Metaverse Industry Innovation Forum 2022 Over the past year, the concept of the metaverse has accelerated its implementation, and the integrated effect of market confidence, technological breakthroughs, and policy convergence has begun to emerge. 7 In January, Shanghai released an action plan for cultivating the new 'Metaverse' track. The Zhangjiang Digital Economy Chain (Metaverse) characteristic industrial park centered around Shanghai Pudong Software Park has become one of the important carriers for Shanghai to develop in the new Metaverse track. As Shanghai Pudong Software Park 30 One of the annual series of events, 2022 Huizhi TEK The launch ceremony of the Metaverse Industry Innovation Forum and PRCSoft Startup Camp (Eighth Session) is about to take place. The event will last for three days, focusing on industry innovation forums, industry demand matching, and exchanges at the Women's sub-forum. It will also unveil the special session on the metaverse for the PRCSoft Startup Camp (Eighth Session).   Frost & Sullivan Frost & Sullivan Wang Chenhui, Partner-in-Chief and Executive Vice President of Frost & Sullivan Greater China Region, Co-founder and President of LeadLeo, was invited to attend the Metaverse Industry Innovation Forum and share 2022 The latest research findings from the 'China's VR/AR/MR Industry Development White Paper' for 2023. Wang Chenhui, Managing Partner and Executive Vice President of Frost & Sullivan Greater China, Co-founder and President of LeadLeo According to Wang Chenhui,   Metaverse Metaverse space The term 'originates from the writer' Neal Stephenson The science fiction novel 'Snow Crash' describes a world where people interact with various software in three-dimensional space using virtual avatars. Metaverse space A word is composed of Meta and verse composition, Meta Represents transcendence, verse Representing the universe, 'transcending universe' implies a man-made virtual space that operates parallel to the real world. The metaverse connects virtual and reality, featuring a real design and economic environment that can connect everyone. 3D In the virtual world, users possess their own virtual identities and digital assets within the metaverse. They can interact freely in the virtual world, engage in productive activities, and create value.   Wang Chenhui pointed out that the metaverse provides users with rich consumer content, a fair creative platform, a reliable economic system, and an immersive interactive experience.   It can express people's emotions, giving users a sense of psychological belonging. Users can make friends in the digital world, create their own works, conduct transactions, and participate in educational meetings and other social activities. Technically, on top of the traditional internet, the metaverse has set higher standards for immersion, participation, and sustainability. Therefore, it will be supported by many independent tools, platforms, infrastructure, protocols, etc.   as AR , VR , 5G With the maturity of technologies such as cloud computing, the metaverse is expected to gradually move from concept to reality. Wang Chenhui stated that the metaverse industry involves six supporting technologies, namely interaction technology, blockchain technology, Internet of Things technology, network technology, video game technology, and artificial intelligence technology. The main application areas include gaming, virtual entertainment, social networking, education and training, industry, and healthcare. Next, Wang Chenhui further explored the application scenarios of the metaverse.   Taking metaverse education as an example,   The integration of virtual and real, online and offline features in the education metaverse will promote changes in teaching concepts and models.   From a definition perspective, the educational metaverse can be understood as an environment where participants in educational activities such as teachers, students, and administrators create digital identities. They open up formal and informal teaching spaces in virtual worlds and interact within these virtual teaching venues. From a fundamental technology perspective, Wang Chenhui stated that the education metaverse utilizes VR/AR/MR Digital Twin, 5G The virtual-real integrated education environment shaped by emerging information technologies such as artificial intelligence and blockchain is a high-level form of intelligent education that fully interweaves virtual and reality, connects humans with machines, and engages schools with society. From the perspective of current development, Wang Chenhui believes that the metaverse has already achieved initial applications in the field of education. For example, the United States established the world's first virtual reality high school—American High School—and the University of California, Berkeley recreated its campus using the sandbox game 'My World' and held an online graduation ceremony. The Seoul National Hospital in South Korea utilized VR/AR The technology enables real-time sharing of surgeries, symbolizing the initial attempt at applying the educational metaverse in the field of medical education. The educational application cases in the metaverse have begun to show results. According to Wang Chenhui, in the field of subject education, Beijing Normal University will VR/AR Technology is integrated into teaching activities, and augmented reality-based AR Technical education APP . In the field of informal learning, Stanford University will VR The device is applied in virtual, domestic scenarios, museum settings, and various other scenarios that are difficult to access in daily life. In the field of vocational training, Seoul National University utilizes VR/AR The technology enables real-time sharing of surgeries, and VR/AR Technology is better applied in practical training. Wang Chenhui further pointed out that virtual reality education is currently still in the early exploration stage, with its theory and practice lagging behind technological development. At the same time, China still lacks educational virtual reality products designed and developed specifically for the education sector, and existing explorations mainly rely on virtual reality games or social platforms. Wang Chenhui believes that at present, the main issues in the development of metaverse education include the lack of established industry standards, unregulated trust mechanisms, and the addictive risks associated with virtual environments.   At the same time, Wang Chenhui also stated that in the future, with the improvement of technology and industry standards, products related to metaverse education may experience relatively rapid growth.   From the perspective of application scenarios, the future education metaverse can achieve diverse applications in situational teaching, personalized learning, gamified learning, teacher training, and other areas. It will provide more intelligent teaching services and experiences, presenting characteristics and trends such as immersion, authenticity, interactivity, creativity, diversity, and collaboration.   From the perspective of industry development trends, as enterprises related to education metaverse accelerate the formulation of relevant standards, gain control over the industry's development direction, and lead the technological development path and implementation applications of education metaverse, there may be a relatively rapid growth in related products in the future. Another major application scenario of the metaverse is metaverse social networking. Based on the characteristics of the metaverse, metaverse social networking is different from traditional social networking, and it has 3D Visualizations, strong interactivity, and immersive experiences can quickly bridge the gap between strangers.   Wang Chenhui stated that the diverse playstyles in metaverse social interactions will fully activate social scenarios and enhance strangers' enthusiasm for socializing.   For example soul Taking gamified social experience as one of its core features, through FaceID, 3D Face pinching and other diverse group chat party rooms, soul Gameplay like Werewolf makes it easier for users to build relationships. The emphasis on virtual identities in metaverse social networking has made stranger interactions the main component of social patterns in future metaverse worlds. However, acquaintance interactions may gradually shrink their share in the metaverse market due to the lack of online second identities. Stranger interactions will gradually increase their market space in the metaverse. Wang Chenhui pointed out that there are currently no truly mature metaverse social applications on the market. The metaverse social applications mentioned in the existing market all involve some of the key elements, such as making friends with strangers. APP —— soul It possesses the three key elements of the metaverse: virtual identities, social networking, and synchronous interactivity.   Regarding the future development trend of metaverse socialization, Wang Chenhui pointed out that scenario-based socialization is one of the value sources of the metaverse.    Compared to the ubiquitous instant messaging, scenario-based social experiences offer a better user experience. This is because scenarios make it easier for users to feel immersed in an atmosphere, and they can also interact in real-time within scenario-based platforms. With the accumulation of different scenario-based social platforms, the social metaverse will gradually grow into a social ecosystem. Further realizing the scenarios and scale of the social metaverse will become an important trend in future metaverse social interactions.   On the other hand, Wang Chenhui also believes that 5G The gradual popularization has provided a larger stage for metaverse social interactions. XR The development of device technology has provided assistance for the synchronization and real-time nature of virtual images in metaverse social interactions.   Interaction is the most important element in social networking, and the metaverse enables 3D , XR Based on technical foundations, it provides users with accurate ways of expressing body language, better facilitates interaction, combines the real world with the virtual world, breaks through text and traditional social methods, and enables communication and interaction among different social groups in different time and space settings. Finally, Wang Chenhui summarized and looked ahead to the overall development trend of the metaverse. He said, 2021 Year-end 2025 In [year], with the continuous development of technology, it is expected that major internet giants and some leading companies focusing on gaming and social media will develop a series of independent virtual platforms. 2026 Year to 2030 In [year], as the pan-entertainment immersive experience platform has made significant progress, the metaverse will expand beyond its current base to include more experiences. It is expected that some consumer, educational, conference, and work-related behaviors will shift to virtual worlds. At the same time, as consumption in virtual worlds continues to heat up, along with digital currencies such as the Digital RMB and NFT The digital information has been assetized, and the economic system has begun to establish itself. This has subsequently driven the realization of transactions, social interactions, and other exchanges between some virtual platforms. 2030 After the Spring Festival, which marks the third phase of the metaverse, Wang Chenhui believes that starting from this stage, each virtual platform will serve as a sub-universe, gradually forming a complete set of standard protocols to achieve the aggregation of various sub-universes and create a true metaverse. These sub-universes still maintain their independence, but they achieve interconnectivity through the unification and standardization of interfaces such as interaction and economy through standard protocols.   At this stage,   The form of the metaverse will expand with the advancement of technology, and various industries will pour into the metaverse system, blurring the boundaries between virtual and reality. As a result, the metaverse enters an era of digital coexistence between virtual and real worlds across all industries.     Recommended Reading "The 2022 China's Metaverse Industry White Paper 2023  

Frost & Sullivan insights Data shows that as of 9 month 9 day, within the year A Total number of market shares 266 The total amount of funds raised from the listing of newly issued shares that are only publicly offered reached 4,400 100 million yuan. 266 Among new shares, 247 Only from strategic emerging industries, proportion 93% Looking at the sub-sectors, 85 The fundraising scale of the new generation information technology industry company reaches 1,984 100 million yuan.   Whether in terms of the number of listings or scale, both the Sci-tech Innovation Board and the Growth Enterprise Market hold an absolute advantage. What phenomenon does this reflect? How should we view over 90% being strategic emerging industry companies? Why is the new generation information technology industry highly favored by capital? What development trends will new share listings show in the second half of the year? 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 status and future trends of new share listings.   Securities Daily Since the beginning of this year, A The frequency of market share introductions has accelerated, and the fundraising scale has been climbing steadily. 9 month 9 Today, BGI Smart Manufacturing, etc. 5 New shares listed only were highly sought after by the market, with an average increase on the first day of 14% . wind Data shows that as of 9 month 9 day, within the year A Total number of market shares 266 The total amount of funds raised from the listing of newly issued shares that are only publicly offered reached 4400 yuan. Among them, China Mobile, etc. 4 The fundraising scale of each home exceeds 10 billion yuan. "Since the beginning of this year, there has been a surge in enthusiasm for new stock listings. Companies from economically developed regions are actively listing, and a large amount of capital continues to flow towards emerging industries, highlighting the role of the capital market in supporting technological innovation." Gui Haoming, chief market expert at Shenwan Hongyuan, told the Securities Daily reporter. In terms of geographical distribution, this year's newly listed companies are mainly concentrated in Guangdong, Jiangsu, and Zhejiang provinces. wind Data shows that Guangdong 50 Jiangsu 49 (Zhejiang only)) 30 Total of the three provinces 129 Only, accounting for the total number of new shares listed within the year 48% . "The business environments in Guangdong, Jiangsu, and Zhejiang are excellent, with a strong entrepreneurial atmosphere. The private economy is developed, and there are a large number of high-quality small and medium-sized enterprises," said Chen Li, chief economist and director of the research institute at Sichuan Finance Securities to the Securities Daily reporter. Gui Haoming also believes that this year's newly listed companies are mainly concentrated in the southeast coastal regions, where economies are developed, industries are clustered, and markets are highly dynamic. At the same time, although the number of new listed companies in the central and western regions is smaller, some areas have seen rapid development in information technology industries, with a significant increase in the number of new listings, indicating strong potential for future development. In terms of sector distribution, the Sci-tech Innovation Board (STAR Market) and ChiNext are highly attractive. Among them, ChiNext has the largest number of new listings, reaching 103 Only, new shares on the Sci-tech Innovation Board 83 Only, the two account for the total number of new shares 70% ; New shares on the Sci-tech Innovation Board 1842 The fundraising scale of hundreds of millions ranks first, followed by the new share fundraising scale of the ChiNext. 1297 Yuan billion, the combined proportion of the two 71% . "The capital boom on the Sci-tech Innovation Board and Growth Enterprise Market reflects a positive transformation towards innovation-driven development in the economy. Companies listed on the Sci-tech Innovation Board typically possess a gene attribute for heavy investment in research and development, master core technologies, and have established channels for the transformation of mature high-tech achievements into commercial products. These are focal points of attention for capital market investors and also align with China's strategic focus on technological innovation," said Wang Xin, Global Partner and President of Frost & Sullivan Greater China, to the Securities Daily reporter. wind The data shows that the aforementioned 266 Among new shares, 247 Only from strategic emerging industries, proportion 93% Looking at the sub-sectors, 85 The fundraising scale of the new generation information technology industry company reaches 1984 Yuan, both in terms of quantity and scale, leads other fields. In addition, there are also many companies in sectors such as the biotechnology industry and high-end equipment manufacturing. Wang Xin said, taking the new-generation information technology industry as an example, Internet of Things, artificial intelligence and 5G Accelerating commercialization will be the direction of future technological innovation. With broad market commercial space, technology companies with long-term corporate value and growth potential that have been recognized by the market will continue to be popular in the market. Outlook 2022 In the fourth quarter of 2021, Deloitte China's Capital Markets Services issued a report suggesting that, as the registration-based system reform is steadily advancing and more economic stabilization policies are implemented, it is expected 2022 year A The total amount of new share financing in the stock market is expected to exceed a certain mark 2021 Records set annually.   * This article is reprinted from Securities Daily, reporter Xing Meng, Original title: within the year 266 Only new shares are listed to raise funds 4400 100 million yuan The three provinces of Guangdong, Jiangsu and Zhejiang rank at the top in terms of quantity ">   Frost & Sullivan Insight & Extended Readings   Q How do you view the over 90% becoming strategic emerging industry companies? Why is the new generation information technology industry so highly favored by capital? A : Firstly, the Sci-tech Innovation Board (STAR Market) and Growth Enterprise Market (GEM) themselves possess a strong innovation gene, which can attract companies from popular growth sectors such as new energy, semiconductors, and medical technology. These emerging industries often align with future 10 year, 20 The social strategic needs for the year; moreover, the continuous successful listings of emerging industry companies also indicate a trend where market investors are shifting from mainly focusing on historical financial performance to placing increasing emphasis on a company's long-term growth potential and competitiveness. Taking the new generation of emerging information technology industries as an example, the Internet of Things, artificial intelligence, and 5G Accelerating commercialization is inevitable in the future 10 The market innovation theme of the year presents broad business opportunities, naturally attracting capital's welcome and enthusiasm. Q : How do you view private enterprises becoming the main force in new listings (or IPO listing What role has it played in solving the financing difficulties of private enterprises? What development trends will new share listings show in the second half of the year? A : Private enterprises have always been an indispensable and highly active component of China's market economy. The emergence of private enterprises as the main force in new listings is a manifestation of the vigorous development of China's market-oriented economy, as well as an inevitable result of the continuous progress and improvement of China's market-oriented economic system. This represents that more private enterprises with excellent R&D capabilities and strong innovation abilities are further recognized by market investors during their development and growth. From a macro-market perspective, the listing of new stocks in the second half of the year will still revolve around technological innovation, companies with long-term corporate value and growth potential, and those that have already received certain market validation will continue to be highly welcomed by the market.

china Biotech The Road to Global Evolution An innovative drug requires strong capabilities in aspects such as project establishment, clinical trials, registration, market access, sales, etc., from research and development to market launch and sales. At present, these capabilities mainly include Biopharma company and Big pharma companies Only then are they fully realized. Therefore, a Biotech For a company to evolve into a globalized Biopharma company or Big pharma companies , requires innovation in technology application, target and compound discovery, preclinical research, CMC research, IND , Non-Disclosure Agreement To stand at the forefront, efforts need to be strengthened in these areas. At the same time, it is also necessary to reinforce forward-looking arrangements in early globalization product pipelines, investment and financing, etc. 9 month 9 day, from the head CDMO The listed company Boteng Co., Ltd. initiated the “China Biotech Global Evolution Road | Boteng Innovation Medicine Salon · Shanghai Station" themed salon was successfully held. The event invited top-notch front-line experts. PROTAC experts, BD transaction /License Cross-border transaction expert, global pharmaceutical consulting expert, and innovative drug CMC/IND Experts jointly carried out discussions and exchanges.   Frost & Sullivan Frost & Sullivan Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, was invited to attend the event and delivered a speech on 2022 A speech was delivered on the review and prospects of the biopharmaceutical investment and financing market. Partner and Managing Director of Frost & Sullivan Greater China Region fattening During the speech, Mao Hua first said 2022 A brief analysis of the investment and financing situation in the global and Chinese biopharmaceutical industries during the first half of the year was conducted.   According to its introduction, 2022 China in the first half of the year A The stock has become the largest in the world IPO listing city Venue, the Shanghai Stock Exchange and the Shenzhen Stock Exchange shall be located at 2,563 HK$10 billion, 1,201 The financing amount of HK$10 billion ranks first and second globally,    NASDAQ, NYSE, and HKEX did not appear in the top five. In the healthcare sector, 2022 First half of the year A The stock market is also more active than the Hong Kong market. A share IPO listing Although the quantity decreased year-on-year, the raised funds increased year-on-year 33% Hong Kong stocks IPO listing Both the quantity and raised funds have declined significantly year-on-year.   The data shows, 2020 - 2021 Over the year, in the healthcare sector IPO listing Volumes have been increasing across major global sectors. 2022 In the first half of the year, all segments experienced a cooling-off. During this period, Chinese healthcare enterprises IPO listing Year-on-year quantity 2021 Decrease in the first half of the year 40.8% But A Equity remains the capital market with the largest number of listings in China's healthcare industry at present, and Hong Kong stocks 18A It is even more favored by unprofitable Chinese healthcare enterprises.   2022 First half of the year A Stock market, healthcare industry IPO listing financing scale, IPO listing The number of enterprises ranks sixth and fourth among all industries. Mao Hua pointed out,   Judging from the listed valuation level,   As of 2022 year 6 month 30 day A The overall price-to-earnings ratio (excluding negative values) of the healthcare industry is higher than that of the US and Hong Kong healthcare industries. For unprofitable listed healthcare companies, A The stock exhibits 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). At present, the limited number of innovative drugs on the market is also related to the lack of profitable innovative medical device companies.   Judging from the stock price on the first day,   2022 In the first half of the year, healthcare companies A The break-even rate for stocks and Hong Kong stocks is comparable. In response to some issues in previous practices, such as offline investors focusing more on strategy than research, engaging in 'group bidding' to secure inclusion, and disrupting the issuance order, the China Securities Regulatory Commission (CSRC), Shanghai and Shenzhen Stock Exchanges, and the Securities Association have issued relevant reform documents regarding the current new share issuance system. After the release of the new regulations, the pricing center for new share issuance has increased. A The myth of 'new shares never going under' has been shattered. 2022 First half of the year A Among the listed healthcare companies, there have been 7 The company's shares broke below their issue price on the first day.   Looking at the average daily trading volume after listing,   A The secondary market trading activity in the healthcare sector is higher than that of Hong Kong stocks. Both the overall sector and unprofitable biotech companies have far more active trading volumes than Hong Kong stocks. A The median daily turnover of equity healthcare companies exceeds that of Hong Kong stocks in the past 5 times, and the median daily turnover of unprofitable biotech companies on the Sci-tech Innovation Board is also close to that of Hong Kong stocks 3 More than twice.   Mao Hua said that it is expected that with A With the full implementation of the share registration system and market policy reforms, more pharmaceutical companies will choose to A The shares were financed. Subsequently, Mao Hua reviewed 2022 First half of the year and 2021 Key trends in China's biopharmaceutical market in 2023. Firstly, under the impact of the COVID-19 pandemic, 2021 The list of the world's top ten best-selling drugs has changed -- Pfizer /BioNtech COVID-19 mRNA The vaccine made it onto the list and ranked first, surpassing the leader that has held the top spot for many years Humira , Moderna COVID-19 mRNA Vaccines also rank at the top.   Secondly, looking at the whole 2021 In [year], biotech companies were active in financing, directly promoting R&D investment. Domestic biopharmaceutical companies also continued to increase their R&D investment to support innovation. The successful financing activities in the primary and secondary markets have greatly supported the company's R&D layout. On one hand, there is an adequate pipeline for capital introduction, and on the other hand, the more abundant funds have also strengthened In-house staff R&D, with our own R&D efforts bearing fruit license-out operation The total transaction volume of varieties has reached 20 Billion-dollar club. Mao Hua believes that, under the current competitive landscape, Biotech On the path of commercial exploration, it is necessary to possess the ability to integrate existing pipelines and resource operations in order to secure survival and develop space. In addition, in terms of new drug approvals, 2021 National Medical Products Administration NMPA ) Approved in total 83 A new drug, with a number 2016 New highs were recorded in recent years, mainly driven by oncology drugs and infectious disease medications. 2022 Approved in the first half of the year 29 New drugs (excluding new indications, new dosage forms, biosimilars; if the active ingredient in a compound is not approved for the first time, it is not included in the statistics), among which oncology drugs account for approximately 48% （ 14/29 ). 2021 US Food and Drug Administration FDA ) Approved in total 50 A new drug product (excluding cell therapies and vaccines), with no significant difference in quantity compared to previous years, including 36 A new molecular entity and 14 A new biologic product, with oncology drugs still being the majority, accounting for 30% . 2022 First half of the year FDA A total of 16 novel molecular entity / New biological products, as well as those that have been approved 1 model mRNA COVID-19 vaccine and 1 model CAR-T Cell therapy, with the total number of approvals falling short 2021 Half of the year, it is still mainly distributed in the field of anti-tumor research, accounting for approximately 22% . Finally, Mao Hua summarized that the COVID-19 pandemic has brought biopharmaceutical investment and financing to an unprecedented level of enthusiasm. With the influx of hot money, it has inevitably led to crowded R&D and homogeneous competition.   The wave of homogenized innovation brought about by hot money has gradually shown signs of market decline. Biopharmaceutical companies need to start from clinical needs, explore the most fundamental ones, and only innovations that address unmet clinical needs can gain market recognition and bring returns to capital. "In recent years, with national policy guidance for Chinese pharmaceutical companies to innovate, the level of domestic innovative drugs has been continuously improving under the policy dividend. The R&D level of innovative drugs is growing day by day. On the other hand, the R&D of COVID-19 vaccines is also driving rapid technological development in the industry. We believe that China's biopharmaceutical industry will increasingly integrate into the global innovation pulse," said Mao Hua. The Frost & Sullivan healthcare team has rich project experience in innovative biomedicine, and recently 20 For many years, the Frost & Sullivan team has provided financing and financial advisory services to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. IPO listing Industry consulting, strategic consulting, management consulting, and other services. Since 2019 year 7 Since the listing of the first batch of companies on the Sci-tech Innovation Board, Frost & Sullivan reports have also been widely cited in the prospectuses of leading Sci-tech Innovation Board-listed companies in the industry.

2022 After the second half of the year, OEMs are deploying for online car-hailing and Robotaxi The actions are frequent. Tianyancha application display, 8 month 3 On the same day, NIO established a sales and service company in Yantai, with business scope including online car-hailing operations; 7 month 19 Today, Guangdong Xpeng Motors Technology Co., Ltd. registered “ XPENGROBOTAXI Trademark such as "Penggo PENGHANG" and "Penggo XINGHANG", which may be used for Penggo Robotaxi Business speculation followed.   Why are multiple automakers deploying online car-hailing services at this stage? From the current competitive landscape, automakers (traditional and new entrants) are making efforts Robotaxi What are the strengths and weaknesses? Frost & Sullivan Frost & Sullivan Zhu Yiming, Executive Director of Frost & Sullivan Greater China, was interviewed by CBN and discussed online car-hailing and Robotaxi Future development prospects of the track. Caijing.com 2022 After the second half of the year, OEMs are deploying for online car-hailing and Robotaxi The action is frequent. Tianyancha application display, 8 month 3 On the same day, NIO established a sales and service company in Yantai, with business scope including online car-hailing operations; 7 month 19 Today, Guangdong Xpeng Motors Technology Co., Ltd. registered “ XPENGROBOTAXI Trademark such as "PengMCAR" and "PengXing" may be used for PENG. Robotaxi Business speculation followed. Caijing.com Technology has found out about PengMC's online car-hailing service application "Yunepeng Chuxing" is currently in the "Service Adjustment, Not Available for Download" state in the app store. Regarding NIO, regarding whether the company has made any arrangements for online car-hailing services, Robotaxi Regarding media inquiries about the business, NIO stated that it will not respond for the time being. Meanwhile, traditional automakers are also actively making arrangements Robotaxi Track. Geely's subsidiary, Cao Cao Mobility, recently announced a partnership with Pony.ai to introduce services in Yizhuang, Beijing Robotaxi ; Completed by the autonomous driving company Momenta Waiting for investment to exceed 10 RMB 10 billion B In a recent announcement, the Series B financing of SAIC Group's travel brand Enjoy Mobility has been completed with Momenta Joint layout creation Robotaxi Products; GAC Group 2022 It was revealed at the semi-annual report communication meeting that Ruqi Chuxing, a subsidiary of the group, is advancing Robotaxi The deployment and demonstration operation of the vehicles are expected to commence in Guangzhou with mixed operations of manned and driverless vehicles in the second half of this year. Whether it's new force automakers or traditional automakers, targeting Robotaxi The frequent layout of businesses inevitably raises many speculations behind it. Some believe that expanding business scope and increasing sales are the main goals of automakers in deploying ride-hailing services. In addition, ride-hailing services will also become Robotaxi The important scenarios for commercial implementation are also the reasons why automakers are making strategic layouts.   Zhu Yiming, Executive Director of Frost & Sullivan Greater China, stated that automakers entering the online car-hailing market can broaden their business and absorb production capacity on one hand, and increase brand exposure by enhancing passenger comfort and attracting them to purchase cars on the other. Zhang Xiang, the dean of the New Energy Vehicle Technology Research Institute at Jiangxi New Energy Technology Vocational College, believes that although the online car-hailing industry is still in its early stages of development, with fierce competition between platforms and no profitability yet, online car-hailing is a trend for the future. It is a good choice for automakers to make early arrangements. Chang Yan, a long-term observer in the automotive sector, believes that although new entrants mainly provide in-car services to help digest vehicles and improve delivery data, they also hope to quickly accumulate autonomous driving data and find more Corner case (Long-tail cases in the field of autonomous driving, which are those problems that have never been encountered or are difficult to predict, occur with low probability but in large numbers.) This feeds back into the development of the entire autonomous driving system. Automobile companies are vying to deploy online car-hailing services 2019 year 5 In January, Xpeng Motors announced the launch of its online car-hailing service “Yopeng Mobility” platform in Guangzhou for trial operation, with plans to invest by the end of that year 2000 Remaining customized P7 models G3 "Yopeng Chuxing" is positioned as a dedicated vehicle service, with drivers being full-time professionals who must undergo regular professional training according to industry standards before taking up their posts. Around this period, traditional OEMs sprang up across the country to enter the online car-hailing business like mushrooms after rain. 2017 year -2019 During the year, more than a dozen automakers deployed and launched online car-hailing platforms. The transformation of China's automotive market from an incremental market to a stock market is seen as part of the broader industry backdrop, including automakers gradually shifting towards producing new energy vehicles and entering the online car-hailing market. According to the statistical analysis of the China Association of Automobile Manufacturers, 2018 In [year], China's automobile production and sales were 2780.9 10,000 units and 2808.1 Ten thousand units, with production and sales volume declining compared to the same period last year 4.2% and 2.8% , the Chinese automotive market is facing 28 The production and sales volume declined for the first time in a year, but the sales volume of new energy vehicles was 125.6 Ten thousand vehicles, a year-on-year increase 61.7% . Boston Consulting Group BCG According to the report "Technology Disrupting Human Mobility: Where Will Corporate Profits Go?", the overall profit pool of the automotive industry in the future will shift from 2017 year 2260 USD billion growth to 2035 year 3800 billions of dollars. However, traditional profit pools (traditional parts, ICE Sales of hybrid new vehicles, auto finance, and the automotive aftermarket will only grow 40 Billion US dollars, with emerging profit pools (including parts for autonomous vehicles and pure electric vehicles, pure electric vehicle sales, data and intelligent connectivity, and mobility as a service) growing by approximately 1500 billion dollars. Consulting firm PwC has also stated in relevant research reports that exploring new businesses has become a source for automakers to find profit points in the future, with the travel market being one of these new sources. PwC also anticipates that 2030 In 2023, China's shared mobility market will reach 5640 billions, with an average annual growth rate as high as 32% The market prospect is huge. "It's not just the number of cars that has changed, but the entire industry's model has also changed. In the future," OEM （ Original Equipment Manufacturer , also known as fixed-location production), will find their competitive position threatened by new challengers such as suppliers, travel platforms, and tech giants. BCG Directors and Managers Thomas Palme Has stated. According to data from the China Association of Automobile Manufacturers, 2017 year -2022 In the first half of the year, the production and sales volume of new energy vehicles in China were generally in a state of rapid growth. However, it is worth noting that in specific production and sales figures, there have been years when sales volume was less than production volume. Zhang Xiang believes that one of the main purposes for automakers to deploy online car-hailing services is to reduce inventory and increase sales volume. Automobile companies mainly deploy shared mobility services through two main pathways: one is time-sharing rentals, and the other is online car-hailing (private cars). / Express services (such as express delivery, etc.) platforms. Automakers enter the former market through direct investment in operations or by taking stakes in car rental platforms; automakers deploying online car-hailing platforms mostly choose B2C The heavy-asset model has entered the market, with drivers not only being full-time employees but also the vehicles operated by online car-hailing platforms being uniformly purchased from their own automakers. Specifically, Cao Cao's special vehicle (later renamed 'Cao Cao Mobility'), incubated by Geely Automobile, operates with Geely models. Ruqi Mobility under GAC Group and Xiangdao Mobility under SAIC Group also purchase operating vehicles from their parent companies. In addition to unified purchasing and operation of vehicles and self-operation, driver car-rental franchisees and driver-led car-rental franchises have also become a major trend in the development of online car-hailing platforms under automakers in recent years. For example, T3 Travel offers the aforementioned two types of franchise methods; Enjoy Mobility's driver recruitment requires drivers to bring their own BYD models; Piongle's 'YouPeng Mobility' not only provides G3 2019 Model (Intelligent Enjoyment Edition, Joyride Edition, and Premium Edition) and Xpeng P7 Two types of vehicle models are available for drivers to choose from, offering both 'operating lease' and 'flexible lease-purchase' options. The former refers to renting a vehicle for a fixed period, while the latter allows drivers to buy out the ownership of the vehicle after leasing it for a certain number of years by paying off the remaining balance. In the view of Lang Xuehong, deputy secretary-general of the China Association of Automobile Circulation, whether it is new forces in car manufacturing or traditional automakers, domestic or foreign, their entry into online car-hailing services or other off-automobile businesses mainly involves two considerations. On one hand, there is a rigid demand in the travel market. On the other hand, in addition to C For end-sales vehicles, automakers will not miss any opportunity to capture more markets, such as targeting B Ends selling vehicles, operates car rental services, and builds its own online car-hailing platform. However, she also pointed out that automakers deploying ride-hailing platforms is one of their methods for expanding vertically and horizontally, and should not be considered a way to clear inventory. This is because the inventory situation and supply-demand conditions of automakers often exhibit cyclical patterns, being influenced by various factors such as the company's development stage, product strength, production planning capabilities, and market demand. Speaking of the reasons why automakers are deploying ride-hailing services, IDC Wu Lianfeng, Vice President and Chief Analyst of China, believes that automakers' layout in the online car-hailing market is not about selling cars themselves, but rather about strengthening their ability to obtain data and attempting to create an ecosystem covering upstream and downstream operations. It is reported that online car-hailing generates a large amount of data every day, including data from the vehicles themselves and operational data. Through travel data, automakers can not only verify the reliability of their products in a very short time but also efficiently learn about the optimal production and operation of vehicles and batteries under different usage scenarios, road conditions, and climates. In addition to deploying online car-hailing services and time-sharing rental services, automakers are also expanding into comprehensive service sectors such as charging and swapping operations, vehicle maintenance, energy management, and used car exchanges. layout Robotaxi It has become a focus for the future development of automakers If automakers' layout of online car-hailing services is considered 1.0 phase, from 2021 Since the beginning of this year, ride-hailing platforms have started collaborating with autonomous driving companies Robotaxi The business can be seen as entering the online car-hailing sector 2.0 phase. According to incomplete statistics, currently, platforms such as Ruqi Chuxing, Xiangdao Chuxing, T3 Travel and Cao Cao Travel, four travel platforms, have already partnered with domestic autonomous driving companies, such as Momenta Xiaomazhihang, Wenyuan Zhixing, Yuanrong Qixing, and other partners have collaborated to conduct test operations of autonomous taxi services in Shanghai, Guangzhou, Beijing, and other locations. According to the financial and technological analysis by FinFinance Network, there are currently three cooperation paths for the aforementioned online car-hailing platforms. One is strategic cooperation between automakers and autonomous driving companies, where the former provides vehicles and the latter offers autonomous driving solutions, which have been completed in restructuring. Robotaxi Used for testing by autonomous driving companies; secondly, autonomous driving companies bind with ride-hailing platforms through strategic cooperation or investment. The parent company of the ride-hailing platform provides vehicles, and the autonomous driving company offers autonomous driving solutions. The restructuring is completed. Robotaxi Test and operate on the online car-hailing platform; thirdly, the online car-hailing platform only provides APIs, and autonomous driving companies will own Robotaxi Connect to TCO. Ride-hailing platforms not only choose to cooperate with multiple autonomous driving companies but are also exploring various cooperation paths. Specifically, Caocao Chuxing has cooperated with Pony.ai and Yuanrong Qixing respectively for exploration. Robotaxi On the one hand, Cao Cao Mobility has introduced the autonomous driving service of Pony.ai. That is, users in Beijing can use Cao Cao Mobility to application You can make an appointment for the ride-hailing service with Didi Chuxing at the dedicated entrance of "Autonomous Driving". Robotaxi On the other hand, Cao Cao Chuxing has partnered with Yuanrong Qixing for vehicle services. According to Yuanrong Qixing, Geely provides Geometry A And the east wind E70 Model: Yuanrong Qixing provides autonomous driving solution technology. Enjoy the Journey, Connect with Us Momenta Together with SAIC's AI lab at its parent company, we are building Xiangdao Robotaxi Among them, SAIC provides Feifan MARVEL R Model Momenta Provides autonomous driving solutions, and SAIC AI Lab offers an intelligent driving data monitoring platform. In addition, Ruqi Mobility, which has successively collaborated with Waymo X and Pony.ai to jointly build autonomous driving fleets, was established this year 6 The moon god showed off Ruiqi Robotaxi Operate the technology platform. It is reported that this platform not only connects data from various autonomous driving companies but also schedules and assigns tasks to autonomous driving fleets. In addition to traditional automakers, 2021 In the third quarter of 2023, He Xiaopeng, Chairman of Xpeng Motors, stated in a teleconference 2022 In the second half of the year, Xpeng Motors will begin exploring Robotaxi business. He said, “Through Robotaxi In the operation of generalization scenarios, test P7P vehicles' related software to ensure a closed-loop driving experience throughout the entire city (thus) enhancing the stability and safety of autonomous driving algorithms. Coincidentally, in August this year, Guangdong Xpeng Motors Technology Co., Ltd. registered “ XPENG ROBOTAXI The news about trademarks such as 'Pengpeng Smart Pilot' and 'Pengpeng Smart Mobility' has been leaked. Regarding the car-hailing service of Xpeng Motors application "PengLink" is currently in the "Service Adjustment, No Download Available" status on the app store. Xpeng responded saying, "We have not released any relevant information yet, please wait for official updates later." Chang Yan predicts, Pegasus is about to go public Robotaxi The business may go live in Guangzhou first, firstly because the local government provides policy support, and secondly because of Pony.ai. Robotaxi The high-precision maps that require this service also became available for use in Guangzhou. "Whether for automakers or ride-hailing platforms, autonomous driving is an important development trend for the future. Robotaxi It has a high correlation with the travel market, and it is the most reasonable model for automakers to deploy through their online car-hailing platforms. IDC China's research manager Wang Bo believes that for automakers already involved in autonomous driving-related businesses, the layout Robotaxi It can provide technical support and experience accumulation for its autonomous driving business, enabling automakers to take greater initiative in cooperation with technology suppliers. "Automobile companies' layout Robotaxi Data collection can contribute to the advancement of autonomous driving technology. The more cars there are and the greater the mileage they travel, the more data they collect. The more diverse the data—different features, different countries' data—is collected, the more accurate the autonomous driving training models become. Zhang Xiang expressed a similar view, believing that domestic automakers are significantly lagging behind Tesla in terms of autonomous driving mileage, as Tesla has a clear advantage both in cumulative sales and sales regions. Public data shows that Tesla has already achieved a significant number of autonomous driving miles in China, the United States, Europe, Japan, Australia, South Korea, Spain, the United Kingdom, France, Norway, and other global markets. 20 Sales in countries and regions, with cumulative global production exceeding 300 10,000 units. According to a research report by RAND Corporation in the United States, autonomous driving needs to go through 110 hundred million miles 180 (100 million kilometers) of testing. After calculation, CITIC Securities found that autonomous driving technology companies need approximately 5 10,000 autonomous vehicles, with at least 7 It can only be reached after [a certain number of] years 110 Actual mileage of 100 million miles tested on the road. At the same time, if 2.44 yuan / Estimate the testing cost in kilometers, which autonomous driving technology companies need to invest 440 Cost of hundreds of millions to meet 180 Hundreds of millions of kilometers of road testing requirements. Research report from Industrial Securities shows that it is expected to end 2022 In the first quarter of the year, there were approximately 150 Ten thousand units equipped HW3.0 The model of the platform hardware can collect data for Tesla based on the per-vehicle quarterly driving mileage. 5000 kilometers, and Tesla has collected approximately 90 Billions of kilometers of data (excluding simulations). Public information shows that as of 2022 year 7 Month, Baidu's Apollo Test mileage reached 2700 10,000 kilometers. At the recent "Pony Auto Tech Day," Wu Xinzhou, vice president of autonomous driving at Pony Auto, mentioned that it is expected 2022 At the end of the year, PENGPENG will have accumulated 1.2 1000 million kilometers per hour NGP Mileage. In comparison, automakers have a significant gap in autonomous driving data collection. Robotaxi The road is not smooth Whether it's the online car-hailing service that has been operating for many years, or those under trial Robotaxi The development path of automakers is clear, but the journey is not smooth. According to statistics from the National Online Car-hailing Supervision Information Interaction Platform, 2022 year 4 Total order information received for the month 4.76 Hundreds of millions, marking the first time in a single month that the number of online car-hailing orders across the country has fallen 5 Yidian reached a new low in nearly two years. As of 2022 year 7 month 31 On the day 279 The number of home online car-hailing platform companies obtaining an online car-hailing platform business license has increased compared to last year for Didi 7 When it is taken off the market 241 The family has grown 16% . In terms of market share, a research report by Haitong Securities shows that 2022 year 5 The market share of Didi Chuxing in Yueqing is relatively 2021 year 7 Month-on-month decline 10% for 69% , stable at for the past six months 70% Left and right. Amidst fluctuations in prices, market competition intensifies, and seizing more market share while ensuring stable and compliant operational capacity is a challenge that online car-hailing platforms must face. "Currently, autonomous driving technology is not yet mature, Robotaxi Maybe 10 year -15 It is expected to be implemented after a year. The uncertainty during this period is too high, and it also requires long-term and large-scale investment. Whether these travel platforms can survive for that long remains a question. Senior expert in the automotive industry, Shao Yuanjun, believes that travel platforms want to Robotaxi It is still too early to consider breakthroughs in the travel sector, as autonomous vehicles, roads, laws, regulations, and business models are not yet mature. Even with car companies as a support, travel platforms cannot solely focus on investment without profitability for an extended period. Zhang Xiaorong, the dean of the Institute of Deep Technology Research, expressed a similar view. He believes that the completeness of technology, the reliability of products, and the establishment and improvement of supporting traffic regulations and standard systems are all crucial for enterprises in their exploration Robotaxi Practical problems that need to be solved during the commercialization process. In addition to the fact that autonomous driving technology itself requires extensive practical testing, there is also a need for reliable solutions on how passengers can self-rescue in case of sudden accidents while unmanned vehicles are operating on the road. He said, 'Currently, most solutions involve equipping cars with safety officers to ensure that problems or situations can be handled promptly. Although this is a step forward compared to the traditional taxi model, there is still a significant gap from the autonomous driving that the public expects.' Market Research Report "Electric Vehicle 100 Person Meeting" Robotaxi The commercialization status quo, challenges, and suggestions state that although today's technology can handle traffic conditions 90 % of routine issues, but the rest 10 % has a huge impact and requires expenditure 90 % of cases are resolved, with a significant long-tail effect, and there is a gap between demonstration scenarios and real commercial scenarios. Liu Wenzhou, the director of capital investment, said in an interview with the media that Baidu's commencement of commercial operations in Yizhuang, Beijing, has indeed taken an important step, but it is still in a restricted scenario, with very limited road richness. Bi Xin, Executive Director of the Shenzhen Future Intelligent Connected Transportation System Industry Innovation Center, believes that there are currently contradictions between technology development and product access, as well as management issues related to technical maturity and commercial operation. 'If products are not allowed to enter the market, how can technology be extensively verified? Without large-scale demonstration applications and comprehensive testing and evaluation, there may also be certain risks in commercial implementation,' he said. In addition, He Xia, chief engineer of the Policy Economics Research Institute at the China Academy of Information and Communications Technology, said, Robotaxi The cost issue is Robotaxi A major difficulty in the process of advancement, “ Robotaxi It is a typical bilateral platform economy model. Without sufficient autonomous vehicles and long user waiting times, the entire platform finds it difficult to attract users. Conversely, without enough users, the cost of enterprise layout is very high. It is reported that most are currently concentrated in first-tier cities for testing and operation Robotaxi The covered costs include labor costs, vehicle procurement, insurance costs, and the cost of applying for a license plate, etc. Wenyuan Zhihang COO Officer-in-Chief Zhang stressed in an interview with the media that, in the taxi cost structure, driver costs account for 60% Left and right, if the driver cannot be replaced, autonomous driving Robotaxi The business model is not viable. He also stated, 'For autonomous vehicles to make a profit, they must achieve profitability per vehicle. The prerequisite for achieving profitability per vehicle is the ability to implement autonomous driving. Currently, the mode of operation with safety officers on board cannot make money and may even result in losses compared to the regular mode.' Specifically regarding the cooperation between online car-hailing platforms and autonomous driving companies, Wang Bo believes that automakers' heavy assets, autonomous driving companies' technical accumulation, and the traffic of online car-hailing platforms in the travel market are all factors for all parties Robotaxi The resources necessary for field development are currently focused on mutual achievement and win-win outcomes among all parties. The emergence of competition requires a foreseeable market scale within the medium to short term as a prerequisite. However, Chang Yan believes that the cooperation between online car-hailing platforms and the aforementioned two parties is 'typical of an investment that does not match the revenue, and a risk that does not match the opportunity.' He explained that on one hand, travel platforms do not possess core technologies, so they may not benefit from the fruits of technological evolution; on the other hand, in terms of operations, travel platforms also need to bear Robotaxi Operational security risks. In addition, at this stage, Robotaxi The possibility of making money is minuscule.     * This article is reprinted from Caijing.com   Author: Huang Yang   ,    Original title:    The travel market is turbulent Automobile companies are making frequent layouts Robotaxi track    ">   Frost & Sullivan Insight & Extended Readings Q Currently, there are reports that, similar to traditional automakers Geely's involvement in Cao Cao Mobility, new forces in the automotive industry, such as NIO and Li Auto, have also registered trademarks for online car-hailing services. In fact, last quarter of 2021, Xpeng Motors even stated that they were planning to 2022 Second half-year layout Robotaxi Why are several aforementioned automakers deploying online car-hailing services at this stage? A : Looking at the entire online car-hailing market, new energy vehicle companies entering the market can better expand their business and absorb production capacity. Especially with national policy subsidies and incentives for new energy vehicles, competition in the new energy vehicle market has intensified. Entering the online car-hailing industry allows for rapid promotion of the brand and models of cars themselves. Due to the huge market demand for online car-hailing and C For end customers, automakers can directly enhance the comfort of riding through the promotion of their own vehicle-based online car-hailing services. This not only increases brand exposure but also attracts and converts more users into buyers, indirectly boosting automobile sales. At the same time, with the maturity of autonomous driving technology and Robotaxi With advantages such as energy conservation and emission reduction, labor cost savings, etc., online car-hailing will become Robotaxi Important scenarios for commercial implementation. Q He Xiaopeng said, doing Robotaxi The purpose is to obtain data, test software in a closed loop, and improve the stability of autonomous driving algorithms. This goal is quite similar to the objectives of autonomous driving companies collaborating with logistics freight companies, automakers, and ride-hailing platforms. From the current competitive landscape, automakers (traditional and new force car manufacturers) are making efforts Robotaxi What are the strengths and weaknesses? Robotaxi How far is it from us? A : In terms of hardware, traditional automakers possess mature and complete capabilities in vehicle design, production, manufacturing, and sales. They have substantial capital and strong R&D strength, with years of accumulated automotive industry technology and experience. Their mature supply chain support system enables them to quickly enter the Robotaxi The field has expanded, yet traditional automakers have weaker innovation capabilities and lag behind in the development of autonomous driving technology and intelligent technologies. They started relatively late and developed slowly. New automotive forces have stronger innovation capabilities and faster development speed, capable of focusing on the research, development, and production of autonomous vehicle models. However, they lack financial strength and mature automotive experience, mainly relying on suppliers for production. With the maturity of autonomous driving technology in the future, more strategic cooperation between automakers and internet companies will emerge. Through the accumulation of massive user data and the improvement of algorithms, Robotaxi It can provide users with a unique travel experience and intelligent travel scenarios, gradually realizing commercial implementation.

PwC Wuhan Biomedical Innovation Acceleration Camp   Focus on the capital roadmap for enterprise growth, and deeply analyze the insights from practical cases. 9 month 7 day -8 On the day, the Wuhan Biomedical Innovation Acceleration Camp, hosted by the government and industry associations and co-organized by PwC, was held in Wuhan. The event focused on helping innovative enterprises in the biomedical field overcome development bottlenecks, connect with market, technology, customer, and capital resources, and access professional service resources to quickly achieve 1 reach N The breakthrough growth is achieved by creating a first-class soft business environment, matching the rapid hardware development of the park with precise coordination and optimization of resource investment. This accelerates the rapid development of enterprises that possess innovative technology, explore new business models of the times, and assemble outstanding professional teams.     Frost & Sullivan Frost & Sullivan Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend the event and delivered a speech on    A speech was delivered on the valuation methods and investment logic analysis of biotech companies.   Partner and Managing Director, Greater China, Frost & Sullivan fattening Mao Hua said that the choice of valuation method should be combined with two dimensions: the enterprise lifecycle and industry characteristics. DCF model The valuation method is currently Biotech The most commonly used valuation method.   DCF model The valuation method adopts the logic of discounting future cash flows, taking into account both dynamic growth potential of the enterprise and risk factors such as clinical failures.   Among them, the product sales forecast is DCF model The most important part of the valuation method is that the target patient volume determines the market space for the product's segment in the therapeutic field, and the calculation methods vary for different types of indications.   Same type of treatment / The permeability of a drug determines the size of the company's target patient pool, while the competitive landscape and commercialization capabilities of the same type of drugs determine the company's market share.   In addition, there are differences in market share at different stages of the product lifecycle. Market competition, medical insurance access, or centralized procurement are key points. The market share of drugs during the introduction phase, growth phase, and after the expiration of original research patents all change. It is particularly noteworthy that medical insurance access often plays a decisive role in changes in market share. Mao Hua pointed out that drugs with high valuations often possess high commercial value, which are measured by factors including disease burden, unmet clinical needs, policy benefits, and pipeline competition. At the same time, new drug projects that pursue high commercial value come with high risks. Investment requires a comprehensive balance of risks from research and development to post-marketing stages. The risks of new drug projects are mainly divided into pharmaceutical properties risk and commercialization risk. Pharmaceutical properties risk focuses on the drug research and development stage, with different research and development difficulties corresponding to different pharmaceutical properties risks. Commercialization risk, on the other hand, is concerned with the risks of drug review and approval, drug production, and post-marketing sales.   "How to find a balance between business value and risk is at the core of the investment logic of biotech companies," said Mao Hua.   In addition, Mao Hua said that biopharmaceutical enterprises WACC Affected by factors such as the company's stage, product R&D progress, and macro market conditions. Data shows that 2005 - 2020 Annual Pharmaceutical and Biological Industry WACC mean 6.51% The overall volatility is higher than A Market for equity securities, since 2017 - 2018 Accelerate growth, 2019 - 2020 The year quickly fell back to near A Average stock price.   After introducing the valuation logic of drugs, Mao Hua explained to the guests present the valuation logic for medical device products. Medical devices mainly refer to two categories: medical equipment and medical consumables, with different product penetration and valuation logics accordingly. The valuation of medical equipment needs to be based on penetration assumptions, taking into account the clinical needs of patients and the penetration rate of medical institutions. Medical consumables are valued based on the epidemiology of specific diseases, considering patient epidemiology, consumable usage patterns, and the penetration rate of medical institutions.   Finally, Mao Hua introduced,    Frost & Sullivan has rich research experience in the healthcare industry, providing consulting services to healthcare enterprises throughout the entire process from early strategy to business operations. It particularly focuses on corporate growth and investment and financing decisions.    recent 20 Over the years, the Frost & Sullivan team has provided financing and financial advisory services, as well as sales forecasting, to many outstanding healthcare enterprises at home and abroad. / valuation, IPO listing Industry consulting, strategic consulting, management consulting, and other services are provided to clients across various sub-sectors such as biomedicine and medical devices.

9 month 6 Yesterday, the National Healthcare Security Administration 2022 The list of declared drugs that have passed the preliminary formal review for the adjustment of the national basic medical insurance, work-related injury insurance, and maternity insurance drug lists has been newly publicized.   Currently available 344 Which varieties have been included in the preliminary review list? Which ones are more interesting? 2022 What are the differences in annual healthcare negotiation compared to previous years? Frost & Sullivan Frost & Sullivan Jiang Tengfei, Senior Consulting Director for Healthcare in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), and Wang Siyi, Healthcare Analyst, were interviewed by Blue Whale Finance to jointly interpret the preliminary list of medical insurance drug catalogs. Blue Whale Finance 9 month 6 Yesterday, the National Healthcare Security Administration 2022 The list of declared drugs that have passed the preliminary formal review for the adjustment of the national basic medical insurance, work-related injury insurance, and maternity insurance drug lists has been newly publicized. Upon review, 344 The passing rate of a drug after preliminary form review is 70% Including Western medicines and proprietary Chinese medicines outside the catalog 199 Western medicines and Chinese patent medicines in the portfolio 145 one. And 2021 year 474 a medicine 271 Compared with the previous period, the number of drugs that have passed the preliminary form review and been declared for approval has increased to a certain extent. In terms of the approval rate, the proportion of drugs outside the catalogue is 60% Proportion of drugs in the directory 91% . Added 3 model PD-(L)1 inhibitor The product has entered the preliminary review list. According to the document requirements, the scope of this adjustment to the medical insurance catalog includes 2017 year 1 month 1 day after tomorrow 2022 year 6 month 30 During the period, new generic drugs approved for marketing by the national drug regulatory authorities, as well as drugs whose indications or functions and indications have undergone significant changes. Judging from the adjustments to the medical insurance catalog in recent years, the proportion of innovative drugs included has been increasing year by year. PD-(L)1 inhibitor As a representative of domestic innovative drugs, the competition is fierce, and price negotiations are worth paying attention to. Currently, there are already marketed products in China. PD-(L)1 inhibitor monoclonal antibody collection 13 Products, including 9 model PD-1 monoclonal antibody and 4 model PD-L1 monoclonal antibody, wherein 4 Model domestic PD-1 They have been included in medical insurance, namely Sintilimab from Innovent Biologics, Camrelizumab from Hengrui Medicine, Tislelizumab from Junshi Biosciences, and Trileucelizumab from BeiGene. Judging from the preliminary review list, there are 3 model PD-(L)1 inhibitor New products have entered the preliminary review list, including Sru Li Mab Injection of Fosun Pharma's Fosun Herceptin Immonobulin (FHI) and Envykine Mab Injection of CanSino Biologics. Already enrolled in medical insurance 4 model PD-1 This year, several new indications have been added. Triferumab: 1L nasopharyngeal carcinoma, 1 liter Esophageal squamous cell carcinoma; Sintilimab: First-line for gastric cancer and first-line esophageal squamous cell carcinoma; Camrelizumab: First-line + Third-line nasopharyngeal carcinoma, esophageal cancer, squamous non-small cell lung cancer NSCLC ); Tislelizumab: Non-small cell lung cancer NSCLC Second-line or third-line treatment, previously treated microsatellite high instability type MSI-H ) or mismatch repair gene defect type dMMR Treatment of advanced solid tumors, esophageal squamous cell carcinoma ESCC Second-line treatment and nasopharyngeal carcinoma NPC First-line treatment, as well as first-line combination therapy with albumin-bound paclitaxel and carboplatin for squamous non-small cell lung cancer NSCLC ). Wang Siyi, an analyst from Frost & Sullivan's Healthcare Group in Greater China, pointed out that at present 13 model PD-(L)1 inhibitor Approved in China 52 Indication: SinoCure Biologics, Hengrui Medicine Group Co., Ltd., Junshi Biosciences Inc., and BeiGene Biosciences Co., Ltd. 4 model PD-1 The approved indications for the product are as follows: 4 , 8 , 5 and 9 One, the indications included in medical insurance are as follows: 4 , 4 , 3 and 5 This year, in addition to paying attention to whether there will be new PD-(L)1 inhibitor In addition to products included in medical insurance, you can also check those that were previously covered. 4 Will there be new indications included for this product? WuXi AppTec Genomics CAR-T The therapy has entered the preliminary review list Last year, during the medical insurance negotiation, Fosun Pharma's pricing reached 120 ten thousand yuan CAR-T The therapy, axilelimab, has received much market attention but ultimately missed out on inclusion in the medical insurance catalog, with domestic products this year CAR-T The product already has two versions, namely Fosun Kite's axitinib injection (trade name: Yikaida) and WuXi AppTec's ruxolitinib injection. However, judging from the preliminary review results, only Ruxience injection of WuXi AppTec's Juno Oncology Group Co., Ltd. has been included in the list, while Acalonase injection of Fosun Pharma's Kite Biologics Co., Ltd. has not made it to this year's medical insurance negotiation. 2022 The year marked the first full year of commercialization of cell therapy in China. And the aforementioned two CAR-T The market performance of the therapy has also attracted considerable attention within the industry. According to the latest semi-annual report disclosed by WuXi AppTec, 2022 A total of 77 Zhang CAR-T Treatment prescription, revenue is about 6600.7 Ten thousand yuan. Based on this, the revenue from a single prescription is approximately 86 ten thousand. However, the National Healthcare Security Administration has also pointed out that this year, some drugs with relatively high prices have passed the preliminary form review, indicating that they meet the application conditions and are eligible to proceed to the next stage. Whether these drugs can ultimately be included in the national healthcare insurance drug list requires a comprehensive and strict evaluation including economic factors. Exclusive drugs that pass the evaluation will undergo negotiations, while non-exclusive drugs will go through bidding. Only those that successfully negotiate or bid can be included in the list.   4 model ADC All drugs have entered the preliminary review list ADC Medications have been one of the hot research directions in the field of anti-tumor therapy in recent years, this year ADC The negotiation results of the drugs are also attracting attention. Last year, some were already launched domestically ADC Among the drugs, only Rongchang Biologics' vedicizumab has successfully negotiated a deal. Takeda's brevetuximab was shortlisted but failed negotiations, while Roche's enfuramtuzumab did not pass the preliminary review list. Currently, there are a total of 5 model ADC The drug has been approved for marketing. 2021 year 6 Month, Rongchang Biology's ADC Drug Veddioximab (RC48) Approved for listing, becoming the first domestic product to go public ADC New drugs. In addition to this, it also includes Seagen/ Takeda's Vebrutuximab (CD30 ADC) Roche's enfuramatumab (HER2 ADC) Pfizer's ogavilimab (CD22 ADC) , as well as the recently approved cloud-based oncology treatment for lymphoma, GC014 ( Trop2 ADC ). Judging from the preliminary review results, in addition to Yunding Xinyao's GS-TRIO ( Trop2 ADC ), the other four ADC The medications have all been included in the list. In addition, Jiang Tengfei, Senior Healthcare Industry Consultant at Frost & Sullivan Greater China, also pointed out, 2022 and 2021 annual average Biotech The year when innovative drug products are included in medical insurance marks an important “major exam&rquo;, and for local companies Biotech The inclusion of innovative drugs in medical insurance is conducive to their rapid scale-up, accelerating commercialization. At the same time, it alleviates patients' payment problems and improves their quality of life, which is of great significance.   " 2022 In [year], key concerns in the preliminary review list CAR-T , ADC medications, PD-(L)1 inhibitor wait. Among Chinese innovative pharmaceutical companies, Yasheng Medicine's Bcr-Abl Inhibitors olaparib and Hengrui's CDK4/6 Inhibitor Darciplatin and AR Antagonist Veruconazole, BeiDa Pharmaceutical ALK The inhibitor ensartinib is worthy of attention. ' Jiang Tengfei said, 'The annual medical insurance negotiations include a list 1 And directories 2 In addition to newly launched drugs, the expansion of indications also requires medical insurance negotiations. Rational price negotiation strategies and key choices will continue to challenge the wisdom and endurance of managers at leading domestic biotech companies. The National Healthcare Security Administration pointed out that in accordance with the Interim Measures for the Administration of Essential Medicines and 2022 The 'Work Plan for the Adjustment of the National Basic Medical Insurance, Work-related Injury Insurance, and Maternity Insurance Drug List in 2023' stipulates that the adjustment of the medical insurance drug list is divided into several stages: enterprise declaration, formal review, expert evaluation, negotiation and bidding. The formal review is just one of these stages. Passing the formal review indicates that the drug is eligible to proceed to the next stage of expert evaluation. Only by successfully completing all stages of the list adjustment can the drug ultimately be included in the national medical insurance drug list.   * This article is reprinted from Blue Whale Finance.   Author: Tu Jun   ,    Original title:    344 The variety passes 2022 Preliminary review of the National Medical Insurance Drug List PD-(L)1 inhibitor , CAR-T therapy, ADC What are the highlights of the drug?    >>   Frost & Sullivan Insight & Extended Readings Q Currently available: 344 Which varieties have been included in the preliminary review list? Which ones are more interesting? A :   The primary focus is on rare disease medication, which has appeared in this year's preliminary list Venetoclax/Aldurazyme/Idursulfase beta/Ofatumumab/Dimethyl Fumarate , focusing on fields such as digestion and metabolism, oncology, and autoimmunity. at the same time, CAR-T, ADC There are also several drugs in the field that have entered the preliminary review list, which is worth noting. Targeted HER2 of ADC For example, in the pharmaceutical field, last year Rongchang's product negotiations were successful, while Roche's products did not enter the preliminary review list. Takeda's vedolizumab was shortlisted but its negotiations failed due to extremely fierce competition. In addition, pay attention to children's medications. They are included in this year's preliminary list 11 The treatment portfolio covers central nervous system diseases, immunological diseases, and more. and PD-(L)1 inhibitor The medical insurance access is also quite interesting, 4 Domestic leading enterprises all have 2 - 4 A new indication application. The products of Hengrui, BeiGene, Innovent Biologics, and Junshi Biologics all meet the conditions listed in the catalog 2 （ 2017 year 1 month 1 day after tomorrow 2022 year 6 month 30 During the period, drugs whose indications or functions and indications have undergone significant changes, with the approval of national drug regulatory authorities, were included in the preliminary list for this medical insurance catalog adjustment. Competition for major indications is concentrated and fierce, especially for non-small cell lung cancer, esophageal squamous cell carcinoma, nasopharyngeal carcinoma, etc. Among the newly approved products, only sulimumab and enzolimab have entered the preliminary list, while pamukamab, siparlimab, and sugimicab 3 The product has not been included in the preliminary review list. And import PD-(L)1 inhibitor It is reasonable that both have given up on medical insurance negotiations.

BioCon Expo 2022 9th International Conference on Biopharmaceuticals and Exhibition   9 month 6 day -8 day BioCon Expo 2022 The 9th International Biopharmaceutical Conference and Exhibition opened at the Hangzhou International Expo Center, with the theme of 'Displaying Hard Technology, Upgrading Soft Power, and Anticipating a New World for Biopharmaceuticals'.    Frost & Sullivan Frost & Sullivan Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, was invited to attend. BD At the "Venture Capital and Investment Projects Roadshow Forum," she delivered a speech on the core challenges and solutions facing the commercialization of innovative drugs, and participated in roundtable discussions.    Chen Zhenrong, Director of Consulting at Frost & Sullivan's Greater China Healthcare Team, served as the moderator for the forum. At the same time, Frost & Sullivan as BioCon Awards The strategic partner of the award ceremony, in collaboration with the organizer, Shangtu Pharmaceutical News, jointly released the [List of the Most Valuable Biotech Companies of the Year]. Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, attended the award ceremony and presented awards to the winning companies of the [Most Valuable Biotech Rising Stars of the Year].     Keynote -  Analysis of the Commercialization Strategy of Innovative Drugs in China Partner and Managing Director of Frost & Sullivan Greater China Region fattening In recent years, the policy dividends encouraging drug innovation in China have been continuously increased. There is a high enthusiasm for drug research and development and innovation, and innovative pharmaceutical companies have witnessed vigorous development. With the Hong Kong stock market and A With the relaxation of the listing policy for pharmaceutical companies without revenue, the number of Chinese healthcare enterprises listed has gradually increased, alone 2020 , 2021 As high as 181 Chinese medical enterprises at home A Listed on the Hong Kong Stock Exchange, NASDAQ, or US stock market, including 54 The listed company did not achieve profitability at the time of listing. Texturing is first of all on Biotech reach Biopharma company The development path has been analyzed. According to it, Biotech Developed into Biopharma company There are roughly four stages involved, including early R&D / Product introduction, clinical trials & Approved for listing and local market access & commercialization, License Out/ Going global for sales.   In this process, pharmaceutical companies mainly face three major challenges: severe product homogenization, fierce price competition, and serious talent loss.   Mao Hua said that the high enthusiasm in China's pharmaceutical capital market and the relatively weak basic medical research capabilities are the main reasons for serious product homogenization.   2015 Year-end 2021 In [year], the financing amount in China's pharmaceutical market was from 371 Rise by hundreds of millions to 2,691 Yuan, with an average annual compound growth rate as high as 39.1% Meanwhile, 2019 Chinese Biomedical Literature in [Year] (Impact Factor IF>11.0 ) only 7,000 articles, nearly 7 There is a significant gap. Enterprises lack core innovation capabilities, so they tend to choose more mature targets, resulting in a large number of drugs under research targeting the same target. In addition, CDE The new policy has raised the listing threshold for innovative drugs, affecting local Biotech The R&D strength of enterprises brings more challenges. It is not difficult to see from the comparison of medical expenditures between China and the US, as well as the prices before and after innovative drugs were included in medical insurance, that the profitability of innovative pharmaceutical companies has been challenged by patients' affordability and the pressure for price cuts through healthcare negotiations.   2021 China's healthcare expenditure in 7.6 100 billion yuan, while in the same period, the US is about 3.5 The huge gap in patient affordability has led Chinese pharmaceutical companies to be conservative in setting prices locally. The significant cost control measures of medical insurance have forced pharmaceutical companies to reduce prices in exchange for sales volume, resulting in a decline in profitability. Facing the challenge of talent loss, Mao Hua said, Biotech The company is currently eager to recruit professional senior management talents to enhance its competitiveness. However,   How to match a complete organizational structure with talent retention while leveraging its strengths is another key proposition.   Frequent changes in senior management not only pose a risk of interrupting the company's overall strategy but also greatly weaken the confidence of key personnel in the company.   Mao Hua pointed out that innovative drug companies mainly have three strategies to solve commercialization problems: 'bringing in', 'grabbing market share', and 'going global'. "Although License In The model has been repeatedly questioned in recent years, with corporate R&D capabilities becoming a core concern. However, this does not mean that the model has been phased out." Mao Hua further explained that a strong R&D capability, combined with an excellent pipeline selection strategy, can still be utilized to License In Bringing good development prospects to enterprises. Taking XianSen Pharmaceutical and ZaiDiMed as examples, XianSen Pharmaceutical has completed its revenue transformation through high-quality innovative drugs, while at the same time License in progress Expand pipelines to complete future layouts. 2022H1 The proportion of revenue from innovative drugs has reached 70% ; Zhele and Qingle from Zhejiang Regeneron Biologics Co., Ltd. License In The drug has achieved revenue growth. Subsequently, the text is localized into Chinese. PD-1 Taking monoclonal antibodies as an example, it demonstrates the severe impact of factors such as national healthcare negotiations and fierce competition on the profits of innovative pharmaceutical companies. 2020 In [year], the winning bid price of Sintilimab decreased 63.7% In the same year, the gross profit margin of Cinda 2019 year 88.1% descend to 83.6% ; 2021 In [year], the winning bid price of Camrelizumab decreased 85.2% In the same year, the gross profit margin of Hengrui's anti-tumor drugs 2020 year 93.4% descend to 90.7% ; 2021 In [year], the winning bid price of Trifercept decreased 70.8% In the same year, the gross profit margin of Junshi Biosciences' anti-tumor drugs decreased from 2020 year 88.8% descend to 70.6% ; 2021 In [year], the winning bid price for trastuzumab decreased 79.6% In the same year, the gross profit margin of BeiGene's anti-tumor drugs decreased from 2020 year 77.7% descend to 74.1% .   To address this challenge, innovative pharmaceutical companies need to prepare a full life cycle commercialization strategy before the drug is launched on the market. from 2022 annual part License expiration Looking at transaction data,   License expiration Model for China Biotech It mainly has four positive significances: reducing R&D risks, simplifying production processes, expanding sales reach, and optimizing cash flow.   at the same time, china Biotech We are also actively conducting overseas clinical trials for the pipeline. However, it should be noted,   Whether License expiration Whether it is independent overseas expansion, both require a high level of product competitiveness. A comprehensive and feasible overseas expansion plan is of utmost importance. To achieve these three strategies, innovative pharmaceutical companies need to gradually enhance the organization's ability to drive business, thereby fully leveraging and capitalizing on talent advantages. Biotech grew into Biopharma company The only way. Finally, Mao Hua summarized that successful commercialization does not necessarily require high marketing costs. Chinese innovative pharmaceutical companies need more systematic and forward-looking strategic support in the process of commercialization.   Just as the research and development of innovative drugs requires innovative drug companies and CRO firm Just as regulatory agencies collaborate, the commercialization of innovative drugs also requires external management consulting / The power of market research firms.     Roundtable discussion   During the subsequent roundtable discussion, Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, and    Partner at Kite Capital Management,    Co-founder of WhaleQuest Biology    Jin Qi,    Li Jing, Founder and Chairman of Science Bridge Technology Transformation Center    The two guests together, jointly    Opportunities and challenges in the layout of pharmaceutical investment and financing,    Discussions were held on topics such as the changes in the investment logic of biomedicine under the global pandemic and reflections. Q :   How do you view single markets and global markets? Fattening:   The Chinese market globally 15%-25% However, if further divided into more specific sectors, some diseases have different markets due to regional differences. For example, liver cancer is common domestically but rare abroad. The sales logic of different products in different countries varies greatly, which is influenced by local markets, policies, payment capabilities, and other factors. Q :   Under the current pandemic, what are some proud changes in the investment field or what are the strategies and practices that remain unchanged? Fattening:   Many domestic listed biotech companies are essentially catching up with the gap with foreign counterparts. Compared to abroad, there is still a gap in cell and gene therapy, and the current trend is still to follow in their footsteps. The development of medical devices domestically is also progressing slowly. China has seen more biotech companies emerging in upstream research and development in life sciences. For early-stage projects, I hope everyone can have confidence and give these industries some time to develop.     BioCon Awards Award Ceremony "BioCon Awards "yes BioCon China Expo 2022 The Organizing Committee has newly created an authoritative biopharmaceutical award that recognizes and shares the cutting-edge, progressive, innovative, and top-tier biotechnology forces in the domestic and international biotechnology industry over the past year. It aims to become the most influential international biopharmaceutical award in the biotechnology pharmaceutical industry. Frost & Sullivan as BioCon Awards The strategic partner of the award ceremony, in collaboration with the organizer, Shangtu Pharmaceutical News, jointly released the [Annual Most Valuable Biotechnology Enterprise Award List]. At the same time, Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, attended the award ceremony and presented awards to the [Award-winning Enterprises of the Most Valuable Biotechnology Rising Stars of the Year]. Annual Most Valuable Biotechnology Company Wuhan Novus Biotechnology Co., Ltd. Jiangsu Zhonghuiyuan Tong Biotechnology Co., Ltd. SweGene (Shanghai) Biotechnology Co., Ltd.   The Most Valuable Biotech Star of the Year Award-winning enterprises: Shanghai Pharmaceutical Group Biotechnology Co., Ltd. Primis Biotechnology (Zhuhai) Co., Ltd. Rongchang Biopharmaceutical (Yantai) Co., Ltd. Fosun Kate Biotechnology Co., Ltd. Legend Biology Technology Co., Ltd. Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, presents awards to the winning enterprises

Frost & Sullivan insights Recently, the National Healthcare Security Administration released the following regarding the Fifth Session of the 13th National People's Congress: 4955 The reply to the 'Proposal on the Implementation of Volume-based Payment for Innovative Medical Devices' states that due to the immaturity of the clinical use of innovative medical devices and the temporary difficulty in estimating usage volumes, it is still challenging to implement volume-based payment.     What impact will 'Reply' have on innovative device companies? What is the current overall state of the domestic innovative device industry, and which main directions are being deployed? Commercialization of innovative devices in China is currently in its infancy. What difficulties exist during the implementation process? Frost & Sullivan Frost & Sullivan Jiang Tengfei, Senior Consulting Director of the Healthcare Team at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Economic Observer Network to discuss the current development status of the domestic innovative medical device industry. Economic Observer Network 9 month 5 On the opening day, the sector related to innovative medical devices rose significantly. Among them, minimally invasive medicine (00853.HK) The increase once exceeded 14% Peijia Medical (09996.HK) The stock price soared nearly 7% ; Qiming Healthcare (HK) (2500.HK) Stock prices also soared 5% However, Qiming Medical and Peijia Medical began to decline in price during the session. As of today's close, Peijia Medical was slightly down. 0.95% Qiming Medical tumbled 9.12% . From the perspective of messaging, it is in conjunction with the National Healthcare Security Administration 9 month 3 First response on the news regarding the centralized procurement of innovative medical devices 9 month 3 On the same day, the National Healthcare Security Administration released an announcement regarding the "Opinions of the National Healthcare Security Administration on the Fifth Session of the 13th National People's Congress" 4955 Reply to the Proposal No. ( hereinafter referred to as the 'Reply' ) In the 'Reply', the National Healthcare Security Administration has responded to questions regarding the centralized procurement of innovative medical devices for the first time. In the 'Reply', the National Healthcare Security Administration (NHSA) stated for the first time that due to the immaturity of the clinical use of innovative medical devices and the temporary difficulty in estimating their usage volume, it is still difficult to implement volume-based procurement methods. During the centralized volume-based procurement process, the NHSA will reasonably determine the volume ratio based on factors such as clinical usage characteristics, market competition patterns, and the number of winning enterprises. A certain market space is reserved outside of centralized volume-based procurement to provide room for innovative products to develop their market. This means that innovative medical devices will not be included in the centralized procurement scope for the time being. As of now, the National Medical Products Administration has approved 173 The registration and launch of an innovative medical device mainly involve cardiovascular intervention, IVD Medical imaging, peripheral intervention, surgical robots, diagnostic software aids, tumor treatment, and other fields.   Jiang Tengfei     Senior Consulting Director, Healthcare Team, Frost & Sullivan Greater China Region     Jiang Tengfei, Senior Consulting Director of the Healthcare Team at Frost & Sullivan Greater China, told ECONOMIC OBSERVATION that for a long time, domestic substitution has lacked competitiveness in high-end surgical instruments. However, in recent years, there has been a surge in innovative medical device products with independent intellectual property rights, such as laparoscopes. / Orthopedic surgical robots, minimally invasive glaucoma surgery MIGS including glaucoma drainage devices in ( ). In his view, the statement from the Medical Insurance Bureau is quite important for innovative medical devices. To a certain extent, it protects innovative medical device products from fierce market competition and retains reasonable profits to promote academic dissemination. This is because the commercialization of most innovative device products depends on the R&D technical background of the founding team, lacking experience in scientific marketing planning. Moreover, many are limited to specific regions and lack national layout. This usually results in certain progress in some provinces but slow advancement at the overall Chinese market level. Zhejiang Merchants Securities Research Institute stated that since 2019 Since China launched centralized procurement of high-value consumables in 6 The month has passed 64 In the centralized procurement model, the main varieties procured are those with a high market share, such as vascular interventional devices, orthopedics, ophthalmology, and dentistry. From the medical insurance bureau's response this time, innovative medical devices can be temporarily exempted from volume-based procurement, which demonstrates the policy's strong support for medical innovation. Subsequently, the industry space for medical device innovation will continue to expand. CITIC Construction Investment also pointed out that in the future DRG , DIP During the reform of medical insurance payment methods, it is expected that innovative devices will be given separate consideration, which is conducive to ensuring a reasonable life cycle and profit margin for innovative products. We continue to be optimistic about investment opportunities in innovative devices. Considering recent policy views, we believe that the marginal relaxation of medical insurance policies for innovative devices is on the horizon.   * This article is reprinted from Economic Observer Network. , Reporter Yu Shiqi , The original article is titled 'The Medical Insurance Bureau Defines for the First Time that Innovative Medical Devices Are Not Included in the Centralized Procurement Scope for the Time Being, with Experts Saying It Is Beneficial for the Market Promotion of Innovative Products'.

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

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