Frost & Sullivan insights 2022 Since the beginning of this year, A The market for share-based capitalization financing is booming, especially among financial institutions such as securities firms and banks. As of 8 month 25 day, within the year 7 Total amount of funds raised by the listed company after successfully implementing a rights issue 567.18 Yuan billion, a significant increase compared to the whole year of last year 64.25% .   Why is the scale of share placement financing by securities firms and banks so large this year? Among refinancing instruments, placements are not popular, with few listed companies adopting them except for institutions. What are the reasons? Frost & Sullivan Frost & Sullivan Zhou Mingzi, consulting director for Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the reasons behind the booming rights issue financing market.   Securities Daily 2022 Since the beginning of this year, A The market for share-based capitalization financing is booming, especially among financial institutions such as securities firms and banks. 8 month 24 On the evening of the same day, Industrial Securities disclosed the announcement on the results of the rights issue issuance. The valid subscription quantity for the rights issue was 19.39 100 million shares, subscription amount 100.84 Yuan, with a subscription rate of 96.53% . According to wind Data statistics are based on the issuance date, as of 8 month 25 day, within the year 7 Total funds raised by the listed company after successfully implementing a rights issue 567.18 Yuan billion, a significant increase compared to the whole year of last year 64.25% It is worth noting that there are currently CITIC Bank, etc. 4 The company is advancing a rights issue plan. If the rights issue is implemented within this year, A The total amount of funds raised from share placements and rights issues is expected to exceed 100 billion yuan, setting a new high in recent 12 New highs for the year.   The proportion of funds raised from brokerages' rights issues exceeds 90%. "The efficiency of rights issue financing is relatively high and the price is relatively controllable, which is quite favored by major shareholders of securities firms and banks with manageable cash flows." Tian Lihui, dean of the Financial Development Research Institute at Nankai University, analyzed to reporters that on one hand, rights issues can increase the trading chips of existing shareholders and their expected returns; on the other hand, rights issue financing can reduce the price-earnings ratio and enhance liquidity. In addition, the approval process for rights issues is relatively simple, and the operational procedures are also straightforward. Companies that have completed the rights issue this year are mainly securities firms, followed by banks. Financial institutions have become the absolute main force, frequently making large-scale fundraising efforts. wind Data shows that as of 8 month 25 On the same day, CITIC Securities, Orient Securities, Industrial Bank Securities, and Caitong Securities within the year 4 Total share placement proceeds of the listed brokerage firm 523.67 Yuan, accounting for the total raised funds 92.33% Among them, CITIC Securities is 223.96 The fundraising amount of hundreds of billions ranks first, with both Orient Securities and Industrial Bank Securities also exceeding one hundred billion.   Zhou Mingzi Frost & Sullivan Greater China Consulting Director     "Under the registration-based system, it is quite common for securities firms to raise funds through rights issues. Compared with private placements and bond financing, rights issues can not only quickly replenish capital but also ensure a stable equity structure and enhance core competitiveness, meeting the needs of capital." Zhou Mingzi, consulting director at Frost & Sullivan, said in an interview with a reporter from Securities Daily. The reporter noted that this year has seen significant discounts in the issue price and a high subscription rate. Specifically, looking at the issue discount rate (the ratio of the issue price to the closing price on the record date), the aforementioned successful implementation of the rights issue 7 Company average 29% , up to 64% ; In terms of matching rate, 7 The average value of the home company 96% , with a maximum close 98% . "In a relatively sluggish market, listed companies often adopt high discounts for rights issues to increase the participation of existing shareholders. However, the higher the discount, the greater the price drop after ex-rights, and shareholders who do not participate in the rights issue will bear greater losses," Wang Weijia, general manager of Beijing Sunshine Tianhong Asset Management Company, analyzed to reporters. Meanwhile, in addition to the aforementioned share placements that have been carried out 7 Outside the home, there is also 4 The company is actively promoting and expects the maximum fundraising amount to reach 484 100 million yuan, among which CITIC Bank plans to raise funds through rights issue not exceeding 400 Yuan. If successfully implemented, it will push the total amount raised from this year's rights issue above 1000 yuan, setting a new record since 2011 The highest record since [start year].   Financial enterprises are showing a strong preference for rights issues For a long time, the proportion of rights issues in total refinancing has not been significant. Apart from financial institutions showing a strong preference for rights issues, the vast majority of listed companies usually do not choose to raise funds through rights issues. Looking at the past three years, both the number of listed companies participating in rights issues and the scale of fundraising have been relatively small, showing a downward trend year by year. wind Data shows that since 2020 Year-end 2022 year 8 month 25 On _, the number and proportion of listed companies with rights issues among non-financial institutions were as follows: 10 an 59% ), 2 an 33% ), 2 an 29% ), with the fundraising scale and proportion being 105.99 100 million yuan 17% ), 26.32 100 million yuan 8% ), 18.49 100 million yuan 3% ). "Rights issues often occupy shareholders' funds for a long time and may bring risks of stock price fluctuations. Some shareholders may vote against or abstain from rights issues before they occur. Currently, many major industrial shareholders have relatively severe cash flows and are less able to bear stock price fluctuations, so they tend to choose other diversified financing channels." Tian Lihui analyzed that given the current need for capital replenishment by financial institutions and the urgency of financing for some listed companies, it is expected that the enthusiasm for the rights issue market will continue in the second half of the year. However, Wang Weijia believes that rights issue is an early form of refinancing in the capital market. With the continuous improvement of the domestic capital market, listed companies have increasingly diversified their financing channels to meet different financing needs. As the domestic economy gradually recovers and the capital market continues to warm up, the enthusiasm for rights issues may gradually decline.   * This article is reprinted from 'Securities Daily'. Author: Xing Meng , Original title: within the year A Equity listed company rights issue for fundraising 567.18 100 million yuan More than 60% higher than the whole of last year "> Frost & Sullivan Insight & Extended Readings Q This year A The reason for the high scale of share-based and rights issue financing is the substantial investments made by securities firms. Why has the scale of share-based and rights issue financing by securities firms and banks been so large this year? A : The scale and strength of capital funds are one of the important foundational capabilities for securities firms, as well as a necessary basis for banks to maintain stable loan disbursement. Against the backdrop of the reform of the registration-based system, it is quite common for securities firms to raise funds through rights issues. Compared to private placements and bonds, rights issues can not only quickly replenish capital but also enhance core competitiveness while ensuring the stability of the equity structure. For banks, they need core capital to be replenished through rights issues. This is mainly due to the continuous deepening of capital market reform policies in recent two years, with both securities firms and banks having a demand for capital funds to meet their business development needs. Q In refinancing instruments, rights issues are not popular and are rarely adopted by listed companies except by institutions. What are the reasons? A : There are many ways for listed companies to raise funds after going public, mainly including rights issues, conversions, and additional shares issuance. One limitation of rights issues is the quantity restriction; the number of shares allocated cannot exceed the number of shares outstanding before the allocation. 30% Secondly, rights issue is the issuance of new shares to existing company shareholders. For original shareholders who do not participate in the rights issue, there is a risk that their shares may be diluted, and there is also a risk that the company's stock price may fluctuate. Therefore, market investors hold reservations about the rights issue method.

8 month 19 On the evening of the same day, Gome founder Huang Guangyu issued an open letter stating that “strive 18 The goal of 'restoring Gome's original market position within a month' was not achieved, and a new three-year profit target was set. Huang Guangyu described the strategic adjustment of Gome Retail as 'strategic hibernation,' stating that 'Gome Retail will focus on its core business, shed its burdens, and go into battle lightly.'   Why has Gome Retail focused on electrical appliances and consumer electronics again?   Does Gome's focus on e-commerce give it unique advantages? Gome plans to further acquire Ant Logistics. Is building its own logistics a necessary choice for e-commerce companies? In the operation of e-commerce businesses, which key business processes help achieve positive cash flow?    Frost & Sullivan Frost & Sullivan Frost & Sullivan consulting advisor Liu Yaoqian, referred to below as 'Frost & Sullivan', was a guest on the Titanium Media's 'Weekly Capital Market Observation' program to discuss the future development direction of e-commerce enterprises. Titanium Media Q   8 month 19 On the evening of the same day, Gome founder Huang Guangyu issued an open letter stating that “strive 18 The goal of 'restoring Gome's original market position within a month' was not achieved, and a new three-year profit target was set. Huang Guangyu described the strategic adjustment of Gome Retail as 'strategic hibernation,' stating that 'Gome Retail will focus on its main business, shed its burdens, and go into battle lightly.' Why has Gome Retail once again focused on electrical appliances and consumer electronics? Liu Yaoqian, a Frost & Sullivan consultant and industry analyst, said that the home appliance sector has always been a strength of Gome Retail. This business adjustment is aimed at strategic focus. Gome intends to deepen and perfect its core businesses in home appliances and consumer electronics first, and then expand outward. This is a 'smart choice'. First, look at the product itself. Home appliances have always been “ 618 "The category with the highest transaction volume among all categories, ranking at the top of the transaction volume list for many consecutive years, and its turnover has also been 2020 year 621 Rising by hundreds of millions to this year 879 Yuan. Among them, the performance of white goods in niche areas is also very outstanding. In terms of consumer electronics, mobile communications are also in the 618 Top three in transaction volume   It can be seen that as the new generation gradually becomes the main consumer group, markets for household appliances, consumer electronics, and emerging small appliances are continuously expanding. In addition, Liu Yaoqian believes that   From a macro perspective, in the first half of this year, due to repeated outbreaks of the pandemic, economic growth rates declined, and the retail industry was also affected to some extent.   this year 1 - 7 In the month, the total retail sales of consumer goods in society were 24.6 trillion yuan, a year-on-year decrease 0.2% Despite the government and local authorities introducing policies to boost consumption, physical retail is still facing difficulties, with frequent store closures. Online e-commerce also faces challenges such as traffic saturation and increased costs. At present, for enterprises such as Gome, it is necessary to first distinguish between primary and secondary contradictions, seeking survival before development. Gome focuses on its core business to capture core capabilities, build a moat, and cope with market uncertainties and competition. In addition, Gome's 'Home Life' track includes household appliances, home use products, home furnishings, home decoration, etc., representing the most core part of national consumption. According to relevant estimates, this is a scale 30 A trillion-dollar blue ocean market.   Gome's focus on its core business this time is to build a core competitive strength first, and then proceed with expansion. Q   Does Gome's focus on e-commerce give it unique advantages?   Liu Yaoqian summarized four unique advantages that Gome possesses, covering aspects such as track record, operational conditions, strategic thinking, and development plans: 1 Gome is located at 30 A trillion-dollar big track.   Scenarios include store visits, home delivery, online orders, and door-to-door services. The categories cover household appliances, daily necessities, home furnishings, and home improvement, which are related to the consumption of countless families. In addition, after the founder's return, from 2021 Since the beginning of the year, there have been frequent actions that have changed the internal and external structure of Gome, accelerated the internet process, etc. The overall business strategy and the return of the founder have both raised external expectations for Gome;   2 ) has opened up a new track for entertainment retail.   Gome with "True Happiness" application As a traffic entrance, an ecological closed loop has been created through an entertainment strategy. Gome has rich offline physical store operation experience and can utilize this application Absorbs traffic and integrates resources from core business districts across the country. Based on Gome 2021 Annual report, "So happy" application of GMV Year-on-year growth 108.4% , with monthly active users remaining stable at 5000 Over 10,000. Liu Yaoqian pointed out that both from the perspective of consumers and partners, the industry is in an upward trend.   3 Relatively ample cash reserves.   2021 year 3 In the month, Gome Retail's distribution and placement agency signed a placement agreement with a seller, raising a net amount of approximately 45 HK$10 billion was used to repay debts and replenish operating funds. The financial report shows that as of 2020 At the end of the year, Gome had approximately 96 yuan, as of 2021 At the end of the year, Gome had cash and cash equivalents 45 Yuan. In comparison, Suning's cash and cash equivalents have shown a negative net increase for three consecutive years.   4 Online and offline integration, with full-scenario interaction and integration.   From the perspective of e-commerce enterprise development, physical stores may not necessarily be a 'burden'. If physical stores are treated as pre-shops for inventory management and used for display and experience, they can actually be an advantage. Gome itself 1987 Since its inception in 2019, it has accumulated over 30 With years of experience, the company has a strong supply chain and has established deep cooperative relationships with many manufacturers. This can be considered as GM's infrastructure and one of its moats. Gome can build its own operations through its offline stores. + The supply chain model can achieve on-demand material customization and secure direct access to raw materials. Under the impact of the pandemic, it can ensure continuous supply, control quality and costs from the source, and is more conducive to online-offline integration and full-scenario interaction and fusion. Financial reports show that 2016 There are offline stores of Gome in [year]. 1000 Multiple, as of the end of last year, we have exceeded 4000 home. Q Gome plans to further acquire Anxun Logistics. Is self-built logistics a necessary choice for e-commerce companies?   Liu Yaoqian pointed out that logistics is a labor-intensive industry. If e-commerce platforms want to build their own logistics system, they must first make long-term investments in human resources, material resources, and financial resources.   In the past, there was a polarized view on whether e-commerce companies need to build their own logistics. Some believe that light assets are more suitable for e-commerce, while others argue that heavy assets also have their advantages, such as JD.com's long-term growth achieved through logistics.   Logistics is a very important part of shopping. Building one's own logistics can bring better shopping experiences to users and raise the industry threshold for oneself. For example, JD Logistics has become a barrier for JD.com. In addition, due to the pandemic, the global supply chain faces challenges and opportunities. Logistics enterprises need to put forward higher requirements in technology and service. Against this backdrop, it is necessary to connect their industrial chains and establish intelligent and efficient digital... The advantage of logistics services is significant. JD.com was one of the earliest to recognize the value of self-built logistics, and since then, Alibaba has also increased its stake in YTO and expanded Cainiao Network through premium pricing, indicating that e-commerce companies have also realized that self-built logistics can effectively enhance business layout.   Liu Yaoqian believes that Gome initially had an elastic logistics system, combining distribution models, self-operation, and third-party delivery.   However, this is not a complete logistics system. At that time, Gome was in the position of a retailer within the supply chain, so its logistics only included procurement, sales, distribution, and other aspects. Now, Gome has also started to make efforts in logistics. The integration of Ant Logistics into Gome's supply chain system can also serve as an important vehicle for development. From a business perspective, this acquisition will make Gome's supply chain more complete, providing better services for both suppliers and consumers, thereby enhancing Gome's profitability. Moreover, from a financial standpoint, Ant Group Logistics itself is also a high-quality asset. In the first half of this year, despite the impact of the pandemic, Ant Group Logistics' operating income still maintained double-digit growth.   In summary, the upper limit for e-commerce enterprises in the future lies in the depth of the extension of the e-commerce industry chain. The gradual transformation of e-commerce towards self-operated models is determined by the general environment and future trends. Q   In the operation of e-commerce businesses, which key business processes contribute to generating positive cash flow?   Liu Yaoqian summarized three strategies for e-commerce companies to achieve positive cash flow:   1 Short term: Open source cost reduction.   Make some adjustments at the operational and management levels to maintain healthy short-term cash flow. For example, inventory clearance, adjustments SKU , adopting a presale model and simplifying the shipping process, etc. Specifically, although streamlined SKU It may sacrifice gross profit margin, but it is conducive to maintaining healthy cash flow. The presale model enables early collection of funds.   2 Mid-term: Control costs with external assistance.   Cut costs by seeking financing and enjoying policy subsidies. For example, currently, local governments have enhanced credit, increased loan amounts, and provided loan interest subsidies to help enterprises reduce financing costs in order to promote sales; in addition, enterprises can enjoy preferential policies such as tax exemptions, rent reductions or deferrals. 3 Long-term: Optimize operational strategies.   Under the impact of the pandemic, e-commerce companies selling different categories of goods have been affected differently. Operating only a single category of products may help an enterprise increase its market share, but it will also result in a loss of certain risk resistance capabilities. Therefore, e-commerce companies can plan to expand their product categories and not put all their eggs in one basket. In addition, risk management and establishing emergency plans are also very important. E-commerce companies must actively manage risks by setting up risk reserves or other types of funds to deal with emergencies.   Liu Yaoqian pointed out that competition among e-commerce companies appears on the surface to be a battle for market share, but from a financial perspective, it is actually a battle for cash flow.   Returning to Gome, while developing online and offline layouts, in order to avoid excessive cash investment, it is also necessary to adopt a light-asset model for resource integration, leveraging upstream and downstream 1+1>2 With this approach, Gome's input-output ratio is expected to be better than the industry average. Q   What impacts will the rise of brand live streaming rooms have on individual e-commerce anchors and offline brand stores?   Liu Yaoqian believes that brand live streaming rooms are a highly efficient channel for brand promotion. The core value lies in improving the efficiency of information transmission and matching in the retail chain, while also accumulating private domain traffic, which is conducive to long-term operations. From different perspectives,   In the information transmission process,   Brand live streaming rooms have a higher information density compared to offline stores. They can achieve two-way interaction with consumers, provide them with rich, timely, and high-quality content output, offer personalized customization, transmit brand and product information more comprehensively, accurately, and efficiently to consumers, and ensure that consumer questions are promptly responded to.   In the information matching phase,   Compared to individual anchors, brand-owned live streaming rooms have brand endorsement and are more likely to establish trust relationships with consumers. Based on this, information matching can be completed more effectively, leading to higher sales.   For offline stores, the rise of e-commerce has had a significant impact on physical stores. The emergence of live streaming sales has taken away some of the traffic from physical stores.   However, if the brand itself operates digitally, its live streaming rooms can be linked with offline stores, which can in turn support offline sales. E-commerce live streaming has a very strong social attribute; it can optimize the consumer experience, narrow the relationship and trust between consumers, and also increase the brand's own awareness. The rise of brand live streaming rooms has had a positive impact.   For individual e-commerce influencers, in the early days, influencers attracted followers by offering low prices. Whoever could get a lower price and higher discounts could carry more goods.   In this case, the personal live streaming room of the e-commerce influencer determines the exposure volume, while actual conversion is determined by multiple factors such as brand, product itself, and discount rates.   Today, this approach is no longer applicable because many brands have realized the need to control traffic in their own hands. In the future, brand-owned live streaming will become the norm, and it is even possible that brand live streaming rooms offer discounts greater than those of individual live streaming rooms. Today's live e-commerce is no longer about individual anchors competing solely on low prices; it is developing in a more advanced and mature direction.   In summary, brand live streaming rooms will definitely have a very positive impact on corporate branding and consumer conversion. The rise and development of brand live streaming rooms are also the future trend of the e-commerce industry.   * This article is reprinted from Titanium Media   ,   Original title:    Huang Guangyu called for another fight 3 In [year], do Gome and Suning still have a chance? | Weekly Capital Market Observation    ">

Future Trends of China's Healthcare Industry "Healthy China 2030 "Since the implementation of the strategy, China's healthcare industry has developed rapidly driven by both market and policy factors. Data shows," 2021 In China, the total investment and financing in the healthcare industry reached 2,192 100 billion yuan, hitting a new high and a year-on-year increase 32.84% Driven by capital and the parallel implementation of an innovative model integrating industry, academia, and research, Chinese local pharmaceutical companies have grown rapidly. The transformation of scientific research achievements has been advanced efficiently, moving from following to paralleling to surpassing others, gradually stepping onto the world stage, and is expected to completely break through bottleneck issues. Standing at the new starting point of the first year of the 14th Five-Year Plan, and further deepening and advancing the Healthy China 2030 "Under the strategy In the new decade-long journey, how can we promote the synchronous resonance of healthcare industry, technology, talent, and capital? We should be clinical-oriented in driving product development, creating personalized medical products and services with high pharmacoeconomic value, narrowing the gap with developed countries' healthcare standards, and further strengthening the stability and sustainability of China's healthcare supply chain. Chinese healthcare enterprises still have a long way to go. 9 month 1 day -2 day, 2022 CHC · CITIC Securities Healthcare Conference & 11th China Healthcare Industry Investment and M&A CEO The summit was grandly held in Hefei, Anhui Province, at Frost & Sullivan ( Frost & Sullivan, Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was invited to attend the summit and delivered a speech on the future trends of China's healthcare industry. Global Partner and President, Greater China at Frost & Sullivan Dr. Wang Xin     Dr. Wang Xin first analyzed the opportunities for the healthy development of healthcare in China.     He pointed out that Chinese technology companies still have great room for development and growth opportunities. Compared to the US stock market, Chinese high-tech companies have not yet fully entered the ranks of the highest market value companies, and their proportion can be further increased.      Technological innovation is the core driving force for enterprise development. Only by persisting in technological innovation can we build a technically competitive system and lay the foundation for China to become a science and technology powerhouse, a major scientific and technological nation, and a strong scientific and technological country.       Data shows, Chinese healthcare enterprises Top 20 The average total market value gap with US companies 9 times more, and the total market value is more concentrated in leading enterprises.     United States Top 20 Enterprise market value average 1,759.73 billions, half of which are above the mean, while in China Top 20 The average enterprise market value is only 193.20 billions of dollars, and only 7 Leading companies are above the average. In addition, China's top 20 The market value of the top enterprises is the sum 3,864 dozens of millions, lower than UnitedHealth 1 Family-owned 4,319 Billions of dollars. Multiple data indicate that Chinese pharmaceutical companies are still focusing on the domestic market, with huge potential for future growth, and leading enterprises urgently need to shine.   "The healthcare industry is still in a critical period dominated by domestic enterprises. Although there are short-term impacts, PEST Analysis shows that multiple factors are favorable to the development of China's healthcare industry, and the medical sector has broad development opportunities in the medium to long term.   Dr. Wang Xin further explained,   From the perspective of the policy environment,   2021 The year 2021, which marked the beginning of the "14th Five-Year Plan," has passed. Over the past decade or so, China's healthcare industry has achieved rapid growth. Multiple policies have brought about changes in the rules of the game for the medical industry. In the future, against the backdrop of shared prosperity, the "14th Five-Year Plan" will comprehensively promote the development of the healthcare industry to a new level by outlining medical strategies.   From the perspective of the economic environment,   Under the trend of normalized epidemic control, per capita healthcare expenditure has reached 2,115 Yuan, year-on-year growth 15.90% The level of attention to people's health has risen once again.   From the perspective of the social environment,   What China's healthcare sector needs to address is 14 The healthcare issue for hundreds of millions of people needs to be resolved 2 - 3 The healthcare issue for hundreds of millions of elderly people is a responsibility that the industry should undertake.   From the perspective of the technical environment,   Artificial intelligence, biosynthesis technology, CGT By bringing new innovation to the healthcare industry, looking at the international scene, China's R&D investment ratio has been continuously increasing. The continuous growth in pharmaceutical R&D investment indicates an enhanced R&D capability of pharmaceutical companies, which feeds back into the market through innovation and drives healthcare into a new development stage. Compared with the US market, the Chinese pharmaceutical market still has tremendous growth potential. In terms of market size, 2020 In [year], the pharmaceutical market size in the United States was 2.5 times, with per capita medical expenditure being 10.6 times. 2020 In [year], the US pharmaceutical market size was 5,245 billion US dollars. It is expected to 2025 In [year], the scale of the US pharmaceutical industry will reach 6,761 billion dollars 2020 Year to 2025 The annual compound growth rate for 5.2% . 2020 In [year], the scale of China's pharmaceutical market was 2,098 billion dollars   With the continuous development of domestic pharmaceutical companies and the implementation of multiple favorable policies in China, it is expected that by 2025 In [year], the scale of China's pharmaceutical industry will reach 3,315 billion dollars 2020 Year to 2025 The annual compound growth rate for 9.6% .   According to a study by Frost & Sullivan, in the Chinese pharmaceutical market, digestive system and metabolic drugs account for the highest proportion of market share.   has been achieved 15.3% ; the anti-tumor drug market accounted for 13.6% The cardiovascular drug market and the systemic anti-infective drug market accounted for 12.2% and 12.0% Antitumor drugs and immunomodulators account for the largest market share globally, reaching 20.9% ,   It can be seen that the proportion of anti-tumor drugs in China still has significant room for growth. In addition, sub-sectors such as pain and neurological drugs, as well as psychotropic drugs, also have great development potential in China. In addition, affected by COVID-19, the global pharmaceutical market competition landscape has changed. 2020 Year-on-year, 2021 Among the world's top five best-selling drugs globally, Pfizer's COVID-19 mRNA The vaccine has entered the list and topped it. Moderna COVID-19 mRNA Vaccines also rank among the top. In China, one of the earliest domestic biopharmaceutical companies to develop innovative drugs, Junshi Biology, Qianyan Biotech, and Keda Pharmaceutical, have seen their stock prices rise after announcing the progress of their COVID-19 research and development efforts. This indicates that COVID-19 treatment drugs may become a new focus for research and development in the future.   In recent years, domestic biopharmaceutical companies have continuously increased their R&D expenditures to support innovation.   Pharmaceutical company 2021 In terms of R&D investment ranking for the year, it has become the first company to list on NASDAQ, Hong Kong stocks, and A Biotech star company BeiGene, listed on the stock market, has ranked first in R&D investment with ample capital support brought about by its listing in three major markets. The R&D expenditure reached 94.14 100 million yuan; ZaiDi Pharma itself 2020 After successfully going public on the Hong Kong Stock Exchange for a second time in 2021, leveraging the abundant financing available in the secondary capital market, 2021 R&D expenditure in the year 2020 Compared with last year, it has been achieved 140.7% The year-on-year growth also confirms the importance of capital for the development of biotech companies.   Dr. Wang Xin stated that cross-border mergers and acquisitions transactions have decreased significantly in recent years due to the impact of the pandemic, but License-in granted Transactions continue to set new highs in terms of volume and value, involving multiple emerging medical fields.   Several biotech companies have chosen to introduce products that are in the early stages of research and development, clinical trials, or already on the market at home and abroad to acquire advanced R&D technologies, to make up for their own product pipeline shortcomings, create differentiated business advantages, and provide more treatment options for Chinese patients. According to statistics, only 2021 In [year], Chinese pharmaceutical companies License-in Acquisition The number of transactions has reached 130 Yuqi, with most transaction volumes exceeding 1 billion US dollars, with some transactions exceeding 3 billions, product selection involves dual antibodies, siRNA , mRNA Vaccines, cell therapy, ADC and many other emerging fields. The advantage of introducing advanced R&D technologies from home and abroad lies in two aspects. On one hand, if the target or indication area aligns with the company's core R&D direction or compensates for the company's own product pipeline shortcomings, it can enrich the business layout and create a differentiated advantage. On the other hand, most of the products introduced are those that have entered clinical trials or are already on the market, and existing data can initially verify the efficacy and safety of the products. This will accelerate the domestic approval process for marketing and bring more treatment options to Chinese patients as soon as possible.     "With the enhancement of economic strength and the accelerated development of globalization, biotech companies are required not only to actively 'import' but also to seize the opportunity to boldly 'go global'."     Dr. Wang Xin further said, 'As the domestic innovation drug ecosystem gradually takes shape and matures, biotech companies are continuously License-out of the Mainland Transactions bring domestic technology abroad, and by collaborating with multinational enterprises, we can better participate in global competition.      Due to the emphasis on product innovation and efficacy data by multinational pharmaceutical companies, domestic biotech enterprises have begun to accelerate the establishment and development of innovative technology platforms, improving new drug development efficiency and shortening the time lag with international large pharmaceutical companies in order to enter larger international markets. The advantage of bringing technology, equipment, and products abroad is that, on one hand, cooperation with multinational pharmaceutical companies means leveraging their global experience from registration, clinical trials to commercialization. At the same time, with a large amount License-out of the Mainland Driven by the project, FDA The recognition of Chinese clinical data is beginning to emerge, which will facilitate the internationalization of domestic products. Multinational pharmaceutical companies' resources in different commercial channels can also help them maximize product commercial benefits. Especially for domestic pharmaceutical companies with overseas expansion needs, the endorsement from multinational pharmaceutical companies is more conducive to market expansion, allowing them to focus their efforts and resources on more competitive projects. On the other hand, these companies can obtain sufficient cash flow support in the short term to strengthen In-house For the subsequent research and development of products. At the same time, the substantial funds obtained enable the company to more readily introduce new technologies, expand new pipelines, develop new industries, and gradually form its own multinational corporation, better participating in economic globalization competition.   Overall, the level of domestic innovative drugs has been continuously improving with policy support. For example, a series of policies enacted in recent years have avoided generic drug monopolies on the drug approval process, reduced the threshold for establishing innovative pharmaceutical companies, encouraged new drug research and development, and focused on patient needs to avoid waste of clinical resources. Additionally, the R&D level of innovative drugs is also increasing, including a surge in overseas licensing, diversification of indications for domestic innovative drugs, and globalization trends in drugs. Against the backdrop of the COVID-19 pandemic, the development of COVID vaccines has driven rapid technological progress in the industry, but the marginal impact of the pandemic has diminished, and more focus should be placed on the company's non-COVID-related main business.   Believing that under the guidance of national policies, nurtured by the global market, and catalyzed by the COVID-19 pandemic, 2022 In 2021, China's healthcare industry will increasingly integrate into the global innovation pulse.     Subsequently, Dr. Wang Xin analyzed the financing of China's healthcare industry in primary markets and the capital support in secondary markets.   Dr. Wang Xin believes that investment and financing are the lifeline of pharmaceutical innovation, and are crucial for promoting research and development and accelerating commercial success in the life sciences industry. The data shows, 2022 In the first half of the year, there were certain fluctuations in global and Chinese capital markets. Although overall capital tends to be calm, the tolerance of capital for startups continues to improve, continuing a trend that started in 2021 The proactive attitude towards financing projects in the early stages of the year. An increasing number of startups with potential and growth potential have received capital support, further developing and growing in the first half of this year. At the same time, under the impact of the pandemic, the number of financing events in the local healthcare industry has decreased significantly due to a low base, while the COVID-19 pandemic has catalyzed the influx of healthcare capital. From a global perspective, the financing amount in the global healthcare industry is continuously climbing, and global financing rounds are gradually tilting towards earlier stages. 2019 Global healthcare financing events slightly declined in 2021. However, exceeding 1 The proportion of large financing events worth hundreds of millions has increased, and funds continue to pour into the healthcare industry, indicating that investment institutions tend to favor high-quality targets with clearer business models and higher stability.   The gradual shift of China's healthcare financing rounds towards the future indicates that capital is becoming more rational, favoring mature targets. This also reflects to some extent that investors' risk aversion coefficient is gradually increasing.   In recent years, the United States has always been the region with the hottest investment and financing in the global healthcare industry, followed by China. In terms of provincial geographical distribution, 2022 The five regions with the most intensive medical and health investment and financing events in a year are Jiangsu, Shanghai, Beijing, Guangdong, and Zhejiang. In terms of financing events, Jiangsu 153 The financing event has achieved a reversal of the lead over Shanghai. In terms of financing amount, Shanghai still ranks first nationwide, with the financing amount reaching RMB 161 Yuan. Apart from Beijing, the popular regions for healthcare financing are mainly in the economically developed Yangtze River Delta, where both the number of events and the amount involved account for more than 50% .   2021 In the year, the global biopharmaceutical field totaled 880 Start trading, with 411.81 The financing amount of hundreds of millions of US dollars ranks first in the healthcare sub-sector. Biopharmaceuticals, “Internet + "Medical care, medical informatics, and IVD The domain is a popular tag for global healthcare investment and financing.   Among them,     Due to the high capital demand brought about by market size and R&D investment, biopharmaceuticals have always dominated the financing amount over the years, with the annual financing exceeding 30% .   In line with global convergence, biopharmaceuticals have long held a dominant position in the healthcare segment of China's capital market. In addition, IVD R&D and manufacturing outsourcing CDMO Also highly favored by the capital market. 2021 Year to 2022 year H1 In China, the financing hotspots are focused on biopharmaceuticals, IVD And R & D and production outsourcing.   As of 2021 year 12 month 31 On the same day, the global equity financing scale reached 15,283 billions of US dollars, a year-on-year increase 24.4% The data shows, 2021 The global equity financing scale has been steadily increasing, with the Chinese mainland consistently ranking second in recent two years. Meanwhile, being affected by A The promotion of the share registration system, 2021 Domestic for the year IPO listing The amount and number of funds raised have reached new highs, compared with Hong Kong stocks IPO listing The market is more active. In the healthcare sector, 2017 - 2021 Over the year, the number of listed companies has been on the rise in major global sectors, A Shares are highly favored. In China A Stock market, healthcare industry IPO listing financing scale, IPO listing The number of enterprises ranks third and fifth among all industries.     Judging from the listed market value level,     2021 year A The overall price-earnings ratio (excluding negative values) of the healthcare industry is higher than that of the US and Hong Kong healthcare industries. For unprofitable healthcare companies, A The stock also demonstrates a significant valuation advantage, in addition to A In addition to the valuation premium of the equity itself, and A The Sci-tech Innovation Board has higher requirements for the R&D progress of unprofitable enterprises seeking listing (for innovative drugs, at least one core product must enter pivotal clinical trials and be excluded in-licensee ) The current situation, where there are only innovative drugs available for listing without any profitable innovative medical devices, is also related to this.   Looking at the average daily trading volume after listing,   2021 year    A The trading activity in the secondary market of the healthcare industry is active across both the overall sector and unprofitable biotech companies, far exceeding that of Hong Kong stocks.     projected   In the later stage, as A The full implementation of the share registration system and market policy reforms, in the future A The stock market will be more attractive than the Hong Kong market, and more pharmaceutical companies will choose to A The shares were financed.       " A The average review days for the Sci-tech Innovation Board and Growth Enterprise Market are 300 Heavenly Reach 374 The review cycle is longer compared to Hong Kong stocks and US stocks. After the review phase is completed, A The registration and declaration of shares still need to pass the issuance review committee / The listing committee meeting process is more complex. Therefore, a professional listing application team will help pre-listing companies better complete their listing application materials and successfully pass the threshold." said Dr. Wang Xin.   "Frost & Sullivan integrates global." 61 Consulting experience for over [X] years, entering China 24 Over the past year, we have served most of the biopharmaceutical companies listed on the Hong Kong stock market. 2019 year 7 Since the first batch of companies on the Sci-tech Innovation Board (STAR Market) went public, many enterprises on the STAR Market have also cited our data and reports.   According to a study by Frost & Sullivan, biotech companies listed on the Sci-tech Innovation Board are mostly concentrated in the pharmaceutical sector. The vast majority of these companies focus on the research and development and production of oncology drugs, autoimmune diseases drugs, and metabolic system diseases drugs. Among the biotech enterprises with a high market value, there are many that specialize in oncology drug research and development. Hong Kong stocks 18A Biotechnology companies are involved in pharmaceuticals, medical devices, and AI The company covers all three major medical fields, with a focus on biopharmaceuticals in the pharmaceutical sector. Medical device companies are concentrated in three sub-sectors: in vitro diagnostics, medical equipment, and medical consumables.   1     8A Cornerstone investors play a pivotal role in the market     ,    According to     'TradeGo' APP Cornerstone Investor Data, Biology -B Total cornerstone investors in the industry 383 home, which already 379 The investor of Homegrown is lifted from the ban, while the other four will be 2022 year 9 month 30 Daily lifting of restrictions. As of now, 379 Among the companies whose shares have been lifted from suspension, there are 170 Homefund, which remains profitable after the lifting of the ban, 209 Homefund Infrastructure suffered losses after the lifting of the ban. If calculated based on the lifting date, 170 The total profit of cornerstone investors contributing to the company's profitability is approximately 106.32 HK$10 billion, 209 The combined losses of cornerstone investors with losses at home are approximately 95.17 HK$10 billion, overall biology -B Net profit of cornerstone investors is about 11.15 HK$10 billion.       Look around    entire 18A market,   According to Frost & Sullivan ( shenzhen ) Cloud technology data shows,      from 2022 Looking at the data on price changes from the lowest price of the year to date,   biology -B Overall increase of about 34.54% , increase or decrease in price Top 15 The overall enterprise price rose by about 54.83% The rebound strength is acceptable; looking at the cumulative rise and fall data since listing, biotech -B Overall decline 37.33% Increase Top 15 The overall stock market fell 28.4% .   Judging from the current market value,   As of 8 month 25 day 18A Biotechnology ranks at the top in market value 15 For the companies, the average growth rate of their current market value compared to the issue market value is approximately 28.1% Among them, the top three companies in terms of market value growth are CanSino Biologics Growth 211.9% Baisin'an Growth 164.9% , as well as the growth of Junshi Biology 85.2% It is worth noting that the current market value Top 15 Among the enterprises, only six currently have a positive growth in market value compared to their initial offering, which means that future issuances 18A The overall issuance valuation of biotech companies will gradually tend towards conservatism, and there may even be cases of discounted issuance.   In terms of the proportion of core assets,   18A Market value in the biotechnology sector Top 15 The average proportion of the enterprise's cornerstone assets is about 39.0% all 18A The weighted average proportion of listed companies in biotechnology is about 43.92% Therefore, biology -B It is also a consensus that companies are looking for a cornerstone, and the proportion is not low accordingly. Of course, there are also those without a cornerstone, currently ranked by market value Top 15 Among 2 The proportion is relatively small if there are no cornerstones at home.   Affected as a whole 18A Affected by the biotechnology sector, it can be anticipated that this will continue for some time in the future 18A Biotech companies are generally conservative, responding to market conditions in terms of issued market value, and there will not be significant changes in the proportion of cornerstone shares.   In summary, the biotechnology industry has made significant progress. Despite market capitalization consolidation and downward pressure, compared to US technology companies, biotechnology, as an important part of the technological field's development, still has a broad outlook.     Dr. Wang Xin concluded, 'It is not difficult to see from the overall market trend that new drug R&D capability is the only way for biopharmaceutical companies to achieve long-term and rapid development. At present, Chinese innovative pharmaceutical companies are still Me-too syndrome Under the 'follower model' dominated by derivative drugs, there has already been a clustering of targets in the market. Only by persisting in high investment in research and development, differentiated operations, and international strategic deployment can one be expected to occupy a high position in the industry. Finally, Dr. Wang Xin introduced some of the high-quality tracks in China's healthcare industry to the attendees, including mRNA Fields such as domain, cell and gene therapy, smart healthcare, etc.   He stated that he believes that driven by factors such as economic growth, policy support, technological progress, and capital assistance, China's health care industry will thrive in the future.  

Recently, Xiangpiaopiao disclosed its semi-annual report, showing a loss for the first half of the year 1.29 Yuan, with a third consecutive year of losses in the interim report, and the loss amount has more than doubled compared to the same period last year. What factors have led to the decline in Fragrant Cloud's performance? Fragrant Cloud has been vigorously promoting business transformation. As a traditional brewing tea giant, how competitive is it in new areas? Frost & Sullivan Frost & Sullivan Xu Biao, Executive Director of Frost & Sullivan Greater China, was interviewed by Modern Express to discuss the reasons behind the decline in Fragrant Pastries' performance and the future development of the brand. Modern Express once claimed " Selling 10 billion cups a year, enough to circle the Earth three times if connected " The fragrance is fragrant, and it has reported a loss for the third consecutive year in its interim report. In the first half of this year, Fragrance Fairy achieved revenue 8.59 Yuan, a year-on-year decline 21.05% Net loss 1.29 Yuan billion, a decrease compared with the same period last year 107.57% In recent years, Xiangpiaopiao has focused on transforming into juice tea and ready-to-drink milk tea, launching new products such as sparkling water and frozen lemon tea. However, since last year, with the entry of new tea brands like Hito, Nescafé, and giants like Coca-Cola and Fuwai Spring, the emerging soft drink market has become a red ocean. The past " National Milk Tea " How will we break through? Half-year losses exceeded 100 million, and revenue from brewing products dropped by more than 30% ⬆ The performance of Xiangpiaopiao in recent years Sixth year after listing " Milk Tea No.1 " Xiangpiaopiao is facing the test of declining performance. Previously, revenue had declined for two consecutive years. After the non-recurring profit and net profit decreased by nearly 60% last year, in the first half of this year, the company achieved revenue 8.59 Yuan, a year-on-year decline 21.05% Net loss 1.29 Yuan billion, an expansion compared with the same period last year 107.57% Looking at the vertical comparison, this is the third consecutive year that Xiangpiaopiao has reported a loss in its interim report. As the main domestic producer of cup solid milk tea, Xiangpiaopiao claims to have been doing so for a continuous period 10 The annual market share remains at the top. However, milk tea, which was a major source of profit in the past, is now experiencing rapid market decline. The semi-annual report shows that during the first half of the year, Fragrant Floating's brewed products achieved operating revenue. 4.53 100 million yuan, a year-on-year decrease 31.37% The company stated that the main reason is the impact of the Spring Festival epidemic prevention and control policies as well as the company's prudent inventory management strategy during the peak sales season for brewed products. In fact, for instant milk tea sales, they have always been greatly affected by seasonal fluctuations. The first and fourth quarters are traditional peak seasons, while the second and third quarters are off-peak seasons. In the first quarter of this year, Fragrance Fairy achieved revenue 4.96 Yuan, a year-on-year decline 28.28% Net loss 5968 Ten thousand yuan, compared with a profit in the first quarter of last year 297.5 Ten thousand yuan. this year 1 In January, Xiangpiao Piao Piao once stated that due to rising raw materials, the prices of hedged milk tea products (including classic series and high-quality material series) have been increased by a certain percentage. 2%-8% Not equal. However, it seems that the price increase has not been able to reverse the company's performance downturn. " There are now more substitutes and milk tea shops. You can buy and drink offline products without having to hoard them. "" Now, milk tea is not just about putting in pearls; it's richer than eight-treasure porridge and can be found everywhere on the streets and alleys. Instant milk tea has no advantage at all. "…… On social media, many netizens have been discussing the declining performance of Xiangpiaopiao. " The old Fragrant Scent products are in decline, and new products have not grown up, which has not been of much help to the performance. Instead, they have eroded the profits of the original products. " Some industry insiders told the Modern Express reporter. In recent years, Xiangpiaopiao has focused on transforming into a juice and milk tea company by acquiring a Hong Kong time-honored brand. " lanfang garden " The brand has launched its ready-to-drink milk tea. However, at present, the new business still finds it difficult to shoulder the heavy burden of the company's transformation. The semi-annual report shows that in the first half of this year, Xiangpiao Piao's ready-to-drink products achieved operating revenue 3.88 100 million yuan, a year-on-year decrease 5.94% Among them, fruit juice tea achieved operating revenue 3.58 Yuan, a year-on-year increase 0.2% . The company stated that in the first half of this year, it launched a series of new products, including Xiangpiaopiao Cold Brew. " Crispy Bubbly Milk Tea " fragrant milk tea " Dominant Coconut " , MECO Cupful of fruit juice tea " Litchi Bai Xiang "" Mango Barbecue " Lanfang Garden bottled " Hong Kong-style frozen lime tea " bubble water " Salty Lemon Seven " Wait, the market response has been positive. However, 8 month 23 On the same day, reporters randomly visited several supermarkets in Xinjiekou, Nanjing and found that none of the aforementioned new products were on sale. In addition to the traditional fragrant milk tea brewed with instant coffee powder, the two supermarkets also had MECO Cupfuls of fruit juice tea are sold, including several flavors such as cherry berry, red pomegranate white grape, peach red pomelo, Thai lime, etc., all priced at 6 Around RMB yuan about.   The soft drink battle erupted, with Fragrant Scent welcoming the enemy from all directions   Xu Biao, Executive Director of Frost & Sullivan Greater China, told the Modern Express reporter that the core reason for the recent decline in the performance of Xiangpiaopiao is still the weakening trend in the tea milk beverage industry where it operates. " Similar to the recent decline in the instant noodle market, which is mainly due to the rise of takeout and ready-to-eat foods. Similarly, under the general trend of increasing resident income and consumption upgrading, the brewed milk tea industry has been greatly impacted by freshly made tea beverages. "   In Xu Biao's view, the market scale of new tea drinks exceeds one hundred billion yuan, and freshly brewed tea drink stores have now covered all levels of cities and even rural areas. The rapid development of the freshly brewed tea drink industry is not only due to the operational capabilities of the tea drink brands themselves, but also because the progress of the entire industrial chain has enhanced the product quality and service of freshly brewed tea drinks, including the production of raw materials and materials, cold chain transportation, digital operations, takeaway services, etc. " On the other hand, compared to brewing milk tea, freshly made tea drinks can better meet consumers' new consumption concepts for fresh, healthy beverages with high aesthetic value. Although Fragrant Puff has launched many innovative products, such as MECO Lanfang Garden milk tea, etc., but when it comes to affordable ready-made teas represented by Huiyue Ice City, or even popular teas like Xicha and Naixue's teas, there are also a large number 15 For products priced below RMB10, it's hard to say that Fragrant Blossoms has a price advantage, let alone new product launches or marketing capabilities. " The price of the original flavor and taro-flavored three-in-one cup of fragrant milk tea sold at a supermarket in Nanjing 12.9 Yuan, red bean-flavored three-in-one cup 17.9 Yuan. In the same region, the price of freshly made milk tea sold at Miki Snow City is 6 Yuan to 8 The yuan is not equal. In recent years, Fragrant Floating has successively launched fruit juice tea, milk tea, bubble water, and other fields, which have already become a red ocean. "0 sugar 0 fat 0 card " The beverage unicorn, Yuanqi Forest, which has seen rapid growth in innovative products such as sparkling water and light milk tea, has been targeted by multiple forces since last year " encirclement and suppression " Last year, Coca-Cola introduced its North American online celebrity bubble water product in China, also targeting "0 fat 0 card 0 sugar " , there are widespread rumors outside " Two Lees " This year, we have also invested in Yuanqi Forest " Kill Order " New tea drink leaders, such as Xicha and NaiXue, have also entered the bottled beverage market, focusing on fruit juice teas and sparkling water. Currently, the beverage products of these two brands are widely stocked in major supermarkets. There are also many emerging brands like Hankou No.2 Factory, GuozihuoRuo, Shengqi BoBo, Qingting, etc., which have seen a flurry of activity in the soft drink market over the past two years. last year 8 In January, Xiangpiao officially announced Wang Yibo as the brand spokesperson, and at the same time launched a new product, Bopop Milk Tea. Prior to this, under Wahaha KellyOne Wang Yibo was also found as the spokesperson, and " Angry pop-pop " Series of bubble drinks. Another similarity between Xiangpiaopiao and Wahaha is that behind their signing of Wang Yibo, both are considered to be related to " A thousand gold girls " Yes. Zong Fuli, the daughter of Wahaha's founder Zong Qinghou, once strongly advocated for the company to replace Wang Lihong with Xu Guanghan; and Jiang Xiaoying, the daughter of Jiang Jianqi, the founder of Fragrance Fairy, is also 2016 Joined the company in [year] and gradually began tailoring solutions for Fragrant Scent " Youthfulness " Policy. "   In Xu Biao's view, after the decline in traditional milk tea brewing business, Xiangpiaopiao has been continuously developing new products. However, competition in these so-called emerging categories is already very fierce, and revenue growth often requires substantial advertising and marketing investments as well as channel expenses to sustain. " Facing competitors such as the soft drink giants Liulai and Yihuan Forest, as well as emerging brands like Nuocoin Tea, there are significant challenges for Fragrance Piao Piao to replicate its success in the tea milk brewing segment. Whether it is building a new brand image among young consumers or expanding sales channels for new products on a large scale, continuous investment and a marked improvement in operational efficiency are required, along with long-term transformation and upgrading of the enterprise. " Some institutions are also optimistic about the performance of Xiangpiaopiao in the second half of the year. Tianfeng Securities believes that " After cultivation, the company's instant beverage segment has made significant improvements in product R&D ideas and channel operations. In addition, the price increase at the beginning of the year to hedge against cost pressures, along with the scale effect on the sales side, is expected to drive improved profitability. " However, the brokerage still significantly downgraded its earnings forecast for Fragrant Scent, to 2022 Annual revenue from 55.75 RMB 100 million downgraded to 35.52 yuan, and net profit attributable to the parent company was 4.89 RMB 100 million downgraded to 1.86 100 million yuan.   * This article is reprinted from Modern Express.   Reporter Gu Wei text / photography, Zheng Rui / later stage   ,    Original title:    Financial Bolex | Half-year Loss Doubles, Xiangpiaopiao's Transformation into the 'Red Sea'    ">   What factors have led to the decline in Fragrant Cloud's performance? Fragrant Cloud has been vigorously promoting business transformation. As a traditional brewing tea giant, how competitive is it in new areas? Frost & Sullivan Frost & Sullivan Xu Biao, Executive Director of Frost & Sullivan Greater China, was interviewed by Modern Express to discuss the reasons behind the decline in Fragrant Pastries' performance and the future development of the brand.

8 month 16 On the evening of the same day, the State Administration for Market Regulation issued the 'Guidelines for the Operation of Blind Box Businesses (Trial) (Draft for Soliciting Opinions)', which make provisions on various aspects such as the products sold in blind boxes, pricing, after-sales service, and target customers. What impacts will the introduction of new regulations for blind box products have on the pop culture industry?   Popomart's performance has declined. How can it tell a new story?    Disney and Warner Bros. IP address What inspirations does the playing style offer to domestic trendy gaming companies?    What is the outlook for the pop culture industry? What new growth areas are there after the blind box craze subsides?     Frost & Sullivan Frost & Sullivan Zhu Yiming, Executive Director of Frost & Sullivan Greater China, was interviewed by Titanium Media's 'Weekly Capital Market Observation' program to discuss the aforementioned topics. Titanium Media Q 8 month 16 On the evening of the same day, the State Administration for Market Regulation issued the 'Guidelines for the Operation of Blind Box Businesses (Trial) (Draft for Soliciting Opinions)', which make provisions on various aspects such as the products sold in blind boxes, pricing, after-sales service, and target customers.   What impacts will the introduction of new regulations for blind box products have on the pop culture industry? Zhu Yiming, Executive Director of Frost & Sullivan and Industry Consulting Expert, stated that all participants in the respective industries need to meet each requirement mentioned in the guidelines.     Zhu Yiming selected several core contents from the guidelines and explained them one by one: 1 Guideline 7 states: 'Blind box operators providing goods or services shall clearly mark prices and shall not sell goods at prices higher than the marked prices. They shall not engage in illegal activities such as not marking prices clearly as required, inflating prices, or engaging in price fraud.' Article 8” The cost difference between the same set of products or services sold through blind box formats should not be too large. The price of blind box products should not differ significantly from that of similar non-blind box products of the same quality.       Zhu Yiming analyzed that from the perspective of consumers, the retail price of blind boxes is within an acceptable range for them. However, the transaction price range in the second-hand market is very broad, and this guideline does not specifically state whether it will regulate the blind box second-hand market.     If the second-hand market transactions are brought under regulatory scrutiny, it could have a very significant impact on the entire collectible toy industry. It is undeniable that the popularity of the second-hand market is one of the reasons driving the boom in blind box sales and even the entire collectible toy industry. It is also one of the core drivers stimulating consumers to keep repurchasing. 2 Article 9: 'Blind box operators shall prominently display a series of information such as the product name, type, style, drawing rules, product distribution, quantity placed on sale, probability of hidden items being drawn, and value range of products, ensuring that consumers are aware of these rules before making a purchase.' Article 10 "Blind box operators should establish and improve a product production and operation record system, retain complete records of the probability setting for drawing and the results of drawing, and use this as a basis for actual market placement and distribution of blind boxes to consumers. For sales conducted online, blind box operators should establish a tracking record system to ensure that the products drawn by consumers are distributed in place and to voluntarily accept supervision. The retention period for relevant records is generally not less than 3 year.   Zhu Yiming analyzed that, in fact, not only in the toy industry but also across various industries, we can see the emergence of blind box formats. Against this backdrop of popularity, we can also identify some unscrupulous enterprises that earn improper profits through non-standard blind box strategies. These two guidelines will drive such enterprises out of business.   3 Article 11: 'Blind box operators are encouraged to establish a minimum guarantee mechanism, by setting upper limits on the amount and frequency of draws, to guide rational consumption. Blind box operators are also encouraged to voluntarily commit not to hoard inventory, not to engage in speculation, not to directly enter the secondary market, and to accept social supervision.'       Zhu Yiming said that currently, most of the revenue from blind boxes comes from high repeat purchases by core users. Take Popomart, for example, where 2021 The sales volume for the year is 92% Coming from our members, the renewal rate has reached an astonishing level 56.5% Although the guidelines do not explicitly specify what is the upper limit for consumption amounts and number of repeat purchases, if the upper limit is set below the current average level of the enterprise, it will inevitably have a negative impact on the company's short-term profitability.   Q   The interim report preview shows, 2022 In the first half of the year, Popomart expects its revenue growth rate to decline to 30% Net profit decreased by nearly 35% .     Popomart's performance has declined. How can it tell a new story? Regarding this, Zhu Yiming stated that judging from the timing, the sluggish performance of Popomart in the first half of the year is not directly linked to the release of this guidance.   It is well known that Popcorn Mart is a high-growth company, and this is also the first time it has preemptively warned investors about unsatisfactory revenue growth. What is noteworthy is whether this phenomenon is accidental or natural. Considering its first-quarter performance data,   Zhu Yiming initially believes that the decline in revenue growth rate of Popomart in the second quarter should be accidental. As for whether this trend will continue into the next quarter, he holds a relatively conservative attitude.   If we look at the data for the first quarter of this year alone, Popomart has still maintained 65%-70% The positive growth is not coming from any particular sector, product, or channel, but rather a very healthy positive growth across all channels.   Regarding the performance decline of Popomart this time, Zhu Yiming believes that the main reason is the impact of the epidemic.   From the perspective of revenue, retail stores in many cities need to strictly comply with epidemic control requirements and suspend offline operations in relevant areas. In addition, the epidemic has also affected the timeliness of logistics, impacted the online sales of Popomart, and caused impacts on both online and offline operations. It can be seen from Popomart's annual report that the revenue from the four first-tier cities accounts for 50% At the beginning of this year, the pandemic mainly impacted first-tier cities such as Shanghai, inevitably causing a significant impact on Poplar's revenue. From the perspective of profit margin, before the outbreak, Poplar still maintained the pace of store expansion and corresponding investment. Therefore, the decline in revenue in the second quarter, coupled with rising costs, led to a decrease in profit margins.   From the perspective of enterprise operations, Zhu Yiming believes that Popomart has been actively building in the past one or two years IP address The matrix, for which a large amount of capital and resources have been invested, is thus the primary expense, including design and authorization fees, which start from 2019 year 4800 Ten thousand yuan increased to 2021 year 1.05 yuan, but during this period, new IP address For various reasons, it has never shown strong profitability, let alone something like molly phenomenal IP address Yes. From a single IP address At the level of each, IP address The profit margins are also relatively low. If under normal circumstances, there is molly Wait for the strong IP address Driving the entire group forward, the issue of low profit margins is not obvious, but if the macro environment is poor, in a strong IP address When performance is not good, it will cause Bubble Mart's new business to single IP address The issue of low profit margins has become even more apparent.   Zhu Yiming pointed out, excessive reliance molly Wait for a small amount IP address If this issue is not resolved, it will affect the performance of Popomart for the coming year and even several years.   2020 In the whole group, most IP address Against the backdrop of rising sales, molly The revenue of this gold product line even saw a decline for the first time, from 2019 of 4.5 RMB billion decreased to 2020 year 3.6 Yuan, and the proportion of revenue also 27.1% reduced to 14.2% . molly The manifestation of fatigue has also led to 2020 The Group's overall revenue growth rate for the year was only 49% . 2021 In 2019, under a series of operations by Popomart, molly Product line revenue rebounds to 7.1 Yuan, which also drives the group's annual growth rate to reach 80% It can also be seen from this, molly this IP address How important is it to the overall revenue of the Popomart Group, but molly this IP address How long is the lifecycle exactly? When molly When reaching the end of the lifecycle, if there are no other similar molly phenomenal level IP address So, where will the growth momentum of Popomart come from? This is an urgent problem that Popomart needs to solve, and it has also been a challenge that Popomart has been trying to address over the past. Q Disney and Warner Bros. IP address What inspirations does the playing style offer to domestic trendy gaming companies?       Zhu Yiming said, IP address The importance of the pop culture industry is irreplaceable. IP address It is also the competitive barrier and key to victory for every trend gaming company.     Japan's Bandai, American children's brands such as Hasbro and Mattel, Disney, etc., all possess massive IP address Matrix, taking Nintendo and Disney as examples, Nintendo has over 100 an IP address Phenomenal series such as Gundam, Naruto, One Piece, Ultraman, Dragon Ball IP address Disney has created a unique “ IP address Metaverse ”.   Looking at Marvel and Disney over the years IP address Based on the development process, Zhu Yiming has summarized the following points that domestic trend gaming companies can learn from: IP address Playing style: 1 ) Build a complete IP address matrix.   Maintained by leading enterprises 100+ order of magnitude IP address Against this backdrop, unless the enterprise can ensure that there is 5 - 10 A very strong one IP address Otherwise, efforts have to be made at the order of magnitude level. The quantity is huge IP address The matrix also reflects a bit -- ——each IP address They all have their lifecycle, even for cross-era titles like Gundam and Dragon Ball IP address Therefore, we are constantly developing phenomenological-level IP address This is something that every trend gaming company needs to do.   2 Explore IP address More possibilities for monetization.   Not limited to toys, but with IP address Disney has made a notable effort to enter other tracks with broad space or high growth rates by taking this as an entry point, and Marvel Games has also been actively deploying resources in recent years. According to LIMA Data released by (International Licensing Industry Association) show that licensed toys only account for 15% This means that there are actually many tracks with a comparable or even larger volume than it. Take Nintendo as an example; its main businesses are divided into three parts: entertainment, IP address Production and amusement units. Among them, amusement units mainly focus on game content planning, development, and sales. The latest data shows that their revenue has increased year-on-year. 35% Profit year-on-year growth reached an astonishing 150% . Q What is the outlook for the pop culture industry? What new growth areas are there after the blind box craze subsides?     Zhu Yiming believes that blind box sales are just one form of marketing in the pop culture industry, and incidents similar to blind box sales ceasing have actually occurred before. For example, early consumer goods represented by beauty products used internet-based traffic strategies to achieve very rapid growth in the short term. This is in the same vein as the sales model of blind boxes.   Today, with the internet traffic dividend running dry, consumer goods need to slowly return to their product power.   Zhu Yiming summarized that after returning to simplicity, there are four potential growth points for the tide gaming industry in the future:   1 ) Innovation of the product itself.   How to iterate and innovate accordingly around the ever-changing needs of consumers is an unchanging tenet for the pop culture industry and all consumer goods industries. Take PopMart as an example; it has launched space molly 1000% Such super-large-scale products are completely different from previous blind box products. From a commercial logic perspective, this innovation can enhance the group's overall revenue capabilities and also meet the collection needs of core consumers.   2 ) regional expansion.   From the development of companies such as Bandai, Disney, Hasbro, and Mattel, a common point can be summarized: globalization is an inevitable path for tide-swap culture enterprises. For example, Bandai has expanded from Japan to North America and China; Disney has grown from the United States to Europe and China. For Chinese tide-swap culture enterprises, Japan, South Korea, Singapore, the United States, and other regions offer vast overseas markets.   3 ) Cross-border collaboration.   The co-branding of two brands with similar consumer groups can quickly absorb each other's consumer bases, while also helping the brands build consumer awareness in a broader market. For example Nike In the past two to three years, we have frequently collaborated with other brands, whether LV Such a luxury, and yet KAWS Such a relatively civilianized brand.   4 ) IP address transform   How to separate from the product itself, and IP address Build it more successfully and then enter other tracks. In addition to the international leaders mentioned above, many enterprises in our country are also making corresponding arrangements. For example, listed company OFE Entertainment produces companion toys that are more popular among children. Despite facing a younger consumer group, OFE Entertainment IP address The layout transformation also started many years ago. Overall, IP address Transformation is also the most important growth driver among these four areas.   * This article is reprinted from Titanium Media   ,   Original title:    The blind box model has cooled down, so how can the pop culture industry find new growth points? | Weekly Capital Market Observation    ">

The ophthalmic market, known as the 'Golden Ophthalmology' sector, has attracted significant attention from capital markets due to its enormous potential. 2021 In China, the overall ophthalmic drug market size was close to 260 Yuan. With the continuous expansion of the ophthalmic patient base and the improvement in drug penetration rates, it is expected that by 2030 The domestic ophthalmic drug market size will exceed 100 billion yuan in the year.     Frost & Sullivan Frost & Sullivan Li Qian, Senior Consulting Director for Healthcare in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was a guest on the Economic Observer's 'Future Health' program to discuss how startups can break through the 'Golden Eye Sector' in the context of a capital winter. Economic Observer The ophthalmic market, known as the 'Golden Ophthalmology' sector, has attracted significant attention from capital markets due to its enormous potential. 2021 In China, the overall ophthalmic drug market size was close to 260 Yuan. With the continuous expansion of the ophthalmic patient base and the improvement in drug penetration rates, it is expected that by 2030 The domestic ophthalmic drug market size will exceed 100 billion yuan in the year. However, at the same time, the entire pharmaceutical market is currently in turmoil, and the ophthalmology sector is no exception. This issue of 'Future Health' focuses on this niche market, inviting Shen Wang, founder and chairman of Weimou Biotech, Ni Jinsong, founder and chairman of Duyun Pharmaceutical, Li Qian, senior consulting director for healthcare at Frost & Sullivan, and Zhang Hao, editor-in-chief of Jingguan Da Health, to discuss how startups can break through the 'Golden Ophthalmology' market amidst the capital winter? In the view of the three guests, the rise of the ophthalmic drug market is an inevitable trend. Ni Jinsong stated that in the future, ophthalmology will definitely be a large market. From a broader perspective, the global aging population and the popularization of electronic products have led to an annual increase in the incidence of eye diseases. On the other hand, private ophthalmic medical institutions in China are booming, with a significant improvement in disease diagnosis rates. Corresponding to diseases, on the one hand, there has been a surge in demand for dry eye syndrome and myopia among consumers. On the other hand, the penetration rate of drugs for essential diseases such as macular lesions is rapidly increasing, with global drug sales exceeding 100 billion dollars. Shen Wang has also felt the changes in the market. He said bluntly that a few years ago, no one was making innovative ophthalmic drugs, but now many people have realized the value of the ophthalmic market. Especially after China enters an aging society, the growth trend of the ophthalmic drug market will be more obvious. Diseases such as dry eye syndrome and glaucoma are age-related, with higher incidence rates as people age.   In Li Qian's view, in addition to the rapid growth on the demand side, opportunities in the ophthalmic market come from the huge gap between supply and demand. Currently, there are 11 Hundreds of millions are troubled by eye diseases and vision impairment Disturbance. However, at this stage, mainstream drugs in drug therapy such as eye drops and anti-inflammatory medications are only delaying the progression of the disease and cannot achieve a fundamental cure. There is a significant unmet demand in the ophthalmic drug market, which is also seen by many innovative pharmaceutical companies as an opportunity for market expansion. Another key point in the domestic ophthalmic drug market lies in domestic substitution. Li Qian pointed out that currently, foreign-funded pharmaceutical companies account for more than half of the market share in the domestic ophthalmic drug market, especially at the hospital level, where only one domestic pharmaceutical company is among the top few eye drug manufacturers. However, most current ophthalmic startup companies are still in the clinical research and development phase. In three to five years, there should be a batch of domestically developed innovative ophthalmic drugs approved, gradually breaking the existing market pattern. A similar development path has been repeated in fields such as cardiovascular intervention, and the entire process of domestic substitution is expected to last for more than ten years. In Ni Jinsong's view, the domestic substitution of innovative ophthalmic drugs by domestic companies should not remain at the level of generic drugs but should also provide more value in terms of efficacy. Currently, a significant proportion of hospital medications are products from foreign-funded pharmaceutical companies whose patents have expired. If one only focuses on developing generic versions of these drugs, the competition is about price and sales capabilities. 'This is not what we should be doing. What we need to do is develop drugs with similar or better efficacy faster than foreign-funded pharmaceutical companies in areas where there are no established treatments,' he said. Shen Wang described the domestic substitution process as standing on the shoulders of giants and competing with them. He gave an example: currently, for treating fundus macular degeneration, medical insurance can cover nine injections, while conventional drugs require one injection per month. The product they developed can maintain this level of care with just one injection. 6 In just a month, the treatment cost for patients has been significantly reduced. With such advantages, we compete with foreign pharmaceutical companies' products. Beyond the product side, the evolution of the channel side has also brought more possibilities for domestic substitution. Ni Jinsong mentioned that today's internet drug sales channels represent a new approach for innovative pharmaceutical companies focused on research and development. This is because they differ from the large sales teams of traditional pharmaceutical companies, allowing for relatively light sales operations. Especially in areas such as dry eye syndrome and myopia among teenagers C In terms of terminal diseases, the reach of internet drug sales channels may be broader. "   Li Qian also said that the sales of Internet ophthalmic drugs are in C The opportunities at the end are actually very significant. Online shopping has now covered everyone's needs for clothing, food, housing, and transportation, and this shopping habit can continue to expand to include pharmaceuticals. At the same time, the internet is also important. C End publicity channels can push products to a broader market. At present, the proportion of in-hospital medication exceeds 5 Yes, but the future C The share of the endpoint will definitely be dominant. For refractory diseases, Shen Wang has seen the channel advantage of private ophthalmic medical institutions. In recent years, private ophthalmic medical institutions in China have been developing at a rapid pace and are a key part of the diagnosis and treatment market. 'For diseases like macular degeneration, if we can cooperate with institutions like Aier Eye Hospital, start-up pharmaceutical companies can directly distribute their products to hospitals without having to set up sales staff in each one,' he said.   * This article is reprinted from Economic Observer.   Authors: Yu Shiqi, Zhang Hao   ,    Original title:    Future Health | How can startups break through in the capital winter “Golden Eye Hospital&rdquo?    ">

Frost & Sullivan insights   7 The extreme high temperatures since last month have particularly exacerbated the power supply situation in Sichuan, a major hydropower province. According to the overall plan, all industrial power users (including key guaranteed enterprises on the whitelist) in Sichuan's grid orderly power consumption plan have implemented full production shutdowns (except for security loads), starting from 8 month 15 day 0 time -20 day 24 At the same time, strive to "put power into the hands of the people". As a major hydropower province, how should Sichuan face up to the current power shortage? Looking ahead, which areas should be actively addressed for proactive responses?   Frost & Sullivan Frost & Sullivan, Xu Biao, Executive Director of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Observer Network to discuss the power shortage issues faced in some local areas of our country this summer and solutions.     .   Observer Network Q How should the power supply gap in Sichuan caused by extreme weather and peak load be urgently compensated for?   Xu Biao   Executive Director, Greater China, Frost & Sullivan     Since volatility is the norm, both the entire power grid system and local governments and energy-related departments are quite experienced in dealing with this situation. In terms of the power supply gap issue in Sichuan, this phenomenon last year 11 month -12 The signs of a new year are already emerging. Due to the high proportion of hydropower, Sichuan experiences certain power supply shortages every winter. Regarding the situation this summer, at present, various departments of the Sichuan Provincial Government, including the State Grid's power companies in Sichuan, have actively responded through policy adjustments and utilization of market mechanisms. Specifically, On the demand side, with the core principle of prioritizing the guarantee of residential electricity supply, some market mechanisms are used for regulation:   For example, the State Grid has introduced policies that provide certain fee refunds to users who actively participate in and effectively execute peak shaving load responses. At the same time, some policies require these high-energy-consuming industries to cease production in an orderly manner to ensure electricity is available for the people. Many large enterprises have responded to these policies by arranging short-term production suspensions. On the residential side, there is also a promotion of energy conservation, such as raising air conditioner temperatures, turning off landscape lighting, etc., to moderately reduce power load.   On the supply side, work is carried out around these aspects: Firstly, from the perspective of the province itself, Sichuan Province requires all localities to do a good job in water storage and supply, optimizing the reservoir dispatching of various river basins to ensure hydropower generation and consolidate the foundation of Sichuan Province. In addition to hydropower, Sichuan has also increased the coal inventory across the province to ensure power supply. In Sichuan's current power generation structure, there is usually about 15% It is thermal power, and its proportion may increase in the next few months 20% , providing some supplements from the perspective of thermal power energy. The national power grid system has also carried out some power resource dispatching from outside the province, utilizing the maximum transmission capacity for cross-regional resource allocation. Of course, this work is quite complex and requires a lot of approval and coordination. In addition to the supply and demand sides, the current high-temperature weather also greatly affects the safe operation of power equipment. State Grid Sichuan's various levels have strengthened maintenance and support work to ensure the safe operation of equipment under extreme weather conditions. Overall, the effects of this series of measures will gradually become apparent. According to current meteorological forecasts, extreme high temperatures may continue for about another week, but the specific situation still requires further observation.   Q If high-temperature weather becomes the norm in the future, many people will worry about the stability of energy supply. We just discussed flexible power supply, which brings to mind the popular concept of 'virtual power plants' that has been on the agenda for some time. Has this concept played a role this time? Xu Biao Executive Director, Greater China, Frost & Sullivan   Virtual power plants are actually a relatively forward-looking concept. It is a field within the broader direction of 'building an intelligent grid' that we are currently discussing. Ultimately, virtual power plants aim to improve the efficiency and safety of grid operation through information aggregation and the networking of the entire power system network. At present, virtual power plants are still in their early stages, and their role has not been particularly evident at this stage. It will take some time to scale up the integration of resources.   Q So, in the medium to long term, how do we ensure the resilience and redundancy of our power grid? Can we discuss this in conjunction with the respective roles of photovoltaic, wind power, thermal power, and nuclear power generation within the power grid?   Xu Biao   Executive Director, Greater China, Frost & Sullivan     Grid resilience refers to the entire power grid system's ability to respond to extreme events, especially natural disasters or sudden incidents that threaten the operation of the entire grid—how it can restore the safe operation of the entire grid in a short period. Enhancing grid resilience is actually a very complex systematic project. It requires efforts in multiple aspects, whether it's cross-regional grid coordination, the construction of the entire backbone grid, strengthening power generation-side coordination, optimizing grid-side coordination, or what has been frequently mentioned recently - energy storage. Only by developing in multiple directions can we continuously improve the resilience of the entire grid. You just mentioned the concept of 'redundancy'. Globally, China's power system has a relatively large margin for overall equipment redundancy. In comparison, the stability and security of our power system are very leading in the world—of course, redundancy also needs to balance economic considerations. In the medium to long term, we need to strengthen the resilience and security of the entire power grid, including the issue of different power sources that you just mentioned.   At present, photovoltaics and wind power are the most important and fastest-growing sectors in achieving the dual carbon path. Judging from last year's situation, wind power generation should account for the national 8% Left and right, photovoltaics 4% Overall, their green environmental protection advantages are unquestionable; compared to wind power, photovoltaics offer greater flexibility in deployment. The construction cycle of wind and solar power is much faster than that of large-scale thermal and nuclear power plants, which is where they have an advantage. Of course, they are also limited by certain factors, such as the impact of regional natural resources. Photovoltaics correspond to sunlight environments, while wind power corresponds to wind energy resources, which can have a significant impact on them; these characteristics also lead to unstable supply. Currently, there is ongoing discussion about the impact of new energy on the power grid, which is another limitation. However, overall, whether in terms of installed capacity or the growth rate as a whole, China leads the world in photovoltaics and wind power. At the same time, looking at the entire industrial chain, such as the production of photovoltaic modules and silicon wafers, as well as wind turbine manufacturing, China's system is very complete and robust.   The future development of the wind power and photovoltaic industries is beyond doubt and will also be one of the most important links in our new energy sector. Q You just mentioned the manufacturing process of photovoltaics. Many of the enterprises affected by the power outage in Sichuan this time are part of the photovoltaic manufacturing industry chain. Much silicon material is produced in Sichuan, which consumes a lot of electricity. The relatively cheap electricity price in Sichuan has attracted industries to gather here. In fact, Xinjiang also has similar characteristics.   Xu Biao   Executive Director, Greater China, Frost & Sullivan Yes, this is the impact of electricity costs on industries, and it is also why high-energy-consuming enterprises in fields such as photovoltaics tend to settle in places with abundant new energy generation and relatively cheaper electricity prices in the northwest and southwest regions. In connection with the phenomenon of 'wind and solar curtailment,' in fact, many power resources are consumed locally, which is more efficient than dispatching them over long distances using ultra-high voltage transmission. Including current data centers, supercomputing centers, and so on, this new type of digital infrastructure also reveals its impact on the power grid system. This year 2 In the month, the country's 'East Data West Computing' project was officially launched on a full scale. From the overall planning, we can see that many hubs are located in the northwest regions of Ningxia and Gansu.   These developments are promoting the integration of the entire power grid, energy infrastructure, and digital infrastructure. Especially in conjunction with our country's regional-based system planning, through new energy generation, energy storage, and large-scale power supply methods, as well as the construction of data centers and supercomputing centers, it is possible to better promote local consumption of renewable energy. From the perspective of overall grid balance, this is actually quite beneficial. Q Does 'grid balance' refer to loads such as data centers that are more resilient?   Xu Biao   Executive Director, Greater China, Frost & Sullivan     Data centers and supercomputing centers generally require the configuration of backup power supplies, which are essentially a type of energy storage device. With the provision of energy storage, it can effectively offset fluctuations in load and power generation from new energy sources, ensuring a relatively smooth and stable power supply. Data centers cannot be powered off; in terms of energy storage, uninterruptible power supplies (UPS) Uninterruptible power supply , UPS ) is a must-have.   Q Speaking of energy storage, could you briefly describe different types of energy storage?   Xu Biao   Executive Director, Greater China, Frost & Sullivan     Considering the current situation and economy in Sichuan, hydropower generation is the most economical. Although there are many hydropower stations in Sichuan, most of them are run-of-river stations that do not rely on reservoir regulation. They mainly depend on rivers. According to the latest plan, Sichuan Province is currently planning and constructing large-scale pumped storage power stations during the 14th Five-Year Plan period. This is conducive to providing greater flexibility in response to extreme situations, but the related investment is very substantial. The capacity of pumped storage can be larger, and the principle is quite simple. When there is surplus electricity, water is pumped to high elevations to store energy, which can then be released to generate electricity when needed. There are certain processes involved in this process. 30%-40% energy loss. Currently, the capital market is more likely to discuss electrochemical energy storage, which relies on the rapidly developing lithium battery industry. Overall, it is driven by the development of electric vehicles. Now many people have started discussing the issue of future battery gradient utilization, with energy storage being a relatively good application scenario. When automotive power batteries degrade and may no longer be suitable for use as power sources, they will be phased out for gradient utilization.   From a market perspective, large-scale pumped storage projects are mainly targeted at the domestic market; the commercialization of electrochemical energy storage products has reached a high level. Globally, the lithium battery industry chain is basically in China, with a significant export volume overseas. There are many related concepts in the market that attract attention.   It is worth mentioning household new energy, which is a scenario that is still relatively rare in China but quite common in Europe and America, especially photovoltaics. + domestic + There are many manufacturers in China producing energy storage products, and their main market is overseas.   Q Starting from the impacts brought about by this extreme heatwave, and considering the current situation of our power grid construction. Looking ahead, what issues need our attention? Xu Biao Executive Director, Greater China, Frost & Sullivan In summary, the power shortage caused by extreme high temperatures in Sichuan this time will definitely be gradually resolved—just as the more severe situations such as power rationing and production suspensions that occurred in the south last year were later resolved.   The entire event has brought everyone back to focusing on the direction of grid intelligence. In terms of the digital upgrade of the power grid itself, it covers many aspects, such as intelligent perception and allocation from the generation side to the consumption side, which also requires participation from all sectors of the industrial chain. In addition to these technical changes, there is another equally important aspect related to the mechanism of our power operation. Whether it is market-based trading or power distribution, there is room for improvement. Sichuan used to be a hydropower base, with many hydropower resources undertaking the important strategic task of transporting electricity from the west to the east—indeed, in terms of power generation within the province, supplying the internal demand should OK However, power generation is planned, and electricity that should have been sent to other provinces according to the plan cannot be stopped just because there is a shortage within the province. Is it possible that this plan will further establish a more flexible allocation mechanism in the future, allowing for more real-time adjustments to power generation plans? These are longer-term development goals.   * This article is reprinted from Observer Network. , Interview with Zhou Yuanfang, Editor Zhou Yi , Original title: Xu Biao: Is the power shortage in China's major hydropower province being compensated for by thermal power? ? ">

8 month 17 On the morning of the same day, the National Health Commission held a press conference regarding the 'Guiding Opinions on Further Improving and Implementing Active Fertility Support Measures' (hereinafter referred to as the 'Opinions'). 8 month 16 Compiled by the National Health Commission, National Development and Reform Commission, etc. 17 The department has issued a notice to promote the in-depth implementation of the policy allowing a couple to have three children. The 'Opinions' mention the gradual inclusion of assisted reproductive projects into medical insurance coverage. What aspects will this actually have an impact on the assisted reproductive industry? What are the main pain points for domestic assisted reproductive enterprises at present, and which companies are deploying in the assisted reproductive business sector?   Frost & Sullivan Frost & Sullivan, Li Qian, Consulting Director for Healthcare in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by the Economic Observer.     Jointly explore the impacts that the 'Opinions' will have on the assisted reproductive service market . Economic Observer 8 month 17 On the morning of the same day, the National Health Commission held a press conference regarding the 'Guiding Opinions on Further Improving and Implementing Active Fertility Support Measures' (hereinafter referred to as the 'Opinions'). 8 month 16 Compiled by the National Health Commission, National Development and Reform Commission, etc. 17 The department has issued a notice to promote the in-depth implementation of the policy allowing a couple to have three children. The Opinions aim to improve the maternity leave and benefits guarantee mechanism, strengthen supportive measures such as housing and taxation, and build a friendly employment environment for families with children. 7 In one aspect, it proposes to improve and implement proactive fertility support measures in finance, taxation, insurance, education, housing, employment, etc. 20 Specific measures. The 'Opinions' clearly propose to strengthen reproductive health services. Expand the pilot program for labor analgesia, standardize related diagnosis and treatment practices, and improve the level of labor analgesia. Guide and promote medical institutions to provide targeted services to the public through means such as health education, psychological counseling, traditional Chinese medicine services, drug therapy, surgical treatment, and assisted reproductive technology, in order to improve the prevention and treatment level of infertility. Promote the construction of the assisted reproductive technology system, improve the quality control network, and strengthen service monitoring and information management. Regarding the improvement of social insurance systems related to maternity insurance, the 'Opinions' state that localities will be guided to comprehensively consider factors such as the affordability of medical insurance (including maternity insurance) funds and relevant technical standardization, and gradually include appropriate childbirth analgesia and assisted reproductive technology programs within the fund payment scope according to procedures.   Li Qian, Senior Consulting Director of Frost & Sullivan's Healthcare Industry, told ECONOMIC OBSERVATIONS that the measures in the 'Opinions' to gradually include assisted reproductive programs within medical insurance coverage further improve the medical security level for infertile patients, effectively reducing their economic burden and increasing the accessibility of assisted reproductive services. This will boost the rapid rise in the penetration rate of assisted reproductive services in China, promote the healthy development of the assisted reproductive industry, and the market is expected to enter a period of rapid development. Affected by this news, today A Third-child shares and concept stocks related to assisted reproduction are active. As of close, Weichuang Technology Co., Ltd. and Hanshang Group Co., Ltd. hit the daily limit up, while Adopt Technology Co., Ltd. rose more than 7% Changhong Technology rose more than 6% Tai'an Hall, Sichuang Co., Ltd., Changchun High-tech Group Co., Ltd., etc. rose more than 3% . wind Data shows that currently A Among the listed companies, there are a total of 22 Home, our business covers infertility treatment, assisted reproductive genetic technology, assisted reproductive medical services, progesterone drugs, etc. "   Li Qian stated that due to factors such as technical limitations, the production of upstream testing reagents, drugs, and medical devices in China's entire assisted reproductive industry is still mainly carried out by foreign companies. Domestic enterprises have not yet occupied a significant proportion of the market share. Currently, companies such as Desheng Biotech, BGI Genomics, KingMed, and AnnoUda are accelerating their layout in related fields. According to her introduction, the market supervision of assisted reproductive services in China is strict. Due to factors such as scarce licenses, high approval difficulty, and uneven distribution of medical resources, the downstream of China's assisted reproductive industry is basically controlled by state-owned hospitals and multinational pharmaceutical companies. The entry threshold for the industry is high, with related enterprises including Jin Xin Reproductive Medicine. Galaxy Securities also pointed out that the penetration rate of China's assisted reproductive market is relatively low, leaving ample room for improvement. 2018 In China, there were approximately 56.8 Only a fraction of the total number of patients (10,000) received assisted reproductive services in that year 4780 One in ten infertile couples 1.2% In the future, with deeper understanding of assisted reproductive technology, increased per capita disposable income, and the relaxation of policies encouraging childbirth, the penetration rate of assisted reproduction in China is expected to continue to rise. Before this article was published, many regions had already attempted to promote the inclusion of assisted reproduction in medical insurance reimbursement. This year 2 In January, Beijing planned to 16 Assisted reproductive technology has been included in Class A medical insurance reimbursement, but it was later announced that implementation will be postponed. Provinces such as Zhejiang have also stated that they will actively promote the inclusion of assisted reproduction in medical insurance, although this has not yet been implemented. "   According to Li Qian's analysis, the prices of assisted reproductive services are expensive, and at the same time, there is a high demand for these services. Therefore, including assisted reproductive programs in medical insurance may lead to a surge in medical insurance fund expenditures, which could pose challenges to local medical insurance funds. Continuing challenges affect the stable operation of medical insurance funds, necessitating careful consideration in combination with the local medical insurance fund's operational conditions regarding the types of assisted reproductive technology projects to be included in medical insurance, as well as their payment scope and level. Ping An Securities stated in their latest research report that higher prices have deterred some middle- and low-income individuals from participating in assisted reproductive programs, resulting in a slower rate of penetration. The state attaches importance to the decline in fertility rates, and some assisted reproductive programs are expected to be accelerated into medical insurance coverage. With future inclusion of assisted reproductive programs in medical insurance, it will improve patient accessibility and is expected to drive a rapid release of demand on the supply side, thereby promoting industry development.   * This article is reprinted from Economic Observer.   Reporter Yu Shiqi   ,    Original title:    17 The department has issued documents to improve and implement proactive measures for supporting fertility, including the inclusion of assisted reproduction in medical insurance. 'Further progress' is expected.    ">

  8 month 22 Today, Lianyin Medical ( 688271 Log in to the Sci-Tech Innovation Board, IPO listing The stock price soared by more than 70% The closing increase was nearly 65% The market value is close to 1,500 RMB 10 billion. What are the advantages and disadvantages of United Imaging listing in today's market environment? What impact will its listing have on the overall medical capital market? Which segments of China's medical device industry are worth investing in?   Frost & Sullivan Frost & Sullivan, Jiang Tengfei, Senior Consulting Director of the Healthcare Team at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by CBN.     Jointly explore the impacts brought about by the listing of United Imaging Healthcare on the Sci-tech Innovation Board     . CBN 8 month 22 Today, United Imaging Healthcare ( 688271 Log in to the Sci-tech Innovation Board, IPO listing The stock price soared by more than 70% The closing increase was nearly 65% The market value is close to 1500 RMB 10 billion. currently A Among medical device companies listed on the stock market, Mindray Medical has the highest valuation 300760 ), 8 month 22 On the day, the stock price of Mindray Medical soared by more than 4% , with a market value exceeding 3650 RMB 10 billion. In comparison, the current market values of multinational medical imaging giants Siemens Healthineers and Philips, converted into RMB, are approximately 3800 yuan 1100 Yuan billion. After the listing of IMAX, its market value has surpassed that of Philips, and the market value of companies such as Mindray Medical is now on par with Siemens Medical. Is the market value of 100 billion overestimated? Among the first batch of listed medical device companies on the Sci-tech Innovation Board, there are Mindray Medical ( 688016 ) and Nanweime Medical ( 688029 However, on the day of listing, Nanwe Medicine fell by more than 4% , and Xinmai Medical's decline also exceeded 3% The stock price of Xinmai Medical hit last year 456 After the high digit of the yuan, the current stock price has fallen by about two-thirds, and the market value is approximately 100 RMB 20 billion; the stock price of Nanweimedicine has also risen from last year 222 The high of the yuan has dropped to the current level 80 Around RMB yuan about. Even though corporate stock prices have halved, there have been continuous listings on the Sci-tech Innovation Board recently. In addition to United Imaging, last month, MicroPort Neurosurgery Medical Devices successfully applied for listing registration on the Sci-tech Innovation Board, marking the birth of the fifth listed company in the MicroPort group.   Jiang Tengfei, Senior Consulting Director of the Healthcare Team at Frost & Sullivan Greater China, told CBN that: 'Since the beginning of this year, A The overall performance of the capital markets for stocks and Hong Kong stocks is average, lacking in the listing of high-quality star devices. The performance of new shares has also been dragged down. From recent market feedback, the probability of high-priced stocks breaking below their par is greater. In the overall weak environment of the medical capital market, the performance of United Imaging on its listing day exceeded many investors' expectations. According to United Imaging's performance in the past year 18 A profit expectation of hundreds of millions, with a price-earnings ratio exceeding 80 times. Regarding the hundreds of billions in market value of United Imaging Healthcare, a senior expert in the medical device field told CBN reporters: 'It is definitely a good thing for the healthcare industry that China can emerge with a super enterprise in medical imaging equipment. However, market value does not represent competitiveness. To win the market, one must compete on all aspects such as research and development and distribution channels.' As a medical imaging equipment giant that had just developed ten years ago, United Imaging has shortened the decades-long R&D process of multinational giants to just a few years. Take angiography equipment as an example; since it involves invasive surgery, such equipment has very high requirements for clinical safety and effectiveness. Currently on the market GPS The development and iteration of the product generally went through 30 annual cycle. And IMAX's DSA The development of the device has only taken a few years, according to the joint prospectus of IMAX, DSA Registration of the product is expected to be completed in the near future. With its ultra-fast R & D speed, IMAX Holdings, including CT Medical imaging equipment, including magnetic resonance imaging (MRI), has rapidly entered major tertiary hospitals in China. Over the past few years, it has replaced a number of markets that were previously tightly controlled by multinational giants. An analyst from a medical device industry institution cited data to CBN reporters, stating that United Imaging, as a top domestic manufacturer of high-end medical imaging equipment, has achieved nearly 10% Import substitution, with its main production equipment being CT Large imaging equipment such as magnetic resonance imaging (MRI) is a fundamental need for the national healthcare system in China, with enormous market potential. However, after analyzing the financial data of United Imaging, an industry insider told CBN reporters: 'United Imaging's profits are significantly lower than those of foreign peers, and in terms of profit margin, there is still a long way to go before it can reach the level of high-end manufacturing.' 2020 year 2021 In [year], the net profits of United Imaging were 9.37 yuan, April 14 yuan; in contrast, Siemens Healthineers is at 2022 The pre-tax profit for the first quarter of the year reached approximately 10 billion dollars. "The long-term development trend of domestic medical imaging equipment is undoubtedly positive, but achieving true domestic substitution faces significant short-term challenges," said the industry insider to CBN reporters. A person from a medical equipment manufacturer told CBN that although United Imaging's localization speed is very fast, it still highly relies on imports for some key components such as spherical tubes and flat panel detectors. According to research data released by a certain institution to CBN reporters, multinational companies still account for a significant proportion in the current domestic mid- to high-end medical imaging equipment. 80%-90% market share. For example 3.0T Nuclear magnetic resonance equipment, which is still controlled by multinational manufacturers 95% market "In the future, there may still be domestic substitution." 30% The market share on both the left and right sides, considering that large-scale imaging equipment requires substantial capital investment and research and development, does not allow for the emergence of a new behemoth in the short term. Therefore, United Imaging and Neusoft are direct beneficiaries of the domestic substitution of large-scale imaging equipment." Relevant analysts pointed out to CBN reporters. The aforementioned individuals also stated that in the future, the proportion of overseas revenue of Chinese enterprises will continue to increase. United Imaging 2021 The proportion of overseas market revenue in the annual total is about 7.2% There is still significant room for improvement in internationalization. GPS How to deal with it? For a long time, multinational medical imaging giant GPS （ GE Philips, Siemens) can 'make money lying down' in the Chinese market due to their technological accumulation. However, with the emergence of super medical device companies like United Imaging, the era when foreign companies could 'lie back and win' is gone forever. this year 6 In January, Siemens Healthineers China announced a new localized strategy called 'National Intelligence Innovation', stating that it will deeply participate in the construction of 'Healthy China' as a 'Chinese company' by 'promoting the localization of the entire product line', 'further innovating and developing based on Chinese market demands', and 'upgrading local business models'. Tao Lin, member of the Siemens Healthcare Board and President of Siemens Healthcare Asia-Pacific ( Elisabeth Staudinger In an interview with a reporter from CBN, the executive once said: 'China has always been of significant strategic importance to Siemens Medical. China has huge commercial potential and a unique market environment. We are also trying to understand how to better adapt to the needs of the Chinese market.' Siemens HealthCare has a vast production network globally. Shanghai and Shenzhen are two very important manufacturing bases for Siemens HealthCare in China, as well as key export hubs. Wang Hao, President of Siemens HealthCare Greater China, told CBN that the localization rate of the supply chain in products produced by Siemens HealthCare in China has reached 80% . Wang Hao revealed that Siemens Medical will gradually promote the localization of production across its entire product line, driving the transformation and upgrading of the local industrial chain. Building on the existing domestic capabilities, the new high-end 3T Magnetic resonance systems and high-end flagship ultrasound systems have gradually achieved local production. In the second half of this year, the company will also launch a new generation of dual-source systems in the Chinese market. CT , 5G New domestic products such as magnetic resonance imaging. "In fact, in the healthcare industry, it is difficult to completely separate local and multinational enterprises, as well as domestic and imported technologies," an industry insider told CBN reporters. "Looking at medical imaging products, over the past decade, multinational companies have continuously introduced technology and personnel into the Chinese market. For multinational companies, GPS Several companies have established production lines very early in China, driving industrial clusters upstream and downstream. The maturity of the industrial chain has in turn laid a foundation for the growth of domestic enterprises. From the domestic market perspective, in the future, in addition to the high-end medical imaging sector, the field of high-end surgical instruments such as surgical robots will also become a battleground for local manufacturers and multinational giants. "   Jiang Tengfei from Frost & Sullivan told CBN reporters: 'In terms of professional surgical instruments, domestic substitution has long lacked competitiveness in high-end surgical instruments. In recent years, a number of domestic brands with independent intellectual property rights have emerged, such as endoscopes.' / Orthopedic surgical robots. How these companies will develop in the future is worthy of attention. In addition, precision and intelligence will also become important development directions for medical imaging, with local enterprises having a certain market for domestic substitution. For example, the China Cardiovascular Doctors Innovation Club ( CCI A 'White Paper on Innovation in China's Cardiovascular Medical Device Industry ( 2021 It is mentioned in the document that as one of the most important means for clinical information acquisition, the integration of cardiovascular imaging technologies and the empowerment by artificial intelligence are future directions. Currently, multinational enterprises have already taken certain advantages in molecular imaging, multimodal imaging, and other areas. Domestic products still have a certain gap compared to the top international technologies. In response to this, CCI Li Chenguang, Deputy Secretary-General and Associate Professor of Cardiology at Zhongshan Hospital Affiliated to Fudan University, told CBN reporters: 'Compared with those that started earlier Foreign giants, along with domestic innovative products, are also rapidly catching up. In some areas, such as those based on imaging FFR (coronary artery flow reserve fraction), CT-FFR In terms of aspects such as curves, there is a trend of overtaking."   * This article is reprinted from 'CBN'.   Reporter   Qian Tongxin    ,    Original title:    United Imaging IPO listing Market value exceeds Philips, GPS How to deal with it?    ">   Frost & Sullivan Insight & Extended Readings Q What are the advantages and disadvantages for United Imaging to go public under the current market environment? A : United Imaging Healthcare is positioned in the high-end medical imaging equipment market, enjoying the star effect of having a domestic brand in the high-end medical device market. IPO listing The sprint towards the Sci-tech Innovation Board (STAR Market) is of benchmark significance. It will have a demonstrative effect on high-end medical equipment manufacturing enterprises, attracting more innovative medical device companies to gather around the STAR Market. Q Which sub-sectors of China's medical device industry are worth investing in? A : There are two sub-sectors worthy of attention. One is professional surgical instruments, which have long lacked competitiveness in the field of high-end surgical equipment due to domestic substitution. In recent years, a number of domestic brands with independent intellectual property rights have emerged and deserve capital investment, such as laparoscopes. / Orthopedic surgical robots, minimally invasive glaucoma surgery MIGS The other category includes ophthalmic drainage devices in the ( ) market. Another type is medical devices for consumption upgrading, such as rehabilitation medical devices. Q What impact does the listing of United Imaging have on the overall medical capital market? A : 2022 over the past year, A The overall performance of the capital markets for stocks and Hong Kong stocks is average, lacking in the listing of high-quality star devices. The performance of new shares has also been dragged down. From recent market feedback, there is a greater probability that high-priced stocks will fail to break even. Looking at the issuance situation of United Imaging Healthcare this time, the company's quality is relatively good, with an obvious higher issue price-earnings ratio than the industry average, which has had a significant boosting effect on the recent capital market.

8 month 16 On the same day, the State Administration for Market Regulation issued a notice soliciting public opinions on the "Guidelines for the Standardized Operation of Blind Box Business Activities (Trial) (Draft for Comment)". This notice sets clear regulatory requirements regarding the categories of blind box sales, forms of sale, selling prices, and drawing probabilities. Especially in terms of selling prices, Article 7 of the notice clearly states that "blind box operators should reasonably determine the price of blind boxes based on production and operating costs and market supply and demand conditions. Blind box operators providing goods or services should clearly mark prices and shall not sell goods at prices higher than the marked prices, nor engage in illegal activities such as non-compliant marking of prices, price gouging, or price fraud." What impact will the new regulatory guidelines have on the industry? How will leading companies respond?   Frost & Sullivan Frost & Sullivan, Zhu Yiming, Executive Director of Frost & Sullivan Greater China, was interviewed by Shanghai Securities News.     Jointly explore the impact of new regulations on the blind box industry     . Shanghai Securities News The blind box industry has seen new regulations. Recently, the State Administration for Market Regulation issued a notice soliciting public opinions on the "Guidelines for Blind Box Business Operations (Trial) (Draft for Comment)". What impact will this have on the industry? How will leading companies respond? In response to some market concerns, reporters from Shanghai Securities News interviewed Popomart and several relevant experts in a timely manner. The blind box industry will have national regulatory guidelines. Judging from the draft for soliciting opinions, this regulatory guideline has made clear regulations on aspects such as the types of blind boxes, pricing, drawing probabilities, and even the protection of minors.   Popcorn Mart responded to reporters by stating that blind box sales are a popular form of marketing in the toy industry, and the introduction of standardized guidelines will promote the healthy development of the industry. Providing clear guidance at the regulatory level allows companies operating in accordance with regulations to have a clearer direction for development, which is conducive to creating a better business environment. "Currently, it is a consultation phase, and we will also actively communicate with relevant departments, offer suggestions, and believe that the industry can become more standardized under regulatory guidance, achieving healthy and orderly development and further promoting the growth and expansion of Chinese toy culture," said a company representative. "Regarding the regulatory guidelines for the blind box industry, Shanghai's market supervision department has previously issued a local guideline. This guideline is issued at the national market supervision level." Guo Weihong, deputy director of Yingke Network's Data Security Compliance Center, told reporters that the current regulatory guidelines are still in the form of a draft for soliciting opinions. Once officially released, the blind box sector will have a policy foundation nationwide, and localities can directly follow these guidelines to regulate and guide the blind box market without special circumstances. Guo Weihong believes that the regulatory guidelines are based on multiple superior laws, and therefore, any behavior that violates these guidelines can be punished and regulated by the relevant superior laws. This is of great significance for clarifying the red lines for industry development. 'Previously, there were participants in the market who used the guise of 'blind boxes' to conceal their illegal business purposes, disrupting the entire market order. Regulatory guidelines can help enterprises that truly focus on blind boxes to carry out compliant operations under legal regulation.' Regarding the price-related terms that have attracted much market attention, Guo Weihong believes that this national guideline has been significantly adjusted and optimized compared to Shanghai's regional policies. 'The relevant terms actually impose constraints on two scenarios, one of which is the price increase for blind box products sold as regular boxes.' Guo Weihong pointed out that previously, many merchants... While launching the blind box, a clear box version of the same product was also provided, with the latter selling at a significantly higher price than the former. 'The same item becoming a means of price gouging through blind boxes is definitely not encouraged by regulatory guidance.' "Previously, some merchants might use blind box methods to sell products. The original price of the product could be only one or two thousand yuan, but after being packaged into blind boxes, the selling price became five or six thousand yuan," Guo Weihong explained. This behavior, where there is a significant gap between the original price and the selling price, may now constitute price gouging or price fraud under new regulations. "It is recommended that the value of blind box products should not be significantly lower than their selling price."   The threshold has risen, accelerating liquidation.     "The concept of blind boxes was first introduced by Bubble Mart, a leading domestic pop culture company, and has since become popular among young people." Zhu Yiming, Executive Director at Frost & Sullivan, believes that, 2019 The year is known as the inaugural year of blind box games in China. With the popularity of blind box craze gaming, this form has been emulated by more and more industries, 'some of which use the guise of blind boxes to engage in deception against consumers'.   The reporter noticed that in recent years, various merchants have frequently launched blind box concept campaigns, selling out inventory to consumers through forms such as lucky bags and large gift packages. "Especially at the end of each season, using one or two very expensive bestsellers as bait actually means that most gift packages contain unsold inventory," an e-commerce professional told reporters. Previously, a large amount of gift package content on the market was completely disproportionate to its price. Once these methods are abused, consumers' rights and interests are violated. " "The standard guidelines will undoubtedly raise the entry threshold for the industry." Zhu Yiming believes that against this backdrop, blind boxes may break free from becoming a marketing tool. "For example, stipulating requirements for the type of blind box and the probability of drawing procedures will increase the cost for entrants. Coupled with profit restrictions, it will accelerate the liquidation of smaller, less regulated firms at the tail end, and industry concentration will rise."   "The specification guidelines have made clear norms for many processes in the industry, which is very important." Cheng Qi, a senior analyst on consumer industries at LeadLeo Research Institute, believes that the draft for soliciting opinions has clearly put forward norms for the blind box secondary market, requiring no hoarding or speculation. This is particularly important for the healthy operation of the blind box market.   "Artificial hype and hunger marketing are common tactics used by many irregular small manufacturers in the current market," Cheng Qi said. In the long run, the release of the draft for soliciting opinions is a boon for leading companies in the industry. Well, 'it is conducive to the operational development of leading enterprises and accelerates the liquidation of operators who rely on speculation for profit.' Regarding PopMart, a company closely related to the market that has received attention, a person close to the company told reporters that the new regulations aim to manage disorderly behavior in the industry. 'For leading companies like PopMart, operations will not be greatly affected.' "Overall, the regulatory guidelines focus on issues related to pricing and sales. For leading enterprises, non-compliance is still relatively rare." Guo Weihong believes that as a marketing tool, the price of blind boxes will inevitably have a certain gap compared to the value of the goods themselves. How to control this gap has become a key focus of future industry supervision. The regulatory guidelines need to balance consumer rights and interests with business operations.   * This article is reprinted from 'Shanghai Securities News'.   Reporter   Luo Maolin    ,    Original title:    The blind box industry is facing new regulations, and plugging marketing loopholes has become key.    ">