and Shenzhen Blue Media Think Tank. Industry leaders who have long been deeply involved in the field of innovative drugs gathered together. Zhou Mingzi, the consulting director of Frost & Sullivan Greater China, was invited to attend the meeting. Together with guests such as Shan Biao, co-founder/executive director of Baidu Medicine, Wang Peng, senior vice president of Xiantong Medicine, and Sun Lei, director of the academic department of Yongtai Biology, they engaged in a lively discussion on the future development of innovative drugs and how to break through bottlenecks.   The topic of innovative drugs has been particularly hot in recent years. In Zhou Mingzi's view, if we want to summarize the stage of development with one word, it should be that opportunities and challenges coexist. Innovative drugs themselves represent a scenario of overtaking on a curve, and many Chinese innovative drugs can export value globally. Whether from the perspective of market depth or breadth, the commercial space and imagination are very rich. However, at the same time, the challenges are also very significant. From a domestic perspective, there are certain differences between China's healthcare service system and the global one, such as strict medical insurance cost control and relatively few diverse insurance payment channels. Therefore, the construction of China's healthcare service system requires innovative ideas with Chinese characteristics. Additionally, the research and development (R&D) time for innovative drugs is very long, accompanied by high R&D and commercial risks. Compared to overseas Biotech companies, which usually have strong capital support, the R&D 'ammunition' for domestic Biotech companies is more limited. Against this backdrop, how to ensure commercial investment returns is one of the core issues that general investors will ask companies, and it is also an important topic that the innovative drug track needs us to discuss and research together in the future.   Zhou Mingzi believes that developing innovative drugs necessarily requires a global perspective, while Frost & Sullivan views it more from an investor's standpoint. Whether innovative drugs should go global or when they should do so is a question that has been answered by past experience, which shows that going global is undoubtedly necessary. Specifically for overseas markets, taking advantage of the strong healthcare insurance payment capabilities in Europe and America and the huge per capita healthcare expenditure allows drugs to have higher market pricing and diversified sales channels. Therefore, it is an inevitable choice to explore the market commercialization potential of domestic innovative drugs. Moreover, during the process of going global, innovative drugs not only achieve commercial success but also gain more brand and business success, thereby enhancing investors' confidence.   Currently, there are relatively few multi-site clinical trials and multi-center trials conducted by Chinese innovative pharmaceutical companies, which is the most prominent risk for domestic innovative drugs going global. For a drug with a global layout, if there are no good clinical trials or clinical service guarantees in the United States, Europe, or the Middle East, the reliability and sustainability of the drug during final approval or regulatory processes will be in question. Additionally, there is the issue of the ability to export sales channels overseas. One option is to do it independently, while the other is to cooperate with multinational pharmaceutical companies (MNCs). The former requires particularly high capabilities or capital from the pharmaceutical company itself, while the latter relies on the sales network and channels of MNCs. To some extent, the distribution of benefits may not be as favorable as those of MNCs, which is a rather regrettable point.   Zhou Mingzi stated that good companies or projects are not lacking in investors' attention; whether it is a cold winter or not is related to the company's own endowment. The entire Chinese innovative drug market has seen a sharp decline in popularity, or investors have tightened their pursestrings, mainly due to severe competition. For example, there are more than a dozen products in the PD-1 track, but perhaps only a few leading companies can ultimately gain market share. The remaining companies and production lines face the direct problem of having drugs approved but with meager profits or particularly high risks, which makes investors highly sensitive to these companies. Therefore, innovative drug enterprises should actively optimize resource allocation strategies to ensure innovation and make reasonable investments. Frost & Sullivan has seen that domestic innovative drug companies can also use artificial intelligence and digital technology to open-source innovation. AI technology has great potential in new drug discovery, data mining, predictive models, automated processes, etc., which can further accelerate the speed of new drug research and development, thereby working together with humanity to overcome difficult and complicated diseases such as tumors and rare diseases.   Finally, Zhou Mingzi pointed out that the payment and consumption channels for innovative drugs are still in very early stages. During the commercialization process, some social, government, and capital forces are needed to drive progress. In the future, if insurance companies, medical insurance, commercial insurance, or even public welfare insurance include certain medical therapies and medications in their coverage, the commercial spring for innovative drugs is believed to come faster!

Medtec Innovation Exhibition 12 month 12 - 13 day, 2023 Medtec The Innovation Exhibition of Medical Device Design and Manufacturing Industry was held at the Shanghai World Expo Exhibition Hall. This year's innovation exhibition focused on high-end medical device design, research and development, as well as interdisciplinary integrated innovation development. Medtec Innovation Exhibition Convergence 70 Yujia has attracted many well-known enterprises from various industries such as medical manufacturing equipment, medical materials, medical components, contract manufacturing services, electronic components, assemblies, and accessories; 8 The grand theme forum is held during the same period. 50 Remaining sessions include thematic sharing, technical seminars, and R&D training. From the perspective of integrating medicine and engineering and collaborative innovation, we explore innovative technology applications such as standards and product development for Class II and III medical devices and active medical devices. Approximately 10,000+ Online and offline participation simultaneously. At the same time, relying on Medtec China Advantageous resources, closely interpreting policies related to foreign and domestic regulations for medical devices, quality and safety, etc., capturing new trends in innovative medical device technology, and helping enterprises seize the development opportunities of high-end medical devices "Window period" Seize the high ground of the industry.   At this event, Frost & Sullivan Frost & Sullivan Frost & Sullivan, abbreviated as 'Frost & Sullivan', was invited to participate in the Innovation Medical Devices Investment and Commercialization Forum. Hao Shuai, a senior consulting manager at Frost & Sullivan's Life Sciences division in Greater China, delivered a speech sharing the development path of innovative medical devices in China. Senior Consulting Manager, Life Sciences Business Unit, Frost & Sullivan Greater China Hao Shuai Hao Shuai pointed out that although the total market volume of medical devices in China is large, per capita consumption remains low, and compared to the global market, the market share of high-value specialized medical devices in China needs to be increased. In recent years, the state has continuously introduced favorable policies to promote the development of innovative medical devices. At the same time, the normalization of centralized procurement of medical consumables is also forcing medical device companies to achieve breakthroughs through technological innovation. The medical device sector has received continuous capital attention, although 2022 The number has decreased annually, but overall, it has maintained a growth trend. A large number of investment and financing transactions are focused on the early stages. 2019 Year-end 2023 year 10 month 31 On the day, medical device investment and financing were concentrated in A Prior to this, the number of investment and financing transactions reached 1,158 rise.   "Overall, in the primary market, investments are made early-stage startups, platforms, incubators, and niche sectors. In the secondary market, companies choose listing more diversely, placing greater emphasis on and expecting commercialization capabilities as well as their own self-sustaining abilities," said Hao Shuai. Driven by the pandemic, domestic medical device companies have made new breakthroughs in going global in recent years. China's medical device exports have increased significantly, with in vitro diagnostic products performing particularly well. Domestic high-end medical devices have gradually gained international recognition. According to a study by Frost & Sullivan, 2022 Year in China Top 5 In addition to Jiuan Medical Devices, other medical device companies' products are mainly sold domestically.   Hao Shuai believes that if domestic medical device companies want to become global leaders, they should consider overseas markets as an important strategic development layout for their enterprises. Looking at the development of China's innovative medical device sector, in recent years, the leading tracks for medical device investment and financing have been relatively stable, with some tracks experiencing significant growth. As of 2023 year 10 month 31 On the same day, robotics, cardiovascular intervention, and medical imaging ranked among the top in terms of number of investment and financing transactions Top 3 , the most favored medical device sector by capital. According to Hao Shuai, the robot era is subverting various traditional surgeries and presenting development trends such as informatization, intelligence, and minimally invasive techniques; the field of cardiovascular intervention is innovating in multiple dimensions including procedures, materials, and technology; in the field of medical imaging, big data, intelligence AI The application trend of intraoperative image fusion technology is significant.   Finally, Hao Shuai stated that although China's medical device innovation started relatively late, it has developed rapidly. It has gradually moved from imitation-based innovation to independent innovation and expanded into international markets. In the future, China's medical devices will develop in the direction of high-endization, branding, and internationalization, with enormous development potential.   More wonderful moments from forums About Frost & Sullivan's Life Sciences Practice The Life Sciences Practice of Frost & Sullivan has professional analytical capabilities and extensive project experience in the field of life sciences. Leveraging the global think tank resources of Frost & Sullivan and its cross-industry business development platform in Greater China, the Life Sciences Practice has unique core advantages in investment and financing services for the life sciences industry. The Life Sciences Practice has a wide range of corporate clients in China and in the past 20 In the year, a vast customer network was established, accumulating a wealth of project experience in various subfields of life sciences. Project types include Knowledge Center projects (in-depth content, promotional activities). Pre-IPO financing project DCF model Valuation, Business Plan Services), IPO listing We provide listed projects (industry consulting, clinical audits, fundraising and investment writing), market research, market value management, and strategic consulting. We also cooperate with well-known domestic and international information platforms and investment and financing institutions, offering one-stop solutions for enterprises in specialized fields such as pharmaceuticals and medical devices. Our services have received widespread attention from investors.

2023 Shenzhen Bay Alumni Economy Forum 12 month 16 Today, from Southern University of Science and Technology, Shenzhen University, Shenzhen North University of Technology Moscow and others 3 Home Shenzhen universities and C9 , 985 , 211 Shenzhen Alumni Association of Colleges and Universities 35 Jointly initiated by [name of the home institution] and hosted by Southern University of Science and Technology, “ 2023 The Shenzhen Bay Alumni Economic Forum ” was grandly held at the Conference Center of Southern University of Science and Technology in Shenzhen. This forum is themed 'Gather Alumni Wealth and Intelligence, Forge Ahead for the Future of the Bay Area', inviting business leaders, renowned experts and scholars from the Greater Bay Area, industry-university-research institutions, alumni entrepreneurs, and heads of alumni associations to participate. The forum aims to discuss the development direction and prospects of the 'alumni economy', promote the spirit and role of alumni entrepreneurs, address global economic trends under Sino-US competition, the future trend and countermeasures for the high-quality development of China's economy, the cutting-edge trends in industrial development in the Greater Bay Area and the creation of a globally leading science and technology innovation bay area. The forum will deliberate on the 'alumni economy' and seek strategies for 'Bay Area development'.   Frost & Sullivan Frost & Sullivan Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan Greater China, was invited to attend the forum. Combining with the practices of Frost & Sullivan's industry clients, he delivered a keynote speech titled "Industry Analysis and Brand Certification to Boost Alumni Economy", aiming to gain insights 2023 The major trends in China's economic development, and an overview of the eight most potential market tracks. Managing Partner and President of Frost & Sullivan Greater China Region Wang Chenhui Wang Chenhui first briefly reviewed 2023 Regarding the overall economic development trend in China in [a certain year], he pointed out that 'recovery and warming up' are 2023 Keywords for the macroeconomic environment in China in 2019 2019 per capita in China in GDP First time exceeding 1 One hundred thousand dollars, expected to arrive 2028 per capita in China in GDP will exceed 1.6 One hundred million US dollars. China's economic development maintains a stable growth momentum, and high-quality development is an inevitable trend.   Wang Chenhui stated that, against the backdrop of steadily developing macroeconomy in China, a new generation of consumers in China and their consumption habits are undergoing changes.   In terms of generations, Y Generations are currently the main consumer force, inclined towards enjoying life and pursuing high-quality living; Z Generations that have been internet natives for many years tend to have self-satisfied and trend-following consumption habits. In terms of occupation and income level, the senior middle class is a mature consumer group that values quality over price; whereas the new generation of white-collar workers, who are high-income and high-consumption individuals, place more emphasis on ritual and convenience of consumption.   According to Frost & Sullivan's insights into the development trends of China's economy, Wang Chenhui has identified eight most potential market tracks, namely the ready-to-eat food track, Chinese compound seasoning track, home repair service track, travel-based elderly care track, light medical aesthetics track, traditional Chinese medicine health track, new energy vehicle track, and new material track.   With China's per capita GDP Continuous growth is driven by the increasing awareness of healthy diets among residents, the development towards diversified and high-quality products, and the growing consciousness of sustainable development. This has continuously upgraded consumer demands, catalyzing the development of China's prefabricated food industry.   . 2022 In China, the market scale of prefabricated dishes reached 4,437 RMB 10 billion, expected to 2027 The market scale of prefabricated dishes will exceed 9,000 RMB 10 billion, 2022-2027 year CAGR will exceed 15% .   Consumers' attention to healthy food is increasing, the chain rate of the catering industry in China is rising, and product upgrades are driving the development of the Chinese compound seasoning industry.   2022 In China, the market scale of Chinese-style compound seasonings reached 348 RMB 10 billion, expected to 2027 The market scale of Chinese-style compound seasonings will exceed 500 RMB 10 billion, 2022 - 2027 year CAGR will be reached 8.5% The market scale shows a low-speed and stable upward trend.   Consumers are paying more attention to the timeliness of repairs, the customer service system with full-time feedback, and the intelligent matching on online platforms that are driving the development of China's door-to-door repair industry.   , 2022 In China, the market scale of on-site maintenance reached 3,336 RMB 10 billion, expected to 2027 The annual market size of door-to-door maintenance services will exceed 5,300 RMB 10 billion 2022 - 2027 year CAGR will arrive 10.0% The market scale is steadily increasing, offering huge development potential.   The emergence of wellness tourism, the diversification of residential elderly care models, and the integration of multiple industries have driven the development of China's residential elderly care industry.   Residential elderly care combines with the segmented sectors of the health and wellness industry, remaining a blue ocean market. Data shows that in the past decade, China's health and wellness industry has grown at a rate exceeding China's per capita GDP The growth rate is developing, and the market scale is from 2013 year 2.1 Trillion RMB increased 2022 year 6.5 Trillion RMB, with a compound annual growth rate of approximately 13.4% .   The development of auxiliary plastic surgery and repair technologies, the deepening of the integration of light medical aesthetics into daily life, and the growth of internet-based light medical aesthetics platforms have driven the development of China's light medical aesthetics industry.   The market scale of China's light medical aesthetics industry has grown from 2013 year 166 RMB 10 billion increased 2022 year 1,207 Yi billion yuan. As a medical beauty method that is easy to operate, effective quickly, has a short recovery period, and relatively low prices, the industry of light medical aesthetics in China has developed rapidly, with the market scale steadily increasing in recent years.   The application of traditional Chinese medicine (TCM) in disease treatment, disease prevention, and holistic health has driven the development of the TCM big health industry in China.   The market scale of traditional Chinese medicine for big health in China is from 2013 year 0.47 Trillion RMB increased 2022 year 1.32 Trillion RMB. The traditional Chinese medicine (TCM) and health industry in China has a long history and is an important sub-sector within the healthcare service industry. It includes multiple sub-fields such as medical services, traditional Chinese medicine and medical devices, and information technology software.   The demand for cost-effectiveness, high-quality features with strong functionality, and increased requirements for technological attributes have driven the development of China's new energy vehicle industry.   The sales volume of new energy vehicles in China has grown rapidly, leading the global development of the new energy vehicle industry. New energy vehicles in 2021 It started a burst of growth at the beginning of the year, 2022 In China, the sales volume of new energy vehicles reached 688.7 10,000 units, with a penetration rate at the sales end reaching 25.6% , which continues 2021 The explosive growth trend in the year, with a year-on-year growth rate of 95.6% This figure not only ranks first in global new energy vehicle sales but also accounts for a breakthrough in the proportion of global new energy vehicle sales 60% .   The application scenarios of new materials range from national defense and military industry to new energy vehicles, and 3C The development of digital technology, household appliances, etc., has spurred the development of China's new material industry.   China's carbon fiber industry started relatively late. However, with the gradual overcoming of technical barriers for various types of products in recent years, China's carbon fiber manufacturing technology, product performance, and production capacity have gradually approached or even surpassed those of countries such as Japan and the United States. The market scale of carbon fiber materials in China has changed from 2013 year 27.7 RMB 10 billion increased 2022 year 134.1 1000 million RMB. Subsequently, Wang Chenhui introduced the relevant businesses of Frost & Sullivan and LeadLeo to the attendees. As a global growth consulting firm, Frost & Sullivan specializes in global capital markets and corporate advisory services. Through its pioneering 'All-in-One Investment Management (Total Investment Management, TIM The service system provides all-round investment and financing as well as various other professional consulting services for life science enterprises, and is a leading enterprise in the field of investment strategy consulting in China. IPO listing Industry consulting is one of the most important businesses of Frost & Sullivan. 2014 till 2022 In FY19, Frost & Sullivan retained its position as the leading global provider of outbound M&A advisory services. IPO listing With its leading position in market industry research advisory, the top market share, Frost & Sullivan has helped more than a thousand outstanding domestic enterprises successfully list on domestic and international capital markets. As the industry advisor most recognized by the Hong Kong Stock Exchange, Frost & Sullivan in the Hong Kong capital market IPO listing The market share exceeds 70% Over the past three years, Frost & Sullivan has served dozens of benchmark enterprises rooted in Shenzhen that have expanded their reach across the national and even global markets, successfully listing on the Hong Kong capital market. In addition to industry consultants, Frost & Sullivan empowers brand value with its global brand influence and cross-industry expert authority, endorsing the strength of businesses. 2020 Since its inception, Frost & Sullivan's Greater China region has provided industry position confirmation services to many enterprises across various sectors including catering, food and beverages, agricultural products, mother and baby products, apparel, home furnishings, education, new energy, consumer electronics, and communication technology. In recent years, Frost & Sullivan has provided in-depth services to leading enterprises in the consumer sector in Shenzhen Bay, assisting companies in refining and promoting their leading, first-to-market, and pioneering advantages. The LeadLeo education service matrix is delivered through IACC Industry analyst certification, co-creator certification of the Research School, research courses, various research competitions, “Brain Power Stack Knowlengine "Knowledge Management and Research Assistance" KaaS Projects such as the System, Digital Research and Development Collaboration Program, and the Young Analyst Program assist in talent cultivation and output, connecting schools with industries and promoting the development of alumni businesses in Shenzhen Bay.

2023 The First Yangtze River Delta Biopharmaceutical Industry Conference The 'Yangtze River Delta Biopharmaceutical Industry Conference', guided by the China Industry-University-Research Cooperation Promotion Association, Yangtze River Delta Entrepreneurs Alliance, Zhejiang Federation of Industry and Commerce, Shanghai Biomedical Science and Technology Development Center, and hosted by the People's Government of Binjiang District, Hangzhou City, Yangtze River Delta Data-Driven Innovation Biopharmaceutical Industry Chain Alliance, and China Biopharmaceutical Industry Chain Innovation Transformation Consortium, and undertaken by Huoshishi Digital Chain, BETA Pharmaceuticals, Nanjing Biomedical Industry Innovation Transformation Center, and Yaokahui, was held on 2023 year 12 month 14 - 16 The event was held at the Hangzhou Baosheng Water Expo Park Hotel on the day of the 1st. The theme of this conference is "The Digital and Intelligent Era The event, themed "Reconstruction and Innovation of the Pharmaceutical Industry Chain", invited authoritative academicians and experts, including 100+ Keynote speakers, segmentation 9 Keynote speech at the Dafeng Forum, covering international multi-center clinical trials BD Sea-based businesses, digital transformation of enterprises, gene and cell therapy, antibody drugs, small molecule drugs, medical devices, and industry-university-research transformation projects for roadshows, attracting 1000+ Industry audiences are invited to sign up and participate in an interactive platform for collaborative communication among pharmaceutical and medical device enterprises in the Yangtze River Delta and across the country. Together, we will discuss the new future of the biopharmaceutical industry in the digital age. Frost & Sullivan Frost & Sullivan Dr. Wang Xin, Global Partner and Chairman of Frost & Sullivan's Greater China Region, was invited to attend the conference. 14 On the same day, the China Biomedical Industry Chain Innovation and Transformation Consortium CBIITA At the Executive Director (Expanded) Meeting, Dr. Wang Xin was appointed as CBIITA Executive Director, Academician of the Chinese Academy of Sciences, Deputy Chief Designer of National Major New Drug Creation Technologies, former President of the Shanghai Association for Science and Technology, and Co-founder of the China Biomedical Industry Chain Innovation and Transformation Consortium CBIITA Chairman of the Consortium, Editor-in-Chief of Advances in Pharmacy, Yangtze River Delta Data-Driven Innovation Biopharmaceutical Industry Chain Alliance YBDIA Chen Kaixian, honorary chairman of the board, presented the letter of appointment to Dr. Wang Xin. 15 On the same day, Dr. Wang Xin delivered a keynote speech titled 'Analysis of China's Biomedical Innovation Market' at the 4th China International Summit on Innovation and Transformation of the Biopharmaceutical Industry Chain. He joined hands with the conference chair, Academician Chen Kaixian of the Chinese Academy of Sciences, and Fu Daxu, President and Deputy Secretary of the Party Committee of Shanghai Institute of Biomedical Technology and other heavyweight participants to explore the development path of China's characteristic biomedical innovation market. Global Partner and Chairman of Frost & Sullivan Greater China Region Dr. Wang Xin   Dr. Wang Xin first introduced in detail   Analyze the current market situation of innovative drugs and related tracks. According to its introduction, the life cycle of the pharmaceutical market can be divided into the startup phase, rapid development phase, maturity phase, and decline phase. Currently, constrained by the rapid development of generic drugs, centralized procurement, and medical insurance, generic drugs have entered a decline phase, with stable market demand and a relatively fixed competitive landscape; monoclonal antibodies, small molecule targeted drugs, and traditional biological macromolecular drugs are in the maturity phase, with fierce market price competition and the emergence of centralized procurement varieties, but product homogenization is severe; while bispecific antibodies, ADC As antibody drugs enter a period of rapid development and blockbuster products begin to emerge, the number of competitors in the Chinese market will also increase, leading to fierce competition on the track. The R&D technologies for innovative therapies such as cell therapy, gene therapy, and nucleic acid drugs have high technical barriers, and the uncertainty of drug development is relatively high. The market is still in its early stages and has great potential for development in the future. Looking at major economies, the US holds a leading position in the global pharmaceutical market, followed by China in second place. It is expected that by 2030 In [year], the US pharmaceutical market size will reach 8,158 US$10 billion, and the scale of China's pharmaceutical market will reach 26,245 Yi billion yuan. However, China's per capita drug consumption is still relatively low, leaving huge room for growth. 2022 In [year], China's per capita medical expenditure was 163.6 US dollar, per capita medical expenditure in the United States 1,745.3 The US dollar, of course, is China's 10.7 times.   Looking at the therapeutic areas in the global and Chinese pharmaceutical markets, digestive and metabolic drugs, as well as anti-tumor drugs, occupy an important position in both markets, with similar market shares. Top 1 , Top 2 In recent years, both globally and in China, the burden of chronic diseases has been increasing year by year. Therefore, sectors related to chronic diseases, such as cardiovascular, neurological, and respiratory markets, also occupy an important position in the domestic and international pharmaceutical markets. From the changes in China's new drug clinical trial data, it can be seen that compared with 2018 Year-end 2020 Drug types for new drug clinical trials in China in the past three years, monoclonal antibodies ADC Large molecule drugs such as bispecific antibodies, antibody fusion proteins, etc., have become an important area in new drug research and development. Clinical trials of innovative therapies represented by cell therapy, gene therapy, nucleic acid drugs, and oncolytic viruses continue to increase, recently 3 The annual proportion has reached 4.6% . Judging from the situation of drug medical insurance negotiations, in recent years, the number of drugs negotiated for medical insurance each year has been relatively stable, about 150 one, with a success rate of about 80% ; In recent years, the average price reduction rate of newly added drugs in the catalog has remained at 60% On the left and right, the number of drugs negotiated into medical insurance and their price cuts tend to stabilize. At the same time, the number of domestically produced drugs included in medical insurance through national negotiations has grown rapidly, accounting for more than MNC New drug types added to the National Drug Negotiation Platform Top 3 The drugs are anti-tumor, anti-infective, and rare disease medications, all of which are therapeutic drugs in key clinical demand areas in recent years. In addition, the centralized procurement of drugs is advancing steadily, with the scope and proportion of procurement amounts continuously expanding. The state continues to advance the work of centralized drug procurement, issuing documents requiring the expansion of the variety of drugs included in centralized procurement and the proportion of procurement by public medical institutions, gradually making centralized procurement more normalized. Data shows that since the implementation of centralized volume-based drug procurement, the average price has basically maintained a decline of 50% Left and right, the price cuts in the recent two batches of centralized procurement are close to each other 60% The winning bid rate of drug centralized procurement enterprises is as high as 95% Above, based on the continuous improvement of rules, enterprises have increased their enthusiasm for participating in centralized procurement after considering multiple factors such as market share. The cumulative number of winning varieties in centralized procurement Top 5 The number of winning bids for enterprises all exceeded 30 Firstly, leading enterprises are increasingly demonstrating a clear competitive advantage in this market.   Looking at the investment and financing situation in the innovation field of capital markets, Dr. Wang Xin pointed out that the number and amount of innovative drug investment and financing transactions are 2021 Peaks are reached annually, reaching 608 Then there was a subsequent decline,   2022 In the past year, investment and financing in innovative drugs have slowed down. In terms of investment and financing rounds, a large number of transactions have focused on the early stages. 2019 Year-end 2023 In [year], investment in innovative drugs was concentrated in A Prior to this, the proportion was 70% left and right. since 2021 Since the second half of the year, the biomedical technology indices in Hong Kong, Macau and Shenzhen have shown a consistent downward trend. The valuation correction has also affected financing in the primary market. Since the market reopened, through Hong Kong stocks 18A The number of listed biopharmaceutical companies on the Sci-tech Innovation Board's fifth batch has been rising all the way, from 2019 year 9 Home jumped to 2021 year 24 home, at 2022 The growth started to slow down at the beginning of the year. Regarding the performance of the secondary market, Dr. Wang Xin said that from 2023 Since the second half of the year, the Hong Kong stock market has become more active, with the current number of new project launches at a relatively high level, indicating that there may be more companies disclosing or going public in the future.   Subsequently, Dr. Wang Xin discussed antibodies and drugs, CGT A brief analysis was conducted on the three major hot tracks of nucleic acid drugs. He pointed out,   Antibody drugs such as monoclonal antibodies and bispecific antibodies account for 2022 year License-out of the Mainland Most of the events, 2023 The year is ADC License-out Transactions continue to be a hot topic, with domestic manufacturers deploying differentiated and innovative antibody products. ADC In addition, innovative antibodies such as bispecific antibodies have emerged, continuously driving technological transformation and continuously improving clinical efficacy and safety; CGT The sector has always been favored by capital, 2021 The annual financing amount reached a peak, from 2022 It started to decline at the beginning of the year, but 2023 year CGT There are still many large-scale financing events in the sector, in recent years in China CGT The field has made continuous breakthroughs, exploring forward in underlying technologies and original innovations. Technological innovation iterations have driven the rapid development of immunotherapy, gene therapy, and stem cell therapy; In the field of nucleic acid drugs, the COVID-19 pandemic has driven rapid development of nucleic acid-based therapies. 2021 year and 2022 Year due to mRNA The rapid expansion of the COVID-19 vaccine market has also driven the rapid upgrading of nucleic acid drug modification and delivery technologies. After the pandemic, the market scale of nucleic acid drugs will plummet, but during this period, many companies have quickly established nucleic acid drug modification and delivery technologies, which will drive the development of small nucleic acid drugs and mRNA The fields such as tumor therapeutic vaccines have developed rapidly. Subsequently, Dr. Wang Xin shared with the attendees the Frost & Sullivan's exploration of the development path of innovative drugs under the new circumstances.   "In the new situation, innovative drugs can explore commercialization paths by going global," Dr. Wang Xin further stated. The export of drugs includes three types: internationalization of product authorization, internationalization of clinical research and development, and internationalization of business operations. Each method has its own advantages and disadvantages. Chinese biopharmaceutical companies are continuously enhancing their innovation capabilities and their strength in research, development, and commercialization. Companies should choose and formulate their own outbound strategies based on their own circumstances.   According to a study by Frost & Sullivan, 2022 year and 2023 Biomedicine in China in License-out of the Mainland Transactions mainly involve antibody drugs, mostly concentrated in the early R&D pipeline. 2023 year 1 - 11 Monthly statistics pre-clinical and clinical I The proportion of futures products in transactions has been nearly half. In recent years, pharmaceuticals License-out of the Mainland transaction Top 10 event ADC Makes up half or more, although 2023 year Top 10 Total transaction amount 2022 The annual decline was observed, but the total down payment showed an upward trend.   has been 9.8 USD billion growth to 12.9 Billions of dollars, with the increase in down payment representing that Chinese innovative drugs are gradually gaining international recognition. Dr. Wang Xin pointed out that currently, there are multiple factors at home and abroad driving Chinese pharmaceutical companies to go global, including the potential of overseas markets, the gradual integration of domestic and foreign markets, the pressure to reduce domestic drug prices, the improvement in quality and efficiency of generic drugs, and the enhanced strength of innovative drug research and development. From an advantageous perspective, the globalization strategy helps to prove the company's R&D capabilities and product competitiveness, thereby enhancing the company's valuation; the vast overseas markets bring huge demand, helping local pharmaceutical companies break through the ceiling of domestic sales and expand their sales territories; at the same time, with fierce competition domestically, exploring emerging overseas markets can further release domestic pharmaceutical production capacity and obtain greater commercial returns; in addition, global markets place higher demands on corporate innovation capabilities, and companies continuously strengthen independent research and development and integrate industrial chain resources, which is conducive to increasing brand added value and brand influence. Finally, Dr. Wang Xin briefly introduced the consulting services of Frost & Sullivan in the life sciences field to the guests present. Dr. Wang Xin stated that this year marks the global establishment of Frost & Sullivan. 62 The anniversary is also the first time we have entered the Chinese market 25 Frost & Sullivan, a global growth consulting firm, has been deeply involved in global capital markets and corporate consulting services for over a decade. Through its pioneering 'All-Region Investment Management (Total Investment Management, TIM The service system provides all-round investment and financing as well as various other professional consulting services for life science enterprises, and is a leading enterprise in the field of investment strategy consulting in China. 2014 till 2022 In the year, Frost & Sullivan went public on the Hong Kong stock market in the niche consulting market, 8 Maintaining a leading position year-on-year, we have helped lead the market share of listed companies in our respective segments. In the life sciences field, Frost & Sullivan has an absolute advantage. 2015 till 2023 In the third quarter of 2019, in the Hong Kong stock market, Frost & Sullivan accounted for 81.0% Market share (calculated based on the number of declared clients); from 2019 year A Since the launch of the Sci-tech Innovation Board, Frost & Sullivan's share has reached 74.5% . Based on its rich experience in the investment and financing sector, Frost & Sullivan has successfully released 2023 Hong Kong stocks for the year 18A & Blue Book on the Development of the Biotechnology Industry on ChiNext 2023 Hong Kong stocks for the year 18A Multiple investment and financing reports, including the 'White Paper on the Development of Biotechnology Industry', provide panoramic scanning analysis of investment and financing. In the entire healthcare sector, based on its research into China's life sciences industry, Frost & Sullivan has successfully released 'Reorganisations XVII Collagen Type I White Paper》, "Blue Book on the Development of China's Oncolytic Virus Industry", "Induced Pluripotent Stem Cells iPSC Blue Book on the Current Industry Situation and Future Development 2023 China Pharmaceutical Industry Digital and Intelligent Development Blue Book 2023 China Rare Diseases Industry Trend Observation Report》, Medical Devices CRO firm Several blue books such as "Industry Current Situation and Development Trend Report" put forward their own industry insights and viewpoints, deeply summarizing and analyzing the current situation and trends of industry development. It is hoped that these can provide an important reference perspective for market investors, industrial development, and decision-making. especially, 2023 year 4 month 21 On the same day, Frost & Sullivan released the 'Global Pharmaceutical and Healthcare Industry Layout Status and Development Trend Research White Paper' and 'Outlook 2030 White Paper on the Development Prospect of China's Big Health Industry CDMO company Research Report on the Current Industry Situation and Development Trends and "The Heritage of a Great Nation, Everlasting Newness: New Opportunities for the Modernization and Development of China's Traditional Chinese Medicine Industry" 4 This healthcare series white paper aims to provide important perspective references for market investors. "In the future, Frost & Sullivan will continue to work with LeadLeo Research Institute, SULLIVAN TELE-TREND CLOUD TECHNOLOGY, and YUAN CAPITAL to continuously provide customers with comprehensive and high-quality services," said Dr. Wang Xin.

Finance China 2023 Annual Meeting and 21 Current Financial and Economic Storm Chart 12 month 12 On the same day, Financial China, co-hosted by Hexun Network and Lianban Group 2023 Annual Meeting and 21 The session of the Financial & Economic Outlook & Banking Forum was successfully held in Beijing. The conference theme was "Upholding Integrity and Innovating Advanced High Quality" as the theme.   Frost & Sullivan Frost & Sullivan Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan Greater China, was invited to attend the meeting and delivered a keynote speech titled 'Insight into the Future Development Trends of Financial New Technologies'. Managing Partner and President of Frost & Sullivan Greater China Region Wang Chenhui Wang Chenhui first shared about finance IT The current development status and trends. He pointed out that Chinese financial institutions IT The scale of investment has shifted from 2017 year 1,399 RMB billion growth to 2022 year 3,265 Yuan, with an annual compound growth rate of 18.5% . 2022 In [year], China's insurance, securities, and banking industries IT The investment scales are as follows: 378 yuan, 330 yuan 2,557 yuan, banking industry IT The proportion of invested scale is as high as 78.3% . The early utilization of IT The backend business model, processes, and management models are being upgraded technologically, evolving continuously to the current state where emerging technologies such as artificial intelligence, big data, cloud computing, and the Internet of Things are deeply integrated with financial services, providing innovative vitality for banking, securities, and insurance businesses. In addition, the depth of financial innovation and entrepreneurship continues to expand, with finance IT The system localization replacement is ongoing. The financial industry's fintech adoption follows a 'pilot first, then full rollout' approach, enabling fintech innovation in the banking, securities, and insurance sectors. IT Purchases have been climbing year by year. In the past five years, the overall financial industry in China IT The growth rate of capital investment has experienced 2018 - 2020 After a period of rapid growth in 2021 The growth rate began to slow down at the beginning of the year. 2020 In [year], the overall financial industry in China IT Input reaches 2,479 Yuan, a year-on-year increase 36.8% , hitting a new high in growth rate in nearly a decade. 2020 Annual Financial Industry IT The reason for the record high in investment growth is mainly due to the start of financial innovation-driven development in China. 2020 In China, the financial industry in 47 Pilot institutions for the Home Credit Innovation Project include leading banks, securities firms, insurance companies, regulatory authorities, and exchanges. The projects mostly involve OA The office system is the main focus, requiring that the procurement amount of information technology innovation basic software and hardware accounts for IT procured externally 5 - 8% . At the policy level, just 2021 Year-end 2023 In [year], the state level promulgated a series of policies aimed at promoting the integrated development of artificial intelligence, blockchain, big data, cloud computing, and other technologies with financial services, and accelerating the digital transformation process of the banking, securities, and insurance industries. During the "14th Five-Year Plan" period, China's digital economy has entered a new stage of deepening application, standardized development, and inclusive sharing. 2022 In [year], in the face of new downward economic pressures, China's digital economy scale reached 50.2 trillion yuan, still up year-on-year 4.68 trillion yuan. Digital economy accounts for GDP The proportion further increased, reaching 41.5% At the same time, the 14th Five-Year Plan clearly states: Develop fintech steadily and accelerate the digital transformation of financial institutions. Wang Chenhui pointed out that driven by factors at the customer, management, and competition levels, institutions in the banking, securities, and insurance sectors have been increasing their efforts IT Invest to achieve business innovation and upgrading. "The 14th Five-Year Plan “ 2035 The 'Visionary Goals Outline' proposes that implementing a financial security strategy will be one of the key directions for ensuring national economic security. It is necessary to advance the security and controllability of core information technology in the financial industry and maintain the safety of financial infrastructure. With the continuous promotion of financial innovation, banks, securities firms, and insurance institutions all plan to increase their investment in innovation-driven technologies. IT Invest to achieve autonomous and controllable security of underlying software and hardware infrastructure. 2022 In [year], while the third phase of financial innovation pilot projects was launched, the industry also entered a stage of comprehensive promotion. The number of participating banks, insurance companies, and securities institutions will also increase to 4,601 home, 238 Family 137 home.   In the banking sector, Wang Chenhui introduced that the bank's core system mainly handles the bank's most basic deposit and loan operations IT The system, as a key system supporting business operations and an important part of bank informatization, is referred to as the bank IT The system's 'heart'.   The development history of the bank's core system can be traced back to 20 century 80 In the era before the Internet, the "Manual Era", after going through PC After the era of stand-alone, online, nationwide centralized, and thin-core, banks' core systems are in 2015 The year began to gradually enter the era of "distributed microservices". According to a study by Frost & Sullivan, 2022 In [year], the overall Chinese banking industry IT The investment scale has reached 2,557 Yuan, a year-on-year increase 10.25% Among them, the investment scale in services, hardware, and software accounts for 36.6% , 48.6% and 14.8% It is expected that in 2026 Year-on-year growth to 5,132 yuan. In recent years, the banking industry IT The growth in investment scale is mainly due to: 1 The bank continues to advance digital transformation, and financial innovation projects have sparked a wave of domestic substitution for the bank's underlying infrastructure software and hardware. 2 ) The digital RMB was launched on 2020 In [start year], public beta tests were launched in multiple regions of China. The application and expansion of digital coins directly brought about IT New construction and renovation needs of the system. Data shows, Bank of China IT The market scale of solutions is 2019 year 307.2 RMB billion growth to 2022 year 545.8 Yuan, with an annual compound growth rate of 21.1% It is expected that the market size will be in 2027 Year-on-year growth to 1230.6 yuan, 2022 - 2027 Annual compound growth rate 17.7% .   Wang Chenhui pointed out, in the future 5 The main drivers of market growth this year are due to the new development opportunities brought by emerging technologies to the banking industry under the backdrop of digital transformation, as well as the advancement of financial innovation and digital transformation, which has led to a new round of domestic substitution of software and hardware. "Looking at the entire bank IT "The development trend is that in the future, at the technology end, emerging technologies represented by artificial intelligence, big data, cloud computing, blockchain, etc., will accelerate their integration with banking services and continue to penetrate into small and medium-sized banks; on the industrial side, banks will continuously broaden the breadth and depth of their business cooperation with outsourcing service providers, shifting from single-service provision to strategic cooperation." said Wang Chenhui. Subsequently, Wang Chenhui shared AI The application of large models in the financial industry.   He stated that the integration of large models with financial data has become an important driving force for the innovation and development of financial technology. Through the application of technologies such as data, information, and artificial intelligence, the financial industry is witnessing innovative breakthroughs, achieving comprehensive empowerment and sustainable development. The commercial value brought by China's financial large models is reflected in solving complex problems, providing personalized financial services, strengthening risk management, and preventing financial fraud. It creates more development opportunities for the fintech industry, enhancing service quality and operational efficiency. Wang Chenhui further explained that large models can solve complex financial problems, such as improving service quality through more accurate credit scoring, refined risk management, and personalized financial services. Personalized financial services are an important development direction in financial services. With the support of large models, personalized financial services are no longer an unattainable dream but a goal that is getting closer to reality. Risk management plays a central role in fintech and is a key area for the application of big data and artificial intelligence. Traditional risk assessment methods often rely on simplified models and limited data, but such methods often struggle with complex financial risks. Large models have powerful data processing capabilities that can analyze large amounts of complex transaction data, thereby capturing subtle signals of risk. In the fight against financial fraud, large models can identify abnormal transaction patterns through deep learning, providing more accurate fraud prevention. Their continuous learning ability adapts to changes in fraud methods, effectively protecting the interests of financial institutions and users.   "Overall, large models have provided powerful tools and methods for financial technology in preventing financial fraud, bringing about significant opportunities," said Wang Chenhui.   In the field of artificial intelligence, under the trend of digital transformation, the financial technology investment of the six major state-owned banks has increased year-on-year 11.26% , and at the same time, generative AI The application rate in the banking industry is gradually increasing. Its application in the banking industry can span all business processes to achieve cost reduction and efficiency improvement. AIGC Empowering product R&D, channel marketing, operation management, customer service and other aspects, promoting the digital and intelligent transformation of the insurance industry. At present, the insurance industry AIGC Limited training levels and practical depth of large models, insurance IT The market potential remains untapped; AI-powered securities business IT One of the important directions of investment, generative AI The impact on the securities industry mainly lies in cost reduction and efficiency improvement, as well as enhancing customer stickiness. It can be applied in scenarios such as risk assessment, investment decision-making, intelligent trading, and intelligent customer service.   Wang Chenhui concluded that financial large models face challenges in data, computing power, industrial policies, and industry regulation. They need to address issues such as data quality, computing power innovation, and policy norms to ensure the security and sustainable development of the technology. Finally, Wang Chenhui briefly introduced to the guests present 'LeadLeo', an open-source, multi-party collaborative, and scalable AI-driven research platform - 'BrainPowerStack'. Knowlengine "Knowledge Management and Research Assistance" KaaS （ Knowledge as a Solution system, which utilizes AIGC Technology assists analysts in conducting research and analysis efficiently, intelligently generating research reports. At the same time, it manages knowledge during the research process and traces data to ensure that research efficiency and quality are improved simultaneously, achieving quality improvement and efficiency enhancement through LeadLeo's creation.