On March 16, 2026, the ribbon-cutting ceremony for the Asia-Pacific headquarters of the globally renowned growth consulting firm Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') was grandly held in Shanghai. On March 16, 2026, Frost & Sullivan, a globally renowned growth consulting firm, grandly held the ribbon-cutting ceremony for its Asia-Pacific headquarters in Shanghai. Aroop Zutshi, President and Managing Partner of Frost & Sullivan globally, Dr. Wang Xin, Global Partner, Co-Chair of the Asia-Pacific Region and Chairman of China at Frost & Sullivan, and Wang Chenhui, Managing Partner and President of Frost & Sullivan China, attended together to cut the ribbon for the Asia-Pacific headquarters, marking a new phase in the development of Frost & Sullivan in China. Aroop Zutshi, Global President & Managing Partner, Frost & Sullivan; Neil Wang, Global Partner, Co-Chairman of Asia Pacific, and Chairman of China, Frost & Sullivan; Yves Wang, Managing Partner and President, Frost & Sullivan China Jointly attended and officiated the ribbon-cutting for the Asia-Pacific headquarters, marking a new chapter in the company's development in China.

Against the backdrop of a continuous deepening of new rounds of technological and industrial transformation, innovation is reshaping the global business landscape at an unprecedented pace. From artificial intelligence-driven new-generation productivity to industrial upgrading fueled by new energy and advanced manufacturing, to the continuous evolution of consumption, healthcare, and services, all sectors are undergoing profound structural changes. Standing at the forefront of this era's wave, a group of forward-looking and innovative enterprises and entrepreneurs are driving the continuous expansion of industry boundaries and exploring new development paths for the future of their industries. Against this backdrop, the 2026 Forbes China Industry Development Pioneer Awards, jointly initiated by Forbes China and the globally renowned growth consulting firm Frost & Sullivan, focus on key areas such as AI, mass consumption, healthcare, new energy, manufacturing, and services. The aim is to identify those enterprises, brands, and individuals that drive growth through innovation and promote industry progress through long-termism in complex environments. The selection emphasizes the performance of candidates in industry empowerment, business operations, and innovation practices, paying attention to whether they have built sustainable development paths in uncertainty and provided industry-replicable development models. The selection process has now come to an end. To better showcase the outstanding contributions and innovative traits of these selected individuals, Forbes China and Frost & Sullivan will jointly host the '2026 Forbes China Industry Development Pioneer Awards Honors Ceremony' at the Baccarat Shanghai on March 18th. On March 18th, under the guidance of the Chinese Advertising Association, Frost & Sullivan will also co-host the '2026 New Era Brand Development Forum' with the National Advertising Research Institute. At that time, many guests from the industry, investment community, and academia will gather together to witness the release of the selection results and engage in in-depth exchanges around innovation, growth, and future industry trends.

On March 18, 2026, at the upcoming '2026 New Era Brand Development Forum', the organizer Frost & Sullivan plans to launch a new joint research platform in collaboration with MamyPai.   MomTrust Lab was inaugurated, with a platform unveiling ceremony held. The platform aims to rely on a million-level real family user base and professional research capabilities to explore and construct a new trust verification mechanism in the field of Chinese household consumption. In recent years, with the continuous development of digitalization and AI technologies, consumers' methods of obtaining information are undergoing profound changes. In the field of maternal and infant health consumption, product selection often directly affects the health and safety of family members, and consumers' attention to the authenticity of product information, usage experience, and word-of-mouth feedback continues to rise. Especially during pregnancy and childbirth, the mother group often plays an important decision-making role in household consumption. Their real usage experience and consumer feedback are of great reference value for brands to build long-term trust. How to construct a more real and transparent consumer trust system in a complex information environment is becoming an important topic of concern for brands and industries. Against this backdrop, Frost & Sullivan and Mopinionate have jointly initiated MomTrust Lab, a consumer research and validation platform based on a sample of millions of real mom-level family users, will combine professional research methods with real user survey data to provide brands with more valuable consumer insights and feedback support. It is understood that MamaPai and its cloud platform, YunXiaoPai, have been deeply involved in the private domain operation of users in the postnatal care market for a long time. Currently, they have served over 5 million new mothers across the country, operated more than 10,000 new mother communities, and continuously attracted over 1 million real postnatal users each year. Relying on this user base, The future research and development of the MomTrust Lab, a joint research platform, will focus on directions such as real user research, household consumption studies, and consumer trust evaluation systems. According to preliminary introductions, the platform will focus on the following three directions: First, we conducted a survey on real mothers' consumption. Through structured questionnaires and user feedback mechanisms, research on the usage experience and consumption preferences of products related to maternal and infant health and family wellness consumption is conducted, providing industry with more valuable consumer insights. Second is the research on outputting household consumption trends. Combining real user sample data and research methodology, we continuously publish reports on maternal and infant health consumption trends and user insights. Third, explore the consumer trust evaluation system. Based on real user research, an evaluation mechanism based on consumer experience and feedback is gradually being formed to provide the industry with more transparent and credible consumer reference information. Against the backdrop where consumer decisions increasingly rely on real user experiences and word-of-mouth feedback, consumption research platforms based on real user samples are expected to become an important infrastructure for brands to build long-term trust. The unveiling ceremony of the MomTrust Lab joint research platform will be officially held on March 18, 2026, during the '2026 New Era Brand Development Forum' hosted by Frost & Sullivan. Representatives from brands, research institutions, and industry organizations will exchange views on topics such as the development opportunities for Chinese brands in the new era consumer environment and the construction of consumer trust systems.

Against the backdrop of artificial intelligence profoundly changing the way information is acquired, corporate brand management is entering a new phase. Frost & Sullivan, a global leading growth consulting firm, will host the 2026 New Era Brand Development Forum at the Shanghai Baogeli Hotel on March 18. The event will also feature an official global launch of the “Enterprise Trusted Knowledge Network" in conjunction with the LeadLeo Research Institute (LeadLeo) at the event.   Concept, and KNIT (Knowledge Network of Integrity & Trust) Solution   The system responds to the new challenges of enterprise cognitive management in the AI era. KNIT's enterprise trusted knowledge network is composed of real-world data, authoritative research conclusions, structured knowledge graphs, third-party verification results, and traceable information sources as its core elements. Through systematic engineering methods, it transforms the scattered unstructured information of enterprises into a standardized knowledge system that can be stably understood, cited, and reused by artificial intelligence. Frost & Sullivan has pointed out that as large models become an important gateway to information, AI is gradually becoming the 'first interpreter' for businesses. Customers, investors, and partners increasingly rely on AI to obtain information about their businesses and industries. In this process, business information is often understood by the outside world through algorithm-generated and secondary representations. However, complex data sources, uneven information quality, and limitations in the generation mechanism can lead to issues such as data poisoning, algorithm hallucinations, and cognitive dilution. Businesses may even be misread, weakened, or redefined unconsciously. Under this trend, the core issue facing enterprises has shifted from 'whether it is seen' to 'whether it is correctly recognized'. An increase in the volume of communication does not necessarily lead to accurate recognition; if the information base is unstable, communication may instead amplify the risk of bias. Against this backdrop, Frost & Sullivan, in collaboration with LeadLeo Research Institute, proposes to help enterprises actively manage key fact expressions and cognitive structures by constructing an 'Enterprise Trusted Knowledge Network'. This will build a knowledge system that can be consistently understood and cited by AI from the source, and reconstruct the cognitive dominance of enterprises in the AI era. Wang Chenhui, China Managing Partner and President of Frost & Sullivan, and Co-founder and President of LeadLeo, said that KNIT Enterprise Trusted Knowledge Network will be an enterprise-level cognitive infrastructure for the AI era. Its core goal is to ensure that enterprises maintain a clear, accurate, and stable knowledge architecture and external expression in complex algorithm environments. This release marks a shift in corporate brand management from 'communication competition' to 'cognitive management', with 'cognitive dominance' potentially becoming an important strategic topic for enterprises in the AI era.

  2 month, China AI The model usage surged, exceeding that of the United States for the first time. Chinese model manufacturers are occupying the global market with rapid iteration and cost advantages, and domestic computing power demand is experiencing exponential growth. token The call cost is generally lower than that abroad. What are the reasons behind this? Has the decrease in power costs or lower technical costs enabled Chinese large models to have stronger market competitiveness? AI   token What will the future profit-making model look like? AI   token Fee model and legacy SaaS What is the biggest difference between the charging models? With technological progress, AI Will the pricing of services gradually move towards high customization and flexibility? Frost & Sullivan frost Sullivan, hereinafter referred to as Li Qing, China director of Frost & Sullivan, was interviewed by NBD to discuss the development of large language models in China token The technical root cause and commercial evolution path of cost advantages. Q Chinese Large Model token The call cost is generally lower than that in foreign markets. What are the reasons behind this? Top Chinese Models DeepSeek General Meaning of a Thousand Questions 3.5-Plus Sparse Hybrid Expert ( MoE )”architecture. Although this design has a huge total number of parameters, only a small number are activated during actual inference. This directly reduces memory usage. 60% , reasoning throughput improved 19 times, reducing computing power waste at the source. At the same time, with Alibaba's “Tongyi - cloud - Taking the 'core' system as an example, algorithms, infrastructure, and chips work in deep collaboration. This vertical integration solves the pain point of model-hardware adaptation by maximizing resource utilization through extreme computing power scheduling, significantly reducing the cost of underlying computing power. Q Does the reduction in electricity costs or lower technology costs enable Chinese large models to have stronger market competitiveness? The cost advantage is translating into absolute market competitiveness, but this is not just about electricity costs. token The cost core is indeed computing power GPU Depreciation) and electricity (data center operations). Although China has certain advantages in electricity costs, its greater advantage comes from technical efficiency and the adaptation of domestic computing power. Q : AI token What will the future profit-making model look like? SaaS What is sold is the 'right to use the tool', and AI   token What is sold is 'fuel to solve problems'. The core difference is whether it sells directly application results or services, or underlying computing resources. Q With the progress of technology, AI Will the pricing of services gradually move towards high customization and flexibility? This is an inevitable trend. agent With the advent of the era, a single pricing model will no longer be able to cover complex business needs. Pricing will evolve towards multi-dimensional dynamic pricing. High-cost operations such as computing consumption, call frequency, task complexity (for example, whether it involves multi-step reasoning, planning, reflection, etc.) will all affect the pricing model. * This interview has been published in the Daily Economic News, with reporter Song Xinyue. The original title was: 2 Moonlit well eruption! China AI The usage volume has exceeded that of the United States for the first time, with four large models ranking among the top five globally. The demand for domestic computing power is experiencing exponential growth.      

On February 26, 2026, against the backdrop of preparations for the Dutch biomedical delegation's visit to China by the Dutch Embassy and Consulates in China to conduct exchanges, an online seminar focusing on the development of China's biomedical industry was successfully held. As an important pre-departure exchange session before the delegation's arrival in China, the seminar aimed to help Dutch biomedical enterprises and related institutions gain a deeper understanding of the development trends, industrial structure, and investment environment of China's innovative drug market. Members of the Dutch delegation, representatives of the Dutch Embassy and Consulates in China, and relevant industry professionals participated in this exchange. Frost & Sullivan (Frost  & Jiang Tengfei, Executive Director of Life Sciences Consulting at Frost & Sullivan's Healthcare Business Unit in China (hereinafter referred to as 'Frost & Sullivan'), was invited as a keynote speaker and shared a special presentation on the development stage and market opportunities of China's biotechnology industry. Jiang Tengfei introduced in his sharing that China's innovative drug industry is undergoing an important phase from capital adjustment to structural recovery, and global business expansion Cooperation with BD) is gradually becoming the core driving force behind industry growth. Frost & Sullivan data shows that in 2025, the number of outbound licensing transactions by Chinese Biotech companies increased from 94 in 2024 to 157, a year-on-year increase of 67%; the total disclosed transaction amount rose from $519 billion to $1357 billion, an increase of 161%, with the average size of a single transaction rising to about $820 million. At the same time, the proportion of upfront payments in total transaction amounts decreased from 7.8% to 5.2%, reflecting that global pharmaceutical companies are paying more attention to risk control and long-term value realization while expanding cooperation scale. In terms of transaction structure, among the cumulative 340 outbound licensing transactions from 2023 to 2025, about three-quarters were contributed by Biotech companies, indicating that Chinese innovative companies have become an important source of global innovation supply. However, capital and cooperation opportunities are further concentrating on companies with differentiated technologies and clinical certainty. From the perspective of capital source structure, the development model of China's innovative drug industry is also undergoing transformation. In 2025, in China's biopharmaceutical financing, upfront payments for license-outs accounted for 52% of the total financing sources, surpassing equity investment and IPO financing for the first time to become the industry's primary source of funds. This marks a shift from 'funding-driven growth' to a new stage of 'global cooperation-driven development' for Chinese Biotech. At the same time, the value hierarchy among different types of enterprises continues to expand: In 2025, the average upfront payment ratio for innovative drug license-outs by Chinese Biopharma companies reached 10.4%, while for Biotech companies it was only 4.2%. The market is re-pricing a large number of early-stage or homogeneous projects, and the real drivers for capital market recovery are blockbuster deals represented by multi-billion-dollar cross-border collaborations (such as San Sheng Pharmaceutical's 3SBio and Pfizer ——PD-1/VEGF bispecific antibody SSGJ-707, Innovent and Takeda ——PD-1/IL-2α-biased fusion protein IBI363, etc.). In 2025, the Hong Kong stock market's innovative drug sector clearly warmed up, with the Hang Seng Innovative Drug Index (normalized based on the first day of 2025) achieving a phased growth of about 2.7 times, indicating that international capital's confidence in China's long-term innovative drug development potential is gradually recovering. Overall, China's biopharmaceutical industry is entering a new development stage centered on globalization cooperation capabilities, asset quality, and commercial certainty, providing new cooperation windows for international enterprises to participate in the Chinese market. As global pharmaceutical companies continuously raise asset screening standards, the innovative drug market is entering a more rational evaluation phase. Valuations of homogeneous projects are under pressure, and long-tail transaction risks are gradually clearing up. The quality of clinical data and global development potential have become the core criteria for cooperation and investment. Jiang Tengfei stated that China's innovative drug industry is entering a new stage of global competition, with corporate competitiveness shifting from mere R&D efficiency to With BD capabilities and global collaborative development, capital has further concentrated on high-quality assets with platformization and internationalization potential. Against the backdrop of capital returning to rationality and continuous deepening of cross-border cooperation, Chinese Biotech is gradually integrating into the global innovation system, and the industry as a whole is accelerating its transition from 'transaction-driven growth' to a new stage of 'quality-driven growth'.

According to the Hong Kong Stock Exchange, 2025 year 12 month to 2026 year 1 months, a total of 12 The AI Value Chain Company has listed on the Hong Kong stock market. Why has the AI Value Chain Company chosen the Hong Kong market, and why are there a cluster of companies listing there? Currently, global capital investment in Chinese assets has increased, and recently, there has been a rush to list in Hong Kong IPO listing Among AI companies (such as Zhipu, MINIMAX ), with many international long-term funds, well-known industrial capitals, and investment institutions becoming cornerstone investors. Why is global capital targeting Hong Kong stocks? IPO listing Target? Why do we prefer AI companies? Frost & Sullivan frost  & Sullivan Lu Jing, China Business Partner and Managing Director of Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Shanghai Securities News to discuss the capital logic and industrial motivations behind artificial intelligence companies flocking to Hong Kong for listing. Q According to the Hong Kong Stock Exchange, 2025 year 12 month to 2026 year 1 months, a total of 12 The AI Value Chain Company has listed on the Hong Kong stock market. Why has the AI Value Chain Company chosen the Hong Kong market, and why are there so many companies flocking to list there? The core lies in the resonance between the institutional window and the industrial cycle. The Hong Kong Stock Exchange has launched “ 18C Zhang is specifically designed for technology-intensive enterprises, clearly covering cutting-edge fields such as artificial intelligence. It provides institutional channels for unprofitable companies with high R&D investment and growth potential, significantly enhancing the predictability of listing. Hong Kong stocks are more flexible in terms of valuation elasticity, review pace, and company structure compatibility. On the other hand, AI Value chain enterprises are experiencing a concentrated outbreak in computing power, models, and application layers, with strong financing needs. Clustered listings can help form sectoral effects and industry valuation anchors. Hong Kong, as a hub connecting the mainland's industries with international capital, has become AI A preferred market for enterprises to achieve international financing and brand endorsement. Q At present, the enthusiasm of global capital to invest in Chinese assets has increased, with recent flows to Hong Kong IPO listing Among AI companies (such as Zhipu, MINIMAX ), with many international long-term funds, well-known industrial capitals, and investment institutions becoming cornerstone investors. Why is global capital targeting Hong Kong stocks? IPO listing Target? Why do we prefer AI companies? From the perspective of configuration logic, global funds are gradually increasing their weight on China's core technology assets. Hong Kong stocks, with their international liquidity and Chinese asset attributes, serve as an efficient entry point for increasing allocations to the Chinese technology sector. Artificial intelligence is at the forefront of global technology investment, characterized by platformization and infrastructure features, with a longer growth curve and stronger spillover effects. For international long-term funds and industrial capital, participating in Hong Kong stocks as cornerstone investors is crucial. AI company IPO listing On the one hand, it can lock in scarce technology assets and share in technological dividends. On the other hand, it helps with global AI Companies that have strategically positioned themselves at key nodes in the competitive landscape are strengthening their strategic position in the future industrial chain. *This interview was published in 'Shanghai Securities News', with reporters Lin Mingqin and Kong Lingyi. The original title was: Artificial Intelligence Tracklist Goes Public with Hot Interest 20 Enterprises sprint to list on the Hong Kong stock market IPO listing  

Against the backdrop of a continuous deepening of the new round of technological revolution and industrial transformation, discerning trends and driving structural progress in industries are becoming an important yardstick for the value of leaders and innovators. The 2026 Forbes China Industry Development Leaders Selection, jointly initiated by Forbes China and the globally renowned growth consulting firm Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan'), is dedicated to identifying enterprises, brands, and individuals with forward-looking judgment, innovative practice capabilities, and sustained influence in key areas such as AI, mass consumption, healthcare, new energy, manufacturing, and services.   This selection includes a main evaluation and several sub-evaluations, focusing on the candidates' performance in areas such as industry empowerment, business operations, and innovative practices. It also examines whether they have constructed sustainable development paths in uncertain environments and provided industry benchmarks.   Currently, the selection and registration process is underway and will close on February 25, 2026. We look forward to the active participation of both leading companies in niche segments and innovative forces that achieve breakthroughs in new technologies, models, and business formats.   It is worth mentioning that this selection is another collaboration between Forbes China and Frost & Sullivan following their 2025 evaluation. The two parties will pool their professional resources and teams in the fields of industry research and media communication to ensure the fairness and impartiality of the selection results and help build a more influential industry exchange platform.   (Long press the QR code to sign up now)     Eligibility Details     Award Settings   Main selection Forbes China Industry Development Pioneer   Sub-selection Forbes China's Leading Companies in Industry Development Forbes China's List of Innovative Brands in Industry Development Forbes China's Industry-leading ESG Benchmarking Forbes' Benchmark of AI Enterprise Services in China's Industry Development Forbes China's Emerging Industry Analyst     Main selection Forbes China Industry Development Pioneer   1 Selection criteria Candidates should be from key sectors such as AI technology, mass consumption, healthcare, new energy, manufacturing, and services; Candidates should be industry pioneers with a good reputation and high visibility across various industries, including but not limited to corporate executives, founders/co-founders, analysts, experts, and scholars; The candidate's career achievements must meet one of the following four conditions: The market value/valuation of the candidate's company is at the level of 3 billion RMB or above, and it must have been operating continuously and stably for more than three years; The candidates have been recognized by top international or domestic scientific research institutions and have made outstanding contributions to leading industry innovation; The candidate has led the enterprise to achieve the first market share in the industry and has the sustainable growth capability to maintain its industry position (*An industry research report issued by an authoritative institution and an industry position ranking table are required to be submitted). 2 Selection dimension   Self-growth trajectory Industry Empowerment and Leadership Enterprise operational capability Innovative response capabilities Future Vision and Planning   Sub-selection Forbes China's Leading Companies in Industry Development Forbes China's Innovative Brands in Industry Development Forbes China Industry Development ESG Benchmark Forbes' Benchmark of AI Enterprise Services in China's Industry Development     1 Selection criteria Candidates should be from key sectors such as AI technology, mass consumption, healthcare, new energy, manufacturing, and services; Candidates should be industry pioneers with a good reputation and high visibility across various industries, including but not limited to corporate executives, founders/co-founders, analysts, experts, and scholars; The candidate's career achievements must meet one of the following four conditions: The market value/valuation of the candidate's company is at the level of 3 billion RMB or above, and it must have been operating continuously and stably for more than three years; The candidates have been recognized by top international or domestic scientific research institutions and have made outstanding contributions to leading industry innovation; The candidate has led the enterprise to achieve the first market share in the industry and has the sustainable growth capability to maintain its industry position (*An industry research report issued by an authoritative institution and an industry position ranking table are required to be submitted).   2 Selection dimension National strategic response Innovation performance Business growth potential sustainable development capacity Industry influence       Sub-selection Forbes China Emerging Industry Analyst   1 Selection criteria 01. Basic evaluation criteria (All must be met)   Focus on industry areas: The research or content output of candidates should concentrate on one of the key areas such as AI technology, mass consumption, healthcare, new energy, manufacturing, or services. Public Influence: It is necessary to have publicly verifiable research achievements or content publishing channels (such as media columns, industry platforms, research reports, video accounts, official accounts, Zhihu, X, LinkedIn, etc.). Good reputation: The candidate has no academic misconduct, data fraud, or negative business reports in the past year.   02. Achievement Metrics (Match any 2 of the following conditions)   Industry influence The cumulative number of views (reads) for industry analysis content (reports, articles, videos) published within the past year has reached 100,000 or more. Or reposted, cited by mainstream media/institutions > 3 times; Or have given keynote speeches/talking rounds at well-known conferences/forums.   Social influence Have ≥10,000 followers on any content platform;   The academic, technology or industry community leads with over 500 members actively operating the community; Organized or presided over industry-themed sharing events at the university level and above.   Innovation of research results Has published original industry models, data analysis methods, and prediction frameworks; Or drive a topic into the mainstream of industry discussions through original research (such as ESG, AI-native, new consumer trends, etc.). As a core member, participated in innovative projects (such as participating in national business competitions, including but not limited to industry research competitions, innovation and entrepreneurship competitions, etc.), scientific research mentor projects or related research topics; Has proposed original analytical models, research methods, or solutions in projects and received recognition from instructors or institutions; Possess a portfolio of personal project works related to the field (such as data analysis reports, business plans, product prototypes, in-depth evaluations, etc.).   Professional recognition Obtain citations, collaborations, or certifications from leading institutions (consulting firms, investment banks, media, research institutions); Has won industry media awards, research competitions, or honors for young scholars.   Growth potential and social impact Have a continuous output plan (such as series analysis or research columns); Or there may be practical impacts that drive the industry's youth group to learn/share (such as communities, open courses, podcasts, etc.).   The candidate enterprises must meet the following requirements: The company's operating income for the previous fiscal year must have come from Mainland China, accounting for 51% or more; The corporate headquarters must be located in the Chinese mainland; The enterprise has been operating stably for more than 3 years; The enterprise had no major labor disputes or safety accidents in the previous year;   2 Selection dimension Industry development perspective Logical framework construction capability Multi-source data integration capability Forward-looking analysis of transformation capabilities   To apply for the selection, scan the QR code below: Consultation email: PR@frostchina.com   About Forbes China   Forbes was founded in New York in 1917, with the slogan 'Entrepreneurship, a tool for creating wealth', and has become a leader in the industry with its entrepreneurial spirit and innovative awareness. The lists produced by Forbes are known as the 'barometer of the economy' and the 'wind vane of wealth'. In 2003, Forbes officially entered the Chinese market.   As a business media brand centered on innovation, Forbes China adheres to the DNA of 'entrepreneurship, innovation, and wealth creation.' Leveraging its long-term observation and research in high-net-worth individuals, entrepreneurs, technology, investment, health, lifestyle, and other fields, it has launched a series of lists and content that have had a significant impact on the economy and society. The fairness and impartiality of Forbes China's lists make it a benchmark in various fields, and its insightful content provides readers with multi-dimensional information references, thereby inspiring entrepreneurs and business elites to create more wealth and business value. At the same time, Forbes China is committed to building an enterprising interactive community for high-end clients, providing a forward-looking and shared environment, and constructing an information ecosystem for entrepreneurship and innovation.   About Frost & Sullivan (Frost & Sullivan)   Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan') integrates 65 years of global consulting experience. Over the past 28 years, it has dedicated itself to serving the booming Chinese market with a global perspective. It helps over 10,000 clients accelerate their business growth, assist them in achieving growth, innovation, and leading benchmarks within their industries, and realize capital operation goals such as financing and listing.   Frost & Sullivan is deeply involved in global capital markets and corporate consulting services. By innovatively introducing 'Total Investment Management (TIM)', it provides comprehensive investment and financing as well as various other professional consulting services for enterprises, including investment and financing CDD, valuation services, technology consulting, financial consulting, ESG, fundraising feasibility studies, bond issuance industry advisory, industry advisory, assessment services, award services, industry white papers, strategic and management consulting, planning consulting, technical insights, etc.   Frost & Sullivan's investment and financing business in China has achieved full industry coverage of the Chinese national economy, including a high level of attention to all economic hotspots such as new economies and new infrastructure. It covers digital infrastructure, consumer electronics, dual-carbon new energy, healthcare and life sciences, catering and new retail, semiconductors and integrated circuits, smart homes, automotive and mobility, wellness services, food and beverages, information and communication technology, fintech, real estate and property management, mining and smelting, beauty and fashion, big data and artificial intelligence, logistics and supply chain, construction technology and decoration, special new materials, culture and entertainment, enterprise-level services, cross-border e-commerce trade, infrastructure construction, environmental protection and energy-saving technology, education and training, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services for corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong and overseas stock markets, making it a leading enterprise in the field of investment and financing strategy consulting in China. Over the past decade, Frost & Sullivan has continuously ranked first in the market share for professional industry consultants providing advice on corporate listings in Hong Kong and overseas for Chinese companies; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses of leading A-share and STAR Market companies, as well as primary and secondary market research reports and other capital market announcements.   For over 65 years, Frost & Sullivan has helped a large number of clients (including Fortune Global 1,000 companies, top domestic and international financial institutions, and various leading enterprises) achieve strategic goals through its nearly 50 offices around the world. Leveraging a powerful database and expert library, rich professional knowledge, and consulting tools, Frost & Sullivan has completed work including but not limited to due diligence, valuation analysis, and third-party assessments. It has established a series of market position research tools and methodologies and innovatively proposed the 'FSBVFrost & Sullivan Brand Value Model'. The firm has provided market position research and brand value assessment services to over 1,000 enterprises, continuously helping many Chinese brands achieve growth strategies both domestically and internationally.

2026 xRNA Nucleic Acid Drug Development and Innovation Forum   The 2026 xRNA Nucleic Acid Drug Development and Innovation Forum (4th xRNA Therapeutics Development and Innovation Forum) was held at the Hilton Suzhou Yinshan Hotel from January 20th to 21st. The forum focused on hot topics such as new-generation mRNA/circRNA vaccines and drugs, advanced mRNA/circRNA therapies and innovative applications, oligonucleotide drug design and early research and development, preclinical development and translational research, new nucleic acid delivery technologies, artificial intelligence and R&D innovation platforms, nucleic acid drug and vaccine process development, production and quality control, industrial investment and financing. Li Qian, Executive Director of Frost & Sullivan's Healthcare Business Unit in China, was invited to attend and deliver a speech. Li Qian, Executive Director of Frost & Sullivan's Healthcare Business Unit in China   Li Qian pointed out that the synergistic effect between AI algorithms and GalNAc delivery systems is pushing siRNA and ASO drugs from the early concept verification stage to the large-scale commercialization stage. China is expected to become the world's second-largest oligonucleotide drug market by 2029, with a compound annual growth rate of 44.4% from 2024 to 2029.   Frost & Sullivan data shows that the global small nucleic acid drug market size has increased from $3 billion in 2020 to $5.7 billion in 2024, with a compound annual growth rate of 17.7%. Under the triple resonance of AI-assisted sequence design, breakthroughs in GalNAc trivalent conjugation technology, and the liberalization of medical insurance access, the market will exceed $200 billion for the first time in 2029 and further expand to $600 billion by 2035. Among them, the small nucleic acid drug market size in China reached $100 million in 2024; by 2029, it is expected to increase to $900 million at an annual compound growth rate of 44.4%, and further reach $42 billion at an annual compound growth rate of 30.6% by 2035. "If we regard 2020-2024 as the 'technology validation period', then 2025-2029 is the 'commercial volume expansion period', and 2029-2035 will enter the 'ecological maturity period'." Li Qian summarized the track rhythm with the 'three-stage leap' in his speech.   Li Qian introduced that from 2021 to 2024, the number of First-In-Class pipelines in China's innovative biopharmaceutical field increased from 162 to 383, among which nucleic acid drugs doubled from 15 to 31, accounting for about 10%. Through the Hong Kong '18A' listing channel, the nucleic acid drug track is completing a role shift from an 'edge technology sector' to a 'core investment main line': among the 78 biotech companies listed from 2018 to 2025, there is only one nucleic acid drug company, accounting for 1.3%; among the companies that have submitted their reports in 2025, the proportion of nucleic acid drug companies has jumped to 10.0%, exceeding tracks such as peptides and immune cell therapies, indicating that the window for capital and policies is tilting towards the small nucleic acid field.   Looking at the performance of listed drugs, Spinraza's sales reached $1.741 billion in 2023, with the annual treatment cost of several drugs ranging from $420,000 to $1.586 million; among siRNA drugs, Leqvio's sales reached $558 million, with an annual treatment cost of about $50,000, and the treatment costs of other drugs were in the range of $322,000 to $795,000.   In terms of the Chinese market, currently, four imported nucleic acid drugs have been approved, including Spinraza, Leqvio, QALSODY, and Redemplo, with no domestic products on the market. Overall, nucleic acid drugs show strong momentum in terms of transaction activity, capital support, and clinical value, especially showing significant growth potential in the Chinese market.   Looking ahead, the continuous integration of technologies such as AI sequence design, optimization of GalNAc trivalent conjugation technology, microfluidic continuous production, and multi-omics feedback is driving the R&D process of oligonucleotide drugs to continue accelerating and promoting the development of new directions such as extrahepatic delivery and ultra-long-acting modification. At the policy level, Leqvio's inclusion in the national medical insurance negotiation catalog reflects the gradual acceptance of high-value nucleic acid drugs by the payment system. In terms of the supply chain, an industrial base with large-scale production capacity has been formed domestically, and technological progress has driven continuous cost reduction. As of April 2025, nearly 60 nucleic acid drugs in China have entered the clinical stage, among which about 16.7% are in Phase III, and it is expected that many projects will enter the market application stage in the next few years. Some leading varieties have been deployed for both Chinese and US applications, promoting the steady progress of China's nucleic acid drug industry towards a higher development stage.

Frost & Sullivan   With the deep penetration of AI and large models, the way brands interact with consumers is undergoing fundamental changes. To ensure the authenticity of digital marketing information and maintain the purity and security of the Chinese corpus ecosystem, the China Advertising Association, IAB China The joint report, "Digital Marketing in China: Insights from the IAB China Innovation & Entrepreneurship Summit 2026", was officially released at the event on January 16, 2026, in Beijing, at the same time as the "IAB China Innovation & Entrepreneurship Summit 2026" hosted by Frost & Sullivan and other nearly 30 industry platforms, enterprises, institutions, and media. Trusted Content Source "The Joint Initiative on High-Quality Development" (hereinafter referred to as the 'Initiative').     Huo Yan, Deputy Secretary-General of the China Advertising Association   Huo Yan, Deputy Secretary-General of the China Advertising Association It is stated that with the accelerated penetration of AI and large models, digital marketing is undergoing profound changes, with content becoming the core carrier connecting brands with consumers. However, while the industry is developing rapidly, issues such as false information and low-quality content still affect consumer trust and the industry ecosystem. Huo Yan pointed out that 'trustworthiness' is the foundation for digital marketing to stand firm, and 'high quality' is the key to sustainable industry development. To ensure the authenticity of digital marketing information and maintain content ecosystem security, the China Advertising Association, in collaboration with IAB China, Frost & Sullivan, Peking University, Renmin University, and other institutions, has jointly initiated the 'Joint Initiative on 'Trusted Content Sources' and High-Quality Development in the Digital Marketing Industry' to promote ecological co-construction through industry self-discipline. She emphasized that building a trusted content ecosystem is not the sole responsibility of one institution but a shared responsibility of the entire industry. It is hoped that starting from this initiative, industry consensus can be gathered to promote the emergence of high-quality content and help the digital marketing industry achieve high-quality development under the new wave of technology.   Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan China, Co-founder and President of LeadLeo   Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan China, Co-founder and President of LeadLeo When interpreting the "Initiative," it was pointed out that if the keyword for the past decade has been "traffic," then there is only one keyword for the next decade, which is "trust." He stated that in the face of the content explosion brought about by AI, brands are experiencing a shift from "traffic competition" to " Cognitive competition The profound transformation of 'Frost & Sullivan' has made content authenticity its lifeline. Wang Chenhui called on the entire industry to go beyond commercial competition and focus on 'industry infrastructure'. Together, they aim to establish 'new standards' and 'new ethics' for digital marketing in the AI era. He stated that Frost & Sullivan and LeadLeo's research institute are willing to take the lead in producing over 10,000 research findings covering more than 1,000 sub-industries, actively incorporating them into the source of digital content to enhance the symmetry of credible information. 'We believe that only an ecosystem built on openness, collaboration, and sustainable evolution can truly drive the high-quality development of China's digital marketing industry in the new round of technological revolution.'   The Initiative advocates that practitioners and stakeholders in China's digital marketing industry follow the following six development norms:   (i) Establishing the marketing principle of 'research-based, practical approach'   We advocate that all digital marketing activities (including intelligent search and recommendation, marketing content creation, effectiveness evaluation, etc.) should be based on solid research. Any key information conveyed by brands to the public should be traceable to publicly available research or verifiable internal data from authoritative institutions, national statistical departments, or formal academic bodies. We firmly oppose the release of unfounded and fabricated data and conclusions on any digital touchpoint.   (II) Uphold the true bottom line, strengthen the main responsibility and manual review   We commit to strictly adhering to the Advertising Law of the People's Republic of China and the Anti-Unfair Competition Law of the People's Republic of China, as well as other relevant legal norms, in all digital content disseminated to the public or fed to AI systems. For marketing content generated by AI technology, we emphasize the principle of 'technology-assisted, human review'. The initiating units and practitioners should earnestly fulfill their main responsibilities as producers and service platforms for online information content: strengthen information security management, establish a strict content review mechanism, manually verify key data generated by AI and cited factual sources. Once illegal or false information is discovered, timely measures such as stopping generation, transmission, and elimination should be taken. We do not use or connive at the generative characteristics of AI technology to fabricate false facts, forge scientific research results, or engage in unfair competition. We strive to ensure that the information ultimately reaching consumers or included in models is true, accurate, and traceable, effectively safeguarding consumers' right to know and trust.   (III) Implement AI-generated content annotation to ensure content traceability   We propose that when using AI technology to generate and publicly disseminate marketing content, clear markings should be made in a reasonable location and in a prominent manner, indicating that the content was generated or assisted in generating by AI technology, thereby enhancing the transparency of AI-generated content, helping consumers discern the nature of information, and providing a basis for subsequent content traceability and verification.   (IV) Structured Quality Improvement, Rejecting Corpus Pollution   We are committed to improving the quality and signal-to-noise ratio of digital content on the Chinese internet. We advocate that marketing service providers and other marketing activity entities, especially when optimizing and disseminating content, adopt structured and valuable knowledge-based content. We strictly prohibit the mass production of false, low-quality, repetitive, or misleading information to avoid polluting the digital ecosystem.   (V) Fair competition, advocating 'Sunshine Cooperation'   We firmly oppose any behavior that damages the business reputation of other operators. It is strictly prohibited to use AI tools or any digital channels to maliciously evaluate competitors, fabricate false rankings, or otherwise create or spread false or misleading information about competitors. Competition should be based on the brand's own strengths and real data.   (vi) Jointly build an 'Trusted Content Source' foundation to achieve ecological co-governance   We call on the entire digital marketing industry to jointly promote the establishment of an 'Industry Authority Knowledge Base and Publicity System'. We encourage service providers, brand owners, and research institutions to collaborate, actively incorporating high-quality and authoritative industry research findings into the source of digital content, enhancing the symmetry of credible information, alleviating adverse selection, and jointly building a real, authoritative, and trustworthy digital marketing ecosystem.     ●The initiator of this initiative is:     China Advertising Association, IAB China   ● The list of the first batch of co-initiating units (in no particular order) includes:   Frost & Sullivan, Peking University, Renmin University, Taihe Tai Law Firm, LeadLeo Research Institute, Hongmeng Media China, Alibaba Cloud Intelligence, China Business News Daily, Every Economy Technology, Procter & Gamble, Guangzhou Wanglaoji Dajiankang Industry Co., Ltd., Oaks Air-conditioning Co., Ltd., Shanghai Mercury Home Textiles Co., Ltd., TATA Wood Doors, Roadshow Middle, Xibop School Minglue Technology New List, Shenyan Intelligence, Shanghai Bayantu Information Technology Co., Ltd., Beijing Zhiyuai Technology Co., Ltd., Shanghai Zhihuo Information Technology Co., Ltd., Beijing Wisdom Starlight Information Technology Co., Ltd., Zhiding Hall (Shanghai) Technology Co., Ltd., Xincheng Shijie Technology Co., Ltd., Shanghai Queue Technology Co., Ltd., etc.     Huo Yan, Deputy Secretary-General of the Chinese Advertising Association; Wang Chenhui, Partner and President of Frost & Sullivan China, Co-founder and President of LeadLeo; Wang Tianfu, Doctoral Supervisor at Peking University, Director of the Modern Advertising Research Institute, Researcher at the School of Journalism and Communication, Standing Committee Member of the Academic and Educational Working Committee of the Chinese Advertising Association, and IAB China Think Tank Expert; Wang Fei, Professor at the School of Journalism at Renmin University of China, Director of the Modern Advertising Research Center; Yue Qi, Chief Product Officer of Every Economy Technology; Ji Meixu, Head of Promotion for the Beijing-Tianjin Region at Wanglaoji; Tian Tao, Founder/President of Beijing Zhijingchi Technology Co., Ltd.; Jiao Yizhen, Founder of Shanghai Zhihuo Information Technology Co., Ltd.; Cai Ying, Brand Manager of Xibodu Academy, etc., jointly witnessed the live release of this initiative.