From April 7th to 8th, 2021, the CHC · CITIC Securities Healthcare Conference and the 10th China Healthcare Industry Investment & M&A CEO Summit were grandly held in Shanghai. Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was invited to attend this summit, deliver a keynote speech at the investment forum, and serve as an awarding guest.   The healthcare industry has undergone significant changes over time, driven by national policy guidance and capital favor. It has developed rapidly with the trend of 'technological innovation.' In recent years, it has made great industrial breakthroughs in various sub-sectors such as biomedicine, medical devices, and healthcare services. Leading enterprises continue to leverage their scale advantages, while innovative companies are accelerating growth. The resulting product iterations and technological innovations have invigorated the entire healthcare industry chain. Over the past year, the COVID-19 pandemic stimulated the 'highlighted' development of the healthcare industry, making it one of the hottest investment and financing tracks. In 2020, the total financing amount for the healthcare track increased by 43% year-on-year. At the same time, the implementation of the high-value consumables volume-based procurement policy has forced enterprises to transform and innovate, accelerating the reshuffle in the field of new drug research and development, and capital is concentrating on more innovative value-added enterprises.   Against this backdrop, the 2021 CHC & CITIC Securities Healthcare Conference and the Tenth China Healthcare Industry Investment & M&A CEO Summit, co-hosted by CHC Medical Consulting and CITIC Securities, were held in Shanghai. With the theme of 'Ten Years of Perseverance Witnessing a Golden Age of Healthcare, Accumulating Strength to Rekindle Capital's Glory', the summit featured three sub-venues for medical devices, biomedicine, and healthcare services. It covered policy discussions, hot topic analyses, and strategic thinking on breaking through in the 13 major sub-sectors including management forums, imaging diagnosis and treatment equipment forums, IVD forums, intelligent diagnosis and treatment forums, and innovative drug forums. On the morning of April 8th, Dr. Wang Xin delivered a keynote speech at the Summit Investment Forum. Focusing on three major aspects: the current situation of China's biopharmaceutical market, prospects for potential development directions in the biopharmaceutical field, and capital market performance, he engaged in an in-depth discussion with the participating guests on the development trends of China's biopharmaceutical industry.   01 He pointed out that currently, the R&D and commercialization centers of the biopharmaceutical industry internationally are still located in Europe and America. China's biopharmaceutical sales volume still accounted for only 17% of the global total in 2020. However, the relatively early state of the Chinese biopharmaceutical market also implies more opportunities. China is in an era where first-mover generic drugs and international innovative drugs are rapidly following each other's footsteps, and the core competitiveness of the pharmaceutical industry is undergoing a transformation from marketing to R&D innovation. Biopharmaceutical companies with competitiveness and R&D strength will emerge faster in the Chinese biopharmaceutical market and gain a head start. In the future, there will be more types of innovation that will jointly expand the biopharmaceutical market. "With the development of China's innovative drug market, in the next five years, innovative biopharmaceuticals, including antibodies, gene and cell therapies, will be a hot topic in the development of China's pharmaceutical market." 02 Taking antibodies as an example, he further analyzed that the current biopharmaceutical market in China is mainly monoclonal antibodies, but their market penetration rate remains low, concentrated in two major therapeutic areas: oncology and immune system diseases, with a serious phenomenon of duplicate targets. The future market is more optimistic about bispecific antibodies. "The potential number of tumor patients in China who could benefit from dual anti-cancer drugs is vast, with a huge unmet clinical need. In 2019, the number of potential tumor patients in China who could be treated with dual anti-cancer drugs reached 3.04 million, accounting for about 30% of the global total." Currently, in the field of dual anti-cancer drugs, only two drugs, Hemlibra and Blincyto, have been approved by the FDA for marketing globally. The research and development of dual anti-cancer drugs in China is catching up. With the development of antibody drugs, the requirements for antibody engineering technology and R&D platforms are becoming increasingly stringent. Miniature antibodies with stronger lesion penetration capabilities will officially make their debut on the historical stage.   03 In the past decade, the investment environment for innovative biopharmaceuticals in China has undergone significant changes, and many people are no longer 'turning pale at the mention' of new drug investments. He said: 'Before 2010, when many investors mentioned new drugs, they would say 'new drug investment is a pitfall.' At that time, everyone believed that innovative drug investments had long cycles, high costs, low success rates, and great risks.' However, as regulatory authorities began to carry out bold reforms and align with international standards, such as the gradual introduction of policies to accelerate the review and approval of innovative drugs, and the addition of the National Medical Products Administration to ICH (International Council for Harmonization of Technical Requirements for Human Medicinal Products), it greatly inspired investors' confidence in Chinese innovative drugs. With the inclination of relevant national policies and the continuous improvement of R&D capabilities of local pharmaceutical enterprises, China's biomedical investment environment has been greatly improved.   04 In terms of the performance of the capital market in China's biopharmaceutical sector, IPOs by pharmaceutical companies from the mainland, Hong Kong, and the United States are showing varying results. The role played by the biopharmaceutical sector in China's capital market is gradually increasing. In 2020, the number of IPOs by US pharmaceutical companies soared compared to the previous year, with total fundraising doubling, indicating a high enthusiasm among overseas investors for the pharmaceutical industry. With the development of the Science and Technology Innovation Board (STAR Market) and the acceleration of IPO review speed, the role played by the pharmaceutical and biotechnology sectors in China's capital market is gradually increasing. In 2020, the number of IPO-listed pharmaceutical companies on the mainland STAR Market doubled compared to 2019, and the attractiveness of the STAR Market to domestic and international investors is continuously strengthening. At the same time, the number of pharmaceutical companies listed in Hong Kong remains stable, with total fundraising also rising continuously. After experiencing rapid changes in policies, market, and investment environment over the past few years, China's independent R&D capabilities in the biopharmaceutical industry have rapidly improved, greatly promoting the high-quality development of this sector. He said: 'The next decade will be a golden period for the development of biopharmaceuticals.' During the same period of this conference, the "2020 China Healthcare Industry Investment and Financing Honor Roll" was released, revealing the selection results for 17 awards including the "2020 Most Promising Investment Institution in Healthcare," the "2020 Best Newcomer Award in the Healthcare Industry," and the "2020 Best Listed Medical Device and Diagnostic Company." Dr. Wang Xin attended the award ceremony on April 7th as an honorary guest and presented trophies to the companies that were awarded the top 10 spots on the "2020 Most Investable Healthcare Enterprise & High-Value Consumables List." Dr. Wang Xin presented awards to the representatives of the winning enterprises   "The Top 10 Most Investment-worthy Healthcare Companies of 2020 — High-Value Consumables List" with the awarding guests

From March 19th to 20th, 2021, the CGT Asia 2021 Asia Cell and Gene Therapy Innovation Summit, hosted by Taas Labs, was successfully held in Shanghai. Over 30 industry leaders from home and abroad gathered here to discuss hot topics across multiple sectors such as new ideas for solid tumor treatment TCR-T therapy market prospects and development trends, technological innovation in manufacturing cell therapy products, the application of stem cell therapy in neurodegenerative diseases, and more. Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China region, who is also an expert in the biopharmaceutical field, was invited to attend this event and delivered a keynote speech. Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, delivered a speech   At the meeting, Mao Hua delivered a keynote speech titled 'Market Opportunities and Challenges in Cell and Gene Therapy Industries'. He pointed out that the global cell and gene therapy (CGT) market began in the 1960s and has gone through four development stages. The foundation of CGT clinical research is becoming increasingly mature. Currently, China ranks second globally in terms of the total number of CGT clinical studies, and in categories such as CAR-T, China is the largest clinical research initiator in the world. In recent years, continuous technological breakthroughs have brought about another boom in CGT, subverting the entire pharmaceutical ecosystem and also changing the way humans treat genetic diseases and complex conditions.   He further explained: 'Rare diseases affect the health of nearly 350 million people worldwide. Most causes are due to gene mutations or inheritance, including single-gene genetic diseases such as hemophilia, as well as polygenic diseases like cancer, neurodegenerative diseases, eye diseases, and cardiovascular diseases. More than 95% of these genetic diseases have no effective treatment methods. The use of traditional drug therapies such as small molecules or enzymes can alleviate patients' pain to a certain extent, but this treatment requires continuous medication, which is extremely costly for most patients, increasing their economic and socio-psychological burden. At the same time, drugs not only fail to cure genetic diseases fundamentally but also cause serious complications.'   CGT therapy has become the ultimate weapon on the path to conquering rare genetic diseases, bringing survival possibilities and hope to patients. He cited an example: in the case of typical rare disease hemophilia A, gene therapy offers greater clinical benefits compared to other treatment methods. CAR-T therapy also shows significant therapeutic advantages for advanced or relapsed B-cell leukemia and lymphoma that are otherwise untreatable. "Currently, most of the marketed products for gene therapy are for treating rare diseases, with original research manufacturers being mostly innovative companies focusing on cell and gene therapies. However, over decades of gene therapy research and development, several barriers have been introduced, including R&D technology, cost, production, safety, commercialization, and legal regulation, which have restricted the rapid approval process for products."   Currently, multinational biotech companies are accelerating their cooperation with local firms through licensing and joint ventures to ensure the registration speed of CGT products and acquire localized production and commercial capabilities. Local biotech companies actively cooperate with industry associations to jointly formulate product quality and production process standards to guide industry development. At the same time, local governments have established alliances with industry leaders to jointly promote regional infrastructure construction. With the first wave of commercialization of cell therapy approaching, reagent and equipment suppliers such as Thermo Fisher and General Electric are closely collaborating with CGT companies to advance the automation and industrialization of cell therapy processes.   Frost & Sullivan, integrating nearly 60 years of global consulting experience, has been serving the booming Chinese market with dedication for 23 years. With a global perspective, it helps clients accelerate their business growth and achieve industry-leading benchmarks in terms of growth, innovation, and technology. Over the past sixteen years, the Frost & Sullivan healthcare team has provided financing financial advisory, IPO industry advisory, technical advisory, strategic advisory, management advisory, and other services to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. It has accumulated rich experience and insights in the biomedical field and is considered one of the most powerful, professional, and influential industry research institutions in the industry. In terms of the number of completed reporting projects, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong's healthcare IPO market, continuously occupying over 90% of the market share from 2018 to 2020.

People's Daily With the continuous innovation and in-depth application of digital technologies such as artificial intelligence, blockchain, and big data, digital transformation has become a development consensus across all industries. On March 2nd, People's Daily wrote an article discussing the opportunities and paths for the aviation industry to achieve digital transformation, believing that it naturally possesses digital characteristics. Airlines should undergo deeper and more systematic digital transformations to achieve full coverage in various aspects such as corporate operations, customer experience, and talent cultivation, creating more value growth points. In demonstrating the impact of digital transformation on the profit growth space of the aviation industry, they directly cited data from Frost & Sullivan.   # Frost & Sullivan's Insights Frost & Sullivan research shows that digital transformation in the aviation industry can generate an additional value of $5 to $10 per passenger annually.   Currently, exploring new development opportunities through digital transformation has become a focus for many airlines. Digital transformation in the aviation industry refers to using digital technologies such as artificial intelligence, blockchain, and big data to provide innovative opportunities and revenue growth dividends in areas such as operations, passenger services, marketing, and safety. Research by international consulting firm Frost & Sullivan indicates that digital transformation in the aviation industry can generate an additional value of $5 to $10 per passenger annually.   As early as the 1960s, the aviation industry used digital technology to automate the ticket booking process. In recent years, with economic development and improved information technology levels, passengers' personalized needs have become increasingly strong, leading to intensified competition among airlines. Some airlines have begun to seek breakthroughs through digital transformation. For example, Airbus launched the 'Smart Sky' big data platform, reducing costs through 'predictive maintenance' and reasonably arranging flight operations; Tokyo Haneda Airport in Japan introduced multiple robots that interact with passengers, providing services such as cleaning, guiding, and luggage handling to meet passengers' personalized needs; China's first high-speed satellite internet aircraft achieved a high-speed network connection of over 100 megabits at an altitude of ten thousand meters, allowing passengers not only to enjoy air entertainment, air e-commerce retail, and other services on mobile devices but also to live-stream and share aerial images.   During the epidemic prevention and control period, the process of digital transformation in the aviation industry accelerated, especially with the rapid development of contactless technology. For instance, Emirates Airline began adopting multi-mode contactless technology, including voice recognition, contactless control, and contactless identity scanning, greatly reducing the risk of passengers transmitting viruses due to contact with the same device. This technology can also measure passengers' body temperature, breathing, and heart rate, identify potential sick passengers, and play a certain role in warning and preventing disease transmission. Japan Airlines recently announced a collaboration with American drone company Maternity Drone to use drones to open up a new service for delivering medical supplies via express delivery. In addition, mobile office and remote communication are becoming more popular, meaning that airlines that can provide better in-flight digital connectivity services will win more customer favor.   In fact, the aviation industry naturally possesses digital characteristics. A modern aircraft engine generates hundreds of sensor signals every 10 milliseconds, producing about 1TB of data per flight, providing necessary conditions for the digital transformation of the aviation industry. However, the current digital transformation of the aviation industry is still in its infancy, only partially applying digital technology, and the investment in digitization is also limited. In the future, by undergoing deeper and more systematic digital transformations to achieve full coverage in various aspects such as corporate operations, customer experience, and talent cultivation, airlines will create more value growth points.   *This article is reprinted from 'People's Daily', authored by Zhu Yueying.

On March 20, 2021, the Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') Shenzhen office successfully completed its relocation. Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan, Mr. Wang Chenhui, Managing Partner and Managing Director of Greater China at Frost & Sullivan, and the partner and executive team of Frost & Sullivan Greater China attended the relocation celebration ceremony at the Frost & Sullivan Shenzhen office to witness this important moment together. The Frost & Sullivan Shenzhen office is one of the important strategic deployments of Frost & Sullivan's Greater China region. Together with its Hong Kong office, it forms a dual-core base in the Guangdong-Hong Kong-Macao Greater Bay Area, providing high-quality services to clients in the region. With the company's development and progress, the further expansion of the Frost & Sullivan Shenzhen office scale will provide strong support for the company's sustained development and help Frost & Sullivan better serve clients in the Guangdong-Hong Kong-Macao Greater Bay Area.   Standing at an important juncture as the impact of the COVID-19 pandemic is gradually subsiding, the relocation of Frost & Sullivan's Shenzhen office not only heralds a new beginning in 2021 but also represents an important milestone for Frost & Sullivan Greater China to move towards a new height. Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, said at the relocation celebration: "The move to the Shenzhen office signifies another solid step for Frost & Sullivan towards becoming a top-tier capital market service provider, as well as a new starting point for our transformation into an innovative consulting firm."   New journey, set off again As one of the country's important strategic plans, the Guangdong-Hong Kong-Macao Greater Bay Area has significantly enhanced its economic strength and regional competitiveness, laying the foundation for building an international first-class bay area and a world-class urban agglomeration. Shenzhen, as one of the core cities in the bay area and a pilot demonstration zone for socialism with Chinese characteristics, is expected to continue playing a leading and exemplary role in intercity transportation connections, capital market openness, and the introduction of emerging industries.   The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is bound to be full of challenges, but it also contains infinite opportunities. As a globally experienced corporate growth consulting advisor, Frost & Sullivan has been deeply involved in global and Chinese capital markets for many years. It is expected that under the dividends of this round of development in the Greater Bay Area, the firm will seize the opportunities of the times. With its rich experience in capital market services, it will provide high-quality growth consulting, initial public offerings, capital matchmaking, market value management, and related services to clients at home and abroad, helping enterprises achieve innovative growth. Based on serving Hong Kong and overseas capital and financial markets, Frost & Sullivan will further leverage its global experience in the field of science and technology innovation to create a distinctive A-share and Science and Technology Innovation Board service platform.   A new journey is about to begin, and China will continue to advance towards the goal of realizing the great rejuvenation of the Chinese nation. The Frost & Sullivan Shenzhen office will also take the new location as a new starting point, continuously deepen its focus on the Guangdong-Hong Kong-Macao Greater Bay Area, and provide comprehensive assistance to client enterprises with more professional content, better services, and higher quality to help them understand industry trends, enhance competitiveness, and promote the steady and high-quality development of the Chinese economy.

On March 3rd, the New Shanghai Business Alliance's Health Industry Research Society held its fourth exchange meeting. The New Shanghai Business Federation, in collaboration with over 50 upstream and downstream entrepreneur representatives from the China Pharmaceutical Business Association, focused on the theme of 'The Breakthrough and Establishment of Internet-based Pharmaceutical Distribution', to jointly discuss the pain points and difficulties in the transformation of pharmaceutical distribution. Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China region, an expert in the biopharmaceutical industry, was specially invited to attend this event and deliver a keynote speech.   With the development of Internet + supply chain technology, traditional medical distribution models are facing new opportunities and challenges. A number of B2B, B2C, and O2O internet pharmaceutical distribution enterprises have risen rapidly, and a digital pharmaceutical market with a scale of hundreds of billions is taking shape.   Yu Gang, the rotating chairman of the New Shanghai Business Federation, the chairman of the New Shanghai Business Big Health Industry Alliance, and co-founder and chairman of Yiyao Network, stated that healthcare will surpass real estate and automotive to become the largest industry. This is an industry that will always be sunny and never set sun. The pain points in China's pharmaceutical distribution are low efficiency and lack of transparency caused by fragmentation and multi-level structures. The pain points in pharmaceutical companies' commercialization models are low efficiency and difficulty in penetrating lower-tier markets, but this also brings about opportunities for the industry. Driven by digital technology, the internet healthcare sector is facing three irreversible trends: population structure, policy trends, and technological changes. Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, started with the broader internet + healthcare market and shared the industry-wide landscape and development trends of digital health.   He pointed out that digitization is becoming a major trend in the healthcare sector, helping to address pain points such as the over-reliance on drug sales, uneven distribution of medical resources, and inverted demand in China's previous healthcare service system. As an emerging industry, digital big health holds tremendous market potential in China. Currently, a large number of participants are focusing on different directions in the digital big health market, actively exploring various business models. 'Pharmaceutical companies are placing increasing emphasis on digital strategies, strengthening their capabilities through the construction of online channels such as brand marketing, remote services, medical e-commerce, and disease management. The importance of digital health infrastructure services is also becoming increasingly prominent. Driven by policies, hospitals at all levels are actively building internet hospitals, realizing internet + off-site extensions, and accelerating the basic construction of digital healthcare.' He believes that driven by technological innovation, frequent favorable policies, and the improvement of residents' health awareness, the digital big health industry is expected to enter a new development period. During the roundtable discussion session, Chen Jun, Vice President of Eli Lilly & Company, Geng Yongzhong, General Manager of Sinopharm Shanghai Biomedical Co., Ltd., Zhou Jie, General Manager of First Pharmaceutical Co., Ltd., Dong Fating, co-founder of Donglei Brain Hospital, and Chen Kun, Vice President of Sales Operations at Yiyao.com, several entrepreneur representatives from different nodes in the big health field, gathered together to discuss heatedly the major theme of 'Internet pharmaceutical distribution' - both its breaking through and establishing itself.   As a globally renowned growth consulting firm, Frost & Sullivan integrates nearly 60 years of consulting experience from around the world. Over the past 23 years, it has dedicated itself to serving the booming Chinese market and has made the healthcare industry one of its core research areas. The Frost & Sullivan healthcare team possesses strong capabilities and rich experience in the field of life sciences. It has extensive medical enterprise clients in China and has established a vast customer network and patent database over the past 20 years, covering sales information on innovative drugs in China and financial information from multiple manufacturers. It has established good or deep cooperative relationships with experts across the entire industrial chain, ranging from KOLs to industry experts and government officials.   Frost & Sullivan has a team of senior technical consultants, many of whom have decades of clinical development experience in innovative drugs and medical devices both within and outside the enterprise sector. Over the past sixteen years, the Frost & Sullivan healthcare team has provided financing financial advisory, IPO industry advisory, technical advisory, strategic advisory, management advisory, and other services to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. It is a leader and witness to the development of China's pharmaceutical industry. In terms of the number of filings, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, continuously occupying more than 90% of the market share from 2018 to 2020.

At the pre-media analyst conference for MWCS 2021, Gan Bin, Vice President of Huawei's Wireless Network Product Line, delivered a keynote speech titled "1+N, Innovating for a Win-Win 5G Future." Gan Bin stated: "The 1+N 5G target network aims to achieve further upgrades through innovation in a full range of products and solutions. This includes simplifying site re-upgrades, intelligent collaboration upgrades, extreme multi-user experiences upgrades, and flexible on-demand deployment of network capabilities." Frost & Sullivan (hereinafter referred to as "Frost & Sullivan") was invited to participate in this analyst pre-conference to jointly discuss the future development direction of extremely simplified 5G site deployments. Dr. Wang Xin, Global Partner at Frost & Sullivan and President of Greater China, stated that with the progress of large-scale deployment of 5G and the steady advancement of commercialization in 5G scenarios, urban residents will truly feel the improvement in urban management services and the convenience brought by 5G. The characteristic of 5G's Internet of Everything will enrich people's connections with surrounding things and facilitate collaborative communication between devices. At the same time, 5G will drive the process of urban intelligence, coordinating big data analysis capabilities to better serve urban residents. 5G has already become an important benchmark and strategic planning for countries to demonstrate their competitiveness in technology and economic development. The 'White Paper on the Economic and Social Impacts of 5G' released by the China Academy of Information and Communications Technology shows that it is estimated that by 2030, 5G will drive direct economic output in China to 6.3 trillion yuan, an added value of 2.9 trillion yuan, and create 8 million job opportunities.   As of the end of 2020, the three major domestic operators have deployed more than 800,000 5G sites in various cities. Against the backdrop of accelerating development of the 5G industry, telecom operators face many challenges in terms of 5G site deployment plans and implementation, mainly reflected in limited sky space, insufficient power supply from existing site power systems, and diverse and complex installation scenarios. Global 5G deployment has entered an accelerated phase. As a global leader in information and communication solutions, Huawei has deployed over 1,500 networks in more than 170 countries and regions over the past 30 years. Based on its rich experience in global commercial deployments, Huawei provides operators and industrial customers with a variety of global 5G commercial deployment solutions at the critical juncture of the 5G industry transformation, working hand in hand with operators to build a complete and leading 5G target network.   Building a high-quality, wide-bandwidth, cost-effective 5G network is at the core focus and exploration of operators and industry participants worldwide. Global operators are competing to accelerate the construction of 5G networks, with innovative solutions and reliable industry alliances being the main strategies for operators seeking business expansion and new growth. In the 5G era, operators have chosen either FDD or TDD first to reduce operating expenses, improve efficiency, and enhance market competitiveness. Huawei has currently joined hands with operator customers to deploy on a large scale using TDD Massive-MIMO and will continue to upgrade product specifications and energy efficiency through system-level innovation to help customers reduce network operating expenses. In the face of the FDD-first market, Huawei is evolving along the direction of high bandwidth and multiple antennas, further upgrading its product capabilities, significantly increasing cell capacity to 1.5 to 5 times that of 4T4R networks, and its product engineering specifications are comparable to those of TDD M-MIMO.   5G has a higher demand for spectrum bandwidth, but due to limited spectrum resources, it will coexist with multiple frequencies and modes for a long time in the future. Therefore, in scenarios where there are numerous devices on poles and the sky space is limited, making it impossible to deploy new 5G modules, Huawei has achieved a Sub-6G full-spectrum extremely simplified deployment with M-MIMO integration with traditional antennas. Huawei's latest generation Massive-MIMO has achieved lower weight, far below the industry average for similar products, allowing it to be carried by one person; lower power consumption, comparable to that of 4G RRU, and greater bandwidth. For scenarios with extremely limited space or high rent in dense urban areas, it can quickly achieve large-scale 5G deployments, continuously helping operators significantly save on site deployment and operational costs through minimal site renovations.   Frost & Sullivan has found that the number of 5G users nationwide has now exceeded 240 million. With the upcoming launch of new models in 2021, which will all be 5G phones, this will further promote a surge in 5G user growth. At the same time, there are already over five thousand innovative applications in the industry. As users continue to accelerate their upgrade and migration to 5G networks, it is expected that the number of 5G users will exceed five hundred million by 2021, and the penetration rate of 5G users will reach around 80% by 2025. In the face of explosive growth in 5G users and rapid improvement in penetration rates, 5G networks will face the problem of overload. Huawei has achieved a solution by innovating algorithms to maximize the potential performance of M-MIMO, enabling an upgrade in multi-user extreme experience under scenarios with high user density and strong interference, thereby maximizing network performance.   5G is not only a new driving force for promoting new information consumption on the consumer side, but also a new engine for the industrial upgrading and growth of various sectors across society and economy. Industrial Internet is one of the most important battlefields in the 5G era. By the end of 2020, the total number of 5G base stations applied in industrial Internet across the country had exceeded 30,000.   In the face of the commercial scenarios of 5G to B, Ding Yun, Executive Director and President of Huawei's Operator BG, stated that as of now, Huawei has deployed 5G demonstration applications in over 20 industries globally, such as coal mines, industrial manufacturing, ports, etc., and has signed more than 1,000 5G industry application contracts with operators worldwide. 4G changed life, and 5G empowers all sectors. Its speed, reliability, and large-scale interconnection are transformative for various aspects of enterprise and social development. 5G will become a new engine for the digital revolution of industries, bringing prosperity to mobile internet and industrial internet, such as ultra-high-definition streaming services, cloud VR/AR, connected vehicles/autonomous driving, industrial internet, etc. Since 2019, major cities such as Beijing, Zhejiang, and Guangdong have successively introduced 5G industry plans, driven by policies and coordinated by industries. Currently, the technical foundation, investment in industrial capital, and industry goals of 5G are already established and determined. In the next 5-10 years, 5G networks will continue to develop and optimize. Network construction and solution providers will also continue to offer more complete 5G network solutions to ensure that industrial transformation continues to evolve in depth and achieve greater value conversion.   In the context of industrial Internet scenarios, industrial users have additional requirements for networks compared to traditional consumer end-users who only focus on a single rate dimension. These include multi-dimensional needs such as uplink and downlink rates, end-to-end latency, and positioning, enabling more reliable connection at IoT endpoints and diverse scenario applications. Huawei's innovative 5GtoB Suite solution enables industrial users to achieve multi-dimensional differentiated capabilities, deploy flexibly on demand, and realize proactive network operation and maintenance as well as intelligent and precise planning of industry networks.   2021 is the first year of commercialization of 5G, marking a pivotal cross-era milestone for the industrialization and globalization of 5G globally. Currently, 140 operators from 59 countries/regions have launched commercial 5G networks. Huawei has joined hands with operators from multiple regions including South Korea, Saudi Arabia, and Europe to build high-quality 5G networks that are certified by multiple third-party institutions for the best experience. The development in various regions and fields around the world has already embarked on the process of digital transformation. Both the consumer (C) and business (B) markets show tremendous development and change driven by 5G. 5G networks will become a core component of social infrastructure and a major carrier for new models of industrial competition and national economic development.   As a global leader in 5G technology innovation and industrialization, both operators and solution providers for 5G target network construction must assume the important responsibility of ensuring that the value of 5G networks can be continuously stimulated and evolve forward, guaranteeing sufficient space for industrial value transformation. As an enterprise tasked with driving industrial transformation, Huawei will release a series of new technologies, cases, and solutions for 5G to C and 5G to B at the upcoming 2021 World Mobile Communications Conference & Shanghai. China has already built the world's largest 5G network, and in the next decade, as 5G lights up the golden development period of industrial transformation, 5G network technology will continue to innovate and upgrade, simplify and optimize, improve industry efficiency, accelerate digital transformation and intelligent upgrading of industries, and exert its transformative power to empower the new era.

On February 5, 2021, Whale Platform co-hosted the '2021 Whale Tide Forum and the First Whale Tide Award List Release Ceremony' online with ECI. As a strategic partner of Whale Platform, Mr. Wang Chenhui, Managing Partner and Executive Vice President of Frost & Sullivan's Greater China region (hereinafter referred to as 'Frost & Sullivan'), was invited to attend and serve as a judge for this selection event.   The 'Whale Wave Award' is the first award in China aimed at consumer enterprises since the central government proposed 'demand-side reform' at the end of last year. It was jointly initiated by Whale Platform, a leading Chinese reporter and expert service platform, and ECI, a global leader in digital innovation. The award was launched on December 17, 2020, in Shanghai, with the aim of enabling 'national trend' enterprises to voice China's voice to the world. At the same time, it also aims to inspire more outstanding Chinese enterprises to eventually grow into leading global trends.   At the release ceremony, Liao Dingfeng, the person in charge of Whale Platform, stated: 'In the past, it was the global trend that surged towards and influenced China; now, we aim to let Chinese trends lead the world. The purpose of Whale Platform's holding of the Whale Wave Awards is to enhance the recognition, status, and value of domestic brands.'   The inaugural 'Whale Wave Awards' were divided into three categories, including Leading National Trends, New Trend Forces, and Cool Cases Most Praised by Investors. Among them, the '2020 Most Investment-worthy Leading National Trends' are aimed at established brands with a long history in the consumer sector, the '2020 Most Investment-worthy New National Trends' are for emerging brands founded after 2015, while the '2020 Most Praised Investor-Covered Cool Cases of National Trends' reward enterprises that launched influential national trend brand promotion activities in 2020.   Since its inception, the 'Whale Wave Award' has attracted attention from the industry, attracting over a hundred companies to sign up for the competition. A professional judging panel composed of chief analysts from securities firms, well-known investment institutions, and brand advertising experts evaluated and scored the entries based on four dimensions: team strength, operational capability, capital strength, and growth potential, as well as case materials. Ultimately, 35 outstanding enterprises, including the domestic renowned new tea drink brand Xicha, stood out from more than a hundred candidates, with ten excellent cases selected as the '2020 Most Valued National Trend Cool Cases by Investors'.   Dr. Jia Lijun, Executive Chairman of ECI, expressed his congratulations to the winning companies in his speech on that day. He stated that with the innovation of the internet and the rise of national trends in China, a new round of consumption upgrading has been triggered. The Whale Wave Awards provide an excellent observation window for the investment and financing community.   Liao Dingfeng also stated that the selection of the Whale Wave Awards is just the beginning, and in the future, Whale Platform will continue to run this award to provide opportunities for more outstanding Chinese enterprises.

On January 27, 2021, the Digital Big Health Investment Summit was successfully held in Beijing. The conference focused on the digital big health industry chain and analyzed the industry pattern, development context, and investment opportunities from the perspectives of regulators, industry participants, investors, and professional service providers. Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, an industry expert in the field of digital big health, was specially invited to attend this event and deliver a keynote speech.   At the summit, Mr. Mao Hua analyzed the overall landscape of the digital health industry ecosystem and pointed out that with the increasing penetration rate of digital healthcare, continuous deepening of technological innovation in the digital health field, frequent favorable policies for internet-based healthcare, and a significant improvement in residents' health awareness, online hospital services, digitization of offline pharmacies, and the digital upgrade of the entire medical and health industry chain are the core driving forces of the digital health market.   He stated that digital big health is an emerging industry with huge market potential in China. In the past, the penetration rate of digital big health in China's health industry was very low. However, as residents' disposable income continues to increase, people's awareness of health is also constantly improving. As an effective technical means to improve the diagnosis and treatment rate of chronic diseases, digitization is expected to drive growth in the pharmaceutical and medical service markets from the demand side. With the development of digital technology, various service providers on the digital big health industry chain redefine the standards of health and medical practice by providing convenient and efficient healthcare services, helping more patients access high-quality medical resources, realizing valuable health information sharing and communication between hospitals and doctors at all levels, and making digital big health an important part of China's health industry.   He believes that the introduction of a series of policies has emphasized the importance of digital health and defined the blueprint for market development. Previously, the state issued the 'Opinions on Promoting the Development of 'Internet + Healthcare', proposing a series of policy measures to promote the in-depth integration and development of the internet with healthcare. Driven by these policies, hospitals at all levels are actively building internet hospitals, realizing the extension of internet services outside the hospital walls, and accelerating the construction of digital medical infrastructure. 'In 2020, under the impact of the COVID-19 pandemic, digital health played an important role in maintaining necessary medical services through the internet, which also brought about fundamental changes in the behavior patterns of governments, medical institutions, doctors, and patients. This accelerated the popularization rate of digital medical services and promoted the development of the digital health market.'   In addition, he emphasized that technological progress will greatly transform the traditional healthcare service industry. Artificial intelligence and big data support hierarchical diagnostic systems, while the Internet of Things (IoT) and 5G are innovating health management methods in monitoring, prevention, diagnosis, and prognosis management. Stakeholders, including pharmaceutical companies and healthcare institutions, are gradually increasing their demand for related digital infrastructure construction, accelerating the transition to online services.   He believes that driven by technological development and a series of favorable policies, the digital big health industry is expected to see rapid development in the future, with bright prospects.   As a globally renowned growth consulting firm, Frost & Sullivan integrates nearly 60 years of global consulting experience. For 23 years, it has dedicated itself to serving the booming Chinese market and has made the health industry one of its core research areas. Over the past sixteen years, the Frost & Sullivan healthcare team has provided financing, financial advisory, IPO industry advisory, technical advisory, strategic advisory, management advisory services for hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare enterprises. It is a leader and witness in the development of China's pharmaceutical industry. In terms of the number of completed transaction projects, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, continuously occupying more than 90% of the market share from 2018 to 2020. In the future, Frost & Sullivan will continue to explore cutting-edge industry opportunities and work together with enterprises to boost the innovation and upgrading of China's health industry.

2021 Frost & Sullivan Annual Conference January 18, 2021 “Lead Innovation and Forge Ahead” Frost & Sullivan Annual Conference Grandly held at the Shanghai Bolei Li Hotel In the toast speeches by Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan, and Mr. Wang Chenhui, Managing Partner and Executive Vice President of Greater China at Frost & Sullivan, all Frost & Sullivan employees raised their glasses to celebrate, officially kicking off the annual conference. As a global growth consulting firm, Frost & Sullivan integrates nearly 60 years of consulting experience globally, has served the booming Chinese market with dedication for 23 years, and helps clients accelerate their business growth with a global perspective, achieving industry benchmarks in growth, innovation, and leadership.   Using rich professional market knowledge and consulting tools, Frost & Sullivan has helped numerous clients achieve strategic goals, including Fortune Global 1000 companies, emerging enterprises, and investment institutions.     Unite as one to create more achievements Frost & Sullivan deeply cultivates the global and Chinese capital markets, providing comprehensive investment and financing services for enterprises. In recent years, Frost & Sullivan China has successfully helped nearly a thousand domestic and foreign companies list and raise funds on major global capital markets, serving over ten thousand listed companies.   In 2020, Frost & Sullivan continued its excellent performance, assisting hundreds of companies including JD Health, China Resources Vanguard, Popomart, Blue Moon, Simore International, Yunding New York, Mingyuan Cloud, Nongfu Spring, Best Buy China, Home Group, New Oriental Education, Midea Youpin, and One Education to successfully list in Hong Kong or overseas, accounting for nearly 60% of the advisory market share for companies going public in Hong Kong. Last year, Frost & Sullivan not only continued to firmly hold the top position in the advisory market for Hong Kong IPOs but also retained its leading position in the advisory market share for overseas IPOs, further expanding its market influence.     Lead Innovation and Transform and Upgrade Frost & Sullivan seizes opportunities of the times, is enterprising, transforms and upgrades, and continuously improves service quality. From selecting high-quality enterprises to providing professional knowledge, from enterprise growth consulting to initial public offerings, from capital matching to market value management, based on serving the Hong Kong and overseas capital and financial markets, Frost & Sullivan further leverages its global experience in the field of innovation to build a distinctive A-share and Science and Technology Innovation Board (STAR Market) service platform, considered the most powerful, professional, and influential industry research institution in the industry.     Rooted in China, deepen layout in Greater China The Greater China region is one of the most important core areas of Frost & Sullivan's global layout. Since opening its first office in Beijing in 1998, it has now established offices in eight locations: Beijing, Shanghai, Shenzhen, Nanjing, Chengdu, Xi'an, Hong Kong, and Taipei. In 2020, the second office in Shanghai welcomed its relocation, marking a new starting point for Frost & Sullivan's transformation and upgrade into an innovative consulting institution and also indicating Frost & Sullivan's firm determination to further deepen its layout in Greater China. The steady and rapid development of Frost & Sullivan is inseparable from the efforts of every employee. To demonstrate the power of role models, at this annual conference, Frost & Sullivan specially set up six awards: the Frost & Sullivan Rising Star Award, the Frost & Sullivan Outstanding Analyst Award, the Frost & Sullivan 5-Year Outstanding Contribution Award, the Frost & Sullivan 10-Year Contribution Award, the Frost & Sullivan Model Worker Award, and the Frost & Sullivan President's Special Award, to commend a group of employees who have performed outstandingly and excellently.   Based on a new starting point, Embark on a new journey. All Frost & Sullivan employees will as always delve deeply into excellence in service, understand industry trends, and help client enterprises grasp the future. In 2021, we also wish Frost & Sullivan continued prosperity and new heights.

On January 20, 2021, the 'Frost & Sullivan' event at the 2021 Yanxi HiMed Medical Innovation Carnival, themed 'Remaining True to Our Original Aspiration', was successfully held in the HiMed International Medical Innovation Space. As a globally renowned growth consulting firm, Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') combines nearly 60 years of consulting experience across the world. For 23 years, it has dedicated itself to serving the booming Chinese market and has made the health industry one of its core areas of focus. Over the past sixteen years, Frost & Sullivan's healthcare team has provided financing financial advisory, IPO industry advisory, technical advisory, strategic advisory, management advisory, and other services for hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare enterprises. It is a leader and witness to the development of China's pharmaceutical industry and has been specially invited to attend this summit forum to deliver a keynote speech at the general session.   main question act speak At the event site, Mr. Yang Xiaocheng, Partner of Frost & Sullivan Greater China and Dean of the Frost & Sullivan China Research Institute, delivered a keynote speech titled 'The Chinese Medical Market in the Face of Great Changes'.   Last year, affected by the COVID-19 pandemic, the biotechnology industry has been a focus of market attention. Yang Xiaocheng pointed out that "Innovation begins with technology and is achieved through capital." The biotechnology industry is a typical technology-intensive, innovation-driven sector. The inherent uncertainty of industrial development makes it difficult to combine the biomedical field with traditional financial markets, which are precisely matched by the characteristics of shared interests and risks in the capital market. From a global perspective, driven by both technological progress and demand growth, the biotechnology industry has entered a golden period of development. Since 2014, biopharmaceutical-related companies have accounted for the largest proportion in the U.S. market IPO industry. From 2017 to 2019, the number of NASDAQ pharmaceutical company IPOs reached 50, 86, and 79 respectively, showing a decrease in 2019, but the total fundraising amount still rose to reach 72.34 billion yuan. Overseas investors continue to show enthusiasm for the pharmaceutical industry. The Hong Kong stock market has grown steadily, and its attractiveness is constantly strengthening. From 2017 to 2019, the number of Hong Kong stock market pharmaceutical company IPOs increased from 6 to 17, with the total fundraising amount for the pharmaceutical sector reaching 33.67 billion yuan in 2019.   He believes that with the launch of the Sci-tech Innovation Board and the acceleration of IPO review speed, the role played by the pharmaceuticals and biotechnology sectors in China's capital market will gradually increase. Since most biopharmaceutical companies are characterized by high upfront R&D investment, long investment cycles, high risks but also long-term high returns, their net profits in the early stages are relatively low, or even non-existent. The trial implementation of the registration-based system on the Sci-tech Innovation Board has given these companies greater inclusivity, no longer treating net profit as a rigid standard, but rather taking into account net profit, R&D capabilities, the industry the company is in, and development prospects. 'The fifth set of criteria allows unprofitable enterprises to go public. Pharmaceutical companies only need one core product to have completed phase II clinical trials to apply for listing on the Sci-tech Innovation Board (with an expected market value of not less than 4 billion yuan), bringing huge opportunities for biopharmaceutical companies to go public,' he said.   Yang Xiaocheng is full of anticipation for the development of the biotechnology industry. He said: "We believe that in the future, a group of domestic biotechnology companies with innovative technologies and products will emerge, achieving success through financing in the capital market."   It is reported that as a national-level technology enterprise incubator, Yanyixitang & HiMed platform organizes cross-year forums at the end of each year to promote exchanges and cooperation among incubated enterprises. The forum invites industry experts from various fields such as production, academia, research, investment, incubation, and application to jointly discuss the general trends and investment directions of the medical industry in 2021.