From August 27th to August 28th, the 19th Frost & Sullivan Global Growth, Innovation and Leadership Summit 2025 and the 4th New Investment Conference (hereinafter referred to as '2025 Frost & Sullivan New Investment Conference' or 'Conference') was successfully held at the Shanghai Jing'an Shangri-La Hotel, co-hosted by Frost & Sullivan and LeadLeo. On September 19th, a special event - 'The Light of Chinese Catering Conference' - was held in Chengdu. The Conference gathered over 230 heavyweight guests from home and abroad, with more than 110 speeches/talks and over 4,500 professional attendees at the site. With the theme of 'Intelligent Start, New Journey - Co-creating Global Growth Poles', the Conference was supported by the China Listed Companies Association, the Chinese Advertising Association, and 'China Quality Supervision'. It brought together the wisdom and strength of the global industry, academia, and investment community to jointly explore new growth points, new markets, and new tracks for the Chinese economy in the new era. The Conference lasted for three days and consisted of an opening ceremony, eight sub-forums, and multiple themed activities, focusing on AI and digital economy, new investments in life sciences, new consumption trends, ESG In-depth discussions were held on hot topics such as new productive forces, the high-quality development of listed companies, intelligent manufacturing going global, and the globalization development of Chinese enterprises. Nearly 20 significant research findings were also released on-site.   Major Achievements of the Conference   Key Result 1: The Frost & Sullivan Global Expert Advisory Team has appointed a total of 11 industry experts. Relying on nearly 70 years of deep industry engagement and data accumulation, Frost & Sullivan continuously recruits top experts from the industry globally. It selects more than 10 outstanding representatives from various expert committee members, including those on Frost & Sullivan's China Growth Strategy, Innovation and Technology, Specialized Industries, Life Sciences, New Productivity, and New Consumption, to form the 'Frost & Sullivan Global Expert Advisory Group'. The aim is to contribute professional expertise to the growth paradigm for the next decade.   The Appointment Ceremony of the Global Expert Advisory Group of Frost & Sullivan was Held in Shanghai (Bilingual Version)   Entrepreneurial Representative Member of the National Committee of the Chinese People's Political Consultative Conference, Chinese representative of the World Federation for Inventors and Innovators, Rotating President of the Jiangsu Chamber of Commerce, Chairman of Shanghai Port Group, Xu Shilong Representatives of public welfare organizations Professor Wang Yu, President of the China Foundation for the Prevention and Control of Hepatitis Representatives of investment institutions Dr. Shen Lifeng, President and Executive Director of China Tianbao Group, Executive Secretary-General of the Hong Kong International Investment Council Chairman of Xingfu Capital, Wang Tingfu William Cho, Senior Managing Director at Compass Capital Representatives from professional institutions Partner-in-Chief for EY Greater China, Bi Shunjie Twimbit Founder and CEO, Manoj Menon Rhenu Bhuller, Frost & Sullivan Life Science and Digital Health Strategy Advisor Dr. Gao Wenzhong, Director of the All-China Federation of M&A Associations and Executive President of CIC Hua Dean of the Legal Compliance Department at RWA Research Institute, and member of the Executive Committee of Dacheng Finance Web3 Director of the Research Center and Senior Partner at Dacheng Shanghai, Wang Liangchang Media representatives Chairman of Hebao Culture & Entertainment Group, Zhao Zhi *Rankings are not in any particular order.   Key Result 2: Nearly 20 white papers and three authoritative lists are presented in one go Promote the symbiotic prosperity of industrial value and capital energy This conference focused on cutting-edge industry trends and capital movements, covering areas such as macroeconomics, technological innovation, healthcare, energy storage, artificial intelligence, and ESG practices. On-site releases included the 'White Paper on the Development Trends of China's Industries in the Next 50 Years (Fourth Edition)', 'China's PE/VC investment Fund Industry CFO White Paper, New Functional Materials Industry Development White Paper 2025 Opportunities in the Global ESG Climate Risk Platform and Reporting Industry "White Paper on the Sustainable Path of Construction Operations" (Chinese and English versions), "2025 China ESG Best Corporate Practices Report", "2025 China Peanut Oil Industry White Paper", "2025 China Compound Nuts and Beverages Industry Development White Paper", "2025 China's Best Application Practices in GenAI Industry", "Insights on AI Empowering All Industries in 2025", "Blue Book on the Current Situation and Future Trends of the Medical Beauty Injection Product Industry in 2025", "Blue Book on the Current Situation and Development Trends of Antibody Drug Industry in 2025", "White Book on the Current Situation and Development Trends of Mitochondrial Medicine Industry in 2025", "Blue Book on the Current Situation and Trends of Internationalization of Medical Devices in China in 2025" and nearly twenty other heavyweight research achievements. The list of CFOs of Chinese PE/VC institutions in 2025, the list of China's ESG Best Corporate Practices in 2025, and the list of China's AI Agent A series of selection results such as the Intelligent Agent Best Practice Application List. Key Result 3: Influence unprecedented The conference attracted over 230 industry leaders from home and abroad to exchange ideas The 2025 Frost & Sullivan New Investment Conference brought together over 230 expert representatives from well-known domestic and international enterprises, investment institutions, academia, media, professional organizations, and associations for exchange. More than 4,500 leading enterprises from various industries, representatives of governments, investment institutions, financial institutions focusing on industry development, university and research experts, as well as renowned media organizations, enthusiastically participated. This grand event not only created an innovative network that closely integrates industry, academia, research, investment, and media but also built a professional platform for full communication and discussion among the guests from various industries. It showcased the Frost & Sullivan Group's profound insights into the entire industry and global capital markets, providing the best growth solutions for enterprises to layout for the future, create the future, and compete for the future under major trends.   Key Result 4: Annual Frost & Sullivan Growth, Tech Innovation and Leadership Awards Ceremony A total of 21 global awards, China Awards, and the Best Practice Award for the Year were presented. The 2025 Frost & Sullivan Global Growth, Innovation and Leadership Awards Ceremony and VIP Reception were grandly held.   The Frost & Sullivan Growth, Innovation and Leadership Best Practices Award (referred to as the GIL Award) aims to recognize outstanding enterprises that have made significant contributions and achieved leadership in various industries. After nearly 30 years of development globally, the authority and fairness of the award have been widely recognized by the investment and financial communities, as well as within the industry. To date, more than 5,000 excellent enterprises have been recognized worldwide. Enterprises that have received the Frost & Sullivan 2025 GIL Global Award include: Jiangsu Zhonghuiyuantong, Yunshengyanxin, Shili Biology, Sigeng New Energy, Bais Bio, Hengyi Bio, Haohai Shengke, Huakan Bio, etc.; enterprises that have received the Frost & Sullivan 2025 GIL China Award include: Home Depot, Yanzhiwu, Kangnuo Biotech, Yuwang Group, Fantawild, Yipji, Magna Technology, Fosun Karry, Chenggong Hong, Lingkai Technology, Shenzhen Xinkang Science & Technology Innovation, Ruixian Biotech, etc.; enterprises that have received the Frost & Sullivan 2025 GIL Best Practices Award include: Zhongguancun Kejin and Ningxia Jiaojian Transportation Technology Research Institute, etc.   Key Result 6: VIP appreciation dinner, sharing friendship and development     Conference Communication Effect   56 home The media reported on-site the grand occasion of the conference, including: People's Daily Online, Xinhua News Agency, Xinhua Net, Xinhua Finance, Economic Daily, China News Service, China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, Huaxia Times, and other central and party media client apps, official websites, etc., all providing rich forms such as text, images, and videos with multiple reports on this event! (Partial screenshots are released.)   During the conference, 30 Domestic mainstream media conducted exclusive interviews with participating guests, including Xinhua News Agency, Xinhua Net, China News Service, CCTV-1's 'Big Country Brands', Reuters, South China Morning Post, China Securities Journal, Securities Daily, First Finance & Economics, Blue Whale News, Economic Observer, Jiemian News, 21 Finance & Economics, China Business Network, China High-tech Industry Herald, Times Weekly, etc., and widely disseminated the interviews through various forms such as videos and graphics. (Partial screenshots are released.)   super 700 Overseas media and those from the Asia-Pacific region have paid attention to and reported on the grand occasion of this conference, including Bloomberg, Dow Jones Factiva, Eikon, NewsEdge, ProQuest, etc. (Partial screenshots are released.)   Total 20 The home cooperation platform will live broadcast the conference, including Xinhua News Agency's on-site cloud platform, Weibo Health, Dongcai, Vanda, Tonghuashun iFinD, TradeGo, Tianfeng International, Value Online, Weijieyao, Xueqiu, Futu, Xinhua News Agency's Kuaikan video account, Frost & Sullivan video account, LeadLeo video account, LeadLeoplus video account, Cui Hongbo's Brand Talk video account, Brand Think Tank Research Institute video account, Youcai video account, New Consumption Group video account, Medical Device Innovation Network video account. The total online live broadcast exposure exceeded 2.94 million person-times. . (Partial screenshots are released.)   Grand Conference Forum   Opening Ceremony and General Assembly     The opening ceremony and plenary meeting on August 27th gathered a distinguished group of talents and luminaries, shining with brilliance. More than 20 top experts, scholars from various fields, association leaders, capital tycoons, and corporate executives gathered at the scene.   Several heavyweight guests attended to deliver speeches or make presentations, including: David Frigstad, Chairman of Frost & Sullivan's Global Board of Directors; Aroop Zutshi, President and Managing Partner of Frost & Sullivan globally; Dr. Wang Xin, Global Partner at Frost & Sullivan, Co-Chair of Asia-Pacific Region and Chairman of China; Tu Guangshao, President of the Shanghai New Finance Research Institute and Founding Chairman of the Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University; Zhang Guohua, President of the Chinese Advertising Association and Global Vice-President of the International Advertising Association; Liu Zhaobin, former Chief Engineer of the General Administration of Quality Supervision, Inspection and Quarantine of China and former President of the China Quality Miles Campaign Promotion Association; Professor Wang Yu, President of the China Hepatitis Prevention and Control Foundation; Sun Nianrui, Member of the Party Committee and Vice President of the China Listed Companies Association; Kong Xueli, Chairman of Xuzhou Industrial Development Fund Management Co., Ltd.; Xu Shilong, Member of the National Committee of the Chinese People's Political Consultative Conference, Representative of the World Federation for Invention and Innovation (WFII), Rotating President of the Jiangsu Chamber of Commerce, Chairman of Shanghai Port Group; Wang Tingfu, Founding Partner of Xingfu Capital, and others.   First-day Highlights! The grand opening of the 2025 Frost & Sullivan New Investment Conference took place.   ESG and New Productivity Forum   The ESG and New Productivity Summit Forum was held on the afternoon of August 27th, inviting global industry leaders, representatives of leading enterprises in high-tech fields, and leaders in various sub-sectors to gather together. The forum focused on the integrated development of ESG concepts with new productivity, deeply dissected the path of industrial upgrading, explored new trends in the global innovation economy, led the wave of sustainable development, and injected new momentum into global industrial transformation. At the event, 'Growth Opportunities in the Global ESG Climate Risk Platform and Reporting Industry', 'White Paper on the Sustainable Path of Construction Operations', '2025 China ESG Best Corporate Practices Report', and the 2025 China ESG Best Corporate Practices List were released.   Following the Path of the Future "Shaping New Quality of Growth" | The 2025 Frost & Sullivan ESG and New Quality of Productivity Forum Concluded Successfully   "Intelligent Navigation Across the Seas, Connecting the Globe" - Overseas Sub-forum   Facing the new stage of reshaping the global value chain and intensifying technological competition, Chinese technology companies are entering a critical period of globalization expansion. On one hand, enterprises continue to strengthen their technological innovation and first-mover advantages in key areas such as artificial intelligence, digital technology, and new energy, continuously consolidating their independent R&D systems and core competitiveness. On the other hand, actively setting sail overseas, connecting with international resources and markets, and deeply integrating into the global industrial chain have become the core driving force for sustainable growth. Chinese technology companies are actively cultivating overseas markets, building a globalized technology and business ecosystem, and realizing co-creation of value in global markets. Against this backdrop, the 'Intelligent Voyages to the Seas, Global Connectivity' Overseas Sub-forum was successfully held on the afternoon of August 27th. The event site was packed with valuable content, with guests sharing cutting-edge concepts and practical experiences from multiple dimensions such as strategic planning, technological innovation, corporate governance, to market expansion, presenting a feast of intellectual collision and wisdom integration for the participants. At the meeting, the '2025 New Functional Materials Industry Development White Paper' was officially released.   Intelligent Navigation Across the Seas, Global Connectivity Enabled by Blockchain | The Overseas Sub-forum of Frost & Sullivan's 2025 New Investment Conference Concluded Successfully   New Consumption Trend Outlook Forum   As a top event in the new consumer sector, the New Consumer Trends Outlook Forum focuses deeply on key tracks such as the global layout of consumer brands, technology-driven consumer innovation, sustainable consumption practices, food and beverage consumption, and industrial upgrading. It brings together leaders of the global consumer industry, founders of innovative brands, corporate representatives, and heads of top institutions to jointly decode the future growth code of the consumer market. Relying on Frost & Sullivan's in-depth insights into primary and secondary markets, the forum presents the best solutions for the growth of the consumer industry under global contexts through trend analysis, case breakdowns, and cross-border dialogues. It explores the breakthrough strategies for enterprises in the new consumer era in all aspects, promoting the efficient resonance of industrial value and capital momentum. Anchoring new consumption opportunities with a global perspective and reshaping the new growth pattern with innovative momentum! At the conference, the '2025 China Compound Nuts and Beverages Industry Development White Paper' and the '2025 China Peanut Oil Industry White Paper' were officially released.   The sub-forum on New Consumption Trends Outlook at the 2025 Frost & Sullivan New Investment Conference concluded successfully.   China Enterprise Globalization Development Professional Service Forum   As domestic market competition becomes increasingly fierce and growth space gradually saturates, enterprises are in urgent need of opening up new 'battlefields'. Overseas markets, especially emerging economies, possess vast consumer bases that have not been fully tapped. On the afternoon of August 27th, the conference specially held the 'Professional Services Forum on the Global Development of Chinese Enterprises', discussing the development strategies and key points for Chinese enterprises overseas at the micro operational level. The sub-forums were organized around three themes: 'Branding Overseas, Technology Overseas, and Cross-border Overseas', and were carried out in the form of case sharing and roundtable discussions, sharing how AI technology can more efficiently connect enterprise needs for going global. This overseas 'going out' sub-forum accurately targeted the current pain points and difficulties of domestic enterprises, receiving enthusiastic attention and discussion from the participants.   The Professional Services Forum on the Global Development of Chinese Enterprises at Frost & Sullivan's 2025 New Investment Conference concluded successfully.   AI Evolutionary Theory - Physical World Intelligence System Construction Forum   In the transformative wave of artificial intelligence moving from virtual to physical worlds, on August 28, 2025, Frost & Sullivan's new investment conference specially launched the AI Evolution Theory - Physical World Intelligent System Construction Forum co-hosted by Frost & Sullivan and LeadLeo. The forum brought together experts and scholars from the global AI industry, industry leaders, innovative enterprises, investment institutions, and professional service providers to jointly discuss the new momentum injected into traditional disciplines by "AI +", analyze the 50 most transformative technologies of 2025, gain insights into the IPO and refinancing trends of the Hong Kong AI industry, and share cutting-edge hot topics such as vertical large models, embodied intelligent service robots, synthetic data, and intelligent cockpits. At the event, the "White Paper on AI Empowering All Industries", "Best Application Practices in China's GenAI Industry in 2025", "Best Practice Application List of Chinese Al Agents (Intelligent Systems) in 2025", "Insights into the Development of Synthetic Data Solutions in China in 2025", "Insights into the Development of World Models in China in 2025", and "Insights Report on the Development of Specialized, Diversified, Innovative, and High-Quality Enterprises in China in 2025" were released, along with the Frost & Sullivan's quadrant chart report plan for the entire year of 2025 in the AI field.   The sub-forum on the construction of intelligent agent systems in the physical world, part of the 2025 Frost & Sullivan New Investment Conference AI Evolution Theory, successfully concluded.   New Investment Summit Forum in Life Sciences   With the continuous progress of global technology and the growing demand for healthcare, the field of life sciences has embraced unprecedented development opportunities. From gene editing and precision medicine to biopharmaceuticals, as well as the research and development and application of high-end medical devices, innovative achievements in the life sciences are emerging in an endless stream, injecting new vitality into global healthcare. On August 28th, the New Life Sciences Investment Summit Forum —— Medicine and Devices Session gathered industry leaders, biopharmaceutical companies, medical device companies, investment institutions, and professional service organizations under the theme of "Strengthening Foundations to Navigate Waves," focusing on the cutting-edge trends, innovative technologies, and globalization development strategies in the life sciences field, aiming to promote industrial development and global cooperation. At the conference, the "2025 Mitochondrial Medicine Industry Status and Development Trends White Paper," the "2025 Antibody Drug Industry Status and Development Trends Blue Paper," the "2025 China Medical Device Internationalization Status and Trends Blue Paper," and the "2025 Medical Beauty Injection Products Industry Status and Future Development Blue Paper" were officially released.   Strengthening Foundations, Steadily Riding the Waves —— The 2025 Frost & Sullivan Life Sciences New Investment Summit was a great success!   Sub-forum on the High-quality Development of Listed Companies   High-quality development is an essential requirement of Chinese-style modernization. Listed companies, as representatives of China's outstanding enterprise group, constitute an important micro foundation for high-quality development. The sub-forum on the high-quality development of listed companies, held on the afternoon of August 28th, brought together representatives from outstanding enterprises practicing and promoting high-quality development, industry leaders, investment institutions, and professional service agencies. The forum delved into the connotation and path of high-quality development of listed companies, explored new dynamics and trends in comprehensive high-quality development, and through in-depth exchanges and intellectual integration, sparked valuable innovative concepts and practical solutions. Together, they aim to jointly draw a beautiful blueprint for the high-quality development of listed companies.   The High-Quality Development Forum for Listed Companies at the 2025 Frost & Sullivan New Investment Conference concluded successfully   Meet at Frost & Sullivan's New Investment Conference 2026   The 19th Frost & Sullivan Global Growth, Innovation and Leadership Summit 2025 and the 4th New Investment Conference concluded successfully with the support and witness of all participants and partners.   We sincerely thank the supporting organizations of this conference: the China Advertising Association, the China Listed Companies Association, 'China Quality Supervision', and our partners at all levels for their strong support for this conference.   Dr. Wang Xin, Global Partner of Frost & Sullivan, Co-Chair of the Asia-Pacific Region and Chairman of China, said: "The mission of Frost & Sullivan is to convey China's growth, innovation and leadership to the world, enabling the world to better understand China's value and accelerating China's embrace of global opportunities. The Frost & Sullivan Summit has a history of over 30 years globally and has been successfully held in China for 19 consecutive sessions without interruption. In the future, we will continue our commitment to base the conference in Shanghai, serve China, face the world and achieve win-win cooperation. We will help enterprises realize their domestic and overseas growth strategies, empower industrial transformation and upgrading through innovation, cultivate leading Chinese entrepreneurs and ultimately promote the high-quality development of China's economy and society!"   Frost & Sullivan will continue to work with various institutions to help enterprises accelerate their growth, assist them in achieving growth, technological innovation, and leading benchmarks within their industry. Together with all partners, we will build a holistic investment management approach to seek certainty in the new era.   2026, we won't be separated!   About the Frost & Sullivan Summit   The New Investment Event (NIE) originated from the Frost & Sullivan Growth, Innovation and Leadership Summit, which was established by Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan).   The Frost & Sullivan Summit is held globally in over 20 countries and regions, with a history of nearly 30 years. It has attracted the deep participation of a large number of Fortune Global 1,000 companies, top domestic and international financial institutions, and other leading enterprises. It helps them identify opportunities, innovate continuously, accelerate growth, and gain a leadership position in an increasingly complex and changing world.   The Frost & Sullivan Summit 2008 was held in China, with the purpose of 'based in Shanghai, serving the whole country, facing the world, and achieving win-win cooperation'. By 2025, it has been held for the nineteenth session, attracting a cumulative total of over 19,000 professional visitors.   Today, the Frost & Sullivan Summit has become an important platform for outstanding domestic enterprises, the investment community, and regulatory authorities to exchange successful experiences and jointly explore development directions. It is also a vital window through which the world understands China's most cutting-edge development trends. Conference consultation hotline: 021-3209-6800 ext. 8672 General Assembly Consultation Email: gil@frostchina.com   More exciting moments from the conference    

2025 ZAOEDX Early Screening Conference   In response to national strategies and to promote the integration of early screening technology with traditional Chinese medicine, the 2025 ZAODX Early Screening Conference was held at the Sofitel Guangzhou Shengfeng Hotel on December 20-21. With the theme of 'Combining Eastern and Western Medicine, No Disease Exists', the conference brought together experts from around the world to build a platform for academic exchange, achievement transformation, and industrial cooperation, aiming to move early screening from 'consensus' to 'action', contributing Chinese wisdom. On December 21st, Jing Jing, consulting manager of Frost & Sullivan's China Healthcare Business Unit, was invited to attend and deliver a speech. Jing Jing, Consulting Manager at Frost & Sullivan China   In her speech, Jing Jing systematically reviewed the current global and Chinese cancer burden, as well as the development history of cancer screening industries. She focused on cutting-edge branches such as Multi-Cancer Early Detection ( MCED ) track, and conduct an in-depth analysis of the core technology advantages of leading enterprises.     Regarding the current global cancer situation, she stated that lung cancer is the most prevalent cancer globally, with the highest incidence and mortality rates. Moreover, its death toll far exceeds that of other cancers, indicating an unfavorable prognosis and posing a major challenge to global cancer prevention and control. In addition to lung cancer, the top five cancers with high incidence rates include breast cancer, colorectal cancer, prostate cancer, and gastric cancer; the top five cancers with high mortality rates include colorectal cancer, liver cancer, breast cancer, and gastric cancer.   Comparing the ranking of cancers with high incidence and mortality rates, there are significant differences in prognosis among different types of cancer. At the same time, cancers that rank high in both incidence and mortality usually have a poor prognosis, or due to the lack of effective early screening methods, are diagnosed at an advanced stage, posing a major health threat. The high mortality rate of pancreatic cancer directly reflects its malignancy and the great difficulty of clinical treatment. On the other hand, cancers with a relatively high incidence rate but a lower mortality rate benefit from a relatively mature early screening system and effective treatment plans for these types of cancer, significantly extending patients' survival periods and greatly improving survival rates. This current situation provides a clear direction for global cancer prevention and control strategies, and early screening for multiple cancers is imperative.   Cancer screening refers to the process of identifying suspected cancer patients from asymptomatic or symptom-free healthy individuals through certain examination methods, followed by early diagnosis and treatment. This is an important means for early detection and treatment of cancer. The implementation of screening must be determined according to specific conditions, selecting appropriate cancer types and screening methods, and formulating suitable screening plans.     Looking back at the development history of global cancer screening, she believes that the initial development characteristics were: starting with cytological testing for specific cancers, followed by the diversification of technology and its expansion to multiple cancer types. The application of the first screening technology marked the transition from theory to practice in early cancer detection. Screening methods gradually enriched from initial laboratory tests, covering various means such as imaging, enabling cancers like lung cancer, colorectal cancer, and breast cancer to be included in early screening programs. This stage laid the foundational framework for cancer screening, initially demonstrating the potential of screening in reducing cancer mortality, with early screening for multiple cancers becoming a major focus.   At this stage, MCEED is still in the budding and conceptual exploration phase in the strict sense. The research mainly explores the theoretical 'cross-talk' and 'relevance' of biomarkers, which is the most critical first step towards moving from single-cancer thinking to multi-cancer logic, but its transformation prospects are still uncertain.   The development characteristics during the high-speed development period are as follows: frontier technologies represented by methylation detection, mutation signature detection, fragmentation signature detection, and proteomics and metabolomics analysis have achieved diversified breakthroughs, driving the screening paradigm from traditional single-cancer and single-method approaches to broad-spectrum, simultaneous detection based on biomarkers.   Industry consensus is gradually taking shape, with the popularization of concepts prompting capital-intensive entry and intensifying international competition, with Chinese and American companies becoming the main innovators. However, despite the continuous emergence of cutting-edge research findings, their large-scale clinical effectiveness verification, economic evaluation, and the construction of standardized regulatory pathways are generally lagging behind the development speed of the technology itself. Internationally, MCED testing based on whole-genome methylation technology is widely recognized, but its only currently marketed test, Galleri, is still undergoing long-term clinical trials, and its ability to accurately identify tumor locations still needs verification.     Looking at the development history of cancer screening in China, Jing Jing believes that the initial phase of development was characterized by government leadership, focusing on high-incidence areas, regional pilots, and technological catch-up. Compared to developed countries, China's screening practices started significantly later and on a different path. It was only when global evidence-based promotion of traditional single-cancer screening began that systematic work in China was carried out under national planning.   Early screening resources are highly concentrated on high-incidence cancer types in China rather than the key cancer types commonly screened internationally, showing a distinct 'Chinese problem' orientation. The application of technology mainly relies on mature technologies for pilot projects in high-incidence areas, aiming to verify and promote appropriate technical models. This is significantly different from the direction of developed countries exploring cutting-edge molecular markers during the same period.   During the period of rapid development, it can be further divided into two stages: In the first stage, there was a slight divergence between concept advocacy and industry recognition. Although China's cancer screening system has been gradually established under national planning, there are significant differences within the industry regarding the value of screening. Some views are cautious or even skeptical about the clinical effectiveness and cost-effectiveness of emerging screening technologies, believing that their evidence base is not yet sufficient and there is a risk of overdiagnosis. Anpeco Biotechnology Representative local enterprises took the lead in advocating the concept of multi-cancer screening and launched related products as early as 2014. Their strategic choice reflects remarkable foresight.   In the second phase, scientific consensus began to form and validate its value. After 2020, cancer screening in China entered a critical stage driven by high-quality evidence, with industry discussions shifting from 'should screening be done' to 'how to screen more scientifically and efficiently.' MCED officially received authoritative recognition and standardized guidance from the academic community. At the same time, national awareness of early cancer screening has awakened, with demand clearly directed towards more efficient and convenient screening programs. The industry has evolved from early concept advocacy to a new era driven by evidence-based guidelines and precision technology.     Exact Sciences The CancerSEEK innovative technology based on liquid biopsy was first launched globally in 2018, and its MCED product is widely recognized worldwide. Both are globally renowned enterprises. Grapele Its MCED product is the world's first commercial multi-cancer test based on whole-genome methylation technology. Chinese companies include BGI Genomics, Sikin Medical Represented by Hanapaike Biotech. BGI reported clinical results of MCED products at the ASCO Annual Meeting in 2020, demonstrating its international influence and technological innovation. Similarly, Sichuan Cancer Hospital, which has released MCED products in recent years, is a representative of the emerging forces in cancer screening in China, with frequent research achievements in early cancer screening products. Hanapaike Biotech, as the world's first and China's first company to advocate for the concept and technology of multi-cancer screening, does not rely on chemical characteristic markers for its MCED detection logic, and its related products were released significantly earlier than most global cancer screening companies.   Anpeco Biotechnology's leading position can be traced back to the company's founding philosophy and intellectual property layout, which was significantly ahead of the industry's widespread recognition of this concept in 2010. The related patent for MCED submitted in 2011 further clarified the technical path. In 2014, the world's first technology capable of screening for 16 types of cancer was introduced, completing the leap from a patent concept to a technical product, which was pioneering in the industry.     Subsequently, the accumulation and application of long-term, large-scale real-world data are the cornerstone on which advocates can confidently implement their proposals. As of December 2025, the company has established a database of over 330,000 blood samples, providing indispensable support for its technical effectiveness. At the same time, CDA technology's inclusion in the 'Expert Consensus on Multicancer Combined Screening Based on Liquid Biopsy Technology' reflects its practical depth and has contributed to the formation of industry technical standards. The global intellectual property layout ensures the independence and legality of its technical system on a global scale.     Anpeco Biotechnology's independently developed CDA technology is an emerging technology that does not rely on the detection of chemical characteristic markers. CDA technology has strong early detection signals, making it simpler and less costly compared to traditional detection methods, and is more suitable for general screening and early detection among the general population. The specific advantages are reflected in the following: First, early nature; CDA can detect early-stage cancers including precancerous lesions as well as major diseases; second, convenience; there is no need to fast, and only a 5 ml blood sample is required for testing; third, broad-spectrum nature; a single screening can detect nearly 30 core cancer types; fourth, immediacy; while screening for cancer indicators, it can also reflect the basic physical condition of the subject at the time of testing; fifth, high sensitivity and specificity, with sensitivity and specificity for multiple cancer types reaching over 90% simultaneously; sixth, biosafety, without genetic information, and results can be obtained by detecting biophysical signals. Anpeco Biotechnology has transformed multi-cancer screening from an idea into a practical solution through continuous breakthroughs from technical principles to clinical validation to commercial implementation.

Fostering Insights from Frost & Sullivan Recently, MiniMax (Xinyu Technology) and Zhipu AI have successively passed the Hong Kong Stock Exchange listing review, signaling that Chinese AI large model companies will enter the public market. What key signals does this wave of listings convey to the market? What is the current actual scale of the Chinese foundational large model market? What are the main drivers of its growth? How is the current market structure divided? Specifically, for leading startups represented by MiniMax and Zhipu AI, what are their market share and industry position? Compared to models from large companies such as Baidu Wenxin and Alibaba Tongyi, where does their differentiation lie? Looking ahead to the next 2-3 years, which decisive trends will emerge in the Chinese foundational large model market? What is the biggest risk they may face? What is the estimated market size?   Li Qing, China Director at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by The Financial Times to discuss the industrial maturity and commercialization path behind the wave of Chinese large model company listings . The Financial Times *Click on the end of the article Read the original article to view the complete report   Q: Recently, MiniMax (Xinyu Technology) and Zhipu AI have successively passed the Hong Kong Stock Exchange listing review, signaling that Chinese AI large model companies will enter the public market. What key signals does this wave of listings convey to the market? Li Qing China Director at Frost & Sullivan MiniMax and Zhipu AI's success in passing the Hong Kong Stock Exchange listing review is not only a milestone for both companies but also an important sign that the Chinese AI large model industry is maturing. This wave of listings sends several key signals to the market: First, the industry has entered a new cycle of commercial validation and large-scale implementation from the early stage of technology exploration; second, capital markets have begun to provide institutional tolerance to AI enterprises with high R&D investment, which are not yet profitable but possess core technical barriers, making the Hong Kong stock market a crucial bridge connecting China's artificial intelligence industry with global capital; finally, domestic large models have entered a capital empowerment phase of global competition. After going public and raising funds, they will have more sufficient capital to support global layouts, which also indicates that Chinese large model companies are transitioning from local technological competition to a new stage of competing on the same stage as global AI giants. Q: What is the current actual scale of the Chinese foundational large model market? What are the main drivers of its growth? How is the current market structure divided? Li Qing China Director at Frost & Sullivan The market size of Chinese large models exceeded 20 billion yuan in 2024 and is expected to maintain an annual compound growth rate of over 40% for the next three years. The main drivers of growth come from three aspects: first, the urgent need for enterprises to transform digitally and reduce costs while increasing efficiency; second, continuous policy support for AI infrastructure construction; third, technological progress has driven the continuous expansion of application scenarios, deepening from general dialogue to specialized fields such as finance, healthcare, and energy. The current market structure shows clear differentiation: on one hand, internet giants (such as Baidu, Alibaba Tongyi, Tencent, ByteDance, etc.) dominate general scenarios with their data, computing power, and ecosystem advantages; on the other hand, professional large model startups like MiniMax and Zhipu AI focus on technical breakthroughs and vertical field deep cultivation. Among them, Alibaba Tongyi leads far ahead in the open-source model field, not only continuously launching high-quality open-source large model series (such as the Qwen series) but also actively building a developer ecosystem to significantly lower the threshold for enterprises. Its open-source model usage volume is globally leading. In addition, ByteDance's DouPao large model also performs excellently. Q: Specifically, for leading startups represented by MiniMax and Zhipu AI, what are their market share and industry position? Compared to models from large companies such as Baidu Wenxin and Alibaba Tongyi, where does their differentiation lie? Li Qing China Director at Frost & Sullivan Both MiniMax and Zhipu AI are core members of the 'Six Tigers' of large model industry. MiniMax's technical strength is internationally recognized, with its open-source model MiniMax-M2 performing excellently in global authoritative evaluations, while Zhipu AI stands out in developer ecosystem construction. However, at the foundational model level, their substantial differences from large model companies are actually limited. Current mainstream large models generally train on public datasets, and their architectures mostly adopt standard Transformers or their improved versions. Coupled with the fact that many models are open-source, the technical path is highly convergent, making 'building foundational models' itself difficult to form a real barrier. Q: Both companies face the challenges of huge R&D investment and non-profitability. Is their 'burning money' model healthy? What is the key path to profitability? How important is listing fundraising for them to achieve this path? Li Qing China Director at Frost & Sullivan As a capital and technology-intensive track, large models require continuous massive funding for underlying architecture research and development, computing power investment, and data accumulation. Global companies like OpenAI and Anthropic have also experienced long-term investment phases. However, if they rely on external fundraising for 'blood transfusion' and lack a clear revenue loop, this burning money model is essentially unsustainable and cannot be considered healthy. Listing fundraising can only alleviate financial pressure in the short term, supporting technology iteration and market expansion; it is an accelerator, not a cure. If they cannot verify large-scale monetization capabilities within 1-2 years after going public, relying solely on capital to sustain will be difficult to support long-term competition. The truly healthy path is to make revenue growth outpace the rate of burning money. The key path to profitability can be summarized into three points: first, strengthen the revenue loop of APIs and customized services; second, deeply cultivate high-adhesion niche scenarios; third, optimize cost control by innovating architecture and adapting domestic chips to reduce dependence on high-priced imported computing power and reduce cost losses in the inference phase. Listing fundraising plays an indispensable supporting role in this profit path. On one hand, in terms of research and development, funds raised through listing can support their continuous model iteration and expansion of the open-source ecosystem to cope with the competition for computing power and technology from large companies; on the other hand, in terms of commercialization, funds can help expand overseas markets, build channels, and improve customer service systems.   Q: Looking ahead to the next 2-3 years, which decisive trends will emerge in the Chinese foundational large model market? What is the biggest risk they may face? What is the estimated market size? Li Qing China Director at Frost & Sullivan Looking ahead, there are four decisive trends: 1. Parallel development of open-source and closed-source: Enterprises build developer ecosystems and enhance their technical influence through open-source foundational models while retaining closed-source versions of core capabilities for commercial monetization. 2. Accelerated implementation of multimodal and intelligent agent integration, with models shifting from single text and image interactions to cross-modal, manipulable intelligent agent forms, deeply penetrating into physical industries such as manufacturing and intelligent driving. 3. Accelerated process of domestic substitution, with more mature adaptation of domestic chips, frameworks, and models, and the localization rate of computing infrastructure is expected to rise above 40%, reducing industry dependence on overseas hardware. 4. Compliance becomes a basic threshold, with compliance requirements such as data security and model alignment forcing enterprises to improve their technology and management systems. The biggest risks they may face include industry internal strife caused by homogenization competition and supply chain risks related to core technologies and computing power. Currently, high-end computing chips still rely on imports, and if overseas restrictions intensify, it may affect the model iteration progress of some enterprises. *This interview has been published in The Financial Times, with reporter Li Guohui, and the original title was: 'The world's first 'big model' stock' may be born!'

On December 22nd, the Hong Kong Stock Exchange witnessed another grand occasion with the simultaneous ringing of four gongs. Exclusive industry advisor Frost & Sullivan extended their warmest congratulations. Nanhua Futures (2691.HK) , Ming Kee Hospital (2581.HK) , Hua Fen Biology (2396.HK) , Impression Dahongpao (2695.HK) Successfully listed on the Hong Kong Stock Exchange!   All four companies have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan) as their trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for the choices and trust of our customers, and we will live up to our commitments by continuing to accompany more companies in achieving higher-quality development in the capital market with professional services!   Frost & Sullivan (Frost & Sullivan) has always been a leader in helping companies go public in Hong Kong, boasting rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations. According to LiveReport's big data (statistical data as of December 31, 2025), from January to December 2025, as well as over a 36-month statistical period, Frost & Sullivan provided listing industry advisory services for 83 (market share of 72%) and 180 (market share of 71%) successful Hong Kong IPO companies, ranking first in terms of number.   Recommended Reading Winning it all! This week, 4 Hong Kong-listed companies were featured, with industry advisor Frost & Sullivan providing 100% coverage.   Industry consultants Frost & Sullivan are 100% involved, and there was another spectacular scene of four companies ringing the gong at the Hong Kong Stock Exchange in one day   Deeply involved in the gold industry track, Frost & Sullivan has won unanimous industry favor with its professional industry advisory services   78% of leading 'A+H' companies choose Frost & Sullivan's advisory services for their listings in Hong Kong.   Industry consultants Frost & Sullivan are 100% involved, and a 'major event' featuring eight companies going public on the Hong Kong Stock Exchange unfolds over a week   Nanhua Futures Co., Ltd. (Stock Code: 2691.HK)   Nanhua Futures Co., Ltd. Positioned as a leading futures company in China, it provides futures and derivatives services both domestically and internationally by virtue of its in-depth understanding of the needs of Chinese and overseas clients, as well as its keen insight into the global financial and derivatives markets.   BenQ Healthcare Group Co., Ltd. (Stock Code: 2581.HK)   BenQ Healthcare Group Co., Ltd. It is a private for-profit comprehensive hospital group in the Chinese mainland, currently owning and operating two private for-profit comprehensive hospitals. Calculated based on total revenue in 2024, the company is the largest private for-profit comprehensive hospital group in East China, holding a market share of 1.0% in the region; by the same measure, it ranks seventh among all private for-profit comprehensive hospital groups nationwide, with a market share of 0.4% in China; calculated based on average bed income in 2024, the company ranks first among all private for-profit comprehensive hospital groups in mainland China.   Huafeng Biotechnology (Qingdao) Co., Ltd. (Stock Code: 2396.HK)   Huafeng Biotechnology (Qingdao) Co., Ltd. It is an innovative biopharmaceutical company focusing on wound healing and tissue repair. The company selects indications based on unmet clinical medical needs, deeply invests in the field of wound healing treatment, and takes platelet-derived growth factor (PDGF)-related drugs as the core R&D pipeline.   Impression Dahongpao Co., Ltd. (Stock Code: 2695.HK)   Impression Dahongpao Co., Ltd. is a leading cultural and tourism performance company in China, dedicated to building around local characteristic cultural resources Immersive cultural and tourism experience The business mainly includes performances and related services, the Impression Cultural Tourism Town business, and the Chaotang Hotel business.   During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong stock market and overseas. It is a leading enterprise in the field of investment and financing strategy consulting in China. Frost & Sullivan has long cooperated closely with globally renowned investment banks, accounting firms, law firms, investment institutions, and industry-leading enterprises to build an efficient domestic investment and financing demand matching platform, enabling it to quickly form comprehensive consulting service teams. Over the past decade, Frost & Sullivan has consistently ranked first in the market share of professional industry consultants for Chinese companies listing on the Hong Kong stock market and overseas; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses of leading A-share and science and technology innovation board listed companies, primary and secondary market research reports, and other capital market disclosure documents.  

On December 22nd, the Hong Kong Stock Exchange witnessed another grand occasion with the simultaneous ringing of four gongs. Exclusive industry advisor Frost & Sullivan extended their warmest congratulations. Nanhua Futures (2691.HK) , Ming Kee Hospital (2581.HK) , Hua Fen Biology (2396.HK) , Impression Dahongpao (2695.HK) Successfully listed on the Hong Kong Stock Exchange!   All four companies have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan) as their trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for the choices and trust of our customers, and we will live up to our commitments by continuing to accompany more companies on their capital market journey towards higher-quality development with professional services!   Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of September 30, 2025), from January to September 2025, and during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services for 47 (market share 72%), 62 (market share 69%), and 162 (market share 70%) Hong Kong IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations.   Nanhua Futures Co., Ltd. (Stock Code: 2691.HK)   Nanhua Futures Co., Ltd. Positioned as a leading futures company in China, it provides futures and derivatives services both domestically and internationally by virtue of its in-depth understanding of the needs of Chinese and overseas clients, as well as its keen insight into the global financial and derivatives markets.   BenQ Healthcare Group Co., Ltd. (Stock Code: 2581.HK)   BenQ Healthcare Group Co., Ltd. It is a private for-profit comprehensive hospital group in the Chinese mainland, currently owning and operating two private for-profit comprehensive hospitals. Calculated based on total revenue in 2024, the company is the largest private for-profit comprehensive hospital group in East China, holding a market share of 1.0% in the region; by the same measure, it ranks seventh among all private for-profit comprehensive hospital groups nationwide, with a market share of 0.4% in China; calculated based on average bed income in 2024, the company ranks first among all private for-profit comprehensive hospital groups in mainland China.   Huafeng Biotechnology (Qingdao) Co., Ltd. (Stock Code: 2396.HK)   Huafeng Biotechnology (Qingdao) Co., Ltd. It is an innovative biopharmaceutical company with wound healing and tissue repair as its core research direction. The company selects indications that meet unmet clinical needs, deeply invests in the field of wound healing treatment, and takes platelet-derived growth factor (PDGF)-related drugs as its core R&D pipeline.   Impression Dahongpao Co., Ltd. (Stock Code: 2695.HK)   Impression Dahongpao Co., Ltd. It is a leading cultural and tourism performance company in China, dedicated to building immersive cultural and tourism experiences around local characteristic cultural resources. Its business mainly includes performance services, Impression Cultural and Tourism Town business, and tea soup hotel business.   During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly three thousand companies successfully list in Hong Kong and overseas, making it a leading enterprise in the field of domestic investment and financing strategy consulting. Frost & Sullivan has long cooperated closely with globally renowned investment banks, audit firms, law firms, investment institutions, and industry-leading companies, establishing an efficient domestic investment and financing demand matching platform that can quickly form comprehensive consulting service teams. Over the past decade, Frost & Sullivan has continuously ranked first in the market share of professional industry advisory services for Chinese companies listing in Hong Kong and overseas; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses of leading A-share and STAR Market listed companies, as well as in primary and secondary market research reports and other capital market disclosure documents.  

Last week, Bursa Malaysia and Hong Leong Investment Bank Berhad co-hosted the 20th Bursa–HLIB Stratum Focus Series, bringing together industry leaders to discuss how tourism continues to support Malaysia’s economic growth.   Frost & Sullivan was proud to contribute to the session, with Yi Han Chia, Associate Director, sharing how digital transformation, real-time data, and AI are reshaping the tourism industry as Malaysia prepares for Visit Malaysia Year 2026.    Yi also highlighted how data-driven technologies are enhancing personalized travel experiences, improving operational efficiency, managing visitor flows, and strengthening destination competitiveness. Yi Han Chia, Associate Director at Frost & Sullivan Asia-Pacific   As Malaysia gears up for Visit Malaysia 2026, digitalisation is reshaping the tourism sector. Yi Han Chia, Associate Director at Frost & Sullivan Asia-Pacific, highlights how real-time data, AI, and integrated platforms enable efficient, personalised, and sustainable travel experiences.    From contactless tickets and QR codes to AI-driven itineraries and AR/VR cultural experiences, technology is enhancing visitor management and boosting economic returns. With 28.2 million foreign visitors recorded Jan–Aug 2025, Malaysia is already surpassing pre-pandemic levels.    As noted by Utusan Malaysia, open data and tech adoption are no longer optional, they are essential to ensure Malaysia’s tourism sector remains resilient, sustainable, and future-ready.

Frost & Sullivan insight Current photovoltaic companies are deploying energy storage across various sectors. What is the most direct driving factor? What natural synergies exist between photovoltaics and energy storage that make their integration an inevitable trend? In the context of photovoltaic companies entering the energy storage sector, what competitive landscape has emerged at the market level? What changes have been brought about by the entry of photovoltaic companies into this pattern? In the future development of photovoltaic companies competing in the energy storage sector, which factors will become key determinants of success or failure? How should companies deploy and focus on these aspects?   China Executive Director of Frost & Sullivan (Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan') Xiang Wei received an interview with China Business News to discuss industry opportunities and competitive logic under the acceleration of photovoltaic- storage integration. China Business News *Click on the end of the article Read the original article for a complete report   Q: What is the most direct driving factor for current photovoltaic companies deploying energy storage? What natural synergies exist between photovoltaics and energy storage that make their integration an inevitable trend? Xiang Wei China Executive Director of Frost & Sullivan The most direct driving factor for current photovoltaic companies deploying energy storage is the intermittency and volatility of photovoltaic power generation, making energy storage a key supporting measure to ensure power balance, improve system utilization rates, and enhance power supply reliability. Photovoltaics and energy storage have natural synergies in energy production, management, and dispatching: the electricity generated by photovoltaics can be optimized through the energy storage system in terms of time and space, while the energy storage system can smooth out photovoltaic output fluctuations, improving power quality and terminal utilization efficiency. Looking ahead, it is expected that the global new photovoltaic installations will grow from 504.4 GW in 2024 to 1,040.4 GW in 2030, with an annual compound growth rate of 12.8% during this period. At the same time, the global installed capacity of energy storage systems is expected to increase from 187.2 GWh in 2024 to 922.0 GWh in 2030, with an annual compound growth rate of up to 30.4%. Photovoltaic- storage integration has not only become an inevitable choice for improving energy system efficiency but has also gradually formed a core track in the strategic layout of photovoltaic companies.   Q: In the context of photovoltaic companies entering the energy storage sector, what competitive landscape has emerged at the market level? What changes have been brought about by the entry of photovoltaic companies into this pattern? Xiang Wei China Executive Director of Frost & Sullivan Currently, the energy storage sector presents a competitive landscape with diverse participants coexisting, including traditional energy storage system suppliers, new energy integrators, and rapidly growing technology startups. As photovoltaic companies enter the energy storage market, the pattern has changed significantly: on one hand, photovoltaic companies, with their mature photovoltaic production capacity, supply chain management capabilities, and existing customer networks, quickly penetrate the energy storage market, forming an upstream and downstream integration advantage from power generation to energy storage; on the other hand, the large-scale entry of photovoltaic companies has accelerated market integration and competition, promoting the standardization of energy storage products, cost reduction, and large-scale application, while also increasing the speed of technological iteration and overall industry service capabilities, putting existing energy storage companies under new competitive pressure and strategic adjustment needs.   Q: In the future development of photovoltaic companies competing in the energy storage sector, which factors will become key determinants of success or failure? How should companies deploy and focus on these aspects? Xiang Wei China Executive Director of Frost & Sullivan In the future development of photovoltaic companies competing in the energy storage sector, the key factors determining success or failure mainly include technical capabilities, cost control, supply chain management, system integration and service capabilities, as well as market channel expansion. Technical capabilities determine the efficiency, lifespan, and reliability of energy storage systems and are at the core of product competitiveness; cost control and supply chain optimization affect the company's profit level and market price advantage; system integration and service capabilities are related to the implementation effect and customer stickiness of integrated photovoltaic- storage solutions; while a complete market channel and customer network can quickly achieve large-scale application. Companies should deploy comprehensively: first, increase investment in core energy storage technology research and product iteration to improve energy density, cycle life, and safety performance; second, establish a vertically integrated supply chain system to ensure the autonomy and controllability of key raw materials, core equipment, and production capabilities; third, promote the overall design and integration service capabilities of photovoltaic- storage systems to form an 'photovoltaic + energy storage + operation and maintenance' closed loop; fourth, rely on existing photovoltaic customer networks and overseas market layouts to accelerate large-scale implementation and achieve differentiated services, ensuring long-term advantages in competition. *This interview has been published in China Business News, with reporter Zhang Wenyu, and the original title was: Shaanxi's Photovoltaic Leader Enters the Energy Storage Sector

Foreign-funded Enterprise Roundtable   On December 16th, the Shanghai Municipal Market Supervision Administration held a roundtable meeting for foreign-invested enterprises to gain an in-depth understanding of their development in Shanghai, promote continuous improvement of the business environment, and fully serve the development of foreign-invested enterprises in Shanghai. Ni Junnan, Secretary of the Party Leadership Group and Director of the Administration, and Peng Wenhao, a member of the Party Leadership Group, Deputy Director, and First-Class Inspector, attended the meeting.   Dr. Wang Xin, Global Partner and Co-Chair of the Asia-Pacific Region, and Chairman of Frost & Sullivan China, was invited to attend the Roundtable and deliver a speech. Roundtable event venue   This meeting focused on extensively listening to the opinions and suggestions of foreign-funded enterprises on how to better serve their development in Shanghai. The aim is to promote the regular resolution of development challenges through enterprise roundtable discussions, establish a long-term mechanism, continuously improve the level of government services and the quality and efficiency of supervision and law enforcement by the market supervision system, solve the difficulties and bottlenecks encountered by foreign-funded enterprises in their operation and development in Shanghai, and fully serve the safe and stable development of foreign-funded enterprises in Shanghai.   A total of 16 representatives from foreign-invested enterprises and chambers of commerce were invited to participate in this roundtable. The enterprise representatives mainly come from multinational company headquarters and leading enterprises in industries such as biomedicine, high-end manufacturing, daily chemicals, medical technology, entertainment services, professional consulting, animal health care, food and beverage ingredients, catering services, and cosmetics. At the meeting, representatives included Budweiser Group, Honeywell, US Chamber of Commerce, PepsiCo, Merck Sharp & Dohme, Inviva, Disney, Frost & Sullivan, Ernst & Young, Michelin, Boehringer Ingelheim Representatives from 16 enterprises and chambers of commerce, including Johnson & Johnson, Unilever, McDonald's, Merck, and Amorelia, spoke in succession. They introduced the current development status of their enterprises and put forward opinions, suggestions, and demands regarding difficulties and bottlenecks faced by their enterprises, such as regulatory enforcement, fair competition, intellectual property protection, occupational claims, market access, etc.   Dr. Wang Xin stated that in the past three years, Frost & Sullivan has truly felt the significant optimization of the business environment in Shanghai. As the only sample city for China to participate in the World Bank's Business Environment Assessment, Shanghai performed outstandingly in the World Bank's 2025 China Enterprise Survey data—22 out of 59 assessment points reached the global best level. This not only signifies that Shanghai's reform achievements have been internationally recognized but also establishes its status as a 'wind vane' for China's business environment construction. At the same time, Shanghai actively cooperates with the General Administration to promote the construction of a unified national market, and its accumulated successful experience continues to lead the country. Based on Shanghai's excellent business environment, Frost & Sullivan is actively promoting the relocation of its Asia-Pacific headquarters to Shanghai on top of establishing a China headquarters in Shanghai. Dr. Wang Xin expressed gratitude to regulatory authorities for their early planning for the next year's business environment 9.0 version through policy-enterprise exchanges at the end of the year. He revealed that the Chinese version of 'Go Global - The Growth Coaching Book', also known as 'Guide to Enterprise Growth Overseas', will be launched in Shanghai soon. In the future, Frost & Sullivan will continue to leverage its professional advisory advantages in capital markets to fully escort Chinese enterprises' 'going global', resonate with regulatory authorities in the direction of 'marketization, rule of law, and internationalization', and actively cooperate to jointly help Shanghai build an internationally first-class business environment and enhance the global competitiveness of Chinese enterprises.   The meeting required that we should adhere to problem-oriented and effect-oriented approaches, and make every effort to resolve the issues and demands reflected by foreign-funded enterprises. We need to further enhance the convenience of registration for foreign-invested enterprises. We should optimize and simplify the registration process for foreign-funded enterprises in accordance with the law, shorten processing times, and improve their experience and satisfaction. We need to provide greater support for foreign-invested enterprises to participate in standardization work. We should give full play to the role of the Shanghai Foreign-invested Enterprises Standardization Cooperation Platform, encourage foreign-invested enterprises to participate in standard setting or revision, and ensure that foreign-funded enterprises enjoy equal access to standardization policies in accordance with the law. We need to coordinate and optimize law enforcement inspections involving foreign-invested enterprises more vigorously. We should optimize and expand the hierarchical classification inspection model of 'risk + credit', expand the application scenarios of seamless supervision and off-site inspections, strengthen compliance guidance for foreign-funded enterprises, implement inclusive and prudent supervision equally, and enhance their confidence in investing in Shanghai. We need to strengthen the innovation protection of foreign-invested enterprises more vigorously. We should continuously increase the intensity of intellectual property law enforcement, and severely investigate and deal with illegal acts such as trademark, patent, geographical indication, and trade secret infringement against foreign-funded enterprises. We should coordinate with the law to combat profit-driven professional claims and reports, and protect the lawful and compliant operation of foreign-funded enterprises in Shanghai. Next, the Shanghai Municipal Market Supervision Administration will further improve the regular liaison mechanism with foreign-invested enterprises, expand communication channels, implement the 'service package' system for key foreign-funded enterprises, provide point-to-point services for foreign-funded enterprises, transform the 'demand list' of enterprises into a 'service list', actively respond to personalized demands of enterprises, and fully serve the development of foreign-invested enterprises in Shanghai.

This week has seen frequent good news in the Hong Kong capital market. In just one week, a total of 4 companies have been successfully listed on the Hong Kong Stock Exchange. Exclusive industry advisor Frost & Sullivan warmly congratulates LEMO Technology (2539.HK) , Jinyan Gaoling New Materials (2693.HK) , Meeting the Little Noodles (2408.HK) , Tianyu Semiconductor (2658.HK) Successfully listed on the Hong Kong Stock Exchange this week!   All four companies have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as F&S) as their trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for our clients' choices and trust, and will live up to expectations, continuing to accompany more companies in achieving higher-quality development in the capital market with professional services!   Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport big data (statistical data as of September 30, 2025), from January to September 2025, as well as during the past 12 and 36 months, F&S provided listing industry advisory services for 47 (market share of 72%), 62 (market share of 69%), and 162 (market share of 70%) Hong Kong IPOs, ranking first in terms of number, with rich industry experience and communication experience with regulatory agencies, exchanges, investment and financing institutions, and various related organizations.   Anhui Jinyan Gaoling Clay New Materials Co., Ltd. (Stock Code: 2693.HK)   Anhui Jinyan Gaoling Clay New Materials Co., Ltd. (Stock Code: 2693.HK) successfully landed on the main board of the Hong Kong capital market on December 3, 2025. The company is a Chinese enterprise focusing on the entire coal-based kaolin industry chain operation, covering mining, research and development, processing, production, and sales.   LEMO Technology Co., Ltd. (Stock Code: 2539.HK)   LEMO Technology Co., Ltd. (Stock Code: 2539.HK) successfully landed on the main board of the Hong Kong capital market on December 3, 2025. The company is a leading Chinese machine massage service provider, dedicated to providing massage services through machine massage equipment located in service outlets in crowded public places across China.   Guangdong Tianyu Semiconductor Co., Ltd. (Stock Code: 2658.HK)   Guangdong Tianyu Semiconductor Co., Ltd. (Stock Code: 2658.HK) successfully landed on the main board of the Hong Kong capital market on December 5, 2025. The company is a leading silicon carbide epitaxial wafer supplier and a pioneer in the silicon carbide epitaxial wafer industry, focusing on the research and development and industrialization of high-quality silicon carbide epitaxial wafers since its establishment. In terms of sales revenue and volume of silicon carbide epitaxial wafers in the Chinese market in 2024, the company ranks first among silicon carbide epitaxial wafer manufacturers in China.   Guangzhou Meeting the Little Noodles Catering Co., Ltd. (Stock Code: 2408.HK)   Guangzhou Meeting the Little Noodles Catering Co., Ltd. (Stock Code: 2408.HK) successfully landed on the main board of the Hong Kong capital market on December 5, 2025. The company is a leading modern noodle restaurant operator, with the Chongqing small noodle series as its main brand, dedicated to creating a diversified business model suitable for all people, all times, and all scenarios.   During the process of companies going public in Hong Kong, F&S mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Exchange.   Since the Frost & Sullivan team started providing investment and financing advisory consulting services for corporate leaders and their management teams, it has helped nearly 3,000 companies successfully go public in Hong Kong and overseas, making it a leading enterprise in the field of domestic investment and financing strategic consulting. F&S has long-term close cooperation with globally renowned investment banks, accounting firms, law firms, investment institutions, and industry-leading enterprises, building an efficient domestic investment and financing demand docking platform and being able to quickly form a comprehensive consulting service team. In the past decade, F&S has ranked first in the market share of professional industry advisory services for Chinese companies going public in Hong Kong and overseas for consecutive years; and in recent years, F&S reports have also been widely cited in the prospectuses of leading A-share and Sci-tech Innovation Board listed companies, primary and secondary market research reports, and other capital market public documents.  

AI Era & 'Chinese Brands' Innovation and Integrated Development Forum   This year marks the conclusion of the 14th Five-Year Plan and the beginning of the 15th Five-Year Plan. Facing the next five years, to further enhance confidence and momentum for the high-quality development of China's economy, improve corporate innovation capabilities, and promote mutually beneficial cooperation, the Brand Work Office of Xinhua News Agency held the 2025 (Tenth) Entrepreneurs' Boao Forum from December 2nd to 5th at Boao, Hainan. The forum, themed 'Linking the Globe, Leading the Future: New Opportunities of the 15th Five-Year Plan', set up a main forum and dozens of parallel forums. Among them, the magazine 'Chinese Brands' of Xinhua News Agency planned and hosted the 'AI Era & Chinese Brands' Innovation and Integrated Development Forum', inviting relevant ministries and local leaders, experts and scholars, heads of central and state-owned enterprises, private entrepreneurs, and other guests to attend, creating a grand event that brings together consensus and discusses the future.   Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan's Greater China Region, and Co-founder and President of LeadLeo, was invited to attend and deliver a speech. Wang Chenhui   In his speech, Wang Chenhui systematically explained how Chinese brands can build a sustainable brand value growth curve against the backdrop of the full acceleration of artificial intelligence from three dimensions: national strategy, technological transformation, and industrial trends.   He stated that 2025 is an important juncture connecting the 14th and 15th Five-Year Plans, and brand building has been entrusted with a new national strategic mission. Against this backdrop, AI technology has become a core competitiveness, with the integration of digital and physical worlds determining the 'thickness' of brand assets, and a world-class system determining the 'breadth' of influence. In the global AI context, Chinese brands must form a credible knowledge structure that can be deeply understood by AI to truly build international influence.   In the AI era, brand international competitiveness is different from the hard power built on past reliance on 'Made in China'. If Chinese brands are absent from the underlying corpus of global large models or are misdescribed, even if their products are excellent, they will 'lose their voice' in the digital world. 'We want AI to refer to Chinese brands when answering what is the best new energy vehicle or what is innovative consumer electronics.' He pointed out that this is precisely the 'new discourse power' that China wants to compete for in the AI era.   According to the latest data from Frost & Sullivan's and LeadLeo research institutes, the global application downloads of large models reached 1.7 billion in the first half of 2025, ChatGPT with over 750 million active users per month. The reshaping of information entry points by AI has become an irreversible trend, with about 80% of global web information entry points occupied by large model applications, and the same percentage on mobile devices. He emphasized that this means a complete migration of user habits has occurred, and AI has become the super entry point for information flow in the new era.   With the deep evolution of the AI ecosystem, brands also face the triple dilemma of 'invisible, indescribable, or even misinterpreted': being ignored if not in the priority display area for AI; AI understanding biases can lead to distorted brand value expression; and incorrect content and illusions can even trigger serious public relations risks.   In his speech, Wang Chenhui reviewed the 1.0 mechanism of GEO ( Generative Engine Optimization ), pointing out that its mechanistic approach can easily induce data pollution. On this basis, he introduced GAO (Generative Awareness Optimization, generative cognitive optimization ) system, emphasizing that the goal of GAO is not to pursue simple 'citation', but to enable brands to achieve long-term, structured 'cognitive shaping' in the AI context, precipitating into sustainable digital cognitive assets.   Centering on the practical path of GAO, he systematically elaborated on three pillars: traceability of authoritative sources, factual evidence, and semantic context integrity. 'The essence of GAO is not keyword stuffing, but helping AI establish a deep understanding of brands, enabling them to accurately express brand value in various contexts.'   Outside the methodological framework, he supplemented and explained the practical application paths and progress of Frost & Sullivan and LeadLeo, including the release of an AI context brand influence assessment questionnaire, the launch of AINPS and GEO index two major professional indicator systems, and their full integration into the 'LeadLeo AI context monitoring platform', to help enterprises 'see themselves and their competitors' and accurately grasp the real competitiveness of brands in the AI ecosystem.   He stated that the marketing logic in the AI era has shifted from 'traffic competition' to 'cognitive competition'. Brands must be 'seen, understood, trusted, and selected', which constitutes the underlying logic of brand value shaping in the AI era.   In terms of the globalization of Chinese brands, he pointed out that the current mainstream global large model corpus is still dominated by Western perspectives. Chinese brands need to shift from being 'passive describers' to 'active definers', continuously providing high-quality Chinese and bilingual content to 'calibrate' global AI's cognitive biases towards Chinese brands and build a more real and three-dimensional brand image.   In addition, he emphasized the brand social responsibility in the AI era and stated that 'LeadLeo adheres to the principles of fact-based, value-oriented, content compliance, and traceability of sources, and undertakes the mission of building the future based on value, jointly established by authority, and restoring the original source, hoping to jointly maintain a high-quality AI information ecosystem with all sectors.'   'In this new AI world where information is difficult to distinguish between true and false, the most valuable asset is not traffic, but the trust that AI cannot shake.' Finally, he called on all parties to embrace technological innovation and seize the new opportunities for brand building in the AI era.