Frost & Sullivan insight From the precision forging of rocket engine turbine blades to the precise adaptation of customized medical prosthetics; from the rapid prototyping of molds in factory workshops to the creative three-dimensional presentation in maker spaces—3D printing, once considered a "future technology," has now crossed the laboratory threshold and taken root in multiple fields such as aerospace, healthcare, and industrial production, becoming a core variable that shakes up the manufacturing landscape. What are the current main application areas of 3D printing technology, and which new areas may it expand into in the future? How does generative AI affect the modeling threshold of 3D printing technology and what changes has it brought to the industry? In recent years, what specific impacts have the IP economy and the trend of collectibles had on the 3D printing market? How does 3D printing technology help manufacturing enterprises reduce costs and increase efficiency and what conveniences does it bring?   Mr. Liu Daming, China consulting manager at Frost & Sullivan (hereinafter referred to as "Frost & Sullivan"), was interviewed by Securities Daily to discuss new boundaries of 3D printing driven by AI. Securities Daily *Click at the end of the article Read the original article to view the complete report   Q: What are the current main application areas of 3D printing technology, and which new areas may it expand into in the future? Mr. Liu Daming China consulting manager at Frost & Sullivan From the current situation, the application scope of 3D printing has expanded from model making to broader consumer and commercial scenarios. Different technical routes such as FDM, photopolymerization, and metal have clear differences in their corresponding application areas: FDM is used more in the consumer market due to stable forming and controllable costs, mainly for daily necessities, small functional parts, and creative model making; photopolymerization has developed rapidly in fields with high detail requirements such as jewelry, collectibles, and shoe accessories due to its high forming accuracy; metal printing is still concentrated in the industrial sector, mainly for manufacturing complex parts and high-difficulty structural components. In addition, UV inkjet technology that has emerged in the past two years is also entering new sub-scenarios such as three-dimensional decoration, packaging, and display.   Overall, the expansion speed of the overall use of 3D printers has accelerated significantly in these two years. Now, in addition to large-scale models, people have started printing mixed products such as shoes, hats, belts, and flexible accessories; real estate companies and governments will use 3D printing models in urban planning; universities offer relevant courses, and enterprises open experience stores, significantly increasing the overall popularization rate. In the future, with further improvements in material systems and printing speed, the consumer market will continue to expand, while the demand on the commercial side, especially in small-batch customization and flexible production, will continue to grow.   Q: How does generative AI affect the modeling threshold of 3D printing technology and what changes has it brought to the industry? Mr. Liu Daming China consulting manager at Frost & Sullivan In the past, using a 3D printer required certain modeling skills, and people who couldn't model could only download public models from websites, severely limiting the application space. Now, with generative AI intervention, the modeling threshold has been completely lowered. Users only need to describe their requirements and the model tool can automatically generate printable 3D files, greatly expanding the usage radius of ordinary users. The significance of this change is not only about lowering the threshold but also reshaping the entire consumer usage logic. In the future, a person who has never been exposed to 3D modeling can also quickly create models through AI and turn them into actual products. With the improvement in material and equipment speed, AI + 3D printing may become a more scalable "personal manufacturing method," driving the maker market and education market to continue expanding.   Q: In recent years, what specific impacts have the IP economy and the trend of collectibles had on the 3D printing market? Mr. Liu Daming China consulting manager at Frost & Sullivan Early 3D printing models were mostly decorative and hard, driven by interest. In recent years, with the rise of the trend of collectibles and IP economy, higher requirements have been put forward for materials, colors, and forms. This has directly promoted the rapid development of technologies such as photopolymerization materials, flexible materials, and multi-color printing. On the consumer side, the trend of collectibles and IP culture has enhanced personalized needs, and people are willing to pay for customizable and creative derivatives. 3D printing can meet the production methods of small quantities, diversity, and high freedom, which highly coincides with the logic of collectibles, accelerating the penetration speed of consumer-grade equipment. On the enterprise side, trendy studios, design brands, and small supply chains have begun to purchase equipment as tools for small-batch sample development and quick return requirements.   Q: How does 3D printing technology help manufacturing enterprises reduce costs and increase efficiency and what conveniences does it bring? Mr. Liu Daming China consulting manager at Frost & Sullivan Efficiency improvement in the manufacturing sector comes from three aspects: speed, success rate, and material performance. Especially in the past, the printing speed was only 150 mm/s, and a model might take hours or even days to print; now, mainstream equipment can reach 500 - 800 mm/s, greatly shortening the delivery cycle. At the same time, the printing success rate has increased from 50% in the early days to nearly 80% - 90% today, and the decline in failure rates has directly led to material savings and labor cost reductions. As materials have expanded from the initial single-color hard plastic to flexible, multi-color, and multi-material combinations, 3D printing's characteristics of "rapid prototyping - low loss - small-batch production" enable enterprises to achieve higher efficiency in model verification, small-batch trial production, and customized production. For manufacturing enterprises, this means that they can verify designs without mold opening, reducing their dependence on traditional processing and achieving obvious overall cost reduction and efficiency improvement effects. *This interview has been published in Securities Daily, with reporter Guo Jichuan, and the original title was: Empowering All Industries, Capital Chases in, 3D Printing Races to Enter a Golden Development Period

  Leading provider of services for enterprises going public overseas Throughout 2025, Frost & Sullivan assisted a total of 106 enterprises in going public overseas, including 82 enterprises listed in Hong Kong. In terms of the number of projects, Frost & Sullivan accounted for over 72% of the market share of Hong Kong IPOs in 2025 (excluding backdoor listings, reverse mergers, and listings through introductions); it also assisted 24 enterprises in going public in the US (covering the NASDAQ and New York Stock Exchanges, including SPACs). From 2014 to 2025, Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') served more than 3,000 domestic and international companies planning to go public, maintaining its leading position as an industry research advisor in the overseas IPO market for many years.   As the review of new share issuance in the A-share market becomes stricter in 2024, more small and medium-sized enterprises are turning to the US for listing. At the same time, the Federal Reserve has started its interest rate cut cycle, leading to abundant liquidity in the US stock market, which attracts global companies to seize the critical window period. In 2025, the US IPO market has strongly recovered, welcoming the strongest recovery since 2021! As Hong Kong becomes an important springboard for mainland enterprises listing in the US, listing in the US has shifted from mere financing to brand endorsement and international resource integration. 'Hong Kong entity + US listing' Dual-platform mode It not only meets the domestic filing requirements but also reduces the risk of direct listing.   The U.S. capital market has demonstrated a strong attraction to high-quality enterprises globally. As of December 25th, a total of 215 companies completed IPOs in the U.S. (excluding SPACs and private placements), among which there were 66 Chinese-funded companies; there were 151 companies (excluding SPACs and private placements) waiting to file for listing on the U.S. stock market for the whole year, of which 77 were Chinese-funded companies, accounting for 51%. The listed companies are mainly small and medium-sized enterprises, with an average fundraising amount of less than $20 million. Among them, the leading fundraising projects were Bawang Tea Girl with $411 million and Yasheng Medicine with $126 million. The NASDAQ stock exchange, with its inclusiveness towards innovative enterprises and global resource integration capabilities, firmly ranks as the preferred platform for listing high-quality innovative enterprises globally. The U.S. stock market has fully unleashed its vitality, not only delivering an impressive market performance but also achieving a breakthrough for Chinese-funded companies against the odds. The industry's focus effect has become increasingly prominent, and in the vigorous development wave, there lies a new industry ecosystem that contains both opportunities and challenges.   Looking at Chinese companies going public in the United States throughout 2025, the overall pattern is one of 'hardcore leadership, diverse blossoming.' In the technology services sector, many companies are leading strongly, with cutting-edge tracks such as AI chips and machine vision sparking a wave of listings. Companies like Unisoc have gained international capital favor by using their hardcore technical barriers; in the consumer services sector, brands represented by Ant Group are accelerating their globalization layout through US listings; Yasheng Medicine has gained recognition from international capital with its innovative drug research and development capabilities, forming a golden track matrix of 'hard technology + big consumer + new health.' Chinese companies going public in the US have evolved from simple financing to a strategic intent of 'brand globalization + resource integration.' The booming trend of going public in the US in 2025 also indicates that Chinese companies are embracing global capital with a more stable and mature posture, striving to write a magnificent chapter in the high-quality development of their enterprises even under the grand geopolitical influence.       In 2025, Frost & Sullivan will provide exclusive industry advisory services to companies within the following representative sectors: 01 High-end manufacturing Enterprises in the high-end manufacturing sector are deeply involved in the core areas of industrial manufacturing, focusing on intelligent equipment research and development and manufacturing to inject solid strength into the real economy. Whether it's specialized robotic arms suitable for the plastics industry or intelligent integrated solutions covering multiple scenarios, they precisely address the pain points of traditional industries' automation upgrades, making production more efficient and processes smarter. They break down technical barriers with solid technical research and development, adapt customized products and services to meet the production needs of different industries, empower industries with intelligent upgrades to reduce costs and increase efficiency, and make 'Made in China' more technologically advanced.   Yilifu Co., Ltd. (NASDAQ: INLF)   On January 2, 2025, it successfully listed on NASDAQ in the United States. Yilifu Co., Ltd.'s main domestic operating entity, Iwate Robotics Equipment Manufacturing Co., Ltd., is primarily engaged in the research, development, manufacturing, and sales of specialized robotic arms for injection molding machines. It also provides robotic arm installation services and warranties, as well as robotic arm accessories and raw materials. The company mainly produces automated manipulators and injection molding machine supporting automation equipment, with its main products such as manipulators and industrial robots widely used in various plastic industries.   Julong Holding Limited (NASDAQ: JLHL)   The company successfully listed on NASDAQ in the United States on June 26, 2025. It is a leading intelligent integration solution provider in China, boasting a proven track record of excellence, a long-established professional reputation, and outstanding operational capabilities. It mainly provides one-stop comprehensive solutions with significant customer value and is the preferred platform for customers. 02 Biomedical Health Biopharmaceutical and health sector companies take 'guarding life and health' as their core mission, covering the entire medical ecosystem from prevention, treatment to health management. They are deeply involved in the field of veterinary vaccines, building a solid defense line for animal husbandry safety and ensuring the peace of mind at the source of food; they tackle innovative drug research and development, challenging difficult diseases such as tumors and hepatitis B, bringing hope to patients; they innovate chronic disease management models, using online platforms to break down barriers between doctors, patients, and medications, making health management more convenient and considerate. The company takes R&D strength as its cornerstone and uses innovation to fill demand gaps, not only providing comprehensive health protection for different groups but also making health services accessible with humanized solutions.   Zhengye Biotech Holdings Co., Ltd. (NASDAQ:ZYBT)   The company successfully listed on NASDAQ in the United States on January 7, 2025. It is a global leading manufacturer of veterinary vaccines, focusing on the research, development, production, and sales of veterinary vaccines, especially for livestock. In terms of veterinary vaccine sales in 2022, the company was ranked tenth as China's largest provider of veterinary vaccines.   Yasheng Medicine Group (NASDAQ:AAPG)   On January 24, 2025, it successfully listed on NASDAQ in the United States. The company is a comprehensive global biopharmaceutical enterprise dedicated to developing innovative drugs to address unmet clinical needs of patients worldwide in areas such as oncology. At the same time, Yasheng Medicine Group also successfully listed on the Main Board of the Hong Kong capital market on October 28, 2019, with Frost & Sullivan undertaking its exclusive industry advisory services.   The de facto holding company of Guangzhou Qilekang Digital Health Medical Technology Co., Ltd., POMDOCTOR LIMITED (NASDAQ:POM), Pomegranate Cloud Medical Co., Ltd.   The company successfully listed on the NASDAQ stock market in the United States on October 9, 2025. It is a leading chronic disease online medical service platform in China, focusing on providing chronic disease management and pharmaceutical services for patients. By building a one-stop medical service platform, it organically connects patients, doctors, and medications. 03 Technology services Technology service sector companies take technology as their core driving force, providing digital and intelligent service solutions for enterprises or individuals, covering sub-sectors such as digital platforms, smart communities, agricultural product e-commerce, and content creation. By penetrating all aspects of life and industry with digital services, they optimize experiences and create value with efficient and convenient solutions, becoming practitioners and promoters of digital life.   Xiamen Yipin Weike Network Technology Co., Ltd. EPWK HOLDINGS LTD. (NASDAQ: EPWK)   It successfully listed on NASDAQ in the United States on February 7, 2025. Xiamen Yipin Weike Network Technology Co., Ltd., as a digital and intelligent network service platform, connects enterprises with outstanding talents through an innovative and efficient comprehensive crowdsourcing platform, providing creative transaction services for small and medium-sized enterprises and suppliers.   Lianzhang Portal LZ Technology Holdings Ltd (NASDAQ:LZMH)   On February 27, 2025, the company successfully logged into NASDAQ in the United States. The company's headquarters are located in Xiamen, Fujian, and it is an information technology and advertising company with its business mainly divided into three business areas: smart communities, outdoor advertising, and local life. In the vertical field of smart communities, Lianzhang Portal monitors through access control monitors and suppliers provided SaaS platform Provides an intelligent community building access and security management system.   GIBO Holdings Limited (NASDAQ: GIBO)   On May 9, 2025, it successfully listed on NASDAQ in the United States through a De-SPAC transaction. GIBO is an integrated AIGC animation streaming platform targeting the young Asian demographic, providing users with one-stop services for animation content creation, publishing, distribution, and interaction through generative AI technology. Relying on GIBO AI's core technical capabilities, the platform offers creators full-process AI creation tools, supporting efficient generation of voiceover, visuals, and script content, and building a sustainable ecosystem that combines content production and consumption.   Beijing Yimuotian Xinong Network Technology Co., Ltd. (NASDAQ: YMT)   The company successfully listed on NASDAQ in the United States on August 19, 2025. It is a leading comprehensive digital agricultural products group in China, dedicated to B2B production and sales of agricultural products through internet platforms. Its main users include origin agricultural product brokers, destination wholesalers, supermarkets, e-commerce platforms, and other buyers of various bulk agricultural products. 04 Business logistics The business logistics sector enterprises are the 'link' in global commodity circulation, empowering circulation efficiency with digital supply chain management models. From cross-border services to local distribution, from basic transportation to professional trade, enterprises solve circulation problems with refined services, ensure supply chain stability with efficient operations, make commodity flow smoother, and enrich consumer choices.   Hong Kong Pharmaceutical Digital Technology Holdings Limited (NASDAQ: HKPD)   The company successfully listed on NASDAQ in the United States on January 15, 2025. It is a leading third-party non-prescription drug cross-border e-commerce supply chain service provider in Mainland China. It has a professional team and relevant pharmaceutical storage facilities in Hong Kong, mainly providing one-stop cross-border e-commerce supply chain services for merchants engaged in pharmaceutical cross-border e-commerce.   Marwynn Holdings, Inc. (NASDAQ: MWYN)   It successfully listed on NASDAQ in the United States on March 13, 2025. The group is a company that specializes in providing supply chain solutions for food, non-alcoholic beverages, and interior home decoration products, connecting businesses between different regions, especially between Asia and the United States.   Intercont (Cayman) Limited Dewey Lines (NASDAQ:NCT)   It successfully listed on NASDAQ in the United States on March 28, 2025. The Group is a maritime company that operates its global maritime services through its shipping subsidiaries, with revenue sources including time chartering and ship management services.   Haohsin Holdings Limited (NASDAQ: HXHX)   Successfully listed on NASDAQ in the United States on April 15, 2025. Haoxin Holdings is a Temperature-controlled full-vehicle transportation We are a service provider and urban distribution service provider, with over 20 years of experience in the transportation industry. Our scope of goods includes new energy materials, electronic products, pharmaceuticals, meat, fruits and vegetables, etc.   Ten-League International Holdings Limited (NASDAQ:TLIH)   The company successfully listed on NASDAQ in the United States on July 8, 2025. Originating from Singapore, as a turnkey engineering solutions provider, its business mainly includes: sales of heavy equipment and parts, heavy equipment leasing, and engineering consulting services for ports, construction, civil engineering, and underground foundation industries. The equipment provided by the company is divided into four categories based on function and application scenario: basic engineering equipment, lifting equipment, excavation equipment, and port machinery. 05 financial services Financial service sector companies focus on professional services in the financial field, covering sub-sectors such as securities brokerage, insurance distribution, corporate financing, digital payments, and cryptocurrencies. With professionalism and technology as their dual wings, they aim to make financial services more user-friendly and efficient. Companies break away from the traditional financial framework, centering on customer needs, and use professional capabilities and technology to optimize service experiences, integrating financial services better into every aspect of life and corporate development.   Huatao Securities International Co., Ltd. (NASDAQ: WTF)   The company successfully listed on the US NASDAQ on April 1, 2025. It is a veteran comprehensive securities broker in Hong Kong's financial services industry, mainly engaged in providing securities brokerage services for listed securities on the Hong Kong Stock Exchange, including stocks under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the New York Stock Exchange, and the NASDAQ stock market.   WeBank Securities Webull Corporation (Nasdaq:BULL)   The company completed the merger with SPAC (Special Purpose Acquisition Company) SK Growth Opportunities Corporation (SKGR) on April 11, 2025, and was officially listed on NASDAQ in the United States. The company is a global leading internet brokerage firm dedicated to zero-commission trading and providing professional investment tools, mainly targeting investors in US stocks, Hong Kong stocks, and cryptocurrencies.   Yuanda Insurance Brokerage (Beijing) Co., Ltd. (NASDAQ: YB)   The company successfully listed on the NASDAQ Stock Exchange on April 30, 2025. It is a leading technology-driven online insurance distributor in China and has built an efficient full lifecycle consumer service engine. Calculated based on premiums for the first year of 2023, the company is the largest independent insurance distributor in China's personal insurance market.   Rainbow Capital (NASDAQ: RNBW)   The company successfully listed on the NASDAQ Stock Exchange on June 18, 2025. Established in 2019, it mainly provides corporate financing services in Hong Kong and has extensive experience in mergers and acquisitions, share offerings, privatizations, corporate spin-offs, asset and equity sales, ongoing connected transactions, related-party transactions, compliance consulting, and IPO services.   TechCreate Group Ltd. (NYSE: TCGL)   Successfully logged into the New York Stock Exchange on October 15, 2025. TechCreate Group Ltd. is a comprehensive technology consulting and software solution provider focusing on digital payments and cybersecurity. The company leverages its own proprietary AI Real-time Payment Engine (AI-RTE) along with advanced API management, cloud services, and cybersecurity capabilities, provides financial institutions, telecom operators, and enterprises with efficient and secure end-to-end technical services. Relying on its market presence in Singapore, Brunei, Cambodia, and strategic partnerships in India, Vietnam, Indonesia, Laos, and Hong Kong, TechCreate Group Ltd. is committed to helping customers achieve digital transformation and operational upgrading through scalable integrated solutions. 06 Consumer Retail and Entertainment Companies in the consumer retail sector target end consumers, covering sub-sectors such as catering services, high-end personal care retail, and gaming entertainment. By continuously delving into consumer scenarios, brand operations, and offline channel layout, they create wonderful experiences for consumers with quality and uniqueness.   Home Game Holdings Inc. (NASDAQ: GMHS)   On January 27, 2025, it successfully listed on NASDAQ in the United States. Jiaoyou is a technology-oriented enterprise focusing on mobile game distribution, dedicated to building partnerships with small and medium-sized game developers. By providing data-driven commercial support and optimized game distribution strategies, Jiaoyou empowers small and medium-sized game developers to maintain strong competitiveness and continuous development momentum in the global gaming market.   MasterBeef Group (NASDAQ:MB)   It successfully listed on NASDAQ in the United States on April 10, 2025. Since its establishment in 2019, the group has focused on Taiwanese specialty cuisine. Currently, it has 12 stores in Hong Kong, including 9 Niu Daren Taiwanese hot pot restaurants and 3 Anping barbecue restaurants.   Pitanium Limited (NASDAQ:PTNM)   Pitanium Limited successfully listed on NASDAQ in the United States on May 30, 2025. The company is a high-end personal care product retail company from Hong Kong. Since its establishment in 2019, it initially provided high-end skincare and haircare products for spas in Hong Kong, then shifted to selling to retail customers. In 2023, it launched the "BIG_PI" series, offering users a complete product line. 07 Energy Technology Skyege International Limited (NASDAQ: SCAG)   On June 27, 2025, local time in the United States, the company announced the official completion of its merger with Finnovate Acquisition Corp., and on June 30, local time in the United States, it was successfully listed on NASDAQ through a SPAC transaction. The company is a leading pioneer and leader in zero-emission solutions in China, focusing on the research, development, and commercialization of new energy heavy trucks and electronic fuel solutions.   Delixy Holdings Limited (NASDAQ: DLXY)   It successfully listed on NASDAQ in the United States on July 9, 2025. The group is a holding company headquartered in Singapore, established in 2007, focusing on the trading business of crude oil and petroleum-related products. A List of Companies Set to Go Public in the US in 2025 with the Support of Frost & Sullivan Professional and authoritative IPO industry advisor Overseas listing is an important way for Chinese enterprises to integrate into the international market. For enterprises planning to go public overseas, Frost & Sullivan, as an exclusive industry advisor, mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in target markets, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting in the preparation of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important sections) with the issuer, investment banks, and other intermediaries, helping issuers communicate with overseas exchanges and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting issuers in responding to various industry-related feedback from overseas exchanges.   Looking ahead to 2026, Frost & Sullivan will continue to leverage its industry-wide research coverage and forward-looking perspective on basic industries. With its rich global expert network, information resources and methodological tools, the firm will continue to build on years of successful project experience and its global resource allocation and collaboration capabilities for project execution. It will use its professional services to help more enterprises successfully go public at a higher valuation, fully empower enterprises to operate efficiently in the capital market, and promote continuous growth and brand value enhancement!  

IPO listing Industry consultant FROST & SULLIVAN Industry Consultancy     Leading provider of services for enterprises going public in Hong Kong In 2025, Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') assisted a total of 82 companies in listing on the Hong Kong stock market. In terms of project volume, Frost & Sullivan accounted for 72% of the Hong Kong IPO market share in 2025 (excluding reorganizations, reverse mergers, and listings through introductions), making it a leader in assisting companies with their Hong Kong listings. Among them, there were 20 'A + H' listed companies on the Hong Kong stock market in 2025, with Frost & Sullivan serving 18; and 16 'A' listed companies, with Frost & Sullivan serving 13.   Since providing investment and financing advisory services to corporate leaders and their management teams, Frost & Sullivan has helped nearly 3,000 companies successfully list on the Hong Kong and overseas stock exchanges. From 2014 to 2025, Frost & Sullivan retained its leading position in the market share of industry research and advisory services for Chinese companies listing in Hong Kong.   In the significant year of 2025, the Hong Kong Exchange demonstrated outstanding performance in the global financial sector, achieving remarkable results. With over 110 new listings and a fundraising amount of more than HK$278 billion, the Hong Kong Exchange topped the global list of initial public offerings (IPO) fundraising. This glorious achievement not only greatly enhanced confidence in the capital market, making global investors fully aware of the strong attractiveness and huge development potential of the Hong Kong stock market, but also marked a profound strategic transformation of the Hong Kong stock market, moving from being seen in the past as an 'valuation depression' to gradually becoming an 'industry high ground'.   In this process, the 18A of the Hong Kong Stock Exchange and Chapter 18C The festival has played a key role in institutional driving, effectively promoting the rapid convergence of biotech and specialty tech companies to Hong Kong, which is full of opportunities. It fully demonstrates the support and inclusiveness of the Hong Kong Stock Exchange towards biotech enterprises. This inclusive attitude further enhances the capital market's confidence in the biotech sector, attracting more funds into this area. At the same time, Hang Seng Innovative Medicines Index The year-on-year increase of over 110% has confirmed the international capital's re-evaluation and high recognition of the value of innovative drugs in China, as well as reflected the positive expectations of the capital market for the development of the biopharmaceutical industry. The 18C chapter focuses on artificial intelligence, robotics, Embodied Intelligence As the hard technology sector has opened up efficient listing channels, companies such as Zhipu Huazhang and NorbiKan have successfully gone public with the support of this policy, highlighting the Hong Kong stock market's strong inclusiveness and proactive support for frontier technology enterprises. This has also boosted the capital market's confidence in the hard technology industry, making more capital willing to invest in these industries with high growth potential.   An in-depth analysis from the perspective of industrial structure reveals that the dual-wheel drive model of 'hard technology + biomedicine' has replaced the previous pattern dominated by finance and real estate. This new industrial structure model is closely integrated into China's macro development process of industrial upgrading. The capital market has played a crucial role in providing capital support. Among many industry tracks, the smart hardware track stands out particularly. Taking many leading AI companies as examples, they have deeply applied advanced AI technology to infrastructure operation and maintenance scenarios, fully demonstrating the huge potential for commercialization through practical applications. The capital market has helped these companies with technology research and development, expanding production scale, and expanding market channels by providing financial support, accelerating the transformation and industrialization process of technological achievements. The capital market, leveraging the unique advantages of the 'A + H' dual platform, has injected strong momentum into the globalization development of these companies. On one hand, companies can broaden their financing channels by listing on both the A-share market and the Hong Kong stock market to obtain more capital support. The A-share market has a huge domestic investor base, abundant funds, and investors have a high level of recognition of domestic companies, providing a stable source of funds for companies; the Hong Kong stock market, on the other hand, has a high degree of internationalization, is closely connected with international capital markets, can attract international investors, enhance the international visibility and influence of companies, attract more international investors' attention and investment, and further promote the globalization development of companies. On the other hand, the listing model of 'A + H' shares helps companies achieve optimal resource allocation. Companies can reasonably arrange their financing scale and rhythm according to the characteristics and needs of different markets, reducing financing costs. At the same time, the regulatory environment and information disclosure requirements of the two markets also differ, allowing companies to improve their governance level and compliance capabilities while following different rules. It is worth noting that the net inflow of funds from South China reached HK$1.4 trillion that year. This huge amount of funds has formed a powerful synergy with international long-term capital, jointly committed to reshaping the liquidity ecosystem of the Hong Kong stock market, providing solid financial support and a good market environment for the stability and development of the Hong Kong stock market. These funds not only provide a stable source of funds for existing companies in the Hong Kong stock market but also offer strong capital support to newly listed companies, promoting the sustainable development of industries.   Looking ahead to the future development of the Hong Kong stock market, Chapters 18A/18C have opened the door to the "technological dividend" for the market, bringing new development opportunities and impetus. As more and more hard technology companies queue up to submit listing applications and actively prepare for listing on the Hong Kong Stock Exchange, Hong Kong is gradually transforming from a traditional financial hub into a capital interface for new productive forces. This transformation process is not only the success of the Hong Kong stock market itself but also a vivid manifestation of the deep integration of China's innovative genes with global capital. The enhancement of confidence in the capital market has made more global capital willing to flow into the Hong Kong stock market, providing sufficient financial support for industrial development. And the capital support from the capital market for industrial development has further promoted industrial upgrading and innovation, enhancing the competitiveness of industries, thereby attracting more capital investment and forming a virtuous cycle. It represents the continuous development and growth of China's innovative forces with the assistance of global capital, making important contributions to global economic development and scientific and technological progress. 01 Medical and Life Sciences       [Biopharmaceuticals] Against the backdrop of continuously upgrading global health demands and accelerating technological progress, the biopharmaceutical industry is entering a new phase of high-quality development with significant opportunities. Focusing on cutting-edge areas such as cell and gene-related therapies, nucleic acid drugs, and digital R&D, the industry is deepening technological integration and industrial collaboration to accelerate the transformation of innovative achievements into clinical applications and commercialization. The policy environment also provides a solid guarantee for the development of the industry. Under policy guidance that encourages innovative drug research and development and optimizes the review and approval mechanism, biopharmaceutical companies are continuously consolidating their foundations in aspects such as R&D system construction. At the same time, local biopharmaceutical companies are actively integrating into the global innovation system, committed to bringing breakthrough therapies originating from China to the international market and contributing innovative forces to addressing global health challenges.   As the industry continues to mature, the market has put forward clearer and more specific requirements for companies that exit through capitalization. As an industry advisor, Frost & Sullivan has been deeply involved and collaborating with biopharmaceutical companies throughout their entire development lifecycle. In 2025, it served companies including Weicheng Pharmaceutical (2561.HK) , Yingen Biology (9606.HK), Jiangsu Hengrui Medicine (1276.HK), Yaojie Ankang (2617.HK), TED Medicine (3880.HK), Bokang Sivyun (2592.HK), Dongguangyang Medicine (6887.HK), Zhonghui Yuantong (2627.HK), Yinnuo Medicine (2591.HK), Jingfang Medicine (2595.HK), Changfeng Pharmaceutical (2652.HK), Baoji Pharmaceutical (2659.HK), InnoSmart (3696.HK) A series of life science companies have gone public in Hong Kong.   Against the backdrop of continuously growing global health needs and rapid advancements in science and technology, the biopharmaceutical industry is continuously driving innovation in treatment models and technical pathways, strengthening cross-field collaboration and international cooperation, and accelerating the implementation from basic research to clinical translation. The emergence of new therapies and products not only improves the treatment outcomes for major diseases but also plays an important role in promoting the accessibility of innovative drugs and global health equity. [Digital Healthcare and Medical Services] In 2025, driven by both policy resonance and technological implementation, China's digital healthcare and medical services industry has entered the deep waters of 'full industrial chain digitalization.' Under the coordinated guidance of the National Data Administration's 'Data Elements' initiative and the 'Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)' by seven departments including the Ministry of Industry and Information Technology, the industry's development mainline has expanded from the early 'Internet + healthcare' traffic model to an industrial upgrade centered on new quality productivity. Digital technology is no longer just a tool for optimizing service experiences; it has become the core engine for reshaping pharmaceutical R&D, intelligent manufacturing, and supply chain resilience.   In this new stage of high-quality development, market entities have responded to the call of the 'Plan' and accelerated the strategic layout of Pharma 4.0. Enterprises are not only empowering clinical decision-making and new drug research and development through generative AI and large models, but also committed to building an integrated digital and intelligent ecosystem of 'research and development - production - marketing' to achieve cost reduction and efficiency improvement throughout the entire process. At the same time, industry governance is shifting its focus from ensuring data security and privacy protection to the valuation and standardized circulation of data assets, aiming to unleash the multiplicative effect of medical industry data and clinical data under a compliant framework.   Frost & Sullivan assisted digital healthcare and medical service companies listed in Hong Kong in 2025, including BrainGate (6681.HK), Mindray (2629.HK), Biorx Group (2609.HK), iFlytek (9678.HK), Volcano Dental (2651.HK), Vellecare (9887.HK), Health160 (2656.HK), BenQ Hospital (2581.HK), Huafeng Biotech (2396.HK), Hengsai Aite (3378.HK), and others.   Looking ahead, at this critical period of digital-real integration, China's digital healthcare industry will abandon mere scale expansion and turn towards in-depth technological innovation and industrial chain modernization. By implementing a long-term mechanism for digital and intelligent transformation, the industry will join hands with all parties to overcome key core technologies and jointly promote the historic leap of the healthcare industry from 'digital transformation' to 'intelligent upgrading'.     02 Industry, automotive, dual carbon, and new energy       [Chemistry and Materials] The chemical and materials industry is the cornerstone and forerunner of a new round of scientific and technological revolution and industrial transformation. It plays an irreplaceable core role in promoting high-quality development and industrial upgrading of the Chinese economy, and is a key area for cultivating new productive forces and constructing a modern industrial system. The development level of the chemical and materials industry is directly related to the advancement of China's industrial foundation and the modernization process of its industrial chain. It has significant strategic importance for achieving high-level scientific and technological self-reliance and self-improvement, building a manufacturing powerhouse and a quality powerhouse.   Facing the '15th Five-Year Plan', the core mission of the chemical and materials industries is to shift from 'following and catching up' to 'leading and driving'. By focusing on developing advanced chemical materials such as high-end polyolefins and special engineering plastics, and striving to overcome 'bottleneck' sectors such as high-end chip manufacturing materials and aerospace engine superalloys, the industry ensures the security of core material supply for strategic emerging industries such as new-generation information technology, new energy, and aerospace. At the same time, along the supply chain upwards, a number of leading domestic enterprises are consolidating their core advantages on the supply chain side through globalization development and green, efficient manufacturing transformation in terms of resource support such as rare metals and basic materials production capacity. In the era of artificial intelligence, the deep integration of the chemical and materials industries with AI is also accelerating the transformation of R&D paradigms (for example AI for Materials AI for Science), industry innovation will continue to accelerate.   In 2025, Frost & Sullivan, as an industry advisor, will assist with its rich industry experience and professional services Shell Materials Technology (2560.HK) Biyu Group (9893.HK), Chifeng Gold (6693.HK), Nanshan Aluminum International (2610.HK), Jiaxin International (3858.HK), Zijin Gold International (2259.HK), Zhongwei Shares (2579.HK), Jinyan Gaoling New Materials (2693.HK) Successfully listed on the Hong Kong stock market. Automobiles and Transportation Equipment In 2025, China's automotive market continues to move towards high-quality development driven by electrification, intelligence, and globalization, with active capital market activity. Chery Automobile, SAIC Motor, and Xpeng Motors have successfully gone public, while AVIC, Yuxing Technology, Yikong Intelligent Driving, CheLian Tianxia, Shanghai Electric Co., Ltd., and Dingtai High-tech have also submitted prospectuses for listing on the Hong Kong stock market.   The market demand for new energy vehicles is growing, and the transformation towards electrification has achieved remarkable results. In 2025, the annual production and sales of automobiles are expected to exceed 30 million units, with a year-on-year growth rate maintained at 3% - 5%. Among them, the production and sales of new energy vehicles are expected to exceed 15 million units, with the penetration rate breaking through 50% for the first time, officially entering an era dominated by electrification. The growth drivers come from the continuation of "dual carbon" policies (purchase tax exemptions, subsidies for charging infrastructure), the reduction in battery costs (the introduction of semi-solid-state batteries), and the deepening of consumers' concept of green travel. Traditional fuel vehicles are accelerating their transformation towards hybrid/electric/hybrid plug-in vehicles, and the market has entered a period of stock competition. Electrification has become the core strategic direction for automakers.   Technological innovation focuses on intelligence and connectivity, with remarkable achievements in the development of autonomous driving. Roboaxi has expanded to over 50 cities, achieving full unmanned commercialization; Pony.ai has received additional investment from Saudi Arabia, with Robotaxi orders exceeding 2 million; the Neolithic unmanned delivery vehicle will achieve large-scale operation in 200 cities across the country by 2025, with orders exceeding ten million, promoting the automation upgrade of end logistics. AI large models deeply empower intelligent cockpits, with voice interaction and scenario-based services becoming standard features. The user experience has upgraded to an 'mobile living space', and intelligence has become the core of product differentiation.   Globalization layout is accelerating. Relying on the advantages of the new energy industry chain, Chinese enterprises' automotive exports are expected to continue leading the world in 2025. Europe, as a core incremental market, is driven by carbon emission regulations. Chinese brands' pure electric models are seizing market share with their long-range capabilities and intelligent configurations; BYD, NIO, and others are accelerating the construction of factories in Europe (such as the Hungarian base) to adapt to local trade policies. Southeast Asia, with its demographic dividend and policy openness (such as Thailand's EV incentives), has become a dual hub for Chinese automakers' exports and KD assembly (parts assembly), with Wuling and Great Wall reducing costs through localized supply chains. In 2025, the export structure will continue to optimize, with mid-to-high-end models accounting for over 40%. Automakers such as SAIC are accelerating overseas layout, moving from 'product output' to 'brand + service' globalization.   Frost & Sullivan maintains long-term partnerships with well-known enterprises in China's automotive and transportation industries, with targets for 2025 being Hui Ge Environmental Protection (2613.HK) New Joy (0805.HK), Beijing Caimo (2571.HK), Sanhua Intelligent Control (2050.HK), Cao Cao Mobility (2643.HK), Chery Automobile (9973.HK), Zhida Technology (2650.HK), Sany Heavy Industry (6031.HK), Seres (9927.HK), Joyson Electronics (0699.HK), Pony.ai (2026.HK) Provides exclusive industry advisory services for Hong Kong listings. [Dual Carbon and New Energy] Entering 2025, the "dual carbon" strategy has gradually shifted from initial top-level design to the stage of mechanism implementation and dividend release. The core feature of dual carbon development lies in the accelerated transformation from mainly energy consumption control to carbon emission control as the core. With the implementation of the "Work Plan for Accelerating the Construction of a Dual Carbon Emission Control System," the national level is gradually establishing an evaluation and assessment mechanism that focuses on carbon intensity control with total carbon emissions control as a supplement, placing higher demands on the accuracy of carbon emission data accounting and quota management capabilities. Against this backdrop, green new productive forces have become the core engine of annual economic development. The country vigorously promotes the "Implementation Opinions on Establishing a Carbon Footprint Management System," not only continuously consolidating industrial and scale advantages in the three core areas of electric vehicles, lithium batteries, and photovoltaic products, but also guiding traditional manufacturing industries to carry out in-depth low-carbon reshaping through full-life-cycle carbon footprint certification, internalizing the pressure of carbon reduction into the endogenous driving force for industrial chain upgrading. In terms of energy system transformation and marketization construction, by 2025, a new pattern will emerge featuring deep coordination among sources, grids, loads, and storage, along with the expansion of the carbon market. With the official implementation of the 'Energy Law of the People's Republic of China' and the deepening of power marketization reforms, the focus of new energy development has gradually shifted from mere scale expansion to a higher proportion of consumption and the enhancement of system regulation capabilities. The state is strongly promoting the commercial application of new energy storage and long-duration energy storage technologies, and accelerating the construction of a new power system suitable for high proportions of renewable energy to ensure stable supply and efficient utilization of green electricity. In addition, in response to the increasing pressure brought about by global carbon tariff barriers, policy orientation is paying more attention to the connection and mutual recognition of domestic and international carbon accounting standards and certification systems. This marks that China's new energy development is extending towards full life cycle carbon management and global green supply chains, occupying a key node position in the global green and low-carbon development.   Frost & Sullivan continues to make a significant contribution to the energy market in China, for Zhengli New Energy (3677.HK) Hainan Junda (2865.HK), Shuangdeng Group (6960.HK) Provide exclusive industry advisory services for Hong Kong stock listings. In the future, China will enter a new phase of building a modern energy system, with further acceleration of green and low-carbon transformation of energy. The energy industry will continue to be favored by the capital market. Frost & Sullivan will continue to pay attention to the latest industry developments and jointly witness the transformation and upgrading of the energy industry.     03 Fashionable consumer goods       [Consumer Retail] According to data from the National Bureau of Statistics, from January to November, the total retail sales of consumer goods across the country reached 4560.67 billion yuan, a year-on-year increase of 4.0%. Among them, online retail sales across the country amounted to 1445.82 billion yuan, a year-on-year increase of 9.1%. The growth of online sales was higher than that of offline sales.   Building on the moderate recovery trend in 2024, China's consumer retail industry in 2025 is characterized by 'divergence in recovery and accelerated structural upgrading'.   Overall, the recovery in consumption still faces many challenges. At the consumer level, residents' consumption behavior has become more rational and cautious, with increased price sensitivity. However, their demands for quality, functionality, and long-term use value have also risen. Basic and improvement-oriented consumption has maintained relative resilience, while within discretionary consumption, differentiation has accelerated, with 'high cost performance + definite needs' becoming the mainstream choice logic.   At the policy level, 'trade-in' has gradually shifted from a temporary stimulus measure to a regular tool, providing continuous support for home appliances, home improvement, durable consumer goods, and new energy-related sectors. It has become one of the important means to stabilize consumption. It can be said that government subsidies have a very direct and effective impact on annual consumer retail. However, it is also necessary to be aware of the potential slowdown in growth rates if the government subsidy intensity decreases in the future. Source: National Bureau of Statistics, Frost & Sullivan analysis   Looking at different industries, from January to November 2024, the top five categories with the fastest growth rate in retail sales of goods by units above designated size were communication equipment, cultural office supplies, furniture, sports and entertainment products, and household appliances and audio-visual equipment. Among them, communication equipment ranked first with a growth rate of 20.9%, mainly benefiting from the deepening of the 5G terminal replacement cycle, the accelerated penetration of domestic high-end smartphones, and the implementation of policies such as 'trade-in' and 'digital product subsidies' in various regions, which have concentrated consumer demand; sub-industries such as cultural office supplies, furniture, and household appliances and audio-visual equipment also benefited from national policies promoting 'home improvement and kitchen renovation' and 'trade-in', leading to the release of demand for improved existing housing; sports and entertainment products also maintained very good growth, reflecting consumers' increasing demand for experiential consumption and being influenced by national policies such as actively promoting national fitness in recent years.   In contrast, the top five categories with the weakest growth rate in retail sales per unit of goods above the quota were petroleum and products, building and decoration materials, automobiles, beverages, and Chinese and Western medicines. The overall performance of these sub-industries was weak, mainly affected by changes in demand structure and cyclical factors of the industry.   Looking ahead to 2026, after the overall structural adjustment and differentiation in 2025 and policy support, the consumer retail industry as a whole is expected to continue evolving towards a more rational structure, rational consumption, and high-quality product development.   In 2025, Frost & Sullivan participated as an industry advisor Brocade (0325.HK) Shubao International (2569.HK), Rongda Technology (9881.HK), Haitian Flavor Industry (3288.HK), Xiangjiang Electric Appliance (2619.HK), Shengbela (2508.HK), Saturday Fruits (6168.HK), Yingtong Holdings (6883.HK), Oaks (2580.HK), Different Groups (6090.HK), Le Comfort (2698.HK), Impression Dahongpao (2695.HK) The listing process of a series of consumer retail enterprises such as Frost & Sullivan. Frost & Sullivan will continue to provide strong support to consumer businesses with its continuously accumulated industry experience, objective data analysis, and insights. [Catering and Beverages] In 2025, under the multiple influences of consumption structure transformation, intensified market competition, and policy guidance support, the catering industry exhibits a more complex and dynamically balanced development pattern. On one hand, although the overall industry scale has slowed down in growth rate but continues to expand, the foundation of the consumer market remains solid; on the other hand, the structural differentiation of growth drivers has become increasingly significant, and the industry as a whole enters a critical stage of transitioning from 'scale expansion' to 'equal emphasis on quality and efficiency'.   According to data from the National Bureau of Statistics, from January to November 2025, catering revenue reached 5,224.5 billion yuan, a year-on-year increase of 3.3%; among them, the catering revenue from units above designated size reached 1,493.3 billion yuan, a year-on-year increase of 2.3%. Although all data have maintained a moderate growth rate, the year-on-year growth rate has further slowed down compared to the previous two years. There is a widespread situation of weak sales within the industry, and single-store operational efficiency faces challenges. Against this backdrop, leading catering enterprises such as Yum China and Dasheng Co., Ltd. have maintained relatively stable operating performance by leveraging their brand effect, supply chain capabilities, and digital operation advantages, with the industry concentration showing a slow upward trend.   In the face of changes in the market environment, catering enterprises generally tend to be more cautious about their expansion strategies, significantly slowing down the pace of opening new stores. Some companies choose to strategically close down some restaurants that perform below expectations and lack growth potential. More chain brands have shifted towards refined and differentiated operational models, deepening innovative models such as cooperative joint ventures and cross-border collaborations while consolidating direct-operated and franchise systems. They are also actively promoting the development of multiple brands. Leading companies such as KFC and Haidilao, while moderately controlling the expansion pace of their main brands, have incubated new brands targeting niche or lower-tier markets. By operating multiple brands and integrating resources through group operations, they share costs and create a second or even third growth curve.   In addition, the 'Delivery War' initiated by major food delivery platforms in 2025 has significantly accelerated the online transformation of the catering industry. By offering high subsidies and traffic conversion, platforms not only stimulate consumption but also prompt chain catering businesses to further adjust their business structures and increase strategic investment in delivery services. As of the third quarter of 2025, the delivery services of many leading chain catering brands have generally seen a significant improvement, with some brands focusing on fast food and tea drinks having online business accounts approaching 50% at one point. This 'war' has not only boosted sales in the short term but has also promoted the deepening construction of digital enterprise platforms and a mixed supply chain model of 'pre-order warehouses + central kitchens,' marking that delivery has evolved from a channel supplement to an indispensable core growth engine for catering businesses.   At the policy level, China's first departmental regulation specifically targeting catering chain enterprises, namely 'Regulations on the Supervision and Administration of Catering Service Chain Enterprises' Enterprises for Implementing the Main Responsibility for Food Safety', came into effect on December 1st. Its aim is to solve the long-standing problem of 'strong franchising and weak management' in the chain catering industry, opening a new chapter of 'equivalence between brand and responsibility'. This is not only a regulation to ensure food safety but also a cornerstone document that profoundly reshapes the business model and growth logic of the catering chain industry. In the future, only chain enterprises that can truly build a food safety control system covering the entire network, with real-time traceability and implementation at the end point, can operate steadily and far into the future in the market.   In summary, China's catering industry in 2025 is entering a new development cycle characterized by greater structural changes and reliance on operational innovation and brand resilience. Against the backdrop of rational consumption returns, the industry is expected to improve quality and efficiency through multiple dimensions, leading to a more diversified, high-quality, and sustainable growth phase.   Frost & Sullivan, as an industry advisor, has been deeply involved in the listing projects of leading enterprises, serving a series of industry-leading companies including Newman's (2530.HK) Anjing Food (2648.HK), Bama Tea (6980.HK), Meeting Noodles (2408.HK) and others.     04 Communication, Media, and Technology       [Network Technology] In 2025, China's network technology industry, at the beginning of the '15th Five-Year Plan' period, is steadily advancing along the trajectory of technology integration, data empowerment, and security control, with the comprehensive deepening application of artificial intelligence as its core driving force. The government continues to improve top-level design, strengthening legal protection through measures such as the revision of the 'Cybersecurity Law', and providing policy guidance for fields such as artificial intelligence and computing infrastructure. The synergistic effects of technologies such as the Internet, artificial intelligence, big data, the Internet of Things, and blockchain are further unleashed, promoting the deep integration of the digital economy with the real economy and injecting new momentum into economic and social development.   Internet infrastructure has achieved both quantitative and qualitative improvements in 2025. By the end of 2025, China's Internet penetration rate was close to 80%, making the foundation of the online society more solid. The construction of 5G networks continues to advance, showing potential in scenarios such as low-altitude economy and telemedicine. The construction of a national integrated computing power network is accelerating, improving the interconnection level of computing resources and providing a solid foundation for the development of industries such as artificial intelligence.   Generative artificial intelligence entered the stage of large-scale application from a concept boom in 2025. As of December 1st, 2025, a total of 663 large models had completed filing in China. At the same time, the user scale has shown explosive growth, indicating that this technology is shifting from 'usable' to 'usable and common'. The focus of technology development has shifted from 'heavy training' to 'heavy reasoning', significantly improving efficiency. The combination of artificial intelligence with enterprise production, social management, and people's livelihood services has become closer, with applications such as industrial intelligent agents and AI doctors moving from demonstration to practical use.   As a key production factor, the value of big data was further unleashed in 2025 through institutional innovation and market construction. The establishment of the National Data Administration and related policies have accelerated the marketization process of data elements, aiming to transform data resources into a new engine for economic growth. The management mechanism for cross-border data flow has been explored and improved in practice, such as attempting to formulate a negative list for data outbound in free trade pilot areas to facilitate international economic and trade cooperation. The application of data technology in public services, traffic scheduling, and financial risk control has continued to deepen, supporting more precise decision analysis.   Blockchain technology focused on solving trust issues in actual economic activities in 2025, forming large-scale application cases in specific fields such as supply chain finance and cross-border payments. Its integration with artificial intelligence and the Internet of Things has explored innovative models such as digital asset management. Technical standardization work has been promoted, laying a foundation for the healthy development of the industry.   The maturity of Internet of Things technology is mainly reflected in the popularization of low-power wide-area networks (LPWAN) and 5G Internet of Things, supporting efficient access and collaborative management of massive devices. Application scenarios continue to broaden, achieving deeper layouts in fields such as smart homes, industrial Internet, and smart cities, becoming an important engine for promoting the digital transformation of the economy and society.   In 2025, the network technology sector remains one of the more popular sub-markets in the IPO market. As an industry advisor, Frost & Sullivan has been deeply involved in the IPO projects of many Chinese network technology companies such as BlueSight (6613.HK), FengYing Technology (1304.HK), Xunzhong Shares (2597.HK), Yunji (2670.HK), Guanghetong (0638.HK), Cambridge Technology (6166.HK), Dipo Technology (1384.HK), Minglue Technology (2718.HK), Quantitative Finance (2685.HK), Lemao Technology (2539.HK), Excellence RuiXin (2687.HK), Wuyi Vision (6651.HK), Xunce Technology (3317.HK), WOAN Robotics (6600.HK) and others.   Overall, in 2025, China's network technology industry, on the basis of a solid network foundation, led by artificial intelligence, driven by data elements, and guaranteed by a security system, has entered a new stage of comprehensive leapfrog development in digitization, networking, and intelligence. The government's strategic planning and market innovation vitality form a joint force, promoting technology empowerment in all industries and providing core impetus for the high-quality development of the economy and social inclusiveness progress. [Semiconductors] Against the backdrop of continuous deepening global technological competition and accelerating release of computing power demand, the semiconductor industry in 2025 has welcomed a new round of structural development opportunities. Technological evolution centered on AI computing chips, interconnect chips, advanced packaging, and storage technologies is driving the semiconductor industry from single-point performance improvement to system-level collaborative acceleration. Thanks to the continuous increase in the training and reasoning of large models, the construction of data centers and computing power infrastructure, and the continuous expansion of automotive electronics and end-side AI applications, the semiconductor market demand has maintained resilient growth, and capital attention and investment activity in related sub-sectors have further increased.   In 2025, as an industry advisor, Frost & Sullivan, with its rich industry experience and professional services, helped Tianyue Advanced (2631.HK) Tianyu Semiconductor (2658.HK), Naxin Microelectronics (2676.HK) successfully go public in Hong Kong.     05 Finance and Business Services       [Financial Services] In 2025, under the combined effects of deepening services to the real economy, improving the efficiency of financial resource allocation, and continuous technological innovation empowering the industry, China's financial services industry as a whole showed a development trend of steady progress with continuous optimization of structure. With the gradual stabilization of macroeconomic operations, enhanced resilience of the financial system operation, and accelerated implementation of fintech, the support capacity of financial services for the real economy has been continuously strengthened, and the development quality and efficiency of the industry have been improved synchronously.   In terms of serving the real economy, in 2025, the financial services structure continued to be optimized, with financial resource allocation paying more attention to efficiency and quality. The role of medium- and long-term financing tools in enterprise investment and industrial upgrading has been continuously enhanced. Bank loans, bond financing, and multi-level capital markets have formed a more coordinated capital supply system, providing diversified financing support for the real economy. The coverage of inclusive finance and small and micro enterprise financial services continues to expand. Financial institutions continue to improve their financial service capabilities for small and micro enterprises, technology innovation enterprises, and emerging business forms through differentiated product design and digital risk control measures. At the same time, the financing scale related to green finance has maintained an upward trend, with tools such as green credit and green bonds playing an increasingly prominent role in supporting industrial structure optimization and low-carbon transformation, further strengthening the structural support function of financial services.   In 2025, digital transformation remains one of the most important development threads in China's financial services industry. Fintech continues to penetrate into core business areas such as payment, credit, wealth management, and risk management, becoming a key infrastructure to improve financial service efficiency and customer experience. In the credit field, financial institutions generally reconstruct credit approval and post-loan management processes by introducing artificial intelligence, big data analysis, and cloud computing technologies. Risk identification models based on machine learning algorithms and customer profiling systems significantly improve loan approval efficiency while enhancing the dynamic identification and management capabilities of credit risks, effectively supporting the financing needs of small and micro enterprises and individual customers.   In the fields of wealth management and asset management, intelligent investment advisor systems and algorithm-driven asset allocation models are gradually maturing, providing more personalized and refined investment advice to customers through data-driven methods, and promoting the upgrade of wealth management services towards digitization and intelligence.   In 2025, artificial intelligence technology plays an increasingly critical role in the development of fintech. Financial institutions continue to increase investment in AI technology around scenarios such as intelligent customer service, intelligent risk control, automated operation, and intelligent investment research. The application of large model technology in financial text analysis, risk identification, customer interaction, and internal operational support has gradually deepened, providing new technical paths for financial institutions to improve operational efficiency and decision-making capabilities. At the same time, the application of blockchain and distributed ledger technologies in payment and settlement, supply chain finance, and cross-institutional collaboration continues to expand, promoting more transparent, efficient, and traceable financial transaction processes and providing important technical support for fintech innovation.   Overall, in 2025, while China's financial services industry expanded steadily in scale, the quality of services to the real economy and the depth of fintech integration were significantly improved. Fintech, especially artificial intelligence and data-driven technology, has gradually evolved from an auxiliary tool to an important part of the core competitiveness of financial institutions.   The development of China's financial service industry complements the prosperity of the capital market. In 2025, as an industry advisor, Frost & Sullivan was deeply involved in the listing process of enterprises in the industry, serving financial service industry companies such as Handui Group (2621.HK), HashKey (3887.HK), Nanhua Futures (2691.HK), and Relaxing Health Group (2661.HK).   Looking ahead, the financial services industry is expected to further enhance intelligent risk control, refined operation, and full lifecycle customer services on the basis of continuous deepening digital transformation. By empowering with technology, it will continuously enhance the support efficiency of the financial system for the high-quality development of the real economy, providing more solid financial support for China's economic structure optimization and long-term sustainable development.     06 Environment and Building Technology       [Construction Engineering] In 2025, China's construction engineering industry showed a low-speed growth trend in the complex economic environment, with residential buildings, commercial buildings, and infrastructure construction still being the main areas. Despite facing pressures such as real estate adjustment and differentiation of infrastructure investment, the overall resilience of the industry was evident. In the first half of the year, the added value of the construction industry reached 3821.1 billion yuan, a year-on-year increase of 0.7%, accounting for 5.78% of GDP. In the first half of 2025, the total output value of construction enterprises across the country was about 1.367 trillion yuan, a slight decrease year-on-year, but orders from large central state-owned enterprises were stable, and overseas business growth was remarkable.   Large state-owned enterprises continue to dominate complex large projects with their capital, technology, and brand advantages; private enterprises maintain development through flexible innovation; foreign-funded enterprises contribute significantly in the field of high-end intelligent buildings. Industry concentration continues to increase, and market share of leading enterprises is further expanded through mergers, reorganizations, and strategic cooperation.   In 2025, the construction engineering industry faces challenges such as fierce market competition, increased pressure on enterprise resource allocation, and rising compliance costs due to stricter environmental and safety regulations. At the same time, opportunities coexist: urbanization deepens, infrastructure demand grows steadily, especially in fields such as green buildings, intelligent construction, and urban renewal. Driven by the 'dual carbon' goal, carbon emission constraints are strengthened, and efforts in environmental improvement and energy consumption control are intensified. The integration of informatization and industrialization accelerates, with low-carbon technology innovation, energy conservation and emission reduction, and prefabricated buildings becoming mainstream directions. This puts forward higher requirements for technological and service innovation and injects new vitality into market expansion.   In 2025, Frost & Sullivan provided exclusive industry advisor services for leading enterprises in the construction engineering field such as Golden Leaf International Group (8549.HK) United Overseas (2671.HK) to go public in Hong Kong, comprehensively presenting to investors and the Hong Kong Exchange the company's and industry's growth rate, driving force, future development potential, etc. Frost & Sullivan continues to accumulate industry experience and provides growth consulting services for more enterprises in the construction engineering field.   Looking ahead to the next five years, the construction industry is accelerating into the era of circular economy, with large-scale application of renewable building materials. According to the 'Guiding Opinions on the Comprehensive Utilization of Bulk Solid Waste during the 14th Five-Year Plan Period', by 2025, the comprehensive utilization rate of new bulk solid waste will reach 60%. The proportion of green renewable building materials continues to increase, the digital construction and intelligent construction markets expand rapidly, and it is expected that the scale of digital buildings will exceed 100 billion yuan. The industry will deepen green and low-carbon transformation, further increase the proportion of prefabricated buildings, significantly improve the intelligent level, and promote China's construction from 'big' to 'strong'.      

On the penultimate trading day before the end of 2025, a total of six companies made their debut on the Hong Kong stock market. Exclusive industry advisor Frost & Sullivan wishes them warm success. Innocean Intelligence (3696.HK) , Wuyi Vision (6651.HK) , XunCe Technology (3317.HK) , Wolong'an Robotics (6600.HK) , Merrill Lynch Shareholders' Equity (2671.HK) Wait for it to be successfully listed on the Hong Kong Stock Exchange!   Five of them have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan) as a trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for the choices and trust of our customers, and we will live up to our commitments by continuing to accompany more enterprises on their capital market journey towards higher-quality development through professional services!   The last time the six gongs of the Hong Kong Stock Exchange sounded together was on July 9, including Lansight Technology (6613.HK) Including the five new shares and one ETF Exchange-Traded Open-Ended Index Fund Upon listing, Frost & Sullivan provided exclusive industry advisory services to four of the five newly listed companies.   Frost & Sullivan (Frost & Sullivan) has always been a leader in helping companies go public in Hong Kong, boasting rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations. According to LiveReport big data, from January to December 2025, as well as over a 36-month statistical period, Frost & Sullivan provided listing industry advisory services to 82 (accounting for 72% of the market share) and 179 (accounting for 71% of the market share) successful Hong Kong IPO companies, ranking first in terms of number.   Recommended Reading   Industry consultants Frost & Sullivan are 100% involved, and there was another spectacular scene with four companies ringing the gong at the Hong Kong Stock Exchange in one day   Winning it all! This week, 4 Hong Kong-listed companies were featured, with industry advisor Frost & Sullivan providing 100% coverage.   Industry consultants Frost & Sullivan are 100% involved, and there was another spectacular scene of four companies ringing the gong at the Hong Kong Stock Exchange in one day   Deeply involved in the gold industry track, Frost & Sullivan has won unanimous industry favor with its professional industry advisory services   78% of leading 'A+H' companies choose Frost & Sullivan's advisory services for their listings in Hong Kong.   Industry consultants Frost & Sullivan are 100% involved, and a week-long 'major event' featuring the listing of eight companies on the Hong Kong Stock Exchange unfolds   Innocean Intelligence Co., Ltd. (Security Code: 3696.HK)   Innocean Intelligence Co., Ltd. Focusing on AI-driven innovative drug research and development, relying on the independently developed Pharma.AI platform, we efficiently advance the entire chain from drug discovery to clinical development, promoting continuous innovation and development in AI-driven drug research.   Beijing Wuyi Vision Digital Twin Technology Co., Ltd. (Security Code: 6651.HK)   Beijing Wuyi Vision Digital Twin Technology Co., Ltd. It is a digital twin technology company in China, with its core business focusing on technologies in three major areas: 3D graphics, simulation, and artificial intelligence, to achieve real-time generation and rendering of cities.   Shenzhen XunCe Technology Co., Ltd. (Security Code: 3317.HK)   Shenzhen XunCe Technology Co., Ltd. It is a provider of real-time data infrastructure and analytics solutions in China. Its core business is to provide integrated real-time data platforms for asset management and other industries, offering millisecond to second-level data collection, processing, analysis, and governance capabilities to support investment and business decision-making. Starting from the asset management industry, the company's technical capabilities have been verified through high-complexity scenarios and it has the ability to horizontally replicate its unified real-time data infrastructure capabilities to financial services, urban management, manufacturing, telecommunications, and other industries. At the same time, it continues to invest heavily in research and development to drive long-term competitiveness through technology.   WOWAN Robotics Co., Ltd. (Security Code: 6600.HK)   WOWAN Robotics Co., Ltd. It is a global leading enterprise in the field of home robot systems in China, dedicated to building an ecosystem centered around smart home robots to meet the diverse needs of global users for smart living.   Majiang Steel Structure Building Systems (Shanghai) Co., Ltd. (Security Code: 2671.HK)   Majiang Steel Structure Building Systems (Shanghai) Co., Ltd. We are a comprehensive prefabricated steel structure building subcontracting service provider deeply involved in the industrial field, dedicated to providing all-round services for construction projects across various industries. This includes key aspects such as project design optimization, procurement, manufacturing, and installation.   During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong stock market and overseas. It is a leading enterprise in the field of investment and financing strategy consulting in China. Frost & Sullivan has long cooperated closely with globally renowned investment banks, accounting firms, law firms, investment institutions, and industry-leading enterprises to build an efficient domestic platform for matching investment and financing needs, enabling it to quickly form comprehensive consulting service teams. Over the past decade, Frost & Sullivan has continuously ranked first in the market share of professional industry consultants for Chinese companies listing on the Hong Kong stock market and overseas; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses of leading A-share and STAR Market listed companies, primary and secondary market research reports, and other capital market announcements.

  In 2025, Frost & Sullivan has published nearly a hundred original research reports covering industries such as healthcare and biotechnology, technology and artificial intelligence, finance and investment, carbon neutrality and new energy, manufacturing and industry, consumer retail, business services, etc. The aim is to provide clients with industry information, industry trends, and development changes in their respective sectors, to solve industry-related problems for corporate clients and investors, and to provide guiding opinions, as well as help clients enhance their market value.   As of now, Frost & Sullivan China has published over 10,000 original industry research reports and white papers, covering 19 core national economic industries and more than 6,000 sub-markets. These reports have been included by several top financial terminals in China, demonstrating its comprehensive research strength in depth and breadth; Frost & Sullivan publishes globally. Marketing Engineering (Marketing Engineering), Megatrend indicator （ "The Great Trend" ),,  The Growth Coaching Book Professional bestsellers such as 'Enterprise Growth Guide'; Frost & Sullivan has published textbooks such as 'White Paper on the Development Trends of China's Industry over the Next 50 Years', 'Investment Activity Report on the Issuance of 18A Biotech Companies in Hong Kong', 'White Paper on the Development of Hong Kong's Artificial Intelligence Industry', 'Hong Kong IPO and Secondary Market White Paper', and 'ESOP Equity Incentive Professional Plan' for many consecutive years in China. In addition, Frost & Sullivan has also collaborated with institutions including the China Academy of Information and Communications Technology, Boao Forum for Asia Global Health, Shanghai Quantitative Finance Exchange We have collaborated with authoritative organizations to publish several industry white papers.         Healthcare and Biotechnology   Sort by publication time in reverse order 👇     Technology and Artificial Intelligence     Finance and Investment   Sort by publication time in reverse order 👇     Dual Carbon and New Energy       Manufacturing Industry and Industry   Sort by publication time in reverse order 👇     Consumer Retail     Business Services   Sort by publication time in reverse order 👇    

From August 27th to August 28th, the 19th Frost & Sullivan Global Growth, Innovation and Leadership Summit 2025 and the 4th New Investment Conference (hereinafter referred to as '2025 Frost & Sullivan New Investment Conference' or 'Conference') was successfully held at the Shanghai Jing'an Shangri-La Hotel, co-hosted by Frost & Sullivan and LeadLeo. On September 19th, a special event - 'The Light of Chinese Catering Conference' - was held in Chengdu. The Conference gathered over 230 heavyweight guests from home and abroad, with more than 110 speeches/talks and over 4,500 professional attendees at the site. With the theme of 'Intelligent Start, New Journey - Co-creating Global Growth Poles', the Conference was supported by the China Listed Companies Association, the Chinese Advertising Association, and 'China Quality Supervision'. It brought together the wisdom and strength of the global industry, academia, and investment community to jointly explore new growth points, new markets, and new tracks for the Chinese economy in the new era. The Conference lasted for three days and consisted of an opening ceremony, eight sub-forums, and multiple themed activities, focusing on AI and digital economy, new investments in life sciences, new consumption trends, ESG In-depth discussions were held on hot topics such as new productive forces, the high-quality development of listed companies, intelligent manufacturing going global, and the globalization development of Chinese enterprises. Nearly 20 significant research findings were also released on-site.   Major Achievements of the Conference   Key Result 1: The Frost & Sullivan Global Expert Advisory Team has appointed a total of 11 industry experts. Relying on nearly 70 years of deep industry engagement and data accumulation, Frost & Sullivan continuously recruits top experts from the industry globally. It selects more than 10 outstanding representatives from various expert committee members, including those on Frost & Sullivan's China Growth Strategy, Innovation and Technology, Specialized Industries, Life Sciences, New Productivity, and New Consumption, to form the 'Frost & Sullivan Global Expert Advisory Group'. The aim is to contribute professional expertise to the growth paradigm for the next decade.   The Appointment Ceremony of the Global Expert Advisory Group of Frost & Sullivan was Held in Shanghai (Bilingual Version)   Entrepreneurial Representative Member of the National Committee of the Chinese People's Political Consultative Conference, Chinese representative of the World Federation for Inventors and Innovators, Rotating President of the Jiangsu Chamber of Commerce, Chairman of Shanghai Port Group, Xu Shilong Representatives of public welfare organizations Professor Wang Yu, President of the China Foundation for the Prevention and Control of Hepatitis Representatives of investment institutions Dr. Shen Lifeng, President and Executive Director of China Tianbao Group, Executive Secretary-General of the Hong Kong International Investment Council Chairman of Xingfu Capital, Wang Tingfu William Cho, Senior Managing Director at Compass Capital Representatives from professional institutions Partner-in-Chief for EY Greater China, Bi Shunjie Twimbit Founder and CEO, Manoj Menon Rhenu Bhuller, Frost & Sullivan Life Science and Digital Health Strategy Advisor Dr. Gao Wenzhong, Director of the All-China Federation of M&A Associations and Executive President of CIC Hua Dean of the Legal Compliance Department at RWA Research Institute, and member of the Executive Committee of Dacheng Finance Web3 Director of the Research Center and Senior Partner at Dacheng Shanghai, Wang Liangchang Media representatives Chairman of Hebao Culture & Entertainment Group, Zhao Zhi *Rankings are not in any particular order.   Key Result 2: Nearly 20 white papers and three authoritative lists are presented in one go Promote the symbiotic prosperity of industrial value and capital energy This conference focused on cutting-edge industry trends and capital movements, covering areas such as macroeconomics, technological innovation, healthcare, energy storage, artificial intelligence, and ESG practices. On-site releases included the 'White Paper on the Development Trends of China's Industries in the Next 50 Years (Fourth Edition)', 'China's PE/VC investment Fund Industry CFO White Paper, New Functional Materials Industry Development White Paper 2025 Opportunities in the Global ESG Climate Risk Platform and Reporting Industry "White Paper on the Sustainable Path of Construction Operations" (Chinese and English versions), "2025 China ESG Best Corporate Practices Report", "2025 China Peanut Oil Industry White Paper", "2025 China Compound Nuts and Beverages Industry Development White Paper", "2025 China's Best Application Practices in GenAI Industry", "Insights on AI Empowering All Industries in 2025", "Blue Book on the Current Situation and Future Trends of the Medical Beauty Injection Product Industry in 2025", "Blue Book on the Current Situation and Development Trends of Antibody Drug Industry in 2025", "White Book on the Current Situation and Development Trends of Mitochondrial Medicine Industry in 2025", "Blue Book on the Current Situation and Trends of Internationalization of Medical Devices in China in 2025" and nearly twenty other heavyweight research achievements. The list of CFOs of Chinese PE/VC institutions in 2025, the list of China's ESG Best Corporate Practices in 2025, and the list of China's AI Agent A series of selection results such as the Intelligent Agent Best Practice Application List. Key Result 3: Influence unprecedented The conference attracted over 230 industry leaders from home and abroad to exchange ideas The 2025 Frost & Sullivan New Investment Conference brought together over 230 expert representatives from well-known domestic and international enterprises, investment institutions, academia, media, professional organizations, and associations for exchange. More than 4,500 leading enterprises from various industries, representatives of governments, investment institutions, financial institutions focusing on industry development, university and research experts, as well as renowned media organizations, enthusiastically participated. This grand event not only created an innovative network that closely integrates industry, academia, research, investment, and media but also built a professional platform for full communication and discussion among the guests from various industries. It showcased the Frost & Sullivan Group's profound insights into the entire industry and global capital markets, providing the best growth solutions for enterprises to layout for the future, create the future, and compete for the future under major trends.   Key Result 4: Annual Frost & Sullivan Growth, Tech Innovation and Leadership Awards Ceremony A total of 21 global awards, China Awards, and the Best Practice Award for the Year were presented. The 2025 Frost & Sullivan Global Growth, Innovation and Leadership Awards Ceremony and VIP Reception were grandly held.   The Frost & Sullivan Growth, Innovation and Leadership Best Practices Award (referred to as the GIL Award) aims to recognize outstanding enterprises that have made significant contributions and achieved leadership in various industries. After nearly 30 years of development globally, the authority and fairness of the award have been widely recognized by the investment and financial communities, as well as within the industry. To date, more than 5,000 excellent enterprises have been recognized worldwide. Enterprises that have received the Frost & Sullivan 2025 GIL Global Award include: Jiangsu Zhonghuiyuantong, Yunshengyanxin, Shili Biology, Sigeng New Energy, Bais Bio, Hengyi Bio, Haohai Shengke, Huakan Bio, etc.; enterprises that have received the Frost & Sullivan 2025 GIL China Award include: Home Depot, Yanzhiwu, Kangnuo Biotech, Yuwang Group, Fantawild, Yipji, Magna Technology, Fosun Karry, Chenggong Hong, Lingkai Technology, Shenzhen Xinkang Science & Technology Innovation, Ruixian Biotech, etc.; enterprises that have received the Frost & Sullivan 2025 GIL Best Practices Award include: Zhongguancun Kejin and Ningxia Jiaojian Transportation Technology Research Institute, etc.   Key Result 6: VIP appreciation dinner, sharing friendship and development     Conference Communication Effect   56 home The media reported on-site the grand occasion of the conference, including: People's Daily Online, Xinhua News Agency, Xinhua Net, Xinhua Finance, Economic Daily, China News Service, China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, Huaxia Times, and other central and party media client apps, official websites, etc., all providing rich forms such as text, images, and videos with multiple reports on this event! (Partial screenshots are released.)   During the conference, 30 Domestic mainstream media conducted exclusive interviews with participating guests, including Xinhua News Agency, Xinhua Net, China News Service, CCTV-1's 'Big Country Brands', Reuters, South China Morning Post, China Securities Journal, Securities Daily, First Finance & Economics, Blue Whale News, Economic Observer, Jiemian News, 21 Finance & Economics, China Business Network, China High-tech Industry Herald, Times Weekly, etc., and widely disseminated the interviews through various forms such as videos and graphics. (Partial screenshots are released.)   super 700 Overseas media and those from the Asia-Pacific region have paid attention to and reported on the grand occasion of this conference, including Bloomberg, Dow Jones Factiva, Eikon, NewsEdge, ProQuest, etc. (Partial screenshots are released.)   Total 20 The home cooperation platform will live broadcast the conference, including Xinhua News Agency's on-site cloud platform, Weibo Health, Dongcai, Vanda, Tonghuashun iFinD, TradeGo, Tianfeng International, Value Online, Weijieyao, Xueqiu, Futu, Xinhua News Agency's Kuaikan video account, Frost & Sullivan video account, LeadLeo video account, LeadLeoplus video account, Cui Hongbo's Brand Talk video account, Brand Think Tank Research Institute video account, Youcai video account, New Consumption Group video account, Medical Device Innovation Network video account. The total online live broadcast exposure exceeded 2.94 million person-times. . (Partial screenshots are released.)   Grand Conference Forum   Opening Ceremony and General Assembly     The opening ceremony and plenary meeting on August 27th gathered a distinguished group of talents and luminaries, shining with brilliance. More than 20 top experts, scholars from various fields, association leaders, capital tycoons, and corporate executives gathered at the scene.   Several heavyweight guests attended to deliver speeches or make presentations, including: David Frigstad, Chairman of Frost & Sullivan's Global Board of Directors; Aroop Zutshi, President and Managing Partner of Frost & Sullivan globally; Dr. Wang Xin, Global Partner at Frost & Sullivan, Co-Chair of Asia-Pacific Region and Chairman of China; Tu Guangshao, President of the Shanghai New Finance Research Institute and Founding Chairman of the Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University; Zhang Guohua, President of the Chinese Advertising Association and Global Vice-President of the International Advertising Association; Liu Zhaobin, former Chief Engineer of the General Administration of Quality Supervision, Inspection and Quarantine of China and former President of the China Quality Miles Campaign Promotion Association; Professor Wang Yu, President of the China Hepatitis Prevention and Control Foundation; Sun Nianrui, Member of the Party Committee and Vice President of the China Listed Companies Association; Kong Xueli, Chairman of Xuzhou Industrial Development Fund Management Co., Ltd.; Xu Shilong, Member of the National Committee of the Chinese People's Political Consultative Conference, Representative of the World Federation for Invention and Innovation (WFII), Rotating President of the Jiangsu Chamber of Commerce, Chairman of Shanghai Port Group; Wang Tingfu, Founding Partner of Xingfu Capital, and others.   First-day Highlights! The grand opening of the 2025 Frost & Sullivan New Investment Conference took place.   ESG and New Productivity Forum   The ESG and New Productivity Summit Forum was held on the afternoon of August 27th, inviting global industry leaders, representatives of leading enterprises in high-tech fields, and leaders in various sub-sectors to gather together. The forum focused on the integrated development of ESG concepts with new productivity, deeply dissected the path of industrial upgrading, explored new trends in the global innovation economy, led the wave of sustainable development, and injected new momentum into global industrial transformation. At the event, 'Growth Opportunities in the Global ESG Climate Risk Platform and Reporting Industry', 'White Paper on the Sustainable Path of Construction Operations', '2025 China ESG Best Corporate Practices Report', and the 2025 China ESG Best Corporate Practices List were released.   Following the Path of the Future "Shaping New Quality of Growth" | The 2025 Frost & Sullivan ESG and New Quality of Productivity Forum Concluded Successfully   "Intelligent Navigation Across the Seas, Connecting the Globe" - Overseas Sub-forum   Facing the new stage of reshaping the global value chain and intensifying technological competition, Chinese technology companies are entering a critical period of globalization expansion. On one hand, enterprises continue to strengthen their technological innovation and first-mover advantages in key areas such as artificial intelligence, digital technology, and new energy, continuously consolidating their independent R&D systems and core competitiveness. On the other hand, actively setting sail overseas, connecting with international resources and markets, and deeply integrating into the global industrial chain have become the core driving force for sustainable growth. Chinese technology companies are actively cultivating overseas markets, building a globalized technology and business ecosystem, and realizing co-creation of value in global markets. Against this backdrop, the 'Intelligent Voyages to the Seas, Global Connectivity' Overseas Sub-forum was successfully held on the afternoon of August 27th. The event site was packed with valuable content, with guests sharing cutting-edge concepts and practical experiences from multiple dimensions such as strategic planning, technological innovation, corporate governance, to market expansion, presenting a feast of intellectual collision and wisdom integration for the participants. At the meeting, the '2025 New Functional Materials Industry Development White Paper' was officially released.   Intelligent Navigation Across the Seas, Global Connectivity Enabled by Blockchain | The Overseas Sub-forum of Frost & Sullivan's 2025 New Investment Conference Concluded Successfully   New Consumption Trend Outlook Forum   As a top event in the new consumer sector, the New Consumer Trends Outlook Forum focuses deeply on key tracks such as the global layout of consumer brands, technology-driven consumer innovation, sustainable consumption practices, food and beverage consumption, and industrial upgrading. It brings together leaders of the global consumer industry, founders of innovative brands, corporate representatives, and heads of top institutions to jointly decode the future growth code of the consumer market. Relying on Frost & Sullivan's in-depth insights into primary and secondary markets, the forum presents the best solutions for the growth of the consumer industry under global contexts through trend analysis, case breakdowns, and cross-border dialogues. It explores the breakthrough strategies for enterprises in the new consumer era in all aspects, promoting the efficient resonance of industrial value and capital momentum. Anchoring new consumption opportunities with a global perspective and reshaping the new growth pattern with innovative momentum! At the conference, the '2025 China Compound Nuts and Beverages Industry Development White Paper' and the '2025 China Peanut Oil Industry White Paper' were officially released.   The sub-forum on New Consumption Trends Outlook at the 2025 Frost & Sullivan New Investment Conference concluded successfully.   China Enterprise Globalization Development Professional Service Forum   As domestic market competition becomes increasingly fierce and growth space gradually saturates, enterprises are in urgent need of opening up new 'battlefields'. Overseas markets, especially emerging economies, possess vast consumer bases that have not been fully tapped. On the afternoon of August 27th, the conference specially held the 'Professional Services Forum on the Global Development of Chinese Enterprises', discussing the development strategies and key points for Chinese enterprises overseas at the micro operational level. The sub-forums were organized around three themes: 'Branding Overseas, Technology Overseas, and Cross-border Overseas', and were carried out in the form of case sharing and roundtable discussions, sharing how AI technology can more efficiently connect enterprise needs for going global. This overseas 'going out' sub-forum accurately targeted the current pain points and difficulties of domestic enterprises, receiving enthusiastic attention and discussion from the participants.   The Professional Services Forum on the Global Development of Chinese Enterprises at Frost & Sullivan's 2025 New Investment Conference concluded successfully.   AI Evolutionary Theory - Physical World Intelligence System Construction Forum   In the transformative wave of artificial intelligence moving from virtual to physical worlds, on August 28, 2025, Frost & Sullivan's new investment conference specially launched the AI Evolution Theory - Physical World Intelligent System Construction Forum co-hosted by Frost & Sullivan and LeadLeo. The forum brought together experts and scholars from the global AI industry, industry leaders, innovative enterprises, investment institutions, and professional service providers to jointly discuss the new momentum injected into traditional disciplines by "AI +", analyze the 50 most transformative technologies of 2025, gain insights into the IPO and refinancing trends of the Hong Kong AI industry, and share cutting-edge hot topics such as vertical large models, embodied intelligent service robots, synthetic data, and intelligent cockpits. At the event, the "White Paper on AI Empowering All Industries", "Best Application Practices in China's GenAI Industry in 2025", "Best Practice Application List of Chinese Al Agents (Intelligent Systems) in 2025", "Insights into the Development of Synthetic Data Solutions in China in 2025", "Insights into the Development of World Models in China in 2025", and "Insights Report on the Development of Specialized, Diversified, Innovative, and High-Quality Enterprises in China in 2025" were released, along with the Frost & Sullivan's quadrant chart report plan for the entire year of 2025 in the AI field.   The sub-forum on the construction of intelligent agent systems in the physical world, part of the 2025 Frost & Sullivan New Investment Conference AI Evolution Theory, successfully concluded.   New Investment Summit Forum in Life Sciences   With the continuous progress of global technology and the growing demand for healthcare, the field of life sciences has embraced unprecedented development opportunities. From gene editing and precision medicine to biopharmaceuticals, as well as the research and development and application of high-end medical devices, innovative achievements in the life sciences are emerging in an endless stream, injecting new vitality into global healthcare. On August 28th, the New Life Sciences Investment Summit Forum —— Medicine and Devices Session gathered industry leaders, biopharmaceutical companies, medical device companies, investment institutions, and professional service organizations under the theme of "Strengthening Foundations to Navigate Waves," focusing on the cutting-edge trends, innovative technologies, and globalization development strategies in the life sciences field, aiming to promote industrial development and global cooperation. At the conference, the "2025 Mitochondrial Medicine Industry Status and Development Trends White Paper," the "2025 Antibody Drug Industry Status and Development Trends Blue Paper," the "2025 China Medical Device Internationalization Status and Trends Blue Paper," and the "2025 Medical Beauty Injection Products Industry Status and Future Development Blue Paper" were officially released.   Strengthening Foundations, Steadily Riding the Waves —— The 2025 Frost & Sullivan Life Sciences New Investment Summit was a great success!   Sub-forum on the High-quality Development of Listed Companies   High-quality development is an essential requirement of Chinese-style modernization. Listed companies, as representatives of China's outstanding enterprise group, constitute an important micro foundation for high-quality development. The sub-forum on the high-quality development of listed companies, held on the afternoon of August 28th, brought together representatives from outstanding enterprises practicing and promoting high-quality development, industry leaders, investment institutions, and professional service agencies. The forum delved into the connotation and path of high-quality development of listed companies, explored new dynamics and trends in comprehensive high-quality development, and through in-depth exchanges and intellectual integration, sparked valuable innovative concepts and practical solutions. Together, they aim to jointly draw a beautiful blueprint for the high-quality development of listed companies.   The High-Quality Development Forum for Listed Companies at the 2025 Frost & Sullivan New Investment Conference concluded successfully   Meet at Frost & Sullivan's New Investment Conference 2026   The 19th Frost & Sullivan Global Growth, Innovation and Leadership Summit 2025 and the 4th New Investment Conference concluded successfully with the support and witness of all participants and partners.   We sincerely thank the supporting organizations of this conference: the China Advertising Association, the China Listed Companies Association, 'China Quality Supervision', and our partners at all levels for their strong support for this conference.   Dr. Wang Xin, Global Partner of Frost & Sullivan, Co-Chair of the Asia-Pacific Region and Chairman of China, said: "The mission of Frost & Sullivan is to convey China's growth, innovation and leadership to the world, enabling the world to better understand China's value and accelerating China's embrace of global opportunities. The Frost & Sullivan Summit has a history of over 30 years globally and has been successfully held in China for 19 consecutive sessions without interruption. In the future, we will continue our commitment to base the conference in Shanghai, serve China, face the world and achieve win-win cooperation. We will help enterprises realize their domestic and overseas growth strategies, empower industrial transformation and upgrading through innovation, cultivate leading Chinese entrepreneurs and ultimately promote the high-quality development of China's economy and society!"   Frost & Sullivan will continue to work with various institutions to help enterprises accelerate their growth, assist them in achieving growth, technological innovation, and leading benchmarks within their industry. Together with all partners, we will build a holistic investment management approach to seek certainty in the new era.   2026, we won't be separated!   About the Frost & Sullivan Summit   The New Investment Event (NIE) originated from the Frost & Sullivan Growth, Innovation and Leadership Summit, which was established by Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan).   The Frost & Sullivan Summit is held globally in over 20 countries and regions, with a history of nearly 30 years. It has attracted the deep participation of a large number of Fortune Global 1,000 companies, top domestic and international financial institutions, and other leading enterprises. It helps them identify opportunities, innovate continuously, accelerate growth, and gain a leadership position in an increasingly complex and changing world.   The Frost & Sullivan Summit 2008 was held in China, with the purpose of 'based in Shanghai, serving the whole country, facing the world, and achieving win-win cooperation'. By 2025, it has been held for the nineteenth session, attracting a cumulative total of over 19,000 professional visitors.   Today, the Frost & Sullivan Summit has become an important platform for outstanding domestic enterprises, the investment community, and regulatory authorities to exchange successful experiences and jointly explore development directions. It is also a vital window through which the world understands China's most cutting-edge development trends. Conference consultation hotline: 021-3209-6800 ext. 8672 General Assembly Consultation Email: gil@frostchina.com   More exciting moments from the conference    

2025 ZAOEDX Early Screening Conference   In response to national strategies and to promote the integration of early screening technology with traditional Chinese medicine, the 2025 ZAODX Early Screening Conference was held at the Sofitel Guangzhou Shengfeng Hotel on December 20-21. With the theme of 'Combining Eastern and Western Medicine, No Disease Exists', the conference brought together experts from around the world to build a platform for academic exchange, achievement transformation, and industrial cooperation, aiming to move early screening from 'consensus' to 'action', contributing Chinese wisdom. On December 21st, Jing Jing, consulting manager of Frost & Sullivan's China Healthcare Business Unit, was invited to attend and deliver a speech. Jing Jing, Consulting Manager at Frost & Sullivan China   In her speech, Jing Jing systematically reviewed the current global and Chinese cancer burden, as well as the development history of cancer screening industries. She focused on cutting-edge branches such as Multi-Cancer Early Detection ( MCED ) track, and conduct an in-depth analysis of the core technology advantages of leading enterprises.     Regarding the current global cancer situation, she stated that lung cancer is the most prevalent cancer globally, with the highest incidence and mortality rates. Moreover, its death toll far exceeds that of other cancers, indicating an unfavorable prognosis and posing a major challenge to global cancer prevention and control. In addition to lung cancer, the top five cancers with high incidence rates include breast cancer, colorectal cancer, prostate cancer, and gastric cancer; the top five cancers with high mortality rates include colorectal cancer, liver cancer, breast cancer, and gastric cancer.   Comparing the ranking of cancers with high incidence and mortality rates, there are significant differences in prognosis among different types of cancer. At the same time, cancers that rank high in both incidence and mortality usually have a poor prognosis, or due to the lack of effective early screening methods, are diagnosed at an advanced stage, posing a major health threat. The high mortality rate of pancreatic cancer directly reflects its malignancy and the great difficulty of clinical treatment. On the other hand, cancers with a relatively high incidence rate but a lower mortality rate benefit from a relatively mature early screening system and effective treatment plans for these types of cancer, significantly extending patients' survival periods and greatly improving survival rates. This current situation provides a clear direction for global cancer prevention and control strategies, and early screening for multiple cancers is imperative.   Cancer screening refers to the process of identifying suspected cancer patients from asymptomatic or symptom-free healthy individuals through certain examination methods, followed by early diagnosis and treatment. This is an important means for early detection and treatment of cancer. The implementation of screening must be determined according to specific conditions, selecting appropriate cancer types and screening methods, and formulating suitable screening plans.     Looking back at the development history of global cancer screening, she believes that the initial development characteristics were: starting with cytological testing for specific cancers, followed by the diversification of technology and its expansion to multiple cancer types. The application of the first screening technology marked the transition from theory to practice in early cancer detection. Screening methods gradually enriched from initial laboratory tests, covering various means such as imaging, enabling cancers like lung cancer, colorectal cancer, and breast cancer to be included in early screening programs. This stage laid the foundational framework for cancer screening, initially demonstrating the potential of screening in reducing cancer mortality, with early screening for multiple cancers becoming a major focus.   At this stage, MCEED is still in the budding and conceptual exploration phase in the strict sense. The research mainly explores the theoretical 'cross-talk' and 'relevance' of biomarkers, which is the most critical first step towards moving from single-cancer thinking to multi-cancer logic, but its transformation prospects are still uncertain.   The development characteristics during the high-speed development period are as follows: frontier technologies represented by methylation detection, mutation signature detection, fragmentation signature detection, and proteomics and metabolomics analysis have achieved diversified breakthroughs, driving the screening paradigm from traditional single-cancer and single-method approaches to broad-spectrum, simultaneous detection based on biomarkers.   Industry consensus is gradually taking shape, with the popularization of concepts prompting capital-intensive entry and intensifying international competition, with Chinese and American companies becoming the main innovators. However, despite the continuous emergence of cutting-edge research findings, their large-scale clinical effectiveness verification, economic evaluation, and the construction of standardized regulatory pathways are generally lagging behind the development speed of the technology itself. Internationally, MCED testing based on whole-genome methylation technology is widely recognized, but its only currently marketed test, Galleri, is still undergoing long-term clinical trials, and its ability to accurately identify tumor locations still needs verification.     Looking at the development history of cancer screening in China, Jing Jing believes that the initial phase of development was characterized by government leadership, focusing on high-incidence areas, regional pilots, and technological catch-up. Compared to developed countries, China's screening practices started significantly later and on a different path. It was only when global evidence-based promotion of traditional single-cancer screening began that systematic work in China was carried out under national planning.   Early screening resources are highly concentrated on high-incidence cancer types in China rather than the key cancer types commonly screened internationally, showing a distinct 'Chinese problem' orientation. The application of technology mainly relies on mature technologies for pilot projects in high-incidence areas, aiming to verify and promote appropriate technical models. This is significantly different from the direction of developed countries exploring cutting-edge molecular markers during the same period.   During the period of rapid development, it can be further divided into two stages: In the first stage, there was a slight divergence between concept advocacy and industry recognition. Although China's cancer screening system has been gradually established under national planning, there are significant differences within the industry regarding the value of screening. Some views are cautious or even skeptical about the clinical effectiveness and cost-effectiveness of emerging screening technologies, believing that their evidence base is not yet sufficient and there is a risk of overdiagnosis. Anpeco Biotechnology Representative local enterprises took the lead in advocating the concept of multi-cancer screening and launched related products as early as 2014. Their strategic choice reflects remarkable foresight.   In the second phase, scientific consensus began to form and validate its value. After 2020, cancer screening in China entered a critical stage driven by high-quality evidence, with industry discussions shifting from 'should screening be done' to 'how to screen more scientifically and efficiently.' MCED officially received authoritative recognition and standardized guidance from the academic community. At the same time, national awareness of early cancer screening has awakened, with demand clearly directed towards more efficient and convenient screening programs. The industry has evolved from early concept advocacy to a new era driven by evidence-based guidelines and precision technology.     Exact Sciences The CancerSEEK innovative technology based on liquid biopsy was first launched globally in 2018, and its MCED product is widely recognized worldwide. Both are globally renowned enterprises. Grapele Its MCED product is the world's first commercial multi-cancer test based on whole-genome methylation technology. Chinese companies include BGI Genomics, Sikin Medical Represented by Hanapaike Biotech. BGI reported clinical results of MCED products at the ASCO Annual Meeting in 2020, demonstrating its international influence and technological innovation. Similarly, Sichuan Cancer Hospital, which has released MCED products in recent years, is a representative of the emerging forces in cancer screening in China, with frequent research achievements in early cancer screening products. Hanapaike Biotech, as the world's first and China's first company to advocate for the concept and technology of multi-cancer screening, does not rely on chemical characteristic markers for its MCED detection logic, and its related products were released significantly earlier than most global cancer screening companies.   Anpeco Biotechnology's leading position can be traced back to the company's founding philosophy and intellectual property layout, which was significantly ahead of the industry's widespread recognition of this concept in 2010. The related patent for MCED submitted in 2011 further clarified the technical path. In 2014, the world's first technology capable of screening for 16 types of cancer was introduced, completing the leap from a patent concept to a technical product, which was pioneering in the industry.     Subsequently, the accumulation and application of long-term, large-scale real-world data are the cornerstone on which advocates can confidently implement their proposals. As of December 2025, the company has established a database of over 330,000 blood samples, providing indispensable support for its technical effectiveness. At the same time, CDA technology's inclusion in the 'Expert Consensus on Multicancer Combined Screening Based on Liquid Biopsy Technology' reflects its practical depth and has contributed to the formation of industry technical standards. The global intellectual property layout ensures the independence and legality of its technical system on a global scale.     Anpeco Biotechnology's independently developed CDA technology is an emerging technology that does not rely on the detection of chemical characteristic markers. CDA technology has strong early detection signals, making it simpler and less costly compared to traditional detection methods, and is more suitable for general screening and early detection among the general population. The specific advantages are reflected in the following: First, early nature; CDA can detect early-stage cancers including precancerous lesions as well as major diseases; second, convenience; there is no need to fast, and only a 5 ml blood sample is required for testing; third, broad-spectrum nature; a single screening can detect nearly 30 core cancer types; fourth, immediacy; while screening for cancer indicators, it can also reflect the basic physical condition of the subject at the time of testing; fifth, high sensitivity and specificity, with sensitivity and specificity for multiple cancer types reaching over 90% simultaneously; sixth, biosafety, without genetic information, and results can be obtained by detecting biophysical signals. Anpeco Biotechnology has transformed multi-cancer screening from an idea into a practical solution through continuous breakthroughs from technical principles to clinical validation to commercial implementation.

Fostering Insights from Frost & Sullivan Recently, MiniMax (Xinyu Technology) and Zhipu AI have successively passed the Hong Kong Stock Exchange listing review, signaling that Chinese AI large model companies will enter the public market. What key signals does this wave of listings convey to the market? What is the current actual scale of the Chinese foundational large model market? What are the main drivers of its growth? How is the current market structure divided? Specifically, for leading startups represented by MiniMax and Zhipu AI, what are their market share and industry position? Compared to models from large companies such as Baidu Wenxin and Alibaba Tongyi, where does their differentiation lie? Looking ahead to the next 2-3 years, which decisive trends will emerge in the Chinese foundational large model market? What is the biggest risk they may face? What is the estimated market size?   Li Qing, China Director at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by The Financial Times to discuss the industrial maturity and commercialization path behind the wave of Chinese large model company listings . The Financial Times *Click on the end of the article Read the original article to view the complete report   Q: Recently, MiniMax (Xinyu Technology) and Zhipu AI have successively passed the Hong Kong Stock Exchange listing review, signaling that Chinese AI large model companies will enter the public market. What key signals does this wave of listings convey to the market? Li Qing China Director at Frost & Sullivan MiniMax and Zhipu AI's success in passing the Hong Kong Stock Exchange listing review is not only a milestone for both companies but also an important sign that the Chinese AI large model industry is maturing. This wave of listings sends several key signals to the market: First, the industry has entered a new cycle of commercial validation and large-scale implementation from the early stage of technology exploration; second, capital markets have begun to provide institutional tolerance to AI enterprises with high R&D investment, which are not yet profitable but possess core technical barriers, making the Hong Kong stock market a crucial bridge connecting China's artificial intelligence industry with global capital; finally, domestic large models have entered a capital empowerment phase of global competition. After going public and raising funds, they will have more sufficient capital to support global layouts, which also indicates that Chinese large model companies are transitioning from local technological competition to a new stage of competing on the same stage as global AI giants. Q: What is the current actual scale of the Chinese foundational large model market? What are the main drivers of its growth? How is the current market structure divided? Li Qing China Director at Frost & Sullivan The market size of Chinese large models exceeded 20 billion yuan in 2024 and is expected to maintain an annual compound growth rate of over 40% for the next three years. The main drivers of growth come from three aspects: first, the urgent need for enterprises to transform digitally and reduce costs while increasing efficiency; second, continuous policy support for AI infrastructure construction; third, technological progress has driven the continuous expansion of application scenarios, deepening from general dialogue to specialized fields such as finance, healthcare, and energy. The current market structure shows clear differentiation: on one hand, internet giants (such as Baidu, Alibaba Tongyi, Tencent, ByteDance, etc.) dominate general scenarios with their data, computing power, and ecosystem advantages; on the other hand, professional large model startups like MiniMax and Zhipu AI focus on technical breakthroughs and vertical field deep cultivation. Among them, Alibaba Tongyi leads far ahead in the open-source model field, not only continuously launching high-quality open-source large model series (such as the Qwen series) but also actively building a developer ecosystem to significantly lower the threshold for enterprises. Its open-source model usage volume is globally leading. In addition, ByteDance's DouPao large model also performs excellently. Q: Specifically, for leading startups represented by MiniMax and Zhipu AI, what are their market share and industry position? Compared to models from large companies such as Baidu Wenxin and Alibaba Tongyi, where does their differentiation lie? Li Qing China Director at Frost & Sullivan Both MiniMax and Zhipu AI are core members of the 'Six Tigers' of large model industry. MiniMax's technical strength is internationally recognized, with its open-source model MiniMax-M2 performing excellently in global authoritative evaluations, while Zhipu AI stands out in developer ecosystem construction. However, at the foundational model level, their substantial differences from large model companies are actually limited. Current mainstream large models generally train on public datasets, and their architectures mostly adopt standard Transformers or their improved versions. Coupled with the fact that many models are open-source, the technical path is highly convergent, making 'building foundational models' itself difficult to form a real barrier. Q: Both companies face the challenges of huge R&D investment and non-profitability. Is their 'burning money' model healthy? What is the key path to profitability? How important is listing fundraising for them to achieve this path? Li Qing China Director at Frost & Sullivan As a capital and technology-intensive track, large models require continuous massive funding for underlying architecture research and development, computing power investment, and data accumulation. Global companies like OpenAI and Anthropic have also experienced long-term investment phases. However, if they rely on external fundraising for 'blood transfusion' and lack a clear revenue loop, this burning money model is essentially unsustainable and cannot be considered healthy. Listing fundraising can only alleviate financial pressure in the short term, supporting technology iteration and market expansion; it is an accelerator, not a cure. If they cannot verify large-scale monetization capabilities within 1-2 years after going public, relying solely on capital to sustain will be difficult to support long-term competition. The truly healthy path is to make revenue growth outpace the rate of burning money. The key path to profitability can be summarized into three points: first, strengthen the revenue loop of APIs and customized services; second, deeply cultivate high-adhesion niche scenarios; third, optimize cost control by innovating architecture and adapting domestic chips to reduce dependence on high-priced imported computing power and reduce cost losses in the inference phase. Listing fundraising plays an indispensable supporting role in this profit path. On one hand, in terms of research and development, funds raised through listing can support their continuous model iteration and expansion of the open-source ecosystem to cope with the competition for computing power and technology from large companies; on the other hand, in terms of commercialization, funds can help expand overseas markets, build channels, and improve customer service systems.   Q: Looking ahead to the next 2-3 years, which decisive trends will emerge in the Chinese foundational large model market? What is the biggest risk they may face? What is the estimated market size? Li Qing China Director at Frost & Sullivan Looking ahead, there are four decisive trends: 1. Parallel development of open-source and closed-source: Enterprises build developer ecosystems and enhance their technical influence through open-source foundational models while retaining closed-source versions of core capabilities for commercial monetization. 2. Accelerated implementation of multimodal and intelligent agent integration, with models shifting from single text and image interactions to cross-modal, manipulable intelligent agent forms, deeply penetrating into physical industries such as manufacturing and intelligent driving. 3. Accelerated process of domestic substitution, with more mature adaptation of domestic chips, frameworks, and models, and the localization rate of computing infrastructure is expected to rise above 40%, reducing industry dependence on overseas hardware. 4. Compliance becomes a basic threshold, with compliance requirements such as data security and model alignment forcing enterprises to improve their technology and management systems. The biggest risks they may face include industry internal strife caused by homogenization competition and supply chain risks related to core technologies and computing power. Currently, high-end computing chips still rely on imports, and if overseas restrictions intensify, it may affect the model iteration progress of some enterprises. *This interview has been published in The Financial Times, with reporter Li Guohui, and the original title was: 'The world's first 'big model' stock' may be born!'

On December 22nd, the Hong Kong Stock Exchange witnessed another grand occasion with the simultaneous ringing of four gongs. Exclusive industry advisor Frost & Sullivan extended their warmest congratulations. Nanhua Futures (2691.HK) , Ming Kee Hospital (2581.HK) , Hua Fen Biology (2396.HK) , Impression Dahongpao (2695.HK) Successfully listed on the Hong Kong Stock Exchange!   All four companies have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan) as their trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for the choices and trust of our customers, and we will live up to our commitments by continuing to accompany more companies in achieving higher-quality development in the capital market with professional services!   Frost & Sullivan (Frost & Sullivan) has always been a leader in helping companies go public in Hong Kong, boasting rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations. According to LiveReport's big data (statistical data as of December 31, 2025), from January to December 2025, as well as over a 36-month statistical period, Frost & Sullivan provided listing industry advisory services for 83 (market share of 72%) and 180 (market share of 71%) successful Hong Kong IPO companies, ranking first in terms of number.   Recommended Reading Winning it all! This week, 4 Hong Kong-listed companies were featured, with industry advisor Frost & Sullivan providing 100% coverage.   Industry consultants Frost & Sullivan are 100% involved, and there was another spectacular scene of four companies ringing the gong at the Hong Kong Stock Exchange in one day   Deeply involved in the gold industry track, Frost & Sullivan has won unanimous industry favor with its professional industry advisory services   78% of leading 'A+H' companies choose Frost & Sullivan's advisory services for their listings in Hong Kong.   Industry consultants Frost & Sullivan are 100% involved, and a 'major event' featuring eight companies going public on the Hong Kong Stock Exchange unfolds over a week   Nanhua Futures Co., Ltd. (Stock Code: 2691.HK)   Nanhua Futures Co., Ltd. Positioned as a leading futures company in China, it provides futures and derivatives services both domestically and internationally by virtue of its in-depth understanding of the needs of Chinese and overseas clients, as well as its keen insight into the global financial and derivatives markets.   BenQ Healthcare Group Co., Ltd. (Stock Code: 2581.HK)   BenQ Healthcare Group Co., Ltd. It is a private for-profit comprehensive hospital group in the Chinese mainland, currently owning and operating two private for-profit comprehensive hospitals. Calculated based on total revenue in 2024, the company is the largest private for-profit comprehensive hospital group in East China, holding a market share of 1.0% in the region; by the same measure, it ranks seventh among all private for-profit comprehensive hospital groups nationwide, with a market share of 0.4% in China; calculated based on average bed income in 2024, the company ranks first among all private for-profit comprehensive hospital groups in mainland China.   Huafeng Biotechnology (Qingdao) Co., Ltd. (Stock Code: 2396.HK)   Huafeng Biotechnology (Qingdao) Co., Ltd. It is an innovative biopharmaceutical company focusing on wound healing and tissue repair. The company selects indications based on unmet clinical medical needs, deeply invests in the field of wound healing treatment, and takes platelet-derived growth factor (PDGF)-related drugs as the core R&D pipeline.   Impression Dahongpao Co., Ltd. (Stock Code: 2695.HK)   Impression Dahongpao Co., Ltd. is a leading cultural and tourism performance company in China, dedicated to building around local characteristic cultural resources Immersive cultural and tourism experience The business mainly includes performances and related services, the Impression Cultural Tourism Town business, and the Chaotang Hotel business.   During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong stock market and overseas. It is a leading enterprise in the field of investment and financing strategy consulting in China. Frost & Sullivan has long cooperated closely with globally renowned investment banks, accounting firms, law firms, investment institutions, and industry-leading enterprises to build an efficient domestic investment and financing demand matching platform, enabling it to quickly form comprehensive consulting service teams. Over the past decade, Frost & Sullivan has consistently ranked first in the market share of professional industry consultants for Chinese companies listing on the Hong Kong stock market and overseas; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses of leading A-share and science and technology innovation board listed companies, primary and secondary market research reports, and other capital market disclosure documents.  

On December 22nd, the Hong Kong Stock Exchange witnessed another grand occasion with the simultaneous ringing of four gongs. Exclusive industry advisor Frost & Sullivan extended their warmest congratulations. Nanhua Futures (2691.HK) , Ming Kee Hospital (2581.HK) , Hua Fen Biology (2396.HK) , Impression Dahongpao (2695.HK) Successfully listed on the Hong Kong Stock Exchange!   All four companies have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan) as their trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for the choices and trust of our customers, and we will live up to our commitments by continuing to accompany more companies on their capital market journey towards higher-quality development with professional services!   Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of September 30, 2025), from January to September 2025, and during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services for 47 (market share 72%), 62 (market share 69%), and 162 (market share 70%) Hong Kong IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations.   Nanhua Futures Co., Ltd. (Stock Code: 2691.HK)   Nanhua Futures Co., Ltd. Positioned as a leading futures company in China, it provides futures and derivatives services both domestically and internationally by virtue of its in-depth understanding of the needs of Chinese and overseas clients, as well as its keen insight into the global financial and derivatives markets.   BenQ Healthcare Group Co., Ltd. (Stock Code: 2581.HK)   BenQ Healthcare Group Co., Ltd. It is a private for-profit comprehensive hospital group in the Chinese mainland, currently owning and operating two private for-profit comprehensive hospitals. Calculated based on total revenue in 2024, the company is the largest private for-profit comprehensive hospital group in East China, holding a market share of 1.0% in the region; by the same measure, it ranks seventh among all private for-profit comprehensive hospital groups nationwide, with a market share of 0.4% in China; calculated based on average bed income in 2024, the company ranks first among all private for-profit comprehensive hospital groups in mainland China.   Huafeng Biotechnology (Qingdao) Co., Ltd. (Stock Code: 2396.HK)   Huafeng Biotechnology (Qingdao) Co., Ltd. It is an innovative biopharmaceutical company with wound healing and tissue repair as its core research direction. The company selects indications that meet unmet clinical needs, deeply invests in the field of wound healing treatment, and takes platelet-derived growth factor (PDGF)-related drugs as its core R&D pipeline.   Impression Dahongpao Co., Ltd. (Stock Code: 2695.HK)   Impression Dahongpao Co., Ltd. It is a leading cultural and tourism performance company in China, dedicated to building immersive cultural and tourism experiences around local characteristic cultural resources. Its business mainly includes performance services, Impression Cultural and Tourism Town business, and tea soup hotel business.   During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly three thousand companies successfully list in Hong Kong and overseas, making it a leading enterprise in the field of domestic investment and financing strategy consulting. Frost & Sullivan has long cooperated closely with globally renowned investment banks, audit firms, law firms, investment institutions, and industry-leading companies, establishing an efficient domestic investment and financing demand matching platform that can quickly form comprehensive consulting service teams. Over the past decade, Frost & Sullivan has continuously ranked first in the market share of professional industry advisory services for Chinese companies listing in Hong Kong and overseas; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses of leading A-share and STAR Market listed companies, as well as in primary and secondary market research reports and other capital market disclosure documents.