In 2026, the market for Chinese medical aesthetics injectables is at a critical stage of structural transformation. Overall, the industry is shifting from the expansion of a single material to a new cycle of multi-material collaboration, technological innovation, and compliance focus. Various injectable products continue to make progress in material science, bioengineering, and clinical applications, expanding the clinical boundaries of facial rejuvenation and tissue repair. At the same time, the systematic improvement of regulatory systems is reshaping industry operating rules. Deepened implementation of tax regulations, pharmaceutical and medical device traceability, and special governance measures have significantly raised compliance requirements, establishing a institutional foundation for long-term healthy development. Technologically, the auxiliary value of artificial intelligence in diagnostic and treatment decisions is becoming increasingly evident, and the potential for synthetic biology to innovate raw material supply methods is also being realized. On the consumer side, markets at different levels and differentiated demands are growing simultaneously, providing diverse value opportunities for the industry. Based on long-term tracking and in-depth research in life sciences and cutting-edge medicine, Frost & Sullivan (hereinafter referred to as "Frost & Sullivan") plans to officially release the '2026 Blue Book on Medical Aesthetics Injectables' in 2026. We invite outstanding enterprises and industry partners in the industry to participate together, promoting the standardization and innovative development of the Chinese medical aesthetics injectables industry. Research Content The Blue Book will systematically analyze the development pattern and evolution trend of the Chinese medical aesthetics injectables industry in 2026, focusing on core categories such as hyaluronic acid, collagen, botulinum toxin, regenerative materials, exosomes and emerging materials. It will conduct research from aspects such as material science progress, clinical application expansion, regulatory policy evolution, industry competition landscape, and consumer demand changes, providing a structural understanding of the overall industry situation, aiming to offer professional references to industry participants. 1. Material Science Progress The Blue Book will deeply analyze key technological breakthroughs of various injectable materials in 2026: Hyaluronic Acid field, the refined iteration of cross-linking processes and low-modification technology routes continuously enhance product performance; Collagen field, the recombinant expression system has made substantial progress in expression amount, biological activity, and batch consistency, while animal-derived extraction processes are continuously optimized in terms of immunogenicity control and activity retention; Botulinum Toxin field, the recombinant preparation path and differential development of new serotypes expand clinical options; Regenerative Materials field, large-scale production of raw materials is changing the supply structure; Emerging Materials in terms of the industrialization feasibility of various new biopolymers under synthetic biology pathways has been verified. 2. Core Application Scenarios The Blue Book will conduct in-depth interviews with medical aesthetic institutions and end consumers, combining clinical literature and industry data to systematically examine the current application status of injectable products in core scenarios such as facial volume filling and contour shaping, dynamic wrinkle management, tissue regeneration and skin quality improvement, and composite treatment plans. Special attention will be given to the trend of the indication system expanding to more precise areas. Institutional interviews will focus on decision-making logic for product selection, treatment plan design, joint treatment strategies, complication management experience, and compliance procurement considerations; Consumer interviews will cover information acquisition paths, product awareness levels, decision-making factors, expected efficacy and actual satisfaction, repeat purchase and recommendation intentions, price sensitivity, and acceptance of emerging materials. The goal is to present the value positioning and optimization space of injectable products in real clinical scenarios and consumer decisions from both supply and demand perspectives. 3. Industry Development Drivers The Blue Book will focus on analyzing multiple drivers of the industry: the evolution of the age structure and aesthetic concepts of consumer groups creates differentiated demands, the increase in penetration in lower markets brings incremental space, the cross-empowerment of synthetic biology and AI technologies reshapes research and development efficiency and supply methods, the systematic improvement of regulatory frameworks helps the industry enter a standardized development track, and continuous attention from capital to innovative materials and platforms provides motivation for industry integration. 4. Industry Competition Landscape The Blue Book will comprehensively present the competitive ecosystem of the Chinese medical aesthetics injectables market. With product type as the main line of research, it will cover hyaluronic acid, collagen, botulinum toxin, regenerative materials, emerging materials field technical routes, product pipeline layout, clinical registration progress, and commercialization strategies. Through specific cases, the competition logic and development trends in this field will be revealed. The aim is to provide readers with structured insights that combine industry breadth and depth. 5. Regulation and Access Policies The Blue Book will systematically review the updates to the regulatory framework for Chinese medical aesthetics injectables products, including newly issued registration review guidelines in 2026, requirements for the establishment of pharmaceutical and medical device traceability systems, special governance measures for key categories, and comparisons of regulatory dynamics in major international markets. This provides a reference basis for compliant development and market access of products. 6. Representative Enterprises Presentation The Blue Book will analyze the capital market performance of global and Chinese medical aesthetics injectables fields, including corporate financing, product licensing transactions, and industry integration events. In addition, the Blue Book will include a special section on enterprises to provide in-depth introductions to representative domestic and foreign enterprises, covering technical routes, product pipelines, commercial progress, and strategic layouts. Differentiated positions and core competitiveness will be presented in the industry panorama. Frost & Sullivan invites outstanding enterprises in the field of medical aesthetics injectables to participate in the Blue Book. Together with multiple parties in the industrial chain, we will jointly participate in research and release processes, forming a rational expression and consensus accumulation regarding industry development under a professional analysis framework, and working together to promote the standardization and sustainable development of the Chinese medical aesthetics injectables industry. Release Highlights 1. Global Release of Blue Book to Enhance Industry Visibility through Technical Strength As a systematic research achievement in the field of medical aesthetics injectables, the Blue Book will be widely released through Frost & Sullivan’s official website, global media matrix, and life science vertical channels. The report will deeply present the core advantages of participating enterprises, focusing on the innovation of technical platforms, depth of product pipeline layout, key data, regulatory milestones, and large-scale production capabilities. By presenting differences, it helps the market establish a clear understanding of enterprise technical strength and industrialization capabilities, enhancing industry influence and brand credibility, and providing an authoritative platform for enterprises to express themselves and be displayed collectively. The English version will also be published by globally renowned news agencies (such as The Associated Press), mainstream financial media (such as Yahoo Finance), North American financial media and websites (such as Business Insider, Dow Jones Market Watch, Benzinga, Wall Street Insider), and regional media channels around the world, further expanding the brand visibility of enterprises in the international market and helping Chinese medical aesthetics injectables enterprises promote global brand building and technical cooperation. 2. Connecting the Industrial Ecosystem and Expanding Cooperation Network The Blue Book will establish a communication platform connecting multiple entities in the medical aesthetics injectables industry chain, promoting deep interaction and resource matching between enterprises with different positions. Raw material enterprises, product enterprises, medical aesthetic institutions, etc. can present their businesses differently, facilitating complementary integration through precise matching, enhancing mutual understanding with investment institutions and industry partners, and creating more possibilities for technical collaboration, resource integration, and business expansion. 3. Strengthening Professional Positioning and Creating Brand Recognition With the systematic analysis of medical aesthetics injectables technology, commercial conversion paths, and regulatory science by the Blue Book, the professional accumulation of participating enterprises will be objectively presented. Through the deep presentation of research content, the recognition and influence of enterprises in technical platforms, product progress, or production capacity will be enhanced, strengthening differentiated market positioning. 4. Connecting with Diversified Capital and Seizing Strategic Opportunities With Frost & Sullivan’s network of investment institutions and industry partners in the life science field, the release of the Blue Book effectively enhances the industry visibility of medical aesthetics injectables enterprises. It precisely connects with various types of capital: enterprises in the early research and development stage can attract venture capital funds focused on breakthrough in underlying materials with the innovation of their technical platforms; enterprises in the clinical or registration stage can connect with medical professional capital and large enterprise BD departments focused on product pipeline value and approval expectations; enterprises that have obtained certifications and started commercialization can attract strategic investors and industry acquirers with their product portfolio and market share. The Blue Book aims to build an efficient communication bridge between enterprises and diversified capital, helping them gain an advantage in financing, technology licensing, mergers and acquisitions, and strategic cooperation. 5. Deepening Long-Term Cooperation and Creating Industry Value Together Based on the deep communication established through the Blue Book, Frost & Sullivan can explore multiple collaborative directions with participating enterprises, including brand promotion, investment and financing consulting, growth strategy, etc. Both parties are expected to establish a long-term partnership based on this cooperation, jointly addressing industry changes and working together to promote high-quality development of the medical aesthetics injectables industry. Participate in Cooperation Please contact us Frost & Sullivan Medical Health Division Knowledge Center Email: HCknowledgecenter@frostchina.com Frost & Sullivan China Medical Health Division Consulting Director Wang Peng Email: aaron.wang@frostchina.com Frost & Sullivan China Medical Health Division Project Manager Lü Xiaotong Email: xiaotong.lv@frostchina.com Long press to scan the QR code below We will contact you

In recent years, under the combined influence of technological innovation and clinical needs in regenerative medicine, the extracellular matrix ( Extracellular Matrix, ECM) is accelerating its transition from basic research to clinical application and industrial production. On the technical side, continuous breakthroughs in decellularization processes have significantly addressed the core conflict between natural biomaterials "antigen removal and structural preservation"; synthetic biology technologies enable the prevention of immunogenicity at the source through recombinant expression, combined with engineered cross-linking modifications, allowing the degradation and tissue regeneration rates of materials to be coordinated and controlled, thus establishing a solid technical foundation for large-scale production and full-lifecycle quality control. On the application side, ECM-based bionic three-dimensional in vitro microenvironments are deeply integrated with biological response systems, continuously expanding their applications in clinical medicine, medical aesthetics, and cutting-edge life sciences. Currently, with the increasingly clear regulatory pathways in both global and Chinese markets, the surge in demand for healing wounds with complex complications, and the explosion in Dual Carbon & New Energy market for regenerative medical aesthetics, the Chinese ECM industry is in a critical window period transitioning from "laboratory production" to "standardized, scaled, commercialized, and compliant applications." How to seize development opportunities during the iterative process of technology and improving regulatory science has become a major strategic issue that R&D companies, research institutions, and investors are focusing on together. Based on long-term tracking and in-depth research in life sciences and cutting-edge medicine, Frost & Sullivan ( Frost & Sullivan, hereinafter referred to as "Frost & Sullivan") plans to officially release the "2026 Global ECM Industry White Paper" in 2026 and invites outstanding companies, research institutions, and industry partners in the industry to participate, working together to promote the standardization and innovative development of the Chinese ECM industry. Research Content This white paper will systematically review the current status and future trends of the ECM industry, focusing on ECM technology iteration, core application scenarios, driving factors, industry competition landscape, and regulatory and access policies, providing a structural understanding of the overall industry pattern and offering professional references for industry participants. First, ECM technology path The report will deeply analyze the balance and breakthroughs in traditional decellularization processes ( dECM) between "antigen removal and structural preservation," and in conjunction with synthetic biology advancements, discuss the quality control consistency of recombinant ECM proteins, thereby clarifying the industrial path for ECM materials to evolve toward high purity and low risk. Second, ECM core application scenarios The research will extend beyond surgical wound repair and tissue engineering patches to include regenerative medical aesthetics injections, as well as in vitro bionic tumor microenvironments and high-throughput organ-on-a-chip drug screening in cutting-edge fields. · Surgical wound repair : ECM materials promote tissue regeneration and reduce scar formation; · Tissue engineering patches : ECM materials are used to repair or replace damaged tissues, providing mechanical support and cell growth scaffolds; · Medical aesthetics injection products : ECM materials activate fibroblasts to induce collagen regeneration; · Construction of in vitro bionic tumor microenvironment Simulating the in vivo ECM environment, used for studying tumor invasion, metastasis, and drug response; · High-throughput organ-on-a-chip drug screening Using ECM hydrogels to culture organ-on-a-chip, improving the accuracy and efficiency of drug screening. Third, Driving factors for ECM industry development The white paper will focus on analyzing multiple macro drivers of the ECM industry: population aging creates a demand for chronic difficult-to-heal wounds, consumption upgrades drive growth in regenerative medical aesthetics and high-end repair markets, mature underlying biotechnological equipment provides benefits for large-scale production, clearer regulatory science paths release compliance incentives, breakthroughs in synthetic biology and engineered cross-linking technologies provide opportunities for product expansion, and continuous inflow of global capital accelerates industrial integration. Fourth, Global competition landscape of the ECM industry The report will analyze the multi-center clinical data accumulation of European and American companies, as well as the differentiated industrial advantages built by Chinese companies in the recombinant protein sector through synthetic biology, presenting a comprehensive view of the competitive and cooperative situation in the global ecosystem. 第五， ECM regulation and access policies The white paper will systematically review the ECM implant-level product regulations and access policies of major global countries and regions such as China, the United States, and the European Union, providing authoritative scientific references for the compliant application of advanced materials and cross-border BD licensing. 第六， Capital performance and representative companies in the ECM industry The report will analyze the capital market performance in the ECM sector globally and in China, including financing situations of R&D companies, licensing transactions, and mergers and acquisitions events. Finally, the white paper will include a special section on companies, providing in-depth introductions to domestic and foreign ECM R&D companies, covering company development history, business layout, technical advantages, and latest research progress, highlighting the differentiated positioning and core competitiveness of companies within the industry panorama. Frost & Sullivan invites outstanding companies in the ECM field to participate in this white paper, working together with multiple parties in the industry chain to engage in research and release processes, forming a rational expression and consensus accumulation regarding industry development under a professional analysis framework, and jointly promoting the standardization and sustainable development of the Chinese ECM industry. Release Highlights 1. Global release of the white paper to enhance industry visibility through technical strength As a systematic research achievement in the ECM field, this white paper will be widely released through Frost & Sullivan's official website, global media networks, and life science vertical channels. The report will deeply present the core advantages of participating companies, focusing on the innovation of technical platforms, depth of product pipeline, key data, regulatory milestones, and large-scale production capabilities. Through differentiated presentation, it will help the market establish a clear understanding of companies' technical and industrial capabilities, enhance industry influence and brand credibility, and provide a platform for authoritative voice and concentrated display for companies. The English version will also be published simultaneously in world-renowned news agencies (such as The Associated Press), mainstream financial media (such as Yahoo Finance), North American financial media and websites (such as Business Insider, Dow Jones Market Watch, Benzinga, Wall Street Insider, etc.), as well as global regional media channels, further expanding the brand visibility of companies in the international market and helping Chinese ECM companies promote global brand building and technical cooperation. 2. Linking the industrial ecosystem and expanding cooperation network The white paper will establish a communication platform connecting multiple entities in the ECM industry chain, promoting deep interaction and resource matching among enterprises with different positions. R&D companies, manufacturing companies, etc. can present their businesses differently, facilitating complementary integration of R&D and production capabilities through precise matching, enhancing mutual understanding with investment institutions and industry partners, and creating more opportunities for technical collaboration, resource integration, and business expansion. 3. Strengthening professional positioning and enhancing brand recognition Based on the systematic analysis of ECM technology, commercial transformation paths, and regulatory science by the white paper, the professional expertise of participating companies will be objectively presented. Through the in-depth presentation of research content, the recognition and influence of companies in terms of technical platforms, product progress, or production capabilities will be enhanced, solidifying their differentiated market positioning. 4. Connecting with diverse capital and seizing strategic opportunities With Frost & Sullivan's network of investment institutions and industry partners in the life sciences field, the release of the white paper will effectively increase company visibility and connect with various types of capital. Early R&D companies can reach VCs/PE that focus on the innovation of technical platforms; Clinical-stage companies can connect with industry capital and Big Pharma BD that focus on later clinical assets and commercial potential; large-scale manufacturing companies can attract strategic investors interested in manufacturing capabilities. A communication bridge will be established between companies and diverse capital, enabling them to take an active position in financing, technology licensing, mergers and acquisitions, and strategic cooperation. 5. Deepening long-term cooperation and creating industry value together Based on the deep communication established through the white paper cooperation, Frost & Sullivan can explore multiple collaborative directions with participating companies, including brand promotion, investment and financing consulting, growth strategy, etc. The two sides are expected to establish a long-term partnership based on this cooperation, jointly addressing industry changes and promoting the high-quality development of the ECM industry. Participate in cooperation Please contact us Frost & Sullivan Medical Health Division Knowledge Center Email: HCknowledgecenter@frostchina.com Frost & Sullivan China Medical Health Division Consulting Director Wang Peng Email: aaron.wang@frostchina.com Frost & Sullivan China Medical Health Division Project Manager Lv Xiaotong Email: xiaotong.lv@frostchina.com Long press to scan the QR code below We will contact you

To fully implement the decisions of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China and General Secretary Xi Jinping’s series of important instructions on new productive forces and high-quality development in the food and drug industry, the island of Hainan Free Trade Port has been officially opened for trade operations, and our organization has successfully held the event. Frost & Sullivan Frost & Sullivan China LeadLeo Research Institute LeadLeo YUAN CAPITAL SULLIVAN TELE-TREND CLOUD TECHNOLOGY TradeGo MagnaTEC Automotive & Mobility Environmental Protection & Energy Saving Technology Logistics & Supply Chain MATERNAL AND INFANT Education & Training Real Estate & Property Catering & New Retailing Advanced Materials Healthcare & Life Sciences Semiconductor & Chip COMMERCIAL AVIATION Technology, Media and Telecom LANDSCAPING Big Data & AI Infrastructure Construction & Utilities Culture & Entertainment AGRICULTURE, FORESTRY ANIMAL HUSBANDRY AND FISHERY Food & Beverage Fintech SHIPPING AND PORTS Dual Carbon & New Energy Mining & Metals Public Sector Cross-Border E-commerce Trade Building Technology, Construction & Decoration Beauty & Fashion Smart Homes Digital Infrastructure Enterprise Services Consumer Electronics 2025 Under the background of the "China Food & Drug, Medical Devices and Cosmetics New Productivity and High-Quality Development Conference", Frost & Sullivan China serves the national development strategy, witnesses the remarkable achievements achieved through isolation, gathers resources and wisdom related to new productivity, and continues to support the modernization of Hainan Free Trade Port. 2026 The China Food & Drug, Medical Devices and Cosmetics New Productivity and High-Quality Development Conference held in 2026 Year 5 Month 8 Today 11 Held successfully in Sanya, Hainan Province, in YYYY/MM/DD, and 10 Frost & Sullivan holds the ''LeadLeo''' on that day mRNA Where are the application boundaries of technology? "Parallel Forum. The key topics discussed at this parallel forum include the foundation for breaking through application boundaries." mRNA Underlying technologies and boundary breakthrough engines – AI Innovation, 818 How Orders Affect... mRNA Frost & Sullivan invites renowned academicians, experts, and business elites from domestic and international fields such as pharmaceuticals and medical devices to discuss cutting-edge scientific achievements worldwide, establish a integrated development platform involving government, industry, academia, research, finance, and application, seek policy benefits for development, share global technological resources, and effectively promote high-quality and safe development of new productive forces in the "three products and one equipment" sector. Frost & Sullivan) Frost & Sullivan & Sullivan, Hereinafter referred to as 'Frost & Sullivan'）Frost & Sullivan China’s Medical Health Division Consulting Director Chen Xiaorui was invited to attend and delivered a speech. Chen Xiaorui, Consulting Director of Frost & Sullivan Frost & Sullivan China’s Medical Health Division 818 Orders and 828 Frost & Sullivan has established a dual-track regulatory framework for biomedical innovation, ranging from clinical research to commercialization. 818 Orders and 828 The guidelines correspond to the "Clinical Research Registration–Translational Application" path and the drug registration and approval path of biomedical new technologies: The former focuses on the clinical validation and translational application of new technologies within compliant medical institutions, while the latter emphasizes the registration, market launch, and nationwide distribution of standardized drugs. These two paths differ significantly in terms of regulatory bodies, fee structures, and approval timelines, collectively forming a dual-track regulatory framework that covers biomedical innovation from early exploration to large-scale commercialization. Chen Xiaorui stated that Frost & Sullivan, along with Frost & Sullivan China, established a standardized pathway from "clinical research registration" to "translational application" while strengthening regulatory constraints, providing a institutional foundation for the clinical validation and translational application of cutting-edge technologies such as mRNA therapies within a compliant framework. This pathway operates parallel to the existing drug registration and approval process, offering differentiated implementation options for technologies varying in maturity and standardization levels. Order 818 specifies the evaluation and approval timelines for clinical translational applications, providing a more efficient path for the translation of advanced technologies. The implementation of Order 818 will standardize and promote clinical research and application of new biomedical technologies, thereby accumulating valuable preliminary data resources for the entire biopharmaceutical industry. These safety and efficacy data obtained from real-world studies can serve as important references for subsequent drug applications once technology matures, reducing the cost of repeated trials and improving overall R&D efficiency and success rates. Additionally, the development of new technologies will drive innovation in upstream industrial chains, enhancing the standardization and replicability of the entire technology system. The relationship between technology and product development is not separate but can form a positive cycle where "technology incubates products, and products optimize technology." mRNA technology features a short development cycle and strong platform characteristics, allowing it to complete the entire process from sequence design and in vitro validation to GMP clinical sample preparation within a short time. Under the "clinician research registration—transformation application" pathway established by Order 818, tertiary medical institutions can conduct early clinical exploration within compliance frameworks, and collaborate with GMP-capable technical service providers to complete preparation and quality control, thus accelerating the clinical validation process of candidate products while meeting ethical and regulatory requirements. Compared to traditional development models that rely solely on drug registration, this mechanism provides a more operational clinical transformation pathway for advanced technologies like mRNA, helping to shorten the period from scientific research to clinical validation. Chen Xiaorui further stated that The introduction of Order 818 will accelerate the differentiation within the mRNA industry: Projects lacking compliant clinical pathways and real data support will face greater elimination pressure, while companies with platform capabilities, a complete development system, and standardized clinical translation capabilities will further strengthen their competitive advantages. Meanwhile, capital evaluation criteria will shift from solely focusing on technical potential to emphasizing clinical feasibility, compliance, and commercial conversion capabilities. Chen Xiaorui concluded that Frost & Sullivan Order 818, while providing a standardized implementation pathway for cutting-edge technologies such as mRNA, also enhances the ethical compliance, safety management, and data reliability of clinical research through clear responsibility assignments, zero-fee research periods, regulatory constraints, and full traceability. In the short term, this policy will impose pressure on research and development timelines, commercialization strategies, and small enterprise operations, but in the long run, it will help streamline the industry, concentrate resources in companies with platform and systematic capabilities, and drive the mRNA industry toward high-quality, sustainable, and international development.

Frost & Sullivan Insight Since 2026, China’s battery industry has witnessed a surge in fast charging and ultra-fast charging trends. Does this help solve the problem of long charging times for new energy vehicles, thereby further affecting the sales of gasoline vehicles? Additionally, some consumers question whether fast charging and ultra-fast charging damage batteries. Can this be resolved? Chinese battery manufacturers have improved charging speed by reducing resistance. However, increased current may place high demands on battery heat dissipation. Moreover, as battery usage time increases, does it lead to increased resistance, which in turn affects battery heating? How should we view the development of sodium-ion batteries? If they reduce costs through scale advantages, will this help fill the gap in relatively low-end markets, as well as fields like AIDC that require high discharge rate performance? Will sodium-ion batteries pose a threat to lithium batteries in the future? Frost & Sullivan Frost & Sullivan (hereinafter referred to as "Frost & Sullivan") Senior Partner and Managing Director Jia Pang gave an interview to the Daily Economic News to discuss how battery technology can break through and thrive under the wave of ultra-fast charging. Daily Economic News Q: Since 2026, China’s battery industry has witnessed a surge in fast charging and ultra-fast charging trends. Does this help solve the problem of long charging times for new energy vehicles, thereby further affecting the sales of gasoline vehicles? Additionally, some consumers question whether fast charging and ultra-fast charging damage batteries. Can this be resolved? Fast charging and ultra-fast charging significantly shorten charging time. With high-voltage platforms (800V) and the popularization of high-rate cells, the charging experience has become similar to that of gasoline vehicles, effectively alleviating users' range concerns and accelerating the replacement of gasoline vehicles by new energy vehicles. However, its impact is currently limited by factors such as charging network density, grid load, and vehicle penetration rates. Traditional graphite negative electrodes may experience lithium precipitation and dendrite growth under fast charging and ultra-fast charging conditions, leading to capacity degradation and safety risks, thereby damaging the battery. Current improvements through material system optimization (such as silicon-carbon negative electrodes and low-resistance electrolytes), enhanced thermal management, and BMS precise control have already mitigated some of the lifespan degradation caused by high-rate charging. In addition, the new national standard issued by the Ministry of Industry and Information Technology (GB38031-2025 “Safety Requirements for Power Battery Cells Used in Electric Vehicles”) will take effect in July 2026. For ultra-fast charging batteries, it requires passing external short-circuit tests after 300 fast charging cycles, and the fast charging performance between 20% and 80% SOC must remain stable, further ensuring the safety of fast charging and ultra-fast charging. Q: Chinese battery manufacturers have improved charging speed by reducing resistance. However, increased current may place high demands on battery heat dissipation. Moreover, as battery usage time increases, does it lead to increased resistance, which in turn affects battery heating? Improving charging speed by reducing internal resistance essentially enhances the current-carrying capacity. Heat generation is proportional to the square of the current, which significantly increases heating, placing higher demands on the thermal management system, including thermal interface materials and integrated vehicle thermal management design. High-rate charging and discharging accelerate the breakdown of electrode material particles and the thickening of the solid electrolyte interphase membrane (SEI membrane), and internal resistance tends to increase over time, further exacerbating thermal issues. Therefore, the industry is optimizing cell structures, improving material stability, and implementing more precise BM strategies to slow down internal resistance growth, while using vehicle-level thermal management to mitigate thermal risks associated with high rates. Q: How should we view the development of sodium-ion batteries? If they reduce costs through scale advantages, will this help fill the gap in relatively low-end markets, as well as fields like AIDC that require high discharge rate performance? Will sodium-ion batteries pose a threat to lithium batteries in the future? Sodium-ion batteries offer advantages such as abundant resources, large cost potential, and good low-temperature performance. After scaling up, they are expected to fill the “gap” in lower-end passenger vehicles, two-wheelers, and energy storage applications where lithium batteries are cost-competitive. Their high-rate performance has potential in areas requiring high power output, such as AIDC. However, in terms of energy density, sodium batteries are still significantly lower than mainstream lithium batteries, making it difficult for them to enter mid-to-high-end passenger vehicle markets in the short term. Thus, they are likely to form a “local structural substitute” and coexist with lithium batteries across different price ranges and application scenarios in the long term. In the long run, their competitiveness depends on cost reduction through scale and continuous optimization of cycle performance.

In Healthy China 2030 Under the background of strategic advancement and the focus on the Health Industry in the 15th Five-Year Plan, the Chinese health food industry is facing dual opportunities for structural growth and high-quality development. The market is rapidly evolving from traditional "nutritional supplements" to functional, precise, scenario-based, and long-term solutions, covering core areas such as dietary supplements, chronic disease management, sports nutrition, weight management, gut health, sleep health, and senior health. As the regulatory framework continues to improve, along with innovation in raw materials and evidence-based medicine, and intensive investment by industry capital, the industry is moving from rapid growth to a new stage of high-quality development. At this critical point, Frost & Sullivan Frost & Sullivan & SULLIVAN In collaboration with LeadLeo Research Institute, Frost & Sullivan Frost & Sullivan China officially launched the 'White Paper on the Development of the Chinese Health Food Industry'. 2026 'Frost & Sullivan Frost & Sullivan China LeadLeo Research Institute LeadLeo YUAN CAPITAL SULLIVAN TELE-TREND CLOUD TECHNOLOGY TradeGo MagnaTEC Automotive & Mobility Environmental Protection & Energy Saving Technology Logistics & Supply Chain MATERNAL AND INFANT Education & Training Real Estate & Property Catering & New Retailing Advanced Materials Healthcare & Life Sciences Semiconductor & Chip COMMERCIAL AVIATION Technology, Media and Telecom LANDSCAPING Big Data & AI Infrastructure Construction & Utilities Culture & Entertainment AGRICULTURE, FORESTRY ANIMAL HUSBANDRY AND FISHERY Food & Beverage Fintech SHIPPING AND PORTS Dual Carbon & New Energy Mining & Metals Public Sector Cross-Border E-commerce Trade Building Technology, Construction & Decoration Beauty & Fashion Smart Homes Digital Infrastructure Enterprise Services Consumer Electronics' Report research content This white paper provides a systematic industry framework based on professional insights, extensive data, and high-quality case studies, offering forward-looking decision-making references for enterprises, capital, regulators, and all stakeholders in the industry chain. Core Research Content 1. Industry Overview Analysis: Defining industry boundaries and regulatory systems, reviewing development history and market evolution, analyzing the progression from The transformation logic toward functionalization, precision, and scenario-based approaches of "single supplementation", analyzing the industrial chain ecosystem, investment and financing trends, and key driving factors. 2. Focus on Key Sectors: Concentrate on high-growth niche areas such as intestinal health, immune regulation, weight management, sports nutrition, senior health, and women’s health, to reveal consumer demand, technological innovation, and market potential. 3. Full-Link Enabling Path: Covering four key stages including R&D innovation, efficacy evaluation, commercial operation, and cross-tech integration, this analysis explores methods for building core competitiveness through raw material development, synthetic biology, AI formula optimization, and full-link traceability. 4. Benchmark Company Cases: Include high-quality enterprise practices, presenting an overview of product strategies, technology platforms, supply chain advantages, compliance capabilities, and global expansion efforts, to serve as a replicable model for the industry. 5. Future Trend Analysis: Forecasting industry technology trends, policy directions, consumer changes, and global opportunities to guide corporate strategic planning. Enterprise Core Rights 1. Industry Content Co-creation Rights: Deep participation in white paper research directions, key topics, and trend analysis discussions, providing professional advice for industry analysis and sector interpretation, highlighting corporate industry leadership. 2. Rights to Customized Business Case Displays: Incorporate customized content in the core sections of white papers and business case special chapters, comprehensively presenting the company’s development history, core products, technological innovations, supply chain advantages, and global expansion strategies, highlighting unique competitive strengths and obtaining authoritative endorsement. 3. Global Full-Media Distribution Rights: The white paper will be released simultaneously through Frost & Sullivan’s Chinese media network and vertical media; the English version will be available on Frost & Sullivan’s global website and disseminated in multiple languages via mainstream financial and industry media worldwide. 4. Rights to Participate in Industry Conferences: Invited to attend online and offline white paper release events. Corporate representatives can attend the release ceremony, participate in roundtable forums, and provide keynote speeches, allowing direct interaction with industry experts, investment institutions, and industry chain partners to enhance professional influence. 5. Precise Access to Capital Markets through Rights Issues: Leveraging Frost & Sullivan and LeadLeo’s comprehensive resources, targeted partnerships are established with consumer funds, industrial capital, securities firm research institutes, and leading channel platforms, helping companies increase their visibility in capital markets and expand investment and financing opportunities as well as industry chain collaborations. Our Advantages: Authoritative Endorsement +Rich Experience +Comprehensive Resources 1. Endorsement from authoritative institutions Frost & Sullivan was established In 1961, with 65 years of global consulting experience and 28 years of expertise in the Chinese market, Frost & Sullivan is a leading investment and business growth consulting firm worldwide. LeadLeo Research Institute is a well-known industry research platform in China, and the collaboration between these two organizations ensures the professionalism and credibility of the reports. 2. Deeply involved in the field of grand health Frost & Sullivan has published the 'China Healthcare Industry Development White Paper' for several years. Frost & Sullivan has released several significant reports, including ‘White Paper on the Current Status and Future Trends of Gut Microbiome Industry’ and ‘White Paper on the Chinese Probiotic Market in 2025’, demonstrating a mature research system and practical experience. 3. Comprehensive Resource Empowerment Integrates domestic and international media networks 300+ investment institutions, 1,000+ industry chain partners, and research institutions provide one-stop profit support including "brand promotion, capital connection, and industrial cooperation". White Paper Release Plan Project launch date Frost & Sullivan Frost & Sullivan China LeadLeo Research Institute LeadLeo YUAN CAPITAL SULLIVAN TELE-TREND CLOUD TECHNOLOGY TradeGo MagnaTEC Automotive & Mobility Environmental Protection & Energy Saving Technology Logistics & Supply Chain MATERNAL AND INFANT Education & Training Real Estate & Property Catering & New Retailing Advanced Materials Healthcare & Life Sciences Semiconductor & Chip COMMERCIAL AVIATION Technology, Media and Telecom LANDSCAPING Big Data & AI Infrastructure Construction & Utilities Culture & Entertainment AGRICULTURE, FORESTRY ANIMAL HUSBANDRY AND FISHERY Food & Beverage Fintech SHIPPING AND PORTS Dual Carbon & New Energy Mining & Metals Public Sector Cross-Border E-commerce Trade Building Technology, Construction & Decoration Beauty & Fashion Smart Homes Digital Infrastructure Enterprise Services Consumer Electronics 2026/05/01 Full version of the report released Frost & Sullivan Frost & Sullivan China LeadLeo Research Institute LeadLeo YUAN CAPITAL SULLIVAN TELE-TREND CLOUD TECHNOLOGY TradeGo MagnaTEC Automotive & Mobility Environmental Protection & Energy Saving Technology Logistics & Supply Chain MATERNAL AND INFANT Education & Training Real Estate & Property Catering & New Retailing Advanced Materials Healthcare & Life Sciences Semiconductor & Chip COMMERCIAL AVIATION Technology, Media and Telecom LANDSCAPING Big Data & AI Infrastructure Construction & Utilities Culture & Entertainment AGRICULTURE, FORESTRY ANIMAL HUSBANDRY AND FISHERY Food & Beverage Fintech SHIPPING AND PORTS Dual Carbon & New Energy Mining & Metals Public Sector Cross-Border E-commerce Trade Building Technology, Construction & Decoration Beauty & Fashion Smart Homes Digital Infrastructure Enterprise Services Consumer Electronics Frost & Sullivan Frost & Sullivan China LeadLeo Research Institute LeadLeo LeadLeo Participating in collaboration Please contact us We sincerely invite leading enterprises in various aspects of the health food industry, including raw materials, research and development, production, branding, and distribution channels, to collaborate in creating a authoritative white paper for 2026, and together embark on a new journey of high-quality development! Frost & Sullivan China Senior Partner and Managing Director Yang Xiaocheng Email: jacky.yang@frostchina.com Frost & Sullivan China Consulting Manager Jing Jing Email: jing.jing@frostchina.com Long press and scan the QR code below, and we will contact you.

Frost & Sullivan China is currently in a critical stage of transitioning from following to competing and leading in the medical device industry. To support the high-quality development of the medical device sector in China and accelerate innovation and resource integration within the industry, 5 Month 8-9 2023/01/15, 2026 MDI-China “Frost & Sullivan Frost & Sullivan China the ‘Medical Device Innovation & Cooperation Conference’ (Third Session)” MDI The conference was successfully held in Wuxi. Frost & Sullivan Frost & Sullivan & Sullivan, Hereinafter referred to as 'Frost & Sullivan'）Frost & Sullivan China’s Medical Health Division Consulting Director Wang Peng was invited to attend and delivered a speech. Frost & Sullivan China’s Health Care Division Consultant Director Wang Peng Wang Peng pointed out that due to factors such as economic development, improved living standards, accelerated information dissemination, and changes in concepts, The pursuit of appearance has become deeply embedded in the minds of every consumer, leading to the emergence of the 'Appearance Economy'. Medical aesthetics has received widespread attention in recent years. Both surgical medical aesthetic procedures such as plastic surgery and liposuction, as well as non-surgical medical aesthetic treatments involving injections and audio-visual technologies, have seen increasing penetration rates, along with rising acceptance and recognition. The safety and effectiveness of non-surgical medical aesthetic treatments have significantly improved, and they are favored by consumers due to their minimally invasive and quick nature. In terms of the regulatory environment, Wang Peng emphasized that compliance has become a consensus in the beauty industry, representing both a challenge and an opportunity. Since the Ministry of Health issued the "Management Measures for Medical Aesthetic Services" in 2002, the Chinese medical aesthetics industry has gone through two phases: the establishment of regulatory frameworks and the period of compliance and standardization. In recent years, multiple departments including the National Health Commission have continuously carried out special actions to severely crack down on illegal medical aesthetics activities, standardizing medical aesthetic services and strengthening industry regulation. In 2023, eleven departments including the State Administration for Market Regulation issued the "Guiding Opinions on Further Strengthening Regulatory Work in the Medical Aesthetics Industry,” providing comprehensive regulations regarding access management and comprehensive supervision during and after services. The improvement of regulatory policies has accelerated industry restructuring, reduced unfair competition, enhanced consumer trust, and improved the overall industry environment. However, the upgrading of technical equipment and strict registration standards have increased compliance costs, raised pricing pressures, optimized industry resources, increased market concentration, improved product safety, and boosted consumer recognition. Wang Peng explained that the global non-surgical beauty market size is The growth from $21 billion in 2017 to $32.1 billion in 2021 indicates that the figure will reach $72.3 billion by 2025 and exceed $159.4 billion by 2030. The growth rate was as high as 22.5% between 2021 and 2025, and it will continue at an annual compound growth rate of 17.1% thereafter. The non-surgical medical aesthetics market in China also expanded rapidly, rising from 59.5 billion yuan in 2017 to 157.3 billion yuan in 2021, with an estimated value of 401.4 billion yuan by 2030. Among these, injectable treatments are particularly significant, as their market size increased from 19.4 billion yuan in 2017 to 50.5 billion yuan in 2021, and is expected to reach 98 billion yuan by 2025, roughly matching the non-injectable treatments (accounting for 50.1%) for the first time. By 2030, this figure will further rise to 196.8 billion yuan, representing nearly half of the non-surgical medical aesthetics market. Overall, injectable medical aesthetics projects are shifting from a supplementary role to a core growth driver in the Chinese market. Although the growth rate has slowed due to expanding base sizes (CAGR from 2025 to 2030 is 15.5%), the absolute increase remains substantial, driving continued expansion of the non-surgical medical aesthetics market in China and globally. Wang Peng further analyzed the market landscape of medical beauty injectable products. Currently, medical beauty injectable products mainly include hyaluronic acid, collagen, regenerative materials, and botulinum toxin. Multiple factors drive rapid development in this field. The acceptance of medical beauty consumption increases, and consumer levels improve; improved policies promote healthy industry growth; technological advancements facilitate product upgrades; digital marketing channels support, and consumer education is enhanced. The thriving development of medical beauty injectable products activates continuous improvement across all stages of the supply chain. Many companies expand their operations upstream and downstream to strengthen their positions in the industry. Downstream demand feedback and upstream raw material innovation work together to drive revenue growth for midstream products. Regarding the dominant category of hyaluronic acid, Wang Peng explained that hyaluronic acid is formed by sugar units linked together and is widely distributed in the human body. Its viscoelasticity and strong water retention properties play an important role in lubricating joints, regulating blood vessel permeability, and promoting wound healing. It is widely used in medical, cosmetic, and functional food industries. Molecular weight is an important parameter of hyaluronic acid, and it can be divided into high molecular weight hyaluronic acid based on molecular weight. ≥1×10⁶ Da) and low-molecular-weight hyaluronic acid (with a molecular weight of 1×10⁴–1×10⁶ Between Da and oligo hyaluronic acid (molecular weight ≤1×10⁴) The degree of cross-linking also results in different performance characteristics: products with high cross-linking have greater mechanical strength and better shaping ability, making them suitable for shaping hard areas such as the nose and chin; products with medium cross-linking are ideal for filling wrinkles and depressions; products with low cross-linking are softer and better suited for dynamic filling, such as the lips. Low molecular weight, low-cross-linking/non-cross-linking hyaluronic acid is often injected into the dermis as a "hydrating injection" to improve skin condition through its moisturizing and hydration effects. In the industrial competition landscape, Wang Peng noted that as the manufacturing level continues to improve, local hyaluronic acid production companies are highly competitive globally. The industrial production of hyaluronic acid primarily relies on two methods: animal tissue extraction technology and microbial fermentation technology. Compared to animal tissue extraction, microbial fermentation does not depend on animal resources, allowing free hyaluronic acid to be directly produced during large-scale fermentation processes, thereby simplifying and enhancing purification efficiency, reducing production costs, and better meeting the demands of large-scale industrial production. Additionally, since it avoids animal-derived materials, it eliminates the risk of potential pathogenic virus contamination. Cross-linking technology, as one of the core technologies of hyaluronic acid companies, has led various enterprises to develop their own cross-linking technology patents to achieve more precise control over cross-linking degree, mechanical strength, and viscoelasticity. Regarding regenerative preparation materials, Wang Peng stated that these materials exert beauty effects by stimulating the regeneration of human collagen, and have gained attention due to their advantages such as long-lasting effect, natural results, and biodegradability. In the field of botulinum toxin, China already has... Seven medical beauty injectable botulinum toxin products have been approved for market release, and several domestic companies are accelerating their development efforts, with many products currently in the application stage for market launch or Phase III clinical trials. In terms of innovation trends, Wang Peng stated that breakthroughs in advanced materials, developments in new technologies, and the introduction of new concepts are providing the market and consumers with more innovative ways to enhance appearance. Precision medicine enables customized "beauty enhancement" solutions, combining genetic testing and AI analysis to create personalized treatment plans based on individual skin types, genetic predispositions, and allergy history. Through AI algorithms analyzing facial proportions and 3D scanning, along with VR/AR technology,美容 effects can be previewed in advance, enabling doctors and clients to communicate expectations more effectively. The continuous emergence of new materials and products is driving new trends in the medical beauty industry. Innovations such as exosomes and stem cells for anti-aging treatments, as well as the expansion of indications for sound, light, and heat-based treatment devices like Ultherapy, Gold Microneedling, and Thermage, will further stimulate the interest of beauty enthusiasts and set new trends in medical beauty. Additionally, the integration of medical beauty and health management to achieve scientific "beauty enhancement" is leading to the development of one-stop health and beauty centers that include health checks, energy management, physical therapy, and psychological counseling, helping consumers achieve scientific beauty enhancement more effectively.

When technological explosion and turmoil intersect, what kind of leadership is truly trustworthy? How does a top-tier consulting firm with 65 years of history define the "spirit of pioneer innovators" of this era? When technological innovation and instability coexist, what kind of leadership is genuinely reliable? How does a premier consulting organization with 65 years of history define the "spirit of pioneer innovators" of this time? The world has never been more complex, nor more abundant. The world has never been so intricate, nor so rich in resources. Fields such as AI, new energy, and biotechnology are experiencing rapid innovation, with technological breakthroughs shining like fireworks—each area promising a new future. However, the acceleration of technology and international fluctuations are intertwined, making it harder for people to determine the right direction in the information overload: the more opportunities there are, the more afraid they are of making the wrong choice; the more voices there are, the stronger their desire for guidance. In areas like AI, new energy, and biotechnology, innovation is emerging in fierce competition, with technological breakthroughs blooming as brightly as fireworks—each direction offering a new future. Yet, the speed of technology and international changes are intertwined, making it difficult for people to find their way in the information chaos: the more opportunities there are, the greater the fear of making the wrong decision; the more voices there are, the stronger the need for guidance. What development directions deserve attention? Which companies are trustworthy? Which areas of development require focus? Which enterprises are reliable? This year marks the 65th anniversary of Frost & Sullivan, which has chosen "Trust" as its annual theme. This growth consulting firm, which has helped tens of thousands of enterprises go public, transform, and evolve, always focuses on eliminating information asymmetry through in-depth research to provide the most credible assessments for the capital market. This year marks the 65th anniversary of Frost & Sullivan, which has selected "Trust" as its annual theme. This growth consulting firm, which has assisted thousands of enterprises through IPOs, transformations, and changes, consistently aims to reduce information asymmetry through thorough research, offering the capital market the most reliable insights. Since 2025, Forbes China and Frost & Sullivan have jointly organized the Awards of Pioneer Innovators in Industry Development, trying to answer the question: amidst noise and confusion, what kind of leadership is truly trustworthy? Since 2025, Forbes China and Frost & Sullivan have collaborated to present the Awards of Pioneer Innovators in Industry Development, aiming to answer the question: in the midst of chaos and uncertainty, what kind of leadership is truly reliable? Recently, the 2026 Forbes China Pioneer Innovators in Industry Development Selection Gala Banquet concluded successfully. Before the official award ceremony, we had a discussion with Dr. Neil Wang, Global Senior VP, Co-Chairman of Asia Pacific, and Chairman of China at Frost & Sullivan, to discuss the significance of "pioneering" and why trust has become the most valuable asset of this era. Recently, the 2026 Forbes China Pioneer Innovators in Industry Development Selection Gala Banquet was successfully held. Before the official award ceremony, we spoke with Dr. Neil Wang, Global Senior VP, Co-Chairman of Asia Pacific, and Chairman of China at Frost & Sullivan, to explore the meaning of "pioneering" and why trust has become the most essential asset of this era. 01 A small lotus bud just shows its tip. The Lotus Bud Just Showing Its Tip On the morning of March 18, outside the ballroom of the Bvlgari Hotel Shanghai. The red carpet was already set up; security personnel in suits patrolled the area, and dozens of staff members were rushing with their run-of-show sheets, creating an atmosphere of tension yet anticipation. On the morning of March 18, outside the ballroom of the Bvlgari Hotel Shanghai. The red carpet had been laid out; security personnel in suits were patrolling, and dozens of staff members were hurriedly handling their run-of-show sheets, producing an atmosphere of tension mixed with anticipation. The tension comes from the fact that this important event cannot afford any mistakes. The anticipation arises because tonight, several outstanding individuals in their fields will take the stage. Frost & Sullivan will formally introduce to the world the pioneer innovators who can lead China’s future development. The tension stems from the fact that this significant event cannot tolerate errors. The anticipation is due to the fact that tonight, several individuals who have achieved great success in their fields will take the stage. Frost & Sullivan will introduce to the world the pioneer innovators capable of leading China’s future development. Dr. Neil Wang explained the meaning of "pioneering": "'Ling' means leading. Being the first to eat the crab requires risk-taking and being a pioneer, but it also means there are huge opportunities. We believe that every industry needs leading figures and companies that act as pioneers in niche markets and even in broader industry sectors. 'Chuang' means innovation—preferably something completely new. It could be a new business model, a new trend, or a new idea. Most importantly, it means saying 'no' to old ways and breaking free from those constraints." Dr. Neil Wang explained the meaning of "pioneering": "‘Ling’ means leading. Being the first to eat the crab requires risk-taking and being a pioneer, but it also means there are great opportunities. We think every industry needs leaders and companies that serve as pioneers in specific areas and even in larger industries. ‘Chuang’ means innovation—preferably something completely new. It could be a new business model, a new trend, or a new idea. Most importantly, it means saying ‘no’ to old ways and breaking free from those restrictions." The selected pioneer innovators this year are precisely such enterprises and individuals. Most of them are innovative growth-stage companies deeply involved in niche markets, and there are also new forces with core technologies. Although they haven’t yet become industry giants, they have become pioneers in their fields thanks to their forward-looking vision and innovative abilities. The selected pioneer innovators this year are precisely such enterprises and individuals. Most of them are innovative growth-stage companies deeply involved in specialized markets, and there are also new entities with core technologies. Though they haven’t yet become industry giants, they have become pioneers in their fields due to their vision and innovative capabilities. A nine-story tower starts with a pile of earth. Whether it’s a giant multinational company or a century-old enterprise, everything is built up little by little; only small streams can form a vast ocean. Therefore, Dr. Neil Wang believes that these growth-stage and start-up enterprises are the foundation of industrial development and even the creators of future business landscapes. A nine-story tower begins with a pile of earth. Whether it’s a large multinational corporation or a company that has existed for a century, all are built up step by step; only gentle flows can merge into a vast ocean. Thus, Dr. Neil Wang firmly believes that these growth-stage and start-up enterprises are the basis of industrial development and, more importantly, the incubators of future business environments. Growth based on foundations is often fragile. According to extensive research by Frost & Sullivan over the years, nearly 97% or more of start-up enterprises face high failure risks in the first two or three years. "It’s like a newborn bird that can’t withstand strong winds. In the first two years, it needs a lot of attention, support, help, and recognition from partners and customers." Growth based on foundations is often fragile. As shown by extensive research by Frost & Sullivan over many years, almost 97% or more of start-up enterprises face high failure risks in the first two or three years. "It’s like a newborn bird that can’t withstand strong winds. In the first two years, it needs a lot of attention, support, assistance, and recognition from partners and customers." He quoted a line of poetry: "The lotus bud just shows its tip, and already a dragonfly perches atop." Frost & Sullivan wants to be the "dragonfly," collecting nectar and pollinating for the "lotus bud." He quoted a line of poetry: "The lotus bud just shows its tip, and already a dragonfly is perched on it." Frost & Sullivan wishes to be the "dragonfly," gathering nectar and pollinating for the "lotus bud." Compared to 2025, the profiles of this year’s selected pioneers are more distinct. Many judges noticed that returnees from abroad, youth, and high education levels are key features of this group. "This is different from the early days of reform and opening-up, when many entrepreneurs started from the ground up. These people have a global perspective and are especially skilled in interpreting cutting-edge high technology," Dr. Neil Wang said. Compared to 2025, the profiles of this year’s selected pioneers are more distinct. Many judges observed that returnees from abroad, youth, and high education levels are prominent traits. "This is different from the early days of reform and opening-up, when many entrepreneurs started from the ground up. These people have a global perspective and are particularly skilled in interpreting cutting-edge high technology," Dr. Neil Wang said. But technological leadership doesn’t guarantee everything. Dr. Neil Wang added a key point: "Good technology doesn’t necessarily mean a good market or promising promotion prospects. Top-tier technology may not always bring huge market or investment benefits." However, technological leadership does not equate to everything. Dr. Neil Wang added a crucial point: "Good technology doesn’t necessarily mean a good market or promising promotion prospects. Top-tier technology may not automatically bring substantial market or investment returns." Beyond technology, what the capital market is really looking for is another answer. Beyond technology, what the capital market is truly seeking lies in another answer. 02 The Essence of Entrepreneurship The Essence of Entrepreneurship The capital market seeks profit, but high returns often come with high risks—they are inseparable. Those who can turn technology into sustainable business value often know how to manage risks. Therefore, a true pioneer who can navigate through economic cycles must possess entrepreneurial spirit beyond mere technology. The capital market moves in pursuit of profit, but high returns often come with high risks; the two are the outward and inward aspects of the same entity, inseparable. Those who can transform technology into sustainable commercial value typically understand how to manage risk even better. Therefore, a pioneer innovator who can truly navigate cycles must possess an entrepreneurial spirit that transcends technology itself. Wang Xin believes: "Entrepreneurial spirit is not reflected in the ability to develop a good product, but in the capacity to integrate resources." Dr. Neil Wang believes: "Entrepreneurial spirit is not manifested in one's ability to develop a good product, but rather in the capacity to integrate resources." An outstanding entrepreneur must find ways to fully utilize all social resources and commercial ecosystem resources, integrating different stakeholders to form a team. This team does not refer only to the internal enterprise team, Dr. Neil Wang said: "The outside world is extraordinarily vast. If an entrepreneur can mobilize external social resources, enabling commercial partners, the ecosystem, and even government functional departments, policymakers, and regulatory agencies to support him and attach importance to his concepts, products, services, as well as his market entry strategies, marketing layouts, and globalization strategies, then the value of the enterprise will more easily be widely seen and recognized." An outstanding entrepreneur must find ways to fully utilize all social resources and commercial ecosystem resources, integrating different stakeholders to form a team. This team does not refer only to the internal enterprise team, Dr. Neil Wang said: "The outside world is extraordinarily vast. If an entrepreneur can mobilize external social resources, enabling commercial partners, the ecosystem, and even government functional departments, policymakers, and regulatory agencies to support him and attach importance to his concepts, products, services, as well as his market entry strategies, marketing layouts, and globalization strategies, then the value of the enterprise will more easily be widely seen and recognized." At the 2026 Forbes China Industry Development Pioneer Innovators Award Ceremony, Frost & Sullivan deliberately invited representatives from industry, academia, research, investment, and media to attend the event. For entrepreneurs, this was precisely a rare opportunity for resource integration and ecosystem linkage. At the 2026 Forbes China Pioneer Innovators in Industry Development Selection Gala Banquet, Frost & Sullivan deliberately invited figures from industry, academia, research, investment, and media to gather at the event. For entrepreneurs, this was precisely a rare opportunity for resource integration and ecosystem linkage. The "outside world" that Dr. Neil Wang mentioned requires a global perspective. He said: "Today's competition is competition within the global village. The international nature of competition is something we must never forget." The "outside world" that Dr. Neil Wang spoke of requires a global perspective. He said: "Today's competition is competition within the global village. The international nature of competition is something we must never forget." He told a true story. An entrepreneur from a listed company with a market value in the tens of billions said he wanted to go overseas. An expert asked: "Which country do you want to go to?" The entrepreneur replied: "I want to go to Africa." The expert asked again: "There are over fifty countries in Africa. Which one do you want to go to? The languages, cultures, levels of openness, and economic development vary enormously. You don't even know what you're asking, so how can you talk about answers?" He told a true story. An entrepreneur from a listed company with a market value in the tens of billions said he wanted to go overseas. An expert asked: "Which country do you want to go to?" The entrepreneur replied: "I want to go to Africa." The expert asked again: "There are over fifty countries in Africa. Which one do you want to go to? The languages, cultures, levels of openness, and economic development vary enormously. You don't even know what you're asking, so how can you talk about answers?" Dr. Neil Wang is well aware that entrepreneurs are not omnipotent, especially before the complex subject of globalization, no one is a born top student. But that is all right; Frost & Sullivan can provide systematic methodologies. Recently, Frost & Sullivan has reached a cooperation with a top-tier Chinese publisher and will soon launch a book titled "企业出海增长指南" (with the English title "GO GLOBAL: The Growth Coaching Book"). He believes that the momentum of globalization is unstoppable by anyone. Dr. Neil Wang is well aware that entrepreneurs are not omnipotent, and especially before the complex subject of globalization, no one is a born top student. But that is all right; Frost & Sullivan can provide systematic methodologies. Recently, Frost & Sullivan has reached a cooperation with a top-tier Chinese publisher and will soon launch a book titled "企业出海增长指南" (with the English title "GO GLOBAL: The Growth Coaching Book"). He believes that the momentum of globalization is unstoppable by anyone. He vividly explained: "Going overseas is like sailing. You cannot set out to sea in a small sampan; you might not get a few kilometers before a wave capsizes you. You must have nautical charts to tell you where the reefs are, and GPS to guide you. This is not groping about in the dark like a blind man touching an elephant, but rather having established approaches and mature methodologies recognized globally." He vividly explained: "Going overseas is like sailing. You cannot set out to sea in a small sampan; you might not get a few kilometers before a wave capsizes you. You must have nautical charts to tell you where the reefs are, and GPS to guide you. This is not groping about in the dark like a blind man touching an elephant, but rather having established approaches and mature methodologies recognized globally." He has great confidence in Frost & Sullivan, because using professionalism to empower enterprises is something Frost & Sullivan has been doing for 65 years. He has great confidence in Frost & Sullivan, because empowering enterprises with professionalism is something Frost & Sullivan has been doing for 65 years. 03 65 Years of Nurturing Trust 65 Years of Nurturing Trust The consulting industry experiences cycles of rise and fall, with a reshuffle of the landscape occurring every 10 to 20 years. Frost & Sullivan is one of the few professional consulting institutions globally that has remained active throughout more than half a century. The consulting industry ebbs and flows, with its landscape reshuffled every 10 to 20 years. Frost & Sullivan is one of the few professional consulting institutions globally that has remained proactive across more than half a century. Currently, Frost & Sullivan has nearly 50 branches worldwide, covering all developed countries, emerging economies, and major capital markets, becoming the trusted choice of countless clients. Trust is its trump card. Currently, Frost & Sullivan has nearly 50 branches worldwide, covering all developed countries, emerging economies, and major capital markets, becoming the trusted choice of countless clients. Trust is its trump card. "Now, massive amounts of information are a mix of fish eyes and pearls, of uneven quality. The cost of obtaining information has dropped enormously, but its quality is also cast into doubt," Dr. Neil Wang said. "Internet water armies, fake news, AI-generated forgeries, short-term behavior by unscrupulous individuals or small institutions... they have no historical lineage, no concept of long-term operation, and do not place brand and quality first. Therefore, trust is universally scarce." "Now, massive amounts of information are a mix of fish eyes and pearls, of uneven quality. The cost of obtaining information has dropped enormously, but its quality is also cast into doubt," Dr. Neil Wang said. "Internet water armies, fake news, AI-generated forgeries, short-term behavior by unscrupulous individuals or small institutions... they have no historical lineage, no concept of long-term operation, and do not place brand and quality first. Therefore, trust is universally scarce." The keyword chosen for Frost & Sullivan's 65th anniversary is "Trust," and Dr. Neil Wang often reminds his team to do their daily work carefully and steadily, understanding that slow and careful work yields good results, and that one cannot achieve instant success. The keyword chosen for Frost & Sullivan's 65th anniversary is "Trust." Dr. Neil Wang frequently reminds his team to do their daily work conscientiously and steadily, with the understanding that slow and careful work yields fine results, and that one cannot pursue instant success. He explained that Frost & Sullivan builds trust on three levels: first, by providing credible methodologies—a set of standard operating procedures accepted by the vast majority of parties, with a degree of formality aligned with global standards; second, through historical lineage—over 65 years, the company has maintained an excellent industry reputation, covering hundreds of niche industries globally, and through sustained research has formed databases and industry knowledge bases to ensure information accuracy; third, by selecting only top-tier partners. The Awards of Pioneer Innovators in Industry Development co-hosted with Forbes China were born from such standards. He elaborated that Frost & Sullivan builds trust on three levels: first, by providing credible methodologies—a set of standard operating procedures accepted by the vast majority of parties, with a degree of formality aligned with global standards; second, through historical lineage—over 65 years, the company has maintained an excellent industry reputation, covering hundreds of niche industries globally, and through sustained research has formed databases and industry knowledge bases to ensure information accuracy; third, by selecting only top-tier partners. the Awards of Pioneer Innovators in Industry Development co-hosted with Forbes China were born from such standards. It is precisely this persistence that has won Frost & Sullivan's reports widespread recognition from major institutions worldwide. Dr. Neil Wang said: "In the process of serving as an exclusive IPO industry advisor over the years, our research conclusions must enter prospectuses and continuously undergo multiple scrutiny by regulators, investors, and the market. Over the past decade, Frost & Sullivan has consecutively maintained its leadership in market share as the professional industry advisor for Chinese enterprises listing in Hong Kong and overseas. In 2025, Frost & Sullivan's market share as a Hong Kong IPO industry advisor reached as high as 73%. This highly concentrated market recognition is itself a mechanism of trust." It is precisely this persistence that has won Frost & Sullivan's reports widespread recognition from major institutions worldwide. Dr. Neil Wang said: "In the process of serving as an exclusive IPO industry advisor over the years, our research conclusions must enter prospectuses and continuously undergo multiple scrutiny by regulators, investors, and the market. Over the past decade, Frost & Sullivan has consecutively maintained its leadership in market share as the professional industry advisor for Chinese enterprises listing in Hong Kong and overseas. In 2025, Frost & Sullivan's market share as a Hong Kong IPO industry advisor reached as high as 73%. This highly concentrated market recognition is itself a mechanism of trust." Frost & Sullivan pursues long-termism, and its systematic methodology applies to tracking cutting-edge technologies. In response to the AI wave, as early as seven or eight years ago when LeadLeo科创网 was founded, Dr. Neil Wang proposed the concept of "AI+HI" (Artificial Intelligence + Human Intelligence) in advance, and he has implemented it consistently. Frost & Sullivan adheres to long-termism, and its monitoring of cutting-edge technology follows this systematic approach. Facing the AI wave, as early as seven or eight years ago when establishing LeadLeo Science and Technology Innovation Network, Dr. Neil Wang proposed the visionary concept of “AI + HI” (Artificial Intelligence + Human Intelligence), and has consistently applied it. “AI can process large amounts of data and, under human guidance, filter out mathematical models—something beyond human capabilities,” he explained. “It’s like weeding: how many weeds can you pull by hand? But using a weeder, efficiency increases significantly. It’s not that humans are unable, but rather we assign tasks we aren’t good at to AI, which excels at them.” “AI can process massive amounts of data and, under human direction, screen out mathematical models—this is beyond human capability,” he explained. “It is like weeding: how many weeds can you pull by hand? But driving a weeding machine, efficiency soars. It is not that we humans are incapable, but rather we entrust tasks we are not good at to AI, which excels at them.” He then changed his tone: “AI has its limitations. For example, when one leaf falls, the wise know that autumn is coming; when a machine sees a leaf drop, it doesn’t understand what it means. Another example: an apple falling on Newton’s head and an apple falling on an ordinary person’s head produce two completely different results.” He then shifted his tone: “AI has its shortcomings. For example, when one leaf falls, the wise know that autumn is coming; when a machine sees a leaf drop, it doesn’t know what it means. Another example: an apple falling on Newton’s head and an apple falling on an ordinary person’s head produce two entirely different results.” Thus, at Frost & Sullivan, AI provides efficiency and breadth, while humans provide depth and judgment. Only by combining the two can truly trustworthy conclusions be achieved. Therefore, at Frost & Sullivan, AI provides efficiency and breadth, while humans provide depth and judgment. Only by combining the two can truly trustworthy conclusions be delivered. His technical philosophy aligns with China’s current AI development strategy and deployment. In China, Frost & Sullivan has operated continuously for 28 years. It has consistently maintained a high degree of localization, with its mission being to serve the nation and society, promote economic development, and enhance people’s well-being. It actively responds to China’s industrial policies and strategic transformation directions, contributing to major strategic initiatives such as the Belt and Road Initiative, dual circulation, dual carbon, enterprise globalization, brand empowerment, and Digital China. His technological philosophy resonates in frequency with China’s current AI development strategy and deployment. In China, Frost & Sullivan has operated continuously for 28 years. It has consistently adhered to a high degree of localization, with its operational mission being to serve the nation and society, promote economic development, and enhance the well-being of the people. It actively responds to China’s industrial policies and strategic transformation directions, contributing industry strength to major strategic layouts such as the Belt and Road Initiative, dual circulation, dual carbon, enterprise globalization, brand empowerment, and Digital China. Dr. Neil Wang believes: “The space in which we can exert influence in the future is enormously vast.” Because this company, having traversed 65 years, moves with light steps and remains full of curiosity about the future—“Top 50 Technologies Shaping the World,” “China’s Next 50 Years”… Frost & Sullivan has never stopped sharing its gaze toward the future with its readers. Dr. Neil Wang believes: “The space in which we can exert influence in the future is enormously vast.” Because this company, having traversed 65 years, moves with light steps and remains full of curiosity about the future—“Top 50 Technologies Shaping the World,” “China’s Next 50 Years”… Frost & Sullivan has never stopped sharing its gaze toward the future with its readers. Perhaps this is the most scarce and precious meaning of “trust” in this era: it is not a slogan, but a verifiable promise accumulated through long-term, steady perseverance. It comes from the practice of mutual benefit and win-win outcomes, from concern for people’s well-being, and from faith in long-termism. Perhaps this is the most scarce and most precious meaning of the word “trust” in this era: it is not a slogan, but a verifiable promise accumulated bit by bit through long-term, steadfast persistence. It comes from the practice of mutual benefit and win-win outcomes, from concern for the well-being of the people, and from faith in long-termism. Whether they are pioneers or those who support them, all must ultimately return to this simple yet indestructible truth. Whether pioneer innovators or those who support them, all must ultimately return to this simple yet indestructible truth. This article is licensed to Forbes and reproduced with authorization.

stand "At the new starting point of the 15th Five-Year Plan," 2026 The 'Annual Government Work Report' clearly states that it is necessary to cultivate and strengthen emerging and future industries, and promote industries such as biomanufacturing to become new economic growth points. Synthetic biology, as follows DNA The discovery of the double helix structure “and the third life science revolution following the “Genomic Technology Revolution” are leading the biomanufacturing industry into accelerated advancement 4.0 The era has become an important strategic fulcrum for reshaping the global material production mode. In the future, it will deeply reconstruct the development paradigms of industries such as biomedicine, advanced materials, consumer goods, energy, environmental protection, and agriculture. Vigorously developing synthetic biology and bio-manufacturing industries is not only a strategic opportunity to seize the global high ground but also an important path to accelerate the formation of new productive forces and achieve high-level scientific and technological self-reliance. Based on its long-term insight into the global cutting-edge technology and biomanufacturing industries, Frost & Sullivan frost  & Sullivan Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan'), will launch the Global Synthetic Biology and Bio-manufacturing Industry Development White Paper ( 2026 The preparation and compilation of the white paper. This white paper will cover “government - give birth - learn - research - gold - The close collaboration and in-depth research results presented in this report aim to provide forward-looking structured insights and references for government agencies, investment institutions, industry sectors, and all sectors of society. Research content This white paper systematically reviews the global development landscape of synthetic biology and biomanufacturing industries. Through a detailed industrial chain map, it deeply analyzes the current development status of upstream tool layers, midstream platform layers, and downstream diversified application scenarios. From dimensions such as technological evolution, business logic, and market structure, it elucidates the strategic value of synthetic biology in reconstructing production logic, ensuring supply chain security, and driving green sustainable development.   In addition, we will focus on sorting out the industrial ecosystems and regulatory frameworks of major global countries such as China and the United States, comparing the differences in industrial ecosystems and development stages under different policy environments, and analyzing The synergistic relationship between 'regulatory innovation' and 'industry source development' includes promoting green and low-carbon transformation, ensuring supply chain security, and reshaping the industrial landscape. At the same time, the report will systematically deconstruct the development stage and industrial structure characteristics of the industry in light of the actual development situation of the Chinese market, and deeply explore the core driving forces behind the future leapfrog development of China's synthetic biology and biomanufacturing industries, so as to gain insights into future development trends.   Among them, for the chapters on upstream and downstream of the industrial chain, benchmark cases (parks, enterprises, industrial platforms, etc.), we sincerely invite relevant enterprises to cooperate. By sharing their first-person perspectives on how to face existing challenges and seize business opportunities, enterprises can showcase their core competitiveness such as business models, technology platforms, advanced processes, and ecological cooperation. These empirical cases will provide authoritative voices and focused dissemination windows for cooperative enterprises, as well as references for capital providers, research institutions, industries, etc., attracting upstream and downstream partners to actively join the enterprise ecosystem. Participating in the cooperation of this white paper will help enhance the brand voice of cooperative enterprises in the global market and assist in global brand building and product layout. Enterprise participation value   1. Global brand voice building and authoritative endorsement   The English version of the white paper will be made available simultaneously on well-known global news agencies (such as The Associated Press), mainstream financial media (such as Yahoo Finance), North American financial media and websites (Business Insider, Dow Jones MarketWatch, Benzinga, Wall Street Insider, etc.) and media from various regions around the world.   Relying on Frost & Sullivan's global media matrix and brand influence, the company will enhance its strategic position in the global synthetic biology and biomanufacturing sectors, helping to build brand influence and business credibility for the international market.   2. Establishing industry image and industry discourse power   This white paper will deeply integrate enterprise market research, technical insights, and industry practice cases. Relying on systematic and professional research results, it will help enterprises consolidate their professional image and strategic positioning in niche markets, highlight their leading edge in technology understanding, enhance their professional recognition and voice, and improve their visibility and influence within the industry and external markets.   3. Empowering ecological connectivity and capital value transmission   The white paper will serve as a core link connecting the industrial end and the capital end, accurately reaching investors in the primary and secondary markets, relevant government agencies, and upstream and downstream partners of the industrial chain. By deeply analyzing a company's business layout and core capabilities, it transforms the company's business potential into a 'logical language' understandable by the capital market, creating a high-value foundation for subsequent investment and financing matchmaking, government resource implementation, and strategic cooperation. White Paper Release Schedule   Project start time      : May 2026   The full report is now available.      : 2026 Global Growth, Innovation & Leadership Summit by Frost & Sullivan and the 5th New Investment Conference, August 4-5, 2026   Release channel   The Frost & Sullivan group has a creative matrix comprising over 30 financial platforms and financial media, operating accounts including Frost & Sullivan, LeadLeo, LiveReport (a big data platform), and more. The network has over 500,000 highly knowledgeable and affluent fans composed of investors, analysts, entrepreneurs, media professionals, and more.   Participate in cooperation     Please contact us     Frost & Sullivan China   Senior Partner and Managing Director   Yang Xiaocheng   Email: jacky.yang@frostchina.com   Frost & Sullivan China   Chief Medical Analyst   Sun Rong   Email: skyler.sun@frostchina.com   Long press to scan the QR code below, and we will contact you.

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

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