as The full implementation of the 'Artificial Intelligence+' initiative and the '15th Five-Year Plan' have listed biomedicine as a new pillar industry. The intelligent transformation driven by AI is undergoing a profound leap from single-point technological breakthroughs to collaborative innovation across the entire industrial chain. Currently, AI technology has been fully integrated into core scenarios such as drug research and development, clinical research, and commercialization. Driven by the continuous activity of investment and financing in the primary market and the record-breaking scale of BD transactions among multinational pharmaceutical companies, AI-driven drug manufacturing has become the underlying infrastructure for reshaping the core competitiveness of the pharmaceutical industry.   Although the industry still faces systemic challenges in data governance, algorithm explainability, and clinical validation pathways, the combined efforts of policies and capital are accelerating the closure of the industrial loop. Against this backdrop, how to grasp The '15th Five-Year Plan' strategic opportunity has become the core issue for all participants in the industrial chain to achieve differentiated competitive advantages and sustainable development.   Based on With the continuous research and accumulation of AI technology in healthcare and cutting-edge technology fields, Frost & Sullivan (Frost  & Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') plans to officially release the 'Global AI Pharmaceutical Industry Development Blue Book 2026' in July 2026 and sincerely invites companies in the industry to participate to promote industry development. Research content   This time, The 'Global AI Pharmaceutical Industry Development Blue Book 2026' will systematically define the technical and application scopes of the global AI pharmaceutical industry, deeply dissect the reconstruction logic of its traditional drug R&D paradigm, and based on the analysis of the upstream and downstream collaborative ecosystem of the industrial chain, combined with the active investment and financing in the primary market and the trend of licensing transactions, it will delve into the core factors driving industrial transformation and future evolution directions.   Centering on various drug R&D, this blue book will conduct a systematic analysis The technical principles and application scenarios of AI in multimodal drug development cover small molecule targeted drugs, peptide drugs, antibody drugs, nucleic acid drugs, and cell gene therapy. In response to the technical challenges and unmet clinical needs of different modal drugs, the Blue Book will delve into how AI helps to break through key R&D bottlenecks, provide a new path from targets to molecules for drug innovation, and open up new directions for technological breakthroughs for enterprises.   During the clinical research phase, the Blue Book will conduct a comprehensive review The multiple key dimensions empowered by AI include the design and optimization of clinical trial protocols, patient stratification and precision enrichment, patient recruitment and intelligent matching, adaptive trial design and dynamic adjustment, analysis of patient subtypes and individualized benefit assessment, automated data collection and intelligent monitoring, as well as the integration of real-world evidence and post-marketing pharmacovigilance. Through these systematic analyses, the Blue Book will demonstrate how AI can penetrate the entire clinical research process, significantly improving trial efficiency and success rates, helping enterprises shorten R&D cycles and reduce investment risks.   In the commercialization segment, the Blue Book will provide an in-depth interpretation. How AI drives the precise realization of commercial value after product launch, covering core scenarios such as differentiated competitive positioning and medical evidence production, simulation of medical insurance negotiation access and optimization of pricing strategies, digital-driven precision medicine communication and full-channel value management, smart supply chain and refined demand forecasting. The Blue Book will demonstrate how AI assists enterprises in optimizing market access decisions and improving business operational efficiency, providing data-driven strategic support for value transformation after product launch.   At the level of organ-on-a-chip technology, the Blue Book will also focus on its empowering pathways in high-fidelity preclinical safety evaluation, automated high-throughput phenotyping screening, discovery of new targets and research on pharmacodynamic mechanisms, as well as supporting the evolution of regulatory paradigms. By systematically presenting organ-on-a-chip technology and The collaborative innovation of AI, as outlined in the Blue Book, will clarify how AI can improve the predictive accuracy and screening throughput of organ-on-a-chip models. This will assist in drug development by obtaining more physiologically relevant validation data, thereby reducing the risk of clinical translation.   Relying on the collaborative innovation perspective of the entire industrial chain, this blue book aims to map The comprehensive blueprint for AI-powered intelligent transformation of the pharmaceutical industry, helping the industry achieve a profound transformation from technological breakthroughs to value leaps. At the same time, the report will feature an enterprise special section, systematically presenting the development history, product pipeline layout, and core technical capabilities of representative enterprises. Under the overall industry framework, it will display the positioning and competitive advantages of enterprises in the industrial chain. Combining dimensions such as iterative underlying algorithm models, clinical validation pathways, and standard system construction, a comprehensive judgment on the trend of breaking through industry bottlenecks and paradigmatic transformation will be formed.   Frost & Sullivan will collaborate with multiple stakeholders within the industry chain to participate in the research and release process. Under a professional research framework, they will form a rational expression of industry development and accumulate consensus, jointly promoting China The long-term and healthy development of the AI pharmaceutical industry.     Release Highlights   1. Increase the propagation potential   The Blue Book, as a systematic industry research output, is made available to the public through the Frost & Sullivan official website, Frost & Sullivan's global media matrix, and AI and healthcare vertical media channels are published, and the content is widely disseminated on mainstream financial platforms. The Blue Book systematically presents the core strengths of enterprises in terms of technology layout, product capabilities, and industrial collaboration, enhancing market recognition and trust in the professionalism of enterprises, improving industry influence and brand awareness, and providing a window for cooperative enterprises to voice their opinions and focus on targeted communication with authoritative voices.   The English version will also be made available simultaneously on globally renowned news agencies (such as The Associated Press), mainstream financial media (such as Yahoo Finance), top North American financial media and websites (Business Insider, Dow Jones Market Watch, Benzinga, Wall Street Insider, and other top media outlets from various regions around the world. Further expand the brand voice and influence of the enterprise in the international market, effectively helping Chinese AI pharmaceutical companies advance global brand building and product layout.   2. Establish ecological connectivity   Through the Blue Book Research and Publication Platform, we promote in-depth exchanges and cooperation docking among enterprises within the context of the industrial chain.   Under the industry development framework, it demonstrates the enterprise's positioning and competitive advantages within the industrial chain, strengthens cognitive connections with upstream and downstream enterprises, partners, and relevant institutions, promotes technological collaboration and resource integration, and creates a foundation for subsequent cooperation.   3. Establish industry image   The Blue Book will objectively present the business situation and industry status of enterprises from dimensions such as industry development stages, competitive landscape, and trend analysis.   By systematically presenting research content, the enterprise strengthens The professional image and strategic positioning in the field of AI pharmaceuticals enhance recognition and influence within the industry and external markets.   4. Overwrite capital market concerns   Relying on Frost & Sullivan's network of partners and followers in primary and secondary markets, the release of research findings helps to enhance a company's visibility and attention in the capital market.   By disseminating research findings, we aim to attract the attention of potential investors and related institutions and promote effective communication with the capital market.   5. Lay the foundation for long-term cooperation   The in-depth exchanges formed through the Blue Book cooperation help both parties further explore potential cooperation in brand communication, investment and financing consulting, growth strategies, etc., laying a foundation for long-term follow-up cooperation.

Driven by continuous technological breakthroughs, gradual improvement in regulatory pathways, and increasing capital investment, the internal gene therapy industry is accelerating its transition from an early exploration phase to commercialization. This is especially true in China. Against the backdrop of the '15th Five-Year Plan' listing biomanufacturing as a core direction for strategic emerging industries and gene therapy being identified as a key area requiring 'key progress', gene therapy has risen to become an important component in building national bioeconomic competitiveness.   However, the industry still faces systemic challenges such as complex production processes, insufficient large-scale production capacity, high hollowing-out rates and cost pressures, long-term data to be verified, and an imperfect payment system. Based on continuous research and accumulation in the field of gene therapy within the body, Frost & Sullivan ( frost  & Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan', plans to officially release the '2026 Global In Vivo Gene Therapy Industry Development Blue Book' in August 2026, and sincerely invites companies in the industry to participate together to promote industry development. Research content   This time, The 'Global In Vivo Gene Therapy Industry Development Blue Book 2026' will conduct a systematic study focusing on the development panorama and key links of the in vivo gene therapy industry. The report will define the core concepts and technical classifications of in vivo gene therapy, starting from different treatment strategies such as gene replacement, gene augmentation, and gene editing. Combining two major delivery systems, viral vectors and non-viral vectors, it will compare and analyze their technical principles, applicable scenarios, and differentiated characteristics, thereby constructing an overall cognitive foundation for the in vivo gene therapy technology system.   At the industrial chain level, the report systematically disassembles the complete industrial chain and key technology system of in vivo gene therapy from upstream production to downstream purification, with a focus on analyzing cell line development and transfection. /Optimize core process links such as infection system and chromatographic purification, and conduct in-depth analysis of key bottlenecks including low yields, high empty capsule rates, difficulties in scale-up, high purification costs, complex quality control methodologies, and the absence of unified standards.   In terms of commercialization and value realization, the report will analyze the key path from clinical validation to commercialization implementation of in vivo gene therapies. It will focus on core indication areas such as ophthalmology, blood diseases, central nervous system, and cardiovascular diseases. The report will sort out the structural distribution of globally marketed products and research pipelines, and analyze their cost substitution logic and pricing basis based on long-term efficacy from the perspective of health economics. It will also explore the commercialization feasibility path of in vivo gene therapies by combining multiple payment models such as installment payments, risk sharing, and commercial insurance.   In addition, the report will also analyze the core driving factors and future trends of the development of the gene therapy industry globally and in China, systematically exploring Against the backdrop of the '15th Five-Year Plan', optimized delivery systems, upgraded gene editing technology, AI-empowered process quality control, increased capital investment, expansion of indications from rare diseases to chronic diseases, optimized regulatory pathways, and rising demand for precision medicine, the industry's long-term development direction and growth potential are multifaceted. Finally, the report will conduct case studies on representative key enterprises in the global intravenous gene therapy field, systematically sort out their development history and strategic positioning, comprehensively present their latest product pipeline layout and clinical progress, and deeply analyze the therapeutic advantages of core products in different sub-indices. At the same time, combining key dimensions such as delivery efficiency, production technology, and safety, it will dissect the main challenges and competitive advantages they face in the process of technical realization and industrialization.   Frost & Sullivan will collaborate with multiple stakeholders within the industry chain to participate in the research and release process. Under a professional research framework, they will form a rational expression of industry development and accumulate consensus, jointly promoting the long-term healthy development of the global gene therapy industry.   Release Highlights   1.  Increase the propagation potential "The The 'Global In Vivo Gene Therapy Industry Development Blue Book 2026' will be officially released at the 20th Global Growth and Innovation Leadership Summit of Frost & Sullivan in early August 2026. The blue book will be published through the official Frost & Sullivan website, the global media matrix of Frost & Sullivan, and vertical media channels in the field of gene therapy, and will also be widely disseminated on mainstream financial platforms. The report will systematically present the core strengths of enterprises in terms of technology layout, product capabilities, and industry collaboration, enhancing market recognition and trust in the professional strength of enterprises, improving industry influence and brand awareness, and providing a window for cooperative enterprises to voice their opinions with authority and achieve highly focused communication.   The English version will also be made available simultaneously on globally renowned news agencies (such as The Associated Press), mainstream financial media (such as Yahoo Finance), top North American financial media and websites (Business Insider, Dow Jones Market Watch, Benzinga, Wall Street Insider, and other sources, as well as top media from various regions including Europe, Japan and South Korea, Southeast Asia, and the Belt and Road Initiative. This further expands the brand voice and influence of the enterprise in the international market, effectively helping global companies in the field of gene therapy advance product development and layout.   2. Establish ecological connectivity   Through the Blue Book Research and Publication Platform, we promote in-depth exchanges and cooperation docking among enterprises within the context of the industrial chain.   Under the industry development framework, it demonstrates the enterprise's positioning and competitive advantages in the industrial chain, strengthens the cognitive connection with upstream and downstream enterprises, partners, and relevant institutions, promotes technological collaboration and resource integration, and creates a foundation for subsequent cooperation.   3. Establish industry image   The Blue Book will objectively present the business situation and industry status of enterprises from dimensions such as industry development stages, competitive landscape, and trend analysis.   By systematically presenting research content, we aim to strengthen the professional image and strategic positioning of enterprises in gene therapy within the industry, enhancing their recognition and influence both in the internal and external markets.   4. Overwrite capital market concerns   Relying on Frost & Sullivan's network of partners and followers in the primary and secondary markets, the release of research findings helps to enhance a company's visibility and attention in the capital market.   By disseminating research findings, we aim to attract the attention of potential investors and related institutions, and to promote effective communication with the capital market.   5. Lay the foundation for long-term cooperation   The in-depth exchanges formed through the Blue Book cooperation help both parties further explore potential cooperation in brand communication, investment and financing consulting, growth strategies, etc., laying a foundation for long-term follow-up cooperation.

Against the backdrop of artificial intelligence accelerating towards a higher level of integration with advanced intelligence and deep learning, severe challenges are posed to underlying infrastructure, deeply forcing cloud computing architectures to undergo disruptive upgrades. The AI full-stack cloud is based on user usage and ecological development choices, with strong market potential. It provides users with a complete AI capability stack through infrastructure and service capabilities, ranging from underlying computing power, AI frameworks, AI development platforms, model training/retrieval, data management, MaaS (Model as a Service), to upper-layer application development and security operations and maintenance. It is provided to users in service form, eliminating the need for users to build complex hardware or start from scratch constructing AI capabilities. The 'AI Full-stack Cloud Value Impact Matrix' is authored by Frost & Sullivan (Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan') and LeadLeo Research Institute Initiated jointly with the China Academy of Information and Communications Technology (referred to as 'CAICT'), based on data extraction and competitiveness analysis of AI full-stack cloud enterprises in China; combined with the capabilities of industry, academia, and research experts, a multi-dimensional and in-depth analysis of China's AI full-stack cloud enterprises is conducted from aspects such as infrastructure capabilities, technical maturity, influence, and sustainability of development models. Since the launch of the 'Cloud Computing Value Impact Matrix', the China Academy of Information and Communications Technology has successively researched and released the 'Hybrid Cloud Value Impact Matrix 2023', 'Value Impact Matrix for the Supply Capability of Cloud Service Providers for Central and State-owned Enterprises', 'Intelligent Computing Cloud Ecosystem Value Impact Matrix', and '2025 Large Model Cloud Value Impact Matrix', effectively promoting industrial connection and collaboration. Matrix result Research Background   ● Cloud computing is Solid foundation for AI development     2025, Agentic   The development of AI has driven a paradigm shift in the field of artificial intelligence, with Agentic AI Also known as proxy AI, which appears at the Generative   After AI (Generative AI), in Physical   Before AI (Embodied AI), Agentic   AI has the capability to automatically adapt and make decisions using various technologies, Agile   The key feature of AI is its ability to perceive and understand context, answer or solve problems through reasoning, and take action after making plans. But agentic   AI has not changed the AI technology paradigm. Compared to the output of traditional large language models, when the Token generation speed is the same, the computing power requirement is more than ten times higher. The current demand for computing power has just begun to unlock the gates for massive applications. High-density computing infrastructure continues to pose challenges in various aspects such as power supply, cooling, large-scale parallel computing, and scalability of AI infrastructure. To support running high-demand applications in the cloud AI Tasks of the workload AI cloud needs to combine performance, advanced networking, flexibility, security, and scalability to meet customers' demands for AI Workload and New Agents The reasoning and training requirements of the application. With the development of cloud computing, cloud services have gradually shifted from traditional computing and storage resource provisioning to providing higher-value The evolution of AI cloud services. AI cloud services not only provide underlying computing power support but also integrate capabilities such as model training, inference platforms, and Model as a Service (MaaS), promoting the implementation of artificial intelligence technology in various industries. The full-stack AI cloud services focus on out-of-the-box use, full-stack integration, and flexible expansion, aiming to lower the threshold for AI usage. Research Content and Value   AI full-stack cloud services are becoming the key engine driving the intelligent upgrade of enterprises. They not only meet diverse business needs but also significantly improve the efficiency and value of AI applications.   ● Enhance flexibility and cost-effectiveness   · The platform supports on-demand resource scaling and flexible service customization to meet the needs of enterprises of different scales. Users only need to pay for the computing resources they actually use and can dynamically adjust resource allocation according to business growth, effectively controlling costs while maintaining the high-performance operation of the system. ● Simplify and Accelerate AI application development   · By providing out-of-the-box tools and services, full-stack The AI cloud platform greatly simplifies the construction process of AI applications.     · From data preparation, model training to deployment and launch, users do not need to worry about underlying infrastructure management. They can focus on business logic implementation, significantly shortening the product time to market.   ● Security and compliance assurance   · The provider is responsible for ensuring that the platform's security and data protection measures comply with industry standards and legal requirements, allowing users to handle sensitive information with confidence. · Continuous technical updates and maintenance ensure that the system is always in the latest state, enhancing the overall security protection capabilities. Matrix advancement process   To systematically and accurately present the AI full-stack cloud value influence matrix, the process will rely on rigorous research and evaluation mechanisms, covering the entire lifecycle from enterprise participation to result release. The specific steps include: Time planning   Project startup      : March 2026   Manufacturer registration and technical evaluation      : May 2026   Release (anticipated)      : Official release and interpretation in July 2026     Participation Method   The solicitation period starts today and ends On April 30th, we sincerely invite enterprises related to the industry to participate. Enterprises interested in participating can register with their business contacts. Please feel free to inquire. Interested enterprises are welcome to sign up. Contact number: 021-5407-5836   Contact email: PR@frostchina.com  

China Biochemical Pharmaceutical Industry Association, in 2026 year 4 month 7 day after tomorrow 9 On the 1st, the '6th China Sugar industry Assembly' was held in Cangzhou, Hebei Province. The conference invited academicians, industry experts, corporate representatives, clinical experts, and heads of regulatory authorities to participate, aiming to create a high-end exchange platform integrating 'industry, academia, research, application, management, investment', and to promote the coordinated integration and sustainable development of the industrial chain. Frost & Sullivan frost Sullivan, hereinafter referred to as Wang Peng, Consulting Director of Frost & Sullivan's Healthcare Business Unit in China, was invited to attend and deliver a speech. Wang Peng pointed out in his speech that hyaluronic acid hyaluronic   acidic abbreviation HA Hyaluronic acid, also known as HA, is an indispensable high molecular polysaccharide within living organisms. Its molecular structure mainly consists of N- Acetylglucosamine as well as D- Glucuronic acid is composed of two monomers connected alternately. Hyaluronic acid is widely distributed in the human body, especially concentrated in the vitreous body of the eye, joints, umbilical cord, skin, and other areas. Wang Peng also emphasized that molecular weight is an important parameter for hyaluronic acid. Hyaluronic acid raw materials can be prepared through animal tissue extraction or microbial fermentation methods. The molecular weight of hyaluronic acid obtained through animal tissue extraction is generally between 200 kDa - 2,000 kDa Between them, while microbial fermentation can obtain molecules with a molecular weight greater than 2,000 kDa Hyaluronic acid can also be obtained with a molecular weight less than 200 kDa Hyaluronic acid. From the perspective of industrial structure, China's hyaluronic acid industry has developed rapidly and has entered the ranks of global hyaluronic acid industry powers. China is the world's largest producer and seller of hyaluronic acid raw materials. 2020 The total sales volume of hyaluronic acid raw materials in China accounted for 81.6% The sales volume of hyaluronic acid raw materials in China 2016 year 301.0 tons grew to 2020 year 490.0 tons, with an annual compound growth rate reaching 13.0% In the medical aesthetics injection terminal product market, hyaluronic acid has maintained rapid growth with its long-established safety profile. The retail market for hyaluronic acid injections in China has shifted from 2018 year 139 RMB 10 billion, an increase of 2023 year 335 RMB 10 billion, with a compound annual growth rate of 19.2% With more products approved, changing social concepts, and enhanced consumer education, the retail market for hyaluronic acid in China is expected to continue with 21.1% The growth rate remained positive, up to 2027 In [year], the market scale is expected to reach 722 RMB 10 billion. Wang Peng specifically pointed out that although from 2025 Looking at the annual and semi-annual reports, major Chinese hyaluronic acid companies have all experienced varying degrees of revenue decline. However, hyaluronic acid, as one of the medical beauty injection products with the longest global application history and the widest range of uses, has long been fully verified for its safety and efficacy by the market and consumers. According to the International Society of Aesthetic Plastic Surgery ( ISAPS ) data, 2024 The global hyaluronic acid injection project exceeded 630 Ten thousand cases, accounting for all non-surgical medical aesthetics projects 30.9% relatively 2023 Year-on-year growth 5.2% This data indicates that hyaluronic acid injections still have significant growth potential. Regarding high-end hyaluronic acid products, Wang Peng emphasized that high-end hyaluronic acid has gone beyond mere 'filling' to achieve superior biocompatibility, durability, and safety. The aim is to provide higher compliance and safety standards compared to mid- to low-end hyaluronic acid products through refined applications, as well as superior clinical effects and durability. The core dimensions of high-end hyaluronic acid products are reflected in: higher compliance and safety, more unique physical and chemical properties and core technologies, more precise adaptation and positioning, and superior clinical effects and durability. In terms of long-term maintenance, they differ from conventional products. 6 - 8 The maintenance time for [a certain period]. With its advanced technology, high-end hyaluronic acid can usually achieve longer clinical effects. Cross-linking technology is the 'chip' that determines the performance of hyaluronic acid and is also the core barrier distinguishing high-end from ordinary products. The industry is constantly seeing the emergence of technologies such as linear cross-linking, 3D More advanced technologies such as cross-linking and micro-cross-linking. High-end product lines usually have a richer product matrix, developing exclusive models with unique physical and chemical properties to achieve precise “tailor-made” treatment. At the same time, it is necessary to obtain NMPA United States FDA Europe CE/MDR With authoritative certification endorsement and robust large-scale, long-term clinical trial data support. The high-end hyaluronic acid has achieved a dual leap in effectiveness and reputation from among numerous products through technological breakthroughs and brand positioning. In terms of development trends, Wang Peng stated that driven by various factors, the hyaluronic acid industry is showing a development trend towards high purity, branding, cross-border applications, and compound formulations. China has a vast market both in hyaluronic acid raw materials and end products. With more products being approved, changes in social concepts, and enhanced consumer education, the industry will continue to maintain rapid growth.  

With listed companies With the arrival of the 2025 annual report disclosure season, people have been able to glimpse the catalytic effect of AI on listed companies' performance. Among them, hardware manufacturers such as Industrial Foxconn, Inspur XCUOCHENG, and Cambricon, which are the "scraping contractors" in the upstream AI industry chain, have seen a surge in performance that has confirmed the high industry prosperity brought about by the explosive demand for AI. However, to verify the progress of AI commercialization, attention needs to be paid to the midstream platform layer and downstream application layer. From the listed companies' 2025 performance, has the commercialization of AI applications been verified? Has the shift from "speculating on concepts" to "looking at performance" been completed? Which types of companies (such as cloud providers/vertical SaaS) have achieved the most successful commercialization of AI? What is your most concerned indicator, such as the proportion of AI revenue or changes in gross profit margin?   Frost & Sullivan frost  & Lu Jing, China Business Partner and Managing Director of Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by the Financial Times to discuss the commercial validation of AI. Q :   It is generally believed 2025 The year is AI The first year of application. Listed company 2025 In the annual results, AI Has the commercialization of applications been validated? Has the shift from 'speculating on concepts' to 'evaluating performance' been completed? I think AI Application commercialization in 2025 The year has been partially validated, but it has not yet entered the full performance realization phase. From the financial report, what the market is most clearly seeing are two types of changes: First, AI We have started to substantially drive revenue growth rather than merely boosting market sentiment. Second, some companies have seen synchronized improvements in profit margins, cash flow, and subscription metrics, which means AI It's not just about feature upgrades, but about reconstructing the business model. Take US stocks as an example. AI The commercialization of applications is first realized in high-frequency workflows and enterprise productivity platforms. Adobe , ServiceNow , Salesforce Waiting for the company's AI The related products have all achieved significant growth. These data indicate that the global market is no longer just about having it AI Story, rather than just starting to read AI Whether it can drive subscription, contract volume, renewal, and enterprise spending expansion. In addition, the industry is still in a clearly differentiated phase, with some companies having proven AI Can bring new revenue and profit leverage, while some companies are still stuck at feature display, POC Verification or pay-as-you-go for low-permeability scenarios. 2025 The annual financial report has been verified AI The application is not a false positive, but not all connections have been verified. AI Companies in the industry can all successfully deliver their performance. From an investment perspective, the market has indeed moved on from whether AI Ability switched to AI Whether the income structure, profit margin, and cash flow can be changed, but this transition is still ongoing and has not been fully realized. Q : From a financial report perspective, which types of companies (such as cloud providers / vertical SaaS ) AI Is commercialization the most successful? What are the most concerned metrics, such as AI Changes in revenue proportion and gross profit margin? from 2025 Looking at the year and the most recent full financial reporting cycle, AI The most commercially successful companies are mainly concentrated in three categories. The first category is consumer-oriented high-frequency tool companies, which have clear user scenarios, extremely short paid conversion paths, and subscription-driven business models. AI The most direct manifestation is user growth, ARPU Enhancement and profit release. The second category includes enterprise software and productivity platform companies, including Adobe , ServiceNow , Salesforce , Zoom in The common characteristic of these companies is that they are already located at the center of the customer's daily workflow. AI It's not about creating demand from scratch, but about enhancing automation, reducing manual operations, and improving the customer ROI To drive penetration of additional purchases, renewals, and higher-tier packages. ServiceNow and Salesforce Enterprise-level AI The most effective commercialization approach is to AI Embedding into work order flow, customer service flow, sales flow, and enterprise data layers can translate into growth in contract amounts and remaining performance obligations. The third category is vertical industry solution companies, which often do not burst onto the profit statement as early on but are more likely to show early signs in terms of orders, collections, scenario penetration, and large customer signings.   As for the most important indicators, I don't think we can just focus on AI Income proportion. Because many companies haven't yet AI If income is separated out, this alone can underestimate the true progress. I am more concerned with five types of indicators: first, ARR , RPO Contract liabilities, number of subscribed users AI Whether it generates sustainable revenue; secondly, gross profit margin and operating profit margin, to be considered AI Whether there is economies of scale, rather than just increased reasoning costs; thirdly, operating cash flow and sales receipts AI Whether the revenue can really be recovered; fourthly AI Whether the core business revenue growth rate of the driver is faster than the overall company growth rate; fifthly, the usage depth at the customer level, such as in large customer orders AI permeability, AI   MAU , AI Package add-ons, etc. In short, determine AI The commercialization of an application doesn't depend on what models are released, but on AI Has the quality of the company's revenue and operating leverage changed?   Q : Achieved AI What commonalities do commercial companies possess? Data barriers, customer base, industry Know-how Technical capabilities — which is the most critical? Which segments are easier to break into and dominate? I believe it can be successfully achieved AI Commercial companies typically possess four common characteristics: First, they have high-frequency, rigid demand, and are quantifiable. ROI Application scenarios; secondly, having a native customer base and mature distribution channels; thirdly, having data, process, and industry knowledge accumulation; fourthly, being able to encapsulate model capabilities into products and workflows, rather than staying at the technical demonstration level. I believe the most critical aspect is the industry Know-how Add workflow integration capabilities. As underlying model capabilities are accelerating their diffusion, simply calling the model API It's difficult to build a long-term moat; what really determines who can make money is who understands business processes better, who understands customer pain points better, and who can AI Embed it into the existing software and service system, and transform capabilities into efficiency gains, price increases, or additional purchases. Adobe , ServiceNow and Salesforce This is the commonality, AI Ability is not a cheat code, but part of the core capabilities of the platform.   From the perspective of the track, I think the one that is most likely to take the lead is ROI The track with the clearest vision, the shortest procurement decision-making process, and the deepest product integration. Currently, at least three tracks are more likely to lead in delivering value first. The first is content creation and personal productivity tools, including images, videos, design, office software, language learning, etc., because users use them frequently, the subscription model is mature, AI Enhancing user experience is intuitive and can be easily translated into paid services. The second category includes enterprise productivity and process software, such as CRM Collaborative Office, Customer Service, and Sales Automation, because AI It can be directly translated into increased employee efficiency and reduced operating costs, making companies more willing to pay for it. Thirdly, there are vertical scenarios with strong industry process loops, such as industrial production, healthcare, education, etc. Although the implementation pace of these tracks may be slower than consumer subscriptions and standardization, SaaS However, once verified, customer stickiness and entry barriers are often higher. In contrast, those lacking clear scenarios, with unclear sources of customer budgets, and relying solely on one-time project revenues are more AI App companies, on the other hand, find it even more difficult to lead the way in financial reporting.   * This interview was published in Financial Times Reporter: Li Guohui Original title: Unveiling the Secrets of the Earnings Season: AI Have you started making money?  

2026 is the beginning year of the 14th Five-Year Plan and a critical juncture for China's economy to move towards a new stage of high-quality development. Against the backdrop of accelerating global industrial chain restructuring and continuous evolution of technological revolutions, new types of productive forces are becoming an important engine for reshaping the economic growth pattern. Finance, as the core of modern economies, shoulders the mission of serving national strategies, guiding capital flows, and empowering industrial upgrading. On March 26, the parallel forum of the 2026 Global Southern Financial Journalists' Forum & 2026 Global Southern Asset Management Forum, themed 'Value Reshaping, Intelligent Future', was held in Beijing. Based on macro policy guidance, the forum deeply explored the structural opportunities in the equity market for 2026, discussing how to identify core assets with long-term value in the process of cultivating new productive forces, using professional research capabilities to guide capital to serve national strategies precisely. At the forum, Wang Chenhui, China's managing partner and president of Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan'), stated in his keynote speech titled 'Highlighting Industry Characteristics to Enhance Corporate Valuations', that with market development and investors' increasing demand for real sources of information, industry research should shift from 'closed-source' to 'open-source' to meet the needs of different levels of investors for real sources of information.   "Three Carriages" Escorts Enterprise's Hong Kong Stock Listing   The value of a company is not only reflected in its financial statements but also in its industry position, growth logic, and market perception. How to tell a good industry story, highlight distinctive advantages, thereby enhancing corporate valuation, is a topic that every company and every investor needs to consider. As a globally renowned enterprise growth consulting and investment banking service company, Frost & Sullivan has long been committed to industry research and value discovery, providing strategic consulting and market insights to businesses worldwide. It has accumulated rich experience in helping companies articulate their industry-specific characteristics and enhance capital market awareness. Looking back at 2025, against the backdrop of policy support and optimized regulatory approval processes, Hong Kong saw active new share listings. 'A large number of leading enterprises have further joined the Hong Kong stock market. In addition, the Hong Kong refinancing market has also performed relatively well,' said Wang Chenhui. According to statistics as of December 31, 2025, the Hong Kong Stock Exchange saw a total of 119 new shares listed throughout the year, raising a total of HK$2858 billion, a year-on-year surge of 224%, reclaiming the top spot in global IPO financing. From January to December 2025, Frost & Sullivan's market share in the Hong Kong IPO industry advisory market reached 73%. Wang Chenhui stated that as an independent industry consultant, Frost & Sullivan provides professional industry research services for companies going public. Based on public market data and information provided by the company, it conducts independent analysis and verification of industry information to assist the sponsor in responding to inquiries from the Hong Kong Stock Exchange regarding industry sections. "Successful listing of a company usually requires three fundamental aspects: legal compliance, financial performance, and a clear investment logic based on industry research. Among these, legal compliance and financial performance are the basic thresholds set by regulatory requirements, while rigorous and independent industry research is an important basis for supporting reasonable valuations and articulating a good investment logic. From this perspective, it is necessary to focus on explaining three issues that the market is concerned about." Wang Chenhui further stated that the first is the company's precise positioning and segmentation, which specifically includes in-depth analysis of the company's business characteristics, industry characteristics, business model characteristics, etc., to uncover the company's strengths, accurately identify investment highlights, and on the basis of the company's positioning, segment the market in which the company operates, providing fundamental support for the company's future development." Secondly, it is about the market ranking of the enterprise. By analyzing competitive enterprises in the same industry both domestically and internationally against segmented markets, it can more accurately reflect the enterprise's competitive advantages, market share, and market position. Finally, there are the future development expectations of the enterprise. By predicting the enterprise's own business and industry, we provide investors and the market with an outlook for the future. "Our (Frost & Sullivan) job is to assist sponsors and companies in objectively presenting the true state of the industry and enterprises to investors based on these three dimensions," said Wang Chenhui.   Industry research should shift from 'closed-source' to 'open-source'.   From the perspective of investors, Wang Chenhui believes that when investors buy stocks of listed companies, they are essentially paying for the future expectations of the enterprise. Therefore, enterprises need to convey a clear picture of the future to the market and investors through scientific and reasonable predictions of their own business and industry. Wang Chenhui stated that in the past, the description of industry scale in prospectuses was often quite brief, but the actual situation is much more complex. Wang explained that taking liver cancer treatment drugs as an example, to accurately estimate their market size, multiple sub-elements must be considered comprehensively: which stage of liver cancer does the drug apply to? Liver cancer itself encompasses various types of lesions, with different stages of disease progression; can the drug be included in national or provincial medical insurance? What are doctors' preferences for medication? Are there alternative drugs and their costs? In addition, there are significant differences in payment capabilities between different cities and patients. 'Only by integrating these factors into analysis can a relatively rigorous model be constructed, ultimately leading to scientific and credible market size and future forecasts,' he said. From the perspective of looking ahead to industry development, Wang Chenhui believes that with the popularization of AI in investment analysis, simple 'investor stories' can no longer meet investors' requirements for verifiable trust. Industry research should shift from 'closed-source' to 'open-source'. Under regulatory guidance, Frost & Sullivan will use transparent research methods to clearly demonstrate data sources, analysis models, and research logic to investors, ensuring that the research process is traceable and verifiable. This article is reprinted from: China Securities Journal

3 month 18 Sponsored by the China Advertising Association and co-hosted by the National Advertising Research Institute and Frost & Sullivan "2026 New Era Brand Development Forum " Held at the Shanghai Waldorf Astoria Hotel, co-hosted by Frost & Sullivan and LeadLeo Research Institute for the first time release oriented global of Enterprise-level solve scheme ——   " Enterprise Trusted Knowledge Network " KNIT （ Integrity and Trust Knowledge Network ) , for AI Enterprise Credible Knowledge Network of Times of Construct provide official of define and concept Interpretation , system response AI illusion down of enterprise brand Marketing and Cognitive Management should that how Construct and respond Possibly of Challenge at AI In the era, large models have become the core entry point for information and decision-making, with customers, investors, and partners becoming increasingly reliant on them AI Obtaining enterprise information has brought to light issues related to the industry ecosystem. this year 315 Exposed at the gala AI The data feeding industry chain manipulates recommendation results by targeting and feeding false information, seriously disrupting market order. . And the data poisoning caused by the influx of marketing content into corpora, AI Insufficient information " Reasonably complete " The algorithmic illusions created, along with the blurred perception of a company's true value, have diluted into three major systemic risks that companies face. Against this backdrop , Frost & Sullivan in collaboration with LeadLeo Research Institute propose to build " Enterprise Trusted Knowledge Network " help enterprises proactively manage key fact expressions and cognitive structures, and build them from the source so that they can be AI Stabilize the understanding and cited knowledge system, and rebuild the enterprise in AI The cognitive dominance of the era. From the official definition, " Enterprise Trusted Knowledge Network " yes oriented Enterprise-level cognitive infrastructure solutions for the AI era , With real-world data, authoritative research conclusions, structured graphs, third-party verification results, and traceable information sources as core components, A six-layer structured engineering approach, including AI cognitive baseline diagnosis, real-world validation, authoritative fact anchoring, knowledge structuring engineering, trustworthy content diffusion, continuous monitoring, and cognitive consolidation, weaves the scattered unstructured information of enterprises into a standardized knowledge system that can be stably understood, cited, and reused by AI. . its The core goal is to help enterprises master In the era of AI, cognitive dominance ensures that one's own company is correctly understood by the market. It enables AI to reliably reference core values and key data of the enterprise based on accurate premises, while avoiding systemic risks such as data poisoning, algorithm hallucinations, and cognitive dilution. It transforms key facts of the enterprise into credible digital assets that can be called upon and accumulated over time. " Enterprise Trusted Knowledge Network " of first Advocate Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan China, said, "KNIT The enterprise trusted knowledge network will be a set oriented towards AI The core goal of the enterprise-level cognitive infrastructure of the era is to ensure that enterprises maintain a clear, accurate, and stable knowledge architecture and external expression in complex algorithm environments. " at AI Generation engine optimization for the era GEO In practice, dark web speculators use language manipulation and data fudging to create false exposures, ultimately accumulating digital garbage. . and based on KNIT of GEO Adhering to a long-term approach, based on credible content sources, and through rigorous traceability AI The output is credible, and through real-person, real-machine testing, it achieves true accessibility. Ultimately, it integrates the enterprise's knowledge system into the underlying knowledge graph of large models, establishing long-term brand recognition and industry discourse power. On the forum, Wang Chenhui, Managing Partner and President of Frost & Sullivan China, together with Lu Lei, Secretary-General of the Shanghai Information Service Industry Association, Guo Chenjian, Vice President of the Shanghai Consulting Industry Association, Xu Zhenting, Secretary-General of the Council of the National Advertising Research Institute and Director of the Brand Lab, and co-founder of LeadLeo CEO Yang Xiaocheng witnessed the launch together, marking the official transition of enterprise brand management from " Dissemination competition " Step into " Cognitive Management " New stage. KNIT The emergence not only enables enterprises to get out of the predicament of passively waiting for algorithm definition but also promotes AI The two-way regulation of industry and brand building returns brand building to its proper place " true " Essence, and also AI The information sources of large models are more credible. In the future, as KNIT With the popularization of cloud computing, enterprises will AI The era firmly holds the cognitive dominance, and the entire business ecosystem will achieve healthier and sustainable development based on a real and accurate knowledge system. This is precisely KNIT The core value is not only to make the company visible to more people but also to ensure that it is correctly understood, maintaining the true value of the brand in the world of algorithms.  

  Regarding our company's active response to and implementation of the regulatory requirements related to advertising citations by the State Administration for Market Regulation , Public Notice on Complying with Compliance Operations     Recently, our company has noticed that the Advertising Supervision Department of the State Administration for Market Regulation has carried out a preliminary public solicitation for the 'Advertising Citation Content Enforcement Guidelines (Draft for Soliciting Opinions)' regarding the supervision and management of advertising citations. Recently, it has released a document to the public on strengthening Notice on the Supervision of Promotional Language in Advertising In response to the successive notice, opinion, and detailed rules issued by regulatory authorities, our company actively responds to the policy guidance direction of the regulatory departments and has implemented a number of specific optimization and enhancement measures. The company management hereby synchronously discloses the relevant internal resolutions and progress as follows:   1. Our company has already implemented internal policies for service categories closely related to the Advertising Attribution Content Enforcement Guidelines, such as For the "Market Positioning Statement" and "White Paper" businesses, all employees have received systematic and in-depth training and education to ensure that they are aware of the risks associated with advertising citation content regulation in future operations. / Brand owner needs, with clear identification and reasonable guidance.   2, Our company has recently signed or is in the process of signing project A comprehensive review has been conducted , And initiate review of compliance matters. For projects that may trigger advertising citation content risks, work with the customer / Brand owners communicate fully and resolve issues in a timely manner. Standardize the dissemination and citation of related content. Ensure compliance with the latest regulatory opinion requirements.   Our company commits to strictly adhering to the advertising compliance baseline from today onwards, resolutely responding to and implementing the opinions and notices of regulatory authorities. At the same time, we sincerely accept supervision from all sectors of society to jointly maintain a harmonious and fair market consumption environment.       Frost & Sullivan 2026 year 3 month 2 4 day

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

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