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

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

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

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

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

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

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

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

3 month 18 Sponsored by the China Advertising Association and co-hosted by the National Advertising Research Institute and Frost & Sullivan "2026 New Era Brand Development Forum " Held at the Shanghai Waldorf Astoria Hotel, co-hosted by Frost & Sullivan and LeadLeo Research Institute for the first time release oriented global of Enterprise-level solve scheme ——   " Enterprise Trusted Knowledge Network " KNIT （ Integrity and Trust Knowledge Network ) , for AI Enterprise Credible Knowledge Network of Times of Construct provide official of define and concept Interpretation , system response AI illusion down of enterprise brand Marketing and Cognitive Management should that how Construct and respond Possibly of Challenge at AI In the era, large models have become the core entry point for information and decision-making, with customers, investors, and partners becoming increasingly reliant on them AI Obtaining enterprise information has brought to light issues related to the industry ecosystem. this year 315 Exposed at the gala AI The data feeding industry chain manipulates recommendation results by targeting and feeding false information, seriously disrupting market order. . And the data poisoning caused by the influx of marketing content into corpora, AI Insufficient information " Reasonably complete " The algorithmic illusions created, along with the blurred perception of a company's true value, have diluted into three major systemic risks that companies face. Against this backdrop , Frost & Sullivan in collaboration with LeadLeo Research Institute propose to build " Enterprise Trusted Knowledge Network " help enterprises proactively manage key fact expressions and cognitive structures, and build them from the source so that they can be AI Stabilize the understanding and cited knowledge system, and rebuild the enterprise in AI The cognitive dominance of the era. From the official definition, " Enterprise Trusted Knowledge Network " yes oriented Enterprise-level cognitive infrastructure solutions for the AI era , With real-world data, authoritative research conclusions, structured graphs, third-party verification results, and traceable information sources as core components, A six-layer structured engineering approach, including AI cognitive baseline diagnosis, real-world validation, authoritative fact anchoring, knowledge structuring engineering, trustworthy content diffusion, continuous monitoring, and cognitive consolidation, weaves the scattered unstructured information of enterprises into a standardized knowledge system that can be stably understood, cited, and reused by AI. . its The core goal is to help enterprises master In the era of AI, cognitive dominance ensures that one's own company is correctly understood by the market. It enables AI to reliably reference core values and key data of the enterprise based on accurate premises, while avoiding systemic risks such as data poisoning, algorithm hallucinations, and cognitive dilution. It transforms key facts of the enterprise into credible digital assets that can be called upon and accumulated over time. " Enterprise Trusted Knowledge Network " of first Advocate Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan China, said, "KNIT The enterprise trusted knowledge network will be a set oriented towards AI The core goal of the enterprise-level cognitive infrastructure of the era is to ensure that enterprises maintain a clear, accurate, and stable knowledge architecture and external expression in complex algorithm environments. " at AI Generation engine optimization for the era GEO In practice, dark web speculators use language manipulation and data fudging to create false exposures, ultimately accumulating digital garbage. . and based on KNIT of GEO Adhering to a long-term approach, based on credible content sources, and through rigorous traceability AI The output is credible, and through real-person, real-machine testing, it achieves true accessibility. Ultimately, it integrates the enterprise's knowledge system into the underlying knowledge graph of large models, establishing long-term brand recognition and industry discourse power. On the forum, Wang Chenhui, Managing Partner and President of Frost & Sullivan China, together with Lu Lei, Secretary-General of the Shanghai Information Service Industry Association, Guo Chenjian, Vice President of the Shanghai Consulting Industry Association, Xu Zhenting, Secretary-General of the Council of the National Advertising Research Institute and Director of the Brand Lab, and co-founder of LeadLeo CEO Yang Xiaocheng witnessed the launch together, marking the official transition of enterprise brand management from " Dissemination competition " Step into " Cognitive Management " New stage. KNIT The emergence not only enables enterprises to get out of the predicament of passively waiting for algorithm definition but also promotes AI The two-way regulation of industry and brand building returns brand building to its proper place " true " Essence, and also AI The information sources of large models are more credible. In the future, as KNIT With the popularization of cloud computing, enterprises will AI The era firmly holds the cognitive dominance, and the entire business ecosystem will achieve healthier and sustainable development based on a real and accurate knowledge system. This is precisely KNIT The core value is not only to make the company visible to more people but also to ensure that it is correctly understood, maintaining the true value of the brand in the world of algorithms.  

  Regarding our company's active response to and implementation of the regulatory requirements related to advertising citations by the State Administration for Market Regulation , Public Notice on Complying with Compliance Operations     Recently, our company has noticed that the Advertising Supervision Department of the State Administration for Market Regulation has carried out a preliminary public solicitation for the 'Advertising Citation Content Enforcement Guidelines (Draft for Soliciting Opinions)' regarding the supervision and management of advertising citations. Recently, it has released a document to the public on strengthening Notice on the Supervision of Promotional Language in Advertising In response to the successive notice, opinion, and detailed rules issued by regulatory authorities, our company actively responds to the policy guidance direction of the regulatory departments and has implemented a number of specific optimization and enhancement measures. The company management hereby synchronously discloses the relevant internal resolutions and progress as follows:   1. Our company has already implemented internal policies for service categories closely related to the Advertising Attribution Content Enforcement Guidelines, such as For the "Market Positioning Statement" and "White Paper" businesses, all employees have received systematic and in-depth training and education to ensure that they are aware of the risks associated with advertising citation content regulation in future operations. / Brand owner needs, with clear identification and reasonable guidance.   2, Our company has recently signed or is in the process of signing project A comprehensive review has been conducted , And initiate review of compliance matters. For projects that may trigger advertising citation content risks, work with the customer / Brand owners communicate fully and resolve issues in a timely manner. Standardize the dissemination and citation of related content. Ensure compliance with the latest regulatory opinion requirements.   Our company commits to strictly adhering to the advertising compliance baseline from today onwards, resolutely responding to and implementing the opinions and notices of regulatory authorities. At the same time, we sincerely accept supervision from all sectors of society to jointly maintain a harmonious and fair market consumption environment.       Frost & Sullivan 2026 year 3 month 2 4 day