This year, listed companies have shown a high enthusiasm for repurchasing shares, mostly for employee stock ownership plans or equity incentives. As of 8 month 4 day, as of 8 month 4 Today, within the year 878 home A The number of listed companies repurchasing shares increased year-on-year 23% ; The total repurchase amount reached 678 Yuan billion, a decrease year-on-year. What are the main purposes of listed companies actively repurchasing shares? Why has the number of participants increased significantly this year? Why has the number of companies on the Sci-tech Innovation Board and strategic emerging industries that have started repurchasing surged this year? What are the reasons why companies on the main board that are repurchasing stocks mainly focus on major industries such as pharmaceuticals, biotechnology, electronics, and computers? Frost & Sullivan Frost & Sullivan, Lu Jing, Partner and Managing Director of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the reasons behind the high enthusiasm of listed companies in the repurchase market for shares. Securities Daily Since the beginning of this year, A The enthusiasm for share repurchases among listed companies is high. 8 month 3 Yesterday, Kailaiying issued an announcement proposing to invest 4 Yuan to 8 The company has repurchased hundreds of millions of yuan worth of shares, which will mainly be used for subsequent equity incentives. According to wind Information data statistics, as of 8 month 4 Today, within the year 878 home A The number of listed companies repurchasing shares increased year-on-year 23% ; The total repurchase amount reached 678 Yuan billion (Note: The repurchase amounts mentioned in the text refer to the completed portion), which has decreased compared with the same period last year. The reporter from Securities Daily further sorted out and found that compared with previous years, this year's repurchase market has shown a new feature: strategic emerging industry companies have emerged in large numbers, with a year-on-year increase exceeding 7 Multiples. This reflects the accelerating expansion of companies listed on the Sci-tech Innovation Board and Beijing Stock Exchange, as well as the importance placed by these companies on a stable management team and core talents. Strategic emerging industry companies have a strong willingness to repurchase Same period last year 2021 year 1 month 1 day after tomorrow 8 month 4 On the same day, Gree Electric Appliance and Midea Group repurchased shares respectively for a total amount of 169 yuan, 123 Yuan billion, in total 292 yuan, accounting for the total current period 33% In comparison, this year's repurchases were mostly concentrated in the '1 billion yuan level'. wind Information data shows that this year's repurchase amount exceeded 10 Companies worth hundreds of millions 9 The total repurchase amount at home reached 145 Yuan, with year-on-year increases in both quantity and amount of 50% and 20% . "The reason for the significant increase in the number of companies implementing share repurchases this year is due to adjustments in stock prices in the secondary market. Affected by both internal and external environmental factors, A The overall performance of the stock market has been relatively weak. When companies are confident in their fundamentals and future development, and have sufficient cash, more enterprises are willing to send a positive signal to the market by repurchasing shares for equity incentives, thereby stabilizing stock prices. 'Frost & Sullivan's Greater China Partner and Managing Director Lu Jing told the Securities Daily reporter. Another notable feature of this year's stock repurchase market is the rapid rise of companies in strategic emerging industries. According to wind Information data shows that since the beginning of this year, there have been a total of 93 Home, compared with the same period last year 11 Home, with year-on-year growth reaching 745% Looking at industries, the new generation of information technology 39 home), biology 17 Home), high-end equipment manufacturing industry 15 The number of industrial companies in the home region ranks among the top; looking at sectors, as mentioned above 93 The company is mainly focused on the Sci-tech Innovation Board ( 63 Home) and Beijing Stock Exchange ( 18 Home), with the combined proportion 87% . Correspondingly, the number of companies on the Sci-tech Innovation Board and Beijing Stock Exchange implementing share repurchases has increased rapidly. Relevant data shows that the above 878 In the company, 63 The company is a STAR Market company, with year-on-year growth. 688% ; Last year 11 After the Beijing Stock Exchange opened on that month, there were also within-year transactions 18 A company listed on the Beijing Stock Exchange has put in real money to repurchase shares. Lu Jing analyzed that according to the new regulatory rules issued by the Shanghai Stock Exchange this year, listed companies are allowed to use excess funds raised through public offerings to repurchase shares, which has broadened the sources of funds for corporate share repurchases and has been favored by more companies on the Sci-Tech Innovation Board and strategic emerging industries. "The Sci-tech Innovation Board and the Beijing Stock Exchange represent more strategic emerging industries. Currently, sci-tech innovation companies are in a stage of rapid development, and having a stable management team and outstanding talents is crucial for the long-term and stable development of the enterprise. Therefore, most companies choose to retain talent through methods such as share buybacks for equity incentives." Wang Weijia, General Manager of Beijing Sunshine Tianhong Asset Management Company, told the Securities Daily reporter. Zhou Yunan, founder of Beijing Nanshan Investment, told reporters that repurchasing shares for the implementation of an equity incentive plan is conducive to improving the company's corporate governance structure, establishing and improving a long-term incentive and restraint mechanism, attracting and retaining outstanding talents, fully mobilizing the work enthusiasm of the core team, enhancing the company's core competitiveness, and increasing the overall value of the company. Mainboard companies remain the main force in repurchases Meanwhile, this year's repurchase market has continued the two main characteristics of previous years: Main board companies still serve as the main force, and the repurchasing companies are still highly concentrated in the three industries of pharmaceutical biology, electronics, and computers. wind Information data shows that since the beginning of this year, looking at different sectors 586 Amount of repurchase by the motherboard company 552 yuan, with the respective proportions of quantity and scale being 67% and 81% They occupy an absolute leading position; from an industry perspective, companies implementing share repurchases are mainly concentrated in the pharmaceutical and biotechnology sectors ( 108 Home), Electronics 98 home), computer 89 Three major industries in (home), totaling 295 Home, accounting for the total 34% . Lu Jing analyzed that listed companies usually consider two of the most important factors when deciding whether to initiate share repurchases: one is the performance of the company's stock price in the secondary market, and the other is whether the company has sufficient cash flow. Relatively lower stock price performance drives outstanding main board enterprises to initiate repurchases, thereby sending a signal to investors that they are confident about the company's future development. Lu Jing further stated that from the perspective of cash flow, main board enterprises are usually larger in scale and volume. Excellent companies are not affected by depressed stock prices and have sufficient cash flow to provide a basic condition for share repurchases. Therefore, main board enterprises remain the main force behind share repurchases. Wang Weijia stated that in the past year, there has been a significant decline in the pharmaceutical biotechnology, electronics, and computer sectors, with most companies' stock prices at low levels. At the same time, many sub-sectors within these industries possess high technical barriers and typically use equity incentives to maintain the stability of their core teams.   * This article is reprinted from "Securities Daily", reporter    Xing Meng  ,    Original title:    within the year 878 home A The joint-stock company has invested 678 100 million yuan share repurchase Strategic emerging industry companies have a strong willingness to repurchase    "> Frost & Sullivan Insight & Extended Readings   Q :   What are the main purposes for listed companies to actively repurchase shares? A :   Common reasons why listed companies actively repurchase shares include: 1 It conveys a signal to the market that current stock prices are undervalued, and to investors that the company has confidence in its future development, thereby stabilizing stock prices; 2 ) Improve the efficiency of capital use. When a company has sufficient cash and believes that current stock prices are undervalued by the market, it will repurchase outstanding shares through cash to increase earnings per share and return on net assets; 3 ) Implementing equity incentives allows the repurchased shares to serve as a source of shares for the equity incentive plan, granting shares to employees without affecting the rights and interests of the original shareholders; 4 To prevent hostile takeovers, repurchasing shares can reduce the number of shares that hostile acquirers can buy from the secondary market, thereby lowering the risk of a company being acquired maliciously. In addition to the above reasons, repurchasing shares can also serve other purposes, such as adjusting the company's financial leverage. Q Why has the number of companies on the Sci-tech Innovation Board and strategic emerging industries that have initiated repurchases this year surged? A :   The sharp increase in the number of companies on the Sci-tech Innovation Board and strategic emerging industries that have initiated repurchases can be attributed to two main reasons. On the one hand, there is also the stock price performance of the company mentioned earlier in the secondary market. With innovation and technology 50 Take the index as an example, up to this year 7 End of the month, technology innovation 50 The index has risen from the opening day at the beginning of this year 1110.92 How did it fall so much 1088.91 how, 7 The decline for the month exceeded 20% In addition, 2022 The year marks the third anniversary of the opening of the Sci-Tech Innovation Board. With the arrival of the third anniversary, many listed companies have also witnessed a new wave of lifting restrictions on share sales. Around and after this peak, stock prices can fall significantly due to shareholder reductions and negative impacts from internal and external macroeconomic environments. Therefore, in order to boost market confidence, many enterprises choose to repurchase shares. On the other hand, at the beginning of this year, the 'Self-regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange No. 7 The approval for enterprises to use over-raised funds for share repurchase in 'Share Repurchase' has also become one of the important factors. In principle, the funds raised by a company should be used for its main business. For companies listed on the Sci-tech Innovation Board (STAR Market), the relevant raised funds should comply with national industrial policy regulations and be used for innovation in the technology field. However, with the promulgation of new policies allowing the use of over-raised funds for share repurchase, this new model has become more favored by STAR Market companies and strategic emerging industry companies. It helps to boost investor confidence while not significantly increasing the cost of share repurchase for these companies.

since 2020 At the beginning of the year, a sudden COVID-19 pandemic (COVID-19) Rapidly spreading across the country and even globally, businesses had to stop production and offline operations, while physical stores had to suspend their offline business. This had a certain impact on China's real economy, and the lack of offline consumer experience unexpectedly became a driving force for the rise of online 'interactive' live streaming e-commerce.   Frost & Sullivan Frost & Sullivan, He Xin, a consulting analyst at Frost & Sullivan's Greater China region and referred to below as 'Frost & Sullivan', wrote an article for China Cosmetics magazine on the topic of 'Live Streaming E-commerce'. They discussed the future development trends of the live streaming e-commerce industry in the post-pandemic era. China Cosmetics Magazine since 2020 At the beginning of the year, a sudden COVID-19 pandemic (COVID-19) The rapid spread across the country and even globally has forced businesses to suspend operations, physical stores to halt offline operations, and had a certain impact on China's real economy. During the pandemic, people actively responded to the national call for home quarantine, and many physical store merchants also adopted methods such as live streaming sales to bring products online, displaying physical goods in front of viewers through live streaming platforms, explaining product features, performance, and prices to guide potential customers into making purchases. The unexpected loss of offline consumer experience has inadvertently become a driving force behind the rise of online 'interactive' live streaming sales. Live streaming sales can stimulate consumers' latent needs, reduce their decision-making cycle, and significantly improve sales conversion rates compared to traditional e-commerce. If there had not been an outbreak of the pandemic, live streaming sales might still be in their early stages of exploration and growth.   01 Inventory the development history of live streaming e-commerce in the past three years   Taobao Live Broadcast on 2015 year 12 The trial operation started in January, and the format of 'anchor live shopping' was introduced for the first time. 2016 The year marked the beginning of "live e-commerce," and in this year, 4G The network has been completely replaced, supporting 4G Smartphones on the network have also achieved widespread popularization. 2016 year 3 In the month, Mushroom Street officially launched a live streaming entrance; 4 In January, Taobao Live officially went live; in the same year 9 In January, JD.com also followed suit by launching live streaming. Over the following two years, Suning, Douyin, and Amazon also joined the ranks of live streaming e-commerce. For a time, the new e-commerce model led by live streaming was unparalleled in its glory. Hundreds of online live streaming platforms emerged domestically, and the number of live streaming users also grew rapidly, sparking a nationwide craze for live streaming. 2018 Since [start year], live e-commerce has developed rapidly, with short-video giants such as Douyin and Kuaishou also joining the battle for live sales. 2019 Since the beginning of this year, live streaming e-commerce has truly entered a period of concentrated explosive growth. Take Taobao Live Shopping as an example. 2018 The total transaction volume of goods sold through Taobao Live Platform in the year exceeded 1000 Yuan, a nearly year-on-year increase 400% ; until 2019 In [year], the total transaction volume of Taobao live streaming products exceeded 2000 Yuan, with accumulated 4 1000 million users. The development history of live streaming e-commerce over the past three years shows an evolution from single-person live streaming to multi-person live streaming. + Brand E-commerce IP address The status of live streaming going offline. Specifically, it can be divided into three stages:   Phase 1 2019 Year to 2020 In [year], the main revenue source was single live broadcasts by influencers: 2016 A top anchor who entered Taobao Live in 2021 was one of the earliest to launch live shopping on Taobao. The number of viewers for his first live broadcast was minimal. 200 However, it quickly reached a transaction volume of 100 million within just four months with live-streamed sales. 2017 In [year], she even received support from official resources 2500 With a commission of tens of thousands, she has firmly established herself as the queen of Taobao live streaming. 2016 At the end of the year, I was just another leading anchor at the beauty consultant desk in L'Oréal Cosmetics. At L'Oréal Group and Meituan, ONE Outstanding in the jointly organized Taobao Live Project Competition, she became a signed beauty expert under the brand and officially started live streaming. 2018 year 9 Month, he successfully challenged “ 30 The Guinness World Record for "the largest number of people applying lipstick in seconds," has made him the holder of the world record for applying lipstick, and he has since been hailed as the "King of Lipsticks." In the same year during "Double Eleven," Taobao arranged a competition between Jack Ma and him to apply lipstick. Having core Alibaba figures partner with marketing shows how much Taobao values him. On that day, he 5 Sold in minutes 1.5 Ten thousand lipstick shades, instantly becoming a sensation. Subsequently, she gradually opened accounts on social platforms such as Douyin, Rednote, and Kuaishou, leveraging the phrase “ OMG "Rapidly accumulating over [X] million views across the entire network," 5,000 A fan base of tens of thousands. According to data from Southern Finance & Economics, these two leading anchors are in 2020 year 6 month, 12 The monthly sales amount was as high as 225.39 Yihé 139.31 1000 million, accounting for the same period before 10 The top two among the big anchors, compared to the third and fourth place finishers Ximba and Degg 76.13 Yihé 46.4 With a total sales volume of hundreds of millions, it has a leading advantage in the segment. The positions of Live E-commerce's 'sister' and 'brother' are very secure. 2020 The total transaction volume of live e-commerce products exceeded one trillion yuan in the year, with Douyin, Taobao, and Kuaishou standing in a tripartite confrontation.   Phase 2 2020 Year to 2021 year , Begin to form “TikTok Livecasts for Experts + Brand self-play ” dual matrix model: In the post-pandemic era, live e-commerce has developed rapidly. As the live shopping market gradually heats up and consumers develop a habit of watching live shopping, leading anchor accounts and Douyin e-commerce service providers have begun to emerge. DP ) etc.   At this time, brand live broadcasts are represented by domestic beauty products, with well-known brands including Perfect Diary and Hua Xi Zi. After market exploration, brand self-broadcast has become a major force in live streaming sales that competes with Douyin Live. According to 'Taobao Live 2021 Data from the Annual Report show, 2020 In [year], Taobao Live was born 1000 Among live streaming rooms with sales exceeding 100 million, the proportion of merchants' live streaming rooms exceeds 55% slightly higher than the live streaming room for experts. Data source: Taobao Live 2021 Annual Report   Released by Southern Finance & Economics All-media Group 2020 According to the data from the '2023 Annual Live Streaming E-commerce Trend Report', popular categories for live streaming e-commerce are currently concentrated in beauty, clothing, food, etc. The top five categories by sales amount are as follows: women's clothing / Women's Fragrances, Cosmetics / perfume / Cosmetic tools, beauty skincare / Beauty / Essential oils, snacks / nuts / Specialties, cleaning products / sanitary napkin / paper / Incense, total sales amounts are as follows: 233.89 hundred million, 157.91 hundred million, 59.97 hundred million, 37.84 Yihé 33.65 1000 million. Among them, the sales proportion of women's clothing, cosmetics, and beauty skincare products exceeds 72% . It is not difficult to find that the top three categories, whether it is beauty and skincare, women's clothing, or cosmetics, all target female customers as their main consumer group. Considering that female consumers usually also play the role of household spenders, Therefore, the entry of snack specialties and daily necessities for personal care into popular shopping categories is also driven by female consumers. The reason why beauty and fashion are popular is that they offer a high margin space, making them more favored during the live streaming anchor product selection process. Food and daily necessities, on the other hand, are standard products with low unit prices and high repurchase rates, which better adapt to the randomness and impulsive consumption characteristics of live streaming sales. The mainstreaming of live streaming beauty and skincare sales not only manifests in sales figures but also in total sales volume. The report data shows that, 2020 year 6 — 12 Among the top ten brands in terms of monthly total sales, Hua Xi Shi and Perfect Diary, which have already started their own brand live streaming e-commerce initiatives, rank at the top two, with total sales exceeding 1180 Ten Thousand Orders and 983 Ten thousand orders, the combined total sales of the two brands account for [X]% of the top ten brands' total sales 44.7% Seize the domestic beauty market first. Beauty and skincare brands such as New York New York, L'Oréal, Lancôme, and Shiseido have also made it into the top ten. The beauty and skincare category has truly accounted for a large portion of live streaming sales. Source: 2020 Annual Live Streaming E-commerce Trend Report Source: 2020 Annual Live Streaming E-commerce Trend Report In terms of consumers' preferences for live e-commerce shopping categories, according to the China Consumers Association 2020 Data from the 'Online Survey Report on Consumer Satisfaction with Live E-commerce Shopping' released annually show that respondents' preference for live beauty shopping also validates the dominant position of this category in live e-commerce. Consumer preferences for live e-commerce shopping categories Data source: "Online Survey Report on Consumer Satisfaction with Live E-commerce Shopping" Putting aside sales volume and sales amount, 2020 The year is also a critical turning point for new beauty brands to achieve overtaking on the curve by leveraging self-streaming sales. Hua Xiazi, Perfect Diary, and Herses are all leveraging 'Taobao Live' 2020 annual Top 20 Tmall New Brands rank in the top five, with new beauty (including skincare) brands accounting for a significant proportion 9 A seat. Beauty brands have seized the opportunity for growth by leveraging their own live streaming sales. Source Taobao Live 2021 Annual Report The live-streaming sellers participating in e-commerce also show a clear preference for selling beauty products. 'Taobao Live 2021 Data from the 'Annual Report' show that among Taobao live broadcasts, beauty and fashion anchors are the most numerous. 2019 The proportions of the two in the year were 14% and 12.9% . in 2020 In the same year, the number of anchors for both categories even saw multiple-fold growth. Source Taobao Live 2021 Annual Report   Phase III 2021 Year to 2022 In [year], "Renaissance Live" + Brand-owned Video Streaming + E-commerce IP address The diversified live streaming e-commerce model of 'Live Streaming ” has emerged, with leading e-commerce live streaming platforms IP address Birth:   Well-known live e-commerce platforms born during this period IP address I've made some friends and I'm on the radar with today's hot sensation, Oriental selection.   E-commerce IP address The initial growth of many seems inseparable from an explosive peak, namely the celebrity effect. Just past, “ 618 With Luo Yonghao's departure, the negative effect of 'making a friend' immediately became apparent. 2021 Top 10 Douyin Live Shopping Brands of the Year 3 The name dropped to this year's 5 Name. Founder Huang He emphasized that he does not value the daily transaction volume of individual products “making friends” is about achieving stable output. He said: “We rank first in terms of transaction volume for live streaming products on Douyin every week, month, and year, and are usually among the top three every day.” On the other side is a bustling “Oriental Selection”. 6 month 10 After the topic 'New Oriental teachers teach English while selling products' became popular, Dong Yuhui led 'Orient selection' to rise with the wind and quickly seize traffic. 618 ”Ranked among the top in sales during that period 50 Among the renowned talents, Oriental selection is 1583.2 Ranked second with a surge in fan base 1000 Ten thousand, reached 1884.8 ten thousand. The collective 'disappearance' of top talent anchors 2022 E-commerce IP address Live streaming may be able to help the industry form a more standardized live shopping model through its clearer organizational structure.   02 The super-trend anchor 'disappeared'. What should be done in the future?   This year“ 618 The reality of live streaming is that top-tier anchors are collectively absent. The uncertainty for brands relying on top live streamers has skyrocketed, and what should be done moving forward? Some data reflect the impact of top anchor 'disappearance' on the live e-commerce market. According to statistics from Xingtu Data, this year “ 618 "During that period ( 2022 year 5 month 31 day 20:00 — 6 month 18 day 24:00 Total online transaction volume is 6959 Yuan, a year-on-year increase 20.3% Among them, the total sales of comprehensive e-commerce platforms were 5826 Yuan, a year-on-year increase 0.7% The total live streaming sales volume reached 1445 Yuan, Taobao lags behind Douyin and Kuaishou, ranking only third. But overall, live streaming e-commerce sales this year “ 618 The total amount of '” has increased compared with the same period last year. 124.1% This inevitably makes people wonder, when the live streaming e-commerce industry is 'oligopoly gone', the transaction volume of products sold through both e-commerce platforms and live streaming has not shown a significant decline. This also seems to indicate that even without 'oligopolies', If anchors "are still selling the same products and consumers are still buying them, then is the e-commerce capability of these top anchors “overestimated"?" For brand owners, top anchors may only be icing on the cake, not a lifesaver. According to Feigua data, Perfect Diary, KuaDi, Vienne 2022 year 6 month 1 The proportion of self-play sales in daily sales reached 87 %, 81 %, 70 %; international brands such as L'Oréal, OLAY Lancôme's self-promotion content accounted for only 44 %, 24 %, 2 %. It is worth mentioning that this year's “ 618 "New faces have emerged in live streaming. Previously, New Oriental transformed from education and training to live streaming, followed by Southern Airlines' cross-border exploration in the beauty industry, where flight attendants turned into anchors. They wear delicate makeup and sell cosmetics with an air of familiarity akin to that of flight attendants. According to data from Chan Mama, as of 2022 year 6 month 17 On the same day, since the launch of two Douyin accounts of China Southern Airlines, the cumulative sales are expected to reach March 1957 Ten thousand yuan, and its liquidity can be said to be quite good. It can be seen that live streaming e-commerce, as a new consumer model, has brought new development opportunities to the beauty market. Building a professional live streaming team, how to seize the opportunities of the live streaming trend and capture consumers' minds has become a compulsory course for beauty brand owners. 2022 year 618 Comprehensive E-commerce Sales Source Star map data 2022 year 618 Live e-commerce sales Source Star map data With the rise of live e-commerce, a large number have emerged in the past two years MCN Institutions are responsible for incubating and operating influencers, from which they take a commission. However, this model carries certain risks, as there is often a dispute over interests due to the high dependence on 'anchor' influencers. Previously, the equity dispute between Li Ziqi and Weixin was quite publicized. Founder Huang He, in an interview with Phoenix Technology, replied: 'In the long run, relying on big anchors is unhealthy for institutional operations. In the early stages of entrepreneurship, big anchors can be used to drive traffic, but it's also necessary to cultivate an anchor system. From the perspective of institutions, they should provide enough opportunities and a large stage for influencers so that cooperation between both parties can be more enduring.' He also added: 'When we first started the Jiaojiao Friends live streaming room, we didn't emphasize individuals too much.' IP address "I don't want to just run a small workshop, but rather a systematic company that can be operated for the long term." There is no doubt that in the early stages of live streaming e-commerce, top influencers and anchors built large fan bases by relying on their personal charm, which in turn boosted the development of live streaming e-commerce based on this traffic. However, the survey report from the China Consumers Association also clearly shows today's consumers' strong demand for 'strengthening anchor quality management, raising entry thresholds,' 'establishing a supervision and regulation system, and strengthening market supervision.' In the current situation where top anchors are collectively 'disappearing,' the industry has entered the second half of its development cycle and requires more professional live streaming e-commerce teams to emerge. Suggestions on the Development of Live E-commerce Industry from Consumers Data source: "Online Survey Report on the Satisfaction of Live E-commerce Shopping Consumers"   Therefore, the 'disappearance' of super-trending anchors can be analyzed from three perspectives: user end, brand end, and influencer end. From the user perspective, after the disappearance of top-tier anchors, overall traffic was dispersed. Viewers who had only frequented a few top anchor live streaming rooms began to explore more live streaming venues. From the brand perspective, as most of the audience traffic previously gathered by top anchors has begun to disperse, brands can focus their efforts and regain more bargaining power over discounts; at the same time, brands are looking for more self-hosted content, influencer live broadcasts, and e-commerce. IP address Live room collaboration. From the perspective of the Creator Platform, it can be seen that after the concentrated audience traffic was split, the traffic to each Creator's live streaming room began to significantly increase. Moreover, as market leaders continue to emerge ( SS The (rank-based) mechanism has disappeared, and every expert's chance of promotion has been unprecedentedly enhanced.   03 "Decentralization" has become a development trend.   Currently, the current state of 'decentralization' is very clear. First and foremost, there are super-talented anchors. (SS level ) The collective exit of top anchors such as Luo Yonghao and Xinba, who controlled the vast majority of traffic across the network, has led to a traffic vacuum and dispersion period. Against this backdrop, top IP address Live streaming rooms are emerging, such as Liu Xinghong, Oriental Zhenxuan, Jiao Ge You, Big Wolf Dog Couple, etc. On this basis, the future trend of 'decentralization' development can be summarized into two points.   First, the traditional trend remains unchanged:   The live streaming anchor team will continue to seek higher-quality products and pricing mechanisms, develop more innovative sensory-based live streaming content, and build more innovative live streaming scenarios.   Secondly, the new trend in live streaming e-commerce is also the platform's preference:   In the future, public domain traffic platforms will favor live streaming e-commerce that can deliver longer live streaming durations. ( High live streaming frequency / Live broadcast duration ) This is achieved by extending the audience's live streaming duration (with high-quality content) to capture consumer time, and further launching live streams that meet the consumption needs of middle-class women. In the face of the instability brought about by the COVID-19 pandemic, all industries are undergoing periods of transformation and rectification. Enterprises need to continuously adjust their development models, manage operational risks, and autonomously upgrade for sustainable development. At this difficult time, to maintain the operation and optimization of enterprises, key positions and technical talents have become the most fundamental and core elements.   * This article is published in the journal 'China Cosmetics'.   ,   author    He Xin    ,    Original title:    Fengqi Live Streaming E-commerce Where is it blowing towards?    ">

Insights from Frost & Sullivan On July 25th, the National Medical Products Administration conditionally approved the registration application for Zanubrutinib tablets by Zhejiang Bio-Thera Biologics to add an indication for treating COVID-19 pneumonia. This is also the first domestically approved small molecule oral drug for COVID-19. What is the significance of the launch of China's first self-developed small molecule oral COVID-19 drug? What is the demand for small molecule oral drugs? How is the supply of small molecule drugs for COVID-19 in our country? Li Qian, Senior Consulting Director for Healthcare Industry in Greater China at Frost & Sullivan (hereinafter referred to as "Frost & Sullivan"), was interviewed by CBN to discuss the future direction of China's small molecule drug market after the approval of the first domestic COVID-19 oral drug. CBN On July 25th, the National Medical Products Administration conditionally approved the registration application for Zanubrutinib tablets by Zhejiang Bio-Thera Biologics to add an indication for treating COVID-19 pneumonia. This is also the first domestically approved small molecule oral drug for COVID-19.   Zhejiang Bio-Thera Biologics has not officially announced the manufacturer, but according to previously disclosed information by listed companies, including Aoxang Pharmaceutical, Tuoxin Pharmaceutical, and China Resources Shuanghe, they have all stated that they have signed framework agreements for entrusted production with Zhejiang Bio-Thera Biologics.   As of the close on July 26th, the stock prices of Aoxang Pharmaceutical (603229) and China Resources Shuanghe (600062) both fell by a full point, while the stock price of Tuoxin Pharmaceutical (301089) dropped by 6.3%.   On the evening of July 25th, Fosun Pharma announced a long-term strategic cooperation with Zhejiang Bio-Thera Biologics to exclusively commercialize Azvudine. CBN reporters learned that Fosun Pharma's upfront payment amount reached 100 million yuan. On July 26th, the stock prices of Fosun Pharma's A-share (600196) and Hong Kong stock (2196) both fell by about 3%.   The key is market demand Market analysis suggests that the market demand for Azvudine is still unclear, and the stock prices of related companies have been significantly pushed up earlier, which is also the reason for the significant market decline.   Since the beginning of this year, the cumulative increase in the stock price of China Resources Shuanghe has approached 80%, and that of Aoxang Pharmaceutical has exceeded two-thirds. Image source: CBN   Azvudine is a nucleoside analog that has broad-spectrum activity against viral RNA-dependent RNA polymerase (RdRp), and it can also specifically act on the RdRp of the novel coronavirus, thereby inhibiting virus replication. The drug has strong targeting properties. It was originally marketed as an anti-AIDS drug and shares the same mechanism of action as Remdesivir.   “Multiple companies can produce Azvudine; the key is how future demand will be, which depends on the development of the pandemic and the effectiveness of the drug in actual use,” said a pharmaceutical expert to CBN reporters.   According to the key Phase III registration clinical trials submitted by Zhejiang Bio-Thera Biologics earlier, the results showed that Azvudine has antiviral activity against the novel coronavirus, with a virus clearance time of about 5 days; among subjects who improved clinically symptoms on the 7th day after the first dose, the proportion in the Azvudine group was 40.43%, compared to 10.87% in the placebo group.   “From the current situation, if it cannot be proven that taking antiviral drugs can prevent severe cases, only reducing the time to turn negative for the virus, then even if the clinical trials are very strict, their importance would be greatly reduced,” said the above-mentioned pharmaceutical expert to CBN reporters.   Li Qian Senior Consulting Director for Healthcare Industry in Greater China at Frost & Sullivan   Compared to other COVID-19 therapies such as neutralizing antibodies, the advantage of small molecule oral COVID-19 drugs lies in their convenience of use, and they can tolerate mutations to a certain extent, offering significant advantages such as high patient compliance, convenient storage and transportation, and easy distribution. “As the pandemic becomes normalized, small molecule drugs can play a role in suppressing viral proliferation early in patients' infections, reducing the likelihood of developing into severe cases, and can be used for daily prevention, adding an important link to epidemic control measures,” said Li Qian, Senior Consulting Director for Healthcare Industry in Greater China at Frost & Sullivan, to CBN reporters.   Institutions significantly downgraded Pfizer's oral drug sales expectations Currently, the only small molecule drug for treating COVID-19 that has entered clinical use in China is Pfizer's antiviral drug Paxlovid. This drug is also currently leading the global COVID-19 treatment market. However, according to the latest research predictions from data analytics company Airfinity, Paxlovid's sales in the next six months are likely to fall short of market expectations.   Health data agency Airfinity said that the latest data confirm that the order volume and quotes recently signed by Pfizer have begun to gradually slow down. The agency expects that by the end of this year, there may be as many as 70 million courses of Paxlovid surplus in the global market.   Airfinity analysis says that this small molecule drug may interact with other drugs, which could limit its use. Airfinity analyst Harry Cheeld said that Pfizer may re-examine its bullish plans for the drug demand and deal with the supply surplus problem.   Earlier, Pfizer said it planned to provide 120 million courses of Paxlovid this year. Since the beginning of this year, Pfizer's stock price has fallen more than 12%. Pfizer is set to release its latest quarterly financial report on July 28th.   According to Airfinity's prediction, another company providing COVID-19 oral drugs, Merck, is expected to supply only 15 million courses this year.   Looking at overall sales, Airfinity predicts that Pfizer's total sales of Paxlovid this year will reach $232 billion, lower than the previous three-month forecast of $236 billion; Merck's total sales of oral drugs are estimated to be $58 billion, lower than the previous estimate of $64 billion; the sales of the COVID-19 oral drug approved by Japanese pharmaceutical company Ono Pharmaceutical, which was postponed, are estimated to be $500 million, lower than the previous forecast of $25 billion.   In China, in addition to Zhejiang Bio-Thera Biologics' Azvudine tablets, Junshi Biosciences' COVID-19 oral drug VV116 tablets have also entered Phase III clinical trials. On May 23rd this year, Junshi Biosciences announced that VV116 tablets had met the primary endpoint set in the protocol in a Phase III registration clinical study comparing them with Pfizer's PAXLOVID for the early treatment of mild to moderate COVID-19 pneumonia and stated that they would submit an application for marketing shortly.   *This article is reprinted from 'CBN', authored by Qian Tongxin, with the original title 'Why did manufacturers fall by a full point after the approval of the first domestic COVID-19 oral drug?'   Frost & Sullivan Insights · Extended Reading   Q: What does the launch of China's first self-developed small molecule COVID-19 oral drug indicate?   A: As of June this year, two small molecule drugs for COVID-19 have been approved for marketing and commercialization in multiple countries around the world, namely Pfizer's Paxlovid and Merck's Molnupiravir. Before the launch of the first self-developed drug, the only available small molecule oral drug in our country was Paxlovid, which was conditionally approved for import in February this year. As the officially approved first domestically developed small molecule oral drug for treating COVID-19, Azvudine further constructs China's comprehensive prevention and control system of "vaccines + neutralizing antibodies + small molecule drugs."   Q: Globally, is there currently an oversupply of Pfizer's small molecule drugs?   A: Paxlovid is used to prevent high-risk groups from developing into severe cases. Due to the ongoing spread of the real pandemic, the number of infections remains high, and the demand for medication is still there. Although the sales in the first quarter of this year were lower than market forecasts, overall sales are still considerable. In the global field of small molecule oral COVID-19 drugs, Pfizer's Paxlovid holds a dominant position.   Q: How is the supply of small molecule drugs for COVID-19 in our country?   A: In the announcement released on the evening of July 25th, Fosun Pharma disclosed that it has reached a strategic cooperation with Zhejiang Bio-Thera Biologics to jointly develop and exclusively commercialize Azvudine through Fosun Pharma's industry, and will carry out the commercial layout of Azvudine. After the full industrial chain is implemented in the future, mass production will be carried out to meet current clinical medication needs.   Q: Which other companies are expected to receive approval?   A: In China, in addition to Zhejiang Bio-Thera Biologics' Azvudine tablets, there are two other drugs that are progressing relatively rapidly in the research and development of COVID-19 oral drugs, including VV116 jointly developed by Junshi Biosciences and Wangshan Wangshui, and Puklumab developed by Kuaer Pharmaceutical, which are currently in Phase III clinical trials and are expected to be launched soon. The research progress is worthy of continuous attention.

According to what Kangtai Biology disclosed 2022 Annual and Semi-annual Performance Forecast, with expected operating revenue for the first half of this year 18.28 Yuan, a year-on-year increase 73.72% ; net profit attributable to the parent company is 1 100 million yuan 1.3 Yuan billion, a decrease compared with the same period last year 70.29% — 61.37% . Is the sluggish sales of Kangtai Biotech's COVID-19 vaccine an isolated phenomenon or a broader trend? Has the COVID-19 vaccine market become saturated?     Frost & Sullivan Frost & Sullivan, Li Qian, Senior Consulting Director for Healthcare in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Blue Whale Finance to discuss the current development status and future prospects of the COVID-19 vaccine market. Blue Whale Finance 7 month 24 Today, Kangtai Biology, which mainly operates the vaccine business, released 2022 Annual and semi-annual performance forecast, with net profit expected to decline year-on-year 70.29% — 61.37% . After the release of Kangtai Biotech's semi-annual performance forecast, the stock also fell accordingly. 7 month 25 Today, Kangtai Biotech opened sharply lower, with a closing price 36.32 yuan / Shares, down 4.92% As of 7 month 27 At the close of trading on the day, Kangtai Biology continued its decline, closing at 35 yuan / share The announcement pointed out that the main reason for the decline in performance is the impairment provision for assets related to COVID-19 inactivated vaccines and the expensing of Phase III clinical expenses. The company stated that since the second quarter, there have been significant changes in the COVID-19 vaccination environment both domestically and internationally, leading to a rapid decline in demand for COVID-19 vaccines, which has resulted in a sharp drop in the company's sales volume of COVID-19 vaccines. Will the decline in COVID-19 vaccine sales become a trend? Image source: Internet The actual controller cashed out at a high level last year 1 hundred million It is worth mentioning that the stock price of Kangtai Biology has been incessantly discussed since last year; 2021 year 2 month 10 The company disclosed that its controlling shareholder and actual controller, Du Weimin, intends to reduce his holdings by no more than 200 10,000 shares (accounting for the total share capital of the company 0.29% ); according to 2021 year 9 month 11 Today, the announcement of Kangtai Biology, 2021 year 5 month 21 day -2021 year 5 month 25 During the period, Du Weimin with 180.84 yuan / Average share price reduction 516000 shares, successfully cashed out about 9300 More than 100,000. Although he personally cashed out at a high level, 9 month 17 On the same day, Du Weimin issued an initiative in his personal capacity, calling on employees of Kangtai Biotech to buy Kangtai Biotech's stocks on the stock market.   In the initiative, Du Weimin promised, “Anyone who’ 2021 year 9 month 22 day after tomorrow 2021 year 10 month 29 Net purchases of Kangtai Biotech stocks during the period, with continuous holding 12 Employees who have been employed for more than [X] months and have losses incurred due to purchasing Kangtai Biotech stocks during the aforementioned period, shall be compensated by Mr. Du Weimin. At that time, the stock price of Kangtai Biology was about 70 yuan / The shares, relative to the current stock price, resulted in a loss of about half for the employees who had increased their holdings at that time. According to what Kangtai Biology disclosed 2022 Annual and Semi-annual Performance Forecast, with expected operating revenue for the first half of this year 18.28 Yuan, a year-on-year increase 73.72% ; net profit attributable to the parent company is 1 100 million yuan -1.3 Yuan billion, a decrease compared with the same period last year 70.29% - 61.37% . The demand for COVID-19 vaccines has declined, and sales have fallen rapidly. Why has revenue not increased but profit decreased in the second quarter? Regarding the increase in revenue, Kangtai Biotech announced that the main product, Quadrivalent Vaccine (Note: No Cell-based DTP/IPV/ACYW), b Haemophilus influenzae type b conjugate vaccine, for use in 3 For infants and young children over 6 months old, prevention of pertussis bacillus, diphtheria bacillus, tetanus spirochetes, and b The sales revenue of vaccines for infectious diseases caused by Haemophilus influenzae type b increased by approximately 60.13% The sales revenue of the hepatitis B vaccine increased by approximately 20.76% , newly listed products of the company 13 The price of pneumococcal polysaccharide conjugate vaccine has gradually increased in supply. Regarding the decline in profits, Kangtai Biotech stated that the main reasons are the provision for impairment of assets related to COVID-19 inactivated vaccines and the expensing of Phase III clinical expenses. 'Since the second quarter, there have been significant changes in the COVID-19 vaccination environment both domestically and internationally, leading to a decrease in demand for COVID-19 vaccines and a rapid decline in the company's sales volume. The company's COVID-19 inactivated vaccine is still in Phase III clinical trials overseas. Due to the impact of the Russia-Ukraine war, the unblinding of Phase III clinical data in Ukraine has been delayed, which poses significant uncertainty for future sales.' Kangtai Biotech stated that the company has identified inventory goods, raw materials and auxiliary materials related to COVID-19 vaccines with signs of impairment, as well as self-made semi-finished products, as of 2022 year 3 Provision for asset impairment is made for COVID-19 vaccine development expenditures at the end of the month 4.15 100 million yuan. At the same time, the R & D expenditure on COVID-19 inactivated vaccines incurred in the second quarter was expensed, amounting to 1.40 Yuan. The above matters result in a total reduction of total profit 5.55 Yuan billion. Considering the impact of additional deductions, net profit is reduced. 4.52 100 million yuan. Kangtai Biotech was established in 1992 year 9 Yue, headquartered in Shenzhen and founded on vaccines, 2017 year 2 month 7 It was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange, with a maximum market value exceeding one hundred billion. 2021 The annual report shows that the main products of Kangtai Biotech include recombinant hepatitis B vaccine. ( brewing yeast ) , 13 Pneumococcal polysaccharide conjugate vaccine, b Haemophilus influenzae type b conjugate vaccine, measles-rubella combined attenuated live vaccine, acellular pertussis and diphtheria vaccine b Haemophilus influenzae type b conjugate vaccine, 23 Pneumococcal polysaccharide vaccine, etc. The COVID-19 inactivated vaccine developed by Kangtai Biology is 2021 year 5 The drug has been approved for emergency use in China. 2021 year 6 The vaccine was launched for sale domestically, becoming the sixth COVID-19 vaccine in China to be approved for emergency use or marketing. According to the 'Prospectus for the Issuance of Convertible Corporate Bonds to the Public' disclosed by the company, the 'Baiwangxin Emergency Engineering Construction Project' is mainly used for the production of inactivated COVID-19 vaccines, with a total investment of 23.81 100 million yuan, project operation period 10 In [year], the designed production capacity is 2 100 million doses / year. In addition, the adenovirus vector COVID-19 vaccine co-developed by Kangtai Biotech and AstraZeneca is 2021 year 10 The product has obtained emergency use authorization from the Indonesian National Drug and Food Administration and is exported. 2021 In [year], Kangtai Biotech achieved revenue 36.52 Yuan, of which export revenue reached 9.57 Yuan, a significant year-on-year increase 39020.94% The company has not disclosed the specific sales situation of last year's COVID-19 vaccine. However, according to CITIC Construction Investment Securities' estimates, the COVID-19 vaccine for the company 2021 The proportion of annual revenue contribution exceeds 50% .   The future market for COVID-19 vaccines is trending towards saturation. Has the COVID-19 vaccine market become saturated?   Li Qian   Senior Healthcare Industry Consultant, Frost & Sullivan Greater China     On this, Frost & Sullivan's Senior Healthcare Industry Consultant for Greater China Li Qian pointed out that the sluggish sales of Kangtai Biotech's vaccines may not be an isolated phenomenon. The market space for basic immunization is gradually becoming saturated, and as demand decreases, the sales volume of COVID-19 vaccines has shown a certain downward trend. According to data from the National Health Commission, as of 2022 year 7 month 23 On _, the full-course basic immunization coverage rate in China was 89.7% , Strengthening immunization rates 71.7% Among them, 60 At least for the elderly over 1 Dose vaccination rate 89.6% , vaccination coverage rate for the entire process 84.7% , Strengthening immunization rates 67.3% . Currently, there are 7 The COVID-19 vaccines of domestic enterprises can be sold domestically. Except for the recombinant protein COVID-19 vaccine developed by ZF Bio and the adenovirus vector COVID-19 vaccine developed by CanSino Biologics, the rest are inactivated COVID-19 vaccines. Regarding the future of COVID-19 vaccine manufacturers, Li Qian pointed out that although the overall market space for COVID-19 vaccines is not as broad as it was at the beginning of the pandemic, the development and production of COVID-19 vaccines have brought about rapid technological progress. At the same time, they have greatly enhanced the clinical development capabilities of new vaccine platforms, promoted the process of large-scale production, and expanded the commercialization level. "In the long run, vaccine manufacturers can leverage their accumulated research and development experience and validated technology platforms to move into other disease areas, not just COVID-19 vaccines. In the future, manufacturers of COVID-19 vaccines can apply these newly developed capabilities to the development of other vaccines, drugs, and treatment methods," said Li Qian.   * This article is reprinted from Blue Whale Finance.   ,   Author: Tu Jun    Original title:    Kangtai Sheng Property's performance “changes face” and stock price plummet: COVID-19 vaccine market approaching saturation, founder cashing out at high levels    "> Frost & Sullivan Insight & Extended Readings Q : What is the market outlook for COVID-19 vaccines in the future, and has the market become saturated or oversupplied? Is the sluggish sales of Kangtai Biotech's COVID-19 vaccine an isolated phenomenon or a broader issue? A : The sluggish sales of Kangtai Biotech's vaccines may not be an isolated phenomenon. The market space for basic immunization is gradually becoming saturated, and as demand decreases, the sales volume of COVID-19 vaccines has shown a certain downward trend. Some manufacturers even face overcapacity. For those COVID-19 vaccines that are still in clinical trials, have a high degree of homogeneity with already launched products, and lack differentiated advantages, they may have missed the best entry point into the COVID-19 vaccine market and may find it difficult to regain a significant market share.   In the current situation where the COVID-19 pandemic is recurring and mutating rapidly, there is still a demand for people to receive third and fourth booster shots as well as new vaccines with better efficacy. The market potential of COVID-19 vaccines remains worth exploring.

Since this year, the securities regulatory system has supported listed companies' direct financing development by implementing a series of measures including waiving listing fees, supporting severely affected regions and industries to accelerate recovery and development, facilitating private enterprises to go public for financing and mergers and acquisitions in accordance with the law, and enabling private enterprises to recover and develop rapidly.   Data shows, this year A Newly listed stocks 198 Among companies, private enterprises are 165 Home, proportion 83% Looking at different sectors, the majority of private enterprises are located on the ChiNext and STAR Market boards. In terms of industry distribution, private companies in machinery and equipment, electronics, and pharmaceutical biotechnology have the largest number.   Why are newly listed private enterprises mainly concentrated in the three industries of machinery and equipment, electronics, and pharmaceuticals and biotechnology? How should private enterprises utilize both domestic and foreign resources to strengthen and grow themselves? Frost & Sullivan Frost & Sullivan, Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the current development status and future prospects of private enterprises supported by policies. Securities Daily 2022 Since the beginning of this year, securities regulatory authorities have introduced a series of policy measures to strongly support private enterprises in direct financing. According to the sorting, in terms of equity financing, this year A More than 80% of newly listed companies are private enterprises, accounting for over half of the total fundraising amount. In terms of bond financing, special support plans for private enterprise bond financing, corporate bonds for technological innovation, and measures such as reduction in transaction fees have been gradually implemented. "Overall, the financing environment for private enterprises has improved. Supporting direct financing for private enterprises can not only solve the practical difficulties they face but also promote better financial services for the development of the real economy," said Gui Haoming, chief market expert at Shenwan Hongyuan, to the Securities Daily reporter. Private enterprises are an important entity in the capital market, and vigorously supporting the development of private enterprises has always been an important task for regulatory authorities. While the capital market continues to strongly support the reform of state-owned assets and enterprises, strengthening and optimizing state-owned capital, it also unswervingly supports the innovation, transformation, and healthy development of private enterprises. At present, the number of listed private companies has exceeded 3000 Home, accounting for approximately 2/3 "In recent years, private enterprises have accounted for more than 80% of newly listed companies." "This year 4 At the beginning of the month, Yi Huiman, Chairman of the China Securities Regulatory Commission (CSRC), stated at the Third Member Representative Conference of the Listed Companies Association. Tonghuashun iFinD Data shows that as of this year 7 month 26 day 198 Total funds raised from newly listed shares 3432 Yuan billion (including initial public offerings and listings on the Beijing Stock Exchange), of which, 165 Private enterprise fundraising 1961 Yuan, with the respective proportions of quantity and fundraising amount being 83% , 57% In addition, 165 Among the companies, those that have listed on the ChiNext board 64 The number of companies in (domestic) Shanghai is the largest, followed by the Sci-Tech Innovation Board ( 47 (Home) secondly, the combined proportion 67% ; Looking at different industries, private enterprises are mainly concentrated in mechanical equipment ( 26 Home), Electronics 25 Home), Medicine & Biology 19 The three major industries (home)   "   "In multi-level capital markets, the ChiNext and STAR Market are more suitable for small and medium-sized private enterprises. Both sectors are mainly positioned to serve technology innovation-driven and growing enterprises." Wang Xin, Global Partner at Frost & Sullivan and President of Greater China, told the Securities Daily reporter. In terms of overseas financing, regulatory authorities have also continuously broadened and optimized the financing channels for private enterprises. 2 In the month, the "Regulations on the Supervision of Interconnectivity Depository Receipts Business between Domestic and Overseas Stock Exchanges" were released and implemented. 13 home A Promotion of the joint-stock company GDR issuance, and this 13 All companies are private enterprises. "The financing difficulties for private enterprises still exist, especially in bond financing. Private enterprises default on bonds more frequently, and it is difficult for companies with average qualifications to issue bonds. Market confidence remains to be restored," said Gui Haoming. Recently, the China Securities Regulatory Commission (CSRC) and two other departments jointly issued the 'Notice on Promoting the Bond Market to Better Support the Reform and Development of Private Enterprises', aiming to enhance the quality and efficiency of the bond market's service for private enterprise reform and development by strengthening financial service guidance, market supervision and standardization, and departmental communication and collaboration. "With the implementation of a series of policies supporting private enterprise bond financing, the financing environment for private enterprises is gradually being restored and is expected to improve in the future." Wu Lina, Assistant General Manager of Federal Reserve Securities and General Manager of the Bond Business Division, told the Securities Daily reporter that the difficulty in private enterprise bond financing is the result of long-term accumulation of various complex factors. It requires the concerted efforts of the government, financial institutions, enterprises, and other parties to jointly promote its resolution.     * This article is reprinted from "Securities Daily", reporter    Xing Meng    ,    Original title:    within the year 165 The newly listed private enterprises raised a total of 1961 100 million yuan The direct financing environment for private enterprises continues to improve    ">   Frost & Sullivan Insight & Extended Readings   Q From the perspective of industry distribution, why are newly listed private enterprises mainly concentrated in the three major sectors of machinery and equipment, electronics, and pharmaceutical biology? A : In China's gradually improving multi-level capital market, the ChiNext and STAR Market have relatively relaxed conditions in terms of absolute scale of operating income and profits, making them more suitable for private enterprises. At the same time, the ChiNext and STAR Market are mainly positioned to serve technology innovation-oriented and growth-oriented enterprises. Major industry categories such as machinery and equipment, electronics, and pharmaceutical biotechnology, especially their sub-sectors like precision machinery, intelligent machinery, semiconductors, chips, innovative drugs, vaccines, etc., are representative fields of technological innovation and are also key industries supported by the state for technological innovation.   Q Some believe that, driven by a series of policies, the equity financing environment for private enterprises has been restored and developed. Not only is the proportion of new share fundraising high, but overseas financing channels have also been broadened. What is your view on this perspective? A : Solving the problems of difficult and expensive financing for private enterprises has long been a policy focus of China's financial regulatory authorities, with improving the equity financing environment for private enterprises being an important part of this effort. 2021 year 11 The establishment of the Beijing Stock Exchange in October is aimed at better supporting the development of all small and medium-sized enterprises, especially specialized, refined, characteristic and innovative ones, and effectively broadening financing channels for private enterprises. 2021 year 12 In the past month, the revision of the Shanghai-London Stock Connect rules has greatly expanded the scope of application and financing methods. It can be seen that in terms of policies and systems, the equity financing channels for private enterprises have been significantly broadened. Moreover, judging from the actual market operation, equity financing activities of private enterprises are becoming increasingly active. The fundamental improvement of the equity financing environment for private enterprises still depends on the long-term effect of relevant policies and systems as well as the improvement of the market environment.   Q How should private enterprises utilize both domestic and overseas resources to strengthen and grow themselves? A : Overall, domestic and international capital markets each have their own characteristics, advantages, and disadvantages. From the perspective of enterprises, listing domestically offers advantages such as higher issuance prices, lower listing costs, familiarity with cultural systems, and easier policy direction to grasp. On the other hand, listing overseas has advantages such as a higher success rate and more funding supply. For private enterprises, it is necessary to start from the development stage of their business, market coverage, capital needs, management level, etc., and combine these with the different characteristics and market environments of domestic and international capital markets, along with in-depth cooperation with corresponding professional institutions, to formulate appropriate capital market operation plans to better support the long-term development of the enterprise.

Frost & Sullivan insights 7 month 28 Today, Keda Manufacturing, Shanhan Co., Ltd., Green Energy Materials Group Co., Ltd., Guoxuan High-Tech Co., Ltd. 4 home A issued by a listed company GDR It was officially listed on the Hong Kong Stock Exchange, welcoming the first batch of Chinese enterprises.   The first batch of Chinese enterprises issued GDR What are the significant implications of listing on the Hong Kong Stock Exchange? Will it attract more companies to list there? GDR Is listing expected to become the mainstream method for Chinese companies going global? Companies listed on the Hong Kong Stock Exchange can also list on domestic exchanges. Is there a possibility of achieving two-way connectivity in the future? Frost & Sullivan Frost & Sullivan, Mr. Lu Jing, Partner and Managing Director of Frost & Sullivan's Greater China Region (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the issuance of Chinese corporate bonds GDR And the reasons for listing on the SSE and future trends. Securities Daily Since the beginning of this year, Chinese enterprises have accelerated their pace of overseas financing, issuing GDR (Globally Depository Receipts) fundraising has become the main form, with Switzerland being a popular listing destination. According to the existing arrangements, 7 month 28 Today, Keda Manufacturing, Shanhan Co., Ltd., Green Energy Materials Group Co., Ltd., Guoxuan High-Tech Co., Ltd. 4 home A issued by a listed company GDR The company was officially listed on the Hong Kong Stock Exchange, welcoming its first batch of Chinese enterprises. It is reported that the exchange has established a dedicated GDR The listing and trading department helps to enhance the visibility and tradability of these securities, thereby improving liquidity.   First batch 4 an GDR The project's depositary banks are all Citibank.   "Current Issuance GDR Going public is an important measure for domestic enterprises to respond to the call of capital market policies, deepen the interconnection between China and European capital markets, and utilize overseas capital markets to promote the development of the real economy. 'Xu Kechen, head of Citi's depositary receipts business in China, said in an interview with a reporter from Securities Daily that expanding overseas direct financing channels can not only enhance the financial strength of enterprises but also attract foreign professional investment institutions and long-term industrial investors. This further optimizes the equity structure of enterprises, improves the transparency and standardization level of corporate governance, and provides a solid guarantee for the high-quality development of enterprises.' GDR High financing efficiency this year 2 month 11 On the same day, the China Securities Regulatory Commission (CSRC) issued the 'Regulatory Provisions on the Interconnection and Connectivity of Depository Receipts between Domestic and Overseas Stock Exchanges', expanding and optimizing the interconnection mechanism of domestic and overseas capital markets. Domestically, eligible listed companies on the Shenzhen Stock Exchange are included, while internationally, it has been extended to Switzerland and Germany. thereafter, A Promotion of the joint-stock company GDR The issuance and listing have sparked a minor climax. Simplicity and convenience are GDR A major feature of fundraising. As mentioned above 4 home A Taking listed companies as an example, in terms of the time taken to complete relevant internal and external procedures, from GDR The project is officially launched (the proposal has been reviewed and approved by the board of directors) to 7 month 28 Official launch, time varies 3 Over a month, at most 2 Over a month. Enterprises through GDR Financing not only takes less time but also involves a larger amount of fundraising, resulting in higher fundraising efficiency. Relevant announcements show that 4 The amount of funds raised at home is 1.73 billion dollars to 6.85 between hundreds of millions and billions. "Chinese Enterprises Issuing GDR Listing on the Hong Kong Stock Exchange not only broadens the financing channels for domestic listed companies overseas, which is beneficial to the long-term development of enterprises, but also enhances A "The internationalization level of the stock market has attracted more overseas investors." Mingming, chief economist at CITIC Securities, told the reporter of Securities Daily. GDR The shorter listing review time and the wider range of financing targets it faces are conducive to enterprises exploring overseas markets, optimizing shareholder structures, and enriching financing channels. It is expected that in the future GDR It will be favored by more domestic listed companies. "Switzerland, as a world-leading financial center, has a relatively mature financial environment and capital system. Its market openness and fairness are also higher, which has greatly attracted Chinese listed companies. In the future, more outstanding Chinese enterprises will go public in Switzerland." Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, told reporters. "At present, GDR Financing methods have become one of the important channels for Chinese enterprises to raise funds overseas. 'Xu Kechen said that with related GDR With the successful release of the project, more listed companies will join in the future, making GDR It has become a mature sector and an important part of China's capital market. The two-way connection is worth looking forward to. Based on the interconnection framework, eligible companies from both China and Europe can list and depositary receipts be issued on each other's capital markets to raise funds. According to Xu Kechen, the interconnection framework includes two directions: Chinese-funded enterprises going overseas GDR Formal listing (Westbound) and overseas related exchange-listed entities CDR (CDR) listed on domestic exchanges (domestic listing). Industry experts believe that with A The level of opening up the stock market to foreign investors is gradually increasing, and more overseas companies from countries such as Switzerland will come A The listing of stocks has raised funds, achieving two-way connectivity between Chinese and foreign capital markets.   "In recent years, China's capital market has achieved remarkable development results, A The stock market has become the world's second-largest, attracting a significant number of companies listed on the Hong Kong Stock Exchange. Due to the need for higher returns and risk diversification, domestic investors have a demand to allocate overseas assets. The listing of Hong Kong Stock Exchange companies in China will enrich investment targets. "Lu Jing said that the interconnectivity framework has made a good start, and with continuous improvement in related laws, systems, etc., it is very likely that two-way connectivity will be achieved in the future." It is clear that opening up to the outside world A The general trend of the development of the stock market. As the competitiveness of domestic listed companies continues to strengthen, more domestic enterprises may go public overseas in the future. At the same time, with A With the increasing openness of the stock market to foreign investors, it is expected that more overseas companies will choose to A The market for stock financing is undergoing restructuring, and two-way connectivity is worth looking forward to. Xu Kechen revealed, 'According to our understanding, there are some European companies with real needs for layout in the Chinese market that are CDR I'm quite interested in the mechanism. I believe that with the continuous expansion and optimization of interconnect services, it will surely attract high-quality overseas enterprises to list on domestic exchanges, thus truly achieving two-way connectivity.   * This article is reprinted from Securities Daily, reporter    Xing Meng    ,    Original title:    First batch 4 Chinese enterprises GDR Debut on the Hong Kong Stock Exchange The channels for overseas direct financing have been extensively expanded    "> Frost & Sullivan Insight & Extended Readings   Q :   The first batch of Chinese enterprises issued GDR What are the significant implications of listing on the Hong Kong Stock Exchange? Will it attract more companies to list there? A :   A A listed company issues through overseas markets GDR It has enhanced the interconnectivity between China's capital market and European capital markets, broadened the two-way financing channels for enterprises, which is of great significance for serving the stable and healthy development of the real economy. It also demonstrates China's determination to open up its capital market in both directions to the international community. At the same time, Sino-US relations and the international situation have a significant impact on Chinese companies listed in the US. Although the stock prices of Chinese concept stocks have rebounded recently, compared to 2021 The decline at the year's high was still significant. Actively expanding financing channels in European markets reduced the risks and uncertainties of a single listing for enterprises, enhancing their ability to withstand adverse factors such as geopolitical elements and trade barriers.   The choice range for Chinese high-quality enterprises to go public overseas has been further expanded, solving the problem of refinancing for listed companies. It provides international investors with an even better investment target, meets the needs of international capital layout, and expands the selection range for domestic investors' investment targets. Switzerland, as a world-leading financial center, has a relatively mature financial environment and capital system, as well as higher market openness and fairness. These provide convenient conditions for Chinese listed companies to list and raise funds in Switzerland, thus making it highly attractive. In addition, going public overseas plays a positive role in promoting enterprises with a deep overseas layout experience and an international development strategy. Under the combined effect of various factors, more outstanding Chinese enterprises will drive to list in Switzerland in the future. Q : GDR Is the listing expected to become the mainstream method for Chinese companies going public overseas? A : GDR issuance and overseas IPO listing Compared with having obvious advantages, GDR The issuer is a listed company A The stock company has a higher reputation. GDR The issuance review has become very standardized and mature, with a review time of approximately 1 - 2 The workload and execution cycle involved are much less than those overseas within [X] months IPO listing Total cost is lower than that overseas IPO listing . Chinese listed companies issue through GDR Issuing is conducive to broadening the international financing channels of enterprises themselves, enhancing the internationalization level and corporate governance of listed companies in China, as well as improving their international recognition and influence. GDR It is possible to introduce internationally and domestically renowned investors as shareholders for Chinese companies, thereby diversifying equity, improving corporate governance mechanisms, and stimulating innovation vitality. Domestic listed enterprises are exploring the issuance of various GDR This approach not only expands traditional overseas listing financing channels but also promotes the breadth and depth of cooperation between China and Europe's capital markets, holding broad prospects for future corporate financing.

Embrace innovation Towards the future   The Nantong Municipal Party Committee and Government of Jiangsu Province will 2022 The year is designated as the city's 'Year of Investment Attraction Breakthroughs', 'Year of Business Environment Improvement', and 'Year of Work Style Construction Enhancement'. Four mechanisms have been established: quarterly project construction observation meetings, quarterly investment attraction analysis meetings, bi-monthly regular meetings on technological innovation, and monthly progress meetings for corporate listings.   Against this backdrop, 7 month 28 On the day, co-hosted by the CPC Nantong Municipal Committee and the People's Government of Nantong Municipality, “ 2022 Embrace Innovation for the Future —— Nantong Equity Investment Summit —— Held at the Nantong International Conference Center in Nantong City, Jiangsu Province, 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 identifying new opportunities in the Chinese biopharmaceutical and medical device industry market.   Dr. Wang Xin first analyzed the Chinese biopharmaceutical market, pointing out that China has become the world's second-largest pharmaceutical market, but per capita medical expenditure is less than one-tenth of that in the United States, indicating significant growth potential.   . 2020 In [year], the US pharmaceutical market size was 5,245 billions, 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% . Data shows that in China, digestive system and metabolic drugs are the sub-sectors with the highest market share, reaching 15.3% Proportion of the anti-tumor drug market 13.6% ; The cardiovascular drug market and the systemic anti-infective drug market account for, respectively, 12.2% and 12.0% Antitumor drugs and immunomodulators account for the largest market share globally, reaching 20.9% , followed by the proportion of digestive tract and metabolic drugs being 14.5% Antibacterial drugs, analgesics and neurotrophic drugs for the whole body accounted for 12.4% and 9.3% .   In summary, there is still significant room for the proportion of anti-tumor drugs in China to increase. In addition, sub-sectors such as pain and neurological drugs, as well as psychotropic drugs, also have great development potential in China. " 2021 The list of the world's top five best-selling drugs changed due to the impact of the pandemic, Pfizer COVID-19 mRNA The vaccine made the list and ranked first. Moderna COVID-19 mRNA Vaccines also rank among the top,”   Dr. Wang Xin said, "The COVID-19 pandemic has rewritten the global pharmaceutical market competition landscape. As major pharmaceutical companies... COVID-19 pandemic With the continuous advancement of drug research and development, stock prices have also risen due to favorable news from various parties. New COVID-19 treatment drugs may also become a new research hotspot in the future. It is reported that 2021 National Medical Products Administration NMPA ) Approved in total 83 A new drug, with a number 2016 New highs have been set for the year. In terms of drug types, the number of approved traditional Chinese medicines has surged; in terms of disease areas, oncology drugs and infectious diseases drugs remain the main focus. At the same time, 2021 The US Food and Drug Administration FDA ) Approved in total 50 The number of new drugs (excluding cell therapies and vaccines) is not significantly different from previous years, still mainly distributed in the fields of anti-tumor and autoimmunity. Among them, there are 34 The new drug was granted priority review. FDA Approval for marketing, including 27 A new molecular entity and 7 A new biologic product. In addition, there is 26 A variety was FDA Qualified for orphan drug status, accounting for all approved new drugs 52% .   In recent years, cross-border M&A transactions have significantly decreased due to the impact of the pandemic, but License-in Acquisition Transactions continue to set new highs in terms of volume and value, involving multiple emerging medical fields. Many biotech companies have chosen to introduce products that are currently in early 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, 2021 In [year], Chinese pharmaceutical companies License-in Acquisition The number of transactions has reached 130 Yu Qi, 2021 So far this year, the majority of individual transaction amounts exceed 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. Firstly, if the target or indication area aligns with the company's core R&D direction, or if it compensates for a weakness in the company's own product pipeline, it can enrich the business layout and create differentiated advantages. Secondly, most of the products introduced are those that have already entered clinical trials or been launched on the market, and existing data can initially verify the efficacy and safety of these products. This will accelerate the domestic approval process 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 explained, 'As the domestic innovation drug ecosystem gradually takes shape and matures, biotech companies are continuously leveraging...' License-out of the Mainland Transactions have brought domestic technology abroad, and cooperation with multinational companies can better enable participation 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, improve new drug development efficiency, and shorten the time lag with international large pharmaceutical companies in order to enter larger international markets.   Bringing technology, equipment, and products out     momentum    at     On the one hand, cooperation with multinational pharmaceutical companies means that we can leverage their global experience in registration, clinical trials, and 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, enterprises can obtain sufficient cash flow support in the short term to strengthen In-house For the subsequent research and development of products, 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, thereby better participating in economic globalization competition. Currently, the steps for biotech companies to innovate and go global can be divided into 4 Stage one: The first step is product internationalization, directly authorizing the product to multinational pharmaceutical companies for global development; the second step is clinical internationalization, establishing overseas operational teams and conducting multi-center clinical research; the third step is R&D internationalization, directly forming early R&D teams overseas for global R&D; the fourth step is commercial internationalization, building a commercial team overseas to complete globalization sales.   "Today, Chinese enterprises have completed the first two steps of product and clinical internationalization. Some companies have also started setting up R&D departments abroad, which is expected to further enhance China's innovation drug R&D capabilities and its ability to export products overseas. At the same time, we believe that under the influence of various factors such as national policy guidance, global market nurturing, and the catalysis of the COVID-19 pandemic, 2022 In 2023, China's biomedicine industry will increasingly integrate into the global innovation pulse. "Dr. Wang Xin said."     Subsequently, Dr. Wang Xin analyzed the current development status and trends of China's medical device market. As the world's second-largest medical device market, China's market size is second only to that of the United States, also demonstrating tremendous growth potential. 2016 In [year], the market scale of medical devices in the United States reached 1,852 billion dollars, to 2020 Year-on-year increase 2,135 billion US dollars. It is expected to 2025 Year is coming 2,931 billion US dollars, with an annual growth rate of 6.5% . 2016 In [year], the market scale of medical devices in China was 557 US dollar, until 2020 Rapid year-on-year growth to 1,058 billions, with an annual growth rate as high as 17.4% are expected to 2025 In [a certain year], the market scale of medical devices in China will increase to 1,778 billion US dollars, with an annual growth rate of 10.9% .   The Chinese medical device market is characterized by a large number of enterprises, small scale, and low market concentration. There are few giant companies with multi-product layouts.   2020 In [year], the top ten global medical device companies by revenue included Medtronic, Johnson & Johnson, Fresenius, etc. The market share of the top three companies was [X]% respectively. 6.3% , 5.0% and 4.5% The top ten companies in terms of revenue scale in China include Philips, Siemens, and Roche, with the market share of the top three companies accounting for 2.6% , 2.0% and 1.9% . Compared with the global situation, low-value medical consumables occupy a relatively high market share in China.   Orthopedic instruments, ophthalmic instruments, general surgery and plastic surgery instruments, and drug delivery system instruments, which account for a relatively high share globally, have a low market share in China and still have great development potential.   2020 In the global medical device market, in vitro diagnostic devices, medical imaging devices, and cardiovascular devices account for the top three shares, at 14.7% , 14.0% and 11.0% . 2020 In the Chinese medical device market in [year], the shares of in vitro diagnostic devices, low-value medical consumables, and medical imaging devices ranked among the top three, accounting for 14.7% , 13.7% and 12.6% .   "The overall localization rate of China's medical device industry is low, and high-end product areas and core technologies are still monopolized by imports. Enterprises should adapt to policy trends, accelerate the transformation of their R&D pattern, and achieve a shift from developing low-value products to high-value products with innovative barriers."   Dr. Wang Xin pointed out that domestic medical devices are mainly concentrated in products with lower technical barriers, where the industry is severely homogenized and competitive at the low-end; however, the domestic rate of high-end medical devices is low, leaving a vast expansion space. However, due to the higher technical barriers of high-end devices, their localization process is slow.   Currently, domestic medical device companies are gradually deploying in the high-end medical device field through independent research and development, cooperative research and development, mergers and acquisitions, etc. It is expected that they will gradually increase the localization rate of high-end products in the future and further promote domestic substitution. Finally, Dr. Wang Xin briefly introduced the investment and financing situation of China's healthcare industry to the attending guests. 2021 The global equity financing scale has been steadily increasing, with the Chinese mainland consistently ranking second in recent two years. At the same time, 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 field of healthcare, 2017 - 2021 Over the year, the number of listed companies has been on the rise in major global sectors, A Shares are highly favored. And 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 valuation 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 secondary market trading activity in the healthcare sector is higher than that of Hong Kong stocks. " 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-listed companies better complete their listing application materials and successfully pass the threshold." said Dr. Wang Xin.   "   Frost & Sullivan integrates the globe. 61 Consulting experience over the past year, 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 was listed, many enterprises on the board have also referenced our data and reports. "   According to the research results of Frost & Sullivan, there are currently biomedical R&D and production enterprises in Nantong. 68 Home, medical device manufacturer 220 home. 2021 In [year], the number of biomedical R&D projects signed and started in Nantong City reached 29 One, the total investment has reached 343.6 100 million yuan.   Dr. Wang Xin stated that the medical and health industry in Nantong has attracted investment from numerous pharmaceutical R&D projects, with total output value increasing year by year. With a solid foundation in bulk drug manufacturing, the formation of a pharmaceutical landscape, the development of model animal systems, and important and prominent exclusive varieties, there is a good development base and opportunities. Professional capital and consulting services will have the opportunity to promote the rapid development of Nantong's biopharmaceutical industry.

September 28, 2022 China · Shanghai Biotechnology Investment Forum   Against the backdrop of profound changes in the medical field, biotechnology is undergoing continuous industrial restructuring, leading to a recent explosive development in the industry. Various emerging technologies are constantly emerging, and innovative biotech companies have sprung up like mushrooms after rain. The continuous heat in the investment and financing market confirms that the development of the biotechnology sector is in full swing and has great potential for the future. Under the new situation of the development of the biotechnology industry: What is the current state of investment and financing in this field? What emerging tracks are worth paying attention to? How do biotech companies choose the path to listing? These questions have become hot topics of concern for every industry participant.   For this reason, Frost & Sullivan (Frost & Sullivan, abbreviated as "Frost & Sullivan") is launching the Biotechnology Investment Forum on the occasion of the 16th Frost & Sullivan Global Growth, Innovation and Leadership Summit, inviting authoritative experts in the field, including leading biotech enterprises, well-known investment institutions, and listed intermediary teams, to jointly interpret the future investment direction of the industry and discuss the key factors for enterprise growth and capital market success.   Conference scale   90 - 100 people   Conference topics   Review and outlook of the biopharmaceutical investment and financing market in 2021 Inventory of emerging biotechnology investment and financing tracks - Synthetic biology White paper release - Insights into the CDMO market and trends in China Diversified paths for biotech companies to go public   Organizational structure   Sponsoring units Sponsored units Co-sponsoring units     The official registration entrance for conference attendees has been opened Book now

7 month 25 On the same day, the National Medical Products Administration conditionally approved the registration application for adding the indication of treating COVID-19 to Zanubrutinib Tablets produced by Real Biotech. This is also the first domestically approved small molecule oral drug for COVID-19. What is the significance of the launch of China's first domestically developed small molecule COVID-19 oral drug? What is the demand for small molecule oral drugs? What is the supply situation of COVID-19 small molecule drugs in China? Frost & Sullivan Frost & Sullivan, Li Qian, Senior Consulting Director for Healthcare in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by CBN to discuss the future direction of China's small molecule drug market after the approval of the first domestically produced COVID-19 oral medication. CBN   7 month 25 On the same day, the National Medical Products Administration conditionally approved the registration application for adding the indication of treating COVID-19 to Zanubrutinib Tablets produced by Real Biotech. This is also the first domestically approved small molecule oral drug for COVID-19.   There is no officially announced manufacturer for the real biological product. However, according to information disclosed by listed companies in the past, including Aoxiang Pharmaceutical, Tuoxin Pharmaceutical, and China Resources Shuanghe, these enterprises have stated that they have signed framework agreements for entrusted production with Real Biological. As of 7 month 26 At the close of trading on the day, Aoxiang Pharmaceutical 603229 ), China Resources Shuanghe 600062 The stock price has tumbled all the way to a one-character limit down, Tuo Xin Pharmaceutical 301089 ) Stock price fell 6.3% . 7 month 25 On the evening of the same day, Fosun Pharma announced a long-term strategic cooperation with Zhenre Biology for the exclusive commercialization of azvudine. A reporter from CBN learned that Fosun Pharma's upfront payment amount has reached 1 100 million yuan. Fosun Pharma 7 month 26 day A share 600196 ) and Hong Kong stocks 2196 The stock price has also fallen 3% left and right.   The key lies in market demand Market analysis suggests that the actual demand for Azvudine is still unclear, and the stock prices of related companies have been significantly pushed up in the early stages, which is also a reason for the significant market decline. Since the beginning of this year, the cumulative increase in the stock price of China Resources Double Crane has been close to 80% Oxbridge Pharmaceuticals also saw an increase of more than two-thirds. Image source: CBN Azvudine is a broad-spectrum antiviral RNA dependency RNA polymerase RdRp Nucleoside analogues that can also specifically act against the novel coronavirus RdRp The drug inhibits viral replication by targeting specific sites, making it highly targeted. It was originally marketed as an anti-AIDS medication and shares the same mechanism of action with remdesivir. "Multiple companies can produce Azvudine, but the key lies in future demand, which depends on the development of the pandemic and the effectiveness of the drug during actual use," a pharmaceutical expert told CBN reporters. According to the previously submitted pivotal Phase III registration clinical trial by Zhejiang Bio-Tech Co., Ltd., the results showed that azvudine has activity in inhibiting the novel coronavirus, with a virus clearance time of 5 days; after the first administration 7 Among the subjects whose clinical symptoms improved, the proportion in the azvudine group was 40.43% Proportion in placebo group 10.87% . "Judging from the current situation, if it cannot be proven that taking antiviral drugs can prevent severe illness and only shorten the time to virus clearance, then even with very strict clinical trials, their importance would be greatly reduced," said the above-mentioned drug expert to CBN reporters.   Li Qian   Senior Healthcare Industry Consultant, Frost & Sullivan Greater China Compared to other COVID-19 therapies such as neutralizing antibodies, the advantage of COVID-19 small molecule oral medications lies in their convenience of use and their ability to tolerate mutations to a certain extent. They have significant advantages such as high patient compliance, ease of storage and transportation, and convenient distribution. "As the pandemic becomes normalized, small molecule drugs can play a role in inhibiting viral replication at an early stage of infection, reducing the likelihood of developing into severe illness. They can be used as part of daily preventive measures, adding an important layer to epidemic control efforts." Li Qian, Senior Consulting Director for Healthcare Industry in Greater China at Frost & Sullivan, told CBN reporters.   The institution has significantly lowered its sales forecast for Pfizer's oral medications The only small molecule drug currently in clinical use for treating COVID-19 in China is Pfizer's antiviral drug against the novel coronavirus. Paxlovid This drug is also currently the leading medication in the global COVID-19 treatment market. However, according to the latest research predictions from data analytics companies, Paxlovid Sales for the next six months are likely to fall short of market expectations. Health data organization Airfinity It is reported that the latest data confirm that the order volume and quotes recently signed by Pfizer have begun to slow down gradually. The institution expects that by the end of this year, there could be as many as 7000 Ten thousand courses Paxlovid Excess. Airfinity Analysis suggests that this small molecule drug may interact with other drugs, which could limit its use. Airfinity analyst Harry Cheeld It is stated that Pfizer may re-examine its bullish outlook for the drug demand and address the issue of oversupply. Pfizer earlier said it plans to provide this year 1.2 Hundreds of millions of courses Paxlovid Since the beginning of this year, Pfizer's stock price has fallen by more than 12% Pfizer is about to 7 month 28 Announces the financial report for the latest quarter. According to Airfinity According to the forecast, another company providing COVID-19 oral medications, Merck & Co., expects this year's supply to be only 1500 Ten thousand treatment courses. Looking at overall sales, Airfinity It is expected that Pfizer Paxlovid The total sales volume will reach 232 billion US dollars, lower than the forecast for the past three months 236 billion US dollars; Merck's total oral drug sales are estimated to be 58 billions, lower than previously estimated 64 billion US dollars; the sales of the COVID-19 oral drug approved at a later date by the Japanese pharmaceutical company Ono Pharmaceutical are estimated to be 5 billion US dollars, lower than previously estimated 25 billion dollars. In China, in addition to the real-life biological AZVUDINE tablets, there are also Junshi Biotech's COVID-19 oral medication VV116 The film has also entered clinical trials III Phase. This year 5 month 23 Today, Junshi Biology announced that VV116 The film in a comparison with Pfizer PAXLOVID For the early treatment of mild to moderate COVID-19 III The phase-registered clinical study has achieved the primary endpoint preset in the protocol and is indicated to submit an application for marketing approval in the near future.   * This article is reprinted from 'CBN'.   ,   author    Qian Tongxin    ,    Original title:    After the approval of the first domestically produced COVID-19 oral medication, why did the manufacturer's stock plummet by one percentage point?    "> Frost & Sullivan Insight & Extended Readings Q :   What does the launch of China's first domestically developed small molecule COVID-19 oral drug indicate? A :   As of June this year, overseas 2 Several COVID-19 small molecule drugs have been approved for marketing and commercialization in multiple countries around the world, including Pfizer's Paxlovid and Merck Sharp & Dohme molnupiravir Before the launch of the first self-developed drug, the only available oral small molecule drug in China was Paxlovid Azvudine, as the first domestically approved small molecule oral drug for treating COVID-19, further builds upon our country's 'vaccine + neutralizing antibody + Integrated prevention and control system for small molecule drugs."   Q:    Globally, is there currently an oversupply of Pfizer's small molecule drugs?   A :    Paxlovid Applied to preventing high-risk populations from developing into severe cases, as the spread of the real epidemic continues unabated and the number of infections remains high, the demand for medication is still there. Although sales in the first quarter of this year were lower than market forecasts, overall sales are still considerable. In the global field of COVID-19 small molecule oral medications, Pfizer Paxlovid Dominating the field.   Q: What is the supply situation of COVID-19 small molecule drugs in our country?   A :    Fosun Pharma at 7 month 25 Announcements released on the evening of the same day disclosed that a strategic cooperation has been reached with True Biotech to advance joint development between both parties and for the exclusive commercialization of Azvudine by Fosun Pharma Industries. The commercialization layout of Azvudine will be carried out after the full industrial chain is established, aiming to meet current clinical medication needs through increased production.   Q: Which other companies are expected to receive approval?   A:    In China, in addition to the real-life biological AZVUDINE tablets, there are also 2 The development of this drug has progressed relatively rapidly in the research and development of COVID-19 oral medications, including one jointly developed by Junshi Biosciences and Wangshan Wangshui. VV116 Developing the pharmaceutical industry with Pukrulam, which is currently in clinical trials III During the Phase I trial stage, it is expected to be launched in the near future, and the progress of research and development is worthy of continuous attention.

2022 Since the beginning of this year, affected by complex international situations and environmental changes, the global economic recovery and financial market fluctuations have been fraught with uncertainties. The 'New Asset Management Regulations' were officially implemented at the beginning of the year, and the financial ecological environment has continuously shown new changes. The asset management market has also entered a new development stage.   Against this backdrop, hosted by the Economic Observer "Integrate & Symbiate" 2022 Industrial investment + Asset Management Summit ” is held on 2022 year 7 month 26 Held online,   Frost & Sullivan Frost & Sullivan Zhang Jian, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend the forum and delivered a speech on the latest global industry technology trends.     Zhang Jianhua centered on 2020 Year to 2025 This report conducts an in-depth study and interpretation of emerging technologies that promote work efficiency, introducing the trends in technology integration and convergence. AI Automation and robotics trends, as well as cybersecurity trends, are analyzed, and strategic advice and predictions are provided for each trend from 'macro to micro'. Trends in Technological Connectivity and Integration   According to a Frost & Sullivan survey, from 2020 Year-end 2025 In the year 37 100 million smartphones, 5.2 100 million wearable health-related devices and 7 Hundreds of millions of tablets. Device diversity will profoundly impact the backend and frontend of enterprises. Among all trends in technology connectivity and integration, AR Technology has the greatest potential for enterprise applications because it can improve performance while VR Technology has greater mobility. Zhang Jian stated that the number of users collaborating globally through enterprise social networks will continue to rise.   Currently, in North America alone, there are already more than 72% Enterprises are using internal social networking software for office work and communication. Smartphones, tablets, laptops, and current wearable devices will continue to improve people's work efficiency. Companies, even small and medium-sized enterprises, need to design a device strategy that considers long-term scalability and solution unification.   reach 2025 In 2021, the usage rate of wearable devices in workplaces will increase significantly, with the market growth rate for smart glasses expected to be the highest. Wearable devices, especially when combined with augmented reality functions, will achieve rapid growth in the enterprise sector. Workplace wearable devices will quantify and analyze employee behavior to help management make data-driven decisions, and the United States has already deployed this technology on a large scale and rapidly. The next big thing in big data is to transform structured and unstructured data into actionable predictions, such as using normative analytics hours, days, or even weeks in advance to avoid emergencies. As of 2025 In the year, most enterprises will engage in regular analysis. As association organizations monetize their data, data aggregation will become a key service, providing deeper insights through extremely large datasets.   In addition, 2025 year 3D The printing market will grow to 215 Billions of dollars, with the reduction in costs and increased choice of printing materials, it is expected that more manufacturers will fully adopt this technology in the future. AI Automation and robotics trends   reach 2021 In the year, the global automation market exceeded 800 billion US dollars, with the industrial Internet of Things sensor market exceeding 110 Billions of dollars highlight the importance of automated internet solutions in manufacturing. Given the potential scope of applications and the ongoing progress in security and usability, professional service robots will have a significant impact on future workplaces. Zhang Jian pointed out that one direction in artificial intelligence development is the shift from consumer-oriented personal digital assistants to enterprise digital assistants. However, before this technology develops formally, privacy and security issues still need to be addressed.   The improvement in artificial intelligence capabilities will continue to drive progress in most technology fields, with natural language processing and image recognition technologies serving as long-term enablers for customers looking to grow their businesses in the corporate sector. In terms of enterprise readiness, employees need to adapt to AI-derived technologies and corresponding outputs, which requires appropriate training and a workplace culture that is curious about technology and encourages participation.   Given industrial networking and sensorization, the Industrial Internet of Things will be in 2025 The year began with widespread adoption. Due to improved data quality and reduced latency, production is more sensitive to demand, leading to fundamental changes in manufacturing. Both technology providers and users will form their own ecosystems. For suppliers, providing holistic solutions is crucial for maintaining partnerships, while manufacturers will adopt the sharing economy model to reduce downtime. The industrial robot market is relatively mature, and continuous innovation and application will maintain a sustained growth trend. Data shows that 2025 In [year], the number of industrial robots in use globally may exceed 500 One hundred thousand units. Therefore, globally, manufacturing centers will become increasingly automated. Service robots will become more flexible and user-friendly, and there is a certain possibility that they could fundamentally change the way many types of work are done. "In other words, these robots, which are positioned as collaborative machines, still require human supervision rather than job replacements," said Zhang Jianshe. Network security trends Zhang Jian pointed out that with the growth of connectivity trends, cybersecurity incidents will increase and evolve, thus requiring all enterprises to continuously carry out defense work. At the same time, as cybersecurity becomes a higher priority for enterprises, new roles will emerge, such as Chief Information Security Officer (CISO). For enterprises, recruiting qualified information security administrators will become a continuous challenge. In the future workplace, cybersecurity will include emerging technologies such as blockchain and machine learning.   Network security information exchange centers that share threat intelligence will become increasingly popular, as the advantages gained from sharing information outweigh the competitive advantage brought by information secrecy. Globally, network security information exchange centers will play an important role in sharing threat mitigation strategies with organizations in developing countries, which may not have government support but still need protection to avoid endangering global value chains.   Countries will advance the implementation of cybersecurity strategies to protect the information of enterprises, citizens, and governments. However, by 2020 In [year], the global cybersecurity market was close to 1,550 billions, with a global shortage of skilled cybersecurity professionals reaching 200 One hundred thousand people urgently need investment in new talent. Industry application scenarios   Finally, Zhang Jian summarized, 'The technologies needed in future workplaces (especially those stemming from AR , AI Connected technologies (IoT) will affect the working environment of most industries, leading to an overall improvement in productivity. The agricultural sector will adopt more robots, autonomous platforms, and aerial vehicles to increase yields and input accuracy, compensating for rising labor costs and shortages. Due to the integration of automation, the internet, and data analysis technology, industrial IoT technology will stand out in office technology scenarios within the industrial field. In office settings, artificial intelligence and big data technology can identify patterns that were previously unrecognizable and improve work efficiency by automating time-consuming tasks.