Insights from Frost & Sullivan Starting from the fourth quarter of 2024, a large number of A-share listed companies have sought listing on both A and H markets, and this trend is intensifying. In April 2025 alone, the number of companies disclosing their Hong Kong listing plans and the total market value exceeded that of the first quarter of 2025. Judging from the market performance of Hengrui Medicine's successful listing on the Hong Kong Stock Exchange, reaching the upper limit of the issuance range, and a significant increase on the first day, does this reflect the current capital market's confidence in the internationalization of Chinese innovative pharmaceutical companies? Can Hengrui's listing open the way for more local pharmaceutical companies to seek financing in Hong Kong or overseas?   Zhang Chenyang, consulting director of Frost & Sullivan's Life Sciences Business Unit in Greater China, introduced an interview with the Daily Economic News to discuss the impact of Hengrui's listing on the internationalization of innovative drugs . Daily Economic News *Click at the end of the article Read the original article for a complete report     Q: From the market performance of Hengrui Medicine's successful listing on the Hong Kong Stock Exchange, reaching the upper limit of the issuance range, and a significant increase on the first day, do you think this reflects the current capital market's confidence in the internationalization of Chinese innovative pharmaceutical companies? Can Hengrui's listing open the way for more local pharmaceutical companies to seek financing in Hong Kong or overseas? Zhang Chenyang Consulting director of Frost & Sullivan's Life Sciences Business Unit in Greater China   As a representative of large Chinese pharmaceutical companies, Hengrui Medicine's successful issuance of H shares this time fully demonstrates the global capital market's recognition of the innovative R&D capabilities of Chinese pharmaceutical companies. What Chinese pharmaceutical companies can solve is not only domestic unmet clinical needs; we also hope that products with high clinical benefits can benefit patients worldwide. Hengrui's appearance on the international stage will also fully boost the confidence of Chinese innovative pharmaceutical companies in listing in Hong Kong, and we believe that more Chinese innovative pharmaceutical companies will tell their own investment stories based on disruptive clinical data and pipelines with high revenue potential.   Q: Hengrui Medicine has raised HK$100 billion through this Hong Kong stock offering, intending to invest in R&D and internationalization. In your opinion, how will this promote Chinese pharmaceutical companies to occupy a higher position in the global innovation drug competition? What positive impacts may it bring to upstream and downstream enterprises in the domestic innovation drug industry chain? Zhang Chenyang Consulting director of Frost & Sullivan's Life Sciences Business Unit in Greater China   As of now, Hengrui Medicine already has more than 90 new molecular entities and has also created myths in terms of quantity and amount in overseas BD transactions. The funds raised through this Hong Kong stock offering will be applied to the advancement of clinical R&D and the construction of an innovation platform, providing financial support for creating more first-in-class and best-in-class products, and enabling Chinese innovative drugs to truly go global and benefit patients worldwide. The R&D of innovative drugs cannot be separated from the support of all links in the industry chain. For upstream and downstream enterprises, the internationalization of innovative drugs also means that raw materials, equipment instruments, and service providers related to new drug R&D will gradually align with international standards, creating opportunities for gaining recognition from pharmaceutical companies worldwide. *This interview has been published in the Daily Economic News, with reporters Xu Libo and Zhen Sujing. The original title was: From Lianyungang to Hong Kong, Hengrui Medicine Sets a Record for the Largest IPO of Hong Kong-listed Pharmaceuticals in Nearly Five Years, Raising a Total of HK$10 Billion

Frost & Sullivan insights "Snatching up LABUBU" has become a microcosm of the recent life in the trendy toy industry. On April 24, 2025, with the release of the third-generation enamel plush toy "Frontal High Energy" series under Bubble Mart's popular IP LABUBU, a global craze for purchasing ensued. According to Bubble Mart's latest performance report, overseas market revenue soared by 475%-480% year-on-year, becoming the absolute main driver of growth. Among them, the Asia-Pacific region maintained its momentum, while Europe and America experienced explosive growth. What are the main reasons why Bubble Mart can achieve growth in these two regions? Bubble Mart belongs to non-essential consumer goods, and product sales are vulnerable to shocks during economic downturns. Why has Bubble Mart been able to maintain counter-cyclical growth? Compared to other trendy toy brands such as TOPTOY and 52TOYS, what is its differentiated advantage in the overseas market?   Zhu Yiming, Executive Director of Frost & Sullivan Greater China, was interviewed by Business School magazine to discuss IP going global and cultural resonance . Business School Magazine *Click at the end of the article Read the original text View the full report     Q: According to the latest performance report of Popomart, overseas market revenue soared by 475%-480% year-on-year, becoming the absolute main driver of growth. Among them, the Asia-Pacific region maintained its momentum, while Europe and America witnessed explosive growth. What are the main reasons why Popomart has been able to achieve growth in these two regions? Zhu Yiming Executive Director, Greater China, Frost & Sullivan The success of Popomart stems from the flywheel effect of 'IP incubation - full-channel reach - cultural promotion - user feedback'. By designing and resonating with emotions to create cross-cultural appeal, relying on direct-operated networks and localization strategies to lower market entry barriers, it has completed the transformation from trendy toys to pan-entertainment, building a global IP ecosystem.   1) IP Design: Cultural Resonance and Local Innovation   Popcorn Mart has formed an IP matrix covering different cultural backgrounds by signing global artists, tapping into local designers, and collaborating with internationally renowned IPs (such as Disney and Marvel). For instance, the Thai CRYBABY series was designed by local artists, incorporating tear-drop elements to evoke emotional resonance and entered the top two best-selling lists in Thailand within two months. Another example is the Tycoco skull image, which is popular in the Mexican market due to its connection with the undead culture, while the European market prefers the space-themed Space Molly29. By collaborating with local artists and designing limited editions, the brand enhances consumers' cultural identity.   2) Product Matrix: Category Expansion and Scenario Extension   Blind Box Mode Upgrade: The blind box gameplay combines randomness with collectible attributes, complemented by a scarcity design for hidden items, stimulating repeat purchases. For example, LABUBU plush accessories are 'hard to come by' in mainland China, and the trend has also been replicated in Southeast Asian markets.   Diversification of categories: Expanding from collectibles to MEGA (big kids), plush toys, building blocks, derivatives (such as Hanfu collaborations), and theme parks. In 2024, plush toy revenue increased by 994% year-on-year, while MEGA grew by 142%.   Build immersive scenarios: Extend the IP lifecycle through animations, mobile games (such as the collaboration with "Ne Zha 2"), theme parks, and pop-up entertainment exhibitions (such as PTS International Exhibition), to create immersive consumption scenarios. For example, the Singapore pop-up entertainment exhibition attracted over 20,000 visitors over three days, strengthening brand cultural output.   3) Sales Channels: Direct Store Expansion and Omnichannel Penetration   Landmark store strategy: Opening thematic flagship stores at global landmarks such as Bangkok's MEGA BANGNA and the Louvre in Paris, with the highest single-day sales reaching 10 million yuan.   Regional expansion strategy: Adopting a 'from near to far' approach, priority will be given to culturally similar regions such as Southeast Asia (e.g., Thailand, Indonesia) and East Asia (South Korea, Japan), followed by expansion into Europe and America. By 2024, overseas stores will exceed 147, with 11 new locations added in the United States.   Online full-platform coverage: Dominated by DTC online stores, social fission dissemination is carried out by integrating social e-commerce and UGC content.   4) Marketing: Emotion-driven and localized operations   Localized precision strategy: Promoted in Thailand with local stars (such as Lisa), launching traditional clothing versions of LABUBU; enhancing brand tone in Europe through the Louvre flagship store. For example, the welcome ceremony at Bangkok Airport with LABUBU featured an integration of IP into local cultural symbols, in collaboration with the Tourism Authority of Thailand.   Localization of the supply chain: Vietnamese factories are put into production to reduce production costs, and overseas warehousing arrangements (such as North America) improve logistics efficiency. By 2024, overseas production will account for 10% of total production, with the goal of further expansion.   Q: Bubble Mart is a non-essential consumer product. In times of economic downturn, product sales are vulnerable to impact. Why has Bubble Mart been able to maintain counter-cyclical growth? Compared to other trendy toy brands such as TOPTOY and 52TOYS, what is its differentiated advantage in the overseas market? Zhu Yiming Executive Director, Greater China, Frost & Sullivan   The current Chinese economy continues to maintain a steady growth trend, with GDP expected to reach 135 trillion yuan in 2024, maintaining a year-on-year growth rate of 5.0%. It may further increase to 5.4% in the first quarter of 2025. On the consumer side, the market is undergoing structural changes: The millennial and Z generations (accounting for over 45%) as the core consumer group exhibit a combination of rationality and emotionality—demanding not only a high match between product price and functional value but also seeking cultural identity and emotional experience carried by goods. Under this trend, trendy toy companies represented by Popomart are building competitive barriers through a full industrial chain layout: at the front end, they collaborate with over 800 artists globally to incubate IPs, using "cultural symbols + localized narratives" to resonate with consumers; at the middle end, relying on a digital supply chain system, they compress the design-to-production cycle to 21 days and achieve flexible production through overseas production bases in Vietnam and other regions; at the terminal, they form a closed-loop sales network with more than 300 direct-operated stores and D2C e-commerce platforms. Their ecological closed loop of "content creation - agile manufacturing - precise reach" not only drives an average annual growth rate of 15% in customer unit price but also reshapes the new consumption paradigm of "goods are emotional carriers." Compared to traditional toy merchants, this model, centered on cultural empowerment and supported by a responsive supply chain, provides a replicable sample for companies to achieve differentiated breakthroughs in the era of consumer segmentation.   Q: According to the financial report data of Popomart for 2024, the membership renewal rate has been on a downward trend, dropping from 58% in 2019 to 49.4% last year. The decline in the renewal rate is a market characteristic of this product. How should Popomart better improve the renewal rate? Zhu Yiming Executive Director, Greater China, Frost & Sullivan   Although the user repurchase rate of nearly 50% is still at a high level in the industry, the year-on-year decline of this indicator by 8.7 percentage points (from 54.3% in Q4 2023 to 45.6% in Q4 2024) requires a structural interpretation: In 2024, 11.729 million new registered members were added, a sharp increase of 34% year-on-year, driving the cumulative number of mainland Chinese members to exceed 46 million, with new customers accounting for 25.4% - the dilution effect brought about by large-scale traffic inflows is the main cause of short-term fluctuations. Looking at deeper data, core users (the 10.2% high-net-worth group with annual consumption exceeding five times) have a stable annual average repurchase frequency of 7.2 times, and the average transaction value per customer has increased by 18%, proving that the consumer stickiness of the base plate remains strong. The current challenge lies in how to convert the 'taste-testers' (with an average annual consumption of 1.2 times) who account for 62% of the total membership into continuous consumers. It is recommended to focus on two key approaches: one is to strengthen identity recognition by grading the membership system (such as offering limited edition priority purchase rights with annual subscription SVIPs); the other is to develop a 'luxury-oriented product line' based on user profiles (pricing between 200-500 yuan), filling the gap in consumer upgrade paths between ordinary blind boxes (59-99 yuan) and high-end collectibles (over a thousand yuan), to create a secondary repurchase scenario with a stepped product matrix. This may become the key path to breaking through the imbalance dilemma of 'traffic growth-retention conversion'.   Q: What are the main issues or challenges that Popomart still needs to face in its globalization expansion at present? Zhu Yiming Executive Director, Greater China, Frost & Sullivan   The essence of competition in the trend culture industry is the struggle for cultural identity, with a core focus on establishing a deep spiritual resonance between products and consumers. However, regional cultural differences lead to significant differentiation in consumer demands: Asian markets prefer cute and healing IPs (such as Sonny Angel, with a penetration rate of 37%), while European and American users tend towards rebellious street art symbols (such as KAWS, accounting for over 60% of sales in North America), and the Middle East market has seen a surge in demand for trend culture that incorporates local mythological elements (the transaction volume of related categories at the 2024 Dubai Trend Culture Exhibition increased by 82% year-on-year). This diversity requires companies to build a three-stage model of 'cultural decoding - IP reconstruction - product adaptation': first, through localized community operations (such as Popcorn Mart in Southeast Asia collaborating with local artists to hold 'cultural gene mining' workshops), extracting regional emotional symbols; then, using modular design to transform abstract cultural elements into commercializable IP images (such as the 'MOLLY Oriental Maid series' with a repurchase rate of up to 58% in Hong Kong and Macau); finally, matching product forms according to consumer scenario differences—first-tier cities promote limited-edition artworks (collectible items priced over 2000 yuan), lower-tier markets focus on cost-effective blind boxes (59-99 yuan mainstream line), and overseas markets develop religious cultural fusion items (such as Indonesian Islamic-style blind boxes with annual sales exceeding 1.2 million pieces). Only by completing a full-chain closed-loop from 'cultural insight' to 'commercial carrying' can companies truly break through regional barriers and achieve resonance between spiritual and commercial value.   Q: Under the influence of tariff background, what are the main reasons why Popomart can resist this risk to a certain extent? Zhu Yiming Executive Director, Greater China, Frost & Sullivan   From the strategic moves of Popomart in recent years to accelerate the layout of production bases in Southeast Asia, it is evident that its global supply chain reconstruction has formed a clear path: the capacity deployment in Vietnam (2 factories), Indonesia (1 industrial park), and Thailand (under construction) not only effectively offsets the trade barriers imposed by Europe and America on Chinese-made toys with an additional 15-25% tariff, but also constructs an agile supply network with 'regional center radiation'. Data shows that Southeast Asian factories have reduced the delivery cycle for orders from Europe and America to 12 days, a 40% acceleration compared to the original Chinese export model, and localized production has increased the product iteration speed to new series every quarter for 3-4 new items. The deeper value lies in the closed-loop of 'localized production - localized adaptation': on one hand, by monitoring regional consumption data (such as the Muslim population accounting for 87%), rapidly developing religious and cultural fusion products (with a 92% first-month sales rate for the 2024 Bali limited series); on the other hand, relying on local supply chains to achieve 'light inventory' operations, reducing the proportion of unsold items from 18% to 7%. This dual-engine strategy of 'risk diversification + direct demand connection' is reshaping the global competition paradigm of the pop culture industry. *This interview has been published in the Business School magazine, with reporter Wang Yadi and the original title being: Becoming the World's PopMart, Not Just by LABUBU   Contact number: 021-5407-5836 Contact email: PR@frostchina.com

Recently, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued the "Opinions on Improving the Price Governance Mechanism," which emphasized the important direction of deepening market-oriented price reforms and explicitly proposed to establish and improve the energy storage price mechanism. The introduction of this policy will not only have a profound impact on the structure of the electricity market but also provide new market participation paths for industrial and commercial users, promoting efficient energy use and green transformation. How should we view the significance and impact of establishing and improving the energy storage price mechanism on the energy storage industry? At present, what difficulties still face the improvement of the energy storage price mechanism? According to the new regulations, the government will actively promote the establishment of the energy storage price mechanism, aiming to guide the market to form reasonable energy storage prices, thereby motivating more industrial and commercial users to participate in electricity market exchanges. To promote more industrial and commercial users to directly participate in market transactions, from a behind-the-scenes logic perspective, how should we understand the driving role this group plays in promoting electricity trading and the energy storage market?   Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') China regional executive director Xiang Weili was interviewed by Securities Daily to discuss the reconstruction of the energy storage value mechanism. Q: How do you view the significance and impact of establishing and improving the energy storage price mechanism on the energy storage industry? At present, what difficulties still face the improvement of the energy storage price mechanism? To power Executive Director, Greater China, Frost & Sullivan Establishing and improving the energy storage price mechanism is of great significance to the energy storage industry. On one hand, it helps to clarify the market value of energy storage, guide rational investment inflows, and promote the healthy development of the industry; on the other hand, the price mechanism can promote the optimal allocation of energy storage resources, improve system operation efficiency, and enhance the flexibility of the power system. However, there are still some difficulties in improving the price mechanism at present, such as: an imperfect cost recovery mechanism for energy storage, lacking a long-term and stable revenue model; market rules are not yet perfect, and price signals are unclear; at the same time, the diversity of energy storage value in different application scenarios also poses challenges to pricing. It requires coordinated efforts from policies, markets, technology, and other aspects to gradually establish a scientific, reasonable, and sustainable energy storage price mechanism.   Q: According to the new regulations, the government will actively promote the establishment of an energy storage price mechanism, aiming to guide the market to form reasonable energy storage prices, thereby motivating more industrial and commercial users to participate in electricity market exchanges. To promote more industrial and commercial users to directly participate in market transactions, from a behind-the-scenes logic perspective, how should we understand the driving role this group plays in electricity trading and energy storage markets? To power Executive Director, Greater China, Frost & Sullivan Industrial and commercial users, who directly participate in power market transactions and energy storage markets, can significantly enhance market vitality and competitiveness. On one hand, as major electricity consumers, they are more sensitive to price changes and have the ability to participate in peak-valley arbitrage and ancillary services through flexible adjustment of electricity consumption behavior, thereby enhancing the application value and economic efficiency of energy storage. On the other hand, the widespread participation of industrial and commercial users will drive the transformation of energy storage from 'policy-driven' to 'market-driven', accelerate business model innovation and technological progress, and promote the mature development of the entire energy storage industry chain. Therefore, this group is not only an important participant in the power market but also a key force in constructing a new type of power system.   Q: Policy support will promote further innovation and application of energy storage technology, while also creating clear market demand for related enterprises. With the gradual implementation of policies, which segments of the energy storage industry chain will embrace development opportunities? To power Executive Director, Greater China, Frost & Sullivan With the gradual implementation of policies, the energy storage industry chain will embrace all-round development opportunities, especially in the upstream key material and equipment manufacturing, midstream system integration, and downstream application segments (such as grid-side energy storage, commercial and industrial energy storage, household energy storage). After policies clarify market demand, they will accelerate the aggregation of capital and technology towards core links, promote breakthroughs in high-performance, low-cost energy storage technologies, and also spur the rapid development of value-added segments such as operation and maintenance services and energy management systems, helping to improve the overall quality and efficiency of the industry chain.   Q: The development of the energy storage market is not only promoted by policies, but market demand and technological progress are also indispensable factors. From the perspective of enterprises, we should pay more attention to which areas of technology their companies are making progress in? To power Executive Director, Greater China, Frost & Sullivan From the corporate perspective, the key to promoting the development of the energy storage market lies in focusing on breakthroughs in core technologies and application innovation, especially in areas such as battery energy density improvement, optimization of charging and discharging efficiency, cost control, extension of battery life, and enhancement of safety performance. In addition, intelligent management systems, energy management algorithms, modular design, and system integration capabilities are also important directions for companies to achieve differentiated competition and expand their markets. These technological advancements not only enhance product competitiveness but also provide strong support for companies' implementation and application in diversified scenarios of energy storage.   Q: The introduction of Document No. 136 has also had a significant impact on the energy storage industry, which is currently in a policy transition period. As a necessary means for coordinating and regulating new energy, the industry believes that the configuration method of energy storage has shifted from the passive configuration required by past policies to an active configuration oriented towards value returns. What is your view on this? To power Executive Director, Greater China, Frost & Sullivan This transformation marks a shift from policy-driven to market-driven development in the energy storage industry, which is a crucial step towards high-quality development. The issuance of Document No. 136 emphasizes that energy storage, as an important tool for new energy consumption and power system regulation, is shifting its allocation method from 'passive compliance' to 'value orientation'. This means that enterprises will pay more attention to the actual benefits of energy storage in peak shaving, frequency regulation, electricity price arbitrage, capacity services, etc. This not only helps to improve the economic efficiency and flexibility of energy storage allocation but also prompts enterprises to focus more on practical results in technological innovation and business models, driving energy storage from 'equipping up' to 'optimizing allocation'.   Q: In recent years, there has been a severe industry competition in energy storage. With the introduction of a series of policies, what changes are expected to occur in the industry's competitive ecosystem? To power Executive Director, Greater China, Frost & Sullivan With the introduction of a series of policies, the competitive ecosystem in the energy storage industry will gradually shift from 'price war' to 'value competition'. In the past, companies generally focused on low prices to capture the market, leading to serious product homogenization. The implementation of new policies will push the market to place more emphasis on technological innovation, system integration capabilities, and full lifecycle service capabilities. In the future, companies with core technologies, stable supply chains, and sustainable business models will stand out in competition, and the industry will accelerate its evolution towards high-quality, standardized, and differentiated development. *This interview has been published in 'Securities Daily', with reporters Xu Linyan and Feng Yuyao. The original title was: Market-oriented Reform of Energy Storage & 'Breaking Through and Establishing at the Same Time' to Embark on a New Journey of Value Competition

Announcement of Declaration Letter Recently, our company has noticed that there are individual companies in the market /Counterfeiting the brand's market position statement issued by us, arbitrarily tampering with the market position statement issued by us declaration Key information in the conclusion, Taobao, Tmall, JD.com, etc. False promotion through multiple channels , to Consumers and Markets It has caused adverse misguidance, and at the same time Seriously damaged the reputation of our company. At the same time, our company has also noticed that category In addition to fabricating market position research conclusions issued by our company, the enterprise has also misinterpreted the nature of the market research services provided by us, wrongly stating that the market research services provided by our company "XXX professional quality inspection team rigorously reviews product qualifications", "XXX international organization authoritatively certifies", and so on. Our company special It is emphasized that the Market Positioning Statement service mainly conducts independent market research and studies for specific markets. Through rigorous data research services, it investigates data such as the release time or market sales performance of specific brand products based on market consensus and industry-related standards. It does not involve any services that confirm or verify product quality, specifications, technology, standards, etc. category Enterprises not only fabricate relevant conclusions but also maliciously misinterpret the findings of research reports, strongly associating the conclusions with implied content such as product quality, practical effectiveness, and industry standards, thereby releasing misleading information to the public that Frost & Sullivan is an institution engaged in product quality testing or experimentation. Our company hereby urges the following stores to remove any false or fabricated statements about our company's market position as soon as possible. book and related picture And text :   1. Taobao store name: Shenzhen Huaqiang North Original Goods Store Product Title: Bluetooth Headphones, Wireless Earbud-style Bone Conduction Open-fit Over-Earphones, Suitable for Men and Women Who Exercise or Run 2025 New Model 2, Taobao Store Name Huaqiangbei Original and Genuine Earphones Headquartered in Beijing Product Title: Bluetooth earphone 2025 New Wireless Earbud Open-Ended Air-Bone Conduction 3, Tmall store name: You earnestly Digital Flagship Store Product Title: Bluetooth Headphones 2025 New Clip In-Ear Bone Conduction Wireless Open-Loop Sport Running Earloop 4, Tmall store name: Andme Digital Flagship Store Product Title: Bluetooth Headset Wireless Earbud Type, Sony Official Original, In-ear-Not-Compliant 2025 New Bone Conduction 5, JD.com store name :Diligent Audio-Visual Entertainment Specialty Store Product Title: WeDon [Official Website Clip | 2025 New Model] Bluetooth earphone earplugs with open design, top-of-the-line wireless running sports call noise reduction, bone conduction suitable for Huawei [Rose Gold]. Panoramic sound effect | Comfortable for long wear, ultra-long battery life, ultra-clear calls with noise reduction   at the same time, To maintain market order and our legitimate rights and interests, in response to the aforementioned infringement, our company has collected and fixed relevant evidence and filed a complaint through multiple regulatory channels. will The right to take further legal measures shall be retained, and the infringing party shall be held legally responsible in accordance with the law.     Frost & Sullivan May 26, 2025

Frost & Sullivan insight Exoskeleton robots, known as the 'lazy person's mountain climbing helper,' have swept across domestic mountainous scenic areas. At popular destinations such as Huangshan in Anhui, Mount Tai in Shandong, and Huashan in Shaanxi, these wearable devices have quickly become popular for their 'painless mountain climbing' experience, receiving enthusiastic support from tourists. What are the main application scenarios of exoskeleton robots? What is the current price range, and will prices continue to decline in the future? What are the key factors affecting price trends? What are the core technological highlights of exoskeleton robots? How can technological innovation be used to achieve high-difficulty movements such as 'painless mountain climbing'?   China executive director of Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') Xiang Wei was interviewed by Time Weekly to discuss how exoskeleton technology balances performance and user experience. Time Weekly *Click on the end of the article Read the original article for a complete report   Q: What are the main application scenarios of exoskeleton robots? What is the current price range, and will prices continue to decline in the future? What are the key factors affecting price trends? Xiang Wei Executive Director of Frost & Sullivan Greater China Exoskeleton #Robot is a man-machine collaborative device that combines mechanics, sensors, control systems, and artificial intelligence technology. It currently shows broad application prospects in multiple fields. Currently, exoskeleton robots can be used to help disabled or elderly people with rehabilitation training, especially those recovering from spinal cord injuries, strokes, and motor dysfunction. In manufacturing, exoskeletons can provide workers with support for waist, shoulder, and leg strength, reducing their physical burden and improving production efficiency.   Exoskeleton robots vary in price from thousands to millions of yuan depending on the application scenario. With technological progress and increased application scenarios, prices are expected to decline in the future. Especially in industrial and civilian markets, as technology advances and market demand expands, product prices are expected to gradually become more affordable. Key factors driving down exoskeleton robot prices include the improvement of technical maturity, especially the development of lightweight materials, drive motors, and intelligent control systems, which have reduced manufacturing costs; secondly, the expansion of production and application scale, where economies of scale will flatten unit costs; thirdly, policy support. For example, if medical scenarios can be included in the medical insurance system or receive government procurement support, market penetration will accelerate; in addition, the substitution of domestic parts and the improvement of the industrial chain will further compress costs and drive prices down.   Q: What are the core technological highlights of exoskeleton robots? How can technological innovation be used to achieve high-difficulty movements such as 'painless mountain climbing'? Xiang Wei Executive Director of Frost & Sullivan Greater China Exoskeleton robots rely on relatively complex electronic control technology, motor technology, and sensing systems, as well as strong intelligent control capabilities. Modern exoskeleton robots are equipped with a variety of sensors, such as electromyography (EMG) sensors, inertial measurement units (IMU), and pressure sensors, which can capture users' movement intentions and posture changes in real time. For example, the HAL (Hybrid Assistive Limb) system developed by Cyberdyne Corporation in Japan detects weak electrical signals emitted by users' muscles to predict their movement intentions and provide corresponding assistance. Secondly, exoskeleton robots use lightweight, high-torque motors or hydraulic servo drive systems, combined with flexible materials, to improve the comfort and response speed of the exoskeleton. For example, the Hypershell X exoskeleton weighs only 1.8 kilograms and can significantly enhance leg strength and reduce muscle burden. In addition, through AI algorithms and multi-modal sensor fusion, exoskeletons can achieve natural interaction with users. The MotionEngine AI system of Hypershell X supports multiple modes, including walking, cycling, and mountain climbing, which can automatically switch according to users' actions and provide personalized assistance. During outdoor climbing, exoskeleton robots predict users' action intentions through various sensing technologies and provide corresponding assistance. The use of lightweight materials such as carbon fiber and titanium alloy, combined with ergonomic design, improves the wearing comfort of exoskeleton robots, reduces user fatigue, and helps users achieve 'painless mountain climbing'. *This interview has been published in Time Weekly, with reporter Zhu Chengcheng, and the original title was: 'Lazy person's mountain climbing helper' goes viral: Exoskeleton robots are popular, potentially sparking a silver-haired market of 310 million people     Contact phone: 021-5407-5836 Contact email: PR@frostchina.com

EY Fudan Most Promising Companies 2025   From ChatGPT's stunning entry into public view to DeepSeek's global impact, the world has been continuously amazed by the powerful capabilities of large language models. Embodied intelligence is an emerging and important research direction in the field of artificial intelligence, marking a significant step towards general artificial intelligence. It endows artificial intelligence with a 'physical carrier,' thereby building a bridge for direct communication between artificial intelligence and the physical world. The government work report for 2025 mentioned 'embodied intelligence' and 'intelligent robots' for the first time, signaling that this field has officially become a national strategic direction.   On May 23, 2025, Shanghai - the 'EY Fudan Most Promising Companies' 2025 selection activity was officially launched today and has been accepting registrations from all sectors since then. This selection will be themed 'Unlimited Possibilities - Intelligent Embodiment for a Better Future', focusing on innovative entities that anchor the integrated application of AI and robotics technology and possess the capability for large-scale implementation. It aims to help build a new ecosystem of 'technology - industry - people's livelihood' coordinated evolution, dedicated to discovering a group of non-listed companies with excellent performance and growth potential, and assisting them in rapidly growing into industry leaders. Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan') is the co-supporting institution for this selection event. Dr. Wang Xin, a global partner of Frost & Sullivan and Chairman of the Greater China Region, attended the launching ceremony as a representative of the co-supporting institutions and a member of the selection committee, and delivered a welcome speech.   Chen Kai, Chairman of EY China and Chief Executive Officer of EY Greater China, said "2025 is the year to conclude the 14th Five-Year Plan and begin the planning for the 15th Five-Year Plan. The explosive development of large AI models that has emerged at the beginning of the year is accelerating the reconstruction of the industrial landscape— from intelligent manufacturing to people's livelihood services. The deep integration of technological innovation with scenario applications precisely injects 'intelligent momentum' into economic growth. Embodied intelligence is an important direction for cultivating future industries in China and also a significant force leading industrial transformation, promoting economic growth, and social progress. With proactive policy-driven efforts and key technology breakthroughs, it is believed that 'embodied intelligence' will create a brand-new intelligent future."   Since its inception in 2011, after 15 years, the "EY Fudan Most Promising Companies" selection has gained widespread social influence and profound practical significance, continuously attracting attention from all sectors of society and strong support from various sectors. As of this year, including nearly 50 unicorn companies, a total of 348 emerging companies have stood out in the selection, covering many forward-looking and strategic emerging industries such as high-tech, artificial intelligence, space aerospace, biotechnology, new energy and materials.   This year's selection is jointly carried out by Ernst & Young in collaboration with a team of senior scholars and professors from the academic community led by the School of Management at Fudan University. The selection will adhere to professional, objective, and open principles, focusing on evaluating the future growth potential, sustainable development, national and international development capabilities, as well as whether an enterprise has a clear competitive advantage. At the same time, the emphasis on 'technology empowering people's livelihoods' and 'policy coordination innovation' highlighted in the Government Work Report provides a new value coordinate for the selection: we not only focus on technological breakthroughs themselves but also pay attention to the practical contributions of enterprises in promoting regional balanced development and transforming scientific research achievements. We look forward to truly transforming innovation momentum into tangible social development through identifying 'technology implementation pioneers'. He Zhaofeng, Head of Listing Services for Greater China at EY   He Zhaofeng, Head of Listing Services for Greater China at EY, said: "15 years ago, we embarked on this journey with the School of Management at Fudan University, with the mission of discovering China's innovative forces. From focusing on innovation practices in supply-side reform in the early days to deeply integrating into the digital economy wave in recent years, this platform has always resonated with national strategies and has become a link connecting academic wisdom with industry frontiers. 15 years of accumulation have made us more clearly aware that the growth of potential enterprises requires multi-dimensional empowerment from capital, technology, and ecosystems. EY will continue to leverage its global network advantage to provide full-cycle support for selected enterprises, ranging from strategic consulting to capital market connections, to jointly write a new chapter in China's technological innovation."   EY has always been committed to focusing on the growth of emerging enterprises and encourages entrepreneurs to fully leverage their entrepreneurial spirit to illuminate the path of innovation. In the future, EY is willing to stand alongside enterprises, expand industrial boundaries with intelligent technologies, accelerate technological breakthroughs and industrial transformation, provide the 'Chinese solution' for global technology governance, and help build an open, shared, and sustainable intelligent future. Professor, Doctoral Supervisor at Fudan University, Deputy Dean of the School of Management at Fudan University, Lü Changjiang   Dr. Wang Xin, Global Partner and Chairman of Frost & Sullivan Greater China Region   Dr. Wang Xin, Global Partner at Frost & Sullivan and Chairman of the Greater China Region, pointed out that Frost & Sullivan has been a partner of EY's Most Potential Companies selection for the fifth consecutive year, jointly identifying and empowering emerging industry leaders in China's strategic emerging sectors.   The themes selected for MPE represent the hottest investment directions in recent years, which also possess infinite commercial potential. Dr. Wang Xin stated that the evolution from artificial intelligence to embodied intelligence represents a new advancement in the application development of intelligent technologies, and it is a crucial leap from virtual worlds towards more advanced forms of intelligence in the physical world. The development of embodied intelligence benefits from interdisciplinary integration, with a wide range of application scenarios and broad growth potential.   As a globally leading investment banking and corporate growth consulting firm, Frost & Sullivan is committed to providing professional consulting services for industries with high growth potential, strategic importance, and leadership qualities. Over the past 30 years, Frost & Sullivan has helped nearly a thousand companies successfully list on global capital markets by providing professional industry analysis, market insights, and investment and financing consulting services. Among them, there are many outstanding enterprises in artificial intelligence, semiconductors, robotics, and related fields. We have not only witnessed the growth of these enterprises but also contributed our part to their development journey.   During this year's selection process, we will continue to uphold a professional, objective, and fair attitude, strictly evaluating the participating enterprises based on a series of key indicators such as industry attributes, development models, and innovation capabilities. We strive to identify a new batch of future industry leaders. Frost & Sullivan will also continue to leverage its comprehensive investment management services in market insight, strategic planning, capital operations, and other areas. We will cooperate deeply with firms such as Ernst & Young and Fudan to empower their development.   Finally, Dr. Wang Xin said, 'Only innovators advance, only innovators are strong, and only innovators win.' In this era filled with challenges and opportunities, Let us all look forward to these most promising enterprises bravely standing at the forefront, using technological power to grasp the future, business wisdom to meet challenges, and social responsibility to demonstrate their commitment. They will lead the future industries and intelligent wearable industries towards boundless innovation and infinite possibilities!     Recommended Reading Recent whitepapers related to the AI field 1. Frost & Sullivan, in collaboration with LeadLeo Research, released 'Insights into the Content Marketing Industry in the New AI Era 2025'. 2. Frost & Sullivan, in collaboration with LeadLeo Research Institute, released the '2025 China Large Model Annual Evaluation Report'. 3. Frost & Sullivan, in collaboration with LeadLeo Research Institute, released the '2024 China Enterprise Going Global Cloud Services Market Report'. 4. Frost & Sullivan, in collaboration with LeadLeo Research Institute, released the '2024 China GenAI Technology Stack Market Report'. 5. Frost & Sullivan, in collaboration with LeadLeo Research Institute, released the '2024 China AI Agent Annual List'. 6. Frost & Sullivan, in collaboration with LeadLeo Research Institute, released 'China Industry Cloud Hybrid & Private Cloud Market Report 2024'.   AI Industry Advisory Cases (Scroll up and down to view more) Frost & Sullivan assisted INLF in successfully going public in the US (INLF.NASDAQ) Frost & Sullivan assists Innoventec in successfully listing on the Hong Kong Stock Exchange (2577.HK) Frost & Sullivan helps Tianju Dihé successfully go public in Hong Kong (2479.HK) Frost & Sullivan helps YunGongTang successfully go public in Hong Kong (2512.HK) Frost & Sullivan assists UOB Holdings in successfully listing on the Hong Kong Stock Exchange (8529.HK) Frost & Sullivan assists MFS Group in successfully listing on the Hong Kong Stock Exchange (2556.HK) Frost & Sullivan assisted ZBAAO.US, a leading provider of cloud-based enterprise software, in successfully going public in the US. Frost & Sullivan assisted Logica in successfully going public in the US (LGCL.NASDAQ) Frost & Sullivan assisted Ebuy International in successfully listing on the Hong Kong Stock Exchange (9880.HK) Frost & Sullivan helps Beck Microelectronics successfully go public in Hong Kong (2149.HK) Frost & Sullivan assisted WILL's successful issuance of GDRs on the Hong Kong Stock Exchange Frost & Sullivan assists Conglian Technology in successfully going public in the US (ICG.NASDAQ) Frost & Sullivan assisted iRobot in successfully going public in the US (AIXI.US) Frost & Sullivan assists Kingsoft Cloud Holdings in successfully listing on the Hong Kong Stock Exchange (3896.HK) Frost & Sullivan assists Haojing Technology in successfully listing on the Hong Kong Stock Exchange (2440.HK) Frost & Sullivan assists Xuanwu Cloud Technology in successfully listing on the Hong Kong Stock Exchange (2392.HK) Frost & Sullivan assisted Huitongda in successfully listing on the Hong Kong Stock Exchange (9878.HK) Frost & Sullivan helps innovative startups successfully go public in Hong Kong (2121.HK) Frost & Sullivan helps SenseTime Technology successfully go public in Hong Kong (0020.HK) Frost & Sullivan assists Qinhuai Data in successfully going public in the US (CD.NASDAQ) Frost & Sullivan assists Mingyuan Cloud in successfully listing on the Hong Kong Stock Exchange (0909.HK) Frost & Sullivan assists Century Group in its successful listing on the Hong Kong Stock Exchange (1849.HK) Frost & Sullivan assisted WeCom Group in successfully listing on the Hong Kong Stock Exchange (2013.HK) Frost & Sullivan assists Wan Ka Yilian in successfully listing on the Hong Kong Stock Exchange (1762.HK) Frost & Sullivan helps AsiaInfo Technology successfully go public in Hong Kong (1675.HK) Frost & Sullivan assists Hong Kong Asia Holdings in successfully listing on the Hong Kong Stock Exchange (1723.HK) Frost & Sullivan assisted Aurora Mobile in successfully going public in the US (JG.NASDAQ) Frost & Sullivan assists Crown Holdings in successfully listing on the Hong Kong Stock Exchange (8606.HK) Frost & Sullivan helps Qiyi Technology successfully go public in Hong Kong (1739.HK) Frost & Sullivan assists WeBank Jinko in successfully listing on the Hong Kong Stock Exchange (2003.HK) Frost & Sullivan helps HuiFu Tianxia successfully go public in Hong Kong (1806.HK) Frost & Sullivan helps Atlinks successfully list on the Hong Kong Stock Exchange (8043.HK) Frost & Sullivan assists Zioncom in successfully listing on the Hong Kong Stock Exchange (8287.HK) Frost & Sullivan assists ISP Global in successfully listing on the Hong Kong Stock Exchange (8487.HK) Frost & Sullivan assists Vobile in successfully listing on the Hong Kong Stock Exchange (3738.HK) Frost & Sullivan assists Abbot Technology in successfully listing on the Hong Kong Stock Exchange (2708.HK) Frost & Sullivan assisted iClick in successfully going public in the US (ICLK.NASDAQ) Frost & Sullivan assists Shengye Capital in successfully listing on the Hong Kong Stock Exchange (6069.HK) Frost & Sullivan assists Anling International in successfully listing on the Hong Kong Stock Exchange (8410.HK) Frost & Sullivan assists Ankox Systems in successfully listing on the Hong Kong Stock Exchange (8353.HK) Frost & Sullivan assists Junmeng International in successfully going public in Hong Kong (8062.HK) Frost & Sullivan assists Feida in successfully listing on the Hong Kong Stock Exchange (8342.HK) Frost & Sullivan helps Future Data successfully go public in Hong Kong (8229.HK) Frost & Sullivan assists Asia-Pacific Backup Systems Group Limited (8290.HK) in successfully going public in Hong Kong *The above order is not sequential and is arranged in reverse chronological order based on listing time.  

2025 International Beer Brewing Summit Business Forum   On April 15, 2025, the annual grand event of the Asian craft beer industry - CBCE 2025 - was grandly held at the Shanghai New International Expo Center. As the largest professional event for craft beer in Asia, this summit, themed 'Cross-Border Integration', gathered leaders, scientific pioneers, and innovators from the global beer industry to jointly discuss cutting-edge trends and business transformation paths in the industry.   Mr. Zhang Jian, Partner and Managing Director of Frost & Sullivan Greater China, was invited to attend the event. From an industry perspective, he conducted an in-depth analysis of the development trends of the craft brewing and restaurant markets from a capital perspective. Zhang Jian, Partner and Managing Director of Frost & Sullivan Greater China Region   Zhang Jian stated that the watershed for investment and financing in China's beer industry was 2013. Before 2013, the beer industry was in a growth phase, with leading enterprises rapidly expanding through investment and mergers and acquisitions of local breweries to complete market integration. Afterward, the industry entered a stockpiling stage, with top companies shifting towards high-end and product upgrades, leading to a slowdown in investment and financing activities. Craft brewing, as an important direction for the industry's high-end transformation, saw an investment and financing peak between 2021 and 2022. Subsequently, affected by the overall cooling of the consumer market, its popularity declined, and the investment style shifted from early angel/A rounds to mature targets, reflecting that capital values profit model validation and scalability. Zhang Jian, Partner and Managing Director of Frost & Sullivan Greater China Region   Zhang Jian pointed out that 'nightlife' is gradually becoming a fashionable lifestyle pursued by citizens. The booming development of China's nightlife economy market is conducive to participants in the restaurant and bar market further creating offline social platform attributes at night, promoting the further development of the industry. In recent years, many places have introduced a series of policies to support and guide the layout of related industries. With the optimization of urban facilities and services, and the continuous assistance of core driving factors such as industrial integration and business format innovation, China's nightlife economy has entered a stage of rapid development.   He stated that craft brewing is an 'imported product' that has gradually come into public view with the maturity of China's beer industry. After years of development, it has initially established a market scale both online and offline and has been defined as 'artisan beer'. It has gone through four development periods, including: Industry infancy (early 20th century - 1960s): China entered the era of industrial beer, and craft brewing had not yet entered mainstream consciousness; Developmental phase (1970s - early 21st century): The concept of 'craft beer' was introduced in the UK, and Chinese bars began to serve 'self-brewed' beer; Maturity period (about 2008-2017): Craft beer received widespread attention online and offline, with industry scale growing; The new phase of 'Craft Beer' (since 2018): Craft brewing, as an 'imported product', has acquired a new official name in China, namely 'Craft Beer'.   With the increasing heat, the concept of 'craft beer' has been given a new official definition as an 'imported product' by beer industry-related organizations in 2018, which refers to 'brewhouse beer'.   The brewing beer saccharification and dispersion fermentation technology involves a series of processes including crushing, gelatinization, saccharification, and fermentation of the main ingredient malt to obtain the finished product. Each step requires strict control to ensure high-quality brewing output. Affected by consumption upgrading and increased health awareness, the demand for traditional industrial beer continues to shrink. With the gradual release of excess capacity pressure in the early stages, production volume decreased by only 5.0% after 2019. At the same time, the industry maintains high operational efficiency, production and sales rates, and continuously improves inventory turnover efficiency through optimized supply chain management, providing support for enterprises to maintain profitability under market contraction conditions. Overall, under the trend of rationalizing consumption concepts, the Chinese beer market has entered a new development stage where quality replaces quantity, and the future rate of production contraction is expected to further slow down.   He pointed out that looking at the development processes of the United States and Japan, both beer industries have gone through a phase of transformation from quantity to quality. The trend towards high-end products is clear, and craft beer, as the core carrier of beer's high-endization, is becoming a key driving force for industry development. The overall production of the beer industry has declined, while the craft beer industry has grown rapidly, with steady increases in overall penetration and market share. Compared to the United States, there is still room for growth in the craft beer market in the future.   He stated that the Chinese restaurant industry is booming, with industry revenue exceeding 110 billion in 2024. However, the current chain rate is relatively low. Based on the experience of developed countries, it is estimated that there is significant room for concentration improvement in the Chinese restaurant industry in the future.   Finally, Zhang Jian stated that the integration of dining and drinking is becoming a new trend in the restaurant industry. By extending operating hours to 16-18 hours to cover all consumption scenarios, it not only meets the diverse needs of young people for dining and then moving on to drinking, but also optimizes operational costs by improving floor efficiency, becoming an important direction for restaurant transformation and upgrading. The restaurant industry will exhibit the following four main development trends:   I. In the face of intensified industry competition and rising operating costs, restaurant businesses are accelerating their transformation into integrated formats. By extending operating hours, enriching consumption scenarios, and expanding delivery services, these innovative models effectively distribute fixed cost pressures while improving floor efficiency, achieving continuous optimization of operational benefits. Against the backdrop of consumer upgrading and the booming development of the nightlife economy, the dining bar format has risen rapidly. With a 16-18 hour all-day operating model, it precisely covers the diverse consumption needs of young customers, successfully connecting the complete consumption chain from daytime dining to night markets;   II. As a strong scenario for dining consumption, the meal bar is distinctly different from other hotel regular dining experiences. For the younger consumer group, products mainly consist of casual dining and comfortable-tasting alcoholic beverages to meet consumer needs, while also being integrated into consumption scenarios that match these needs, including small gatherings with friends, stress-relieving drinks, leisurely relaxation, etc. Meal bar consumption emphasizes conveying product and brand values to consumers within the context of the scene, not only achieving precise reach but also enhancing the brand stickiness of the meal bar through the establishment of emotional resonance;   III. Restaurants and bars primarily operate under the 'drinking + dining model', typically focusing on alcoholic beverages and food. They attract many young consumers with personalized decor, all-day operation, and a variety of products. Compared to traditional taverns, restaurants and bars have medium pricing, offer a wide range of menu options, a relaxed environment, and possess social and stress-relieving attributes, making them suitable for activities such as friends' gatherings. At the same time, restaurants and bars are also marketing themselves through developing high-tech ordering systems, continuously launching their own brands, utilizing new media, cross-border collaborations, and other methods to create unique gathering spaces that are deeply loved by young people.   IV. The restaurant industry is accelerating its digital upgrade. Through the deep application of intelligent business systems and local life platforms, operational efficiency has been comprehensively improved, and the industry has entered a new stage of refined operation. Local life platforms such as Meituan have opened up SaaS and big data platforms, promoting the onlineization and digitization of catering operations. They provide data solutions such as food delivery order scheduling, online reservation management, and intelligent restaurant management systems, helping catering chains enhance store operations and backend efficiency, and providing intelligent decision support for various chain restaurants. The development of the internet has established new connections between restaurant operators and consumers. Consumers can more conveniently place food orders and share reviews through online social media; in addition, the rapid development of online social media has also brought about a fan economy for restaurants, as they have accumulated a wide range of fans on online social media.

Insights from Frost & Sullivan To date, several multinational pharmaceutical companies and innovative drug companies have released their performance forecasts or annual reports for 2024. In the field of innovative drugs, PD-1 products have achieved remarkable results. Taking some leading companies as examples, BeiGene's tislelizumab has firmly ranked first with sales of 4.467 billion yuan, a year-on-year increase of 17.4%; Innovent Biologics' sintilimab had an annual sales volume of $526 million (approximately 3.8 billion yuan) in 2024, a year-on-year increase of 34%; Junshi Biosciences' trastuzumab experienced explosive growth in 2024, with domestic sales reaching 1.501 billion yuan, a year-on-year surge of 66%, becoming the fastest-growing top variety. What are your views on the current competitive landscape and trends in the PD-1/PD-L1 market? (Does the improvement in the performance of leading PD-1 companies indicate that market competition is becoming more rational?) Has the PD-1/PD-L1 market entered an ' stock game' stage, presenting a situation where 'the strong take all and the weak are eliminated'? Against the backdrop of extreme 'involution' in PD-1 products, are bispecific antibodies becoming a new track for companies seeking differentiated breakthroughs? How should we evaluate the commercial value of PD-1/VEGF bispecific antibodies?   Wang Peng, project manager at Frost & Sullivan's Greater China Life Sciences business unit, was interviewed by the Daily Economic News to discuss the ' stock game' in the PD-1 market and how bispecific antibody tracks can break through. Daily Economic News *Click on the end of the article Read the original article for a complete report   Q: What are your views on the current competitive landscape and trends in the PD-1/PD-L1 market? (Does the improvement in the performance of leading PD-1 companies indicate that market competition is becoming more rational?) Has the PD-1/PD-L1 market entered an ' stock game' stage, presenting a situation where 'the strong take all and the weak are eliminated'? Wang Peng Project Manager at Frost & Sullivan's Greater China Life Sciences business unit   With the expansion of approved indications for PD-1/PD-L1 products, medical insurance coverage, and the global layout of leading PD-1 companies, the performance of leading companies has generally seen growth. Currently, several PD-1/PD-L1 products have been approved for marketing in China, with leading companies occupying a high market share. Companies with weak R&D capabilities and delayed commercialization progress have gradually terminated the development and advancement of related product pipelines; under the influence of multiple factors such as accelerated technological iteration, intensified international competition, and policy-driven medical insurance negotiations, the R&D threshold has further increased, driving resources towards leading companies. This marks that the market has entered an ' stock game' stage.   Q: Against the backdrop of extreme 'involution' in PD-1 products, are bispecific antibodies becoming a new track for companies seeking differentiated breakthroughs? How should we evaluate the commercial value of PD-1/VEGF bispecific antibodies? Wang Peng Project Manager at Frost & Sullivan's Greater China Life Sciences business unit   In recent years, with the intensification of homogeneous competition among Chinese enterprises, differentiated layout has become the key for companies to break through. Taking the bispecific antibody drug Efficimab (PD-(L)1/VEGF bispecific antibody) as an example, in clinical trials for first-line treatment of PD-L1-positive non-small cell lung cancer patients, it significantly extended the median progression-free survival period compared to pembrolizumab, showing both statistical and clinical significance. The higher clinical treatment benefits of the product determine its value, which will ultimately be translated into the market commercial value of the product. *This interview has been published in the Daily Economic News, with reporters Xu Libo and Lin Zichen, and the original title was: 'Marketing of Leading Pharmaceutical Companies Sparks Hot Debate, Behind Which Is the 'Involution' of the PD-1 Single-Agent Market'

The First High-Value Patent Cultivation (Transformation and Application) Competition   April 26th is 'World Intellectual Property Day'. Recently, the first high-value patent cultivation (transformation and application) competition in Lucheng District, Wenzhou City, Zhejiang Province, and the launching ceremony of the 2025 Lucheng District Intellectual Property Publicity Week were held. Through roadshow competitions, list releases, achievement displays, and other forms, a 'product-industry-research integration' dialogue platform was built for young scientists and Wenzhou business entrepreneurs, promoting the acceleration of a number of innovative achievements. Zhang Yuchen, Corporate Communication Director of Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan'), was invited to attend this event and gave a key interpretation of the 'Intellectual Property Value Ranking of Listed Companies on the Zhejiang Science and Technology Innovation Board'.   The 'Intellectual Property Value Ranking of Listed Companies on the Zhejiang Science and Technology Innovation Board' was jointly compiled by Shenzhen National Standard Intellectual Property Big Data Center and Frost & Sullivan. Based on the public financial data of more than 700 listed companies in Zhejiang Province, the ranking reveals the understanding and emphasis of listed companies in Zhejiang Province on intellectual property assetization through quantitative analysis and the public disclosure of the value of intangible assets within financial statements. This pioneering research achievement fills a gap in the field of domestic intellectual property value determination and sets a new benchmark for the development of high-quality intellectual property assetization. At the event site, Zhang Yuchen briefly analyzed the core value and significance of the ranking from three dimensions: core insights, industry depth analysis, and trend recommendations, and deeply dissected the intellectual property value performance of listed companies in Zhejiang Province, providing important references for regional innovation development and the assetization operation of listed companies' intellectual property. Intellectual property has provided vivid examples of traditional manufacturing enterprises rejuvenating through technological upgrading and emerging industries overtaking in niche tracks, as well as providing references for Wenzhou business enterprises in terms of technology layout and innovation transformation. Zhang Yuchen, Corporate Communication Director of Frost & Sullivan Greater China Zhang Yuchen, Corporate Communication Director of Frost & Sullivan Greater China   This event relies on the World Wenzhou Entrepreneurs and Young Scientists Intellectual Property Transformation Center. As an important part of Wenzhou's intellectual property public service system, since its establishment in 2024, the World Wenzhou Entrepreneurs and Young Scientists Intellectual Property Transformation Center has integrated the business resources of world Wenzhou entrepreneurs and the innovative achievements of young scientists, constructing a diversified intellectual property transformation ecosystem to promote the transformation and industrialization of intellectual property. As of now, the center has connected a total of 26 patent technology transformation projects of Wenzhou entrepreneurs, facilitating the implementation of 5 enterprises (projects).   It is reported that through preliminary solicitation, the first high-value patent cultivation (transformation and application) competition in Lucheng District has selected ten excellent projects. At the event site, representatives of five high-value patent projects, including 'High-Weight, High-Frequency, High-Energy Super-Strong Femtosecond Lasers', 'A Method for Edge Network Communication Path Selection in Distributed Neural Networks', 'New Multifunctional Fireproof Paper', 'High-Performance Alloy Plastic Forming Components', and 'Agricultural Internet of Things Intelligent Pushing Robot', conducted roadshow connections to showcase the highlights of their projects.   At the event site, the unveiling ceremony of the 'Market Supervision & e-Lucos' intelligent valley market supervision integrated service station and the 'Lucos & Service e-Home' intelligent valley intellectual property workstation was also held. Since 2025, Lucheng District has innovatively created the 'Lucos & Service e-Home' intellectual product brand based on the provincial-level intellectual property 'one-stop' public service platform, focusing on the demands of key scientific and technological innovation platforms, large incubator clusters, key industrial parks and other innovation entities. Centering around the four major themes of basic services, comprehensive protection, industrial innovation, and overseas rights protection, a number of market supervision integrated service stations and intellectual property workstations have been established in the China (Wenzhou) Intelligent Valley, Wenzhou International Convention and Exhibition Center, Shuangyu West Coast Cross-border E-commerce Park, etc., realizing the personalized demands of innovation entities 'available at one stop' and 'excellent at one stop'.   Nearly 100 people attended, including responsible persons from the Wenzhou Market Supervision Bureau, Lucheng District Government, and Lucheng District Market Supervision Bureau, experts and scholars from relevant universities and research institutions, and representatives of Wenzhou business enterprises.     About Shenzhen National Standard Intellectual Property Big Data Center Shenzhen National Standard Intellectual Property Big Data Center is a non-profit NGO registered with the Civil Affairs Bureau of Shenzhen Municipality, supervised by the Shenzhen Market Supervision Administration (Shenzhen Intellectual Property Office), and jointly initiated by Tencent Technology and the Shenzhen Chamber of Commerce. It is a NGO organization.  

The '2025 China Pet Industry White Paper' shows that the urban (dog and cat) consumer market in China reached as high as 300.2 billion yuan in 2024, and the global pet apparel market could reach $8.7 billion by 2030. In recent years, pet consumption has gradually climbed. What are the reasons behind this? Currently, some domestic companies are making efforts to seize a share of the pet industry, with domestic substitution underway. What will be the future pattern of the pet industry? Looking at data from the past five years, the overall scale of imported pet food has shown a downward trend. Under the 'equivalent tariffs' policy in the United States, what opportunities and challenges does it present for the domestic pet industry? Some listed companies in the domestic pet industry have a relatively large proportion of exports. Under the 'equivalent tariffs' policy, how should these companies respond? Many companies have established production bases in Cambodia. Does the 'equivalent tariffs' have an impact on this?   Lu Siyi, a consulting manager for the consumer industry in Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by 'Shanghai Securities News' to discuss the second half of the pet industry, how domestic brands can break through and overcome challenges.     Q: The '2025 China Pet Industry White Paper' shows that in 2024, China's urban (dog and cat) consumer market reached as high as 300.2 billion yuan, and the global pet apparel market could reach $8.7 billion by 2030. In recent years, pet consumption has gradually climbed. What are the reasons behind this? Lu Siyi Consumer Industry Consulting Manager, Greater China, Frost & Sullivan   There are several reasons:   Economic level improvement and consumption upgrade: With the growth of per capita disposable income, pet owners' demands for pet quality of life have increased, leading to a surge in demand for high-end products such as pet clothing, smart gadgets, and customized services;   Emotional consumption demand is strong: with the acceleration of urbanization, single-person economy, and aging society, pets have become an important emotional support. Single young people and empty-nest elderly regard pets as 'family members', driving 'personification consumption';   The awareness of scientific pet care has increased: New-generation consumers (born in the 90s and Generation Z) place greater emphasis on pet welfare, enhancing their scientific pet care awareness. From an industry perspective, in recent years, the proportion of health-related expenditures such as pet medical care and nutritional products has significantly increased, reflecting the importance placed on long-term pet health management.   Q: Currently, some domestic enterprises are making efforts to seize market share in the pet industry, with domestic substitution in progress. What will be the future landscape of the pet industry? Lu Siyi Consumer Industry Consulting Manager, Greater China, Frost & Sullivan   Firstly, domestic brands will gradually break the monopoly of imported brands by leveraging cost-effectiveness and localization advantages. Through e-commerce channels and targeted marketing, they will rapidly penetrate the lower-tier market with a strategy of 'high cost-effectiveness + catering to the dietary habits of Chinese pets'.   Secondly, the concentration in the pet industry has increased, with leading companies improving their industrial chain layout through mergers and acquisitions (such as food companies acquiring medical brands), forming an 'food + medical + service' ecological closed-loop. At the same time, cross-border integration has intensified, with traditional industries such as home appliances and pharmaceuticals leveraging their existing business advantages to enter the pet market. For example, Midea and Gree have launched new products to layout pet smart products.   Finally, domestic enterprises have further expanded overseas markets, accelerating their expansion into Southeast Asia, Europe, and America by leveraging supply chain cost advantages and cultural output.   Q: Looking at the data from the past five years, the overall scale of imported pet food has shown a downward trend. Under the US 'equivalent tariff' policy, what opportunities and challenges does it present to the domestic pet industry? Lu Siyi Consumer Industry Consulting Manager, Greater China, Frost & Sullivan   In terms of opportunities, firstly, it helps domestic brands seize the high-end market. Currently, the market share of domestic pet food has exceeded 60%, while the share of imported brands has been continuously shrinking in recent years.   Secondly, it helps to force the improvement and development of the domestic supply chain. Import tariffs drive up the cost of overseas raw materials, prompting enterprises to turn to the domestic supply chain, which to some extent promotes the optimization of the supply chain in China's domestic pet industry. It may also encourage domestic enterprises to explore new markets, turning to emerging markets such as Southeast Asia and the Middle East.   Regarding challenges, the increase in tariffs will bring a significant cost shock to enterprises that rely heavily on imported raw materials. At the same time, it is also not conducive to the export of pet products from our country. According to Chinese customs statistics, in 2023, China's exports of pet food to the US decreased by 12% year-on-year. In addition, it may also exacerbate brand homogenization and trigger price wars.   Q: Some domestic listed companies in the pet industry have a relatively large proportion of exports. Under the 'equivalent tariff' policy, how should these companies respond? Many companies have established production bases in Cambodia. Does the 'equivalent tariff' have an impact on this? Lu Siyi Consumer Industry Consulting Manager, Greater China, Frost & Sullivan   In the face of the adverse effects on exports brought about by 'equivalent tariffs', enterprises can choose to transfer their production capacity globally, such as building factories in low-tariff countries like Cambodia and Thailand, or actively exploring emerging markets, focusing on developing RCEP member states and 'Belt and Road' countries. By 2024, China's exports of pet food to ASEAN had increased to account for 25% of its total exports, becoming the second-largest export market.   For factories built in regions such as the southeast, which are considered to bring short-term cost advantages through red profits due to relatively lower tariffs and labor costs, long-term development may be hindered by changes in U.S. tariff policies or insufficient local industrial chain support. Therefore, it is necessary to approach this with caution and actively seek other sustainable solutions. *This interview has been published on the Securities Daily Network, with reporter Yang Xiangfei and the original title being: 'Tariff Impacts "Its Rations"? Domestic Goods Are Rising'