Frost & Sullivan insights   8 month 16 Today, Yunding Xinyao announced that it has entered into a definitive agreement with Geely's wholly-owned subsidiary Immunomedics sign the agreement, and its previous Immunomedics The core introduced by the company Trop-2 ADC Medications (antibody conjugates, mainly used for treating tumor diseases) Trodelvy The exclusive development and commercialization rights in Greater China, South Korea, and some Southeast Asian countries are returned to Immunomedics (Gilead, namely). Why does Ctrip choose to give up? ADC This popular product?   ADC The future competitive landscape, Trodelvy Is there an advantage? Frost & Sullivan Frost & Sullivan, Li Qian, Senior Consulting Director of the Healthcare Team at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Blue Whale Finance.     Joint discussion    Yundian Xinyao Sells Core ADC product     The reasons behind it     . Blue Whale Finance 8 month 16 Today, Yunding Xinyao announced that it has entered into a definitive agreement with Geely's wholly-owned subsidiary Immunomedics sign the agreement, and its previous Immunomedics The core introduced by the company Trop-2 ADC Medications (antibody conjugates, mainly used for treating tumor diseases) Trodelvy The exclusive development and commercialization rights in Greater China, South Korea, and some Southeast Asian countries are returned to Immunomedics (Gilead, namely). For this reason, Yunding Xinyao may make a profit of about 20 A price difference of hundreds of millions, while Gilead will receive Trodelvy Global equity. Some industry insiders interpret this move as Yundun New Horizon's intention to tighten its pipeline and ensure its own capital security. Due to Trodelvy The earnings brought to Yuntop New Energy did not meet expectations. As of the time of publication by Blue Whale Finance reporters, Yunding New Energy Group has fallen by more than 19% Receiving 13.64 Hong Kong dollar / share Competition is fierce, Trodelvy The potential market value is in question According to this agreement, Tencent Cloud New Territories will receive a total 4.55 billion US dollars, approximately 30.67 RMB 100 million consideration, including advance payments 2.8 Hundreds of millions of US dollars (subject to approval from relevant regulatory authorities) and potential milestone payments in the future 1.75 billions. In addition, Yuntop New York will no longer need to pay 2019 year 4 month and Immunomedics Remaining milestone payments under the signed license agreement 7.1 billion dollars. That is to say, excluding the payments made by Yuntop New Year so far 1.25 Billion USD acquisition cost (excluding labor, R&D, clinical, etc.), and assuming Trodelvy Achieve the expected milestones, Cloud Summit 3 Earn the biggest price difference within a year 3.3 billion yuan, which is approximately 20 100 million yuan. As a product that has received quite a lot of attention ADC Product, Yundian Xinyao 2019 year 4 month from Immunomedics Authorized introduction Trodelvy , to obtain exclusive rights for development and commercialization in Greater China, South Korea, and some Southeast Asian countries. According to the agreement, Tencent Cloud New Asia needs to pay 8.36 billion US dollars 56 RMB 10 billion) and sales in future authorized regions 14 - 20% dividends. It was also created for this first-ever FDA Approved for listing Trop2 ADC drug, 2020 year 9 Month, Gilead at closing price 108% Premium, total 210 A company developing antibody drugs was acquired for $1000 million Immunomedics . Currently, Trodelvy Including the United States, it has exceeded 35 country / The region has been approved. However, its sales to date are not high; according to Gilead's annual report, 2021 year, Trodelvy Sales amount is 3.8 billion US dollars Q1 2022 Sales 1.46 billion US dollars). According to 6 held at the beginning of the month ASCO Annual meeting, disclosed by Gilead Trodelvy Experimental data shows that, although, Trodelvy can be HR+/HER2 Reduced risk of disease progression or death in breast cancer patients 34% It is statistically significant, but its performance in the key indicator of 'extending patients' progression-free survival' is not satisfactory. Trodelvy The median time without tumor progression among treated patients was 5.5 months, only less than the median of the chemotherapy group 4 Improved by [X]% in [X] months 1.5 months. Some market participants have therefore questioned Trodelvy Value in the potential market. And this time ASCO At the annual meeting, another ADC Product, AstraZeneca and FirstSanco Enhertu (Simplified as T-DXd Former name DS-8201 The experimental data has received widespread praise in the industry and is considered a ground-breaking advancement. In addition, ADC The competition for products in the domestic market is also quite fierce. According to a research report by Southwest Securities, there are a total of 170 remaining ADC Under research, nearly 60 one. 2019 So far this year, globally 9 model ADC Listings, exceeding the sum of the previous nearly two decades. With strong competitors ahead and numerous alternative drugs available, Trodelvy The competition faced is no less fierce.   Li Qian     Senior Consulting Director, Healthcare Team, Frost & Sullivan Greater China Region   "Currently, compared to similar products Enhertu , DS-1062 comparatively Trodelvy No advantage was shown in the clinical trial results, indicating Trodelvy There may be competition from competitors, and the market development space is relatively limited. In addition, this move enables Yuntop New York to optimize the allocation of resources and funds in terms of strategic layout." said Li Qian, Senior Consulting Director at Frost & Sullivan's Greater China Healthcare Team.   this year 6 month 10 day Trodelvy In China, it has been approved for the treatment of at least 2 For adult patients with metastatic triple-negative breast cancer who have previously received treatment, the stock price of Tencent Cloud New Dawn also rebounded for a while. Many securities firms Trodelvy The peak sales are expected to be 30 hundred million -50 hundreds of millions, for Trodelvy The returns on creation have given rise to high expectations, and this time Tencent Cloud's sale Trodelvy The related equity has clearly not generated as much profit as expected at the time. Not yet profitable, with significant cash pressure Yunding Newray 2017 year 7 Month CBC The Group (Kangqiao Capital) was established. 2020 year 10 Monthly access to the Hong Kong Stock Exchange, with approximately 32 HK$10 billion, and currently all products of Yuntown New York are license in force product. According to 2021 For the annual report, Yunding New Energy currently has not made a profit. 2021 year 1 month 1 day -2021 year 12 month 31 RMB, 10,000,000.00, its operating revenue 5.40 Ten thousand yuan , Net loss attributable to the parent company 10.09 Yuan. As of the end of last year, Yundiant New Horizon only had 26.4 yuan, 2021 R&D expenditure in the year 6.13 yuan, plus Trodelvy this year 6 The moon has been approved for listing in China, and the company faces a high of 7.1 The remaining milestone payments for Yimei Jin pose an obvious cash pressure on Tencent Cloud New York.   Li Qian pointed out that as Biotech The company's commercialization capabilities and profitability of cloud-based products, such as Tencent New York, need further improvement. Additionally, the company has made significant investments in research and development in the early stages, which is a concern for exiting investors. Trodelvy Related businesses can increase the company's cash flow, concentrate resources, and facilitate the layout of more high-quality and promising product pipelines.   Regarding the reason for terminating the cooperation, Tencent Cloud New York's explanation is as follows: To maximize the value and influence of the product, Tencent Cloud New York has focused on developing other pipelines, seeking other opportunities, and further expanding its pipeline through internal R&D. The funds obtained from the transaction 30% To be used for core businesses and expanding the drug pipeline, 15% For development Nefecon , 35% Used to advance other pipelines, 10% Used to enhance discovery capabilities, 10% As operating funds.   * This article is reprinted from Blue Whale Finance. , Author: Tu Jun , Original title: Yuntai New Energy Sells Core ADC The product's stock price plummeted, and the issue of raising funds was still overshadowed by insufficient product potential. ? "> Frost & Sullivan Insight & Extended Readings   Q :    ADC The future competitive landscape, Trodelvy Does it have an advantage?   A :    Currently, major domestic and international enterprises are accelerating their investment in ADC Drug pipeline layout: Some target areas are already quite crowded, and R&D companies are gradually exploring innovative targets. In the future ADC The field still has potential for expansion, with the emergence of heavyweight products expected. Based on the current Trodelvy Clinical trial results of its competitors, Trodelvy There is no obvious differentiation advantage, and its market may be impacted by competitors in the future.

The reform of the registration-based IPO system on the ChiNext has begun to show results. Since the beginning of this year, 149 A GEM-listed company released its semi-annual report, with overall performance improving. As of 8 month 16 day, already 149 A GEM-listed company disclosed its semi-annual report. In the first half of the year, this 149 The total operating income of the company reached 2,967.48 Yuan, a year-on-year increase 20.34% ; The total net profit reached 221.35 Yuan, a year-on-year increase 7.73% . What are the main reasons for the overall positive trend in performance of companies listed on the Growth Enterprise Market (GEM)? Why are companies with positive performance mainly concentrated in the three industries of pharmaceutical biotechnology, basic chemicals, and computers? The vast majority of companies with positive performance have also increased their R&D investment; what does this reflect about the phenomenon? If St. Petersburg Frost & Sullivan Frost & Sullivan, Mr. Lu Jing, Partner and Managing Director of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily. 149 An analysis of the semi-annual reports of GEM-listed companies, focusing on their current development status and future trends. Securities Daily As the disclosure speed of listed companies' semi-annual reports accelerates, more and more companies on the ChiNext have come to light with their first-half performance. Judging from the disclosed semi-annual reports, the performance of companies listed on the ChiNext is generally improving. wind Information data shows that as of 8 month 16 day, already 149 A GEM-listed company disclosed its semi-annual report. In the first half of the year, this 149 The total operating income of the company reached 2967.48 Yuan, a year-on-year increase 20.34% ; The total net profit reached 221.35 Yuan, a year-on-year increase 7.73% . "Since the reform of the ChiNext and the pilot registration-based system, it has stimulated the vitality of the sector, unleashed growth potential, improved the quality of listed companies, and also promoted an overall improvement in company performance over the past two years." Gui Haoming, chief market expert at Shenwan Hongyuan, told the Securities Daily reporter that the ChiNext is positioned precisely to support the listing and financing of 'three innovations and four new' enterprises, meeting the diverse investment and financing needs of the market, attracting a large amount of capital inflow, and providing financial guarantee for company performance growth.   77 The company's revenue and net profit have both increased Companies in strategic emerging industries are showing strong growth momentum Looking at the GEM companies that have disclosed their semi-annual reports, more than half of them have achieved double growth in both revenue and net profit for the first half of the year. wind Information data shows that in the first half of this year, in terms of operating income, the above 149 Among the listed companies on the Growth Enterprise Market, there are 112 Year-on-year growth at home, proportion 75% , 6 The year-on-year growth rate of home sales exceeded 100% In terms of net profit, 149 There are in the company 90 Year-on-year growth at home, proportion 60% , wherein 24 Net profit at home doubled year-on-year. It is worth noting that, 149 There are in the company 77 Both operating income and net profit at home increased year-on-year, accounting for 52% .   Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, told the Securities Daily reporter that the ChiNext mainly provides a development platform for growth-oriented innovation and entrepreneurship enterprises. In recent years, high-tech enterprises have continuously emerged on the ChiNext, which is in a rapidly ascending industrial cycle phase, indicating good growth potential for these companies. At the same time, the development of growth-oriented enterprises on the ChiNext is less affected by complex internal and external environmental factors, resulting in stable performance growth. Driven by the national industrial transformation and upgrading and policy dividends, the development prospects of ChiNext enterprises, mainly focused on emerging industries, are promising. In the first half of the year, among the ChiNext companies with both revenue and net profit growth, strategic emerging industry companies showed particularly strong momentum. According to wind information data, as mentioned above 77 In the company, there are 18 Homegrown from strategic emerging industries, proportion 23% Compared with the same period last year, this 18 The company's average revenue growth rate for the first half of the year reached 43% The average growth rate of net profit reached 55% . "There are many sub-industries within strategic emerging industries, and a number of 'specialized, refined, distinctive, and innovative' small giant enterprises have emerged. These companies develop faster compared to their industry and peers. At the same time, direct financing channels and equity incentive mechanisms are gradually improving. Various factors have led to rapid growth in revenue and net profit for these companies on the ChiNext." Wang Weijia, general manager of Beijing Sunshine Tianhong Asset Management Company, told the Securities Daily reporter. Through data analysis, the reporter further found that the aforementioned companies with improved performance on the ChiNext board are mainly private enterprises, and they are mainly concentrated in industries such as pharmaceuticals and biotechnology. wind Information data shows that the above 77 In the company 65 Family-owned private enterprises (proportion 84% ), mainly distributed in the three industries of pharmaceutical biology, basic chemicals, and computer science. Gui Haoming stated that among the ChiNext companies, private enterprises have obvious development advantages. Most ChiNext private enterprises have a solid industrial foundation or unique advantages in certain fields. These small and medium-sized enterprises can rapidly develop and grow by leveraging the capital market platform.   Lu Jing stated that since the outbreak of the COVID-19 pandemic, pharmaceutical and biotech companies in multiple sub-sectors such as in vitro diagnostics, medical equipment, and vaccines have developed rapidly and successfully listed on the ChiNext. The resonance between policies and the healthcare industry has driven continuous industry development; the basic chemical industry has a high degree of correlation with other industries and serves as a key bridge connecting energy and downstream sub-sectors. The continuous rise in demand for the new energy industry has promoted capacity expansion in the basic materials industry, and profitability has also been continuously improving; the computer industry has seen rapid growth due to the overall upgrade of software and hardware across the industry, with high-tech enterprises involved in fields such as industrial digitization, cloud communication, network security, and cloud computing entering a period of high-speed growth.   Over 80% of companies saw year-on-year growth in R&D investment 26 The company has invested over 100 million yuan in research and development The reporter noted that among the GEM companies that have disclosed their semi-annual reports, there is an obvious positive relationship between performance and the growth rate of R&D investment. The vast majority of companies with improved performance also saw varying degrees of growth in R&D investment. Gui Haoming believes that R&D investment is an important indicator for measuring the growth potential of companies listed on the Growth Enterprise Market (GEM). A substantial amount of R&D investment also helps to enhance a company's core competitiveness, strengthen its independent innovation capabilities, and thereby promote business performance growth and sustainable development. wind Information data shows that those that have disclosed their semi-annual reports 149 Among the companies listed on the Growth Enterprise Market, 26 R&D expenses exceed 100 million yuan, accounting for 17% In terms of the growth rate of R&D investment, 149 There are in the company 124 Year-on-year increase in R&D expenses at home, proportion 83% With both revenue and net profit growing 77 In the company, 72 R&D expenses at home increased year-on-year, accounting for as high as 94% , wherein 9 The year-on-year growth rate of R&D expenses at home exceeded 100% . "The genes of the ChiNext determine that most listed companies are in strategic emerging industries, characterized by high innovation and strong growth potential," said Lu Jing. The majority of companies with improving performance have increased R&D investment, reflecting that their core competitiveness is mainly based on technological innovation. Companies that focus on continuous R&D investment and scientific research innovation often can grasp market trends, meet the waves of the times, and achieve sustained development. In addition, continuous R&D investment also provides a solid guarantee for the long-term development of ChiNext companies, helping them achieve 'spiral' upward growth.   Wang Weijia believes that the development of emerging industries is inseparable from the innovation capabilities of enterprises. The increase in R&D expenses by most high-quality ChiNext companies also indicates that enterprises are paying more attention to research and development innovation. An outstanding emerging industry company can only stand out in the increasingly fierce industry competition by continuously increasing R&D investment and focusing on long-term development.   * This article is reprinted from Securities Daily, reporter    Xing Meng    ,    Original title:    149 A Closer Look at the Semi-annual Report of a GEM Company: Total Revenue Increased by More Than 20% More than half of the companies saw both revenue and net profit increase    ">

Huawei Cloud's Industry Experts on "Containers" - New Momentum In recent years, the application rate of containers has been continuously increasing. However, how to improve efficiency, manage, optimize costs when containers are used in different environments, and how to decompose the complexity brought about by large-scale deployments are issues that developers are currently closely paying attention to. Against this backdrop, 8 month 17 On the same day, Huawei Cloud's expert column organized a special live broadcast on containers themed "New Momentum of Containers". Frost & Sullivan Frost & Sullivan Ding Zhuowen, President of the Shanghai Research Institute (referred to as 'Frost & Sullivan'), was invited to participate in a sharing session. Together with Zhang Qi, Chief Architect of Distributed Cloud Native at Huawei Cloud, and Wang Guansheng, Senior Technical Director at Meitu, they focused on the current status of container technology, and jointly discussed the difficulties, solutions, and future optimization directions for container deployment in distributed cloud and multi-cloud environments. The application rate of containers continues to climb, bringing revolutionary changes to software development. From the perspective of the technology adoption lifecycle, has container technology approached maturity? What is the current development status, explicit characteristics, technical challenges, and future evolution? During the theme sharing session, Ting Zhuowen interpreted the recently released ' 2022 Annual Report on the NFR Market: Container Chapter   She pointed out that, looking at the development histories of cloud-native and container technologies respectively, container technology is a key foundation of cloud-native systems, and their development complements each other.   The era of cloud-native applications began with the innovation of container image application packaging. Docker at 2013 After its launch in 2021, container technology has gradually matured with the help of the cloud-native ecosystem. Containers reduce the coupling between various aspects of deployment architecture, allowing applications to run quickly and reliably across different computing environments without environmental constraints. They have the advantages of low underlying resource consumption, high portability, agility, and elasticity, making them a key foundation for unlocking cloud-native value. Currently, container technology still needs further improvement in terms of isolation and security, which is also a key focus for the development of the entire industry in the future. In addition to this, API Unified, simplified architecture, lightweight design, support for different levels of resource isolation, and support for heterogeneous environments and resources are also the future development trends of containers. From the perspective of the demand side,   So far, the concept of cloud-native has gradually become clear, especially since Huawei Cloud first introduced cloud-native in the industry 2.0 Following the concept, Frost & Sullivan believes that the industry will enter a new development phase, and the true value of cloud computing will be better realized.   Entering the cloud-native phase, enterprises can make the most of the services provided by cloud-native vendors, improve resource utilization and flexibility, fully leverage the value of the cloud, develop and operate applications more efficiently and focusedly, and promote business development. The most critical demand scenario at this stage is the deployment of multi-cloud and hybrid clouds. In addition, containers can also solve challenges in cloud-edge collaboration, unified deployment and management, as well as achieve hybrid deployment of offline and online businesses. The high elasticity advantage of containers has also been very effectively demonstrated in enabling enterprises to quickly deploy resources and achieve elastic scaling. From the perspective of the supply side, both general cloud service providers and specialized cloud computing vendors are jointly driving the development of cloud-native and containerization industries. General cloud service providers possess abundant resources and can accelerate the market education for containers by leveraging some advantages of their public cloud business. In contrast, specialized cloud computing vendors focus on in-depth development of private clouds, and through precise customization services, they can increase the penetration rate of containers in private clouds. Today, various vendors are actively embracing the open-source ecosystem, and the domestic cloud-native open-source ecosystem is gradually growing.   "In the report, Frost & Sullivan has constructed a comprehensive competitiveness system for cloud service providers' containers from three dimensions: application, product, and ecosystem. It evaluates the competitive advantages and barriers of mainstream providers, among which Huawei Cloud performs quite well in all ratings," said Ding Zhuowen. It is worth mentioning that Huawei Cloud has joined hands with the Cloud Native Technology Foundation CNCF China Academy of Information and Communications Technology (CAICT) has jointly established the Chuangyuan Association, which has promoted the improvement of the cloud-native ecosystem from multiple dimensions such as standards, technology, and practice. It has accelerated the integration of cloud-native with industries and businesses, and facilitated industrial development. The application rate of containers continues to climb, bringing revolutionary changes to software development. From the perspective of the technology adoption lifecycle, has container technology approached maturity? What is the current development status, explicit characteristics, technical challenges, and future evolution? During the theme sharing session, Ting Zhuowen interpreted the recently released ' 2022 Annual Report on the NFR Market: Container Chapter   She pointed out that, looking at the development histories of cloud-native and containers respectively, container technology is a key foundation of cloud-native systems, and their development complements each other.   The era of cloud-native applications began with the innovation of container image application packaging. Docker at 2013 After its launch in 2021, container technology has gradually matured with the help of the cloud-native ecosystem. During the subsequent roundtable discussion, Ding Zhuowen, together with two guests, jointly explored the future development of cloud-native containers. Q : Current cloud-native container technology has entered the commercial expansion phase. Does this mean that container technology is fully mature? What is the next stage of container technology? Ding Zhuowen:   Entering the commercial expansion phase, it more reflects the determination of the commercial form of container products and the overall market trend. The penetration rate of products in the market is significantly increasing, so it cannot be said to be completely equivalent to the confirmation of container technology maturity.   From a commercial perspective, the next phase of container technology should be to enhance application capabilities across different domains, better serving the needs of enterprises and users, such as cloud-edge collaboration, multi-cloud hybridization, and so on.   At the technical level, the core of evolution should be how to achieve security while also being user-friendly. Q Edge computing is known as the new frontier of cloud-native applications. What new potential can container technology unleash? Ding Zhuowen: Currently, container technology's application in edge computing mainly addresses two issues: unified cloud-edge operations and improving resource utilization at the edge.   Cloud-Edge Collaboration   It is definitely a major development trend for the future as a whole. Many applications that have been implemented now are becoming more and more scalable, user needs are becoming more complex, and businesses are becoming richer. In this process, container technology is combined with different technologies to meet increasingly complex requirements.   The container technology's capability in unified Ops control will become more stable and reliable during product iterations by major vendors, including Huawei Cloud. Q : Kuberentes Will the usability issues be completely resolved in the future? Ding Zhuowen: It should be solvable, probably through two methods. One is that enterprises can directly use some products provided by cloud providers. Cloud providers, such as Huawei Cloud, actually have very professional teams and have excellent practices in different niche application scenarios. The other method is that enterprises use open-source tools to simplify operational complexity. Q What is the current trend in the scale of container utilization by enterprises, and what signals does this trend send to developers and enterprises? Ding Zhuowen:   All current studies show that enterprises are continuously expanding their use of containers, both in terms of breadth and depth. In terms of breadth, many industry scenarios have actually been covered; in terms of depth, container technology is being utilized across different business scenarios within enterprises, with a deep integration between container technology and business scenarios taking place.   But whether it's containers or cloud-native, they are actually inseparable from open-source. What we can see is that current cloud vendors and contributors to the open-source community are working hard to improve the open-source ecosystem, and related products are becoming more user-friendly. The entire industry is developing in a very healthy manner.   Recommended Reading

As of At 12 noon on August 13, the Hermès bicycle, which went on sale online on August 11 at a price of 165,000 euros, was sold out. On July 29, Hermès Group announced its interim report for 2022, showing that the company's revenue in the first half of the year was 5.474 billion euros, a year-on-year increase of 29%; net profit was 1.641 billion euros, a year-on-year increase of 40%.       Looking at the semi-annual performance reports of several major luxury groups globally, only Hermès maintained a high growth rate in Asia during the second quarter. Data shows that it was not affected by the pandemic in China. What could be the reasons for Hermès' strong performance? Why have other luxury groups failed to resist the impact of the pandemic? What are Hermès's special strategies in China?     Frost & Sullivan frost Sullivan, hereinafter referred to as Cai Jinfeng, Executive Director of Frost & Sullivan Greater China, was interviewed by Huxiu to discuss the underlying logic behind Hermès's strong performance.     tiger   smell   Launched on August 11th, Hermès bicycles priced at 165,000 yuan have been sold out.     According to media reports, Hermès' official customer service stated that this bicycle has been sold out at all Shanghai offline stores and there are currently no stocks in Beijing. Some customers have called the Hermès official customer service to place orders, and the customer service responded: "There are currently no vehicles available on the Chinese mainland, and they are being transported from France." Released this time Odyssee   Terre compact cargo bike Image source: Hermès official website I promised "The weak consumption" does not seem to be upon us.   On July 29, Hermès Group announced its interim report for the second half of 2022. In the first half of the year, Hermès' revenue was 5.474 billion euros, a year-on-year increase of 29%; net profit was 1.641 billion euros, a year-on-year increase of 40%.   Against the backdrop of the impact of the pandemic in China in the second quarter, Hermès' performance in Asia-Pacific is particularly impressive. In the first half of the year, Hermès in the Asia-Pacific region    (Hong Xiu Note: Excluding Japan)    Sales amount is 2.665 billion euros, a year-on-year increase of 15%.     In recent years, Asia has grown into the region with the strongest consumer power and the fastest growth rate, becoming a battleground for luxury groups.    In the first half of 2022, Asia accounted for 61% of Hermès Group's total revenue, with China being one of its most important markets.   Early August, Beijing The entrance to SKP Hermès stores is lined with a long queue, bustling like an early morning market selling New Year's goods. Yan Bo, the store manager of the Beijing physical store of Fuhu Luxury Goods, said that since the outbreak of the pandemic, "inventory distribution"    (Huoxiu Note: It refers to purchasing Birkin, Kelly For popular products, consumers need to purchase other items of a certain amount in combination. Equivalent Under the 'Allocation' amount, the more niche, unattractive, impractical, and less cost-effective products you purchase, the higher your chances of acquiring popular products.)    The cost is higher:    Currently, Chinese consumers need to reach The 'inventory-to-shipment ratio' is about 1.2 to 1.3 times, and sometimes even higher.     for A bicycle worth 165,000 yuan has led some netizens to joke: It's just for 'shipping', not for riding.   It's not just Hermès that's eyeing Asia and China. At Kailun Group In the mid-year report for 2022, China was mentioned as many as 31 times. More macroscopically, the '2020-2021 China Luxury Goods Report' shows that in 2021, the Chinese luxury goods market reached $146.5 billion, accounting for as high as 46% of the global luxury goods market.   Cai Jinfeng, Executive Director of Frost & Sullivan Greater China, told Huoxiu: "Under the epidemic prevention and control policies implemented in different regions of China,   The inventory turnover, order shipping, and distribution of luxury goods groups have all triggered a negative chain reaction. As the core city for luxury consumption in China, Shanghai holds approximately Twenty percent of luxury stores contribute about 30% to luxury consumption. The epidemic in Shanghai has dealt a heavy blow to the luxury business model, which highly relies on offline store experiences. This is not difficult to explain; several other major luxury groups have coincidentally mentioned the impact of the pandemic and uncertainties in the Chinese market in their financial reports, delivering an expected outcome: LVMH   Group's Asian sales declined in the second quarter 8%; KAY Group's sales in the Asia-Pacific region fell by 8% in the first half of the year; Prada   The performance of the Asia-Pacific market declined in the first half of the year 6.7%.   In such a context, Hermès's Asian results are even more worth pondering: why is it like Why can Hermès find incremental growth in Asia while its peers are experiencing an 'Asian trough', when products like 'sky-high priced' bicycles always seem to be bought by those who can afford them?   "China Strategy" Gallant Research data shows that there are approximately 70 million. There are 4.7 million high-net-worth clients in China with net assets exceeding ten million yuan, accounting for only three per thousand of the population, yet they contribute to 80% of luxury consumption;   Among them, there are high-net-worth clients with net assets exceeding 100 million. Fifteen hundred thousand people, accounting for less than one ten-thousandth of the population, contribute 23% to the entire luxury consumption. "   Cai Jinfeng believes that the driving factors for the growth in luxury consumption within China can be divided into three levels: active growth, active repatriation, and passive repatriation due to pandemic restrictions. "In the proactive growth segment, the main factor contributing to the decline in performance in the second quarter of 2022 was the continuous pandemic, which led to changes in customer base structure—marginal consumers gradually leaving the market while the core consumer base remained relatively stable. As a result, there was an overall slowdown in growth rates," he told Huxiu.         And Hermès is able to The reason for maintaining rapid growth in Q2 2022 lies in its precise customer segment positioning and operational strategy   Abandon a large mass customer base (niche consumers) and focus on cultivating a small number of core consumer groups.     In China, the core consumers of Hermès are mostly high-net-worth individuals. The second-hand luxury platform Redbridge has observed that Hermès users have high incomes, rapid income growth, and are generally not affected by the pandemic. Therefore, this group of consumers will not continue to be impacted by the pandemic on their luxury consumption, and they also have a lower sensitivity to price increases in luxury goods.     In extreme cases, the value of brand positioning is highlighted. During the pandemic, Hermès has become a preferred choice for some customers. Wang Fan used to Fendi A loyal customer, but since April this year, she switched her focus to Hermès, embarking on a journey she once despised The journey of 'shipping out orders'. She told Huxiu that this change was not due to reasons like 'saving face' or 'hiding value', but rather a subtle subjective feeling: 'My financial situation hasn't been affected, but I always feel that everyone's wallets are tightening. So should I buy or not?'   The pandemic has also brought pressure to Hermès, with many customers feeling a recent anomaly in the brand "Diligent".   After Xi'an Hermès suspended operations due to the epidemic, netizen Song Wei received a WeChat message from a store clerk for the first time, offering to queue up for her and wait for her order. A Beijing netizen said that she wanted to take a chance at Hermès in the Guomao district and unexpectedly I got the black gold-tone buckle one for “free delivery” Lindy30.     Meanwhile, Hermès is quietly testing its presence on the Chinese mobile traffic side. More than a dozen employees earn a monthly salary of Between 10,000 and 30,000 yuan, young users living in first-tier and new first-tier cities told Huxiu that they had seen Hermès advertisements in their Moments.   But most of them said they don't have the ability to consume Hermès.   A WeChat user who sells Hermès told Hsuoxiu that he has never seen Hermès advertising on Moments, but has seen it on NetEase Cloud.     Hermès clearly hopes to expand its market in China, but there are doubts about the precision and logic of its placement efforts.   Hermès values Chinese consumers and what lies behind them The intention behind 'wallet' is clear. Hermès CEO Axel Dumas indicates, In the first half of 2022, Hermès opened its first store in Henan; in the second half, Hermès will increase its investment in e-commerce and advertising marketing in China, while opening two new exclusive stores at Shanghai's Qiantan Times Square and Wuhan Henglong Plaza.   Hermès "Chinese permissions" are held by the group headquarters. Zhang Peiying, a luxury industry consultant, told Huoxiu that other luxury groups will make some moves to cater to Chinese consumers.   However, Hermès has strict control over its brand strategy and rarely engages in placement marketing in China. It has not signed any Chinese endorsers either.    (Huoxiu Note: Hermès has never signed a global spokesperson in its history)    .   However, the Chinese region also has a certain degree of autonomy. Hongbulin learned that Chinese Hermès stores have full freedom in purchasing goods and will choose to stock items based on sizes that are more popular among the Chinese. However, unlike countries such as Japan and France where Hermès can often be purchased without matching inventory, in China The 'distribution' policy is currently the strictest globally.     capacity "Allocating inventory" and scarcity   " Cai Jinfeng said: "The key to luxury business models lies in enhancing consumers' perception of the quality and brand culture of luxury goods, and ensuring exclusivity through discipline over quantity and price, thereby increasing the value of brand assets." maintain "Scarcity" is Hermès' consistent strategy.   Firstly, unlike other luxury brands that stockpile goods in stores, Hermès products are in short supply for a long time.   Wang Fan entered Hermès boutique for the first time and was ready "I'm preparing for 'shipping', but the clerk insisted that there are no stockpiles of the style I want." "I've asked about four or five colors of the same model, and none are available."   "The limited production capacity due to manual customization" has long been Hermes' explanation for the shortage of leather goods.   In fact, capacity capsetting has occurred The fourth quarter of 2021 had a significant impact on the performance of the leather goods sector, with revenue down by 3.2% year-on-year. The unexpected result led to an almost 5% drop in Hermès' stock price on the pan-European exchange.     Hermès said that the group will in the future Open 5 new leather workshops within 5 years, including 2023 The upcoming completion of the Lourvières (Eure) and Sommenne (Ardennes) workshops,   The Rillon (Domène Province) workshop to be completed in 2024, the Lille Dépêche (Charente Province) workshop to be completed in 2025, and the Lup city to be built in 2026   (France, Guilleronne) Atelier.     The increase in production capacity will not change Hermès' consistent sales strategy. "   Cai Jinfeng explained the scarcity of Hermès products in this way "Distribution" policy: "Bagging leather goods is subject to limited production capacity due to the scarcity of upstream raw materials, complex manufacturing processes, and long cycles. Leading brands can form strong barriers in procurement, branding, and sales channels, creating a highly concentrated competitive landscape that also drives growth in sales of other categories such as footwear and apparel."   Hermès The 'inventory replenishment' strategy has perfected this logic, driving demand for leather goods and greatly boosting sales of other categories. In the first half of 2022, Hermès's ready-to-wear sales amounted to 1.458 billion euros, a year-on-year increase of 36%; the popular category of silk and textiles saw sales of 372 million euros, a year-on-year increase of 29%.   Asset management company Flornoy Portfolio Manager Arnaud Cadart Once stated: "Since 2014, Hermès has hardly destroyed any inventory and sold everything off the shelves," a consumer joked on Chinese social media: "Products that are not selling well were sold as 'gifts', so of course the inventory pressure is reduced."     Conclusion   At the earnings conference, one point that attracted industry attention was, Axel Dumas It is made clear that although the rapidly growing second-hand luxury market has attracted some attention from peers, Hermès is not interested in it.   He believes that second-hand platforms are a threat, causing premiums and potentially fostering fraud. He also suggests cooperating with second-hand traders. "It will harm the interests of our customers."   Previously, some luxury giants entered the second-hand luxury industry, either by entering into cooperative partnerships or expanding their channels. Kaimun Group has invested in an online trading platform for second-hand luxury goods. Vestiaire Collective, its brands Gucci Heereshou E-commerce TheRealReal Achieve strategic cooperation relationships; Prada   The Group has established a strategic partnership with Siku; Lippo Group acquired an e-commerce platform for second-hand wristwatches Watchfinder.   Hermès's move and the luxury goods industry "Defining clear boundaries" can further enhance the brand's channel control and closely monitor the circulation of products in the market.   But the relationship between Hermès and the second-hand luxury industry is "The more you cut it, the messier it gets." Hermès classic bag collection Birkin and   Kelly is the most sought-after and popular bag model in the second-hand luxury market, with prices rising accordingly. Yan Bo told Huoxiu that Hermès often sells its bags at a two-fold premium to their retail price, and since the beginning of this year, the sales volume of Hermès cases at Panghu's physical stores has increased by more than 20%. The second-hand luxury market has not only inflated the popularity of Hermès but also strengthened the consumer's perception of its value preservation attributes.   Hermès's self-positioning is "The Contemporary Craftsmen, which began in 1837," are the critical years for the birth of bicycles: around 1840, the Scottish inventor Macmillan made the first pedalable bicycle; in 1874, Henry Lawson used chains to achieve power transmission; in 1888, the inventor Dunlop finally invented pneumatic tires—thus, the "main frame" of human bicycles was basically finalized. At that time, the craftsman Eames focused on more noble and traditional modes of travel, galloping on horseback.   Thierry &Middot; Hermès (Thierry   When Hermès opened its first leather goods boutique in the Madeleine area of Paris, it probably didn't expect that nearly two centuries later, its brand would own a bottle opener worth 2,350 euros, a tray worth 10,450 euros, a five-seater corner sofa worth 796,850 euros, and a bicycle worth 165,000 euros.   Over the years, Hermès has repeatedly set its sights on bicycles "An ancient friend," and it was marked with increasingly astonishing prices.   I love Hermès a lot.     *This article is reprinted from Huoxiu.com    ,    author     clarity     ,     Original title:     Who bought the Hermès bicycle worth 165,000 yuan?     ">     Frost & Sullivan insights ·Extended Reading   Q:     Several major luxury groups around the world have released their semi-annual results. In the second quarter, only Hermès maintained a high growth rate in Asia, and the data shows that it was not affected by the pandemic in China. What might be the reasons for Hermès' strong performance?     A:    The driving factors for the growth in luxury consumption within China can be divided into three levels: active growth, active repatriation, and passive repatriation due to pandemic restrictions.       Overall The 'V-shaped' high growth of the luxury industry in 2021 was not stable, as a significant portion of the growth was driven by restrictions on overseas luxury purchases due to the pandemic, which passively induced consumption backflows. Chinese consumers account for about 35% of global luxury purchases, with one-third occurring domestically and two-thirds abroad. The pandemic did change the distribution pattern of luxury consumption channels to some extent, attracting a large amount of consumer backflows. However, as overseas epidemic prevention policies were relaxed in the second half of 2021 and cross-border logistics capacity gradually recovered, passive consumer backflows will slowly decrease.       In the proactive growth segment, there is The main factor contributing to the decline in performance in the second quarter of 2022 was the continuous pandemic, which led to changes in customer demographics—marginal consumers gradually leaving the market while the core consumer base remained relatively stable. As a result, there was a general slowdown in overall growth rates. Marginal consumers generally spend less than 2,000 euros per year, contributing about half of the sales. During the economic downturn triggered by the pandemic, 'marginal consumers' will restrain discretionary spending due to reduced personal income, thereby affecting the overall sales performance of luxury goods. Core consumers spend more than 5,000 euros per year, accounting for about 5% of the customer base but contributing nearly 40% to luxury consumption. This high-net-worth group has relatively stable consumption levels and behavior and is an important pillar ensuring the stability of luxury goods sales.     Hermès is able to The reason for maintaining rapid growth in Q2 2022 lies in its precise customer segment positioning and operational strategy—abandoning a large number of mass customers (marginal consumers) to focus on a small number of core consumer groups.   By reducing shipments, increasing the distribution rate, setting price increases and high-price strategies, we have raised the purchasing threshold for consumers, highlighting our brand strength and scarcity. At the same time, we have carried out offline marketing activities targeting the core consumer group to increase their loyalty. In the second quarter of 2022, under the impact of the pandemic, the company achieved impressive performance growth by consolidating and deeply cultivating its high-net-worth core customer base.     Q:     What are Hermès's special strategies in China, especially in terms of traffic?       A:      The key to luxury business models lies in enhancing consumers' perception of the quality and brand culture of luxury goods, and ensuring exclusivity through discipline in quantity and price, thereby increasing the value of brand assets. Hermès is an industry leader in maintaining brand scarcity and consolidating brand value. Its strategies mainly include the following methods:     "Hunger Marketing" strategy:   Unlike other luxury brands that stock up on goods in stores, Hermès products are in short supply for a long time. The bags and accessories displayed in stores are only for display and cannot be purchased directly. Consumers who decide to purchase must go to the store in person to place an order and determine product customization details such as leather color and metal buckle style. Due to limited production capacity for handcrafted customization, customers need to wait longer to receive their products, continuously increasing the scarcity of the items.   Price increase strategy:   Hermès' irregular price increases are often aimed at consolidating its brand value. Appropriate price hikes help maintain its investment and collectible attributes, stimulating consumers' desire to buy. At the same time, Hermès bags typically have lower product inventory risks and no pressure to reduce inventory, so corresponding price increase strategies can counteract the impact of sales during the pandemic.   Distribution Strategy:   The distribution system and the price increase of allocated goods are actually a form of implicit "Price increase." When purchasing classic Hermès bags, assortments (such as clothing, accessories, etc.) are required. Depending on the style, color, and popularity, the price ratio between assortments and the purchased bag ranges from 1:1 to 1:2. The essence of the assortment policy is to maintain brand scarcity, raise the purchase threshold for core products, and shape a higher brand positioning.   Word-of-mouth marketing strategy:   Different from most luxury brands that invest heavily in marketing for fashion shows, celebrity endorsements, and media advertising exposure, Hermès has minimized its media advertising expenses. It directs funds towards target customers and retail outlets where it comes into the closest contact with the target consumer group, such as urban store renovations and displays, and employee training is dedicated to providing consumers with a one-on-one differentiated shopping experience.     Q:     What are the special strategies of LVMH, OpenCloud Group, Prada and other luxury brands in China?     A:    LVMH: It has more than 60 subsidiaries, each of which is a highly renowned luxury brand. Currently, the main growth engines in China include brands such as Dior, Celine, LV, Tiffany & Co., etc.; among them, LV is a pioneer in actively exploring digital marketing within luxury brands. From opening its official self-operated e-commerce to 12 cities in China for the first time in 2017, to providing purchase and delivery services to all cities in China in 2018, and launching WeChat boutique stores and mini-programs with limited-time sales, to being the first luxury brand to officially open an account on Rednote and present interactive original live content, LV has always led the entire industry in digital marketing within China's luxury market.     Kaiyun Group: Gucci is the core brand of Kering Group's luxury business in China and a major driver of performance growth. Brands such as BV and Balenciaga have not yet achieved significant success in China. Gucci has achieved performance growth in China by attracting Generation Z consumers. Currently, with the saturation of luxury stores in first-tier cities in China, Gucci has made a major push into new and second-tier markets, actively seeking more consumer market share among the middle class.     Q:     What are the trends in China's luxury market?       A:       In the long run, the return of luxury consumption is a major trend.      With the reduction of tariffs and adjustments in domestic and international price differentials, the phenomenon of purchasing luxury goods abroad or through agents will gradually decrease. In addition, although the pandemic has had a phased impact on consumer purchasing channels, after the pandemic ends, some domestic consumption habits for luxury goods may also be retained.     The online penetration rate of e-commerce is accelerating, and omnichannel operation strategies are emerging.   During the pandemic, luxury groups vigorously developed online channels. The online penetration rate of China's luxury industry, measured by retail sales, The proportion surged from 7.3% in 2019 to 10.7% in 2021. In terms of online channel layout, the WeChat ecosystem has benefited from customized services and precision marketing, becoming the main sales channel, accounting for 40%-50%, with the highest average consumer spending. Official website channels and e-commerce platforms each account for about 20%-30%, among which on e-commerce platforms, there are mainly self-operated luxury brands on Tmall, wholesale models, and franchise models. Online channels remain a major product exposure channel, and currently, the categories invested in are mainly fragrances with low average order values, rather than core high-price categories. As an industry that values offline shopping experiences, physical stores are already the mainstream consumption channel for luxury goods. However, online channels, as a product marketing channel, can better bring new customer growth to offline stores.   The competitive landscape of key categories determines brand tone and growth.   Luxury goods ownership Luxury brands have high-quality products and unique styles to attract their consumer customers, especially in categories with simplified SKUs and high unit prices. Among them, the (hard luxury) jewelry watch and (soft luxury) bag and leather goods industries have the highest concentration, maximum differentiation, and fastest growth rates. Due to the scarcity of upstream raw materials, complex production processes, and long cycles, the production capacity for jewelry and bag and leather goods is limited. Leading brands can form strong barriers in procurement, branding, and sales channels, creating a highly concentrated competitive landscape that also drives the growth of sales in other categories such as footwear and apparel.   The consumer group is changing generationally, and customer consumption preferences are shifting.   The younger generation, especially The Z generation and millennials are increasingly contributing to the consumption of luxury goods and fashion items. This consumer group prefers freshness, avant-garde design, and new concepts, redefining market preferences. In addition, the continuous improvement in women's purchasing power is catalyzed by   The 'Women's Economy' reveals the improvement in women's social status and economic independence, stimulating women consumers' demand for impulse spending or self-giving consumption. In addition, 'Buy  better, buy The concept of 'less' has gradually been embraced and accepted by consumers, who use it as an important consideration when consuming luxury goods. This mental shift also has a profound and positive impact on the luxury market.

Since the implementation of the registration-based IPO system on the ChiNext, the refinancing summary procedure has continued to unleash vitality, and 'small-value, rapid' private placement cases have gradually increased. As of 8 month 11 day, already 17 A GEM-listed company completed a 'small-value, rapid' private placement through summary procedures, with the fastest time from acceptance to registration taking effect 6 Working days; average time from registration effectiveness to issuance and listing 26 On average, the financing amount per day was 1.78 100 million yuan.   From the perspective of institutional construction, why has the ChiNext introduced a simplified refinancing procedure system, and what role has it played in improving the refinancing system? From the market perspective, why is the simplified procedure system favored by small and medium-sized technology companies (SMEs)? Is there hope that more companies will finance through this simplified procedure? Frost & Sullivan Frost & Sullivan, Mr. Lu Jing, Partner and Managing Director of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the refinancing summary procedure system introduced for the ChiNext market. Securities Daily Since the implementation of the registration-based IPO system on the ChiNext, the simplified refinancing procedure has continued to unleash vitality, with an increasing number of 'small amount and quick' private placement cases. 8 month 11 Yesterday, the reporter learned from the Shenzhen Stock Exchange that there are currently 17 A GEM-listed company completed a 'small amount, rapid' private placement through summary procedures, with the fastest time from acceptance to registration taking effect 6 Working days; average time from registration effectiveness to issuance and listing 26 On average, the financing amount per day was 1.78 100 million yuan. Ming Ming, chief economist at CITIC Securities, told the Securities Daily reporter that the simplified procedure has optimized issuance conditions and streamlined the review process. It can meet the financing needs of ChiNext companies, especially small and medium-sized enterprises, while also improving financing efficiency. With the acceleration of the economic recovery slope in the second half of the year and the continuous promotion of the simplified procedure, it is expected that more companies will finance through this simplified method.   Number of companies applying for projects this year    Set a new record high The refinancing summary procedure system was introduced by the ChiNext 2020 year 6 It was launched first in the month and later expanded to the Sci-Tech Innovation Board, receiving great favor from small and medium-sized enterprises. The introduction of the summary procedure has significantly increased the amount of "small-value, rapid" private placement financing, from the highest 5000 Ten thousand yuan and not exceeding net assets 10% , increased to the highest 3 100 million yuan and not exceeding net assets 20% . Market participants believe that the summary procedure system, through the design of compacting front-end checks by intermediary institutions and increasing post-event penalties, has achieved a true 'no trial' concept, establishing a process from acceptance, review to registration that is only ' 2+3+3 The 'fast' process on weekdays not only reshapes the market ecosystem and facilitates financing for small and medium-sized companies, but also provides new pathways and options for high-quality enterprises to raise funds. In fact, the number of ChiNext companies applying for refinancing projects under the simplified procedure this year has reached a record high, exceeding the total of the previous two years. Data from the Shenzhen Stock Exchange shows that there have been 11 The number of GEM companies applying for the simplified refinancing procedure has exceeded 2020 year 2021 The sum of the years 10 home), especially 7 Months, with project applications submitted for four consecutive weeks. In addition, there are 10 A GEM-listed company disclosed a preliminary plan for the summary procedure item, 44 The company has obtained authorization from the shareholders' meeting to implement summary procedures, and there is a high enthusiasm for declaration. "   "Companies listed on the Growth Enterprise Market (GEM) are typically at a critical stage of business development, with rapid business growth and high innovation. They have an active demand for financing from the capital market. The simplified refinancing procedure can effectively address the pain points of capital shortages faced by GEM companies during their business innovation process, and it has high social and market value." Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, told the Securities Daily reporter. According to statistics, this year there were 11 The companies listed on the Growth Enterprise Market (GEM) are all small and medium-sized enterprises, with a relatively dispersed industry. The average market value and net profit for the most recent year are 41 yuan 0.43 Yuan billion, lower than the average level of the ChiNext. "In recent years, the domestic and international situations have been complex and diverse. Innovative and entrepreneurial small and medium-sized enterprises sometimes face cash flow problems and may find it difficult to meet the relevant requirements of bank credit. Timely small-scale rapid refinancing is a 'timely rain' and 'panacea' for some small and medium-sized enterprises," said Tian Lihui, dean of the Institute for Financial Development at Nankai University, to the Securities Daily reporter.   More companies will be listed in the second half of the year    Financing through summary procedure From practice, the summary procedure system has a short review time and quick fund arrival, benefiting small and medium-sized enterprises greatly. It is reported that the Delphi Co., Ltd. simplified procedure refinancing project application was submitted on 2022 year 7 month 20 Daily acceptance, planned fundraising 2.5 yuan, 7 month 28 The registration approval has been obtained, and funds have recently arrived, far less than what the company expects. 2021 When refinancing through the ordinary procedure in a year 221 The issuance and listing cycle of the stock (from obtaining the registration approval to issuance and listing). In addition, the company's previous fundraising projects plan to raise funds 9 Yuan billion, affected by factors such as the epidemic 2020 The annual performance turned from profit to loss 4.18 Yuan, which has increased the issuance difficulty to a certain extent. In fact, only funds were raised 2.9 Yuan billion. The projects funded through this summary procedure are those that were previously reduced from the original fundraising plan, and they can serve as a useful supplement to insufficient funds raised under the ordinary procedure.   As the first company under the GEM registration-based system to apply for summary procedures, Qianyuan Medicine has experienced the benefits of the system's convenience, successfully applying for summary procedures in February this year and raising funds 1.1 RMB 100 million, forming a good market demonstration effect.   The interviewed experts believe that as the market's understanding of summary procedures deepens and more beneficiary enterprises benefit from them, more companies on the ChiNext will raise funds through summary procedures in the second half of the year.   " "Short-form financing does not mean a weakening of regulatory efforts, but it has also achieved an improvement in review efficiency and issuance decision-making efficiency." Lu Jing analyzed that from the perspective of capital market effectiveness, it has improved the financing efficiency of ChiNext companies, further stimulating market vitality. From the perspective of the healthy development of the capital market, more ChiNext companies will finance through short-form procedures in the second half of the year, and the market will continue to remain active.   Tian Lihui stated that it is expected that more companies will use summary procedures for financing in the second half of the year to acquire capital and enhance resilience, thereby seizing market opportunities during economic recovery.   * This article is reprinted from "Securities Daily", reporter    Xing Meng    ,    Original title:    GEM refinancing The summary procedure system unleashes new vitality    "> Frost & Sullivan Insight & Extended Readings     Q :   From the market perspective, this year there have been a number of companies applying for summary procedures ( 11 The number of cases handled by the summary procedure system has exceeded the total of the previous two years. What are the main reasons why this system is favored by small and medium-sized technology companies?   A :   The reasons for the preference of small and medium-sized startups are the shortened review period, increased financing scale, and streamlined issuance conditions. The first is the reduction in review duration. Compared to ordinary programs 15 First-round review inquiries are submitted within working hours, and through the simplified procedure for small-scale refinancing, the Shenzhen Stock Exchange will conduct a completeness check on the application documents within two working days after receiving them, and make a decision on whether to accept it. This greatly shortens the review cycle. The reduction in review time costs also enables enterprises to flexibly carry out refinancing activities, reducing the probability of large-scale financing due to high upfront time costs, and avoiding idle and wasted funds later on. The second is the expansion of financing scale. Before the reform of the ChiNext and the pilot registration-based system, listed companies on the ChiNext also had a small-cap private placement mechanism for refinancing. However, this was not favored by enterprises due to limited financing scale. Now, for the non-public offering under the simplified refinancing procedure, the financing amount is determined by 5,000 Ten thousand yuan and not exceeding net assets 10% , increased to 3 100 million yuan and not exceeding net assets 20% This relaxation effectively solves the financing problems of some high-quality enterprises and small and medium-sized start-ups. To a certain extent, it helps GEM-listed companies obtain a certain amount of financing in a short period, better stimulates market vitality, and forms a positive cycle of development. The third is the relaxation of the issuance conditions for the ChiNext market, with two conditions being cancelled and one disclosure requirement adjusted. The adjustment of these three rules has lowered the threshold for refinancing on the ChiNext and expanded the coverage of financing, stimulating overall market vitality.

From August 11th to 12th, the Symposium on the High-Quality Development of the Biopharmaceutical Industry in the Yangtze River Delta was held in Shanghai. The symposium was organized by the Office of National Brand Projects of Xinhua News Agency and undertaken by the Xinhua News Agency's Guangdong-Hong Kong-Macao Greater Bay Area Operation Center (Headquarters), Economic Information Daily (Xinhua Health), and Shenzhen Letu Life Science & Technology Investment Co., Ltd. Leaders from Xinhua News Agency, the National Health Commission, the Shanghai Municipal Government, the Shanghai Municipal Health Commission, the Shanghai Food and Drug Administration, the Shanghai Municipal Commission of Economy and Informatization, the Fengxian District Government of Shanghai, as well as industry experts and professionals from biopharmaceutical companies, financial investment institutions, and other sectors gathered together to discuss the path to high-quality development of the biopharmaceutical industry in the Yangtze River Delta, an "Bioeconomic Pilot Zone."   Frost & Sullivan frost  & Chen Zhenrong, the consulting director of Frost & Sullivan's healthcare team in Greater China, was invited to attend a seminar and participate in the fourth session of the Academician Forum at the Letu Watson Lecture Hall. Together with Jin Hui, a partner of Shanghai Guohong Zhizhen Venture Capital Investment Co., Ltd., Wei Dongbing, founder and CEO of Zhongbo Rui Kang (Beijing) Biotechnology Co., Ltd., and Jiang Weidong, CEO of Shanghai Kangkang Biomedical Co., Ltd., they discussed strategies for breaking through under centralized procurement policies for biopharmaceutical companies.   Frost & Sullivan Greater China Healthcare Team Consulting Director   Chen Zhenrong       Host:      Transformation is an important hurdle faced by generic pharmaceutical companies. Innovative drugs have their own R&D characteristics, and now, with the vigorous development of innovative drugs, the difficulty of developing first-in-class drugs has increased, making generic drug value increasingly low. Innovative drugs are walking on thin ice. How should pharmaceutical companies develop in this situation?     Chen Zhenrong:   Indeed, we have encountered many innovative pharmaceutical companies that are pioneering in the field of new drugs. There are many passionate entrepreneurs whose original intention is to introduce the best and latest treatment methods into China to benefit patients.   But as the host mentioned, the country now has a macro background of healthcare cost control through medical insurance, and there is also a demand to reduce patients' medication costs. From the patient's perspective, during the entire medical process, they often encounter situations where treatment costs are difficult to afford. Therefore, many companies, while innovating, also produce generic drugs. Overall, we have noticed that under the centralized procurement policy, many generic drugs have faced significant price discounts.   The development and innovation of new drugs has a long cycle and requires substantial capital investment, which can lead to shortages in research and development expenses for many pharmaceutical companies. In such circumstances, improved new drugs are a relatively good direction, and many enterprises are already developing in this area. There is a saying about the research and development cycle and capital investment of innovative drugs: "Ten billion in ten years," looking at generic drugs, the research and development cycle is about 3 years, with capital investment generally less than $10 million. Modified new drugs are just between these two, with a total research and development cycle of around 8 years, which is relatively shorter. The R&D investment is probably around $50 million, basically below $100 million. Because modified innovative drugs have a solid foundation, they are based on already approved drugs that have been clinically proven to be beneficial. Then, improvements are made to salt form, crystal form, dosage form, and route of administration to improve bioavailability or use smaller doses to reduce drug side effects.   There are some macromolecular drugs and antibody drugs that need to be administered by injection, such as insulin. Patients need to inject them for a long time, which is relatively inconvenient, not to mention some tumor drugs. From the patient's perspective, they hope to see the emergence of improved routes of administration. For example, can insulin be changed from an injection into an oral form? This improvement would be very beneficial to patients. There are also some oral preparations that are not very convenient for cancer patients. For instance, it is very troublesome for patients with digestive tract tumors to take oral medications. We know that if patients have undergone resection of digestive tract tumors, their drug absorption and utilization are very low. We have noticed that some manufacturers have started developing orally disintegrating film agents, which are all good research directions.     In summary, improved new drugs require much less time and money in R&D investment. For pharmaceutical companies, this is a good way to reduce R&D spending while increasing the success rate.    Secondly, improved new drugs have the independent right to set their own prices after launch, unlike generic drugs which must maintain the same pricing as the original drug. This means they are not at risk of facing centralized procurement in the near term or even upon launch. Generally speaking, the re-pricing of improved new drugs can be compared to that of generic drugs that have already been reduced in price or have entered the centralized procurement phase. About 5 to 10 times. Therefore, this is indeed a direction worthy of our attention for our enterprise.     On the other hand, improved new drugs place particular emphasis on production work throughout the entire R&D and production process. For companies like Letu Technology, this is especially true. For CDMO, it is very necessary to have closer cooperation. In the early research and development of CMC formulation processes, CDMOs need collaboration from the enterprise side, which allows for mutual assistance and can further bring better drug benefits to Chinese patients.     Host:    In addition to pharmaceutical companies that are solely focused on developing innovative drugs, many generic drug companies are also undergoing transformation. Which other niche markets are worth paying attention to?     Chen Zhenrong:   We often say that the next era, or a major direction, will definitely involve cell and gene therapies Application scenarios of CAR-T (Chimeric Antigen Receptor T-cell Therapy). In recent years, against the backdrop of continuous progress in medical technology and increasingly mature scientific supervision by national policies, the CAR-T industry has developed rapidly. In 2021, China welcomed two commercialized CAR-T products, making CAR-T one of the hottest areas in China's biomedical research and development field.     CGT has many application scenarios. At present, CGT has achieved significant results in the fields of rare diseases and malignant tumors, and is gradually expanding into various disease areas such as chronic diseases and infectious diseases. There are many unmet clinical needs in these disease areas, and the unique advantages of cell therapy are expected to bring long-term efficacy. It is believed that CGT can provide new treatment options for a larger patient population.     In addition, there are new targets and new pharmaceutical directions. The preclinical research of cytokines is also a very important area of focus. As other guests have mentioned, ultimately, the R&D of domestic pharmaceutical companies still depends on their own strength. If they cannot achieve true clinical benefits, whether they will be approved or commercialized in the end is a foreseeable process. This is why In the past two years, CDE has released new guidelines for clinical and non-clinical drug trials almost every month, aiming to assist our company in better conducting drug research and development.   There are many experiments that need to be conducted in the early stages of drug research and development.    The more experiments are conducted, the more reagents and enzymes are needed. Most of these are still imported, which are very expensive. Therefore, more funds are spent on them.    When enterprises carry out the final commercial production, they generally face more headaches because it largely involves "The problem of 'neck pinching'." I believe that this requires the country and its own enterprises to develop domestic kits or overall solutions, which are in great need.     Overall, in the early stages of research and development, target selection requires support from the industry from a commercialization perspective to help solve the problem of high production costs. If the production costs for early-stage research and development are reduced, then the pricing of the drug will also decrease. At the same time, as the prices of national drug centralized procurement tend to become more reasonable, companies are not afraid of facing price cuts or even insolvency after the drug is launched on the market. They are willing to invest more in research and development to bring more affordable good drugs to our country's patients.    

2021 The year is epoch-making in the history of cell therapy development in China, as two domestic products arrived CAR-T Approval of the product, CAR-T The therapy is moving towards a new era of commercialization. At the same time, there are frequent good news reports about the exploration of generic and solid tumor targets. TCR-T , CAR-NK , I just learned Multiple therapies compete on the same stage, and the immunotherapy industry continues to develop and grow, bringing new hope for treatment to patients.   Against this backdrop, 2022 year 8 month 11 day -12 day I-CAR 2022 The 5th Cell Immunotherapy Deep Focus Forum was held in Hangzhou, Zhejiang Province. Frost & Sullivan Frost & Sullivan Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend the event and participate in a roundtable forum to discuss the industrialization process of cell therapy. The roundtable session was moderated by the founder of Shanghai Yimufeng Biology &CEO Dr. Sun Minmin served as the host, with Mr. Mao Hua and Dr. Sun Mu, Vice President of Business Development and Strategy at Xingyinang Biotech, Zhang Bozhen, co-founder and President of Biosentech, and Teng Yuhang, Executive Partner at Shenzhen Gaotekai Investment, joining forces to discuss CAR-T The discussion covered topics such as the dilemma of transforming treatment research into drug development, the current stage of industrialization of cell therapy in China, the challenges faced by the industrialization process, how enterprises and capital parties can cooperate to accelerate the industrialization of cell therapy, as well as the market development prospects and investment predictions for the domestic cell therapy industry. Partner and Managing Director, Greater China, Frost & Sullivan fattening Under the general trend of rapid growth in the global cell therapy market size, cell therapy has also shown tremendous development potential in China. According to data analysis by Frost & Sullivan, China CAR-T The market is expected to be at 2025 The annual market scale reached 11.5 billion dollars, in 2030 Annual achievement 41.9 billion US dollars; the market scale of stem cells in China is expected to be at 2025 year 2030 The annual targets are expected to reach 0.7 billion dollars and 15.5 billion dollars.   Mr. Mao Hua said that against the backdrop of continuously maturing gene editing technology and cell processing techniques, as well as national policy support for innovative medical technologies and comprehensive clinical guidance principles, China's cell therapy industry has entered a virtuous and orderly period of rapid development. Cell therapy has become one of the hottest areas in China's biomedical research and development field. Immunocyte therapy, as the fourth tumor treatment method following surgery, chemotherapy, and radiotherapy, is one of the most promising development directions in the field of tumor treatment today, opening a new era for tumor immunotherapy strategies. The main types of immunocyte therapy include CAR-T , TCR-T , I just learned and CAR-NK In terms of clinical progress, as of 2022 year 6 month 6 Today, in the field of immunotherapy cell therapy in China, CAR-T The number of ongoing clinical trials for therapies has reached 12 one, followed by TCR-T , I just learned and CAR-NK According to the indications, the currently conducted clinical trials are mainly focused on hematological malignancies, accounting for approximately 66% The number of clinical studies in solid tumors is approximately 34% .   Mr. Mao Hua said, CAR-T Therapies have brought hope to patients with malignant blood tumors in our country. As more cell therapy products targeting solid tumors enter the clinical research and development phase, research work will yield even more fruitful results, and it is expected that we will be able to overcome the fortress of solid tumors in the future.   CAR-T Therapies have made continuous breakthroughs in the field of solid tumors, but there are still technical challenges such as drug resistance, antigen heterogeneity, and immune evasion that need to be addressed and optimized urgently.   To address various challenges in clinical exploration, biotechnology companies have developed and built a variety of innovative technology platforms. The mechanisms include the use of novel gene editing technologies, improve CAR-T Cell migration and infiltration ability, inhibiting tumor immune evasion, regulating the tumor microenvironment, and enhancing CAR-T Antigen recognition ability. Currently, therapeutic stem cell products that have entered clinical trials are mainly divided into two sources: adult stem cells and pluripotent stem cells. It is reported that more than a dozen stem cell products have been approved for marketing in different countries worldwide, but they all originate from adult stem cells. Stem cell products derived from adult stem cells have issues with process stability between batches. In contrast, pluripotent stem cell products from the same batch come from the same type of progenitor cells and have strong proliferation and differentiation capabilities. The upgrade and iteration of in vitro culture and induction differentiation technologies have promoted the directed differentiation of pluripotent stem cells. Successful functional cells have made it possible to produce stem cells in standardized, large-scale drug production with controllable quality.   "The pluripotent stem cells have demonstrated good pharmaceutical advantages, clinical effectiveness, and safety, which will drive the development of 'stem cell drugs'," said Mr. Mao Hua. 2017 year CDE Clear clinical research principles were proposed for live cell products developed and registered as pharmaceuticals, and 2018 In the year, new clinical registration applications for stem cell therapy were accepted. With the adjustment of policy supervision and the increasing attention paid by the state to the development of stem cell technology and industry, the number of clinical trial approvals for stem cell products in China has significantly increased. 2019 A total of only 3 A clinical trial, and 2020 year 2021 The number of clinical cases in each year reached 4 one and 6 Currently, there are no approved products in China on the market, and clinical progress is still in its early stages. Based on the innovation and flexibility of stem cell regulatory mechanisms, the pipeline involves a wide range of disease treatment areas, bringing therapeutic possibilities to some refractory diseases. It has currently covered multiple treatment fields such as digestive diseases, immune diseases, musculoskeletal system diseases, and blood diseases. Mr. Mao Hua pointed out that compared to developed countries in Europe and America, China started cell therapy relatively late, but China has already been very proactive in following up on this frontier field.   Against the backdrop of multiple factors such as technological innovation, policy support, capital boom, and the emergence of biotech companies, which have contributed to the advancement of cell therapy, with the increasing accumulation of clinical practice experience, research and development achievements will be transformed and implemented more frequently and rapidly. In the near future, China's cell therapy industry is expected to enter a golden development period.   Frost & Sullivan has rich research experience in the field of cell therapy, and recently 20 For many years, the Frost & Sullivan team has provided financing and financial advisory services to several outstanding domestic and international biopharmaceutical companies. IPO listing Industry consulting, strategic consulting, management consulting, and other services, including: WuXi AppTec, Hengyuan Biology, Biotech Hillgene Pharmaceutical giants such as WuXi AppTec, Yongtai Biology, and Zhehui Biotech.

On August 9, 2022, the Hengtai Natural Safety Group's National Dairy Distributor Conference with the theme of 'Perseverance for Innovation' was successfully held.    Frost & Sullivan frost  & Mr. Zhang Jian, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend the conference and delivered a speech on 'Risks and Opportunities in the Catering Industry in the Post-Pandemic Era'.       Zhang Jian first introduced the overall development overview of the catering industry to the guests present. He stated that in recent years, the Chinese catering market has shown significant volatility. From 2017 to 2019, the scale of China's catering market increased from 4 trillion yuan to 4.7 trillion yuan, with an increment of 700 billion yuan. After the outbreak of the pandemic in 2020, the overall market size plummeted to the level of 2017. Although there was a V-shaped rebound in 2021, this year, after the Spring Festival, the pandemic has seen nationwide multi-point outbreaks, causing a significant negative impact on the catering market.       At the same time, there are corresponding changes in the number of catering outlets nationwide. The data shows that In 2020, the number of catering stores decreased by 12.5% year-on-year, with a total reduction of over 1.1 million outlets. Although the overall market warmed up in 2021 and the first quarter of 2022, data from the second quarter showed that the number of catering stores mirrored the trend of 2020 and experienced a certain degree of decline.       From the perspective of sub-segmenting various catering formats, the impact of the pandemic on catering operations has become evident. The most noticeable change is the development of online channels in the catering industry. Sales of Chinese-style full meals and hot pot catering have seen the greatest growth, both exceeding A 14% increase was seen, with group meals and Chinese-style full-course dining showing the most active momentum in e-commerce channels, achieving growth rates of 4.4% and 3.9%, respectively. However, e-commerce channels account for the smallest proportion among all catering formats and have significant potential for future growth.     From a cost perspective, raw material costs, labor expenses, and rent are the three major burdens of the catering industry. The average proportion of these costs in the industry is as follows: raw materials 41.9%, labor 21.4%, rent and property management 11.9%, totaling over 75%.    "In a period of relative turmoil in the catering industry, cost reduction and efficiency improvement are propositions that every practitioner must consider," said Zhang Jianshe.       Zhang Jian pointed out that the reduction in passenger flow and the complexity of the catering supply chain are challenges that the entire industry needs to face.       Affected by the recurring pandemic, customer traffic at offline dining establishments has significantly decreased. Although the overall consumer market has recovered in the first quarter of this year, the stricter control over dine-in services in Beijing, Shanghai, and their surrounding cities starting from the second quarter has led to In the first half of 2022, catering consumption as a whole experienced a relatively significant decline.     The challenges of the supply chain stem from numerous links and complex functions, as well as a low coverage rate of cold chain logistics. Compared to mature markets, China's cold chain logistics industry started relatively late and is still in its growth phase. Currently, the infrastructure for cold chain logistics is still relatively weak, and there are certain gaps compared to developed countries such as Europe and America in terms of cold chain logistics facilities and equipment, refrigerated logistics technology and management levels, and overall planning of cold chain logistics.     In the future, the development opportunities for the catering industry are mainly reflected in the following aspects:       1) Empowering digitalization with multi-ring structures, integrating dine-in, takeout, and new retail for interactive development, thereby enhancing consumer loyalty.    According to a survey by Frost & Sullivan, In 2021, the survival rate of various catering stores with a membership system was above 80%, with the average survival rate for full-service, noodle, barbecue, tea, and hot pot restaurants reaching over 88%. Leading catering brands are at the forefront in digital services, achieving penetration rates of 86.3% and 77.5% in cashier and membership system digitization, respectively. Service links such as store visits, mini-programs, and supply chain have achieved a digital penetration rate exceeding 60%.   2) Leveraging the trend of prefabricated dishes, enterprises can provide more convenient meals and achieve cost reduction and efficiency improvement.    Based on the cost calculations before and after using prefabricated dishes according to data from the China Hotel Association, it can be seen that although the cost of raw materials has increased slightly after using prefabricated dishes, labor costs have decreased. 10%, which ultimately increases net profit margins by 7% after the convenience of meal delivery is achieved.   3) Grasp the Z generation and provide emotional sustenance to cater for 'vertical generativity'.    The current general trend is The Z generation is gradually becoming the main force in dining consumption, with a monthly per capita disposable income of 3,500 yuan, far higher than China's average of 2,682 yuan per month in 2020. The dining consumption of the Z generation prefers social-driven consumption, self-pleasing consumption, and self-improvement consumption. In the future, the development of the catering industry can cater to the needs and consumption characteristics of the Z generation and has great potential for growth.   Subsequently, Zhang Jianjian made brief analyses of the baking industry, new-style tea drinks, and the coffee industry respectively.        He said that with the upgrading of consumption and changes in consumption habits, China's baking market is currently in a stage of innovative development.    The market scale of the baking industry reached approximately 250 billion yuan in 2020 and about 280 billion yuan in 2021. With multiple driving factors such as increased per capita disposable income and purchasing power, urbanization rate, and parallel diversified baking channels, it is expected that the compound annual growth rate of the Chinese baking market will be 9.9% from 2020 to 2025.     Zhang Jian believes that in the post-pandemic era, the development of China's baking market faces challenges in five aspects: rising costs, breaking through online scenarios, supply chain and operations, homogenization of baked products, and cross-border competition among different business formats.       1) Rising costs:    It mainly includes two aspects: raw material costs and labor costs. On one hand, the rising prices of baking raw materials such as flour and dairy products have put pressure on the cost structure of the baking industry. In the future, baking enterprises may face the risk of continuous price increases in raw materials. How to adjust the cost structure and reduce costs while increasing efficiency is a challenge that needs to be addressed. On the other hand, due to the impact of the epidemic, there is high employee mobility and a shortage of market labor force. Therefore, how to reduce labor costs is also one of the challenges that enterprises need to cope with.     2) Online scenario-based breakthroughs:    The epidemic has restricted people's travel, so some offline-only stores are urgently facing transformation and engaging in multi-channel marketing online and offline. This transformation requires experienced leaders and professionals to complete, so how to effectively break through this online scenario-based situation is a problem that needs to be solved.     3) Supply Chain and Operations:    The emergence of the pandemic has increased the uncertainties faced by the baking industry. For example, travel restrictions may lead to different limitations and interruptions in raw material processing, production, packaging, transportation, etc. Residents are stockpiling goods frantically, and businesses will face a surge in orders. How to dynamically adjust business rhythms and how to accelerate production while ensuring product quality under supply-demand imbalances is a challenge that baking enterprises need to face.     4) Homogenization of baked products:    Due to the limited variety of baked products, when a market hit product becomes popular, other brands will also start to refer to it for research and development and conduct market promotion. As an emerging track, capital is avidly chasing it, and many brands are vying to enter the market, which poses higher demands on differentiated product research and development. How to explore new flavors, textures, and tastes, and create differentiated products is one of the main challenges that baked enterprises will face in the future.     5) Cross-border competition among different business formats:    Baking enterprises not only face competition within the industry but also competition from industries such as tea drinks, coffee, and catering. Currently, there has gradually formed a trend where baking products are paired with other food and beverages. In this context, traditional baking stores will be diverted by different business formats, leading to a decline in customer traffic. Therefore, how baking enterprises can still explore competitive paths amidst multiple pressures is one of the challenges for the future. "Although the baking industry faces the challenges mentioned above, opportunities and challenges coexist. There are mainly four major opportunities that support the innovative development of the baking industry," said Zhang Jian.     1) Digital Marketing:    After the pandemic, some companies specializing in offline stores began to layout their online digital transformation, launching online ordering services across platforms such as official accounts, mini-programs, social e-commerce, and comprehensive e-commerce. Although offline stores face a painful period of online transformation, with the rapid development of digitization, consumers have already developed online consumption habits. Therefore, achieving parallel development of both online and offline channels will become an opportunity for baking companies.     2) Baking + X Scene Fusion:    Under the current trend of consumer scenarios, it is inevitable that baking enterprises will face competition from other business formats. Baking enterprises need to proactively expand their consumer scenarios, tap into potential consumers, and integrate and innovate in product innovation, supply channels, brand operations, and more.     3) Innovative R&D:    Frost & Sullivan believes that baking companies that innovate and develop in line with market trends will see rapid development. As consumers' experience and demand for consumption continue to rise, diversification, healthiness, mini-packaging snacks, retailization, and fun are industry trends.     4) Milk Fat Upgrade:    The outbreak of the pandemic has made consumers pay more attention to health, prompting businesses to upgrade their dairy fats. For example, replacing plant or mixed fats with healthier animal fats, or increasing the proportion of milk fat in dairy fats, can all improve the taste of baked products.   According to Zhang Jian, 2016 was a breakout year for the development of new-style tea drinks. In 2017, the market scale of new-style tea drinks reached 422 billion yuan, rapidly climbing to around one hundred billion yuan by 2021, achieving an extremely high annual compound growth rate. Although the growth momentum of new-style tea drinks has slowed down at this stage, it can still maintain a double-digit growth rate. In 2020, freshly ground coffee took over from the rapid development of new-style tea drinks. That year, capital quickly completed investment layouts, and a number of well-known coffee brands emerged in the industry, such as Tims, Manner, Seesaw, Mstand, etc. The market scale also increased from 39 billion yuan in 2017 to 59 billion yuan in 2020. Zhang Jian pointed out that the new-style tea and coffee market also faces many challenges: 1) The sudden decline in offline store traffic poses a significant challenge to the profitability of large-area stores in business districts; (2) Operating costs continue to rise, forcing leading brands to adopt low-price strategies to capture the lower-tier market; (3) The rapid growth of new-style tea and coffee stores has led to a substantial increase in demand for tea/coffee beans, posing certain challenges to suppliers' stable supply of high-quality raw materials; (4) In the early stages, new-style tea stores expanded their channels by upgrading to use light cream + cream cheese + fresh fruits. However, as the industry matures and competitors continue to pour in, product homogenization is severe, and differentiated competition has weakened.   The development opportunities for the new-style tea and coffee industry mainly focus on digital empowerment and industrial chain integration.    Zhang Jian further explained that digital empowerment for the business operations of new-style tea beverage brands is the result of the integration of online and offline services in the context of big data era. Digital operations have become a key aspect for leading new-style tea beverage brands. "The new ace." And industrial chain integration allows new tea drink brand owners to continuously extend upstream in the supply chain, control upstream production, and standardize the quality and standards of the industrial chain; establish supply chain advantages to support the brand's scaled expansion and rapid product innovation; simplify the supply chain circulation path and reduce supply chain management costs.   In recent years, emerging channels have emerged. Emerging channels mainly refer to convenience stores, new retail, supermarkets, etc., and are being integrated. OMO (Online merge Offline: Digital marketing that integrates online and offline channels to create new retail formats. According to data from the China Chain Operation Association, despite the impact of the COVID-19 pandemic, the number of stores in the industry has still achieved relatively stable growth. In 2021, the total number of stores of the top 100 convenience store enterprises exceeded 160,000, a year-on-year increase of 16.1%; in 2021, the total number of stores of the top 100 supermarket enterprises was about 30,000, a year-on-year increase of 2.9%.    Emerging channel enterprises are characterized by a wider range of categories, a high proportion of fresh and medium- to short-term products, a high degree of digitization and intelligence, rapid new product research and iteration, and a high proportion of online sales.     The development of emerging channels faces three major challenges: inventory and supply chain management, high operating costs, and fierce regional competition.    In terms of inventory and supply chain management, the pandemic has had a significant impact on production and logistics. The epidemic has sounded an alarm for businesses, and how to identify and resolve potential risks in the supply chain in the post-pandemic era is something that enterprises need to pay attention to. In terms of operating costs, in addition to rising raw material and labor costs, emerging channels are also facing increases in marketing and advertising costs. Therefore, how to optimize the value chain and reduce costs is also a problem that emerging channels need to solve in the future. In terms of regional competition, emerging channels also face challenges of homogenization. It is difficult to develop new products, and creating hit products is even more challenging. Therefore, avoiding fierce regional competition and highlighting brand personalization are also challenges that enterprises need to face in the future.     In the future, emerging channel enterprises can focus on digital applications, self-developed products, and cross-border collaborations.    Digitalization and intelligentization are comprehensively deployed to empower customers with full lifecycle management, build user profiles, and ensure regionalized and personalized R&D and product promotion. On the basis of establishing its own brand, it has joined hands with leading brands such as baking, tea, and coffee. In addition, the leading effect in new retail and convenience stores has already taken shape. The explosive promotion of top enterprises drives imitation by mid-tier businesses in the market. Enterprises with a leading effect can embrace new development opportunities and lead market development.     In summary, the sudden decline in store traffic, imperfect supply chain, increased costs, and product homogenization are common problems faced by the entire catering industry. In the future, businesses can focus on multiple aspects: 1) Empowering through digitization, strengthening online operations to improve efficiency and customer experience; (2) Advancing both online and offline efforts, broadening consumption scenarios, and creating differentiated scenarios and brand cultural outputs; (3) Innovating product research and development to meet consumers' diverse, healthy, and retail-oriented needs.       "The data shows that in the first half of 2022, among new consumer financing transactions, large catering consumption accounted for more than 41%, indicating that consumer financing has returned to rationality, with catering and food still being the top sectors," said Zhang Jian.

August 8, 2022, HVIS   The 2nd China International Vaccine Innovation Summit 2022 grandly opened in Beijing on the 9th. On the same day, the results of the [BSA Future Star Award Selection], initiated and hosted by the 2nd China International Vaccine Innovation Summit, were announced. The 2022 BSA Future Star Awards Ceremony was held with great pomp.    Frost & Sullivan frost  & Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to serve as an industry expert reviewer, attended the award ceremony as an award-giving guest, and presented awards to the winner of the 'BSA Future Star First Prize', Zhejiang Haichang Biomedical Technology Co., Ltd.   Mr. Mao Huaing presented awards to Zhejiang Haichang Biomedical Technology Co., Ltd. Group photo of award-winning enterprises and awarding guests   Best Startup The Awards (BSA) is a startup competition focused on the vaccine industry, initiated by the BoMaiSi & International Vaccine Innovation Summit in 2021 and open to the whole country. The BSA brings together the most authoritative experts, vaccine business dark horses, industry leaders, and senior media figures. It tracks and studies numerous startup cases in the vaccine industry field, conducts in-depth analysis, and emphasizes scientifically defining aspects such as business models, teams, technological trends, and investment potential in the vaccine sector. It establishes a framework evaluation system for start-up enterprises in the vaccine industry, comprehensively assessing the innovation capabilities, business models, teams, technical abilities, and development prospects of Chinese vaccine enterprises. The BSA aims to promote the best 'entrepreneurial innovation' model of Chinese vaccine startups, drive commercial innovation and scientific research achievement transformation of Chinese vaccine enterprises, and provide highly valuable investment guidance for domestic and international investors.   A total of The registration form for 33 companies, along with an online vote of approximately 800,000, received widespread attention from all sectors of society. Ultimately, after fierce competition among the ten shortlisted companies, the jury scored them based on eight dimensions: technology, model, solution, prospects, capital, profit model, resources and capabilities, as well as customer value proposition. The top three companies in terms of score ultimately won the [BSA Future Star Award], while the company that received the highest number of votes among the participating companies was awarded the [BSA Most Popular Company Award]. ★ List of winners   ★ [Star of the Future, First Place]   Zhejiang Haichang Biomedical Technology Co., Ltd.     [Star of the Future, 2nd Place]   Shanghai Herui Biomedical Technology Co., Ltd.     [Star of the Future, 3rd Place]   Hangzhou Jietai Pharmaceutical Technology Co., Ltd.     [Most Popular Enterprise Award]   Zhuhai Lifanda Biotechnology Co., Ltd.  

At 21:20 on August 8th, the special program ——The Battle for the Championship in the Tianjin Division of the Eighth China International 'Internet+' College Students' Innovation and Entrepreneurship Competition, hosted by Tianjin Satellite TV's 'Non-You Cannot Have Me', was broadcast live.   Frost & Sullivan frost  & Mr. Yang Xiaocheng, Partner and Managing Director of Frost & Sullivan's Greater China Region, Co-founder and CEO of LeadLeo, was invited to participate in the 'Champion Competition: 'Non-You Cannot Be Mine' Special Session of the 8th China International 'Internet+' College Students Innovation and Entrepreneurship Competition Tianjin Regional City Competition as a mentor on the topic of 'Innovation and Entrepreneurship'. Mr. Yang Xiaocheng (left 2) Invited to serve as a mentor for 'Innovation and Entrepreneurship' in the 'Nonstop with You' program   China International The 'Internet+' College Students' Innovation and Entrepreneurship Competition is currently the highest-level event in China, addressing the government's most profound concerns about college employment and youth innovation. The competition has become an important carrier and platform for deepening innovation and entrepreneurship education reform, as well as a global event where world students realize their dreams of innovation and entrepreneurship.   Tianjin Satellite TV is the only terrestrial broadcasting platform in Tianjin and an important window for Tianjin's external publicity. This event in the Tianjin region lasted for three months, bringing together people from across the city. Sixty-six schools, 26,000 projects, nearly 140,000 participants. After layers of selection through school competitions and city-level contests, five teams from Tianjin University, Nankai University, and Tianjin Polytechnic University stood out from a hundred shortlisted teams for the national competition, competing for the championship, runner-up, and third place in the Tianjin regional competition on the stage of "Non-You Cannot Have Me".   At the event site, based on his rich experience in capital markets and his innovative and entrepreneurial background, Mr. Yang Xiaocheng provided guiding review opinions from a professional and objective perspective for the contestants. Together with the expert judging panel and the contestants, he presented a competitive feast showcasing the innovation and entrepreneurship spirit of university students to global audiences. Mr. Yang Xiaocheng's speech and comments   Mr. Yang Xiaocheng (left 1) Scoring for participating teams   While winning trophies and certificates, the five teams have also received the accolades bestowed upon them by the 'Nonstop the Show' production team The title of 'Potential Enterprise of the Future'. Frost & Sullivan and LeadLeo will strengthen their cooperation with major universities and innovation competitions in the future, providing a broader platform for more college students. Mr. Yang Xiaocheng (left in the back row 7) Group photo with contestants and judging panel   Behind this innovation and entrepreneurship event,   As think tank institutions, Frost & Sullivan and LeadLeo provide   The participating teams provided a subsidy of 10,000 yuan for exclusive research travel student accounts.   , can be conveniently referenced and covered through online channels Over 5,000 research reports and millions of original data elements across over 2,000 specialized tracks, fully supporting athletes to complete projects.   "The Knowledge Tank" empowers future innovation and entrepreneurship talents to excel on the competitive field.   In recent years, Frost & Sullivan, in collaboration with LeadLeo, has been vigorously promoting education by cultivating and training university students and providing professional knowledge services. They have also entered university campuses.   Jointly launched practical research courses with universities such as Jiaotong University, Fudan University, and Sichuan University   Implementing the educational concept has yielded enthusiastic responses and support from teachers and students at universities, as well as from various sectors.   In the future, Frost & Sullivan and LeadLeo will continue to pay close attention to the development of China's education industry. They will work tirelessly with universities, industries, and institutions to fulfill their social responsibilities, cultivate, supply, and replenish future talents for various sectors, and actively empower solutions to industry pain points. Based on big data and cloud research as their technical foundation, they will continuously contribute to nurturing innovative and entrepreneurial Chinese talents by providing fertile ground.