Frost & Sullivan   On January 14, 2026, Shanghai —— At the beginning of the "15th Five-Year Plan" period, China's exhibition industry is stepping into a deep-water area of transformation from "scale growth" to "high-quality development." Against this backdrop, Global Growth Consulting Company Frost & Sullivan (Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan') and a one-stop digital exhibition platform Meeting No. 31 Official signature Strategic Cooperation Agreement of "Industry-Affinity R&D Program" Both parties announced that they will leverage their deep expertise in digital platforms and professional market research to jointly empower 100 exhibition organizers to conduct vertical industry studies and release a hundred white papers. They aim to jointly explore new paths for branding, specialization, and digital intelligence in the exhibition industry. Signing Ceremony Venue   A trade exhibition is not only a platform for business matchmaking but also an incubator, connector, and indicator of industry development trends. A professional annual industry report is not only a panoramic scan of the current state of the industry but also a forward-looking assessment of future trends.   However, for a long time, many exhibition organizers have been constrained by research resources and professional capabilities, making it difficult to systematically produce authoritative research findings. As a result, the leading value of exhibitions has not been fully realized. Frost & Sullivan agrees with the 31st Conference that elevating the strategic level of exhibitions from 'physical space providers' to 'industrial thought hubs' is an inevitable trend in industry development.     Joint Empowerment Start “ Industry-Research Collaboration Program " Based on the long-term development considerations for the industry, this collaboration will focus on empowering 'event organizers':   Resource sinking, precise research Frost & Sullivan, with its 65 years of global consulting experience and strong research capabilities, will provide professional research support to the exhibition organizers participating in the program.   Empowered by AI, leading innovation The 31st Conference will leverage its years of deep cultivation in the exhibition industry AI + Digital Exhibition Technology And industry insight capabilities, enhancing management and service efficiency as well as participant experience.   Zero R&D cost, strategic upgrade Through this initiative, the organizers can jointly release authoritative industry insights with top international consulting firms without incurring additional research costs.   Multi-dimensional value co-construction In addition to the white paper, both parties will explore in-depth collaboration in areas such as vertical industry rankings, selection projects, and brand value management in the AI era, aiming to comprehensively enhance the industry voice and brand credibility of the exhibition organizers.   Vision and Outlook Professional strength drives industries upwards The purpose of this collaboration is to help organizers of exhibitions, conferences, festivals, competitions, etc., establish industry discourse power and enhance brand influence through the strong alliance of professional research institutions and digital platforms. It also aims to provide exhibitors, sponsors, and upstream and downstream industries with higher-value information services and brand empowerment. Signing Ceremony Venue   Frost & Sullivan sincerely invites organizers from various sub-sectors to join this initiative at the 31st Conference We believe that when professional insights are deeply integrated with digital technology, and when every exhibition becomes an outlet for industry ideas, China's exhibition industry will not only be a stage for economic exchange but also an intellectual force leading industrial transformation. Let us join hands, illuminate the path forward for industry exhibitions in all sectors with the light of research, and jointly write a new chapter in the high-quality development of China's exhibition industry.     About Frost & Sullivan   Frost & Sullivan, a global growth consulting firm, integrates 65 years of consulting experience. Over the past 28 years, it has dedicated itself to serving the booming Chinese market with a global perspective. It helps over 10,000 clients accelerate their business growth, achieve benchmark positions in industry growth, innovation, and leadership, and realize capital operation goals such as financing and listing. Frost & Sullivan's investment and financing business in China has achieved full industry coverage of China's national economy, including a high level of attention to all economic hotspots such as the new economy and new infrastructure. Regarding Meeting 31   The 31 Conference was established in 2011 and is headquartered in Shanghai. It is a leading one-stop digital exhibition platform. By leveraging technologies such as big data and artificial intelligence, the company is committed to solving efficiency, experience, and marketing issues in the process of organizing conferences and exhibitions. China Exhibition An important force for industrial upgrading.  

China Orthopaedic Digital Intelligence Alliance Summit   The China Orthopaedic Digital Intelligence Alliance Summit was held at the Beijing Boya Hotel on January 10th, aiming to create a new chapter in digital orthopaedics, empower high-quality industrial development, and contribute Chinese wisdom. Zhang Chenyang, consulting director of Frost & Sullivan's Healthcare Business Unit in China, was invited to attend and deliver a speech. Zhang Chenyang, consulting director of Frost & Sullivan's Healthcare Business Unit in China   According to Zhang Chenyang, AI-enabled surgical robots have become the core focus for the "digitalization" upgrade of orthopaedics and even the entire surgical field. Whether they are multinational giants or domestic startups, they are viewing "AI + robots" as the next competitive high ground. Thanks to the many benefits brought by surgical robots to doctors and patients during clinical treatment, as well as the commercialization of surgical robots applied in different treatment areas, the historical market scale of surgical robots has shown a high-speed growth trend. From 2020 to 2024, the global and Chinese surgical robot market compound annual growth rates reached 26.3% and 23.8%, respectively; in the future, with more innovative robot categories being approved and policy-level encouragement and support, the proportion of the Chinese surgical robot market in the global market will continue to increase.   Zhang Chenyang pointed out that the industrial prospects of surgical robots are shaped by four major driving forces: policy, technology, prognostic advantages, and the expansion of applicable disease areas:   At the policy level, the "14th Five-Year Plan" for the development of medical equipment industries proposed in December 2021 to accelerate breakthroughs in key technologies such as high-precision positioning and improve the performance level of surgical robots such as laparoscopic orthopaedic and dental digital implants; in January 2023, the "Robot + Application Action Implementation Plan" encouraged hospitals with conditions and needs to use robots for precise minimally invasive surgeries; in June 2025, the "Announcement on Issuing Measures to Optimize the Whole Lifecycle Supervision and Support for the Innovative Development of High-end Medical Devices" formulated classification guidance principles for surgical robots, rehabilitation robots, etc., and carried out research on the management attributes of artificial intelligence medical devices; in December 2025, the "Guidelines for Project Approval of Medical Service Price Items for Surgical and Therapeutic Assisted Operations" unified the project approval for "surgical robots" and "remote surgeries," promoting precise medicine to better serve patients and creating a continuous favorable environment. At the technical level, domestic manufacturers have continuously overcome research and development difficulties such as the stability of core components, the intelligent level of control systems, positioning accuracy, and intelligent interaction through structural improvements, image fusion, optimization of AI-assisted algorithms, and collaborative efforts among industry, academia, research institutions, and hospitals, breaking international patent barriers at relatively lower prices, achieving wide penetration in the domestic market, and planning global commercial layouts.   At the prognostic advantage level, robot-assisted surgery can complete operations in a precise and minimally invasive manner, significantly reducing patient blood loss, lowering the risk of postoperative complications, and accelerating recovery.   At the applicable disease area level, laparoscopic surgical robots, as the most mature sector, have been widely used in minimally invasive surgery of the thoracic and abdominal cavities. Orthopaedic surgical robots have gradually expanded from initial hip and knee joint replacements to sub-sectors such as spine, shoulder joint, and sports medicine, and emerging applications in neurosurgery, dentistry, etc. are also becoming increasingly popular.   Zhang Chenyang introduced that driven by the triple drivers of expanding clinical demand, technological iteration such as AI/3D printing, and continuous favorable policies and price project approval guidelines during the "14th Five-Year Plan" period, the Chinese orthopaedic surgical robot market will increase from 800 million yuan in 2024 to 6.4 billion yuan in 2030, with a compound growth rate as high as 41.6% from 2024 to 2030; although the current penetration rate of robot-assisted knee/hip joint replacement is only about 0.1%, significantly lower than the US's 11.7% and 10.5%, with the acceleration of aging, the expansion of doctor gaps, the relaxation of medical insurance access, and product performance improvement, the penetration rates of knee and hip joint robots are expected to jump to 12.5% and 12.1% respectively in 2030, leaving huge room for domestic substitution.   AI, 3D printing, Optical navigation The multi-technology integration of intraoperative force control will compress preoperative planning from 2 - 3 weeks to 3 - 5 minutes and promote surgery to leap towards precision, intelligence, and individualization; driven by this, the penetration rate of joint robots in China is expected to first jump from 0.1% in 2021 to 4.0% in 2025, and then reach 12.3% in 2030, corresponding to a compound growth rate of 147.8% from 2021 to 2025 and still maintaining 25.0% from 2025 to 2030. At the same time, robots standardize and visualize high-difficulty surgical procedures, significantly shortening the learning curve for grass-roots doctors. Manufacturers have accordingly launched a full-process digital orthopaedic solution covering "preoperative intelligent diagnosis - intraoperative precise navigation - postoperative rehabilitation follow-up," thereby simultaneously achieving an increase in penetration rate, accelerating doctor training, and reshaping the industry pattern.   Finally, Zhang Chenyang stated that Frost & Sullivan has served many benchmark enterprises such as minimally invasive robots Jingfeng, Shurui, Changmu Valley, and Huaruibo, covering Hong Kong stock market/Sci-tech innovation board IPOs, industrial mergers and acquisitions, overseas strategies, and valuation modeling. Looking ahead, Frost & Sullivan will continue to output industry insights, hoping to join hands with the industry to promote the globalization of Chinese "intelligent" orthopaedic robots.

  On January 8, the Hong Kong capital market welcomed three companies listing on the same day. The exclusive industry advisor Frost & Sullivan extends its warmest congratulations. Zhipu Huazhang (2513.HK) , Dayshi Smartchip (9903.HK) , Jingfeng Medical (2675.HK) Successfully listed on the Hong Kong Stock Exchange!   All three companies have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as Frost & Sullivan) as their trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for the choices and trust of our customers, and we will live up to our commitments, continuing to accompany more companies in achieving higher-quality development in the capital market with our professional services!   Frost & Sullivan (Frost & Sullivan) has always been a leader in helping companies go public in Hong Kong, boasting rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations. According to LiveReport's big data, from January to December 2025, as well as over a 36-month statistical period, Frost & Sullivan provided listing industry advisory services to 83 (accounting for 72% of the market share) and 180 (accounting for 71% of the market share) successful Hong Kong IPO companies, ranking first in terms of number.   Recommended Reading     The Hong Kong Stock Exchange witnessed another round of simultaneous gongs ringing. Our exclusive industry advisor, Frost & Sullivan, serves 5 clients, taking a commanding lead!   Winning it all! This week, 4 Hong Kong-listed companies were featured, with industry advisor Frost & Sullivan providing 100% coverage.   Industry consultants Frost & Sullivan are 100% involved, and there was another spectacular scene of four companies ringing the gong at the Hong Kong Stock Exchange on the same day   Deeply involved in the gold industry track, Frost & Sullivan has won unanimous industry favor with its professional industry advisory services   78% of leading 'A+H' companies choose Frost & Sullivan's advisory services for their listings in Hong Kong.   Industry consultants Frost & Sullivan are 100% involved, and Hong Kong's stock market witnessed a 'major event' of eight companies going public over a week   Beijing Zhipu Huazhang Technology Co., Ltd. (Stock Code: 2513.HK)   Beijing Zhipu Huazhang Technology Co., Ltd. A Chinese AI company dedicated to developing general-purpose large models, with its core business being model-as-a-service development MaaS ) products, as well as a commercial platform for developing large model services to provide to customers.   Shanghai Daysight Semiconductor Co., Ltd. (Stock Code: 9903.HK)   Shanghai days Semiconductor Co., Ltd. It is the first in China to mass-produce training general-purpose GPU chips and achieve inference. Universal GPU chip Mass-produced, and it is the first chip design company to achieve this milestone using the advanced 7-nanometer process.   Jingfeng Medical Technology Co., Ltd. (Stock Code: 2675.HK)   Jingfeng Medical Technology Co., Ltd. It is an innovative medical device company focusing on advanced surgical robots, dedicated to providing systematic solutions for minimally invasive and non-invasive surgeries through self-developed products such as porous endoscopes, single-port endoscopes, and natural orifice surgical robots. The company aims to promote the application and popularization of surgical robots in multidisciplinary clinical scenarios.   During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong stock market and domestically and internationally, making it a leading enterprise in the field of domestic investment and financing strategy consulting. Frost & Sullivan has long cooperated closely with globally renowned investment banks, accounting firms, law firms, investment institutions, and industry-leading companies, establishing an efficient domestic platform for matching investment and financing needs, and is capable of quickly forming comprehensive advisory service teams. Over the past decade, Frost & Sullivan has consistently ranked first in the market share of professional industry advisory services for Chinese companies listing on the Hong Kong stock market and overseas; in recent years, Frost & Sullivan reports have also been widely cited in the prospectuses, primary and secondary market research reports, and other capital market disclosure documents of leading A-share and STAR Market companies in the industry.    

  1. The company firmly holds the global crown with 285.8 billion yuan for the whole year, with 'A+H' accounting for half of the business. Throughout 2025, a total of 114 new shares were listed on the Hong Kong stock market, a year-on-year increase of 62.9%; the total raised funds amounted to HK$2858 billion, a year-on-year increase of 224.9%. Overall, the fundraising scale of Hong Kong IPOs in 2025 firmly ranked first globally, 'A+H'. 18A Listing activities such as 18C, Chinese concept stocks returning to Hong Kong, and others continue to be hot.   Froost Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') has assisted a total of 82 companies in listing on the Hong Kong Stock Exchange. In terms of project volume, Frost & Sullivan accounts for 72% of the Hong Kong IPO market share in 2025 (excluding conversions, reverse acquisitions, and listings under an introduction scheme), making it a leader in assisting companies with listing on the Hong Kong Stock Exchange. Among them, there were a total of 20 'A + H' listed companies on the Hong Kong Stock Exchange in 2025, and Frost & Sullivan served 1 There are 8; a total of 16 listed companies on the 18A segment, with Frost & Sullivan serving 13 of them. From 2014 to 2025, Frost & Sullivan has maintained its leading position in the market share of industry research consultants for Chinese companies listing in Hong Kong. During the same period, 215 new stocks went public on the US stock market, a year-on-year increase of 21.5%; the total fundraising amounted to $45 billion, a year-on-year increase of 42.5%. US IPOs in 2025 will continue to recover, and with the preparation for listing by super-large unicorns such as SpaceX, OpenAI, and Anthropic, 2026 may see a historic period of intense activity from giants.   Frost & Sullivan has assisted a total of 24 companies in going public in the US, covering both the NASDAQ and the New York Stock Exchange. The listing forms include traditional IPOs. SPAC . The A-share market saw the listing of 116 new shares on IPO, a year-on-year increase of 16%; the total fundraising amounted to 1318 billion RMB, a year-on-year increase of 95.6%. The IPO market in the A-share sector is gradually warming up and has significantly concentrated towards strategic emerging industries. Many semiconductor star companies have made their debut one after another, and enterprises in the commercial aerospace field are also expected to see an IPO boom in 2026.   In 2025, Frost & Sullivan's research reports were used in the prospectuses of more than a dozen listed companies including Moore Thread. In December 2025, 25 new stocks were listed intensively on the Hong Kong stock market, setting a new high for the number of IPOs in a single month since 2019. Throughout the year, a total of 19 'A+H' stocks were listed in Hong Kong, raising approximately HK$141.9 billion, accounting for nearly 50%, becoming the main force in the Hong Kong IPO market in 2025. In addition, there were also 16 18A and 5 18C Three Chinese concept stocks returned to the Hong Kong market. In terms of fundraising amounts, Hong Kong-listed IPOs worth tens of billions are almost exclusively taken up by large 'A+H' companies in 2025. CATL, Sany Heavy Industry, Sailis, Hengrui Medicine, Sanhua Intelligent Control, and Haitian Flavor Group all rank among the top seven in terms of fundraising amounts. In addition, Zijin Gold International, Chery Automobile, and Pony.ai rank second, eighth, and ninth respectively. II. Cornerstone Investment The cumulative turnover has exceeded 100 billion yuan, with over 14 million people participating in new share subscriptions Throughout 2025, a total of 89 new stocks on the Hong Kong stock market introduced cornerstone investors, accounting for 78%, a significant increase compared to 2024. The cumulative number of cornerstone investors participating in subscriptions reached 582 (without double counting), with a total cornerstone investment amounting to HK$1066 billion, accounting for 37.5% of the annual Hong Kong IPO fundraising. Among them, the cornerstone subscription scale of 20 new stocks reached over HK$1 billion, mainly consisting of 'A+H' stocks and large-cap new issues. The cornerstone scales of star enterprises such as CATL, Zijin Gold International, Solaris, Sany Heavy Industry, Haitian Flavorings, Chery Automobile, Sany Smart Control, and Hengrui Medicine all exceeded HK$4 billion. Since August 2025, the new rules for Hong Kong stock IPOs have been implemented. In the following four months, a total of 62 new shares adopted these new issuance rules, with the vast majority of them mechanism B Issuance. Among them, except for the 5 newly listed stocks on the 18C market, only 2 were issued under Mechanism A, while the remaining 55 were issued under Mechanism B. In terms of the number of subscribers, in 2025, the number of new share subscriptions in Hong Kong exceeded 14 million, with an average of 123,000 people subscribing to each new share. Since the implementation of the new regulations, IPO subscriptions in Hong Kong have been exceptionally hot, with nearly half of the new shares receiving more than 100,000 public subscriptions. In terms of subscription multiples, after the new regulations, many new shares have received over a thousand times more public subscriptions. However, in November and December, there were more new share issuances, and under the 'water pumping effect,' the risk of underpricing increased, leading to a cooling in public subscription enthusiasm. Nevertheless, due to the company's quality and advantages in the market segment, some domestic institutional investors are still highly enthusiastic about participating in the end-of-year new share offerings. III. The performance of new shares throughout the year was remarkable, with the market trend at the end of the year shifting from general upward movement to differentiation In terms of market performance, the Hong Kong stock market for new listings in 2025 was impressive. The intraday performance of 114 new shares showed 74 rises, 37 falls, and 3 flattens, with an upward probability of 65% and an average increase of 41%. The first-day performance was 77 rises, 32 falls, and 5 flattens, with an upward probability of 67.5% and an average increase of about 37%. Specifically, in 2025, a total of 18 new stocks saw their first-day gains exceed one fold, with 16 of them emerging after the new IPO regulations. Among the 21 new stocks that fell by more than 10% on their first day, about half were before and half after the new regulations. In addition to the issuance structure, the quality of the company, theme, and valuation level are also important factors affecting the performance of new stock listings. However, with the increase in the number of new shares and the rise in valuation, there is some pressure on market liquidity, and the performance of new shares at the end of the year has cooled down. In November and December, there has been an increase in the phenomenon of new shares breaking below their issue price. The 'Mechanism B' euphoria has gradually faded and turned into differentiation, with some companies including those listed on the 18A board experiencing first-day underpricing. Looking at the whole year, the returns from subscribing to Hong Kong stock new share offerings have still been quite substantial. If sold at the opening price on the first day, the cumulative book profit (excluding handling fees) from winning a subscription to a Hong Kong stock new share offering in 2025 could reach HK$226,000, with an average profit of nearly HK$2,000 per new share. However, although the yield is higher after the new regulations, the difficulty of winning a subscription has also increased significantly. IV. It is expected to continue to be strong in 2026, with fundraising reaching up to 350 billion Entering 2026, the Hong Kong stock market IPO market will continue to maintain a state of intensive issuance. GPU leaders such as Bitmain and days, AI giant companies like Zhipu and MiniMax, as well as semiconductor giants like Megvii and HiSilicon Group, which are part of the 'A+H' category, are on the horizon. According to the Hong Kong Stock Exchange data, as of the end of December 2025, the Hong Kong Stock Exchange processed a total of 560 applications for listing on the Main Board and GEM. Among them, 120 applications have been listed, 24 applications have been approved and are awaiting listing, and there are still 320 applications queuing up for processing. On the basis of sufficient IPO reserves, the Hong Kong stock market is expected to continue its strong upward trend in the coming year. According to PricewaterhouseCoopers Hong Kong's forecast, the Hong Kong IPO market will continue its growth trend in 2026, with about 150 companies expected to successfully list in Hong Kong, raising funds of HK$320 billion to HK$350 billion.

  Recently, IPO was known in advance The list of "Top 100 IPO Investment Institutions of 2025", "Best Investment Institutions of 2025" and "Best IPO Service Institutions of 2025" were announced.   Frost & Sullivan (Frost & Sullivan, abbreviated as "Frost & Sullivan") has been awarded the title of "Best Industry Research and Consulting Firm for IPOs in 2025" for its market-leading position in industry research and its global consulting brand influence, and has received this award for the fourth consecutive year.   Meanwhile, according to LiveReport's big data statistics, in 2025, a total of 7 industry advisory firms provided listing research and consulting services for newly listed Hong Kong companies. Among them, Frost & Sullivan had a market share of over 70%, maintaining the top position in the number of IPO projects.         As a global growth consulting firm, Frost & Sullivan integrates 65 years of consulting experience and has been serving the booming Chinese market with dedication for 28 years. With a global perspective, we help clients accelerate their business growth, achieve industry-leading benchmarks in growth, innovation, and technology, and realize capital operation goals such as financing and listing.   Frost & Sullivan deeply understands global capital markets and corporate consulting services. By innovatively introducing 'Total Investment Management (TIM)', it provides comprehensive investment and financing as well as various other professional consulting services for enterprises, including investment and financing CDD, valuation services, technology advisory, financial advisory, ESG Fundraising and investment research, bond issuance industry advisory, industry consulting, valuation services, award services, industry white papers, strategic and management consulting, planning consulting, technical insights, etc.   As early as 2003, Frost & Sullivan pioneered industry advisory services for Hong Kong and overseas listings. It also took the lead in establishing and standardizing the business processes and service standards for industry advisors in the investment and financing sector, making outstanding contributions to the standardized development of the industry.   In 2025, Frost & Sullivan continued to excel in the field of investment banking and advisory services.   In 2025, Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') assisted a total of 82 companies in listing on the Hong Kong stock market. In terms of project volume, Frost & Sullivan accounted for 72% of the Hong Kong IPO market share in 2025 (excluding reorganizations, reverse mergers, and listings through introductions), making it a leader in assisting companies with listing on the Hong Kong stock market. Among them, there were 20 'A + H' listed companies on the Hong Kong stock market in 2025, of which Frost & Sullivan served 18; Listing on the 18A Board There are a total of 16 companies, of which 13 are served by Frost & Sullivan. From 2014 to 2025, Frost & Sullivan has maintained its leading position in the market share of industry research consultants providing services for Chinese companies listing in Hong Kong.   In addition to the Hong Kong capital market, Frost & Sullivan has also performed impressively in overseas IPO markets. In 2024, Frost & Sullivan assisted a total of 24 companies in going public in the US, covering both the NASDAQ and New York Stock Exchanges. The listing forms included traditional IPOs. SPAC .   From 2014 to 2025, Frost & Sullivan has maintained its leadership in the market share of industry research advisory services for overseas IPO markets, serving over 3,000 companies planning to list domestically or internationally, and occupying a leading position among industry advisors for companies seeking to go public overseas.   In addition, Frost & Sullivan's research reports are also widely cited in the prospectuses of listed companies such as A-share companies and STAR Market companies, primary and secondary market research reports, and other public documents of capital markets. The brand's awareness and influence are increasing day by day. By 2025, Moore Threads (688795.SH) , Yingshi Innovation (688775.SH) , Bai'ors Technology (688796.SH) , Heyuan Biology (688765.SH) , Weigao Xuejing (603014.SH) , Haian Rubber (001233.SZ) , Biteite (688759.SH) , Hanshan Technology (301491.SZ) , Hanbang Technology (688755.SH) , Sikang Technology (688583.SH) The research reports of Frost & Sullivan are used in the prospectus documents of listed companies.   In 2026, Frost & Sullivan will closely follow national policy guidance, seize the opportunities of the times, continuously improve service quality, ranging from selecting high-quality enterprises to empowering with professional knowledge, from corporate growth consulting to initial public offerings, from investment and financing matchmaking to market value management. Relying on more than sixty years of profound research accumulation and rich capital market service experience across various industries, the firm will continue to provide more professional, higher-level, and competitive knowledge services to assist enterprises throughout their entire lifecycle of growth.   In the future, Frost & Sullivan will continue to collaborate with investment banks, accounting firms, law firms, investment institutions and major exchanges to help more high-quality enterprises successfully list on the capital market, jointly create social value and promote the healthy development of the Chinese economy!      

Frost & Sullivan insight From the precision forging of rocket engine turbine blades to the precise adaptation of customized medical prosthetics; from the rapid prototyping of molds in factory workshops to the creative three-dimensional presentation in maker spaces—3D printing, once considered a "future technology," has now crossed the laboratory threshold and taken root in multiple fields such as aerospace, healthcare, and industrial production, becoming a core variable that shakes up the manufacturing landscape. What are the current main application areas of 3D printing technology, and which new areas may it expand into in the future? How does generative AI affect the modeling threshold of 3D printing technology and what changes has it brought to the industry? In recent years, what specific impacts have the IP economy and the trend of collectibles had on the 3D printing market? How does 3D printing technology help manufacturing enterprises reduce costs and increase efficiency and what conveniences does it bring?   Mr. Liu Daming, China consulting manager at Frost & Sullivan (hereinafter referred to as "Frost & Sullivan"), was interviewed by Securities Daily to discuss new boundaries of 3D printing driven by AI. Securities Daily *Click at the end of the article Read the original article to view the complete report   Q: What are the current main application areas of 3D printing technology, and which new areas may it expand into in the future? Mr. Liu Daming China consulting manager at Frost & Sullivan From the current situation, the application scope of 3D printing has expanded from model making to broader consumer and commercial scenarios. Different technical routes such as FDM, photopolymerization, and metal have clear differences in their corresponding application areas: FDM is used more in the consumer market due to stable forming and controllable costs, mainly for daily necessities, small functional parts, and creative model making; photopolymerization has developed rapidly in fields with high detail requirements such as jewelry, collectibles, and shoe accessories due to its high forming accuracy; metal printing is still concentrated in the industrial sector, mainly for manufacturing complex parts and high-difficulty structural components. In addition, UV inkjet technology that has emerged in the past two years is also entering new sub-scenarios such as three-dimensional decoration, packaging, and display.   Overall, the expansion speed of the overall use of 3D printers has accelerated significantly in these two years. Now, in addition to large-scale models, people have started printing mixed products such as shoes, hats, belts, and flexible accessories; real estate companies and governments will use 3D printing models in urban planning; universities offer relevant courses, and enterprises open experience stores, significantly increasing the overall popularization rate. In the future, with further improvements in material systems and printing speed, the consumer market will continue to expand, while the demand on the commercial side, especially in small-batch customization and flexible production, will continue to grow.   Q: How does generative AI affect the modeling threshold of 3D printing technology and what changes has it brought to the industry? Mr. Liu Daming China consulting manager at Frost & Sullivan In the past, using a 3D printer required certain modeling skills, and people who couldn't model could only download public models from websites, severely limiting the application space. Now, with generative AI intervention, the modeling threshold has been completely lowered. Users only need to describe their requirements and the model tool can automatically generate printable 3D files, greatly expanding the usage radius of ordinary users. The significance of this change is not only about lowering the threshold but also reshaping the entire consumer usage logic. In the future, a person who has never been exposed to 3D modeling can also quickly create models through AI and turn them into actual products. With the improvement in material and equipment speed, AI + 3D printing may become a more scalable "personal manufacturing method," driving the maker market and education market to continue expanding.   Q: In recent years, what specific impacts have the IP economy and the trend of collectibles had on the 3D printing market? Mr. Liu Daming China consulting manager at Frost & Sullivan Early 3D printing models were mostly decorative and hard, driven by interest. In recent years, with the rise of the trend of collectibles and IP economy, higher requirements have been put forward for materials, colors, and forms. This has directly promoted the rapid development of technologies such as photopolymerization materials, flexible materials, and multi-color printing. On the consumer side, the trend of collectibles and IP culture has enhanced personalized needs, and people are willing to pay for customizable and creative derivatives. 3D printing can meet the production methods of small quantities, diversity, and high freedom, which highly coincides with the logic of collectibles, accelerating the penetration speed of consumer-grade equipment. On the enterprise side, trendy studios, design brands, and small supply chains have begun to purchase equipment as tools for small-batch sample development and quick return requirements.   Q: How does 3D printing technology help manufacturing enterprises reduce costs and increase efficiency and what conveniences does it bring? Mr. Liu Daming China consulting manager at Frost & Sullivan Efficiency improvement in the manufacturing sector comes from three aspects: speed, success rate, and material performance. Especially in the past, the printing speed was only 150 mm/s, and a model might take hours or even days to print; now, mainstream equipment can reach 500 - 800 mm/s, greatly shortening the delivery cycle. At the same time, the printing success rate has increased from 50% in the early days to nearly 80% - 90% today, and the decline in failure rates has directly led to material savings and labor cost reductions. As materials have expanded from the initial single-color hard plastic to flexible, multi-color, and multi-material combinations, 3D printing's characteristics of "rapid prototyping - low loss - small-batch production" enable enterprises to achieve higher efficiency in model verification, small-batch trial production, and customized production. For manufacturing enterprises, this means that they can verify designs without mold opening, reducing their dependence on traditional processing and achieving obvious overall cost reduction and efficiency improvement effects. *This interview has been published in Securities Daily, with reporter Guo Jichuan, and the original title was: Empowering All Industries, Capital Chases in, 3D Printing Races to Enter a Golden Development Period

  Leading provider of services for enterprises going public overseas Throughout 2025, Frost & Sullivan assisted a total of 106 enterprises in going public overseas, including 82 enterprises listed in Hong Kong. In terms of the number of projects, Frost & Sullivan accounted for over 72% of the market share of Hong Kong IPOs in 2025 (excluding backdoor listings, reverse mergers, and listings through introductions); it also assisted 24 enterprises in going public in the US (covering the NASDAQ and New York Stock Exchanges, including SPACs). From 2014 to 2025, Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') served more than 3,000 domestic and international companies planning to go public, maintaining its leading position as an industry research advisor in the overseas IPO market for many years.   As the review of new share issuance in the A-share market becomes stricter in 2024, more small and medium-sized enterprises are turning to the US for listing. At the same time, the Federal Reserve has started its interest rate cut cycle, leading to abundant liquidity in the US stock market, which attracts global companies to seize the critical window period. In 2025, the US IPO market has strongly recovered, welcoming the strongest recovery since 2021! As Hong Kong becomes an important springboard for mainland enterprises listing in the US, listing in the US has shifted from mere financing to brand endorsement and international resource integration. 'Hong Kong entity + US listing' Dual-platform mode It not only meets the domestic filing requirements but also reduces the risk of direct listing.   The U.S. capital market has demonstrated a strong attraction to high-quality enterprises globally. As of December 25th, a total of 215 companies completed IPOs in the U.S. (excluding SPACs and private placements), among which there were 66 Chinese-funded companies; there were 151 companies (excluding SPACs and private placements) waiting to file for listing on the U.S. stock market for the whole year, of which 77 were Chinese-funded companies, accounting for 51%. The listed companies are mainly small and medium-sized enterprises, with an average fundraising amount of less than $20 million. Among them, the leading fundraising projects were Bawang Tea Girl with $411 million and Yasheng Medicine with $126 million. The NASDAQ stock exchange, with its inclusiveness towards innovative enterprises and global resource integration capabilities, firmly ranks as the preferred platform for listing high-quality innovative enterprises globally. The U.S. stock market has fully unleashed its vitality, not only delivering an impressive market performance but also achieving a breakthrough for Chinese-funded companies against the odds. The industry's focus effect has become increasingly prominent, and in the vigorous development wave, there lies a new industry ecosystem that contains both opportunities and challenges.   Looking at Chinese companies going public in the United States throughout 2025, the overall pattern is one of 'hardcore leadership, diverse blossoming.' In the technology services sector, many companies are leading strongly, with cutting-edge tracks such as AI chips and machine vision sparking a wave of listings. Companies like Unisoc have gained international capital favor by using their hardcore technical barriers; in the consumer services sector, brands represented by Ant Group are accelerating their globalization layout through US listings; Yasheng Medicine has gained recognition from international capital with its innovative drug research and development capabilities, forming a golden track matrix of 'hard technology + big consumer + new health.' Chinese companies going public in the US have evolved from simple financing to a strategic intent of 'brand globalization + resource integration.' The booming trend of going public in the US in 2025 also indicates that Chinese companies are embracing global capital with a more stable and mature posture, striving to write a magnificent chapter in the high-quality development of their enterprises even under the grand geopolitical influence.       In 2025, Frost & Sullivan will provide exclusive industry advisory services to companies within the following representative sectors: 01 High-end manufacturing Enterprises in the high-end manufacturing sector are deeply involved in the core areas of industrial manufacturing, focusing on intelligent equipment research and development and manufacturing to inject solid strength into the real economy. Whether it's specialized robotic arms suitable for the plastics industry or intelligent integrated solutions covering multiple scenarios, they precisely address the pain points of traditional industries' automation upgrades, making production more efficient and processes smarter. They break down technical barriers with solid technical research and development, adapt customized products and services to meet the production needs of different industries, empower industries with intelligent upgrades to reduce costs and increase efficiency, and make 'Made in China' more technologically advanced.   Yilifu Co., Ltd. (NASDAQ: INLF)   On January 2, 2025, it successfully listed on NASDAQ in the United States. Yilifu Co., Ltd.'s main domestic operating entity, Iwate Robotics Equipment Manufacturing Co., Ltd., is primarily engaged in the research, development, manufacturing, and sales of specialized robotic arms for injection molding machines. It also provides robotic arm installation services and warranties, as well as robotic arm accessories and raw materials. The company mainly produces automated manipulators and injection molding machine supporting automation equipment, with its main products such as manipulators and industrial robots widely used in various plastic industries.   Julong Holding Limited (NASDAQ: JLHL)   The company successfully listed on NASDAQ in the United States on June 26, 2025. It is a leading intelligent integration solution provider in China, boasting a proven track record of excellence, a long-established professional reputation, and outstanding operational capabilities. It mainly provides one-stop comprehensive solutions with significant customer value and is the preferred platform for customers. 02 Biomedical Health Biopharmaceutical and health sector companies take 'guarding life and health' as their core mission, covering the entire medical ecosystem from prevention, treatment to health management. They are deeply involved in the field of veterinary vaccines, building a solid defense line for animal husbandry safety and ensuring the peace of mind at the source of food; they tackle innovative drug research and development, challenging difficult diseases such as tumors and hepatitis B, bringing hope to patients; they innovate chronic disease management models, using online platforms to break down barriers between doctors, patients, and medications, making health management more convenient and considerate. The company takes R&D strength as its cornerstone and uses innovation to fill demand gaps, not only providing comprehensive health protection for different groups but also making health services accessible with humanized solutions.   Zhengye Biotech Holdings Co., Ltd. (NASDAQ:ZYBT)   The company successfully listed on NASDAQ in the United States on January 7, 2025. It is a global leading manufacturer of veterinary vaccines, focusing on the research, development, production, and sales of veterinary vaccines, especially for livestock. In terms of veterinary vaccine sales in 2022, the company was ranked tenth as China's largest provider of veterinary vaccines.   Yasheng Medicine Group (NASDAQ:AAPG)   On January 24, 2025, it successfully listed on NASDAQ in the United States. The company is a comprehensive global biopharmaceutical enterprise dedicated to developing innovative drugs to address unmet clinical needs of patients worldwide in areas such as oncology. At the same time, Yasheng Medicine Group also successfully listed on the Main Board of the Hong Kong capital market on October 28, 2019, with Frost & Sullivan undertaking its exclusive industry advisory services.   The de facto holding company of Guangzhou Qilekang Digital Health Medical Technology Co., Ltd., POMDOCTOR LIMITED (NASDAQ:POM), Pomegranate Cloud Medical Co., Ltd.   The company successfully listed on the NASDAQ stock market in the United States on October 9, 2025. It is a leading chronic disease online medical service platform in China, focusing on providing chronic disease management and pharmaceutical services for patients. By building a one-stop medical service platform, it organically connects patients, doctors, and medications. 03 Technology services Technology service sector companies take technology as their core driving force, providing digital and intelligent service solutions for enterprises or individuals, covering sub-sectors such as digital platforms, smart communities, agricultural product e-commerce, and content creation. By penetrating all aspects of life and industry with digital services, they optimize experiences and create value with efficient and convenient solutions, becoming practitioners and promoters of digital life.   Xiamen Yipin Weike Network Technology Co., Ltd. EPWK HOLDINGS LTD. (NASDAQ: EPWK)   It successfully listed on NASDAQ in the United States on February 7, 2025. Xiamen Yipin Weike Network Technology Co., Ltd., as a digital and intelligent network service platform, connects enterprises with outstanding talents through an innovative and efficient comprehensive crowdsourcing platform, providing creative transaction services for small and medium-sized enterprises and suppliers.   Lianzhang Portal LZ Technology Holdings Ltd (NASDAQ:LZMH)   On February 27, 2025, the company successfully logged into NASDAQ in the United States. The company's headquarters are located in Xiamen, Fujian, and it is an information technology and advertising company with its business mainly divided into three business areas: smart communities, outdoor advertising, and local life. In the vertical field of smart communities, Lianzhang Portal monitors through access control monitors and suppliers provided SaaS platform Provides an intelligent community building access and security management system.   GIBO Holdings Limited (NASDAQ: GIBO)   On May 9, 2025, it successfully listed on NASDAQ in the United States through a De-SPAC transaction. GIBO is an integrated AIGC animation streaming platform targeting the young Asian demographic, providing users with one-stop services for animation content creation, publishing, distribution, and interaction through generative AI technology. Relying on GIBO AI's core technical capabilities, the platform offers creators full-process AI creation tools, supporting efficient generation of voiceover, visuals, and script content, and building a sustainable ecosystem that combines content production and consumption.   Beijing Yimuotian Xinong Network Technology Co., Ltd. (NASDAQ: YMT)   The company successfully listed on NASDAQ in the United States on August 19, 2025. It is a leading comprehensive digital agricultural products group in China, dedicated to B2B production and sales of agricultural products through internet platforms. Its main users include origin agricultural product brokers, destination wholesalers, supermarkets, e-commerce platforms, and other buyers of various bulk agricultural products. 04 Business logistics The business logistics sector enterprises are the 'link' in global commodity circulation, empowering circulation efficiency with digital supply chain management models. From cross-border services to local distribution, from basic transportation to professional trade, enterprises solve circulation problems with refined services, ensure supply chain stability with efficient operations, make commodity flow smoother, and enrich consumer choices.   Hong Kong Pharmaceutical Digital Technology Holdings Limited (NASDAQ: HKPD)   The company successfully listed on NASDAQ in the United States on January 15, 2025. It is a leading third-party non-prescription drug cross-border e-commerce supply chain service provider in Mainland China. It has a professional team and relevant pharmaceutical storage facilities in Hong Kong, mainly providing one-stop cross-border e-commerce supply chain services for merchants engaged in pharmaceutical cross-border e-commerce.   Marwynn Holdings, Inc. (NASDAQ: MWYN)   It successfully listed on NASDAQ in the United States on March 13, 2025. The group is a company that specializes in providing supply chain solutions for food, non-alcoholic beverages, and interior home decoration products, connecting businesses between different regions, especially between Asia and the United States.   Intercont (Cayman) Limited Dewey Lines (NASDAQ:NCT)   It successfully listed on NASDAQ in the United States on March 28, 2025. The Group is a maritime company that operates its global maritime services through its shipping subsidiaries, with revenue sources including time chartering and ship management services.   Haohsin Holdings Limited (NASDAQ: HXHX)   Successfully listed on NASDAQ in the United States on April 15, 2025. Haoxin Holdings is a Temperature-controlled full-vehicle transportation We are a service provider and urban distribution service provider, with over 20 years of experience in the transportation industry. Our scope of goods includes new energy materials, electronic products, pharmaceuticals, meat, fruits and vegetables, etc.   Ten-League International Holdings Limited (NASDAQ:TLIH)   The company successfully listed on NASDAQ in the United States on July 8, 2025. Originating from Singapore, as a turnkey engineering solutions provider, its business mainly includes: sales of heavy equipment and parts, heavy equipment leasing, and engineering consulting services for ports, construction, civil engineering, and underground foundation industries. The equipment provided by the company is divided into four categories based on function and application scenario: basic engineering equipment, lifting equipment, excavation equipment, and port machinery. 05 financial services Financial service sector companies focus on professional services in the financial field, covering sub-sectors such as securities brokerage, insurance distribution, corporate financing, digital payments, and cryptocurrencies. With professionalism and technology as their dual wings, they aim to make financial services more user-friendly and efficient. Companies break away from the traditional financial framework, centering on customer needs, and use professional capabilities and technology to optimize service experiences, integrating financial services better into every aspect of life and corporate development.   Huatao Securities International Co., Ltd. (NASDAQ: WTF)   The company successfully listed on the US NASDAQ on April 1, 2025. It is a veteran comprehensive securities broker in Hong Kong's financial services industry, mainly engaged in providing securities brokerage services for listed securities on the Hong Kong Stock Exchange, including stocks under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the New York Stock Exchange, and the NASDAQ stock market.   WeBank Securities Webull Corporation (Nasdaq:BULL)   The company completed the merger with SPAC (Special Purpose Acquisition Company) SK Growth Opportunities Corporation (SKGR) on April 11, 2025, and was officially listed on NASDAQ in the United States. The company is a global leading internet brokerage firm dedicated to zero-commission trading and providing professional investment tools, mainly targeting investors in US stocks, Hong Kong stocks, and cryptocurrencies.   Yuanda Insurance Brokerage (Beijing) Co., Ltd. (NASDAQ: YB)   The company successfully listed on the NASDAQ Stock Exchange on April 30, 2025. It is a leading technology-driven online insurance distributor in China and has built an efficient full lifecycle consumer service engine. Calculated based on premiums for the first year of 2023, the company is the largest independent insurance distributor in China's personal insurance market.   Rainbow Capital (NASDAQ: RNBW)   The company successfully listed on the NASDAQ Stock Exchange on June 18, 2025. Established in 2019, it mainly provides corporate financing services in Hong Kong and has extensive experience in mergers and acquisitions, share offerings, privatizations, corporate spin-offs, asset and equity sales, ongoing connected transactions, related-party transactions, compliance consulting, and IPO services.   TechCreate Group Ltd. (NYSE: TCGL)   Successfully logged into the New York Stock Exchange on October 15, 2025. TechCreate Group Ltd. is a comprehensive technology consulting and software solution provider focusing on digital payments and cybersecurity. The company leverages its own proprietary AI Real-time Payment Engine (AI-RTE) along with advanced API management, cloud services, and cybersecurity capabilities, provides financial institutions, telecom operators, and enterprises with efficient and secure end-to-end technical services. Relying on its market presence in Singapore, Brunei, Cambodia, and strategic partnerships in India, Vietnam, Indonesia, Laos, and Hong Kong, TechCreate Group Ltd. is committed to helping customers achieve digital transformation and operational upgrading through scalable integrated solutions. 06 Consumer Retail and Entertainment Companies in the consumer retail sector target end consumers, covering sub-sectors such as catering services, high-end personal care retail, and gaming entertainment. By continuously delving into consumer scenarios, brand operations, and offline channel layout, they create wonderful experiences for consumers with quality and uniqueness.   Home Game Holdings Inc. (NASDAQ: GMHS)   On January 27, 2025, it successfully listed on NASDAQ in the United States. Jiaoyou is a technology-oriented enterprise focusing on mobile game distribution, dedicated to building partnerships with small and medium-sized game developers. By providing data-driven commercial support and optimized game distribution strategies, Jiaoyou empowers small and medium-sized game developers to maintain strong competitiveness and continuous development momentum in the global gaming market.   MasterBeef Group (NASDAQ:MB)   It successfully listed on NASDAQ in the United States on April 10, 2025. Since its establishment in 2019, the group has focused on Taiwanese specialty cuisine. Currently, it has 12 stores in Hong Kong, including 9 Niu Daren Taiwanese hot pot restaurants and 3 Anping barbecue restaurants.   Pitanium Limited (NASDAQ:PTNM)   Pitanium Limited successfully listed on NASDAQ in the United States on May 30, 2025. The company is a high-end personal care product retail company from Hong Kong. Since its establishment in 2019, it initially provided high-end skincare and haircare products for spas in Hong Kong, then shifted to selling to retail customers. In 2023, it launched the "BIG_PI" series, offering users a complete product line. 07 Energy Technology Skyege International Limited (NASDAQ: SCAG)   On June 27, 2025, local time in the United States, the company announced the official completion of its merger with Finnovate Acquisition Corp., and on June 30, local time in the United States, it was successfully listed on NASDAQ through a SPAC transaction. The company is a leading pioneer and leader in zero-emission solutions in China, focusing on the research, development, and commercialization of new energy heavy trucks and electronic fuel solutions.   Delixy Holdings Limited (NASDAQ: DLXY)   It successfully listed on NASDAQ in the United States on July 9, 2025. The group is a holding company headquartered in Singapore, established in 2007, focusing on the trading business of crude oil and petroleum-related products. A List of Companies Set to Go Public in the US in 2025 with the Support of Frost & Sullivan Professional and authoritative IPO industry advisor Overseas listing is an important way for Chinese enterprises to integrate into the international market. For enterprises planning to go public overseas, Frost & Sullivan, as an exclusive industry advisor, mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in target markets, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting in the preparation of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important sections) with the issuer, investment banks, and other intermediaries, helping issuers communicate with overseas exchanges and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting issuers in responding to various industry-related feedback from overseas exchanges.   Looking ahead to 2026, Frost & Sullivan will continue to leverage its industry-wide research coverage and forward-looking perspective on basic industries. With its rich global expert network, information resources and methodological tools, the firm will continue to build on years of successful project experience and its global resource allocation and collaboration capabilities for project execution. It will use its professional services to help more enterprises successfully go public at a higher valuation, fully empower enterprises to operate efficiently in the capital market, and promote continuous growth and brand value enhancement!  

IPO listing Industry consultant FROST & SULLIVAN Industry Consultancy     Leading provider of services for enterprises going public in Hong Kong In 2025, Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') assisted a total of 82 companies in listing on the Hong Kong stock market. In terms of project volume, Frost & Sullivan accounted for 72% of the Hong Kong IPO market share in 2025 (excluding reorganizations, reverse mergers, and listings through introductions), making it a leader in assisting companies with their Hong Kong listings. Among them, there were 20 'A + H' listed companies on the Hong Kong stock market in 2025, with Frost & Sullivan serving 18; and 16 'A' listed companies, with Frost & Sullivan serving 13.   Since providing investment and financing advisory services to corporate leaders and their management teams, Frost & Sullivan has helped nearly 3,000 companies successfully list on the Hong Kong and overseas stock exchanges. From 2014 to 2025, Frost & Sullivan retained its leading position in the market share of industry research and advisory services for Chinese companies listing in Hong Kong.   In the significant year of 2025, the Hong Kong Exchange demonstrated outstanding performance in the global financial sector, achieving remarkable results. With over 110 new listings and a fundraising amount of more than HK$278 billion, the Hong Kong Exchange topped the global list of initial public offerings (IPO) fundraising. This glorious achievement not only greatly enhanced confidence in the capital market, making global investors fully aware of the strong attractiveness and huge development potential of the Hong Kong stock market, but also marked a profound strategic transformation of the Hong Kong stock market, moving from being seen in the past as an 'valuation depression' to gradually becoming an 'industry high ground'.   In this process, the 18A of the Hong Kong Stock Exchange and Chapter 18C The festival has played a key role in institutional driving, effectively promoting the rapid convergence of biotech and specialty tech companies to Hong Kong, which is full of opportunities. It fully demonstrates the support and inclusiveness of the Hong Kong Stock Exchange towards biotech enterprises. This inclusive attitude further enhances the capital market's confidence in the biotech sector, attracting more funds into this area. At the same time, Hang Seng Innovative Medicines Index The year-on-year increase of over 110% has confirmed the international capital's re-evaluation and high recognition of the value of innovative drugs in China, as well as reflected the positive expectations of the capital market for the development of the biopharmaceutical industry. The 18C chapter focuses on artificial intelligence, robotics, Embodied Intelligence As the hard technology sector has opened up efficient listing channels, companies such as Zhipu Huazhang and NorbiKan have successfully gone public with the support of this policy, highlighting the Hong Kong stock market's strong inclusiveness and proactive support for frontier technology enterprises. This has also boosted the capital market's confidence in the hard technology industry, making more capital willing to invest in these industries with high growth potential.   An in-depth analysis from the perspective of industrial structure reveals that the dual-wheel drive model of 'hard technology + biomedicine' has replaced the previous pattern dominated by finance and real estate. This new industrial structure model is closely integrated into China's macro development process of industrial upgrading. The capital market has played a crucial role in providing capital support. Among many industry tracks, the smart hardware track stands out particularly. Taking many leading AI companies as examples, they have deeply applied advanced AI technology to infrastructure operation and maintenance scenarios, fully demonstrating the huge potential for commercialization through practical applications. The capital market has helped these companies with technology research and development, expanding production scale, and expanding market channels by providing financial support, accelerating the transformation and industrialization process of technological achievements. The capital market, leveraging the unique advantages of the 'A + H' dual platform, has injected strong momentum into the globalization development of these companies. On one hand, companies can broaden their financing channels by listing on both the A-share market and the Hong Kong stock market to obtain more capital support. The A-share market has a huge domestic investor base, abundant funds, and investors have a high level of recognition of domestic companies, providing a stable source of funds for companies; the Hong Kong stock market, on the other hand, has a high degree of internationalization, is closely connected with international capital markets, can attract international investors, enhance the international visibility and influence of companies, attract more international investors' attention and investment, and further promote the globalization development of companies. On the other hand, the listing model of 'A + H' shares helps companies achieve optimal resource allocation. Companies can reasonably arrange their financing scale and rhythm according to the characteristics and needs of different markets, reducing financing costs. At the same time, the regulatory environment and information disclosure requirements of the two markets also differ, allowing companies to improve their governance level and compliance capabilities while following different rules. It is worth noting that the net inflow of funds from South China reached HK$1.4 trillion that year. This huge amount of funds has formed a powerful synergy with international long-term capital, jointly committed to reshaping the liquidity ecosystem of the Hong Kong stock market, providing solid financial support and a good market environment for the stability and development of the Hong Kong stock market. These funds not only provide a stable source of funds for existing companies in the Hong Kong stock market but also offer strong capital support to newly listed companies, promoting the sustainable development of industries.   Looking ahead to the future development of the Hong Kong stock market, Chapters 18A/18C have opened the door to the "technological dividend" for the market, bringing new development opportunities and impetus. As more and more hard technology companies queue up to submit listing applications and actively prepare for listing on the Hong Kong Stock Exchange, Hong Kong is gradually transforming from a traditional financial hub into a capital interface for new productive forces. This transformation process is not only the success of the Hong Kong stock market itself but also a vivid manifestation of the deep integration of China's innovative genes with global capital. The enhancement of confidence in the capital market has made more global capital willing to flow into the Hong Kong stock market, providing sufficient financial support for industrial development. And the capital support from the capital market for industrial development has further promoted industrial upgrading and innovation, enhancing the competitiveness of industries, thereby attracting more capital investment and forming a virtuous cycle. It represents the continuous development and growth of China's innovative forces with the assistance of global capital, making important contributions to global economic development and scientific and technological progress. 01 Medical and Life Sciences       [Biopharmaceuticals] Against the backdrop of continuously upgrading global health demands and accelerating technological progress, the biopharmaceutical industry is entering a new phase of high-quality development with significant opportunities. Focusing on cutting-edge areas such as cell and gene-related therapies, nucleic acid drugs, and digital R&D, the industry is deepening technological integration and industrial collaboration to accelerate the transformation of innovative achievements into clinical applications and commercialization. The policy environment also provides a solid guarantee for the development of the industry. Under policy guidance that encourages innovative drug research and development and optimizes the review and approval mechanism, biopharmaceutical companies are continuously consolidating their foundations in aspects such as R&D system construction. At the same time, local biopharmaceutical companies are actively integrating into the global innovation system, committed to bringing breakthrough therapies originating from China to the international market and contributing innovative forces to addressing global health challenges.   As the industry continues to mature, the market has put forward clearer and more specific requirements for companies that exit through capitalization. As an industry advisor, Frost & Sullivan has been deeply involved and collaborating with biopharmaceutical companies throughout their entire development lifecycle. In 2025, it served companies including Weicheng Pharmaceutical (2561.HK) , Yingen Biology (9606.HK), Jiangsu Hengrui Medicine (1276.HK), Yaojie Ankang (2617.HK), TED Medicine (3880.HK), Bokang Sivyun (2592.HK), Dongguangyang Medicine (6887.HK), Zhonghui Yuantong (2627.HK), Yinnuo Medicine (2591.HK), Jingfang Medicine (2595.HK), Changfeng Pharmaceutical (2652.HK), Baoji Pharmaceutical (2659.HK), InnoSmart (3696.HK) A series of life science companies have gone public in Hong Kong.   Against the backdrop of continuously growing global health needs and rapid advancements in science and technology, the biopharmaceutical industry is continuously driving innovation in treatment models and technical pathways, strengthening cross-field collaboration and international cooperation, and accelerating the implementation from basic research to clinical translation. The emergence of new therapies and products not only improves the treatment outcomes for major diseases but also plays an important role in promoting the accessibility of innovative drugs and global health equity. [Digital Healthcare and Medical Services] In 2025, driven by both policy resonance and technological implementation, China's digital healthcare and medical services industry has entered the deep waters of 'full industrial chain digitalization.' Under the coordinated guidance of the National Data Administration's 'Data Elements' initiative and the 'Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)' by seven departments including the Ministry of Industry and Information Technology, the industry's development mainline has expanded from the early 'Internet + healthcare' traffic model to an industrial upgrade centered on new quality productivity. Digital technology is no longer just a tool for optimizing service experiences; it has become the core engine for reshaping pharmaceutical R&D, intelligent manufacturing, and supply chain resilience.   In this new stage of high-quality development, market entities have responded to the call of the 'Plan' and accelerated the strategic layout of Pharma 4.0. Enterprises are not only empowering clinical decision-making and new drug research and development through generative AI and large models, but also committed to building an integrated digital and intelligent ecosystem of 'research and development - production - marketing' to achieve cost reduction and efficiency improvement throughout the entire process. At the same time, industry governance is shifting its focus from ensuring data security and privacy protection to the valuation and standardized circulation of data assets, aiming to unleash the multiplicative effect of medical industry data and clinical data under a compliant framework.   Frost & Sullivan assisted digital healthcare and medical service companies listed in Hong Kong in 2025, including BrainGate (6681.HK), Mindray (2629.HK), Biorx Group (2609.HK), iFlytek (9678.HK), Volcano Dental (2651.HK), Vellecare (9887.HK), Health160 (2656.HK), BenQ Hospital (2581.HK), Huafeng Biotech (2396.HK), Hengsai Aite (3378.HK), and others.   Looking ahead, at this critical period of digital-real integration, China's digital healthcare industry will abandon mere scale expansion and turn towards in-depth technological innovation and industrial chain modernization. By implementing a long-term mechanism for digital and intelligent transformation, the industry will join hands with all parties to overcome key core technologies and jointly promote the historic leap of the healthcare industry from 'digital transformation' to 'intelligent upgrading'.     02 Industry, automotive, dual carbon, and new energy       [Chemistry and Materials] The chemical and materials industry is the cornerstone and forerunner of a new round of scientific and technological revolution and industrial transformation. It plays an irreplaceable core role in promoting high-quality development and industrial upgrading of the Chinese economy, and is a key area for cultivating new productive forces and constructing a modern industrial system. The development level of the chemical and materials industry is directly related to the advancement of China's industrial foundation and the modernization process of its industrial chain. It has significant strategic importance for achieving high-level scientific and technological self-reliance and self-improvement, building a manufacturing powerhouse and a quality powerhouse.   Facing the '15th Five-Year Plan', the core mission of the chemical and materials industries is to shift from 'following and catching up' to 'leading and driving'. By focusing on developing advanced chemical materials such as high-end polyolefins and special engineering plastics, and striving to overcome 'bottleneck' sectors such as high-end chip manufacturing materials and aerospace engine superalloys, the industry ensures the security of core material supply for strategic emerging industries such as new-generation information technology, new energy, and aerospace. At the same time, along the supply chain upwards, a number of leading domestic enterprises are consolidating their core advantages on the supply chain side through globalization development and green, efficient manufacturing transformation in terms of resource support such as rare metals and basic materials production capacity. In the era of artificial intelligence, the deep integration of the chemical and materials industries with AI is also accelerating the transformation of R&D paradigms (for example AI for Materials AI for Science), industry innovation will continue to accelerate.   In 2025, Frost & Sullivan, as an industry advisor, will assist with its rich industry experience and professional services Shell Materials Technology (2560.HK) Biyu Group (9893.HK), Chifeng Gold (6693.HK), Nanshan Aluminum International (2610.HK), Jiaxin International (3858.HK), Zijin Gold International (2259.HK), Zhongwei Shares (2579.HK), Jinyan Gaoling New Materials (2693.HK) Successfully listed on the Hong Kong stock market. Automobiles and Transportation Equipment In 2025, China's automotive market continues to move towards high-quality development driven by electrification, intelligence, and globalization, with active capital market activity. Chery Automobile, SAIC Motor, and Xpeng Motors have successfully gone public, while AVIC, Yuxing Technology, Yikong Intelligent Driving, CheLian Tianxia, Shanghai Electric Co., Ltd., and Dingtai High-tech have also submitted prospectuses for listing on the Hong Kong stock market.   The market demand for new energy vehicles is growing, and the transformation towards electrification has achieved remarkable results. In 2025, the annual production and sales of automobiles are expected to exceed 30 million units, with a year-on-year growth rate maintained at 3% - 5%. Among them, the production and sales of new energy vehicles are expected to exceed 15 million units, with the penetration rate breaking through 50% for the first time, officially entering an era dominated by electrification. The growth drivers come from the continuation of "dual carbon" policies (purchase tax exemptions, subsidies for charging infrastructure), the reduction in battery costs (the introduction of semi-solid-state batteries), and the deepening of consumers' concept of green travel. Traditional fuel vehicles are accelerating their transformation towards hybrid/electric/hybrid plug-in vehicles, and the market has entered a period of stock competition. Electrification has become the core strategic direction for automakers.   Technological innovation focuses on intelligence and connectivity, with remarkable achievements in the development of autonomous driving. Roboaxi has expanded to over 50 cities, achieving full unmanned commercialization; Pony.ai has received additional investment from Saudi Arabia, with Robotaxi orders exceeding 2 million; the Neolithic unmanned delivery vehicle will achieve large-scale operation in 200 cities across the country by 2025, with orders exceeding ten million, promoting the automation upgrade of end logistics. AI large models deeply empower intelligent cockpits, with voice interaction and scenario-based services becoming standard features. The user experience has upgraded to an 'mobile living space', and intelligence has become the core of product differentiation.   Globalization layout is accelerating. Relying on the advantages of the new energy industry chain, Chinese enterprises' automotive exports are expected to continue leading the world in 2025. Europe, as a core incremental market, is driven by carbon emission regulations. Chinese brands' pure electric models are seizing market share with their long-range capabilities and intelligent configurations; BYD, NIO, and others are accelerating the construction of factories in Europe (such as the Hungarian base) to adapt to local trade policies. Southeast Asia, with its demographic dividend and policy openness (such as Thailand's EV incentives), has become a dual hub for Chinese automakers' exports and KD assembly (parts assembly), with Wuling and Great Wall reducing costs through localized supply chains. In 2025, the export structure will continue to optimize, with mid-to-high-end models accounting for over 40%. Automakers such as SAIC are accelerating overseas layout, moving from 'product output' to 'brand + service' globalization.   Frost & Sullivan maintains long-term partnerships with well-known enterprises in China's automotive and transportation industries, with targets for 2025 being Hui Ge Environmental Protection (2613.HK) New Joy (0805.HK), Beijing Caimo (2571.HK), Sanhua Intelligent Control (2050.HK), Cao Cao Mobility (2643.HK), Chery Automobile (9973.HK), Zhida Technology (2650.HK), Sany Heavy Industry (6031.HK), Seres (9927.HK), Joyson Electronics (0699.HK), Pony.ai (2026.HK) Provides exclusive industry advisory services for Hong Kong listings. [Dual Carbon and New Energy] Entering 2025, the "dual carbon" strategy has gradually shifted from initial top-level design to the stage of mechanism implementation and dividend release. The core feature of dual carbon development lies in the accelerated transformation from mainly energy consumption control to carbon emission control as the core. With the implementation of the "Work Plan for Accelerating the Construction of a Dual Carbon Emission Control System," the national level is gradually establishing an evaluation and assessment mechanism that focuses on carbon intensity control with total carbon emissions control as a supplement, placing higher demands on the accuracy of carbon emission data accounting and quota management capabilities. Against this backdrop, green new productive forces have become the core engine of annual economic development. The country vigorously promotes the "Implementation Opinions on Establishing a Carbon Footprint Management System," not only continuously consolidating industrial and scale advantages in the three core areas of electric vehicles, lithium batteries, and photovoltaic products, but also guiding traditional manufacturing industries to carry out in-depth low-carbon reshaping through full-life-cycle carbon footprint certification, internalizing the pressure of carbon reduction into the endogenous driving force for industrial chain upgrading. In terms of energy system transformation and marketization construction, by 2025, a new pattern will emerge featuring deep coordination among sources, grids, loads, and storage, along with the expansion of the carbon market. With the official implementation of the 'Energy Law of the People's Republic of China' and the deepening of power marketization reforms, the focus of new energy development has gradually shifted from mere scale expansion to a higher proportion of consumption and the enhancement of system regulation capabilities. The state is strongly promoting the commercial application of new energy storage and long-duration energy storage technologies, and accelerating the construction of a new power system suitable for high proportions of renewable energy to ensure stable supply and efficient utilization of green electricity. In addition, in response to the increasing pressure brought about by global carbon tariff barriers, policy orientation is paying more attention to the connection and mutual recognition of domestic and international carbon accounting standards and certification systems. This marks that China's new energy development is extending towards full life cycle carbon management and global green supply chains, occupying a key node position in the global green and low-carbon development.   Frost & Sullivan continues to make a significant contribution to the energy market in China, for Zhengli New Energy (3677.HK) Hainan Junda (2865.HK), Shuangdeng Group (6960.HK) Provide exclusive industry advisory services for Hong Kong stock listings. In the future, China will enter a new phase of building a modern energy system, with further acceleration of green and low-carbon transformation of energy. The energy industry will continue to be favored by the capital market. Frost & Sullivan will continue to pay attention to the latest industry developments and jointly witness the transformation and upgrading of the energy industry.     03 Fashionable consumer goods       [Consumer Retail] According to data from the National Bureau of Statistics, from January to November, the total retail sales of consumer goods across the country reached 4560.67 billion yuan, a year-on-year increase of 4.0%. Among them, online retail sales across the country amounted to 1445.82 billion yuan, a year-on-year increase of 9.1%. The growth of online sales was higher than that of offline sales.   Building on the moderate recovery trend in 2024, China's consumer retail industry in 2025 is characterized by 'divergence in recovery and accelerated structural upgrading'.   Overall, the recovery in consumption still faces many challenges. At the consumer level, residents' consumption behavior has become more rational and cautious, with increased price sensitivity. However, their demands for quality, functionality, and long-term use value have also risen. Basic and improvement-oriented consumption has maintained relative resilience, while within discretionary consumption, differentiation has accelerated, with 'high cost performance + definite needs' becoming the mainstream choice logic.   At the policy level, 'trade-in' has gradually shifted from a temporary stimulus measure to a regular tool, providing continuous support for home appliances, home improvement, durable consumer goods, and new energy-related sectors. It has become one of the important means to stabilize consumption. It can be said that government subsidies have a very direct and effective impact on annual consumer retail. However, it is also necessary to be aware of the potential slowdown in growth rates if the government subsidy intensity decreases in the future. Source: National Bureau of Statistics, Frost & Sullivan analysis   Looking at different industries, from January to November 2024, the top five categories with the fastest growth rate in retail sales of goods by units above designated size were communication equipment, cultural office supplies, furniture, sports and entertainment products, and household appliances and audio-visual equipment. Among them, communication equipment ranked first with a growth rate of 20.9%, mainly benefiting from the deepening of the 5G terminal replacement cycle, the accelerated penetration of domestic high-end smartphones, and the implementation of policies such as 'trade-in' and 'digital product subsidies' in various regions, which have concentrated consumer demand; sub-industries such as cultural office supplies, furniture, and household appliances and audio-visual equipment also benefited from national policies promoting 'home improvement and kitchen renovation' and 'trade-in', leading to the release of demand for improved existing housing; sports and entertainment products also maintained very good growth, reflecting consumers' increasing demand for experiential consumption and being influenced by national policies such as actively promoting national fitness in recent years.   In contrast, the top five categories with the weakest growth rate in retail sales per unit of goods above the quota were petroleum and products, building and decoration materials, automobiles, beverages, and Chinese and Western medicines. The overall performance of these sub-industries was weak, mainly affected by changes in demand structure and cyclical factors of the industry.   Looking ahead to 2026, after the overall structural adjustment and differentiation in 2025 and policy support, the consumer retail industry as a whole is expected to continue evolving towards a more rational structure, rational consumption, and high-quality product development.   In 2025, Frost & Sullivan participated as an industry advisor Brocade (0325.HK) Shubao International (2569.HK), Rongda Technology (9881.HK), Haitian Flavor Industry (3288.HK), Xiangjiang Electric Appliance (2619.HK), Shengbela (2508.HK), Saturday Fruits (6168.HK), Yingtong Holdings (6883.HK), Oaks (2580.HK), Different Groups (6090.HK), Le Comfort (2698.HK), Impression Dahongpao (2695.HK) The listing process of a series of consumer retail enterprises such as Frost & Sullivan. Frost & Sullivan will continue to provide strong support to consumer businesses with its continuously accumulated industry experience, objective data analysis, and insights. [Catering and Beverages] In 2025, under the multiple influences of consumption structure transformation, intensified market competition, and policy guidance support, the catering industry exhibits a more complex and dynamically balanced development pattern. On one hand, although the overall industry scale has slowed down in growth rate but continues to expand, the foundation of the consumer market remains solid; on the other hand, the structural differentiation of growth drivers has become increasingly significant, and the industry as a whole enters a critical stage of transitioning from 'scale expansion' to 'equal emphasis on quality and efficiency'.   According to data from the National Bureau of Statistics, from January to November 2025, catering revenue reached 5,224.5 billion yuan, a year-on-year increase of 3.3%; among them, the catering revenue from units above designated size reached 1,493.3 billion yuan, a year-on-year increase of 2.3%. Although all data have maintained a moderate growth rate, the year-on-year growth rate has further slowed down compared to the previous two years. There is a widespread situation of weak sales within the industry, and single-store operational efficiency faces challenges. Against this backdrop, leading catering enterprises such as Yum China and Dasheng Co., Ltd. have maintained relatively stable operating performance by leveraging their brand effect, supply chain capabilities, and digital operation advantages, with the industry concentration showing a slow upward trend.   In the face of changes in the market environment, catering enterprises generally tend to be more cautious about their expansion strategies, significantly slowing down the pace of opening new stores. Some companies choose to strategically close down some restaurants that perform below expectations and lack growth potential. More chain brands have shifted towards refined and differentiated operational models, deepening innovative models such as cooperative joint ventures and cross-border collaborations while consolidating direct-operated and franchise systems. They are also actively promoting the development of multiple brands. Leading companies such as KFC and Haidilao, while moderately controlling the expansion pace of their main brands, have incubated new brands targeting niche or lower-tier markets. By operating multiple brands and integrating resources through group operations, they share costs and create a second or even third growth curve.   In addition, the 'Delivery War' initiated by major food delivery platforms in 2025 has significantly accelerated the online transformation of the catering industry. By offering high subsidies and traffic conversion, platforms not only stimulate consumption but also prompt chain catering businesses to further adjust their business structures and increase strategic investment in delivery services. As of the third quarter of 2025, the delivery services of many leading chain catering brands have generally seen a significant improvement, with some brands focusing on fast food and tea drinks having online business accounts approaching 50% at one point. This 'war' has not only boosted sales in the short term but has also promoted the deepening construction of digital enterprise platforms and a mixed supply chain model of 'pre-order warehouses + central kitchens,' marking that delivery has evolved from a channel supplement to an indispensable core growth engine for catering businesses.   At the policy level, China's first departmental regulation specifically targeting catering chain enterprises, namely 'Regulations on the Supervision and Administration of Catering Service Chain Enterprises' Enterprises for Implementing the Main Responsibility for Food Safety', came into effect on December 1st. Its aim is to solve the long-standing problem of 'strong franchising and weak management' in the chain catering industry, opening a new chapter of 'equivalence between brand and responsibility'. This is not only a regulation to ensure food safety but also a cornerstone document that profoundly reshapes the business model and growth logic of the catering chain industry. In the future, only chain enterprises that can truly build a food safety control system covering the entire network, with real-time traceability and implementation at the end point, can operate steadily and far into the future in the market.   In summary, China's catering industry in 2025 is entering a new development cycle characterized by greater structural changes and reliance on operational innovation and brand resilience. Against the backdrop of rational consumption returns, the industry is expected to improve quality and efficiency through multiple dimensions, leading to a more diversified, high-quality, and sustainable growth phase.   Frost & Sullivan, as an industry advisor, has been deeply involved in the listing projects of leading enterprises, serving a series of industry-leading companies including Newman's (2530.HK) Anjing Food (2648.HK), Bama Tea (6980.HK), Meeting Noodles (2408.HK) and others.     04 Communication, Media, and Technology       [Network Technology] In 2025, China's network technology industry, at the beginning of the '15th Five-Year Plan' period, is steadily advancing along the trajectory of technology integration, data empowerment, and security control, with the comprehensive deepening application of artificial intelligence as its core driving force. The government continues to improve top-level design, strengthening legal protection through measures such as the revision of the 'Cybersecurity Law', and providing policy guidance for fields such as artificial intelligence and computing infrastructure. The synergistic effects of technologies such as the Internet, artificial intelligence, big data, the Internet of Things, and blockchain are further unleashed, promoting the deep integration of the digital economy with the real economy and injecting new momentum into economic and social development.   Internet infrastructure has achieved both quantitative and qualitative improvements in 2025. By the end of 2025, China's Internet penetration rate was close to 80%, making the foundation of the online society more solid. The construction of 5G networks continues to advance, showing potential in scenarios such as low-altitude economy and telemedicine. The construction of a national integrated computing power network is accelerating, improving the interconnection level of computing resources and providing a solid foundation for the development of industries such as artificial intelligence.   Generative artificial intelligence entered the stage of large-scale application from a concept boom in 2025. As of December 1st, 2025, a total of 663 large models had completed filing in China. At the same time, the user scale has shown explosive growth, indicating that this technology is shifting from 'usable' to 'usable and common'. The focus of technology development has shifted from 'heavy training' to 'heavy reasoning', significantly improving efficiency. The combination of artificial intelligence with enterprise production, social management, and people's livelihood services has become closer, with applications such as industrial intelligent agents and AI doctors moving from demonstration to practical use.   As a key production factor, the value of big data was further unleashed in 2025 through institutional innovation and market construction. The establishment of the National Data Administration and related policies have accelerated the marketization process of data elements, aiming to transform data resources into a new engine for economic growth. The management mechanism for cross-border data flow has been explored and improved in practice, such as attempting to formulate a negative list for data outbound in free trade pilot areas to facilitate international economic and trade cooperation. The application of data technology in public services, traffic scheduling, and financial risk control has continued to deepen, supporting more precise decision analysis.   Blockchain technology focused on solving trust issues in actual economic activities in 2025, forming large-scale application cases in specific fields such as supply chain finance and cross-border payments. Its integration with artificial intelligence and the Internet of Things has explored innovative models such as digital asset management. Technical standardization work has been promoted, laying a foundation for the healthy development of the industry.   The maturity of Internet of Things technology is mainly reflected in the popularization of low-power wide-area networks (LPWAN) and 5G Internet of Things, supporting efficient access and collaborative management of massive devices. Application scenarios continue to broaden, achieving deeper layouts in fields such as smart homes, industrial Internet, and smart cities, becoming an important engine for promoting the digital transformation of the economy and society.   In 2025, the network technology sector remains one of the more popular sub-markets in the IPO market. As an industry advisor, Frost & Sullivan has been deeply involved in the IPO projects of many Chinese network technology companies such as BlueSight (6613.HK), FengYing Technology (1304.HK), Xunzhong Shares (2597.HK), Yunji (2670.HK), Guanghetong (0638.HK), Cambridge Technology (6166.HK), Dipo Technology (1384.HK), Minglue Technology (2718.HK), Quantitative Finance (2685.HK), Lemao Technology (2539.HK), Excellence RuiXin (2687.HK), Wuyi Vision (6651.HK), Xunce Technology (3317.HK), WOAN Robotics (6600.HK) and others.   Overall, in 2025, China's network technology industry, on the basis of a solid network foundation, led by artificial intelligence, driven by data elements, and guaranteed by a security system, has entered a new stage of comprehensive leapfrog development in digitization, networking, and intelligence. The government's strategic planning and market innovation vitality form a joint force, promoting technology empowerment in all industries and providing core impetus for the high-quality development of the economy and social inclusiveness progress. [Semiconductors] Against the backdrop of continuous deepening global technological competition and accelerating release of computing power demand, the semiconductor industry in 2025 has welcomed a new round of structural development opportunities. Technological evolution centered on AI computing chips, interconnect chips, advanced packaging, and storage technologies is driving the semiconductor industry from single-point performance improvement to system-level collaborative acceleration. Thanks to the continuous increase in the training and reasoning of large models, the construction of data centers and computing power infrastructure, and the continuous expansion of automotive electronics and end-side AI applications, the semiconductor market demand has maintained resilient growth, and capital attention and investment activity in related sub-sectors have further increased.   In 2025, as an industry advisor, Frost & Sullivan, with its rich industry experience and professional services, helped Tianyue Advanced (2631.HK) Tianyu Semiconductor (2658.HK), Naxin Microelectronics (2676.HK) successfully go public in Hong Kong.     05 Finance and Business Services       [Financial Services] In 2025, under the combined effects of deepening services to the real economy, improving the efficiency of financial resource allocation, and continuous technological innovation empowering the industry, China's financial services industry as a whole showed a development trend of steady progress with continuous optimization of structure. With the gradual stabilization of macroeconomic operations, enhanced resilience of the financial system operation, and accelerated implementation of fintech, the support capacity of financial services for the real economy has been continuously strengthened, and the development quality and efficiency of the industry have been improved synchronously.   In terms of serving the real economy, in 2025, the financial services structure continued to be optimized, with financial resource allocation paying more attention to efficiency and quality. The role of medium- and long-term financing tools in enterprise investment and industrial upgrading has been continuously enhanced. Bank loans, bond financing, and multi-level capital markets have formed a more coordinated capital supply system, providing diversified financing support for the real economy. The coverage of inclusive finance and small and micro enterprise financial services continues to expand. Financial institutions continue to improve their financial service capabilities for small and micro enterprises, technology innovation enterprises, and emerging business forms through differentiated product design and digital risk control measures. At the same time, the financing scale related to green finance has maintained an upward trend, with tools such as green credit and green bonds playing an increasingly prominent role in supporting industrial structure optimization and low-carbon transformation, further strengthening the structural support function of financial services.   In 2025, digital transformation remains one of the most important development threads in China's financial services industry. Fintech continues to penetrate into core business areas such as payment, credit, wealth management, and risk management, becoming a key infrastructure to improve financial service efficiency and customer experience. In the credit field, financial institutions generally reconstruct credit approval and post-loan management processes by introducing artificial intelligence, big data analysis, and cloud computing technologies. Risk identification models based on machine learning algorithms and customer profiling systems significantly improve loan approval efficiency while enhancing the dynamic identification and management capabilities of credit risks, effectively supporting the financing needs of small and micro enterprises and individual customers.   In the fields of wealth management and asset management, intelligent investment advisor systems and algorithm-driven asset allocation models are gradually maturing, providing more personalized and refined investment advice to customers through data-driven methods, and promoting the upgrade of wealth management services towards digitization and intelligence.   In 2025, artificial intelligence technology plays an increasingly critical role in the development of fintech. Financial institutions continue to increase investment in AI technology around scenarios such as intelligent customer service, intelligent risk control, automated operation, and intelligent investment research. The application of large model technology in financial text analysis, risk identification, customer interaction, and internal operational support has gradually deepened, providing new technical paths for financial institutions to improve operational efficiency and decision-making capabilities. At the same time, the application of blockchain and distributed ledger technologies in payment and settlement, supply chain finance, and cross-institutional collaboration continues to expand, promoting more transparent, efficient, and traceable financial transaction processes and providing important technical support for fintech innovation.   Overall, in 2025, while China's financial services industry expanded steadily in scale, the quality of services to the real economy and the depth of fintech integration were significantly improved. Fintech, especially artificial intelligence and data-driven technology, has gradually evolved from an auxiliary tool to an important part of the core competitiveness of financial institutions.   The development of China's financial service industry complements the prosperity of the capital market. In 2025, as an industry advisor, Frost & Sullivan was deeply involved in the listing process of enterprises in the industry, serving financial service industry companies such as Handui Group (2621.HK), HashKey (3887.HK), Nanhua Futures (2691.HK), and Relaxing Health Group (2661.HK).   Looking ahead, the financial services industry is expected to further enhance intelligent risk control, refined operation, and full lifecycle customer services on the basis of continuous deepening digital transformation. By empowering with technology, it will continuously enhance the support efficiency of the financial system for the high-quality development of the real economy, providing more solid financial support for China's economic structure optimization and long-term sustainable development.     06 Environment and Building Technology       [Construction Engineering] In 2025, China's construction engineering industry showed a low-speed growth trend in the complex economic environment, with residential buildings, commercial buildings, and infrastructure construction still being the main areas. Despite facing pressures such as real estate adjustment and differentiation of infrastructure investment, the overall resilience of the industry was evident. In the first half of the year, the added value of the construction industry reached 3821.1 billion yuan, a year-on-year increase of 0.7%, accounting for 5.78% of GDP. In the first half of 2025, the total output value of construction enterprises across the country was about 1.367 trillion yuan, a slight decrease year-on-year, but orders from large central state-owned enterprises were stable, and overseas business growth was remarkable.   Large state-owned enterprises continue to dominate complex large projects with their capital, technology, and brand advantages; private enterprises maintain development through flexible innovation; foreign-funded enterprises contribute significantly in the field of high-end intelligent buildings. Industry concentration continues to increase, and market share of leading enterprises is further expanded through mergers, reorganizations, and strategic cooperation.   In 2025, the construction engineering industry faces challenges such as fierce market competition, increased pressure on enterprise resource allocation, and rising compliance costs due to stricter environmental and safety regulations. At the same time, opportunities coexist: urbanization deepens, infrastructure demand grows steadily, especially in fields such as green buildings, intelligent construction, and urban renewal. Driven by the 'dual carbon' goal, carbon emission constraints are strengthened, and efforts in environmental improvement and energy consumption control are intensified. The integration of informatization and industrialization accelerates, with low-carbon technology innovation, energy conservation and emission reduction, and prefabricated buildings becoming mainstream directions. This puts forward higher requirements for technological and service innovation and injects new vitality into market expansion.   In 2025, Frost & Sullivan provided exclusive industry advisor services for leading enterprises in the construction engineering field such as Golden Leaf International Group (8549.HK) United Overseas (2671.HK) to go public in Hong Kong, comprehensively presenting to investors and the Hong Kong Exchange the company's and industry's growth rate, driving force, future development potential, etc. Frost & Sullivan continues to accumulate industry experience and provides growth consulting services for more enterprises in the construction engineering field.   Looking ahead to the next five years, the construction industry is accelerating into the era of circular economy, with large-scale application of renewable building materials. According to the 'Guiding Opinions on the Comprehensive Utilization of Bulk Solid Waste during the 14th Five-Year Plan Period', by 2025, the comprehensive utilization rate of new bulk solid waste will reach 60%. The proportion of green renewable building materials continues to increase, the digital construction and intelligent construction markets expand rapidly, and it is expected that the scale of digital buildings will exceed 100 billion yuan. The industry will deepen green and low-carbon transformation, further increase the proportion of prefabricated buildings, significantly improve the intelligent level, and promote China's construction from 'big' to 'strong'.      

On the penultimate trading day before the end of 2025, a total of six companies made their debut on the Hong Kong stock market. Exclusive industry advisor Frost & Sullivan wishes them warm success. Innocean Intelligence (3696.HK) , Wuyi Vision (6651.HK) , XunCe Technology (3317.HK) , Wolong'an Robotics (6600.HK) , Merrill Lynch Shareholders' Equity (2671.HK) Wait for it to be successfully listed on the Hong Kong Stock Exchange!   Five of them have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan) as a trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for the choices and trust of our customers, and we will live up to our commitments by continuing to accompany more enterprises on their capital market journey towards higher-quality development through professional services!   The last time the six gongs of the Hong Kong Stock Exchange sounded together was on July 9, including Lansight Technology (6613.HK) Including the five new shares and one ETF Exchange-Traded Open-Ended Index Fund Upon listing, Frost & Sullivan provided exclusive industry advisory services to four of the five newly listed companies.   Frost & Sullivan (Frost & Sullivan) has always been a leader in helping companies go public in Hong Kong, boasting rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations. According to LiveReport big data, from January to December 2025, as well as over a 36-month statistical period, Frost & Sullivan provided listing industry advisory services to 82 (accounting for 72% of the market share) and 179 (accounting for 71% of the market share) successful Hong Kong IPO companies, ranking first in terms of number.   Recommended Reading   Industry consultants Frost & Sullivan are 100% involved, and there was another spectacular scene with four companies ringing the gong at the Hong Kong Stock Exchange in one day   Winning it all! This week, 4 Hong Kong-listed companies were featured, with industry advisor Frost & Sullivan providing 100% coverage.   Industry consultants Frost & Sullivan are 100% involved, and there was another spectacular scene of four companies ringing the gong at the Hong Kong Stock Exchange in one day   Deeply involved in the gold industry track, Frost & Sullivan has won unanimous industry favor with its professional industry advisory services   78% of leading 'A+H' companies choose Frost & Sullivan's advisory services for their listings in Hong Kong.   Industry consultants Frost & Sullivan are 100% involved, and a week-long 'major event' featuring the listing of eight companies on the Hong Kong Stock Exchange unfolds   Innocean Intelligence Co., Ltd. (Security Code: 3696.HK)   Innocean Intelligence Co., Ltd. Focusing on AI-driven innovative drug research and development, relying on the independently developed Pharma.AI platform, we efficiently advance the entire chain from drug discovery to clinical development, promoting continuous innovation and development in AI-driven drug research.   Beijing Wuyi Vision Digital Twin Technology Co., Ltd. (Security Code: 6651.HK)   Beijing Wuyi Vision Digital Twin Technology Co., Ltd. It is a digital twin technology company in China, with its core business focusing on technologies in three major areas: 3D graphics, simulation, and artificial intelligence, to achieve real-time generation and rendering of cities.   Shenzhen XunCe Technology Co., Ltd. (Security Code: 3317.HK)   Shenzhen XunCe Technology Co., Ltd. It is a provider of real-time data infrastructure and analytics solutions in China. Its core business is to provide integrated real-time data platforms for asset management and other industries, offering millisecond to second-level data collection, processing, analysis, and governance capabilities to support investment and business decision-making. Starting from the asset management industry, the company's technical capabilities have been verified through high-complexity scenarios and it has the ability to horizontally replicate its unified real-time data infrastructure capabilities to financial services, urban management, manufacturing, telecommunications, and other industries. At the same time, it continues to invest heavily in research and development to drive long-term competitiveness through technology.   WOWAN Robotics Co., Ltd. (Security Code: 6600.HK)   WOWAN Robotics Co., Ltd. It is a global leading enterprise in the field of home robot systems in China, dedicated to building an ecosystem centered around smart home robots to meet the diverse needs of global users for smart living.   Majiang Steel Structure Building Systems (Shanghai) Co., Ltd. (Security Code: 2671.HK)   Majiang Steel Structure Building Systems (Shanghai) Co., Ltd. We are a comprehensive prefabricated steel structure building subcontracting service provider deeply involved in the industrial field, dedicated to providing all-round services for construction projects across various industries. This includes key aspects such as project design optimization, procurement, manufacturing, and installation.   During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong stock market and overseas. It is a leading enterprise in the field of investment and financing strategy consulting in China. Frost & Sullivan has long cooperated closely with globally renowned investment banks, accounting firms, law firms, investment institutions, and industry-leading enterprises to build an efficient domestic platform for matching investment and financing needs, enabling it to quickly form comprehensive consulting service teams. Over the past decade, Frost & Sullivan has continuously ranked first in the market share of professional industry consultants for Chinese companies listing on the Hong Kong stock market and overseas; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses of leading A-share and STAR Market listed companies, primary and secondary market research reports, and other capital market announcements.

  In 2025, Frost & Sullivan has published nearly a hundred original research reports covering industries such as healthcare and biotechnology, technology and artificial intelligence, finance and investment, carbon neutrality and new energy, manufacturing and industry, consumer retail, business services, etc. The aim is to provide clients with industry information, industry trends, and development changes in their respective sectors, to solve industry-related problems for corporate clients and investors, and to provide guiding opinions, as well as help clients enhance their market value.   As of now, Frost & Sullivan China has published over 10,000 original industry research reports and white papers, covering 19 core national economic industries and more than 6,000 sub-markets. These reports have been included by several top financial terminals in China, demonstrating its comprehensive research strength in depth and breadth; Frost & Sullivan publishes globally. Marketing Engineering (Marketing Engineering), Megatrend indicator （ "The Great Trend" ),,  The Growth Coaching Book Professional bestsellers such as 'Enterprise Growth Guide'; Frost & Sullivan has published textbooks such as 'White Paper on the Development Trends of China's Industry over the Next 50 Years', 'Investment Activity Report on the Issuance of 18A Biotech Companies in Hong Kong', 'White Paper on the Development of Hong Kong's Artificial Intelligence Industry', 'Hong Kong IPO and Secondary Market White Paper', and 'ESOP Equity Incentive Professional Plan' for many consecutive years in China. In addition, Frost & Sullivan has also collaborated with institutions including the China Academy of Information and Communications Technology, Boao Forum for Asia Global Health, Shanghai Quantitative Finance Exchange We have collaborated with authoritative organizations to publish several industry white papers.         Healthcare and Biotechnology   Sort by publication time in reverse order 👇     Technology and Artificial Intelligence     Finance and Investment   Sort by publication time in reverse order 👇     Dual Carbon and New Energy       Manufacturing Industry and Industry   Sort by publication time in reverse order 👇     Consumer Retail     Business Services   Sort by publication time in reverse order 👇