In recent years, among the many seasonal products, drifting across half the globe 20,000 Kilometers of Chilean cherries are considered top-notch, successfully occupying the Chinese dining table C Bit. What is the difference between cherries and plums? What is the market size of cherries? How much room for growth is there? Under what circumstances in the future could cherries become a cheap fruit like apples, bananas, and pears? Frost & Sullivan Frost & Sullivan Kang Jiaxing, a consulting analyst at Frost & Sullivan's Greater China region and referred to below as 'Frost & Sullivan', was interviewed by Titanium   The "Huanan Live Room" program, and   Originally, Bian Ning, General Manager of the Life Network Operation Center, and Zhou Zheyu, a senior import fruit buyer at Dingdong Grocery Shopping,   Discuss the above topics together. Titan Media Q From the perspectives of variety, quality, price, region, etc., recently 5 year -10 What are the changes in fruit consumption during the Spring Festival each year? From an industry research perspective, what are the reasons for these changes? Kangjiaxing Consulting Analyst, Greater China, Frost & Sullivan   Based on the fruit consumption data of the past five years, the changing trend shows characteristics such as an increasing diversity of fruit varieties, continuous improvement in fruit quality, and becoming more normalized importation. I believe there are mainly two reasons:   1 Consumption upgrade. China's rapid development over the past few years, along with a continuous trend of rising income, has driven people's consumption upgrade, leading to an increasing demand for high-quality fruits. Thanks to this trend, high-quality fruit categories are particularly favored by the market.   For example, the retail sales of durians 2019 Renminbi in [year] 210 RMB billion growth to 2021 Renminbi in [year] 524 Yuan, ranking first among imported fresh fruit categories in China, accounting for approximately 31.7% , with a compound annual growth rate of 57.7% It far exceeds the growth rate of other fruit categories. It is expected that in the next five years, durian, cherry, and mangosteen will still be among the top three fruits in terms of consumption growth rate among major fruit categories in China.   2 Imported fruits are imported. Compared to domestic fruits, imported fruits can provide better taste and higher quality without being limited by climate or season. The market scale of imported fruits in China, measured by retail value, has been 2017 year 727 RMB 10 billion, an increase of 2021 year 1,640 RMB 10 billion, with a compound annual growth rate of 22.5% The growth rate is relatively fast. In terms of origin, Southeast Asia and Chile in the Southern Hemisphere have become the main sources of fresh fruits imported by China due to their tropical climate, off-season nature in the Southern Hemisphere, and favorable tariffs. 2021 In [year], the retail sales of imported fruits from Southeast Asia alone accounted for approximately 63.2% . Q What is the market size of cherries? What is their market position among fruit categories? What is the future growth potential? Kangjiaxing Consulting Analyst, Greater China, Frost & Sullivan     1 Market scale:    just 2021 In terms of annual consumption, the annual consumption of cherries in our country is about 90 10,000 tons, while the market launch time of domestic cherries is mostly concentrated in 5 - 7 In certain months, other months rely solely on imports, resulting in imported cherries typically being the main source of cherries during China's Spring Festival season. According to public information, our country started as early as 2021 The annual import volume of cherries reached 31 Around [X] tons, of which imports from Chile accounted for about 30 10,000 tons, accounting for more than 90% Due to the acceleration of customs clearance speed domestically after the lifting of restrictions, coupled with significant price cuts for imported cherries this year, it is expected that the domestic sales volume of Chilean cherries this year will exceed expectations 35 10,000 tons.   2 Market position:   In the past three years, imported cherries have always ranked at the top tier of fruits during the Spring Festival season. According to customs data, as early as 2020 In [year], the import value of imported cherries in China accounted for 14.9% has become the second largest imported fruit in China. although 2022 The statistical figures for the year have not been released yet, but based on data released from Guangzhou Jiangnan Wholesale Market, the largest wholesale market for fruits and vegetables in the country, this year's imported cherries have already accounted for 20% As mentioned above, sales have been extremely brisk.   3 (Growth space:   2018 Year-end 2022 In the year, Chile's cherry exports 18.7 Ten thousand tons grew to 35.6 10,000 tons, with a compound growth rate of 17.46% But in fact, 2019 Year-end 2021 The year has already achieved a 19 Ten thousand tons to 35 Ten thousand tons multiplied by ten, of which for Chile itself, the proportion of exports to China has been increasing year by year, from 2020 It has stabilized at since 90% Above.   Due to the booming sales of cherries, both domestic and international production and imports have been increasing year by year, leading to a gradual decline in prices. Although China has become the world's largest consumer and importer of cherries, per capita consumption is still relatively low. In the future, as the price of cherries continues to decline, demand for cherries will gradually spread from the Spring Festival and become affordable fruits in people's daily lives. By then, annual consumption of cherries is expected to exceed a new level. Q Who is the target market for cherries? Kangjiaxing Consulting Analyst, Greater China, Frost & Sullivan   Based on online data, 1 ) Looking at the gender ratio, it is probably male 40% woman 60% Proportion; 2 ) By age group, 25 - 34 The proportion of young people aged is close to 50% . 3 From the perspective of prefecture-level cities, people from first- and second-tier cities account for nearly half. However, the proportion of young consumers in third- and fourth-tier cities is also increasing year by year, indicating huge future consumption potential. Based on offline conditions, offline consumers mainly purchase from vegetable and fruit markets' retail stores on a household basis, with a relatively scattered distribution. Q Even though 'cherries 4 The price has been halved annually, but many netizens say they can't afford it. Under what circumstances could cherries become an affordable fruit like apples, bananas, and pears in the future? Kangjiaxing Consulting Analyst, Greater China, Frost & Sullivan     1)  Consumer habits and psychology:    In recent years, the output of domestic cherries has been increasing continuously, while wholesale prices have also been falling. 2015 Year-end 2019 Annual average decline 8.2% However, due to the consumption habits of Chinese consumers, who prefer to consume off-season cherries during the Spring Festival, and the general belief that imported cherries have better quality and taste than domestic ones, there is often a shortage of imported cherries in winter in China, leading to high prices for imported cherries.   2 Technologies (off-season planting and storage):   Since domestic cherries in China are generally concentrated in 5 — 7 The market is launched in certain months, while the rest rely on imports, which is also why cherries remain at high prices. Breakthroughs in off-season planting and storage techniques have the potential to bring about new situations.

How do you view the impact of the three years of the pandemic on the industry? Will sectors such as nucleic acid testing, vaccines, and COVID-19 drugs gradually withdraw from the historical stage? Can the profitability of related pharmaceutical companies continue? How do you view 'the past 2022 Is the view that "the year is a cold winter for the industry"? What impact will the novel coronavirus have on the industry if it is treated as a "Class B, Level 2" disease? To sustain healthy development and emerge from the cold winter, what efforts are needed? In terms of medical insurance negotiations and volume-based procurement, has the price reduction trend become more moderate? Which tracks will still be affected by medical insurance negotiations or volume-based procurement? What suggestions are there for the transformation of domestic and foreign pharmaceutical companies? Frost & Sullivan Frost & Sullivan Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, was interviewed    "Blue Whale Finance"    Interview, joint discussion 2023 Annual development trends of the medical industry. Blue Whale Finance Q How do you view the impact of the three years of the pandemic on the industry? Will sectors related to anti-pandemic measures such as nucleic acid testing, vaccines, and COVID-19 drugs gradually withdraw from the historical stage? Can the profitability of related pharmaceutical companies continue? fattening Partner and Managing Director of Frost & Sullivan Greater China Region   The impact of the three-year COVID-19 pandemic on the healthcare industry has been tremendous. Market demand for medical protective products, disinfectants, nucleic acid testing kits, vaccines, and COVID-19 drugs has increased sharply. Relevant enterprises have expanded production capacity and increased investment in product research and development over these three years. However, with the recent optimization of national epidemic prevention policies, except for COVID-19 drugs, China's demand for related products and services has relatively decreased. After the recent peak of infections, the demand for COVID-19 drugs will gradually decline. In the future, after the COVID-19 pandemic is controlled and stabilized, market demand for epidemic prevention products, nucleic acid tests, vaccines, and other products will gradually decrease until the demand level is comparable to that of other infectious diseases such as influenza A and B. On the other hand, due to the enhanced public awareness of infectious disease prevention and the emergence of various new infectious diseases globally in recent years, nucleic acid testing and vaccines remain important means for detecting and preventing infectious diseases, and market demand will continue. After the peak infection period, the national demand for COVID-19 antigen test kits and other products will gradually decrease, and there are already many approved antigen test kits on the market, which may lead to a decline in revenue from this segment of COVID-19 test kits. Q past 2022 Some people believe it is a winter for the industry this year. What's your view? Has the industry already emerged from the winter? fattening Partner and Managing Director, Greater China, Frost & Sullivan   Just past 2022 In mid-year, multiple cities across the country implemented epidemic prevention and control measures such as lockdowns and social distancing. Cities came to a halt, factories shut down, and entry and exit became difficult. This has brought inconvenience to enterprises in carrying out various tasks, and there is an 'cold winter' period for all industries. However, as the country 2022 At the end of the year, continuous optimization of COVID-19 prevention and control measures was carried out, and entry-exit management conditions were relaxed. This is a favorable policy for all industries. 2023 In the year, industry development and exchanges will be greatly reduced due to the impact of the COVID-19 pandemic. China's economy will enter a stage of rapid recovery and development, and the industry will gradually emerge from the cold winter. Q The novel coronavirus has become a 'Category B, Managed at Level 2'. What impact do you think it will have on the industry? For the health industry to continue developing in a healthy manner and emerge from the winter slump, what efforts do you think are needed? fattening Partner and Managing Director, Greater China, Frost & Sullivan   The novel coronavirus will be classified as 'Category B with Level 2 Management,' marking that the state deems its harm to humans reduced in terms of institutional procedures and no longer requires strict management as a Class A infectious disease. China will gradually return to its normal economic and living state before the COVID-19 pandemic. For the healthcare industry, in the future, China's focus on the novel coronavirus will shift from epidemic prevention and control to disease treatment. There is still a significant demand for COVID-19 antigen testing and epidemic prevention items at this stage. For non-COVID-related medical sub-industries, their R&D cooperation or production expansion was limited by the pandemic in the previous three years. Now, with the optimization of epidemic prevention policies, industries have seized the opportunity to accelerate the deployment of R&D and production work. For industries such as nucleic acid testing and the R&D and production of epidemic prevention items, due to policy changes, market demand will rapidly shrink. Enterprises can use relevant technology platforms to expand product or disease areas, enrich their own R&D and production pipelines, accelerate the construction of core technical barriers, and expand the potential market space for products. Q Which tracks or technologies do you see as having the most potential in the future? fattening Partner and Managing Director of Frost & Sullivan Greater China Region   The future of vaccines will be an important and promising area. Firstly, due to the impact of the COVID-19 pandemic over the past three years, public awareness of vaccines has greatly improved. In the face of infectious diseases, the public's acceptance of vaccination is relatively high. Secondly, in recent years, the COVID-19 vaccine has promoted the improvement of China's vaccine review and approval system, and the construction of China's vaccine management system has also continued to enhance. In recent years, there have been advancements in pneumonia vaccines, HPV In areas such as vaccines and shingles, there have been some 'blockbuster' innovative vaccines worth billions of dollars, especially HPV As soon as the vaccine was launched in China, it experienced a 'rarity' situation where 'one dose is hard to come by'. Domestic vaccine manufacturers are also accelerating their related research and development efforts to seize the high-growth opportunities in the vaccine industry. In addition, in the post-pandemic era, there will be an increased focus on new cell and gene therapies. Their technologies and preparation processes are significantly different from traditional small molecule and large molecule drugs, offering unique therapeutic advantages for some complex and refractory diseases. National policies and capital enthusiasm are driving their rapid development, with expectations for more good technologies and products to enter the market. Q In terms of medical insurance negotiations and volume-based procurement, has the price reduction trend become more moderate in recent years? Will it have further impacts on the industry? Or rather, which tracks will still be affected by medical insurance negotiations or volume-based procurement? fattening Partner and Managing Director of Frost & Sullivan Greater China Region   1 month 5 Today, a new round of medical insurance negotiations officially commenced. This round of negotiations includes 343 The drug has officially passed the formal review. In recent years, there have been frequent reports of experts engaging in 'soul bargaining' during medical insurance negotiations and volume-based procurement. The trend of 'moderated price cuts' is influenced by various factors such as drug innovation costs, clinical value, and cost control needs. Ensuring that ordinary people can access high-quality and affordable medicines is an important task of the Chinese government. During this healthcare negotiation, key areas included COVID-19 drugs, high-value rare disease medications, and new anti-tumor drugs. Pharmaceutical negotiations and volume-based procurement are related to the pricing and sales of relevant products. Whether a company successfully negotiates healthcare deals or obtains volume-based procurement not only affects the company itself but also has a significant impact on the entire industry. Q Both domestic and foreign-funded pharmaceutical companies are undergoing transformation. Have you noticed any new trends? What suggestions do you have for the transformation of domestic and foreign-funded pharmaceutical companies? fattening Partner and Managing Director of Frost & Sullivan Greater China Region   Currently, digital transformation is a major trend in the transformation of pharmaceutical companies. The topic of the digital economy has been discussed for many years, and pharmaceutical companies can fully utilize the advantages of digital storage, real-time transmission, and efficient analysis. It can provide scientific decision-making support for enterprise data management and analysis, cost control, personnel management, and more. At the same time, emerging pharmaceutical e-commerce also relies on digitalization. The development of pharmaceutical e-commerce business can open up larger markets for pharmaceutical companies, which is conducive to market education and targeted promotion of products, bringing new growth drivers to the enterprise. Therefore, pharmaceutical companies should accelerate their own digital transformation, efficiently use digital tools, and further expand market space.   * This interview was published on Blue Whale Finance, with reporter Tu Jun as the lead contributor. The original title was    "The    2023 Annual Outlook | The healthcare industry may emerge from the winter slump, with vaccines potentially becoming a potential track to replace epidemic prevention products, and digital transformation accelerating further.    >>    (Click on "Read the Original Article" at the end of the text to view the full report).

How do you view Chinese pharmaceutical companies? 2022 Overall situation of overseas listings in the year, 2023 Will there be new changes in the coming year? Currently, there are multiple financing channels available overseas, such as Hong Kong and US stocks, Singapore, etc. What are their respective advantages, and how should pharmaceutical companies make appropriate choices? A Private Placement on the Stock Market, Hong Kong Stock Market IPO listing Compared with financing channels, GDR What are the advantages and disadvantages? 2022 In recent years, many enterprises have chosen to list on European markets such as Switzerland. What are the main considerations, and will it become a 2023 Trend of corporate listings in the year? Frost & Sullivan Frost & Sullivan Chen Zhenrong, Frost & Sullivan's Healthcare Industry Consulting Director for Greater China, was interviewed by Finance & Health for a joint exploration of 2023 The journey of healthcare companies going public. Finance & Big Health Q How do you view Chinese pharmaceutical companies? 2022 Overall situation of overseas listings in the year, 2023 Will there be new changes in the year? Chen Zhenrong Frost & Sullivan Greater China Healthcare Industry Consulting Director   2022 In [year], the number of Chinese biopharmaceutical companies going public overseas increased year-on-year 21 The decline was significant, with Hong Kong stocks still being the main focus. In terms of the US stock market, affected by macro factors such as the COVID-19 pandemic, US interest rate hikes, and geopolitics, the US Congress 2020 The Foreign Companies Accountability Act passed in 2019 It poses a very severe challenge to Chinese concept stocks. However, it is worth noting that new additions 2 A homegrown biopharmaceutical company successfully listed on the Hong Kong Stock Exchange GDR . It is expected that with the weakening impact of the COVID-19 pandemic and geopolitics, the number of Chinese biopharmaceutical companies going public overseas will recover, and the options for overseas listing will become more diversified. Special Purpose Acquisition Company SPAC The listing mechanism allows shell companies without actual business operations, which serve as a listing intermediary, to raise funds through an initial public offering. After listing, they can use the raised funds and refinancing within a preset period to merge with a target company through forms such as mergers, share purchases, share exchanges, asset acquisitions, and reorganizations. This enables the non-listed company to ultimately obtain a listing status. Compared to traditional IPO listing It makes the listing process simpler, faster, and less costly. Currently, the Hong Kong Stock Exchange has also launched SPAC Mechanisms have been established, and relevant articles of association have been issued for listing guidance. Global Depository Receipts GDR A depositary receipt is a type of financial instrument issued by a depository institution, available to markets in multiple countries. It is used to raise funds in US dollars or euros. GDR Allowing the trading of company stocks in countries where there is no stock market, thereby enabling investors to invest in the shares of companies that are not listed on the local stock market. GDR Enables outstanding enterprises that are already listed domestically to issue overseas to obtain financing, compared to the traditional A+H The method is more convenient. Q Currently, there are multiple financing channels available overseas, such as Hong Kong and US stocks, Singapore, etc. What are their respective advantages, and how should pharmaceutical companies make appropriate choices? Chen Zhenrong Executive Director, Greater China, Frost & Sullivan   For enterprises, choosing the initial listing location is usually a comprehensive consideration that includes whether it meets the listing conditions of the corresponding exchange, regulatory policies, valuation performance, liquidity, ease of refinancing, listing costs and time, as well as the clustering effect of enterprises. In fact, for most biopharmaceutical companies, they face the situation where they need a large amount of capital to drive research and development progress but cannot achieve profitability in the short term. In such cases, the exchange listing conditions and corresponding regulatory policies become a rigid threshold. Hong Kong Stock Exchange HKEX There are special incentive policies for biopharmaceutical companies going public, which are as follows: 2018 In the year, Rule 18 of the Listing Rules was established A Zhang, allowing unprofitable biotech companies to go public in Hong Kong, with a relatively low threshold, and a market value of up 15 It costs HK$100 million, but the downside is that Hong Kong stocks currently have poor liquidity, and at the same time, the price-earnings ratio for biotech companies is relatively low. U.S. stocks are split between the NASDAQ NASDAQ ) and the New York Stock Exchange NYSE Taking the NASDAQ exchange, where biotech companies are more commonly listed, as an example, among companies listed on NASDAQ, healthcare companies are the most numerous and constitute the highest proportion of the sector, with a clear clustering effect of enterprises. At the same time, NASDAQ has three tiers: 'NASDAQ Global Select Market', 'NASDAQ Global Market', and 'NASDAQ Capital Market', which are designed to cater to different growth stages of enterprises and have different listing standards. NASDAQ is undoubtedly one of the most mature and liquid capital markets globally, with its high audit efficiency and convenient refinancing being advantages that businesses should consider.   However, companies also face potential risks such as short-selling and class-action lawsuits. Moreover, U.S. stocks are significantly affected by international political situations to a certain extent. Whether listing in the U.S. is allowed, whether the company's market value will be affected by geopolitical factors after listing, and these are also factors that companies need to consider. In recent years, the Singapore Exchange SGX ) has also become a popular destination for domestic companies seeking overseas listings. Although the healthcare sector has become a distinctive segment of the New Third Board, its price-earnings ratio is not low. Currently, there are still few cases of domestic biopharmaceutical companies listing on the New Third Board, mainly due to the less ideal regulatory and liquidity conditions compared to the Hong Kong Stock Exchange. Q and A Private Placement, Hong Kong Stock Market IPO listing Compared with financing channels, GDR What are the advantages and disadvantages? Chen Zhenrong Executive Director, Greater China, Frost & Sullivan   2022 year 2 In the month, the China Securities Regulatory Commission (CSRC) issued the "Regulatory Provisions on the Interconnection and Depository Receipt Business of Securities Exchanges within and Outside China", expanding the "Shanghai-London Stock Connect" to the "China-Europe Stock Connect", thus broadening the interconnection financing channels. On one hand, it allows listed companies on the Shenzhen Stock Exchange to issue GDR On the other hand, it has also expanded its scope to major European securities markets such as the Hong Kong Stock Exchange. GDR Compared with domestic private placements and overseas dual listings, in addition to domestic listed companies whose market value is not less than RMB 200 Beyond the 100 million yuan threshold, it has advantages in various aspects such as issuance pricing, review cycle, trading restrictions, and issuance intervals: Compared with domestic private placements,   through issuance GDR By introducing international and domestic strategic investors, financing channels at home and abroad can be expanded. This can achieve goals such as promoting business development, enhancing internationalization, advancing the international development strategy, optimizing shareholder structure, and reducing equity dilution risks. Compared with overseas dual listings,   with A Shareholding company H Dual listing in Hong Kong through rights issue (commonly referred to as A+H ) as an example, GDR The approval and disclosure requirements for listing are relatively lower, the issuance and listing process is faster, and the costs incurred are also lower; in addition, the Swiss Exchange accepts the 'Accounting Standards for Business Enterprises of the People's Republic of China', which helps Chinese enterprises overcome a major obstacle to overseas listing while complying with Chinese laws. Q 2022 In recent years, many enterprises have chosen to list on European markets such as Switzerland. What are the main considerations and whether it will become a 2023 Trend of corporate listings in the year? Chen Zhenrong Executive Director, Greater China, Frost & Sullivan   SEHK relative to others GDR In terms of issuance location, it has three major advantages: a stable macro environment, high valuation, and sufficient capital. Switzerland is one of Europe's major financial centers, with a developed banking and insurance industry. It has a stable innovation, competitiveness, and economic environment. Moreover, as a permanent neutral country, it can provide a relatively stable political environment. At the same time, the SIX Swiss Exchange is one of the largest and most liquid exchanges in Europe. Its stable macroeconomic and financial environment, as well as the exchange rate of the Swiss franc, are conducive to the issuer's valuation and the continuous stability of its market value. It also allows issuers to access a globally leading pool of capital-rich and experienced Swiss investors and international investors in the cross-border wealth management industry.   Considering that the Hong Kong Exchange also has an excellent industrial concentration in the pharmaceutical industry, including global large biopharmaceutical companies such as Novartis and Roche, the Hong Kong Exchange is somewhat attractive to domestically listed biopharmaceutical companies that meet the standards. It is expected that 2023 In the New Year, more enterprises will choose to issue on the Ruixin Stock Exchange GDR .   * This interview was published in 'Finance & Big Health', with Xin Na as the reporter. The original title was     "The listing train of healthcare companies is heading to Switzerland?"    (Click the title to view the full report).

Suzhou International Science and Technology Park Industry Sharing Session      1    month 12 Today, Suzhou International Science Park, in collaboration with Frost & Sullivan, a leading consulting firm in the industry Frost & Sullivan The industry sharing event jointly organized by Frost & Sullivan and LeadLeo Research Institute, referred to below as 'Frost & Sullivan', was successfully held at the Artificial Intelligence Industrial Park.   This sharing session will focus on four major artificial intelligence sub-industries: integrated circuits, machine vision, industrial software, and optical communications. Dr. Wang Xin, a global partner at Frost & Sullivan, President of Greater China, Founder and Chairman of LeadLeo, and Founder of YUAN CAPITAL, will serve as the keynote speaker. At the beginning of his speech, Dr. Wang Xin stated, 2022 The year is a historic one for the semiconductor industry, looking back 2022 In [year], the semiconductor boom is over, market conditions began to decline, and global semiconductor sales growth slowed significantly in the second half of this year. A cyclical market is expected to continue until 2023 The market will rebound in the second half of the year. In addition, the ongoing tensions between the US and China continue to affect the global supply chain, and the development prospects of China's semiconductor industry are fraught with many uncertainties. As a result, the path for China's semiconductor industry remains long and snowy.   This sharing session will delve into the development history of China's semiconductor industry, as well as explore the future opportunities and challenges of the industry. Global Partner and President of Greater China at Frost & Sullivan, Founder and Chairman of LeadLeo, and Founder of YUAN CAPITAL Dr. Wang Xin   Dr. Wang Xin pointed out that the importance of the Chinese market to the global semiconductor industry is self-evident.       As of now, the Asia-Pacific region remains the largest regional semiconductor market, with China being the largest market in the region, accounting for 56% Global markets 35% , that is to say, China consumed about 35% semiconductor products.   However, Chinese local semiconductor companies only provide for the global 7.6% Semiconductor products, with their significant consumption and supply gap, have forced China to import a large amount of these products. The proportion of China's semiconductor imports in the industry's output value is also continuously increasing. 2010 year 11.24% , to 2015 year 13.69% , and then to 2020 year 16.97% ,   This also means that China's dependence on overseas semiconductor products is constantly increasing.   First is in terms of market share by sub-sectors ,   From the market share of various sub-sectors within semiconductors, it can be seen that the current advantages of the domestic semiconductor industry are mainly concentrated in capital- and labor-intensive areas such as semiconductor materials, wafer manufacturing, and packaging testing. In the research and development-intensive sub-sectors, such as semiconductor design software EDA , IP address Wait, Chinese semiconductor companies have performed weakly. Observing the gross profit margins of leading companies in various segments, the gross profit margins of upstream support sectors are generally higher, especially those with light assets. EDA , IP address In the authorization process, the gross profit margin is as high as 84% , 82% Design manufacturers benefit from the highly vertical division of labor across all links of the industrial chain, adopting Fabless Interactive Model, hence the gross profit margin is maintained at a relatively high level 60% At the same level, wafer manufacturing also has considerable gross profit due to technical barriers of advanced processes. 52% At a certain level, the beta testing phase is located in the mid-to-late stages of the industrial chain, with poor bargaining power. The gross profit margin is about 29% That is to say,   A large number of domestic semiconductor companies are still concentrated in sectors with low gross profit margins and weak R&D efforts. In several key, R&D-intensive, high-gross-profit-margin sub-sectors, there is still a long-term need for substantial imports from overseas. ,   The core links are controlled by other countries, putting the industrial chain in a passive position. In the future, the domestic semiconductor industry needs to expand into high-end fields. From the perspective of enterprise market value ,   As of 1 month 9 Today, TSMC, NVIDIA, Broadcom, and ASML rank among the top four in global semiconductor market value, all with a market value exceeding 1.6 Trillion yuan. The market values of China's northern companies, Huachuang Technology and Unigroup Microelectronics Corporation (UVIC), both exceed one trillion yuan, ranking among the highest market values of semiconductor enterprises in China Top 2 .   Overall, the market value of semiconductors in Mainland China lags far behind global markets The global semiconductor industry average has reached 1,557.1 100 million yuan, while the average in the Chinese mainland semiconductor industry is only 280 yuan, with a gap of about 5 times   The market value of NVIDIA alone is approximately equal to that of the Chinese mainland Top 20 The sum of market values of semiconductor companies 2.4 times,   Top 20 The global semiconductor market value is approximately equal to 14.7 Double that of the Chinese mainland Top 20 The sum of the market values of semiconductors ,   The huge market value gap also shows that China's semiconductor industry still has significant room for progress. In addition, as of 1 month 9 market value Top 10 In, U.S.-based companies dominate 8 The seat holds a clear advantage, and the Chinese mainland has not yet made it into the top ten, let alone the top twenty. The Chinese mainland has not yet cultivated world-leading semiconductor giants.   Judging from R&D investment ,   As of 2021 The global semiconductor R&D investment has reached 80.5 billion US dollars, compared to 2011 year 50.8 billions, growth 58.5% There has been a significant increase, with R&D investment in the Americas maintaining a strong upward trend. The proportion of R&D investment has changed from 2011 year 54.4% expanded to 2021 year 55.8% , improve near 1.4 percentage points   Contribute more than half, among which the United States maintains its leading position in R&D investment scale and is a research powerhouse.   Looking at the intensity of semiconductor R&D investment in various countries, the R&D investment in the US and Europe remains relatively strong, with the proportion of R&D investment to output value in both regions being 10% Above,   While China's proportion is only 7.6% lagging behind the United States by about 10 Percentage points indicate that China's investment in semiconductor research and development is insufficient, and more investment is still needed.   In terms of mass production processes,   Semiconductor process with 28nm As a demarcation line, it is divided into advanced processes and mature processes. In terms of demand, the demand for advanced processes is increasing year by year, while the demand for mature processes is relatively stable. China's semiconductor production capacity is mainly concentrated in 28nm The current process level of SMIC can reach up to the above mature and traditional processes 14nm , but mainly still focused on production 28nm Mainly chips above this level, and Hua Hong Semiconductor is also 2020 Announced that the process has reached 14nm However, the yield ratio only exceeded 25% . Finally,   From the perspective of application scenarios, China's semiconductor production capacity can meet the development needs of traditional fuel vehicles, electric vehicles, electric drives, etc., but it cannot satisfy the demands of high-end consumer electronics, data centers, and other scenarios that require advanced process chips. This also means that China is still very far from achieving 'high-end manufacturing'.   Dr. Wang Xin believes that, under the pressure of semiconductor technology and processes, complete domestic 28nm The mature process has become the optimal choice for China's wafer manufacturing.   Everyone sees it in the news every day 10 nm , 7nm , 5nm The chip, but its application range is actually very narrow, except CPU , GPU , AI Except for products with high requirements for performance-to-power ratio such as acceleration, most consumer electronics used in daily life, such as smartwatches, mid- to low-end tablets, TVs, air conditioners, industrial chips, etc., 28nm The process can fully meet the requirements. With the increasing market demand for terminal products such as tablet computers, wearable devices, and smart home appliances, it is predicted 28nm Process platform in the future 10 There is a huge market demand every year. Technically, 28nm The manufacturing processes and production equipment used in the process can be compatible. 40nm , 60nm Waiting for a more mature process means that even if businesses expand 28nm The production line of the process, when 28nm When the capacity demand declines, these devices can also be put into production of more mature processes. In addition 28nm It brings higher transistor speed and lower energy consumption, and 40nm In comparison, 28nm Gate density transistor speed is improved by about 50% , energy consumption has been reduced 50% .   However,   In the field of semiconductor manufacturing, China's most mature level is at 28nm , mainly centered around MediaTek International and Shanghai Huahong in the headquarter region, although they can complete 28nm The process has been mass-produced, but the full localization of the industrial chain has not been completed. The backward links are mainly in key equipment and materials, which are still domestically produced. 28nm The semiconductor self-sufficiency rate is still insufficient 20% .     Therefore, Dr. Wang Xin emphasizes that choice 28nm The mature process is a strategic step for China's semiconductor industry to break through the 'bottleneck' of chip supply.   Dr. Wang Xin also stated that although there are some shortcomings in China's semiconductor industry, it cannot be ignored that the industry has delivered impressive growth rates and has gradually developed its own characteristics and highlights. Semiconductor market size CAGR Look, China 2005 - 2013 Annual semiconductor market size CAGR for 13.1% Japan's growth was negative, 2013 - 2021 year CAGR for 9.5% , Japan: This data is only 2.9% The market scale of semiconductors in China CAGR The performance is remarkable, reflecting the strong resilience of China's semiconductor industry development, showing a stable upward trend.   At the same time, China's integrated circuit industry's share of the global industry 2010 year 25.5% expanded to 2021 year 34.6% Its international market share is growing larger and its output value contribution continues to increase. As can be seen from the previous data, China's semiconductor industry has been on the rise and will continue to do so. Dr. Wang Xin believes that overall, there are three major highlights in China's semiconductor industry.   The first highlight is the mainland foundries' demonstrated advantages in mature processes.   Market share of the world's top ten wafer foundries Top 10 Among them, mainland Chinese enterprises accounted for 3 The seats are occupied by SMIC International, Hua Hong Semiconductor, and Hefei Jinghe Integration respectively. The combined market share of these three companies exceeds 10% The obvious advantage of Chinese OEM enterprises is their focus on mature processes, laying a solid foundation for their future leadership in the OEM market.   The second highlight is the Chinese mainland IC The design phase is highly competitive.   From the perspective of industry proportionality, China is intensifying efforts to extend upstream in the industrial chain, aiming to make breakthroughs IC Bottlenecks in design, 2020 year IC The proportion of design output value reached 42.7% relatively 2010 Year-on-year increase of nearly 15.8 Percentage points, and it is precisely because of China's high emphasis, IC The design industry is gradually replacing industries with lower added value. IC Pre-release testing industry. In terms of the number of companies, there are approximately 3,243 Home semiconductor design company, South Korea only 130 Home, the gap between the two is 25 about double, and in China IC The number of design companies is still growing continuously.   The third highlight is in the downstream process, on the Chinese mainland OSAT The company also has considerable competitiveness ,   At the forefront globally 10 big OSAT within the company, 3 The companies come from the Chinese mainland, namely Changjiang Electronics Technology Co., Ltd., ranked third, Tongfu Microelectronics Co., Ltd., ranked sixth, and Huatian Technology Co., Ltd., ranked seventh. The combined share of these three companies is approximately 27% , exceeding Naspers' global market share lead. These data indicate that the Chinese mainland OSAT The enterprise has performed exceptionally well in global competition.   It can be said that China has the potential to become the third-largest semiconductor producer after the United States and South Korea.   According to Dr. Wang Xin, as China becomes the world's largest semiconductor sales market, the supply chain risks in the US semiconductor industry are gradually increasing, leading to a series of US anti-Chinese policies. China's semiconductor industry has become accustomed to rising against the odds amidst the pursuit and obstruction from the United States and its allies. 2021 Since the beginning of this year, the United States has successively introduced a series of policies towards China. Through various unfair trade controls, it has dominated capital flows, restricted technology, talent, and enterprise inflows into China, among other means, to combat Chinese semiconductor companies and contain the development of China's semiconductor industry in multiple aspects. At the same time, the United States has continuously called for strengthening multilateral cooperation with allies, aiming to impose more stringent export controls on China in order to gain competitive advantages. The international market is 'full of crises'. On the one hand, 2022 In the second half of the year, falling demand pushed most domestic enterprises into an anxiety about inventory reduction, and the industry entered a downward cycle.   Multiple factors such as downstream order cancellations, RMB depreciation, increased unit inventory costs, and new product stocking have led to a significant decline in performance for related enterprises. 2022 year Q3 quarter The average global semiconductor inventory month has risen to 4.16 months, with the average inventory months of domestic semiconductor design manufacturers rising to 8.62 months, exceeding the common 3 - 4 Inventory level for the next [X] months. International manufacturers such as Intel and Hynix, which mainly focus on consumer-grade chips, are also 2022 In the third quarter of the year, there was a significant decline in performance. In terms of Chinese enterprises, 2021 Chip companies with good annual performance 2022 In the third quarter of 2023, chip inventories reached their highest point in history, with some companies experiencing an increase in inventory exceeding 100% Operating revenue has all declined.   Considering factors such as production ramp-up cycles and innovation cycles, Frost & Sullivan estimates that this semiconductor cycle may end in 2023 The bottom may be seen in the second or third quarter of next year. How to withstand this six-month period, especially against Chinese companies whose ability to counter cyclical risks is relatively weaker, poses a huge challenge.   On the other hand, 2022 In [year], semiconductor international giants further improved their technology and business portfolios through mergers and acquisitions. By leveraging the resources and technological advantages of their acquirers, they better shaped their core competitiveness, consolidated their market position, and expanded into more potential markets. However, for Chinese semiconductor companies, the accelerating pace of mergers and acquisitions by international giants means a widening gap in technology, products, market, and ecosystem. With several major acquisition events coming to an end, the barriers erected by international giants are becoming even higher. Giants use mergers and acquisitions to seize “ C Bit”, which not only preempts a company, some technology, or certain niche markets, but also potentially represents opportunities for domestic players. For some enterprises, survival in this gap will be even more difficult.   However, Dr. Wang Xin also firmly stated that, against the backdrop of a crisis-ridden environment, he is still optimistic about the Chinese semiconductor market for several reasons—simple as it is: 'There are people, there is a market.' Semiconductors are the foundation of the electronic information industry and belong to an intellectual-intensive sector. They require a large investment in highly skilled professionals to achieve independent development and innovation in the semiconductor industry.   China's semiconductor industry has now cultivated a group of outstanding talents and promoted the maturation of a number of core production processes, especially 40nm The above production process.   Meanwhile, China is also continuously increasing its investment in talent cultivation for the semiconductor industry, especially IC Design phase. 2021 The number of employees in the US semiconductor industry reached 27 Ten thousand people, all increasing 12.5% , and 2021 In China, the number of semiconductor industry practitioners reached 74 Ten thousand people, all increasing 45.1% .   In addition, as the world's largest semiconductor market, China still has a strong demand. It can be seen that the main application markets for semiconductors include incremental markets such as automotive, network communication, industrial intelligent control, and data processing. China's growth rate over the next five years remains considerable.   The consumer electronics market in the existing stock market is under pressure in the short term. Affected by multiple factors such as weak demand, high inventories, downstream cutbacks and price cuts, 2022 The annual consumer electronics market size is expected to shrink significantly and maintain a low growth rate for some time in the future. In the medium to long term, the growth driver of semiconductor demand will shift from consumer electronics to areas such as electric vehicles, network communications, and industry. Among them, automotive semiconductors 2021 The annual market scale is 1,208 1000 million yuan, in the future 5 year CAGR yes 12.55% Network communication semiconductors 2021 The annual market scale is 3,482 1000 million yuan, in the future 5 year CAGR yes 7.86% Industrial intelligent control semiconductors 2021 The annual market scale is 1,350.2 100 million yuan, in the future 5 year CAGR yes 11.16% Consumer electronics semiconductors 2021 The annual market scale is 1,208 1000 million yuan, in the future 5 year CAGR yes -1.14% ; data processing semiconductors 2021 The annual market scale is 3,742.5 1000 million yuan, in the future 5 year CAGR yes 8.47% It can be seen that the growth prospects of these segmented markets in China over the next five years remain highly certain. In the medium to long term, the growth driver of semiconductor demand comes from mobile phones, PC Consumer electronics, represented by smartphones and tablets, are shifting towards electric vehicles, data centers, and new energy sectors. A new round of chip design innovation cycles and domestic substitution periods are expected to begin.   Dr. Wang Xin believes that in the future 5 - 10 In the year, the automotive industry, data center industry, and new energy industry are three of the most promising development areas, with overlapping sectors among them. The development of these three industries will grow at a high speed simultaneously, driving the rapid development of related integrated circuit chips.   Automobile industry:   The rapid growth in new energy vehicle sales will effectively drive the development of integrated circuits. In addition, with the continuous development of connected and intelligent vehicles, the number of semiconductors required for automobiles will also double.   Data Center Industry:   as 5G With the acceleration of business pace progress, the development of Internet of Things technology, and the expansion of applications such as online office work and metaverse in the post-pandemic era, data center servers will see increased demand and are expected to show a rapid growth trend in the future.     New Energy Industry:   Energy shortage and in Under the 'dual carbon' goal, the development of new energy industries will continue to accelerate, thus putting photovoltaic inverters on fast track. IGBT The demand for chips related to power management and other aspects will also multiply. On the other hand, this will promote the development of industrial automation, and the development speed of related power chips will accelerate. With the further recovery of industry supply and demand, some industrial chain links such as chip design are expected to bottom out first and see a recovery in the second half of the year.   Dr. Wang Xin pointed out that by analyzing the entire integrated circuit industry chain from three different dimensions: market scale, industrial driving force, and localization progress, it is evident that the markets for integrated circuit design and packaging and testing are in high prosperity. In the future, it is expected to achieve rapid development driven by national policies and market demand.   In terms of the number of integrated circuit design enterprises, the integrated circuit design industry is currently in the industry's growth phase. This stage has two relatively prominent characteristics:   1. Flowers bloom everywhere, with local breakthroughs:   Numerous technology innovation companies have emerged in niche areas;   2. Release the cleaning card for optimized resource allocation:   Large enterprises have started mergers and acquisitions, with products, talent, and technology gradually converging.     Dr. Wang Xin believes that 2025 The year is a turning point for the integrated circuit design industry. 2025 After the Spring Festival, the number of integrated circuit design enterprises will tend to stabilize. Larger enterprises will acquire smaller ones in the industry, forming a concentration of technology, talent, and industry resources. The industry concentration will further increase, effectively reducing industry costs, achieving breakthroughs in core technologies, and further expanding market size.   From the perspective of domestic substitution ,   Some integrated circuit design companies in China have initially developed global competitiveness in their niche areas, and some have already achieved a high level of substitution capability. In the future 3 - 5 In [year], there is hope for gradual localization substitution in high-tech barrier areas. Logic of integrated circuits in China IC simulation IC In fields such as discrete devices, many enterprises with globally advanced technology levels have emerged, such as HiSilicon (mobile baseband chips), Zhaosheng Microelectronics (discrete RF switches and low noise components), HMD Technology (fingerprint recognition chips), and Lixin Semiconductor (low-power IoT chips). 3 During the year, Chinese integrated circuit design companies required in the consumer electronics application field WIFI/ Bluetooth chip, CIS , MCU Power management, optical chips, and some mid- to low-end memory chips already possess a high degree of substitution capability, and related integrated circuit design companies will also accelerate their growth.   In the long run, the future 3 - 5 In 2023, with the support of industry, academia, and research institutions, coupled with strong market demand, the growth trend of integrated circuit design capabilities in China remains unchanged. The high-end chip design capability has been significantly improved, and the development of radio frequency front-end transmitters with high technical barriers will gradually be realized. / Receiving module, various types of memory chips NAND gate , DRAM , nor ), MEMS The localization and substitution of sensors, etc., will also benefit related integrated circuit design enterprises, accelerating their development process. computer MPU , FPGA , Customization for Vehicles / Standardized chips, for servers MPU and GPU These technologies have high technical thresholds, core technologies are controlled by international giants, and coupled with the impact of the Sino-US trade war, the localization progress in these fields is almost 0 However, with the support of national policies, in the future 10 year 10 After the New Year, there are hopes for technological breakthroughs in these areas and the completion of domestic substitution.   Subsequently, Dr. Wang Xin briefly introduced the integrated circuit industry in Suzhou Industrial Park to everyone.   Firstly, the park has excellent locational advantages, with a solid foundation in integrated circuit industries in both Jiangsu Province and Suzhou City.   . Jiangsu Province is located in the hinterland of the Yangtze River Delta and is one of the regions in China with an early start, solid foundation, and rapid development in integrated circuit industry. It holds a pivotal position in China's integrated circuit industry. According to data disclosed by the National Bureau of Statistics, 2021 The annual integrated circuit output of Jiangsu Province is 118 100 billion yuan, ranking first in the country, year-on-year 2020 Year-on-year growth 42.1% , accounting for national output 33% From the perspective of the industrial chain, Jiangsu Province has formed a coverage that includes EDA A relatively complete integrated circuit industry chain, including design, manufacturing, packaging, equipment, materials, etc., has gathered numerous well-known integrated circuit enterprises.   2021 In 2023, the integrated circuit industry scale in Jiangsu Province reached 3,440 yuan, due to 5G The demand for integrated circuits in big data centers, cloud computing servers, tablets, automobiles, etc., continues to climb, and it is expected that in the future 5 The scale of the integrated circuit industry in Jiangsu Province will remain within 18% The high-speed growth trend, 2026 The annual industrial scale will reach 7,869.9 100 million yuan.   Suzhou ranks second in the province in terms of integrated circuit scale, having introduced Infineon, Freescale Semiconductor, AMD A series of international big names, after years of development, Suzhou has formed an ecosystem centered around 'design - Wafer manufacturing - Focused on 'Package Testing', the integrated circuit industry chain supported by the equipment, raw materials and service industries, and MEMS The region has a good industrial foundation in characteristic niche areas such as compound semiconductors and optical communications. It is one of the regions in China with a relatively complete industrial chain, high enterprise concentration, and leading talent reserves and technology development levels. 2021 In [year], the scale of Suzhou's integrated circuit industry reached 606 Yuan billion, expected in the future 5 In 2023, the scale of Suzhou's integrated circuit industry will still maintain a steady growth trend.     The competition within the province is fierce, Wuxi 2021 The annual industrial scale is 1,780 Rising to the second place nationwide with a value of hundreds of millions, it has an obvious advantage. Nanjing is rich in educational and scientific resources and has cultivated a large number of professionals. Meanwhile, emerging cities such as Nantong and Yangzhou are also developing vigorously. In such a highly competitive internal environment, there is still great potential for the development of integrated circuits in Suzhou. Dr. Wang Xin further pointed out that by analyzing the layout of enterprises in the semiconductor industry chain within the park,   It is evident that the semiconductor industry chain layout in the park is relatively complete, forming a system centered around 'design - Wafer manufacturing - Focused on 'encapsulation testing', supported by the equipment, raw materials and service industries, the park has a solid industrial foundation in chip design and packaging testing, and is one of the parks with a relatively complete industrial chain in China.      In addition, Dr. Wang Xin also stated that there are deficiencies in the development of Suzhou Industrial Park in the field of integrated circuit design, especially compared with strong integrated circuit industry parks such as Shanghai Lingang and Nanjing Jiangbei. First,   Against the backdrop of the major trend in digital economy development, Shanghai Lingang and Nanjing Jiangbei have successively deployed chip products in emerging fields. In comparison, the park can further expand its layout of core chip products in emerging application areas such as new energy and intelligent connected vehicles, industrial Internet, big data, and cloud computing.   Secondly, the integrated circuit design industry requires high-end talent, and the attractiveness of Suzhou Industrial Park to core R&D talents can be further enhanced. On one hand, the park's talent policy focuses on project support for major innovation teams and leading talents, and it needs to provide support for other core R&D personnel. On the other hand, the park urgently needs to improve its policy for high-skilled talents below master's degree level but in short supply in the integrated circuit design field to promote the development of the park's integrated circuit design industry.   Thirdly, Shanghai Lingang and Nanjing Jiangbei offer greater support for innovation links, and the support provided by the parks can be further enhanced. Fourthly, comparing the layout of leading enterprises in industrial parks, Shanghai Lingang and Nanjing Jiangbei have larger-scale enterprises with comprehensive industrial chain coverage, while the scale of leading enterprises in the park can generally be expanded. In response to the current development of integrated circuit industries in Suzhou Industrial Park, Dr. Wang Xin has put forward relevant layout suggestions. First,   Design industry   It should guide the formation of industrial agglomerations and introduce technologies related to intelligent vehicles, Internet of Things, AI Chip design companies related to applications and other fields should increase their efforts in introducing high-end talents for integrated circuit design, and leverage the advantages of Suzhou's free trade zone as a pilot area to create convenient cross-border technology service platforms and carriers; secondly,   Closed beta industry   Efforts should be made to build advanced foundry and testing industry bases, and promote the development of leading foundry and testing enterprises; finally,   Manufacturing   We should consolidate the leading position of Yinghe chips in the manufacturing industry, support the establishment of new wafer manufacturing industrial parks, and set up a professional investment promotion team to provide professional services to the team. As a global top-tier think tank with an international perspective, Frost & Sullivan 60 Over the years, it has provided comprehensive services such as full life cycle investment and financing services, growth consulting services for a large number of enterprises at home and abroad. It has a deep understanding of market development laws and rich industrial ecological resources.   LeadLeo is a leading original industry research content platform in China, serving as both an integrator of resources and an 'antenna and radar' for industry and corporate information. It provides timely and comprehensive understanding of enterprises and the industries they operate in. Frost & Sullivan and LeadLeo, starting from demand, can empower the semiconductor industry in the park in multiple dimensions and comprehensively.   Dr. Wang Xin expressed confidence that in the future, Frost & Sullivan and LeadLeo are very much looking forward to working with the park to understand industry trends, seize development opportunities, and jointly promote innovation and upgrading of China's semiconductor industry.

China Focus ® It is a Chinese conference brand with the most global brand influence in the biopharmaceutical field. Its mission is to help Chinese enterprises connect with entrepreneurs, scientists, and investors in the life sciences sector from around the world. 2023 year 1 month 10 day, China Focus ® The Suzhou session of the Global Life Sciences Summit has officially commenced.   Frost & Sullivan Frost & Sullivan Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend the event and participate in roundtable discussions. He also met with He Qijia, Vice President of Rongsheng Investment, and Chairman and Founder of Xueji Biotechnology. CEO Zhu Fangfang, Deng Lingquan, a partner of Power Health Fund, and Zhang Xiaoliang, a partner of Taihao Venture Capital, discussed together "Capital winter Biotech Survival Strategy". Partner and Managing Director, Greater China, Frost & Sullivan fattening 2022 The biomedical capital market has gradually corrected 2022 In the capital market of the year, there has been a certain degree of reduction in both project amounts and numbers. Mao Hua said that the pullback in the entire secondary market for biotech companies did not occur entirely 2022 In 2021 Year-end pullbacks have already begun, and the trend has spread to the Sci-tech Innovation Board. However, looking only at the number of listed companies and the amount of financing, 2022 The year is not smaller than 2021 The age difference is quite significant. Due to the certain cycle involved in the listing process, some projects 2020 Year-end 2021 Launched at the beginning of the year, until 2022 The listing in [specific year] brought about a significant increase in the base number of existing listed companies. 2022 It is reflected in the years. Enterprise supervision is becoming stricter, and the layout should be made as early as possible. Capital providers and regulatory authorities are becoming increasingly strict in their review of the revenues and products of biotech companies. Mao Hua said that regulators will ask very detailed questions about the market valuation logic, product technical highlights, as well as the company's subsequent commercialization plans and steps. Therefore, enterprises need to consider the commercialization, technological innovation, and originality of their products at an early stage. Mao Hua pointed out that how an enterprise survives, the clinical value and market value of drugs during competition, and the value after investment are all issues that capital providers are more concerned about. For capital providers, investment is not just about making a profit or chasing a trend; it is about hoping that the enterprise can become an important highlight and link in investment, thereby bringing returns on investment. The key lies in the enterprise's own positioning, whether it is Biotech or Biopharma company Therefore, it is particularly important to find the right development path Biotech or Biopharma company It represents the development stage of the enterprise. Mao Hua believes that it is not an embodiment of corporate value itself, but rather more about the company's own positioning. Mao Hua mentioned, Biotech There may be many definitions, such as the following characteristics: First, it is necessary to have a complete team including R&D, production, and commercialization; second, there must be at least one product that has successfully achieved commercialization; third, there are financial indicators; fourth, there is a product accumulation and layout, such as an annual application for BLA , Non-Disclosure Agreement Whether there are products that can achieve clinical trial progress every year, or whether a positive product pipeline is established to support the future decline in market share of launched products, is an important indicator. Biopharma company follow Biotech In contrast, the required capabilities, resources, and products need to be differentiated, and not every enterprise is suitable for Biotech walked to Biopharma company Therefore, it is necessary to clearly understand one's own suitable positioning and then combine resources to fulfill the mission of enterprise development. In the future, capital markets will place emphasis on 'value' although 2022 The capital market has seen some corrections in the year, but there have also been some innovative breakthroughs. Mao Hua cited examples, mentioning that cell and gene therapy are currently developing rapidly but are still in their early stages, and commercialization requires continuous exploration. All participants in the market are concerned about 'value', hoping that products can ultimately benefit patients and achieve clinical value. For enterprises, they need market value, revenue, and profits; investment institutions require investable value, hoping to see enterprise growth and ultimately bring products to clinical practice and patients; service providers also expect to provide more information and value, helping enterprises discover suitable tracks for themselves, demonstrate unique differentiated positioning, and find their own points of value promotion. Mao Hua said that if the entire industry can return to 'value', it will also be beneficial for companies to enter the capital market in the future. Frost & Sullivan medical has a wide base of corporate clients in China and in the past 20 A vast customer network was established within the year, with over 200 The project has accumulated a wealth of experience in various medical sub-fields.    Project types include Knowledge Center projects (in-depth content, promotional activities). Pre-IPO financing project DCF model Valuation, Business Plan Services), IPO listing We provide listed projects (industry consulting, clinical audits, fundraising and investment writing), market research, market value management, and strategic consulting. We also cooperate with well-known domestic and international information platforms and investment and financing institutions to offer one-stop solutions for enterprises in specialized sub-sectors such as pharmaceuticals and medical devices. Our services have received wide attention from investors.

1 month 4 On the same day, Wang Guanghua, Minister of Natural Resources, said in an interview that the Ministry will study and introduce relevant policies to guide large-scale photovoltaic power generation projects to use unused land such as deserts, wastelands, and beaches for construction, promote the healthy and orderly development of offshore photovoltaic industries, and guide offshore wind power development towards deeper seas. What are the positive impacts of promoting the use of unused land such as Gobi, deserts, and wastelands for photovoltaic projects? What policy support is needed for the development of the offshore photovoltaic industry? In which areas does a company's core competitiveness mainly manifest? In terms of developing a new energy system, where are the future development patterns and innovation breakthrough points for the photovoltaic power generation industry?   Frost & Sullivan Frost & Sullivan Xu Biao, Executive Director of Frost & Sullivan's Greater China Region (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the development of the photovoltaic industry. Securities Daily Q Securities Daily Reporter: What are the positive impacts of promoting the use of unused land such as Gobi, desert, and wasteland for photovoltaic projects? Xu Biao Executive Director, Greater China, Frost & Sullivan   Promoting the construction of photovoltaic projects using unused land such as Gobi, desert, and wasteland can reduce the project construction cost and enhance economic efficiency. At the same time, it also has a positive effect on improving the local ecology and developing additional industries. The land prices in unused areas such as the Gobi, deserts, and wastelands are low, and there are basically no costs related to demolition. Promoting the construction of large photovoltaic power generation projects using these unused lands is conducive to improving the economic viability of photovoltaic projects. Building photovoltaic projects in unused lands such as the Gobi, desert, and wasteland can also bring about significant additional ecological and industrial value. Photovoltaic panels can block excessive sunlight from ground plants, effectively reducing surface water evaporation and lowering the amount of evaporation. 30% Left and right, and it can also effectively reduce ground wind speed. Therefore, photovoltaic projects can improve the local climate, increase soil moisture and nutrients, and enhance species diversity. At the same time, they can also play a good role in preventing wind erosion and stabilizing sand, effectively regulating the thermal balance of the surface. Photovoltaic projects can also integrate and develop various forms of industries, such as organic agriculture and forestry. Q Reporter from Securities Daily: What policy support is needed for the development of offshore photovoltaic industries? In which areas does a company's core competitiveness mainly manifest? Xu Biao Executive Director, Greater China, Frost & Sullivan   At present, offshore photovoltaics have not reached the investment return standard without subsidies. The promotion of the offshore photovoltaic industry still requires financial support. In addition, policies regarding land use for offshore projects, supporting facilities, and power consumption are also important supports for the promotion of the offshore photovoltaic industry. The core competitiveness of enterprises developing offshore photovoltaic projects is reflected in the project site selection. How to choose a development location with low climate risks, complete support policies such as subsidies and land for sea use during the construction period largely determines the overall economic viability of the project. A good site selection can also reduce damage to power generation facilities caused by corrosion, waves, etc., to a greater extent during the operation phase, thereby generating electricity more efficiently. Q Reporter from Securities Daily: In terms of developing a new energy system, where is the future development pattern and innovation breakthrough point for the photovoltaic power generation industry? Xu Biao Executive Director, Greater China, Frost & Sullivan   One of the important future development patterns for the photovoltaic power generation industry is the accelerated development of distributed photovoltaics. 2021 New photovoltaic installations in China in 20XX 54.9 GW , including newly added distributed photovoltaic installations 29.3 GW Proportion 53.3% For the first time, it has exceeded the centralized photovoltaic installation scale. In the future, distributed photovoltaics will become the main force in the development of the photovoltaic industry. The innovation breakthrough points of the photovoltaic power generation industry mainly focus on: at the manufacturing end, accelerating the development of large-size silicon wafers and TOPCon , HJT The research and development of high-efficiency solar cells such as perovskites, as well as breakthroughs in components, are underway. In terms of development and operation, it is necessary to break through key technologies for intelligent photovoltaic energy storage, develop photovoltaics and supporting energy storage systems in coordination, stabilize photovoltaic power generation fluctuations, and enhance their support capacity for new power systems.   * This interview was published in 'Securities Daily', with reporter Guo Jichuan. The original title was '    Policy guides the use of unused land to build photovoltaic projects Accelerate enterprise “photovoltaic + ”process    >>    (Click on "Read the Original Article" at the end of the text to view the full report).

Recently, the list of 'Industry Practice Professors (First Batch) for the Integration of Industry and Education' selected by the Ministry of Industry and Information Technology was made public. Frost & Sullivan Frost & Sullivan Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan, and Mr. Yang Xiaocheng, Partner and Managing Director of Greater China at Frost & Sullivan, were selected as one of the first 300 Famous as 'Industry Practice Professor of Industry-Education Integration'.     Dr. Wang Xin     He is the founder of Frost & Sullivan's Greater China operations and currently serves as a global partner and President of Greater China at Frost & Sullivan. Dr. Wang Xin has been engaged in the consulting field for over two decades, providing various consulting services to multinational companies and market-leading enterprises in the Asia-Pacific region, especially in Greater China. Dr. Wang Xin leads the Frost & Sullivan team to integrate globally 62 years of consulting experience, 25 Over the years, we have dedicated ourselves to serving the booming Chinese market. With a global perspective, we help clients accelerate their business growth, assist them in achieving growth, technological innovation, and leading benchmarks within their industries. We have guided nearly a thousand domestic and foreign companies to list and raise funds on major global capital markets. We are one of the leading figures in the field of investment strategy consulting in China. Dr. Wang Xin as early as 2003 In the year, Dr. Wang Xin led the Frost & Sullivan team to pioneer advisory services for Hong Kong and overseas listings. He was also the first to establish and standardize the business processes and service standards for industry advisory services in the investment and financing sector, making outstanding contributions to the standardized development of the industry. 18A The solicitation of revised opinions on the listing of biotech companies by Frost & Sullivan. Since the team at Frost & Sullivan began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly a thousand companies successfully list on the Hong Kong stock market and overseas. 2014 till 2022 In FY2019, Frost & Sullivan retained its position as the leading provider of Hong Kong and overseas M&A advisory services. IPO listing The leading position in the market with the largest share of market research advisory clients, a position that has been widely acknowledged within the industry for several years, with Frost & Sullivan reports also being cited extensively by industry leaders. A Prospectus documents of listed companies, research reports on primary and secondary markets, and other capital market disclosure documents. In addition to leading Frost & Sullivan to achieve numerous successes in the Asia-Pacific region, Dr. Wang Xin has also founded the leading domestic original content platform for industry research and an innovative professional knowledge and research service provider, 'LeadLeo Sci-Tech Innovation Network', which is widely recognized by governments, financial institutions, investors, enterprises, and media.   Mr. Yang Xiaocheng   He is a partner and Managing Director of Frost & Sullivan Greater China, an off-campus innovation mentor at Sichuan University, a judge for the national-level 'Mass Entrepreneurship and Innovation' competition, a specially invited 'Innovation and Entrepreneurship' mentor for the Tianjin Satellite TV program 'Non-You Cannot Have Me', with over ten years of experience in capital market services. He is responsible for the international capital market department of Frost & Sullivan, providing clients with investment and financing consulting, valuation, financial advisory, and other services. He has led and participated in dozens of domestic and international corporate listings and mergers and acquisitions projects.   Industry Practice Professor of Industry-Education Integration       The integration of industry and education refers to the active establishment of professional industries by higher education institutions based on their established majors. These industries are closely combined with teaching, supporting and promoting each other, transforming schools into industrial business entities integrating talent cultivation, scientific research, and technology services. It forms a school-running model where the school and enterprises are integrated seamlessly. Industry-education integration is a deep collaboration between industry and education, as well as a collaborative effort between institutions and industries to improve the quality of talent cultivation.   2017 year 10 month 18 On the same day, Comrade Xi Jinping pointed out in his report to the 19th National Congress that it is necessary to deepen the integration of industry and education. To thoroughly implement the decision-making arrangements of the Central Committee of the Communist Party of China and the State Council on deepening the integration of industry and education, and to earnestly fulfill the work requirements of the '14th Five-Year Plan' for promoting the development of small and medium-sized enterprises, the Small and Medium-sized Enterprise Development Promotion Center of the Ministry of Industry and Information Technology ( Abbreviation: Center ) The project of 'School-Enterprise Collaborative Employment, Entrepreneurship and Innovation Demonstration Practice Base' has been organized and implemented, receiving high attention and active participation from universities and enterprises. To further pool industry expert resources from various fields, deeply empower the integration of industry and education, and better assist enterprises in solving employment challenges, the center has decided to launch a recruitment campaign for 'Industry Practice Professors' and select and build an 'Industry-Education Integration Think Tank'.   The first batch of specially-appointed "Industry-education Integration Industry Practice Professors" by the Ministry of Industry and Information Technology was selected nationwide. 300 Name: Dr. Wang Xin and Mr. Yang Xiaocheng have been selected   Industry domain expert   .   Frost & Sullivan helps technology innovation companies grow       Frost & Sullivan believes that technological innovation is the core driving force for enterprise development, achieving growth is the top priority for business development, and becoming a market leader is a lofty goal for the long-term sustainability of an enterprise.     "Frost & Sullivan Global Growth, Tech Innovation and Leadership Summit" (referred to as "Frost & Sullivan Global GIL Summits" ) in over 20 Countries and regions, with nearly 30 With its 18-year history of hosting, it has successfully attracted the world 1000 Strong participation from leading companies, top domestic and international investment institutions, and other leading enterprises helps them identify opportunities, accelerate growth, innovate continuously, and gain a leadership position in an increasingly complex and dynamic world. Frost & Sullivan Global GIL The summit begins at 2008 Since its inception in China last year, the event has successfully held sixteen sessions domestically. It has become an important platform for outstanding domestic enterprises, academic institutions, investment experts, and regulatory authorities to exchange successful experiences and jointly explore development directions, as well as a crucial window for the world to understand China's most cutting-edge development trends.   2021 year 1 month 23 On the same day, the Ministry of Finance and the Ministry of Industry and Information Technology jointly issued the "Notice on Supporting the High-Quality Development of 'Specialized, Refined, Specialized and Innovative' Small and Medium-Sized Enterprises," launching a policy for central financial support to the high-quality development of "specialized, refined, specialized and innovative" small and medium-sized enterprises. As of 2022 At the end of the year, the number of national-level specialized, refined, distinctive and innovative “little giant” enterprises nationwide exceeded 9,000 Home, driving various regions to cultivate provincial-level specialized, refined, characteristic and innovative small and medium-sized enterprises 5 Ten thousand families. 2022 In [year], Frost & Sullivan introduced a new concept of 'New Investment', dedicated to empowering enterprises that have already achieved growth, or are expected to demonstrate growth in the future, as well as innovation and leadership. At the same time, Frost & Sullivan has specifically joined forces with professionals from industry, academia, research, investment, and other institutions to establish the 'Frost & Sullivan & LeadLeo Innovation Expert Committee'. Adhering to the spirit of 'many hands make light work',    We aim to achieve high-level collaboration among all stakeholders, support college students' innovation and entrepreneurship, provide integrated service solutions for the development of 'specialized, refined, distinctive, and innovative' enterprises, and help enterprises achieve rapid growth.   At the same time, Frost & Sullivan, through initiatives such as   " Voyager Program "   ,   "Navigator Program"   and   "Best Practice Award"   By adopting various methods, enterprises can focus on innovation and R&D capabilities, establish effective investment and financing strategies, talent strategies, industrial ecosystems, and market layouts, build core competitiveness, achieve deeper-level long-term driving growth, and ultimately empower industrial transformation and upgrading through scientific and technological innovation, thereby promoting China's economic and social development.   Frost & Sullivan Empowers Industry-Education Integration     To promote the integration of industry and education and thoroughly implement in-depth cooperation between industries and education,     In recent years, under the guidance of the National College Students' Precise Employment and Entrepreneurship Assistance Group, Frost & Sullivan has joined hands with LeadLeo Research Institute to vigorously promote the integration of industry and education, with the aim of training college students and providing professional knowledge services.    We have successively collaborated with universities such as Jiaotong University, Fudan University, and Sichuan University to launch practical research courses. The aim is to help more graduates and job seekers acquire basic workplace skills through research skills training, thereby enhancing their overall competitiveness, innovative spirit, entrepreneurial awareness, and innovation and entrepreneurship capabilities.   On the other hand, under the leadership of industry-education integration, Frost & Sullivan has joined hands with LeadLeo to gather forces from governments, enterprises, universities, and society to promote the cultivation of innovative and entrepreneurial talents.      2022 In [year], Frost & Sullivan, in collaboration with LeadLeo Research Institute, jointly released “ chang ·>Set Sail” Global Newcomer Sci-Tech Innovation Enterprise List   Several "mass entrepreneurship and innovation" (MIEI) enterprises graduated from universities have been shortlisted for the list.     Meanwhile, relying on the strong research capabilities and professional, in-depth content influence of Frost & Sullivan and LeadLeo's research institutes, after being polished and recorded by nearly a hundred professional analysts, Frost & Sullivan, in collaboration with LeadLeo, 2022 The year officially commenced   LeadLeo classroom ™ online video courses   It provides tremendous impetus for online empowerment of industry-education integration of 'LeadLeo Education'. In addition, 2023 In [year], under the guidance of the College Student Assistance Group, Frost & Sullivan's Internship and Employment Program and the Industry Research Analyst Employment Competition will also start from niche industries. Together with top global companies, they aim to contribute to the precise employment of college students. They will create new paths and explore new methods for enterprises to reserve, cultivate, and select suitable talents.   The Ministry of Industry and Information Technology's selection of 'Industry-education Integration Industry Practice Professors' is an important measure to deepen industry-education integration, coordinate education between schools and enterprises, and enhance the ability of universities to serve economic and social development. The aim is to gather high-end social talents into expert resources for various industries, deeply empower industry-education integration work, and assist enterprises in solving employment challenges.   Dr. Wang Xin and Mr. Yang Xiaocheng have been selected as Industry Practice Professors for the integration of industry and education. They will better play the bridging role among the government, universities, and enterprises, effectively promoting the joint cultivation of high-quality practical compound talents by universities and enterprises, as well as between universities and industries. This will bring long-term benefits to society, enterprises, schools, and students, and lay a solid foundation for the sustainable and healthy development of the economy and the construction of an innovative country.

Recently, IPO listing If only I had known that it was announced 2022 annual IPO listing Best Investment Institution Top 100 」, 2022 Best Institutional Investor of the Year" 2022 annual IPO listing Best Service Provider" list. Rely on 2014 till 2022 Year-on-year consecutive listing on Hong Kong and overseas markets IPO listing The market industry research advisor holds the leading position with the largest market share,     Frost & Sullivan Frost & Sullivan The Frost & Sullivan report, referred to as 'Frost & Sullivan', has been 2022 annual IPO listing Best Industry Research and Consulting Firm". As a global growth consulting firm, Frost & Sullivan brings together the world. 60 Years of consulting experience, 25 We strive to serve the booming Chinese market wholeheartedly, and with a global perspective, help our clients accelerate their business growth, achieving industry-leading benchmarks in terms of growth, innovation, and leadership. Frost & Sullivan specializes in global capital markets and corporate consulting services, providing comprehensive investment and financing as well as various other professional consulting services for enterprises, including due diligence services, valuation services, assessment services, strategic consulting, management consulting, planning consulting, technical advisory, financial advisory, and industry advisory. As early as 2003 In [year], Frost & Sullivan pioneered the provision of industry advisory services for Hong Kong and overseas listings, and was also the first to establish and standardize the business processes and service standards for industry advisors in the investment and financing sector, making outstanding contributions to the standardized development of the industry. 2022 In the same year, Frost & Sullivan continued to excel in the field of investment banking and advisory services.   Frost & Sullivan has assisted in a total of 53 Companies going public in Hong Kong, by number of projects, Frost & Sullivan accounts for 2022 Hong Kong stocks for the year IPO listing Proportion of market share 60% (Excluding spin-offs and reverse mergers), it is a leader in assisting companies with listing on the Hong Kong Stock Exchange.   2014 till 2022 In the year, Frost & Sullivan retained its leading position as the industry research advisor with the largest market share for Chinese companies listing in Hong Kong. It is worth mentioning that in the healthcare sector, Frost & Sullivan is an absolute leader in serving healthcare companies seeking to go public in Hong Kong.   2022 In FY 43 Home healthcare companies have successfully listed on the Hong Kong Exchange or submitted listing applications. In terms of the number of projects, Frost & Sullivan accounts for 2022 Hong Kong healthcare sector in 2024 IPO listing market share 78.2% ; By project amount, it accounts for 2022 Hong Kong healthcare sector in 2024 IPO listing market share 75.0% . In addition to the Hong Kong capital market, Frost & Sullivan operates overseas IPO listing The market has also performed impressively. 2022 In FY 20 Enterprises go public overseas, and the forms of listing include traditional IPO listing , SPAC and GDR The listing locations cover the NASDAQ Stock Exchange, New York Stock Exchange, Swiss Securities Exchange, London Stock Exchange, Singapore Stock Exchange, and Indonesian Stock Exchange. 2014 till 2022 In FY19, Frost & Sullivan retained its position as the leading global provider of outbound M&A advisory services. IPO listing The market industry research advisor holds the leading position with the largest market share, having served over 1,000 Home, occupies various industries going overseas IPO listing The market industry advisor holds an absolute leadership position. In addition, the Frost & Sullivan report is also widely cited by industry leaders. A Prospectus documents of listed companies, research reports on primary and secondary markets, and other capital market disclosure documents. 2023 In [year], Frost & Sullivan will seize the opportunities of the times, continuously improve service quality, ranging from selecting high-quality enterprises to empowering with professional knowledge, from corporate growth consulting to initial public offerings, from investment and financing matchmaking to market value management. Relying on more than sixty years of profound research accumulation in various industries and rich capital market service experience, we will continue to provide more professional, higher-standard, and competitive knowledge services to assist enterprise growth. In the future, Frost & Sullivan will continue to collaborate with investment banks, legal service providers, audit firms, and major exchanges to help more high-quality enterprises successfully access the capital market, jointly create social value, and promote the healthy development of the Chinese economy!

  2023 Annual Frost & Sullivan VIP Appreciation Dinner and New Year's Party   HELLO 2023 A new year, a new look   "Jinxiu Loves, Carp Soars into the Future"   2023 year 1 month 3 day   Frost & Sullivan VIP Appreciation Dinner and New Year's Party   Grandly held at Shanghai Jing'an Ruiji Hotel   Hundreds of people from Frost & Sullivan gathered together,    Celebrate together At the beginning of the event, Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, and Mr. Wang Chenhui, Managing Partner and Executive Vice President of Frost & Sullivan Greater China, added the finishing touch to the occasion with their presence. Subsequently, all Frost & Sullivan employees raised their glasses in celebration, officially kicking off the thanksgiving party.   At the meeting, all employees listened to a speech by Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, Mr. Wang Chenhui, Managing Partner and Executive Vice President of Frost & Sullivan Greater China, Mr. Yang Xiaocheng, Partner and Managing Director of Frost & Sullivan Greater China, Mr. Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, Mr. Zhang Jianshang, Partner and Managing Director of Frost & Sullivan Greater China, Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, and Mr. Chen Chen, Executive Director of Frost & Sullivan Greater China, who respectively summarized Frost & Sullivan 2022 Achievements made this year, looking ahead together 2023 The new year at Frost & Sullivan. HELLO , 2023 The New Year brings rapid progress for the rabbit industry   As a global growth consulting firm, Frost & Sullivan integrates the world. 60 Years of consulting experience, 25 We strive to serve the booming Chinese market wholeheartedly, and with a global perspective, help our clients accelerate their business growth, achieving industry-leading benchmarks in terms of growth, innovation, and leadership.   Frost & Sullivan, leveraging its rich expertise in the professional market and consulting tools, has helped a large number of clients achieve their strategic goals, including those globally. 1000 Strong companies, emerging enterprises, and investment institutions.   2022 year 2 In January, TradeGo Frost & Sullivan (Shenzhen) Cloud Technology Co., Ltd. was officially established. Cloud technology is a joint venture between Frost & Sullivan and TradeGo ( 8017.HK The two companies' mainland subsidiaries jointly established a platform aimed at providing one-stop full-cycle investor relations management and comprehensive investment and financing services for Hong Kong-listed companies planning to go public or those that are already listed. The company is dedicated to the dissemination and realization of its corporate value.   3 month 2022 The 5th Public Welfare Business Awards were grandly held at the Hainan Boao • Asia Forum International Conference Center. Frost & Sullivan was awarded the 'Great Health Brand Value Communication Award' and 2021 The company has won two major awards, namely the 'Frost & Sullivan' Annual Public Welfare Responsibility Brand Award. As an enterprise with a sense of social responsibility, Frost & Sullivan has always regarded engaging in public welfare as an important part of its social responsibilities.   4 In response to the impact of the Shanghai epidemic, all colleagues at Frost & Sullivan's Shanghai office worked from home. While cooperating with the fight against the epidemic, everyone remained at their posts to ensure the normal operation of the company and business progress. Frost & Sullivan places the safety and health of every employee at heart and has specially prepared 'Heartwarming Supplies Packs' to help solve urgent needs, hoping to bring care and companionship to everyone.   5 In January, the Frost & Sullivan Shenzhen office in Greater China moved into Nanshan Science and Technology Finance City. As one of the important strategic layouts of Frost & Sullivan's Greater China region, the Shenzhen office, together with the Hong Kong office, forms a dual-core base in the Guangdong-Hong Kong-Macao Greater Bay Area, providing high-quality services to clients in the region. In the future, Frost & Sullivan will continue to deepen its focus on the Guangdong-Hong Kong-Macao Greater Bay Area. Through its rich experience in capital market services, it will provide high-quality growth consulting, initial public offerings, capital matchmaking, market value management, and other related services for clients at home and abroad, helping enterprises achieve innovative growth and promoting the steady and high-quality development of the Chinese economy.   9 In January, Frost & Sullivan held 2022 The first New Investment Expo and the 16th Frost & Sullivan Global Growth, Innovation and Leadership Summit innovatively introduced the concept of "New Investment", and jointly launched it with representatives from industry, academia, research and investment sectors. TIM （ Total Investment Management ), namely the All-region Investment Management ” service system.   What is new investment? Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, explains: 'New investment is a brand-new investment philosophy and methodology, a three-dimensional, multi-dimensional spatial dot matrix service system. New investment shoulders the responsibility of ' Three Odes ' Frost & Sullivan's mission is to work with partners to add value to corporate capital operations through professional knowledge, energize industry transformation and upgrading, and serve national economic development.   10 In the month of January, the Hong Kong office of Frost & Sullivan's Greater China region celebrated its relocation. Hong Kong is an important bridge for multinational companies to deeply penetrate the Chinese mainland market and an ideal platform for Chinese companies to "go global" and explore international markets. This move marks a new beginning for Frost & Sullivan's Greater China region as it embarks on a new journey towards new levels and goals. In the future, Frost & Sullivan's Greater China region will provide more efficient and high-quality services to enterprises, industries, and society with a brand-new look.   12 Frost & Sullivan and NAFI2022 The Nanjing International Art Expo has reached a strategic cooperation. As an observer, practitioner, and pioneer of global art and cultural events, Frost & Sullivan has always supported art activities that can make the world a better place. Pool our efforts Achieve new heights   Frost & Sullivan is deeply involved in global and Chinese capital markets, providing comprehensive investment and financing services for enterprises. In recent years, Frost & Sullivan in China has successfully helped nearly a thousand domestic and foreign companies list and raise funds on major global capital markets, serving over ten thousand listed companies in total.   2022 In 2019, Frost & Sullivan continued its outstanding performance, assisting nearly a hundred companies including China COSCO Group, MingChuangyoupin, NIO Group, Kuaidao Taxi, Kingsoft Cloud, iFlytek, Weilong, Thaimai International, DingDang Health, JuZi Biotech, RuiKe Biotech, NingMeng Film & Television, Deying Holdings, and Reading Man to successfully list on the Hong Kong or overseas stock exchanges. 2014 till 2022 In the year, Frost & Sullivan retained its leading position as the market research advisor with the largest share for Chinese companies listing in Hong Kong for nine consecutive years.   Lead innovation Transformation and upgrading   Frost & Sullivan seizes the opportunities of the times, is proactive, transforms and upgrades, and continuously improves service quality. From selecting high-quality enterprises to providing professional knowledge, from corporate growth consulting to initial public offerings, from capital matching to market value management, on the basis of serving Hong Kong and overseas capital and financial markets, Frost & Sullivan further leverages its global experience in the field of technology innovation to create a distinctive... A The Equity and Sci-Tech Innovation Board Service Platform is considered the industry's most powerful, professional, and influential research institution.   Keep growing Walk steadily to achieve long-term goals   from 1961 Born in New York, until 70 The offices of the Era Company are located across Europe, to 80 Over the years, Frost & Sullivan has become a global leader in industry database publishing, and now 1998 Since its official entry into the Chinese market in 2019, Frost & Sullivan has been forging ahead through thick and thin. Over the past sixty years, Frost & Sullivan has kept up with the pace of global development, never forgetting its original intention of "leading growth," striving for excellence, continuously delving into and deciphering the "codes" of industry development, and helping enterprises explore new possibilities for growth.   2022 It has been a special year for Frost & Sullivan. Through trials and hardships, enduring severe cold, the firm has moved upstream against the current in the midst of industry difficulties and achieved remarkable results. All this is inseparable from the joint efforts of every "Frost & Sullivan person," and even more so, from the heavy responsibilities carried by every advanced model. To highlight the power of role models, at this annual meeting, Frost & Sullivan has specially established the Frost & Sullivan Best Newcomer Award, the Frost & Sullivan Outstanding Analyst Award, and the Frost & Sullivan 5 Annual Contribution Award, Frost & Sullivan 10 Annual Contribution Award and Frost & Sullivan President's Special Award 5 Grand Prize, awarded to a group of employees who have performed outstandingly and achieved remarkable results. Mao Hua and Zhang Jianshe, Partners and Managing Directors of Frost & Sullivan Greater China, jointly presented the award to the winner of the 'Frost & Sullivan Best Newcomer Award'. Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, presented the award to the recipient of the 'Frost & Sullivan Excellence Analyst Award'. Wang Xiaojing, Partner and Managing Director of Frost & Sullivan Greater China, is interviewed for 'Frost & Sullivan 5 Award Presentation to the Winners of the "Annual Contribution Award" Wang Chenhui, Partner-in-Chief and Executive Vice President of Frost & Sullivan Greater China, delivered the following speech at 'Frost & Sullivan 10 Award Presentation to the Winners of the "Annual Contribution Award" Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan, presented the 'Frost & Sullivan President's Special Award' to the recipient.   2023 In 2023, Frost & Sullivan will continue to drive growth through professionalism and development through growth. We will solidly advance the practice of pan-region investment management, strengthen the value chain, expand the ecosystem, discover and cultivate innovation drivers, and benefit more enterprises and partners.   All employees of Frost & Sullivan will, as always, delve into their work with meticulous care and excellence, stay ahead of the industry trends, assist client enterprises in seizing the future, and persist in creating social value through more professional, higher-standardized, and competitive knowledge services. Together, we will promote the healthy development of the Chinese economy! Merry New Year

According to incomplete statistics, as of 2022 year 12 month 15 Today, this year the National Medical Products Administration of China NMPA The number of new drugs approved has exceeded 50 Among them, most are small molecule drugs, as well as more than a dozen biologics ADC New molecular therapies. On the other hand, from the second half of last year to now, A The trend of the innovative drug industry in the A-share and Hong Kong stock markets has continued to be weak. Under the long capital winter, more innovative pharmaceutical companies have chosen to streamline their pipelines and start anew. Under the predicament of R&D, commercialization, and funding, how should it be evaluated? 2022 What is the current development status of innovative drugs in China? 2023 What is the market outlook for innovative pharmaceutical companies in the future? How can innovative pharmaceutical companies achieve a breakthrough?   Frost & Sullivan Frost & Sullivan Chen Zhenrong, the consulting director for healthcare in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Huaxia Times to discuss the current development status and future trends of innovative pharmaceutical companies. Huaxia Times Q Under the predicament of R&D, commercialization, and funding, how should it be evaluated? 2022 What is the current development status of innovative drugs in China?   2022 The year 2021 may be the most challenging for Chinese innovative pharmaceutical companies since the outbreak of the COVID-19 pandemic. Whether it's the impact of repeated outbreaks on drug research and development, or the correction in the valuation of innovative drugs by primary and secondary markets, Chinese innovative pharmaceutical companies have borne too much pressure during this year. However, we must also note that national policies are tilting towards supporting the research and development of innovative drugs. The market demand for innovative drugs is growing day by day, and the proportion of innovative drugs in China's pharmaceutical market has been rapidly increasing. 2021 In [year], the overall market scale of pharmaceuticals in China grew to 15,912 Yuan, of which innovative drugs account for approximately 60% . On the one hand, despite repeated outbreaks of the pandemic that have made clinical enrollment difficult and even led to problems with submitting materials, this has not stopped innovative pharmaceutical companies from moving forward. CDE Looking at the first public announcement date of new drugs in clinical trials, 2022 Year-on-year 2021 The number of new drug clinical trials conducted each year has indeed declined, but the homogenization of new drug target layouts has also eased. 2021 Year revolves around PD-1/PD-L1 New Drug Clinical Trials at the Target Site 160 one, and this number is 2022 The year has arrived 110 one. On the other hand, 2022 Several domestic innovative pharmaceutical companies completed tens of millions of dollars in overseas investments last year License expiration Authorized Transactions. As of 12 In January, the number of China's innovative drugs authorized for overseas use has exceeded 140 Among them, the proportion of small molecules still accounts for a large part, including monoclonal antibodies, bispecific antibodies, ADC Antibody drugs, including those targeting the virus, also accounted for more than one-third, along with corresponding outputs from cell gene therapy. Overall, 'Striving Forward' may be the narrative of Chinese innovative pharmaceutical companies 2022 The keyword of the year is that the capital market has cooled down 2022 The real challenges faced by innovative pharmaceutical companies in the year are evident, but at the same time, we should also see that Chinese innovative pharmaceutical companies are entering a period of harvest. This is evident not only in terms of the number of clinical trials conducted but also in terms of external licensing. Q 2023 What is the market prospect for innovative pharmaceutical companies in the coming year?   If we say 2022 The keyword for the year is "Forge Ahead", so 2023 The keyword of the year may be 'down-to-earth'. According to Frost & Sullivan's analysis, 2025 In China, the pharmaceutical market size will further grow to 20,645 Yuan, and the proportion of innovative drugs continues to expand to 68% . From a clinical perspective, there are still a large number of diseases for which there are no specific drugs; at the national level, biomedicine is both a strategic emerging industry and a pillar industry of China's national economy. Therefore, a series of favorable policies have been introduced to support innovative pharmaceutical companies.   Therefore, with the emergence of more and more local independent innovation pharmaceutical companies, the weakening impact of the pandemic, and the implementation of international multi-center clinical trials, it is believed that 2023 The year will bring more opportunities for innovative pharmaceutical companies. The correction in the pharmaceutical secondary market actually has two reasons. One is that innovative pharmaceutical companies face high uncertainties in research and development, making it difficult to provide reasonable valuations. The other is that the revenue or profits promised by pharmaceutical companies after product commercialization fall short of expectations. If they can be down-to-earth and accumulate over time, their financing situation and performance in the secondary market will receive reasonable evaluation.   Q How can innovative pharmaceutical companies achieve a breakthrough? At present, innovative pharmaceutical companies need to possess two core capabilities if they want to stand out from fierce competition: one is the underlying independent innovation capability, and the other is the commercialization implementation capability.   The underlying independent innovation capability is the core competitiveness of innovative pharmaceutical companies.   At present, the homogenization of targets among innovative pharmaceutical companies in our country cannot be underestimated. The intense competition brought about by the rush to develop drugs is an inevitable result, and it also leaves potential risks for future product commercialization. This includes the possibility of facing negotiations with healthcare insurance and market competition leading to price cuts. Therefore, a differentiated target layout is a good direction. Improved new drugs, compared to innovative drugs, have a shorter R&D cycle and lower investment costs. Additionally, they enjoy the right to set their own prices, which can help companies recover cash flow in the short term. Therefore, improved new drugs are also an area worth considering for innovation.   In terms of commercialization implementation capabilities, in addition to traditional sales methods such as ground promotion through hospitals, many enterprises have also chosen the overseas expansion strategy in recent years.   Although there were early-stage innovative drug products FDA After review, clinical trials still need to be supplemented, but it has nonetheless left valuable experience for subsequent enterprise products going global. At the same time, 2022 Chinese Innovative Pharmaceutical Companies in 2023 license out Transactions are also showing an increasing trend. Entrusting overseas equity to multinational pharmaceutical companies or local enterprises with complete sales channels is also a good option. Internally, in recent years, commercial insurance has also become an important partner for innovative pharmaceutical companies, with several innovative drugs subsequently included in the coverage of commercial insurances such as 'People's Welfare Insurance'. This year 9 In the month, the General Office of the State Council issued the first five-year special plan for universal healthcare - the '14th Five-Year Plan for Universal Healthcare Security'. It is clear that the concept of ensuring basic coverage should be upheld throughout, and the development of commercial health insurance is encouraged. In terms of improving support policies, it is proposed that 'commercial insurance institutions be supported in developing commercial health insurance products that are connected with basic medical insurance to better cover expenses not covered by basic medical insurance'. It is believed that under policy guidance, the payment directory for innovative drugs in commercial insurance will gradually improve, bringing practical benefits to patients while also helping Chinese domestic innovative pharmaceutical companies build a new platform for commercialization. Overall, innovative pharmaceutical companies need to 'be strong themselves' if they want to make a breakthrough. Only by achieving fundamental independent innovation capabilities and commercialization skills can they overcome cycles, stay true to their original aspirations, forge ahead with perseverance, and ultimately see the dawn after the clouds clear.   * This interview was published in China Times, with reporter Sun Mengyuan. The original title was '    Innovative drugs that cannot be sold: The number of locally developed new drugs approved has dropped by 30%. Layoffs, delisting, selling off assets, and bankruptcy have become common Biotech alive Go Down Options | 2022 China Economic Yearbook    >>    (Click on "Read the Original Article" at the end of the text to view the full report).