On December 7th, the 'Baize China' Outlook 2022 Annual Strategy Meeting, co-hosted by the Tianfeng Research Institute, the China Policy Science Research Association's Center for Common Prosperity Studies, and the LeadLeo Research Institute, was grandly held at the Shenzhen · Sheraton Hotel.   Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), Founder and Chairman of LeadLeo, was invited to attend the conference and deliver a keynote speech at the main forum: 'Keep Going, the Future is Promising - Insights into China's Industrial Trends for the Next Fifty Years'.   It is reported that the main forum of this event gathered top experts. Zhao Xiaoguang, vice president and director of the research institute at Tianfeng Securities, delivered an opening speech. Mr. He Yafei, former vice minister of foreign affairs, Mr. Wang Zhongmin, former vice chairman of the National Social Security Fund Council and chairman of the Shenzhen Financial Stability and Development Research Institute, Academician Wang Xujin, dean of the Microelectronics Research Institute and Semiconductor Manufacturing Research Institute at Shenzhen University, Dr. Liu Yuhui, a specially invited economist from Tianfeng Securities, Mr. Xu Biao, deputy director of the Tianfeng Research Institute and chief analyst of asset allocation strategies, Mr. Jiang Guoyun, chairman of Times Bole, and many other heavyweight experts and industry leaders gathered together to share their in-depth insights and wise judgments on prospects for 2022 and beyond from different perspectives, presenting a top-level intellectual feast. According to Dr. Wang Xin, 2021 was a great year. This year marked the 100th anniversary of the founding of the Communist Party of China. Over a century, through trials and tribulations, nine hundred thousand heroes have risen to lead the way. Under the correct leadership of the Communist Party, remarkable achievements have been made in the development of Chinese society, from science, education, culture, and health to clothing, food, housing, and transportation, as well as in the capital city.   From having only 18 countries establishing diplomatic relations with China in the early days of the founding of the People's Republic to becoming the world's second-largest economy, from "patching things up for another three years" to building a space station and landing on Mars, since the reform and opening-up, the working people of all strata in China have worked hard and started businesses arduously, creating "world-shocking" historical development achievements. China's contribution rate to global GDP has increased from 2.3% to nearly 17%, and it is expected to surpass the United States to become the world's largest economy by 2030. Especially under the complex situation where the COVID-19 pandemic ravages the globe and the world economy falls into severe recession, China has achieved a leading recovery and high growth that are ahead of the global pace. Recently, Vice Premier Liu He wrote in People's Daily that achieving high-quality development is the unity of history, practice, and theory in China's economic and social development. It is the fundamental path to embark on a new journey towards building a modern socialist country in all respects and to achieve the second centenary goal. Therefore, high-quality development has become an important theme during the 14th Five-Year Plan period and for the long-term goals through 2035. To achieve high-quality development, it needs to be integrated into all aspects and links of social development such as the economy and people's livelihoods.   At the meeting, Dr. Wang Xin interpreted the development trends and opportunities of China's five core industries—consumption, healthcare, artificial intelligence, manufacturing, and carbon neutrality—in the next 50 years from an industry perspective.   Consumer sector Firstly, in terms of the economy, Dr. Wang Xin stated that as the main engine of economic growth, China's consumption growth has generally shown a thriving trend and possesses vast potential for expansion. To date, about half of China's population still does not have access to ordinary flush toilets, and 1 billion people have never taken a flight. These real figures mean that stimulating domestic demand, expanding consumption, and increasing income are not only a powerful driving force behind the vitality of the Chinese market but also a significant advantage.   According to recently released data, the resilience of China's consumer market continues to be evident. In October 2021, China's total retail sales of consumer goods reached 4,045.4 billion yuan, approximately 632.1 billion US dollars, while in the same period, the United States was at 638.2 billion US dollars. The scale of retail industries in both countries is almost on par. China's retail consumption market size is at a high point of development in 20 years. From 2001 to 2021, China's total retail sales of social consumer goods increased by more than 1,100 times, whereas in the United States it only increased by just over one time. China is catching up with the United States at a tenfold rate. Dr. Wang Xin pointed out that, from the perspective of income distribution structure, there is still a significant gap between China's consumption rate and that of developed countries. To further enhance China's consumption level and promote the transformation of the Chinese economy into a consumer-driven one in the future, it is crucial to improve residents' income levels.   The recently held Sixth Plenary Session of the 19th Central Committee also emphasized the need to promote common prosperity. The key to achieving common prosperity is to form an 'olive-type' income distribution structure. Currently, there is a significant gap in disposable income between high- and low-income groups in China. Compared with major developed countries, China's income distribution structure is still far from being 'olive-type'. Against the backdrop of common prosperity and the long-term vision plan for 2035, as the main force of consumption, the middle-income group will drive consumption growth by realizing an 'olive-type' income distribution structure in the future, helping China complete consumption upgrading, technological innovation, and achieve high-quality development.   Dr. Wang Xin introduced: 'From an investment perspective, the opportunities in the consumer market may lie within the elderly population against the backdrop of China's macroeconomic changes. The aging problem in China is becoming increasingly prominent, and with the increase in the elderly population, related industries to elderly services and products will become key consumer markets.'   At the current stage, the 'silver-haired generation' has become the main driver of growth in the consumer market. From 2016 to 2021, the scale of the silver-haired economy developed at a high rate with an annual growth rate of 25.6%. By 2070, China's elderly population is expected to exceed 400 million, and the potential market for this group will reach 35 trillion yuan. With the continuous improvement of China's elderly care industry, under the backdrop of favorable national policies and increased corporate investment, the trillion-level blue ocean market of the 'silver-haired economy' is promising for the future.   medical field Dr. Wang Xin continued: 'Next, let's look at people's livelihoods. When it comes to people's livelihoods, we cannot avoid talking about healthcare. Healthcare is not only related to the well-being of people but also an active industry where technological innovation keeps emerging.'   Looking back, over the 72 years since the founding of New China, China's health and wellness sector has achieved historic accomplishments. In terms of the three main international indicators for measuring residents' health, China's average life expectancy has increased from 35 years before the founding of New China to the current 77 years; the maternal and infant mortality rates have dropped from 1 in 1,500 and 1 in 200 respectively in 1949 to 1 in 16.9 and 1 in 5.4 in 2020. Overall, China's residents' major health indicators are better than the average level of middle- and high-income countries, achieving the United Nations Millennium Development Goals ahead of schedule.   Based on the current development goal of common prosperity, with the continuous increase in fiscal revenue and residents' income, China's total health expenditure has been growing.   Dr. Wang Xin stated that compared with developed countries, China has achieved steady growth in healthcare costs. In deepening medical reforms, the efficiency of using total health care expenditures has been steadily improved, continuously enhancing the level of medical security, improving drug accessibility, and ensuring fairness in medication.   "Like the recent hot search topic of medical insurance negotiations, 'soul-slicing pricing'," said Dr. Wang Xin. "Medical insurance negotiators, after eight rounds of negotiations, managed to secure a deal for rare disease drugs that were originally priced at over 50,000 yuan per bottle, down to just over 30,000 yuan per bottle, insisting on 'not giving up on any small group.'"   In 2021, China entered the beginning year of the '14th Five-Year Plan' period. The '14th Five-Year Plan' will ensure that people's health is a top priority for the country. Currently, the regulatory environment in the healthcare industry is favorable, and the industry structure is continuously upgrading. It is expected that by 2030, China will become the world's largest healthcare powerhouse.   Looking ahead, innovation in the healthcare industry will continue to be active, and China is expected to remain at the forefront of medical strength. Over the past 16 years, China has become one of the countries with the fastest growth in global medical strength, with a rate of 24.6%. The accessibility of healthcare in China will continue to improve, fully realizing a healthcare service system that ensures access to medical care for all and support for the elderly. Industrial tracks with preventive concepts and national characteristics such as health care services, sports rehabilitation, assisted reproduction, and modernization of traditional Chinese medicine will embrace strategic opportunities, jointly promoting the richness and diversification of medical scenarios.   Dr. Wang Xin pointed out that in the next 50 years, China's medical strength will continue to improve and break through, entering the ranks of the top 20 countries in terms of medical strength, overtaking the United States and becoming one of the world's leading medical powerhouses.   The first strength of China's medical industry lies in medical innovation. In November 2021, the CDE issued the 'Guiding Principles for Clinical Research and Development of Antitumor Drugs Oriented towards Clinical Value', implementing a patient-centered research and development philosophy and encouraging clinical research and development value. In 2020, the number of cell therapy R&D pipelines in China reached 498, one order of magnitude ahead of other countries and regions. The growth rate from 2019 to 2020 was 40%, exceeding the US' 30.7%. It is estimated that by 2030, the growth rate of R&D pipelines in China can reach 376%.   Dr. Wang Xin introduced: 'We are delighted to see that China's favorable policies, talent pool, and capital are accelerating the attraction of institutions from around the world. In the next 50 years, society as a whole will develop a genuine atmosphere that respects the value of scientific research and continue to hold a dominant position.'   The second strength of China's healthcare industry lies in the capital market. Since the Hong Kong Exchange implemented listing reforms in 2018, it has become the preferred listing destination for more and more biotech companies. The Hong Kong market has been continuously developing in all aspects and becoming increasingly mature. Various emerging health care sub-industries, especially smart healthcare, are on the rise, making Hong Kong the largest biotech financing center in Asia and the second largest globally.   As one of the important service institutions for companies listing in Hong Kong, industry consultants are particularly crucial for companies seeking to list successfully and raise funds in industries with high technical barriers such as healthcare.   Dr. Wang Xin stated that Frost & Sullivan, as an industry advisor, has maintained its leading position in the market share of Hong Kong IPO industry research advisors for 2014-2021, continuously ranking first. It is deeply involved in both early-stage investments and later-stage listings in the healthcare sector, making it an indispensable choice for healthcare companies seeking to go public in Hong Kong. Frost & Sullivan and LeadLeo will unswervingly follow the national pace, remain rooted in China for the long term, delve into global capital markets and corporate consulting services, and empower economies, industries, sectors, and countries with their professional knowledge.   Artificial Intelligence field Innovation is not only reflected in healthcare but also in technology. With the advent of the AI era, as a powerful driving force behind a new round of technological revolution and industrial transformation, the development of the AI industry is showing a vibrant trend.   According to Dr. Wang Xin, from 1978 to 2020, artificial intelligence became a track in China where it could stand on par with world powers. The leaders of China's AI industry have promoted the integration of smart technologies with civilian industries across multiple dimensions such as clothing, food, housing, and transportation. By 2070, China will build the world's largest smart city cluster, empowering dynamic urban systems with AI technology and liberating human productivity.   Dr. Wang Xin stated that in 2021, the penetration rate of artificial intelligence technology in China's three major industries—government affairs, finance, and telecommunications—all reached over 30%. This year, the number of AI startups from China accounted for 15% of the global AI institutions. Relying solely on these enterprises, China has received nearly 50% of global AI industry investment.   At the same time, from the development of Chinese enterprises, it can be seen that outstanding technology companies such as Huawei, ZTE, and SMIC are intensively deploying efforts in multiple areas where China's current development is 'held back'. In the field of AI chips, there are excellent brands like Huawei HiSilicon and Fudan Microelectronics.   Although China's AI layout started later than that of the United States, with the support of national policies and the advancement of localization, China's AI industry's production capacity has been highly unleashed in the past decade, with growth potential exceeding that of the US. By 2070, China's AI production capacity will increase by more than six times, contributing significantly to global GDP growth far surpassing that of the US.   Dr. Wang Xin further stated: 'From an investment perspective, related technologies represented by brain-like chips will be the best investment track for China's smart industry. It is estimated that by 2070, the penetration rate of brain-like chips in China will reach as high as 70%, while in the United States it is less than 33%. Smart city clusters in China will provide more application scenarios for brain-like chips. The upgrading and replacement of databases, communication networks, and cloud computing will also accelerate the overall construction of the smart industry.'   Manufacturing sector Next, Dr. Wang Xin spoke: 'As we mentioned earlier, the development of technology is providing a core driving force for social production, and China, as a manufacturing powerhouse, is at an important juncture of innovation and upgrading.'   Dr. Wang Xin pointed out that since the beginning of the 21st century, China's industrial structure has been continuously optimized. Currently, China's manufacturing sector is the most complete in the world and has deeply integrated into the global industrial division of labor system. How to deeply integrate the rapidly growing secondary industry with artificial intelligence is an important way for China's manufacturing sector to upgrade and transform. Against this backdrop, the importance of intelligent manufacturing becomes prominent. Under the new vision of the 'Silk Road Economic Belt' and the '21st Century Maritime Silk Road', intelligent manufacturing continues to empower China's industry. China's industrial added value increased from less than 1% of the global total in 1978 to 24.1% in 2020, maintaining first place globally for 11 consecutive years. Remarkable achievements have been made at all levels of the industrial system, from macro to micro.   Taking automobiles as an example, from January to October 2021, the cumulative sales of new energy vehicles in China reached 2.542 million units, which is 5.2 times that of the United States. In October, the penetration rate of new energy vehicles was 16.4%, while it was only 5.2% in the United States. Therefore, from the perspective of new energy vehicle manufacturing, China's level of intelligent manufacturing and green manufacturing practices are already ahead of those in the United States.   Dr. Wang Xin stated: "In terms of intelligent manufacturing transformation, Chinese industry has a solid foundation and advantages in this area. However, there is significant differentiation among various sub-industries in the process of intelligent manufacturing, with notable differences in levels of intelligent manufacturing. The LeadLeo Research Institute conducted offline and online surveys of over a thousand manufacturing enterprises, and based on multiple dimensions such as manufacturing intelligence level, willingness to transform, and compliance with China's 2025 plan requirements, identified four most valuable investment tracks: steel, petroleum, natural gas, and biomedicine. In the future, more attention can be paid to related industries."   In the view of Dr. Wang Xin, green development will become one of the important trends in China's manufacturing industry in the future. While China is accelerating its industrialization process, it has also consumed a large amount of resources. Against the backdrop of global climate change, shaping green manufacturing has become a trend. Last Friday (December 3), the Ministry of Industry and Information Technology released the '14th Five-Year Plan' for Industrial Green Development, which clearly states that China has achieved remarkable results in five major areas: steel capacity reduction and promotion of green factory construction.   According to Dr. Wang Xin, 'green' and 'clean' will be key keywords in the industrial sector. China's industrial structure, the pace of green and low-carbon transformation, and the utilization rate of energy resources are expected to develop well by 2025. The carbon emission intensity per unit of industrial growth value will decrease by 18%, and the pollutant emission intensity will reduce by 10%. The overall scale of the green environmental protection industry is expected to exceed 80 trillion yuan by 2070. Industries represented by steel and non-ferrous metals will take the lead in achieving carbon peak emissions, laying the foundation for China's overall goal of carbon peak.   Carbon neutrality field On September 22, 2020, at the 75th session of the United Nations General Assembly, President Xi Jinping solemnly announced: 'China will increase its national autonomous contribution, adopt more effective policies and measures, strive to peak carbon dioxide emissions by 2030, and achieve carbon neutrality by 2060.'   Dr. Wang Xin pointed out that the setting of carbon neutrality targets is an important measure to avoid catastrophic changes in the global climate, an inevitable choice for China and other countries to take concrete actions to protect the only home of humanity, and a solemn commitment to building a community with a shared future for mankind.   In Dr. Wang Xin's view, first of all, China has a tight schedule to achieve 'dual carbon goals.' Compared with developed countries, the task of achieving 'dual carbon' targets in China is more arduous. By 2030, China's carbon dioxide emissions will peak and then stabilize with a gradual decline, and significant achievements will be made in the comprehensive green transformation of economic and social development. By 2060, China will have fully established an economic system for green, low-carbon, circular development and a clean, low-carbon, safe, and efficient energy system. Energy utilization efficiency will reach international advanced levels, ecological civilization construction will yield fruitful results, and a new realm of harmonious coexistence between humanity and nature will be created.   The United States achieved carbon peak in 2007, and it took up to 43 years to transition from carbon peak to carbon neutrality. In contrast, China has promised to complete this task in just 30 years, demonstrating China's responsibility and commitment as a major world power. It also proves that China has the ability, obligation, and determination to stand on the world stage and take on more responsibilities, playing a greater role.   Dr. Wang Xin also stated that 'dual carbon' has provided new opportunities for China's industrial development. In the future, China's industrial transformation and upgrading will be faster, more intense, and of better quality. Currently, our country is mainly promoting carbon neutrality through the development of clean energy, energy conservation and efficiency improvement, carbon capture and storage, etc. The development of renewable energy and new energy sources is a key link in the top-level design of carbon neutrality, which directly gives rise to numerous emerging industries and investment tracks, such as photovoltaic power generation, hydropower generation, hydrogen power generation, etc.   Against this backdrop, we believe that China will rapidly develop renewable energy generation technologies mainly based on wind and photovoltaic power in the future. It will play a fundamental role in ensuring hydropower supply and reduce dependence on thermal power. It is expected that the proportion of installed renewable energy capacity in China will rise from the current 41% to 88% by 2060. By 2070, thermal power will basically withdraw from the market, with renewable energy generation such as photovoltaic and wind power taking a dominant position.   "What is the significance of China's achievement of its carbon neutrality goal for all of humanity?" Dr. Wang Xin answered: "For every 1°C increase in global average temperature, sea levels may rise by 2 meters, which could lead to a gradual reduction or even disappearance of coastal areas with lower elevations such as Bali and Maldives. If the global average temperature rises by another 2°C, 99% of coral reefs worldwide will disappear, nearly half of Mexico's frozen soil will thaw permanently, water resources will become extremely scarce, and countless lives will suffer greatly."   Dr. Wang Xin further pointed out that if China achieves its carbon neutrality goal by 2060, it will lower the temperature control target set by the Paris Agreement, which requires global average temperatures to rise no more than 2 degrees Celsius above pre-industrial levels, by 0.2 to 0.3 degrees Celsius. This would advance the time for global carbon neutrality by 5 to 10 years and play a crucial role in promoting global climate governance.   As the speech came to an end, Dr. Wang Xin summarized: "Through the introduction of the previous research findings, we can see that China's economic situation has changed rapidly, with many industries undergoing qualitative development from scratch and then to excellence. In the foreseeable future, we believe that China's economic strength, scientific and technological capabilities, as well as infrastructure capacity, will continue to rise significantly."   Dr. Wang Xin further looks ahead to China's development over the next 50 years, stating that in terms of the economy, China will surpass the United States to become the world's largest economy. The per capita GDP will reach 139,000 yuan by 2030 and 549,000 yuan by 2050.   In terms of technology, China surpassed the United States to become the world's leading country in the number of published papers in 2017. It is expected that in 50 years, China will fully surpass the US in areas such as R&D expenditure, paper publication, patent grants, and international cooperation.   In terms of infrastructure, China's highway mileage has exceeded 160,000 kilometers, far surpassing the United States, which ranks second in the world. The high-speed rail mileage is even more than the total of other countries in the world combined. In the future, China's infrastructure demand will remain high, continuously supporting people's livelihoods and unleashing the huge potential for high economic growth in China.   At the end of his speech, Dr. Wang Xin introduced that looking back, 2021 can be considered a milestone year. It marked not only the 100th anniversary of the founding of the Communist Party of China and the year of building a moderately prosperous society in all respects, but also the beginning of China's implementation of the '14th Five-Year Plan' and its pursuit of becoming a pioneer in socialist modernization.   Dr. Wang Xin expressed with confidence: "Standing at the historical intersection of the 'Two Centenary Goals,' looking back on a century of magnificent struggle and looking ahead to the prospects of great rejuvenation, we are resolute in our actions. The future is promising. We have full confidence in China's development. We firmly believe in and support the original driving force of the Chinese economy, persisting in research-driven strategies and investing heavily in China. This is a choice of timing and circumstances, not only our strength and confidence but also our determination and belief. 'A hundred boats vying for the current, the one who rows vigorously takes the lead.' 2021 marks the 60th anniversary of the establishment of Frost & Sullivan. As an important witness and participant in the development of the global and Chinese economic landscape, Frost & Sullivan has always been optimistic about the future development of China's industries." *Some of the content and data shared this time are derived from three research findings based on our insights into China's and global industries.   They are "Insights into China's Industrial Trends for the Next Fifty Years", "The 60 Technologies Driving Global Growth", and "Forward-looking Outlook on Global Technology and Application Trends". You can go to the mini-program below to read the complete reports. It is reported that this 'Baize China' Outlook 2022 Annual Strategy Meeting, supported by an expert think tank team, big data team, and national-level think tanks, invited over 60 experts, gathered more than 600 listed companies on both the A-share market and overseas, and featured in-depth speeches by over 50 analysts. Together, they created a strategy meeting that was profound, professional, resonant, and fruitful.   About Frost & Sullivan Frost & Sullivan, a global growth consulting firm, integrates 60 years of consulting experience across the globe. Over the past 23 years, it has dedicated itself to serving the booming Chinese market with a global perspective, helping clients accelerate their business growth and achieve benchmark positions in growth, innovation, and leadership within their industries.   Frost & Sullivan specializes in global capital markets and corporate consulting services, providing comprehensive investment and financing as well as various other professional consulting services for enterprises. These include due diligence services, valuation services, assessment services, strategic consulting, management consulting, planning consulting, technical advisory, financial advisory, industry advisory, and more.   The investment and financing business of Frost & Sullivan Greater China has achieved full industry coverage of the Chinese national economy, including a high level of attention to all economic hotspots such as the new economy and new infrastructure. It covers sectors such as biomedicine, consumer retail, internet and technology, entertainment media, financial services and fintech, education and training, machinery manufacturing, energy and power, infrastructure, automotive travel, logistics transportation, rail transit, ship shipping, aerospace, ecological protection and environmental management, agriculture, forestry, animal husbandry and fisheries, industrial materials, construction engineering, metallurgy and mining, real estate property, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly a thousand companies successfully list on the Hong Kong and overseas stock markets. It is a leading enterprise in the field of domestic investment strategy consulting. From 2014 to 2020, Frost & Sullivan maintained its leadership position as the industry's number one market research advisor for Chinese companies going public overseas; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses, secondary market research reports, and other capital market disclosure documents of leading A-share listed companies in the industry.   For over 60 years, Frost & Sullivan has helped a large number of clients (including Fortune Global 1000 companies, top domestic and international financial institutions, and other leading enterprises) achieve strategic goals by conducting due diligence, valuation analysis, third-party evaluations, and other work through its nearly 50 offices around the world. This is done using powerful databases and expert libraries, as well as rich professional knowledge and consulting tools.   About LeadLeo LeadLeo is a leading original corporate research content platform and new type of enterprise service provider in China. Focusing on the core goal of 'assisting enterprises to accelerate the exploration, enhancement, and dissemination of capital value', LeadLeo has developed a series of products and solutions, including database services, corporate research report services, microvaluation and micro-discovery automation products, financial advisory services, PR and IR services, as well as other corporate growth consulting services.   Currently, LeadLeo has over 50,000 registered users, over 5,000 industry-specific research outputs, over 1 million original data elements, over 500,000 collaborating experts, and over 2,000 live broadcasts and video content. LeadLeo's users cover more than 70% of investment and financing institutions, financial institutions, and capital market service providers. We sincerely welcome elites from all walks of life to communicate and cooperate with LeadLeo. You can send an email or call for consultation.   Customer Service Email: CS@leadleo.com Consultation Hotline: 400-072-5588

From December 1st to 4th, 2021, the 21st China Pharmacy Summit Forum was held at the Qingdao Oriental Film Capital Convention Center in Shandong Province. The theme of this forum is "Digital Intelligence-driven, Symbiosis for Long-term Growth," bringing together high-quality resources and heavyweight guests from government, industry, academia, and research. Through the collision of diverse perspectives, participants jointly depict a new blueprint for the industry under the rapid drive of digital intelligence, seeking the "long-term" forces that can promote the regeneration and growth of the industry.   Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, was invited to attend this event and delivered a keynote speech on the digital transformation of retail enterprises. At the meeting, Mao Hua started with an overview of the pharmaceutical retail industry and analyzed the industrial chain of China's pharmaceutical industry. According to him, this industrial chain includes upstream pharmaceutical basics, midstream pharmaceutical research and development and manufacturing, and downstream pharmaceutical distribution, with retail pharmacies being at the sales end within the downstream pharmaceutical distribution. Drug retail encompasses three major terminals: public hospitals, retail pharmacies, and primary healthcare facilities, among which public hospitals and retail pharmacies are the main channels. Retail pharmacies are mainly chain pharmacies, and the chain rate is increasing year by year. The brand expansion of chain pharmacies continues, and the industry concentration is constantly rising. Since 2017, the state has continuously introduced policies to promote the outflow of prescriptions. The separation of medicine from healthcare services and the outflow of prescriptions will become a long-term trend. Retail pharmacies, as one of the terminals that undertake the outflow of prescriptions, have received significant benefits. Mao Hua said that the overall pharmaceutical market scale in China is huge and shows a growth trend, with an estimated value of 2,287.3 billion yuan by 2025, at a compound annual growth rate of 9.6% from 2020 to 2025. Breaking down by channel, retail pharmacies have seen rapid growth. In the future, driven by the significant outflow of prescriptions, it is expected to reach 913.7 billion yuan by 2025, with a compound annual growth rate of 19.9% from 2020 to 2025. At the same time, driven by the outflow of prescriptions, China's off-campus medical market has grown rapidly. Under the rapid development of internet technology and the impact of the COVID-19 pandemic, the online rate of the off-campus medical market has been continuously increasing, with an expected growth to reach 244 billion RMB in 2025, at a compound annual growth rate of 21.3%. Mao Hua believes that traditional retail pharmacies suffer from pain points such as a single business model, limited service coverage radius, and the inability to meet growing customer needs. New retail and digital upgrading are an inevitable trend.   Data shows that the overall market scale of retail pharmacies in China has grown rapidly. Driven by the outflow of prescriptions, the proportion of prescription drugs in the retail pharmacy market share has risen. In 2020, prescription drugs accounted for about 40%, and it is expected that this figure will rise to 56% by 2025. Driven by the development of internet technology, the impact of the pandemic, and favorable policies, retail pharmacies are gradually adopting new retail models, with a rapid increase in online retail sales. From 2016 to 2020, the annual compound growth rate of online retail was about 28.7%, and it is expected to reach 30.3% from 2020 to 2025. Subsequently, Mao Hua mentioned that the new retail model has advantages such as a wider service coverage and convenience, which can help pharmacies build data operation systems and provide diversified and multi-channel medical services for patients. Currently, traditional retail chain enterprises are deploying in the field of internet new retail. Compared to third-party platform merchants, they have advantages in both online and offline consumption scenarios. For example, Yifeng Pharmacy has adopted an O2O + B2C model, built its own Yifeng Health app, mini-programs, and WeChat mall, and established its official mall on third-party platforms. In 2020, its e-commerce revenue reached 680 million yuan. When discussing the development trend of digital pharmacies, he stated that there is enormous market potential for chronic disease management in China. Pain points such as single management models and the lack of a health information sharing platform are driving the integration of retail pharmacies with chronic disease management platforms. Additionally, against the backdrop of healthcare decentralization, the out-of-hospital chronic disease management market in China is growing rapidly. The development of internet technology is also promoting the digital migration of chronic disease management, leaving huge development space for digital retail pharmacies to undertake chronic disease management. Finally, Mao Hua pointed out that in the era of 'Internet thinking redefining all traditional industries', and under the continuous impact and influence of the 'COVID-19' pandemic, retail pharmacies are continuously promoting chain branding development. They are driving digital upgrades through means such as industrial integration, model innovation, operational transformation, and diversified service innovations, accelerating the process of digital transformation and extending medical services.   "Through digital upgrading, we can build digital marketing models, digital business operations, and other formats to create smart pharmacies. By tracking data, we achieve interconnectivity of data, adopt diversified channels for precise marketing, and ultimately increase sales profits," said Mao Hua. It is reported that Frost & Sullivan, integrating 60 years of global consulting experience, has dedicated 23 years to serving the booming Chinese market with a global perspective. They help clients accelerate their business growth and achieve industry-leading benchmarks in terms of growth, innovation, and technology. Over the past six decades, the Frost & Sullivan healthcare team has provided financing financial advisory, IPO industry advisory, strategic consulting, management consulting, and other services for hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. In terms of the number of completed filing projects, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong's healthcare IPO market, continuously occupying more than 90% of the market share from 2018 to 2020.

On November 25, 2021, the Appointment Ceremony of the Frost & Sullivan's Expert Committee on Growth Strategy was held during the company's 60th anniversary celebration at the Shanghai Nanjing Marriott Hotel.   On November 25, 2021, the Appointment Ceremony of the Frost & Sullivan's Expert Committee on Growth Strategy was held during the company's 60th anniversary celebration at the Bellagio Shanghai.   The membership of the Frost & Sullivan growth strategy expert committee is very comprehensive, including outstanding entrepreneurs from listed companies both domestically and internationally, leaders from the investment and finance sectors, top professional service providers, brokerage firms, media industry pioneers, representatives of international organizations, and more than 20 senior professionals with significant industry influence.   The composition of the Frost & Sullivan's Expert Committee on Growth Strategy is very diverse, and they all have a great impact and contribution to the industries. The panel has over 20 members, including representatives of outstanding domestic and foreign listed company entrepreneurs, financial institutions, investors and financiers, professional service providers, securities firms, media, international organizations, industry experts, and academic scholars.   The specific list of the Frost & Sullivan growth strategy expert committee is as follows:   The following constitutes the list of the Frost & Sullivan's Expert Committee on Growth Strategy:   Entrepreneur representatives Enterprise representatives Listed companies Companies on the list Mr. Yang Guoping, Chairman of Shanghai Volkswagen Business Group Mr. Yang Guoping, Chairman and Executive Director of Shanghai Dazhong Public Utilities Ms. Zhao Yan, Chairman of HuaXi Biotechnology Ms. Zhao Yan, Chairman of Bloomage Biotech   Technology companies Technology companies Mr. Tang Zhenyi, Vice President of SenseTime Mr. Coach Tang, Vice President of SenseTime   Minsheng enterprises Private companies Mr. Liu Zhi, Founder of Chengdu Dalongyi Catering Mr. Liu Zhi, Founder of Dalongyi Catering   Central state-owned enterprise State-owned enterprise Ms. Wang Jie, Chairman of Sinopharm ChuangFu Ms. Wang Jie, Chairman of Sinopharm ChuangFu   Representatives from the financial industry Representatives from the financial industry International financial institutions International financial institutions Dr. Hu Jiguang, Managing Director of UBS Securities and Head of China Investment Banking Department Dr. James Hu, Managing Director of Bank of America Securities, Inc. and Head of China Investment Banking Department Mr. Meng Yi, General Manager and Vice Chairman of HSBC Global Bank China Mr. Meng Yi, General Manager and Vice Chairman of HSBC Global Bank China   Domestic financial institutions Domestic financial institutions Mr. Cheng Jie, Managing Director of CITIC Securities and Head of Global Healthcare Industry of the Global Investment Banking Department Mr. Cheng Jie, Managing Director of CITIC Securities and Head of Global Healthcare Industry of the Global Investment Banking Department   Representatives from the investment community Representatives from the investment community Domestic investment institutions Domestic investment institutions Mr. Fan Yin, Executive Vice President and Managing Director of Gimpo Industrial Investment Fund Management Mr. Fan Yin, Executive Vice President and Managing Director of Gimpo Industrial Investment Fund Management Mr. Zhang Lan Ding, CEO of Silicon Alpha Investment Mr. Zhang Landing, CEO of CYAMLAN Investment Mr. Liu Shaoqiang, Managing Director of Great Cannon Capital Mr. Gary Liu, Managing Director of Centurium Capital   Representatives from international investment institutions International investment institutions Dr. Shen Lifen, External Director of Shenzhen Special Economic Zone Construction & Development Group and Deputy Secretary General of Hong Kong-Mainland International Investment Society Dr. Selina Shen, External Director of Shenzhen Special Economic Zone Construction & Development Group and Deputy Secretary General of Hong Kong-Mainland International Investment Society Mr. Huang Yong, President of Procter & Gamble Alumni Association and Founding Partner of PGA Capital Mr. Xu Lei, Partner of Auster Capital and Member of the Investment Committee Mr. Michael Xu, Partner of Auster Capital and Member of the Investment Committee Representatives from academic scholars   Representatives from academic scholars Academician Wang Guangji of the Chinese Academy of Engineering Mr. Wang Guangji, Academician of the Chinese Academy of Engineering Professor Wang Yu, Expert Consultant of Global Health Forum of Boao Forum for Asia, Doctor of Vanke School of Public Health, Tsinghua University Professor Wang Yu, Expert Consultant of Global Health Forum of Boao Forum for Asia, Doctor of Vanke School of Public Health, Tsinghua University Representatives from international organizations   Representatives from international organizations Ms. Luo Xiaoqin, Deputy Director of the Organizing Committee of Global Health Forum of Boao Forum for Asia Ms. Lily Hong, Founder and Vice Chairman of Hermitage China Representatives from professional service institutions Representatives from professional service institutions Partner of EY Global and member of the Investment Committee   Mr. Xu Lei, Partner of Auster Capital and member of the Investment Committee Representatives from academic experts Representatives from academic scholars Academician Wang Guangji of the Chinese Academy of Engineering Professor Wang Yu, Expert Consultant of Global Health Forum of Boao Forum for Asia, Doctor of Vanke School of Public Health, Tsinghua University Professor Wang Yu, Expert Consultant of Global Health Forum of Boao Forum for Asia, Doctor of Vanke School of Public Health, Tsinghua University Ms. Zhao Xiaohong, Managing Partner of King & Wood Mallesons Ms. Zhao Xiaohong, Managing Partner of King & Wood Mallesons Mr. Gary Liu, Managing Director of Centurium Capital Mr. Gary Liu, Managing Director of Centurium Capital   Mr. Liu Zhi, Founder of Dalongyi Catering   Mr. Liu Zhi, Founder of Dalongyi Catering   Mr. Yang Guoping serves as the chairperson of the committee, Mr. Meng Yi serves as the chairperson of the executive committee, and Dr. Selina Shen serves as the secretary-general of the committee.   At the same time, a standing committee was established, and its members include Mr. Yang Guoping, Dr. James Hu, Mr. Michael Bi, Ms. Yu Xin, Mr. Fan Yin, Mr. Zhao Xiaoguang, Ms. Lily Hong, Professor Wang Yu, and Ms. Zhao Xiaohong.   At the appointment ceremony, Dr. Neil Wang, Global Partner of Frost & Sullivan and President of Frost & Sullivan Greater China, and Mr. Yves Wang, Managing Partner and Managing Director of Frost & Sullivan Greater China, presented appointment certificates to the expert committees and took group photos as a memento.   At the appointment ceremony, Neil Wang and Yves Wang presented appointment certificates to the expert committees and took group photos as a memento.   Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Yang Guoping Neil Wang and Yves Wang presented appointment certificates to Mr. Yang Guoping Neil Wang and Yves Wang jointly presented appointment certificates to Dr. Hu Jiguang Neil Wang and Yves Wang presented appointment certificates to Dr. James Hu Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Bi Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Wang Jie Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Wang Jie Neil Wang and Yves Wang presented appointment certificates to Ms. Wang Jie Neil Wang and Yves Wang presented appointment certificates to Ms. Yu Xin Neil Wang and Yves Wang presented appointment certificates to Ms. Yu Xin Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Cheng Jie Neil Wang and Yves Wang presented appointment certificates to Mr. Cheng Jie Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Huang Yong Neil Wang and Yves Wang presented appointment certificates to Mr. York Huang Neil Wang and Yves Wang presented appointment certificates to Ms. Luo Xiaoqin Neil Wang and Yves Wang presented appointment certificates to Ms. Luo Xiaoqin Neil Wang and Yves Wang presented appointment certificates to Mr. Zhao Xiaoguang Neil Wang and Yves Wang presented appointment certificates to Mr. Zhao Xiaoguang Neil Wang and Yves Wang presented appointment certificates to Mr. Fan Yin Neil Wang and Yves Wang presented appointment certificates to Mr. Fan Yin Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Hong Yingli Neil Wang and Yves Wang presented appointment certificates to Ms. Lily Hong Neil Wang and Yves Wang presented appointment certificates to Dr. Selina Shen Neil Wang and Yves Wang presented appointment certificates to Dr. Selina Shen Neil Wang and Yves Wang presented appointment certificates to Mr. Zhang Lan Ding Neil Wang and Yves Wang presented appointment certificates to Mr. Zhang Lan Ding Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Zhao Yan (Ms. Gao Yi collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Ms. Zhao Yan (Authorized for collection: Ms. Gao Yi) Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Meng Yi (Mr. Qi Peng collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Mr. Meng Yi (Authorized for collection: Mr. Kevin Qi) Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Zhao Xiaohong (Ms. Mei Mei collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Ms. Zhao Xiaohong (Authorized for collection: Ms. May Mei) Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Liu Shaoqiang (Mr. Lu Jing collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Mr. Gary Liu (Authorized for collection: Mr. Gabriel Lu) Neil Wang and Yves Wang jointly presented appointment certificates to Academician Wang Guangji (Mr. Ding Xiaofei collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Academician Wang Guangji (Authorized for collection: Mr. Ding Xiaofei) Neil Wang and Yves Wang jointly presented appointment certificates to Professor Wang Yu (Ms. Luo Xiaoqin collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Professor Wang Yu (Authorized for collection: Ms. Luo Xiaoqin) Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Liu Zhi (Mr. Ye Jun collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Mr. Liu Zhi (Mr. Frank Ye collected on behalf) Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Xu Lei (Dr. Han Bin collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Mr. Michael Xu (Authorized for collection: Dr. Han Bin) Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Tang Zhenyi (Mr. Lu Jing collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Mr.  Coach Tang (Authorized for collection: Mr. Gabriel Lu) Group photo at the appointment ceremony Group photo of the Appointment Ceremony In the future, the Frost & Sullivan growth strategy expert committee will fully leverage its strengths and expertise, gather wisdom from all sectors, focus on growth, serve growth, and contribute to China's economic development!   In the future, the Frost & Sullivan's Expert Committee on Growth Strategy will give full play to its strengths and expertise, gather wisdom from all walks of life, focus on growth and serve growth in order to contribute to China's economic development!

On November 25, 2021, the appointment ceremony for the Growth Strategy Expert Committee of Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan) was held grandly at the Shanghai Suning Bao Li Jia Hotel during the celebration of the company's sixtieth anniversary.   The membership of the Frost & Sullivan Growth Strategy Expert Committee is very comprehensive, including representatives of outstanding listed company entrepreneurs both domestically and internationally, leaders from the Chinese and foreign investment communities, financial industry executives, top professional service institutions, securities firms, media industry pioneers, representatives of international organizations, as well as over 20 senior professionals with significant industry influence, such as experts and scholars.   The following is the specific list of members of the Frost & Sullivan Growth Strategy Expert Committee:   Entrepreneur Representative listed company Mr. Yang Guoping, Chairman of Shanghai Volkswagen Group Ms. Zhao Yan, Chairman of Huaxi Biology   Technology companies Mr. Tang Zhenyi, Vice President of Shangtang Technology   Minsheng Enterprise Mr. Liu Zhi, Founder of Chengdu Dalongyi Catering Management Co., Ltd.   Central enterprise Ms. Wang Jie, Chairman of the State-owned Assets Control Innovation Service   Financial industry representative International financial institutions Dr. Hu Jiguang, Managing Director of BofA Securities and Head of the China Investment Banking Department Mr. Meng Yi, Head of Global Banking China and Vice Chairman of HSBC   domestic financial institutions Mr. Cheng Jie, Managing Director of CITIC Securities and Head of the Global Healthcare Industry at the Global Investment Banking Group   Representatives from the investment community Domestic investment institutions Mr. Fan Yin, Executive Vice President and Managing Director of Jinpu Industrial Investment Fund Management Co., Ltd. Mr. Zhang Landing, CEO of Silicom Investment Mr. Liu Shaoqiang, Managing Director of Dazheng Capital   International investment institutions Dr. Shen Lifeng, External Director of Shenzhen Special Economic Zone Construction and Development Group and Deputy Secretary-General of the Hong Kong International Investment Council Mr. Huang Yong, President of Procter & Gamble Alumni Association and Founding Partner of P&G Innovation Consumer Fund Mr. Xu Lei, Partner and Member of the Investment Committee of Southwind Capital Co., Ltd.   Academic expert representative Academician Wang Guangji of the Chinese Academy of Engineering Professor Wang Yu from the School of Public Health and Health Sciences, Tsinghua University, and Expert Advisor to the Global Health Forum of the Boao Forum for Asia   Representatives of international organizations Ms. Luo Xiaoqin, Deputy Director of the Organizing Committee for the Boao Forum for Asia Global Health Ms. Hong Yingli, Founder and Vice President of the Aima Art Foundation   Representatives of professional institutions Mr. Bi Shunjie, Partner-in-Chief of EY Greater China Ms. Yu Xin, General Manager of New Fortune Group Mr. Zhao Xiaoguang, Vice President of Tianfeng Securities and Director of the Research Institute of Tianfeng Securities Ms. Zhao Xiaohong, Executive Partner of the China Management Committee at King & Wood LLP   It is reported that the Frost & Sullivan Growth Strategy Expert Committee is chaired by Mr. Yang Guoping, with Mr. Meng Yi serving as the executive committee chairperson and Dr. Shen Lifeng as the secretary-general of the committee.   At the same time, a Standing Committee is established, which includes Mr. Yang Guoping, Dr. Hu Jiguang, Mr. Bi Shunjie, Ms. Yu Xin, Mr. Fan Yin, Mr. Zhao Xiaoguang, Ms. Hong Yingli, Professor Wang Yu, and Ms. Zhao Xiaohong.   At the appointment ceremony, Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, together with Mr. Wang Chenhui, Partner and Managing Director of Frost & Sullivan Greater China, jointly presented appointment certificates to the expert committee members and took a group photo.   Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Yang Guoping. Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Dr. Hu Jiguang. Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Bi Shunjie Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Wang Jie Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Yu Xin Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Cheng Jie Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Huang Yong. Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Luo Xiaoqin Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Zhao Xiaoguang Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Fan Yin Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Hong Yingli Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Dr. Shen Lifeng. Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Zhang Landing. Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Zhao Yan. (Ms. Gao Yi acting as the delegate) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Meng Yi (Mr. Qi Peng is taking charge) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Zhao Xiaohong. (Ms. Mei Mei is taking charge on behalf of us) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Liu Shaoqiang (Represented by Mr. Lu Jing) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Academician Wang Guangji (Mr. Ding Xiaofei is acting as the host.) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Professor Wang Yu. (Miss Luo Xiaoqin acting as the delegate) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Liu Zhi. (Mr. Ye Jun is acting as the host.) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Xu Lei (Dr. Han Bin presides over the meeting on behalf of all delegates.) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Tang Zhenyi. (Represented by Mr. Lu Jing) Group photo at the appointment ceremony   In the future, the Frost & Sullivan Growth Strategy Expert Committee will fully leverage its strengths and expertise, pool the wisdom of all sectors, focus on growth, serve growth, and contribute to China's economic development!

Frost & Sullivan insights The Shanghai Data Exchange was established on the 25th in Pudong New Area, Shanghai. On its first day, 20 data products were listed, covering eight major categories including finance, transportation, and communications, taking a crucial step towards building Shanghai as an "International Digital Capital." The first batch of 100 enterprises signing up with the exchange includes data trading entities such as State Grid Shanghai Electric Power, law firms like Lijian Law Firm, accounting firms like PricewaterhouseCoopers, delivery-oriented companies like Fusu Technology and Youke Digital. Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (Frost & Sullivan, abbreviated as: F&S), said in an interview with Xinhua News Agency that the establishment of the Shanghai Data Exchange plays an important role in eliminating industry pain points and promoting sustainable development by standardizing data transactions while strengthening supervision and enhancing data security.   Xinhua News Agency As an important measure for China to promote the circulation of data elements, unlock digital dividends, and boost the development of the digital economy, the Shanghai Data Exchange was established on the 25th in Pudong New Area, Shanghai. On its first day, 20 data products were listed, covering eight major categories including finance, transportation, and communications, taking a crucial step towards building Shanghai into an 'International Digital Capital'.   "Trade without scenarios," here are the five highlights of the exchange On the first day of its establishment, ICBC Shanghai Branch reached a transaction with State Grid Shanghai Electric Power, leveraging the latter's energy data to provide innovative financial products and services; DataBank Technology, an industrial big data service provider, and JiuKun Investment completed the first data transaction in the field of quantitative asset management.   The reporter saw on the screen of the data product trading quotes at the Shanghai Data Exchange that the information was listed separately, including product name, supplier name, listing code, product type, data product registration certificate, data product manual, compliance manual, data quality assessment, and other details.   The Inauguration Ceremony of the Shanghai Data Exchange and the Venue of the 2021 Shanghai Global Digital Commerce Conference   With the pace of the era shifting from informatization to dataization, data flow is becoming a key carrier for activating human flow, logistics, technology flow, and capital flow. Data will also transform from data resources to data elements, then to data assets, and finally to data capital.   In response to key common challenges in data circulation such as rights confirmation, pricing, mutual trust, entry, and regulation, the newly established Digital Exchange has formed five innovative arrangements: First, it has released a digital commerce system, completely constructing a new 'digital commerce' business format. Second, it has issued supporting systems for data transactions, establishing the basic principle of 'no listing without compliance, no transaction without a scenario'. Third, it has released a fully digitalized data trading system that ensures full-time listing, global transactions, and full-process traceability for data transactions. Fourth, it has issued data product registration certificates, achieving one number, one code, which can be registered, counted, and surveyed. Fifth, it has issued data product manuals, making data readable in the form of manuals, transforming abstract data into tangible products.   Zhang Qi, Chairman of the Shanghai Data Exchange, said that in order to better 'escort' data trading, on the day of its establishment, the Shanghai First Data Trading Expert Committee was formed, consisting of 31 experts in fields such as legal compliance, financial transactions, the data industry, and data security. It will provide consulting opinions and professional guidance for data circulation and trading, making safety, standardization, and orderliness key characteristics of the Shanghai Data Exchange.   "Digital Commerce" Releases New Industrial Opportunities Data, as an important factor of production, is a new engine driving economic development, quality transformation, efficiency improvement, and innovation. Currently, there are over 1,000 core big data enterprises in Shanghai, with more than 5,000 public datasets opened up. The peak daily traffic of commercial data has reached 100 million records. A large number of landmark and demonstrative applications have been implemented and promoted, effectively driving the high-quality development of the economy and society.   Huang Lihua, Executive Deputy Director of the National Engineering Laboratory for Big Data Circulation and Transaction Technology, stated that 'data merchants' refer to economic entities that take data as the main object or primary raw material for business activities. Releasing the 'three types of value' (discoverers, value enablers, connectors, and service providers) from data elements is the mission of 'data merchants'.   Awarding Ceremony of the First Transaction Commemorative Certificate of Shanghai Data Exchange   Among the first batch of 100 enterprises signing with the data exchange market, there are data trading entities such as State Grid Shanghai Electric Power, law firms like Lianhe Law Firm, accounting firms like PricewaterhouseCoopers, and delivery-oriented enterprises like Fosun Technology and Youke Digital.   Shen Xin, President of Shouku Technology, stated that the establishment of exchanges has opened a green channel for enterprises that value data compliance, encouraging them to invest in original content. This is a prerequisite for the healthy development of China's digital exchange market in the future and also holds significant importance for the construction of the new 'digital commerce' business model.   "In the past, the company's data mainly served the municipal government for 'one network for handling affairs' and 'one network for unified management', which was of a public welfare nature. This is my first time participating in data trading, mainly because I value the government's platform, legality and compliance, as well as institutional innovation." A relevant person from State Grid Shanghai Electric Power Company said that data is a treasure trove, and they hope that through the exchange, more people can see the role of power data. In the future, data products may be designed for energy conservation and emission reduction, providing references for carbon credits, energy conservation and emission reduction, etc.   Ji Xinhua, Chairman of Ucloud, the first cloud computing listed company on the A-share market, said that the exchange has promoted orderly and standardized data trading by establishing basic systems such as data rights confirmation, registration, and trading, unlocking opportunities for data-related industries. Ucloud will rely on its years of accumulation in data security circulation, development, and utilization, and work with partners in the data industry ecosystem to stimulate data value and accelerate digital transformation.   Efficient circulation is essential, as well as ensuring safety   Dr. Wang Xin, Global Partner at Frost & Sullivan and President of the Greater China Region, stated that the domestic data trading industry is still in its early stages of development, with imperfect industry norms. Data trading may face challenges such as unclear ownership definitions and inadequate security protection. The establishment of the Shanghai Data Exchange plays an important role in standardizing data trading while strengthening supervision and enhancing data security, aiming to eliminate industry pain points and promote sustainable industry development. "There are certain differences between data trading and securities trading. Data itself is replicable and has different values for different users and use cases," said Jiang Xiangyu, a partner at Collaborative Law Firm. In order to regulate trading behavior and form a healthy and orderly market, data products need to undergo compliance assessments before entering the market. This specifically includes the basic information of the data trading entity, especially whether there are any illegal or irregular cases in the data field, the legality of the data source, whether it contains data that is prohibited from trading or not suitable for trading at present, data usage conditions and constraints (such as use scenarios, qualification requirements for data users, usage restrictions, whether resale is allowed, etc.), and the enterprise's risk control capabilities and measures for data circulation.   On the 25th, the Shanghai Arbitration Commission and the Shanghai International Economic and Trade Arbitration Commission established data arbitration centers in Pudong respectively, providing better institutional guarantees for the safe and orderly flow of data transactions.   It is reported that while constructing the 'exchange + base + enterprise agglomeration' digital industry ecosystem model, Pudong New Area will also build a data element industrial agglomeration area to comprehensively promote the prosperous development of the data element market and ensure the safe and orderly flow and trading of data.   This also means that Shanghai will provide answers to the global urban 'must-answer question' of data circulation and trading through more innovation. (Reporters: Pan Qing, Gong Wen, Sun Qing)   Frost & Sullivan Insight & Extended Readings   On November 25th, the Shanghai Data Exchange was officially established. In this regard, Dr. Wang Xin, Global Partner at Frost & Sullivan and President of Greater China, stated:   The Shanghai Data Exchange will be open to the global community, conducting comprehensive big data transactions. It will provide a venue and facilities for centralized data trading and organize and supervise data transactions. This will contribute to the construction of the Shanghai data element market, improve the multi-level data trading and circulation mechanism, form a good data trading ecosystem, and further strengthen Shanghai's leading position in the field of national data circulation and trading.   Currently, the domestic third-party data trading industry is still in its early stages of development. Industry norms are not yet complete, and issues such as unclear data ownership, inadequate data security protection, insufficient standardization of data transactions, and difficulty in eliminating gray markets have become major obstacles to industry growth. We believe that the establishment of the Shanghai Data Exchange will explore the creation of a new type of comprehensive big data trading mechanism with innovative classification and stratification. It will accelerate the advancement of data openness and sharing, as well as the establishment and improvement of data management mechanisms. While realizing standardized data transactions, it will strengthen transaction supervision and enhance data security. This plays an important role in eliminating industry pain points, exploring the establishment of a national-level data trading center, and promoting the rapid, healthy, and sustainable development of the industry.   We believe that the establishment of the Shanghai Data Exchange will contribute to the innovation of new big data trading mechanisms, accelerate data integration and sharing, and promote fair, orderly, secure, controllable, and fully traceable data transactions. At the same time, this helps Shanghai build a high-quality public data openness brand, comprehensively construct the city's digital foundation, activate material flow, technology flow, and capital flow through data streams, create high-level industrial chains, supply chains, and value chains, continuously improve the city's data capability level, build a high-level and convenient data circulation system, enhance the global allocation capacity of data elements, and achieve the goal of becoming an 'International Digital Capital'.   *This article is reprinted from Xinhua News Agency, with reporters Pan Qing, Gong Wen, and Sun Qing. The original article was titled 'The Shanghai Data Exchange Debuts “Data Merchants” New Business Model: Do You Have “Data”?'

Frost & Sullivan 60 th Anniversary On November 25th, the world-renowned growth consulting firm Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') held its 60th anniversary celebration in Shanghai, China. On this grand occasion, Mr. David Frigstad, Chairman of Frost & Sullivan's Global Board of Directors, Mr. Aroop Zutshi, President of Frost & Sullivan globally, and Dr. Wang Xin, Partner of Frost & Sullivan and President of Greater China, delivered speeches respectively.   Mr. David Frigstad stated that it is more difficult to grow a company for 60 years than to establish over one million startups. He expressed gratitude to Frost & Sullivan's clients, partners, employees in China, and their collaboration with Frost & Sullivan that has led to today's success. At the same time, he acknowledged Dr. Wang Xin's dedication, which provided Frost & Sullivan with an outstanding customer relationship platform and jointly promoted the development of the firm.   Mr. Fudawa shared with the attendees the purpose of Frost & Sullivan's establishment 60 years ago: "Sixty years ago, our company was founded with the mission to identify growth opportunities before they were popularized by the media or discovered by the investment community. Today, this tradition continues as we leverage new tools such as AI, Big Data, and Natural Language Processing to identify growth opportunities before they even become marketed. These growth pipelines maximize the future growth potential of our clients, and that is what all about."   Taking this opportunity, Mr. Fu Dawei expressed his respect for the tremendous transformation taking place in the Chinese economy, as well as for all the Chinese people who have participated in this massive transformation of the Chinese economy. 'Now, the huge role and important role that Chinese companies are playing around the globe to make the world a better place. And what the future will bring in terms of making the world the better place, with better technologies, business models, companies, logistics systems, I am grateful to you all.'   Finally, Mr. Fuda said, 'What excites me the most is that we are looking at all growth opportunities stemming from megatrends, new business models, and disruptive technologies in the compression of the customer value chain. These new business models, these new opportunities are shaping a better economy, making the world a better place, and improving our environment and the economic equality that so many people around the globe face. We are all involved in this together, and I am very excited to be part of it with you.'   Mr. Aroop Zutshi first expressed his gratitude to Dr. Wang Xin and all the staff of Frost & Sullivan, then reviewed the company's 60-year journey. He stated that the world is experiencing subversion, collapse, and transformation, with rules evolving rapidly and new business models replacing traditional ones. Mr. Aroop believes that this is not only a challenge but also brings many opportunities. Frost & Sullivan is leveraging these opportunities to plan for significant changes in order to expand its ability to reshape the world through growth. "China is leading the economic growth agenda across the globe. More and more Chinese companies are going global and offering sustainable solutions. We see the trend to become stronger in the coming years." Mr. Aroop said.   The corporate mission of Frost & Sullivan is to make the world a better place through growth. Mr. Zou Yaru mentioned that someone asked why growth was necessary. He replied: "Without growth, we not only stand still but move backward. Seeking development in uncertainty is not only the key to survival but also for thriving."   Mr. Zou Yaru mentioned the ONEFrost project of Frost & Sullivan in his speech, "Our internal commitment is to work together to create a single source of information, insights, and growth opportunities for our customers. We will converge our services into a common platform aligned with our Growth Pipeline as a Service, making it easier for you to map your progress and identify new growth opportunities. This new digital platform will allow for collaboration, sharing, and just-in-time delivery of information."   At the end of his speech, Mr. Zu Yaru once again expressed his gratitude to all customers and partners, and also looked forward to continuing to work with everyone for mutual success in the years to come.   Dr. Wang Xin expressed his gratitude to the country, to the era, and to his partners in his speech, and stated that Frost & Sullivan sincerely looks forward to continuing its long-standing relationship with everyone, walking hand in hand, cooperating for mutual success, and creating new glories.   The full text of Dr. Wang Xin's speech is as follows:   Distinguished leaders, ladies, gentlemen, and friends, good evening! Ladies and Gentlemen, my fellow colleagues and friends, good evening to all of you!   I would like to express my deepest gratitude to all of you for taking the precious time out of your busy schedules to attend the Frost & Sullivan 60th anniversary celebration during this special period. Words cannot express how much appreciation we can have for pulling this event off. Thank you very much for taking the time out of your busy schedule to join us to celebrate Frost & Sullivan's 60 th Anniversary during such a special period.   Today is Thanksgiving Day. On behalf of Frost & Sullivan, I would like to express my heartfelt gratitude! Today is Thanksgiving Day. On behalf of Frost & Sullivan China, I would like to express my deepest gratitude to all of you.   China's favorable opening-up policies and inclusive business environment have provided a huge stage and dynamic impetus for the development of Frost & Sullivan. Riding on the success of an open economy and an inclusive and comprehensive business environment, it has indeed provided Frost & Sullivan with a broad stage for better performance and vigorous momentum for development.   2021 is the Year of the Ox, as well as Frost & Sullivan's birth year. "In Chinese culture, the ox symbolizes diligence, dedication, progress, and strength." Frost & Sullivan belongs to the Year of the Ox and is unwavering in learning the spirit of the "Three Oxen," striving to become a down-to-earth "old ox," a sincere servant "child ox," and an enterprising innovator "pioneer ox." 2021 is the Chinese horoscopic year of Ox and also the Chinese zodiac year of Frost & Sullivan. In Chinese culture, the ox is the symbol of diligence, dedication, endeavour and power. Frost & Sullivan has been unswervingly following the spirituality of 'Three Oxes', going out in pursuit of an old cattle that is down-to-earth and always hands-on, a sincere serving willing ox, and an enterprising and innovative pioneering ox.   Since entering the Chinese market 23 years ago, we have continuously helped Chinese enterprises go global and contributed to enabling domestic and international investment institutions to understand and invest in Chinese companies. Today, China's stock and bond markets rank second globally in size, with over 4,400 A-share listed companies and more than 2,500 Hong Kong-listed companies, increasing its international influence day by day. Over the past 23 years, we have been persistently working to help Chinese enterprises shine in foreign markets and expose them to international capital markets. We have also acted as an intermediary to bridge the gap between foreign and local buy-side and sell-side investors. Today, when we look at the China-listed equity and bond markets, they are both ranked the second largest in terms of market capitalization globally to date, with over 4,400 listed companies on mainland China's A-share market and over 2,500 companies listed on the Stock Exchange of Hong Kong, having a significant yet nationwide impact.   The great era has endowed us with responsibilities, motivation, and a direction for progress. We sincerely thank you and wish China's development to be as vigorous as a charging bull, and the capital market to thrive like a soaring steed! The great times have chosen us to be part of a major event, endowing us with responsibilities, momentum and direction for progress. We are sincerely grateful and wish the development of China and capital markets BULLISH!   Haruki Murakami said: 'You (should) remember those who held an umbrella for you in the heavy rain, those who shielded you from external objects, those who held you close in the darkness, and always those who put you first.' I remember that the world-renowned writer Haruki Murakami once said, "You must be grateful and remember those who have extended their warm hands at moments when you are suffering in difficulty and feeling helpless in dark times."   On this special day, I want to express my gratitude for the sincere help of leaders, mentors, and partners; for our customers who have stood by us through thick and thin, never leaving us; and for the team's unwavering unity, determination to forge ahead, and dedicated spirit. I would like to take this opportunity to express my deepest gratitude to all my friends and business partners for their sincere help; to our dearest clients for their full support, standing firm with us through storms and stresses, and never abandoning us; to our Frostie team, for coming together as one team, working extremely hard, forging ahead with full steam, and making great achievements and contributions with solidarity and dedication.   I have always believed that choosing with whom to collaborate and associate is a choice about who you want to become. In many cases, choice is more important than effort; if you walk the right path, even the farthest distance will be shortened. I am firmly convinced that the moment you choose with whom you would like to team up and with whom you would like to work, it is the moment when you decide who you want to be.   It is a blessing to be able to walk alongside everyone. "An individual can travel fast, but a group travels far." Frost & Sullivan's birthday wish for its 60th anniversary is with you: to continue our past partnership and achieve win-win results! It is fate that has brought us together. If you want to go fast, go alone; if you want to go far, you go together. In the name of the 60th anniversary of Frost & Sullivan, our wish is that we will all continue to be "Together for a Shared Bright Future!"   Sixty years, a lifetime. In the blink of an eye. In the blink of an eye, 60 years to date.   In 1961, Frost & Sullivan was founded in New York, dedicated to making the world a better place through growth. Frost & Sullivan was founded in New York in 1961, advocating 'growth' as a core corporate value proposition to make the world a better place.   For 60 years, the people at Frost & Sullivan have kept their 'original aspiration and mission' in mind, promoted 'self-revolution', empowered themselves with knowledge, and created social value. For the past 60 years, we have never forgotten our mission to 'self-grow' and 'client-grow'. It is our pleasure to help empower the community to create more value by leveraging what we have learned from our business leaders, our market experts, and our clients.   I sincerely look forward to continuing to work hand in hand with everyone in the next Jiazi decade towards common prosperity; not wasting our prime years, and creating new glories once more! My most sincere expectation is that in the next sixty years, we will continue to unite as always, sprinting for common prosperity, living up to our youth, and creating brilliant success and memories once again!   Thank you all! Once again, thank you for the pleasure and privilege of working with you all!

On the evening of November 25, 2021, Frost & Sullivan, a global growth consulting firm founded in 1961, successfully held its 60th anniversary celebration and thanksgiving dinner themed "Gathered Sand Builds an Island - Pursuing Dreams in Splendor" at the Shanghai Suning Bao Li Jia Hotel. The event site was packed with distinguished guests, including representatives from the government, academic associations, capital institutions, industry leaders, mainstream media, and higher education institutions, as well as employee representatives of Frost & Sullivan. Mr. David Frigstad, Chairman of Frost & Sullivan's Global Board of Directors, Mr. Aroop Zutshi, President of Frost & Sullivan's Global Operations, Ms. Zhao Yan, Chairman of Huaxi Biotechnology, Mr. Yang Guoping, Chairman of Shanghai Volkswagen Public Utilities Group, and Dr. Wang Xin, Partner of Frost & Sullivan's Global Practice and President of Greater China, delivered speeches at the event respectively.     The appointment ceremony for the Frost & Sullivan Growth Strategy Expert Committee was held at the celebration site. It is reported that the professionals appointed as members of the Frost & Sullivan Growth Strategy Expert Committee include more than 20 industry leaders and experts, including Mr. Yang Guoping, Chairman of Shanghai Volkswagen Public Utilities Group; Dr. Hu Jiguang, Managing Director of UBS Securities and Head of China's Investment Banking Department; Mr. Bi Shunjie, Partner in Charge of Ernst & Young Greater China Business; Ms. Wang Jie, Chairman of Guokong Chuangfu; Ms. Yu Xin, General Manager of New Fortune Group; Mr. Cheng Jie, Managing Director of CITIC Securities and Global Head of Healthcare at Global Investment Banking; Mr. Huang Yong, President of the Procter & Gamble Alumni Association and Founding Partner of the Porsche Innovation Consumer Fund; Mr. Fan Yin, Executive Vice President and Managing Director of Jindu Industrial Investment Fund Management Co., Ltd.; Mr. Xu Lei, Partner and Committee Member of Nanfeng Capital Co., Ltd.; Ms. Luo Xiaoqin, Deputy Director of the Organizing Committee for the Boao Forum on Global Health; Mr. Zhao Xiaoguang, Vice President of Tianfeng Securities and Director of the Tianfeng Securities Research Institute; Ms. Hong Yingli, Founder and Vice President of the Amrita Art Foundation; Dr. Shen Lifeng, External Director of Shenzhen Special Economic Zone Construction and Development Group and Deputy Secretary-General of the Hong Kong International Investment Council; Mr. Tang Zhenyi, Vice President of SenseTime Technology; Mr. Zhang Landing, CEO of Silya Investment; Mr. Liu Zhi, Founder of Dulongyi Catering Group; Mr. Wang Guangji, Academician of the Chinese Academy of Engineering; Mr. Liu Shaoqiang, Managing Director of Dzeng Capital; Professor Wang Yu from the Vanke School of Management at Tsinghua University and Expert Advisor to the Boao Forum on Global Health; Ms. Zhao Yan, Chairman of Huaxi Biology; Ms. Zhao Xinhong, Executive Partner of the China Management Committee of King & Wood LLP; Mr. Meng Yi, General Manager and Vice President of HSBC Global Banking in China.   Insight into global technology trends and foresight into the future development of China It is worth mentioning that Frost & Sullivan launched a series of heavyweight research findings at the event, including 'The 60 Technologies Driving Global Growth', 'Global Technology and Application Trends Outlook', released globally by Frost & Sullivan, as well as the 'White Paper on Insights into China's Industrial Trends for the Next 50 Years', jointly released by Frost & Sullivan in China with LeadLeo Research Institute.   Latest: "The 60 Technologies Driving Global Growth" Mr. Wang Chenhui, Partner-in-Chief and Managing Director of Frost & Sullivan Greater China, and Mr. Yang Xiaocheng, Partner-in-Chief and Managing Director of Frost & Sullivan Greater China, jointly released the 'Top 60 Technologies Driving Global Growth' on behalf of the firm.   It is reported that since 1962, Frost & Sullivan has been at the forefront of identifying, analyzing, and monitoring emerging technologies and markets. Subsequently, they have been tracking and understanding the world-changing top 50 technologies every year to drive sustainable growth for their enterprise clients. This year, Frost & Sullivan has particularly launched a map of "The 60 Global Leading Technologies," which covers core insights into the world's leading technologies in nine sectors: environment and sustainability, energy and public utilities, chemistry and new materials, information and communication technology, high-end manufacturing and automation, sensors and instrumentation, health, medical devices and impact, and microelectronics. The report aims to analyze overall industry trends, technical analysis and prospects in sub-sectors, and focus on market dynamics of advanced technologies within the rapidly developing technological environment.   Latest: "Global Technology and Application Trends: Prospects and Outlook" Mr. Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, and Mr. Jia Pang, Partner and Managing Director of Frost & Sullivan Greater China, jointly released the 'Global Technology and Application Trends Outlook'. The report conducts an in-depth research and interpretation on emerging technologies that promote work efficiency from 2020 to 2025, discussing trends in technology connectivity and integration, AI, automation and robotics, as well as cybersecurity trends. It provides strategic advice and predictions for each trend from 'macro to micro'.   The report concludes with an analysis and summary of industry application scenarios for each trend, leading to the following three major predictions: 1. AR will completely transform how people work in the past, and in the future, it will overlay virtual information onto the real world. The benefits include faster design and prototyping, more vivid dynamic demonstrations and marketing, as well as more convenient access to information; 2. Artificial intelligence will greatly accelerate the process of data analysis and improve the performance of robot software. These advancements will increase the level of automation in workplaces, allowing employees to spend more time engaging in activities that require more creativity and emotional skills; 3. As digital connectivity becomes a common communication method, network security represents the next important requirement for enterprises, and almost all businesses and workplaces must implement network security strategies.   Latest: "Insights into China's Industrial Trends for the Next 50 Years" 2021 is a milestone year, marking not only the centenary of the founding of the Communist Party of China and the completion of building a moderately prosperous society in all respects, but also the beginning of China's 14th Five-Year Plan. Against this backdrop of a new starting point and a new journey, amidst the critical historical period of a century-old transformation and the superposition of a century-long pandemic, facing an external economic and political environment that is complex and changeable, as well as the challenges of internal economic transformation and upgrading, how China will position itself at the new development stage, implement the new development concept, and construct a new development pattern has become an important factor driving changes in the global economic landscape and international relations.   "Among a hundred boats racing, the one that rows vigorously is the first," as an important witness and participant in the development of the global and Chinese economic landscape, Frost & Sullivan, in collaboration with LeadLeo Research Institute, jointly released the "White Paper on Industry Trends Insights for China's Next 50 Years." The report interprets the development trends and opportunities of five core industries in China over the next 50 years from an industry perspective. Starting from dimensions such as macro environment, current development status, industry pain points, supply and demand environment, and development trends, the report summarizes and analyzes the development opportunities and challenges of the five core industry sectors in China over the next 50 years through research and analysis of fields related to artificial intelligence, manufacturing, healthcare, mass consumption, and carbon neutrality in China. Focusing on hot industry issues, the report deeply analyzes China's value contributions in the fields of artificial intelligence, manufacturing, healthcare, mass consumption, and carbon neutrality in the future. Based on a review of the history of China's industry's intelligent upgrading and green transformation, it explores the development direction of China's core industries in the future. This white paper was jointly released by Ms. Ding Zhuowen, Managing Director of Frost & Sullivan Greater China, and Mr. Li Zheng, Dean of LeadLeo (Shenzhen) Research Institute, on the day of the celebration.   Deeply cultivating knowledge services to empower enterprises and steadily creating social value In 1998, Frost & Sullivan officially entered the Chinese market. This year marks the 60th anniversary of the global establishment of Frost & Sullivan and also the 23rd year of its service to the Chinese market. Dr. Wang Xin, when talking about the opportunity for Frost & Sullivan to enter China, recalled: 'In 1998, Frost & Sullivan officially entered China. At that time, China was in the midst of vigorous reform and opening up and was about to join the WTO. This was a once-in-a-lifetime historical opportunity. China was about to rapidly integrate into the global economy, and its economic development was about to enter a fast lane. Frost & Sullivan saw this once-in-a-lifetime good opportunity and chose to enter China at this time. The reason Frost & Sullivan is optimistic about China is that it has particularly strong comprehensive national strength.' China is at the forefront of various aspects such as sports, economy, innovation and technology, health, culture and education in the world. This has also brought great confidence, determination and courage to Frost & Sullivan to establish a long-term presence, take root in China and serve the Chinese market. " Regarding the next phase of development strategy for Frost & Sullivan China, Dr. Wang Xin stated, 'Over the past 23 years, the Frost & Sullivan Greater China region has leveraged its global linkage capabilities to help a large number of Chinese enterprises enter international capital markets and also to assist a large number of domestic and international investment and financing institutions in understanding and investing in Chinese enterprises. However, from an international comparison perspective, in 2020, China's service industry accounted for 54.5% of GDP, slightly lower than Russia (56.3%), while the United States had as high as 81.5%, with both the UK and France also exceeding 70%. In the long run, China's service industry has broad development potential, and its position in the economy will continue to rise in the future. The country advocates for the standardization and branding construction of the service industry, and Shanghai vigorously develops knowledge-intensive services. This represents an excellent historical opportunity for the Frost & Sullivan Greater China region.' We will base ourselves on China, provide long-term services, and delve into global capital markets and corporate consulting services. We offer a comprehensive range of investment and financing as well as various other professional consulting services for enterprises, including industry advisory, technology advisory, financial advisory, due diligence, strategic consulting, management consulting, planning consulting, evaluation services, valuation services, etc., empowering the economy, industries, sectors, and countries with our professional knowledge. "   When referring to a company's social responsibility, Dr. Wang Xin introduced: 'Since its establishment, Frost & Sullivan has always been focused on fulfilling our commitment to growth and giving back to society.' We hope that in the future, we can continue to provide comprehensive resource support to outstanding enterprises through the 'Pilot Program', accompanying them in their growth over the long term. We will also continue to pay attention to the learning and development of teenagers in remote areas, aiming to help more students from impoverished areas change their destiny with knowledge, create a better future, and jointly move towards a prosperous tomorrow. "   The 60th anniversary celebration has come to a successful conclusion, but the new journey of Frost & Sullivan has just begun. Taking this thanksgiving banquet as an opportunity, Frost & Sullivan expressed gratitude to all partners, customers, and employees, conveyed the intention to continue working together for mutual benefit, and looked forward to walking hand in hand in the future to create more brilliance!

Frost & Sullivan's 60th Anniversary On the evening of November 25, 2021, coinciding with Thanksgiving Day, Frost & Sullivan's sixtieth anniversary celebration and thanksgiving dinner was grandly held at the Shanghai Suning Bao Li Jia Hotel.   The event site was packed with distinguished guests. Representatives from various sectors including the government, academic associations, capital institutions, industry leaders, mainstream media, and higher education institutions celebrated the anniversary with Frost & Sullivan staff representatives, jointly witnessing this historic moment. As night fell by the banks of the Huangpu River, accompanied by the first drumbeat, Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, and Mr. Wang Chenhui, Managing Partner and Managing Director of Frost & Sullivan Greater China, stepped onto stage together to add the finishing touch to the auspicious lion dance. When cinnabar fell upon the lion's ambitious eyes, its vitality blossomed here, and the lion "awoke up." Together with the three lucky oxen representing the "Three Ox Spirits" (i.e., the down-to-earth "Old Yellow Ox," the sincere service-oriented "Child Ox," and the enterprising and innovative "Pioneer Ox"), they crossed mountains and rivers, headed towards the stars in the universe, presenting a magnificent, heart-stirring, and passionate lion and ox dance performance for the guests present, and sending their most sincere best wishes. From its birth in New York in 1961, to having offices spread across Europe in the 1970s, to becoming a global leader in industry database publishing with Frost & Sullivan in the 1980s, and finally entering the Chinese market in 1998, the sixty years of journey of Frost & Sullivan have been condensed into a brand film that deeply interprets "growth" and is presented to the audience here for the first time. This is also the first offline exhibition of this film. Subsequently, Mr. David Frigstad, Chairman of Frost & Sullivan's Global Board of Directors, Mr. Aroop Zutshi, President of Frost & Sullivan's Global Operations, Ms. Zhao Yan, Chairman of Huaxi Biotech, Mr. Yang Guoping, Chairman of Shanghai Volkswagen Public Utilities Group, and Dr. Wang Xin, Partner of Frost & Sullivan and President of Greater China, delivered speeches at the event respectively.   Mr. David Frigstad, Chairman of Frost & Sullivan's Global Board of Directors, expressed his gratitude to all Chinese clients, partners and Frost & Sullivan employees through video, and conveyed his respect for the tremendous transformation taking place in the Chinese economy, as well as his admiration for all those who have participated in this transformation. Mr. Fu Dawei stated that Chinese enterprises play a very important role globally, making the world a better place. In the future, the world will also possess better technology, business models, and enterprises because of the Chinese people. At the end of his speech, Mr. Fu Dawei once again shared his vision for the future with everyone, expressing his confidence and anticipation for the future of Frost & Sullivan. Mr. Fugawa, Chairman of the Global Board of Directors at Frost & Sullivan, delivered a speech.   Mr. Aroop Zutshi, President of Frost & Sullivan Global, also extended greetings to the attendees via video. Mr. Zutshi reviewed the 60-year development journey of Frost & Sullivan, stating that the world is experiencing subversion, collapse, and transformation. The rules are evolving rapidly, and new business models are replacing traditional ones. He believes this is not only a challenge but also brings many opportunities. Frost & Sullivan is leveraging these opportunities to plan for significant changes in its strategy to expand its ability to reshape the world through growth. Mr. Zou Yahou also reiterated the corporate mission of Frost & Sullivan—making the world a better place through growth—and fully expressed his expectations for the future development prospects of Frost & Sullivan over the next 60 years. Mr. Zou Yaru, President of Frost & Sullivan Global, delivered a speech.   As one of the VIP representatives at this celebration, Ms. Zhao Yan, Chairman of Huaxi Biotechnology Co., Ltd., sent her 60th anniversary blessings via video. She stated that Frost & Sullivan and Huaxi Biotechnology have been working closely together in recent years and are strategic partners growing together. She affirmed that Frost & Sullivan has provided professional and valuable services on the journey of Huaxi Biosciences becoming a benchmark leading enterprise in the industry, playing a significant role in empowering the company. She sincerely wishes Frost & Sullivan continued excellence and greater influence in the Chinese market. Meanwhile, Ms. Zhao Yan, on behalf of Huaxi Biology, expressed her expectation to continue working with Frost & Sullivan to explore more potential for sustainable growth in cooperation. Speech by Ms. Zhao Yan, Chairman of Huaxi Biology   Another distinguished guest representative, Mr. Yang Guoping, Chairman of Shanghai Volkswagen Public Utilities Group, extended his blessings to Frost & Sullivan on its 60th anniversary. Mr. Yang summarized the corporate characteristics of Frost & Sullivan into three words: 'Broad, Professional, and Practical'. He pointed out that 'broad' means both a wide geographical scope and a broad range of business areas; 'professional' refers to professional services and a dedicated attitude; 'practical' signifies the achievements and effectiveness of Frost & Sullivan, which truly empower enterprises and enhance their value. Mr. Yang Guoping stated that Frost & Sullivan's global perspective, professional capabilities, and pragmatic spirit provide an escalator for enterprises, enabling them to stand higher, see further, and enhance their value and creativity. Speech by Mr. Yang Guoping, Chairman of Shanghai Volkswagen Public Utilities Group   Subsequently, Dr. Xin Wang, Global Partner at Frost & Sullivan and President of the Greater China Region, took to the stage to deliver a speech. Dr. Xin Wang first expressed his gratitude to the country, to the times, and to his partners. He said: "Thank you to the country for its favorable opening-up policies and inclusive business environment, which have provided a huge stage and impetus for the development of Frost & Sullivan. Thank you to the times; since entering China 23 years ago, Frost & Sullivan has continuously helped Chinese enterprises go global and has assisted domestic and international investment and financing institutions in understanding and investing in Chinese companies." He pointed out that today, China's stock and bond markets rank second globally in size, with more than 4,400 listed companies and over 2,500 listed on the Hong Kong Stock Exchange. Its international influence is growing day by day. It is an extraordinary era that has endowed Frost & Sullivan with responsibility, motivation and direction for progress.   Dr. Wang Xin emphasized: "We are grateful for the sincere help of our leaders, mentors and partners; we are grateful to our customers who have stood by us through thick and thin with Frost & Sullivan; and we are grateful for the team's unity, dedication and hard work."   In addition, he said that over the past 60 years, Frost & Sullivan people have kept their 'original aspiration and mission' in mind, promoted 'self-revolution', empowered themselves with knowledge, and created social value. For the next 60 years, Frost & Sullivan also looks forward to continuing to work hand in hand with everyone to achieve win-win cooperation and create new glories! Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, delivered a speech.   After the speech, under the joint witness of Mr. Wang Chenhui, Partner and Managing Director of Frost & Sullivan Greater China, Mr. Lu Jing, Partner and Managing Director of Frost & Sullivan Greater China, Mr. Yang Xiaocheng, Mr. Mao Hua, Mr. Jia Pang, Ms. Wang Xiaojing and other representatives from Frost & Sullivan, Dr. Wang Xin, together with Mr. Yang Guoping, Chairman of Shanghai Volkswagen Public Utilities Group, Dr. Hu Jiguang, Managing Director of UBS Securities and Head of the China Investment Banking Department, Mr. Bi Shunjie, Partner in Charge of Business in Greater China at EY, Ms. Wang Jie, Chairman of Guokong Chuangfu, Ms. Yu Xin, General Manager of New Fortune Group, Mr. Cheng Jie, Managing Director of CITIC Securities and Head of Global Healthcare at Global Investment Banking, Mr. Zhao Xiaoguang, Vice President of Tianfeng Securities and Director of Research Institute, Ms. Luo Xiaoqin, Deputy Director of Organizing Committee for the Global Health Forum of Boao Forum for Asia, Ms. Hong Yingli, Founder and Vice Chairperson of the Amy Art Foundation, Mr. Fan Yin, Executive Vice President and Managing Director of Jinpu Industrial Investment Fund Management Co., Ltd., Dr. Shen Lifeng, External Director of Shenzhen Special Economic Zone Construction and Development Group and Deputy Secretary-General of the Hong Kong International Investment Council, Mr. Zhang Landing, CEO of Silicon Alpha Investment, Mr. Huang Yong, President of the Procter & Gamble Alumni Association and Founding Partner of the Porsche Innovation Consumer Fund, and Ms. Qiu Zhe, Vice President of Red Star Macallan, jointly lit up the launching ceremony device and announced the official start of the Frost & Sullivan 60th Anniversary Celebration Dinner. In addition, the appointment ceremony for the Frost & Sullivan Growth Strategy Expert Committee was also held during today's celebration activities. Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan, and Mr. Wang Chenhui, Managing Partner and Managing Director at Frost & Sullivan, presented appointment certificates to the committee members from various sectors. List of members of the Frost & Sullivan Growth Strategy Committee Mr. Yang Guoping, Chairman & CEO of Shanghai Volkswagen Public Utilities Group Dr. Hu Jiguang, Managing Director of BofA Securities and Head of China's Investment Banking Department EY Greater China Business Partner & Co-Head of EMEA - Mr. Bi Shunjie Chairman & MD of Guokong Chuangfu - Ms. Wang Jie General Manager of New Fortune Group - Ms. Yu Xin Mr. Cheng Jie, Managing Director of CITIC Securities and Head of Global Healthcare at the Global Investment Banking Group Mr. Huang Yong, President of Procter & Gamble Alumni Association and Founding Partner of Porsche's Innovation Consumer Fund Mr. Xu Lei, Partner and Member of the Investment Committee at Southwind Capital Ms. Luo Xiaoqin, Deputy Director of the Organizing Committee of the Boao Forum for Asia Global Health Mr. Zhao Xiaoguang, Vice President and Director of Research at Tianfeng Securities Mr. Fan Yin, Executive Vice President and Managing Director of Jinpu Industrial Investment Fund Management Co., Ltd. Ms. Hong Yingli, Founder and Vice President of the Amita Art Foundation Dr. Shen Lifeng, External Director of Shenzhen Special Economic Zone Construction and Development Group, Deputy Secretary-General of the Hong Kong International Investment Council Mr. Tang Zhenyi, Vice President of Shangtang Technology Mr. Zhang Landing, CEO & MD of Sily Asia Investment Founder —— Mr. Liu Zhi of Dalongyi Catering Group Academician of the Chinese Academy of Engineering - Mr. Wang Guangji Mr. Liu Shaoqiang, Managing Director & Co-Founder of Dazheng Capital Professor Wang Yu, Expert Advisor to the Global Health Forum of the Boao Forum for Asia and from the Vanke School of Management at Tsinghua University Chairman & MD of Huaxi Biology - Ms. Zhao Yan Ms. Zhao Xiaohong, Executive Partner & Managing Director of the China Management Committee at King & Wood LLP Mr. Meng Yi, Head of Global Banking China at HSBC and Vice Chairman At the celebration, witnessed by Mr. Wang Chenhui, Partner-in-Chief and Managing Director of Frost & Sullivan Greater China, and Mr. Yang Xiaocheng, Partner-in-Chief and Managing Director of Frost & Sullivan Greater China, Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, and Ms. Yu Xin, General Manager of New Fortune Group, signed cooperation agreements on behalf of LeadLeo Research Institute and New Fortune respectively. Both parties will sincerely join hands to contribute to the healthy and sustainable development of the Chinese market.   Also witnessed by Mr. Wang Chenhui and Mr. Yang Xiaocheng, Dr. Wang Xin then signed a cooperation agreement between the LeadLeo Research Institute and Mr. Zhao Xiaoguang, Vice President of Tianfeng Securities and Director of the Tianfeng Securities Research Institute, on behalf of LeadLeo. This comprehensive collaboration between two top research forces will complement each other's strengths, creating the strongest team in the field of in-depth domestic research. It aims to output more high-quality in-depth research products to the capital market, industry sector, regulatory authorities, and even the entire national economy and society, while realizing the value of in-depth research and empowering industrial development and economic takeoff.   Immediately afterwards, Mr. Yang Xiaocheng, Partner and Managing Director of Frost & Sullivan Greater China, and Mr. Yin Hui, President of the Alumni Association of Renmin University of China, signed strategic cooperation agreements on behalf of LeadLeo Research Institute and the Alumni Association of Renmin University of China respectively. The two parties will carry out in-depth cooperation to jointly build a Renmin University LeadLeo industry research platform and serve Renmin University and its alumni enterprises together. LeadLeo Research Institute signs a partnership with New Fortune LeadLeo Research Institute signs a partnership with Tianfeng Securities Research Institute LeadLeo Research Institute signs agreement with the Alumni Association of Renmin University of China   During the cultural performance segment, professional performers presented a splendid cultural audio-visual feast to the guests present.   The Western-style ballet 'Frost & Sullivan', interwoven with grace and strength, portrays water as the source of life. Dancers dancing with water symbolize Frost & Sullivan's win-win cooperation with clients and teams, working together to achieve collective success. The jazz dance performance 'Haitian Opera at Broadway', with its dazzling lights, colorful costumes, and enthusiastic, lively dancing, spreads joy. The traditional Chinese dance performance 'Tang Palace Night Banquet' features museum-revived Tang Dynasty ladies weaving through the ages of civilization, evoking a sense that nothing in the world is truly 'new' unless it is broken. Following it, the Fire Dance Illusion took the guests into a fantastical world of light and fire, with passionate flames symbolizing life and hope. The entire 60th anniversary celebration concluded amidst the melodious and graceful strings of music such as "Blue Danube," "Me and My Motherland," "Jasmine Flower," "Love in the Deep Autumn," "Flowers in Bloom and the Moon Full," and "See You Again."   For sixty years, through wind and rain, Frost & Sullivan has seen its work blossom in spring and bear fruit in autumn. Over these sixty years, Frost & Sullivan has closely followed the pace of global development, always adhering to the sustainable development philosophy of "innovation for change," striving for perfection, pursuing excellence, continuously delving into and deciphering the "codes" of industry development, and helping enterprises explore new possibilities for growth. The people at Frost & Sullivan have become self-reliant and progressive in development, excelling in competition, fulfilling all their visions with down-to-earth efforts, and practicing future ideals with collective strength.   For sixty years, the vigorous development of Frost & Sullivan has been inseparable from the recognition, support and assistance of all clients and partners, as well as the hard work and dedicated efforts of all employees. Frost & Sullivan sincerely looks forward to continuing its long-standing relationship with everyone and hopes to join hands with more friends to jointly move towards a brighter future. Sixty years is a leap in history, but also a brand-new beginning. In the next Jiazi year, Frost & Sullivan will remain true to its original aspiration, keep its focus on the mission of growth, create value through growth, and give back to society with responsibility!

Frost & Sullivan Insights China has established an "ambitious" carbon peak and neutrality goal, clarifying the need for deep adjustment of industrial structures and accelerating the construction of a clean, low-carbon, safe, and efficient energy system. Focusing on the opportunities presented by the "ambitious" goals, foreign companies in China are actively deploying efforts to transform their energy systems by focusing on management and technological energy conservation. China's ambitious carbon reduction strategy has completed its top-level design. As business owners, how should they understand China's carbon policy system? What opportunities can be unlocked for foreign companies in China through the process of achieving the carbon peak targets? What are the biggest difficulties and challenges currently facing China in achieving its carbon peak targets? Dr. Xin Wang, Global Partner at Frost & Sullivan and President of Greater China, was interviewed by Xinhua Finance to discuss the path of "energy transformation" for foreign companies in China under the carbon policy framework. Xinhua Finance November 19th, Shanghai (Reporter: Pan Qing) China has established an "ambitious" carbon peak and neutrality goal, clarifying the need for deep adjustment of industrial structures and accelerating the construction of a clean, low-carbon, safe, and efficient energy system. Focusing on the opportunities presented by the "ambitious" goals, foreign companies in China are actively deploying efforts to transform their energy systems by focusing on management and technological energy conservation.   As part of the top-level design of the "ambitious" strategy, the "Opinions on Comprehensively and Accurately Implementing the New Development Concept and Doing a Good Job in Carbon Peaking and Carbon Neutrality" released in October proposed carbon reduction paths and key tasks.   Dr. Xin Wang, Global Partner at Frost & Sullivan and President of Greater China, stated that from a specific quantitative perspective, energy transformation is the main path to achieving the "ambitious" carbon reduction goals. In areas such as structural, management, and technological energy conservation, there is tremendous potential for cooperation between multinational companies and Chinese enterprises. Including the application of comprehensive contract energy management solutions, foreign companies in China have started early on emphasizing the use of management energy conservation to control their own and project carbon emissions levels. In terms of providing management energy conservation solutions and services to help Chinese enterprises reduce carbon emissions, foreign companies in China already have some successful practice cases.   In 2021, Guoshen Company of the State Energy Group proposed an "integrated two wings" development strategy, namely "optimizing coal-fired power integration, specializing in circulating fluidized beds, and refining new energy," and has made digitalization an important empowerment approach.   Relying on the Pl System data infrastructure provided by AVEVA, a well-known global industrial software company, Guoshen Company has implemented a series of digital application scenarios suitable for coal-fired power integrated operation enterprises, including coal integrated monitoring, local turbine monitoring, flue gas system monitoring, steam-water system monitoring, coal mine safety monitoring and control, real-time environmental protection data monitoring, desulfurization and denitrification diagnosis, etc. Among them, the visual application of real-time environmental protection data monitoring has helped 31 out of 32 units of Guoshen Company complete ultra-low emission renovations.   Dr. Zhiming Huang, Vice President of Pacific and Greater China Channels at AVEVA, stated that digital technology plays a crucial role in energy conservation and emission reduction, reducing carbon footprints. Visualization, digital twins, machine learning, and artificial intelligence are all key digital technologies that help enterprises achieve carbon reduction goals. In industries such as energy and chemical engineering, power, shipbuilding, and railways, AVEVA has helped many global enterprises upgrade their technology by optimizing production processes, improving operational efficiency, and reducing operational risks through software applications. AVEVA will also assist Chinese industrial customers in reducing carbon emissions, promoting the sustainable development of projects and operations, and maximizing emission reduction benefits.   Under the "ambitious" carbon reduction strategy, technological energy conservation is also seen as an important opportunity for foreign companies in China.   Zhu Yaming, Co-Head of Energy Resources at EY Global Greater China, believes that achieving carbon peak and even carbon neutrality targets must start with a transformation of the energy structure. Under the background of the "ambitious" goals, the transformation path of China's energy industry should be reflected in technical assistance represented by clean substitution, electric power substitution, energy interconnection, energy efficiency improvement, and carbon reduction technologies.   Dr. Xin Wang, Global Partner at Frost & Sullivan and President of Greater China, gave an example analysis: Relying on a huge market and proactive government support, China has cultivated a large number of new energy vehicle enterprises with outstanding technical strength in recent years. Against the backdrop of the global trend towards developing new energy vehicles, strengthening cooperation with Chinese enterprises, including joint ventures to produce related raw materials and battery equipment, will become an inevitable choice for relevant foreign companies in China. In areas where new energy vehicles and fuel vehicles are relatively common, such as chips and control equipment, Chinese enterprises need technical support from foreign-funded enterprises in the traditional automotive supporting field. As a provider of next-generation mobility system products in automotive and industrial technology fields, CEP AppTec has been entering the Chinese market for 40 years. Currently, one-fourth of the group's sales come from the Asia-Pacific region, with China as the main body.   Dr. Haozhe Ke, Director of CEP AppTec Group, stated that electric drive, which can effectively reduce carbon emissions, is one of the core technical pillars of CEP AppTec. In China, CEP AppTec will provide fully localized electrified powertrain systems for complete vehicle manufacturers and has already established a complete R&D team and obtained sufficient orders. Two large electric drive factories located in Hangzhou and Shenyang will be put into use in 2022 and 2023 respectively. The 800V electric drive axles designed and manufactured by CEP AppTec for European and Chinese luxury brands will start mass production in China from the fourth quarter of 2023.   In the field of renewable resource power generation, CEP AppTec is also working with upstream and downstream partners to promote the popularization of green electricity. In 2021, the first batch of Vidar transmission systems produced by CEP (Tianjin) Wind Power Co., Ltd. have been successfully mass-produced.   “CEP AppTec is committed to supporting China's sustainable development goals of 'ambitious carbon reduction' by providing comprehensive technical solutions from software to hardware, and creating green, safe, comfortable, and affordable next-generation travel plans both in China and globally,” said Haozhe Ke.   A research report released by HSBC during the 4th CIIE showed that 76% of overseas companies believe that the green and low-carbon transformation has further enhanced the attractiveness of the Chinese market and are optimistic about the business opportunities brought about by the implementation of China's "ambitious" carbon reduction goals. More than half of the companies are planning to provide more environmentally friendly and sustainable products for the Chinese market, including green and low-carbon operations in business and energy conservation and emission reduction of production facilities.   Frost & Sullivan Insights · Extended Reading   Q: China's ambitious carbon reduction strategy has completed its top-level design. How do you understand China's carbon policy system? A: The "Opinions on Comprehensively and Accurately Implementing the New Development Concept and Doing a Good Job in Carbon Peaking and Carbon Neutrality" is the top-level design of China's ambitious carbon reduction strategy and also the "1" in China's "1+N" carbon peaking and neutrality policy system. The "Opinions" decompose the carbon peak targets into three time dimensions and propose ten carbon reduction paths and thirty-one key tasks. We believe that from specific quantitative targets and carbon reduction paths, it can be seen that energy transformation is the main path for China to achieve its carbon reduction goals, and the gradual substitution of non-fossil energy for fossil energy is an inevitable path in achieving the carbon peak goals. Therefore, we expect that the development of the new energy industry will be a key point for China to achieve its carbon reduction goals, giving rise to many emerging fields such as photovoltaic power generation, hydropower generation, and hydrogen energy generation.   The "N" in the "1+N" policy system for carbon peaking and neutrality refers to specific implementation plans for carbon peaking in different sectors and industries including energy, industry, transportation, urban and rural construction, etc. The "Plan" makes ten action guidelines and three support mechanisms for the ten carbon reduction paths proposed in the "Opinions." The ten actions cover several major industries such as energy, industry, transportation, construction, carbon trading, and carbon capture technology. It is not difficult to see from the carbon reduction paths and action plans that the ambitious carbon reduction strategy will involve changes ranging from national policy systems to people's daily lives: changing China's economic growth mode, changing the energy structure of industrial and transportation systems, including people's lifestyles. China is gradually reducing carbon emissions through two approaches: controlling carbon emissions and developing green and low-carbon technologies. On the basis of achieving the carbon reduction targets, it is also necessary to ensure the normal development of the economy.   The carbon peak goal is a long-term strategic goal that requires the joint efforts of the whole country. However, now we have decomposed the ultimate goals of carbon peaking by 2030 and carbon neutrality by 2060 into time, industry, and field aspects through the "1+N" policy system, pointed out the action paths, and formulated specific action plans, breaking down the long-term goals into specific and controllable phased goals. The "1+N" of the carbon policy system represents the relationship between macro and micro, roadmap and construction plan. The formation of the "1+N" policy system marks that China's carbon reduction actions have entered a substantive implementation stage.   Q: What opportunities do you think the process of China achieving its carbon peak goals can unlock for foreign companies in China? Including both management and technological energy conservation. A: Currently, relying on long-term development in new energy technologies such as new energy vehicles and photovoltaics, China has already stood at the first tier internationally. However, on the road to achieving the carbon peak goal, China still needs to further strengthen cooperation with foreign enterprises. Achieving the carbon peak goal is a long-term, complex, multi-link process, and it is not advisable to simply hope that a few single technologies can solve problems easily. It is necessary to solidly carry out each link, using various technical methods, including structural, management, and technological energy conservation, etc.   In terms of management energy conservation, leading foreign companies in the industrial automation sector, such as Siemens, ABB, and Bosch, have accumulated rich solutions and technologies in energy conservation management. Although China's energy conservation industry has currently undergone long-term development, there is still a significant gap compared to these foreign companies in terms of enterprise scale, industrial chain completeness, talent reserve, etc. Foreign companies in China have basically started early on emphasizing the use of management energy conservation to control their own and project carbon emissions levels. Most of these companies have a complete set of contract energy management solutions and have applied them well to their own projects. Under the grand goal of carbon neutrality, these management experiences will play a greater role. These foreign companies can provide relevant consulting services for Chinese enterprises.   In terms of technological energy conservation, we believe that foreign companies in China also have huge development opportunities. Taking the new energy vehicle industry as an example, relying on a huge market and proactive government support and encouragement, China has cultivated a large number of enterprises with outstanding technical strength. Similarly, foreign countries also need to vigorously develop the new energy vehicle industry in the future, strengthen cooperation with Chinese enterprises, combine the advantageous technologies and industries of both sides, which will become the focus in the next few years. For example, in the battery field, more and more foreign companies are building joint ventures with Chinese enterprises to produce related raw materials and battery equipment. Some relatively common equipment between new energy vehicles and fuel vehicles such as chips and control equipment also require technical support and cooperation from traditional automotive supporting enterprises such as Bosch. Mutual cooperation and win-win technology will become the mainstream of future development, and a large number of cooperative factories will bring specific investment and output.   Q: What do you think are the biggest difficulties and challenges for China to achieve its carbon peak goals? A: Currently, China consumes a relatively high amount of coal and oil. The timeframes for achieving the 2030 and 2060 carbon reduction targets are urgent, and the whole industry urgently needs to accelerate the implementation of decarbonization actions and accelerate the transformation of energy supply and consumption. How to reduce the impact on industries with high carbon emissions, ensure their continuous development vitality during the transformation process, and reduce their impact on economic growth are currently the main challenges and difficulties for China to achieve its carbon reduction goals.   [Challenges in Economic Development] Photovoltaics, wind power, energy storage, new energy vehicles, etc. are all current hot topics related to carbon reduction in the market. However, to achieve the carbon reduction goal, relying solely on these coverage areas is not enough. On the one hand, from the current situation, it is not realistic for China to completely abandon the traditional thermal power generation model within the carbon peak target time; on the other hand, some industries such as steel, non-ferrous metals, chemicals, and cement are typical industries that are difficult to reduce emissions. Currently, effective and economical emission reduction methods have not been completed. Unreasonable forced transformation will have a huge impact on industrial structure and economic development. This is the main difficulty for China to achieve its carbon reduction goals.   [Challenges in Emission Reduction Technologies] To solve the above difficulties, there is an urgent need for innovation in emission reduction technologies, especially CCUS technology (Carbon Capture, Utilization, Storage technology). However, China's CCUS technology level is still relatively backward, and its development and application are unbalanced. At the same time, the cost is also huge, and it is currently only in the demonstration project stage with a small scale. Under the condition of ensuring the achievement of carbon reduction goals without affecting the healthy and orderly development of the economy, CCUS is one of the necessary means. A report from the shows that by 2060, 1 to 1.8 billion tons of carbon dioxide emissions need to be reduced using CCUS to achieve a healthy carbon neutrality goal. Therefore, how to quickly and stably promote the research, development, and application of CCUS technology, improve the policy support and standard specification system for CCUS, and achieve large-scale development of CCUS is another difficult problem accompanying China's achievement of carbon reduction goals.   *This article is reprinted from "Xinhua Finance," with Reporter Pan Qing, and the original title is "Foreign Companies in China Are Actively Deploying Efforts to Transform Their Energy Systems in China."

2021 Cell Biology Industry (Shanghai) Conference   In recent years, the global pharmaceutical industry has developed strongly, especially in the post-pandemic era, with the strategic development of biopharmaceuticals as a national priority. As a key area of biopharmaceuticals, the cell industry has brought hope for the cure of various refractory diseases.   To further integrate high-quality cell biology industry resources across the country and promote exchanges, docking, and cooperative development within the cell biology industry, the "2021 Cell Biology Industry (Shanghai) Conference" was held in Shanghai from November 16th to 17th. Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China region, was invited to attend the conference and released the latest research findings from Frost & Sullivan— the "White Paper on the Development of China's Cell Therapy Industry."   In the third quarter of 2021, Frost & Sullivan conducted an analysis of the competitive landscape and driving forces for the development of China's cell therapy industry, reflecting past and future years' global and Chinese pharmaceutical R&D investment, cell therapy application areas, and industry development trends. Frost & Sullivan hereby releases the "White Paper on the Development of China's Cell Therapy Industry." This white paper aims to analyze the current status, characteristics, treatment areas, drivers, and development trends of China's cell therapy (Cell Therapy) industry, focusing on the market competition situation within the industry.   White Paper Abstract   Since 2003, China has continuously introduced relevant policies and regulations for cell therapy, gradually building a comprehensive regulatory system. After 2010, cell therapy began to attract the favor of major pharmaceutical companies and research institutions. The Wei Ze Xi incident in 2016 led to some delays in the development progress of cell therapy pipelines, but subsequent government regulation of technical guidelines and support for the development of the cell therapy industry have accelerated the rapid development of cell therapy, significantly increasing the number of clinical trials. In 2021, Fosun Kite's axicabtagene autoleucel injection and WuXi AppTec's regicelumab injection were successively approved, bringing two commercial CAR-T products to China. Biotechnology companies are competing to layout the cell therapy industry, and clinical research and development in stem cell therapy, TCR-T, etc., are also making continuous progress, with cell therapy about to embrace broad prospects.   Patient demand and technological innovation boost the growth of the cell therapy industry Cell therapy has achieved significant results in the field of malignant hematology, and other cell therapies bring hope to patients with solid tumors, cardiovascular, and neurological diseases. There are many unmet clinical needs in these disease areas, and the unique advantages of cell therapy are expected to bring long-term efficacy. Continuous iterative innovations in related technologies, including vector technology, gene editing technology, and scale-up, also contribute to the rapid development of the cell therapy industry. Source: Frost & Sullivan Report   Development of CXOs drives the growth of the cell therapy industry CXOs can provide necessary R&D facilities, GMP manufacturing plants, and related talent for small pharmaceutical companies, biotech startups, and virtual pharmaceutical companies. Their professional teams, rich production platforms, and strict quality inspection measures save costs, avoid risks, and shorten the R&D process for companies developing cell therapy products, promoting the enthusiasm of biotechnology companies for cell therapy R&D and facilitating the development of the cell therapy industry. Source: Frost & Sullivan Report   Diversified payment models promote the commercialization of cell therapy The diversified payment models in European and American countries have promoted the commercial development of cell therapy. From 2017 to 2020, the global CAR-T therapy market achieved a compound annual growth rate of 337%, and it is expected that China's diversified payment model will also pave the way for the commercialization of cell therapy. In the future, the scale of China's cell therapy market will maintain a rapid growth trend. Source: Frost & Sullivan Report   The future of China's cell therapy industry is promising Factors such as technological progress, R&D investment support, a large number of unmet clinical needs, and favorable government policies will effectively drive the development of China's cell therapy market: (1) Scientific and technological progress and innovation build momentum for the development of the cell therapy industry; (2) The government encourages R&D, with increasing R&D expenditures stimulating drug and therapy innovation; (3) Single treatment with cell therapy brings long-term efficacy and has unique advantages compared to traditional drugs; (4) There are many patients and many unmet clinical needs, providing new options for cell therapy; (5) China's marketed cell therapy products are CAR-T products, but the clinical trial treatment areas are extensive, and in the future, cell therapy will shine in more disease areas; (6) The gradual improvement of the government's regulatory system for the cell therapy industry brings more business opportunities. Source: Frost & Sullivan Report Click on the bottom left corner to read the original article , Read the full report now Previously, Frost & Sullivan has released several industry development white papers, including "White Paper on the Development of China's Medical CXO Industry," "2021 White Paper on the Promotion of Health Management by China's Health Insurance," "White Paper on the Development of China's Oncolytic Virus Industry," "White Paper on the Development of China's Cell and Gene Therapy Industry," covering many sub-fields of the healthcare industry.   In the future, Frost & Sullivan will continue to closely follow the latest developments within biopharmaceuticals and the healthcare industry, continuously outputting its own industry observations and views. Mao Hua revealed: "Currently, 'White Papers on the Development of Small Molecule Targeted Drugs,' 'IVD In Vitro Diagnostic Industry,' 'Neuro and Peripheral Intervention Industry,' 'Surgical Robot Industry,' 'Medical Imaging Industry,' etc., have all entered the preparation and writing stages, and will be gradually released to the market in the future. Everyone is welcome to keep an eye out for them."