Summary of the Conference Call Transcript Company and Industry Overview - **Industry**: AI Cloud Services in China - **Key Company**: Alibaba Group Core Insights and Arguments 1. **Market Growth**: The AI cloud market in China is projected to grow at a compound annual growth rate (CAGR) of 72% from 2024 to 2029, with the total addressable market (TAM) expected to reach RMB 218 billion by 2029, up from RMB 15 billion in 2024 [52][49][50] 2. **Alibaba's Position**: Alibaba is positioned as a leading player in the AI cloud sector, leveraging its full-stack capabilities from chips to AI models, and is expected to achieve a cloud business growth rate of 45% in FY2027, the highest in the market [2][4] 3. **Valuation Adjustments**: The valuation for Alibaba has been adjusted upwards to a target price of $245 per share, with an optimistic scenario suggesting a price of $260 per share, driven by potential price increases in cloud services [4][2] 4. **Profit Margin Expansion**: The transition from AI training to inference workloads is expected to enhance profit margins, with projections indicating an EBITA margin of 12% for FY2027 and 14% for FY2028 under optimistic conditions [4][50] 5. **Pricing Dynamics**: There are early signs of a price increase cycle in the cloud services market, with smaller Chinese firms beginning to follow the lead of global giants like AWS and GCP in raising prices [4][49] Additional Key Points 1. **Competitive Landscape**: The competition is expected to be dominated by Alibaba and ByteDance, with both companies showing strong capabilities in AI infrastructure and cloud services [50][55] 2. **Risks and Catalysts**: Key catalysts include Alibaba's cloud business performance and potential large-scale price increases in cloud services. Risks involve intensified competition and slower adoption of AI applications [5][56] 3. **Market Share Trends**: ByteDance is emerging as a significant competitor, with a market share of approximately 15% in the AI IaaS market, indicating a shift in market dynamics [55][50] 4. **Investment Recommendations**: Morgan Stanley maintains an overweight rating on Alibaba and recommends data center companies like GDS Holdings and CenturyLink as beneficiaries of increased capital expenditure in cloud services [5][56] Important but Overlooked Content 1. **Token Demand Growth**: The demand for tokens in AI applications is expected to grow significantly, driven by both training and inference needs, which will be a major growth driver for the AI cloud market [53][50] 2. **Long-term Deployment Preferences**: Data security concerns are likely to influence CIOs' preferences for hybrid cloud deployments over public cloud solutions in the long term [53][50] 3. **Profitability Factors**: Historical pricing trends in China's cloud services have been deflationary, but current trends suggest potential for margin improvement due to various factors including self-developed chips and pricing strategies [54][50] This summary encapsulates the key insights from the conference call, focusing on the growth potential of the AI cloud market in China, Alibaba's strategic positioning, and the competitive landscape.

Core Viewpoint - Meituan reported a revenue of 364.9 billion yuan for the year 2025, marking an 8% year-on-year increase. However, the company faced a net loss of 23.4 billion yuan due to intense competition in the instant retail sector, resulting in an operating loss of 17 billion yuan [1]. Financial Performance - Meituan's total revenue for 2025 reached 364.9 billion yuan, reflecting an 8% increase compared to the previous year [1]. - The company experienced a net loss of 23.4 billion yuan and an operating loss of 17 billion yuan, indicating a significant shift from profitability to loss [1]. AI Strategy and Investment - The company views artificial intelligence (AI) as a strategic opportunity rather than a mere trend, emphasizing the need for proactive engagement in AI development [2]. - Significant investments have been made in AI talent and capital expenditures since early 2023, primarily focused on developing proprietary models [3]. - Meituan is among the leading companies in China in terms of AI investment, with a commitment to developing its own large language model, LongCat [3]. AI Integration and User Experience - The competition for "super gateways" in the industry hinges on the ability to accurately understand user needs and efficiently execute tasks, which is more complex than simply creating a chatbot [4]. - Meituan has accumulated extensive data from merchants and users, which enhances its ability to leverage AI for better service delivery [5]. - The company has launched an AI assistant named "Xiao Tuan" within its app, which allows users to interact in a more natural language, improving the overall user experience [6]. Future Outlook - Meituan aims to continuously enhance its model capabilities and deepen the integration of "Xiao Tuan" within its app, positioning itself as a leading AI-driven platform for local life services [9]. - The company is focused on improving AI search and task execution capabilities to become a primary AI entry point in the local service sector [9].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the Hong Kong stock market, particularly focusing on the technology sector and its performance in 2026 amid various pressures [1][3][4]. Core Insights and Arguments 1. **Market Conditions**: The Hong Kong stock market is expected to face dual pressures from both the numerator and denominator sides, with a challenging valuation logic anticipated for the upcoming quarter due to rising global risk-free rates and stagnant corporate earnings [1][4]. 2. **Liquidity Pressures**: The market is experiencing three main liquidity pressures: reduced inflow of southbound funds, lack of significant foreign investment, and a substantial number of IPOs (around 300 companies) creating a "bloodletting" effect on market liquidity [1][3]. 3. **Technology Sector Outlook**: Despite recent declines, the technology sector remains a key trading theme for 2026, characterized by high beta attributes and strong capital support. The semiconductor equipment segment is particularly highlighted due to expected demand from the construction of 30 new wafer fabs in China from 2024 to 2030 [1][10]. 4. **Valuation Concerns**: The current PE valuation for the technology sector is at the 80th percentile of the past five years, indicating a high valuation environment that may create favorable conditions for large tech IPOs later in the year [1][10]. 5. **Investment Strategies**: Investors are advised to adopt trading strategies such as wave trading or grid trading to capitalize on emotional sell-offs and to take profits after rebounds [1][10][6]. Additional Important Insights 1. **Differentiated Strategies for Investors**: Different strategies are recommended for trading and allocation investors. Trading investors should view market rebounds as technical corrections, while allocation investors should focus on longer-term positions and cost management [6][7]. 2. **Market Sentiment and Behavior**: The technology sector's recent performance indicates that it is still viewed as a mainline investment, with funds shifting towards it during market volatility, despite overall market declines [8][9]. 3. **Global Economic Context**: The macroeconomic environment is shifting from a loose to a moderately tight monetary policy, impacting the valuation of offshore markets like Hong Kong. This shift is evidenced by changes in interest rate expectations from the Federal Reserve [4][5]. 4. **Sector-Specific Challenges**: The technology sector faces challenges such as fierce competition and reliance on consumer spending, which have not shown significant improvement, leading to cautious investor sentiment regarding earnings prospects [5][6]. 5. **Future Market Dynamics**: The market is expected to experience increased differentiation in 2026 compared to 2025, with a more challenging environment for achieving returns due to high asset prices and volatility [12][27]. Conclusion The Hong Kong stock market, particularly the technology sector, is navigating a complex landscape of liquidity pressures, valuation concerns, and macroeconomic shifts. Investors are encouraged to adopt flexible strategies that account for market volatility and sector-specific dynamics while remaining cautious about the overall economic outlook.

Summary of Yuyuan Group's Conference Call Company Overview - **Company**: Yuyuan Group - **Year**: 2025 - **Key Financials**: - Net profit loss of 4.9 billion RMB - Operating revenue of 36.37 billion RMB, down 22.5% year-on-year - Operating cash flow of 2.45 billion RMB, indicating self-sustaining capabilities [2][3][17] Core Financial Insights - **Revenue Breakdown**: - Consumer sector revenue of 26.07 billion RMB, down 23.4% - Fourth quarter consumer revenue reached 5.08 billion RMB, up 32% [3][5] - **Profitability**: - Gross margin for consumer sector maintained at 12.05% - Overall gross margin for jewelry fashion sector improved to 8.34% [2][3][5] - **Cash Reserves**: - Cash and cash equivalents reached 11.05 billion RMB, an increase of 360 million RMB from the beginning of the year [3][17] - **Debt Management**: - Debt-to-asset ratio at 71.2%, stable financing cost at 4.3%, down 0.4 percentage points year-on-year [3][17] Business Segment Performance - **Jewelry Fashion Sector**: - Revenue of approximately 22.73 billion RMB, down 24.2% - Fourth quarter revenue surged 48% year-on-year [5][6] - **Cultural Dining Sector**: - Revenue of 830 million RMB with a gross margin of about 65% [6] - **Watch Sector**: - Revenue of 610 million RMB, gross margin of 40.8%, up 1.2 percentage points [6] - **Global Expansion**: - Overseas revenue reached 940 million RMB, with significant growth in Southeast Asia and the U.S. restaurant market [2][3][13] Strategic Initiatives - **AI Integration**: - Implementation of AI in 20 scenarios, improving inspection efficiency by 13 times [2][10][11] - **Product Strategy**: - Focus on high-margin products and cultural IP collaborations, with a target for one-price products to reach 20% of total sales [2][7][9] - **Marketing and Branding**: - Emphasis on cultural storytelling and targeted marketing strategies to resonate with younger consumers [9][18][20] Risk Management and Financial Health - **Loss Drivers**: - Net loss attributed to asset impairment, market downturns, and macroeconomic challenges [17] - **Cost Control**: - Management and sales expenses decreased by 19.5% and 7.9% respectively [17] - **Debt Structure**: - Diversified financing channels, including the issuance of 6 billion RMB in credit bonds [4][17] Future Outlook - **2026 Goals**: - Targeting a significant increase in overseas revenue and further penetration into Southeast Asian markets [13][20] - **Operational Improvements**: - Plans to enhance single-store efficiency and optimize supply chain management [12][20] - **Shareholder Engagement**: - Commitment to stable dividend policies and transparent communication with investors [20][21] Conclusion Yuyuan Group is navigating a challenging economic landscape while focusing on strategic growth areas, including AI integration, global expansion, and enhanced product offerings. The company aims to recover from its financial losses and improve operational efficiency in the coming years.

Summary of the Conference Call for Tongcheng Travel Company Overview - **Company**: Tongcheng Travel - **Fiscal Year**: 2025 - **Key Financials**: - Net Revenue: 19.4 billion RMB (YoY +11.9%) - Adjusted Net Profit: 3.4 billion RMB (YoY +22.2%) - Cash Reserves: 12.3 billion RMB by the end of 2025 - Proposed Final Dividend: 0.25 HKD per share (YoY +38.9%) [2][6] Core Business Performance Accommodation Business - High-quality hotel sales increased by 5 percentage points in 2025 - Daily room sales grew by 30% in Q1 2026, outperforming the industry [2][3][4] - Integration of Wanda Hotels resulted in over 3,000 hotels in operation, with significant profitability improvements expected from 2026 [2][3][11] Transportation Business - Business volume increased by nearly 25% in 2025, achieving balanced growth [3][4] - International ticket revenue accounted for over 7% of total transportation revenue [5][8] User Engagement - Annual paying users reached 253 million (YoY +6%) - Average Revenue Per User (ARPU) increased to 76.8 RMB (YoY +5.5%) [2][3][4] Strategic Initiatives AI Integration - DeepTrip tool served 6.8 million users, with AI customer service covering 80% of inquiries [2][4][10] - AI-driven efficiency improvements are expected to enhance profit margins [9][10][14] International Expansion - International room bookings grew nearly 30% in 2025, with a target of 10%-15% revenue contribution in the next 2-3 years [2][9] Hotel Management - Successful integration of Wanda Hotels is expected to enhance market influence and operational efficiency [3][11] - Focus on high-quality growth in hotel management, balancing scale expansion with operational efficiency [11][15] Financial Performance Q4 2025 Highlights - Net income reached 800 million RMB (YoY +14.2%) - Adjusted net profit was 779.8 million RMB (YoY +18.1%) - Gross profit was 3.2 billion RMB (YoY +18.5%) [5][6] Full Year 2025 Financials - Adjusted EBITDA: 5.1 billion RMB (YoY +26.9%) - Adjusted EPS: 1.45 RMB (YoY +20.8%) [6][8] Market Outlook 2026 Projections - Continued focus on domestic market and outbound travel opportunities - Anticipated strong growth in accommodation and transportation sectors, with a shift towards high-quality offerings [4][9][15] - Emphasis on enhancing user experience through technology and AI [10][14] Regulatory Environment - Company is monitoring regulatory changes in the OTA industry but has not observed significant impacts on operations [11][12] Additional Insights - The company is adapting to changing consumer preferences, particularly towards high-quality travel experiences [12][13] - The integration of AI tools is expected to drive operational efficiency and enhance customer service [10][14] - The company remains optimistic about the long-term growth prospects of the travel industry despite short-term challenges [12][14][15]

Summary of Conference Call for 美埃科技 (Mei Ai Technology) Industry Overview - **Industry Focus**: Semiconductor and cleanroom equipment - **Market Trends**: Strong recovery in the semiconductor industry expected in 2026, with significant demand from both domestic and North American markets [2][3][4] Key Points 2026 Order Growth Expectations - **Order Growth Forecast**: Anticipated order growth of 50%-70% in 2026, driven by a target of 2.9 billion in equity incentives [2][4] - **March Orders**: March 2026 orders exceeded 200 million, indicating a strong recovery trend [2] North American Market Expansion - **Orders from AMAT**: Received approximately 30 million RMB in orders from AMAT in Q4 2025, with a target of 300 million RMB in 2026 [2][3] - **Key Projects**: Focus on Micron's HBM4 project and TSMC's advanced process and packaging projects [3][4] Domestic Semiconductor Demand - **Strong Demand**: Focus on major clients like Huahong, SMIC, and Changxin, with potential orders of 150-300 million RMB if Changxin's IPO is successful [2][4] - **Product Deliveries**: Initial deliveries for the Yongxin GPU project have commenced, indicating clear domestic replacement demand [2] Lithium Battery Business Growth - **Order Increase**: Orders in the lithium battery sector expected to grow from 100 million to 450-500 million RMB by 2025, benefiting from BYD and EVE Energy's overseas expansions [2][12] - **Value per GWh**: Overseas projects valued at approximately 20 million RMB per GWh, double that of domestic projects [12][15] Product Structure Optimization - **Consumables Growth**: Consumables expected to increase from 26% of revenue in 2025 to 31%-33% in 2026, excluding agricultural business [2][21] Risk Management and Cost Control - **Geopolitical Impact**: Reduced uncertainty from geopolitical tensions and tariffs, with measures in place to manage commodity price fluctuations [7][8] - **Currency Risk**: Limited impact from currency fluctuations due to the use of cross-border RMB settlements [8] Client Expansion and Resource Allocation - **Sales Team Expansion**: Increased personnel in North America and Southeast Asia to support business growth [9] - **Domestic Client Expansion**: Major domestic clients like Huahong and Changxin are expanding, driven by AI industry growth [10][11] Project Collaboration and Progress - **TSMC Collaboration**: Ongoing projects with TSMC, with a 50% success rate in securing orders [5][6] - **Yongxin Project**: Initial phase deliveries are ongoing, with expectations for further phases if initial success is achieved [11] Future Order Expectations - **2026 Order Projections**: Anticipated orders from Micron and TSMC in the U.S. market to reach approximately 300 million RMB [17][18] - **Longxin Storage Expansion**: Expected orders from Longxin's expansion could range from 150 million to 300 million RMB, depending on IPO outcomes [21] Additional Insights - **Market Dynamics**: The semiconductor and lithium battery sectors are poised for significant growth, with domestic and international projects driving demand [12][18] - **Competitive Landscape**: The company is positioned to leverage its cost advantages in the North American market, aiming for a breakthrough in securing larger orders [19][20]

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call discusses the 2026 Government Work Report and the "14th Five-Year Plan" (十四五) development strategy, focusing on macroeconomic policies and their implications for various sectors in China. Core Points and Arguments 1. **Economic Growth Target**: The report sets a GDP growth target of 4.5% to 5% for 2026, aiming to connect with the long-term goal of doubling per capita GDP by 2035, ensuring a growth floor to avoid economic downturns [5][13][22]. 2. **Macroeconomic Policy Shift**: The macro policy is shifting towards a "more proactive" fiscal policy and "moderately loose" monetary policy, with expectations for interest rate cuts and a focus on supporting consumer spending through long-term bonds [1][8][22]. 3. **Focus on New Quality Productivity**: The concept of "new quality productivity" is emphasized as a core driver of economic growth, with 28 out of 109 major projects related to this theme, highlighting its importance in the "14th Five-Year Plan" [1][4][10]. 4. **Domestic Demand Strategy**: The strategy focuses on "investing in people," enhancing income for low-income groups, improving social security, and issuing consumption vouchers to stimulate demand and counter deflation [1][9][11]. 5. **Risk Prevention**: The report emphasizes a shift from emergency responses to long-term institutional risk management, particularly addressing risks in real estate, local government debt, and small financial institutions [1][19]. 6. **Regional Economic Differentiation**: The report outlines a differentiated industrial layout, with the eastern region focusing on AI and institutional openness, while the central and western regions are set to absorb industrial transfers [1][23]. 7. **External Environment Challenges**: The report acknowledges geopolitical risks and uncertainties in U.S. and Japanese monetary policies, shifting from passive responses to proactive support for enterprises in optimizing global layouts [1][16]. Other Important but Possibly Overlooked Content 1. **Employment and Price Stability**: The employment target is set at over 12 million new urban jobs, with an urban unemployment rate around 5.5%, reflecting a commitment to maintaining social stability [5][13]. 2. **Environmental Goals**: The report aims to reduce carbon emissions per unit of GDP by 3.8%, exceeding the previous target, indicating a stronger commitment to ecological sustainability [6][13]. 3. **Fiscal and Monetary Policy Evolution**: The fiscal policy has evolved from a focus on quality and sustainability to a more aggressive stance, while monetary policy has shifted to a more flexible and supportive approach [14][22]. 4. **Differentiated Development Strategies**: The report proposes tailored strategies for different regions and market entities, emphasizing the need for traditional industries to upgrade and high-tech sectors to integrate into national innovation chains [23][24]. 5. **Implementation and Supervision Mechanisms**: A comprehensive system for policy implementation, supervision, and expectation management is established to ensure effective policy execution and to address potential internal and external constraints [14][24].

Investment Rating - The report indicates a cautious outlook on private credit, highlighting potential investment opportunities amidst current market challenges [1][2][9]. Core Insights - The private credit market has grown to over $3.5 trillion, with the software sector accounting for approximately 25% of $1.7 trillion in direct loans, maintaining stable non-accrual projects and a loan-to-value (LTV) ratio of 30%-40% [1][2]. - Liquidity risk is primarily concentrated in retail channels, which represent less than 20% of the market, with an annualized redemption rate of about 10% expected in Q1 2026 [1][4]. - The report suggests that the current outflow of retail funds is manageable, with a redemption cap of 5% and $45 billion in liquidity assets available to cover a $50-$70 billion gap, indicating no systemic risk of large-scale asset sell-offs [1][5]. - The impact of AI is causing asset differentiation within the software sector, with core systems that have proprietary data and high failure costs being less affected [1][11]. - The average default rate for direct lending BDCs is approximately 1.54%, significantly lower than syndicated loans, and even in extreme scenarios, a 15% default rate with a 50% recovery rate would still allow for a 10% coupon to cover about 7.5% of loss risk [1][3][17]. Summary by Sections Market Dynamics - The private credit sector has expanded rapidly at an annual growth rate of about 15% over the past five years, but it remains less transparent than public markets [2][4]. - Current negative sentiment in the market is affecting retail demand, while institutional channels are experiencing different dynamics, with over 80% of assets belonging to institutions lacking similar redemption mechanisms [4][6]. Investment Opportunities - The report identifies potential investment opportunities in special situations, restructuring, and alternative asset management platforms with high institutional participation [1][9][10]. - The current market environment is seen as favorable for institutional investors, as the outflow of retail funds is expected to create better entry points for them [1][5][13]. Credit Quality and Risk Assessment - Despite concerns about credit quality and liquidity, the report concludes that there is currently no systemic risk, as the majority of the market is insulated from forced asset sales due to the redemption limits set by fund managers [8][16]. - The report emphasizes the importance of understanding the specific characteristics of companies, especially those involved in ARR loans, which may face challenges in the AI era [18][12].

Summary of Key Points from Conference Call Records Industry Overview - **AI Computing Demand**: The demand for AI computing is expected to continue its explosive growth, with overseas computing power projected to increase by 150%-200% by 2026, while domestic computing power is expected to grow by 30%-50% [1][4]. - **Light Interconnection Sector**: The supply-demand situation in the optical interconnection sector is tight, with a significant increase in demand for 1.6T optical modules anticipated in 2026 [1]. - **Copper Interconnection and PCB Demand**: High growth in copper interconnection and PCB demand is expected, driven by upgrades in PCB layers and the value of optical connectors within cabinets reaching $30,000 to $50,000 [1]. Company-Specific Insights - **NVIDIA's LPU Architecture**: NVIDIA's LPU architecture has exceeded expectations, with SRAM capacity and bandwidth doubling, and the value of a single card's SRAM reaching $500. The V1 version is set for mass shipment in Q3 2026 [1][6]. - **Storage Sector Growth**: The storage sector is experiencing short-term high growth driven by price increases, with companies like 伟仕佳杰 benefiting from breakthroughs in B-end sales and margin improvements [1][4]. - **Consumer Electronics**: Companies like 裕同科技 are entering new markets through acquisitions, indicating a strong valuation margin [1]. Market Dynamics - **Geopolitical Impact on AI Industry**: Geopolitical conflicts may stimulate demand for data center reconstruction, further increasing the need for the AI industry chain. China's stable energy structure and social environment enhance its supply chain reliability [2]. - **Investment Opportunities in Internet and Gaming Sectors**: The valuation of Hong Kong's internet and gaming sectors is at historical lows (PE of 10-15), presenting opportunities for investment in quality assets [1][11]. Technological Developments - **Advancements in AI Hardware**: The GTC and OFC conferences highlighted the strengthening logic of the computing power industry, with advancements in CPU, optical modules, and copper cable interconnection technologies [3]. - **NVIDIA's Future Platforms**: The next-generation platform, Rubin, will integrate LPU but not all models will include it. The demand for GPUs and related hardware is expected to remain strong [8][9]. Financial Performance Expectations - **2026 Earnings Projections**: Overseas computing companies are expected to see significant earnings growth, with estimates of 150%-200% for the year. Domestic computing companies are projected to grow by 30%-50% [4][5]. - **Q1 Earnings Impact**: Q1 earnings for companies like 中际旭创 and 新易盛 may only account for 1/6 to 1/9 of annual profits, but are expected to show over 100% year-on-year growth [5]. Investment Strategies - **Focus on Value Stocks**: In the current market environment, stocks in the internet and gaming sectors, such as 腾讯 and 阿里巴巴, are seen as undervalued and present good investment opportunities [11][12]. - **Long-term View on AI Optical Interconnection**: The AI optical interconnection sector is expected to see significant growth, with a projected fivefold increase in market size from 2025 to 2030 [13][14]. Key Companies to Watch - **AI Optical Interconnection Companies**: Companies like 中际旭创 and 新易盛 are highlighted for their strong fundamentals and low valuations, making them attractive for investment [16][17]. - **Emerging Technologies**: The adoption of CPO and OCS technologies is expected to drive growth in the AI interconnection architecture, with significant market opportunities for companies involved [14][15]. Conclusion - The AI and optical interconnection sectors are poised for substantial growth, driven by technological advancements and increasing demand. Investment opportunities exist in undervalued companies within these sectors, particularly those with strong fundamentals and growth potential.

Core Viewpoint - The article discusses the transformative impact of AI agents, which are evolving from traditional AI models to more proactive roles, raising significant challenges, particularly in employment [3][5]. Group 1: AI Transformation - AI agents are compared to having "hands" and tools, moving beyond just answering questions to actively managing tasks [5]. - The shift from traditional AI to intelligent agents signifies a direct challenge to human intellect, unlike previous technological revolutions that replaced physical labor or information processing [5]. Group 2: Employment Concerns - The article emphasizes the need for serious consideration of employment issues arising from AI advancements, suggesting that historical assumptions about technology creating new jobs may not hold true this time [5][6]. - There is a consensus among experts that the government must play a role in addressing the employment challenges posed by AI, rather than leaving it solely to market forces [5][6]. Group 3: Policy Recommendations - Experts advocate for government intervention to ensure fair distribution of resources and to address the potential job displacement caused by AI [6][7]. - The article suggests that social security policies need to be adjusted to support individuals who may lose income during employment transitions due to AI [7]. Group 4: Skills and Education - The need for a shift towards "generalist" skills is highlighted, with a call for both humanities and science students to acquire skills relevant to AI applications [8]. - The article stresses the importance of fostering learning and creative abilities rather than just traditional vocational skills in response to AI's rapid evolution [7][8]. Group 5: Future of AI - A critical question posed is the societal choice regarding the role of AI: whether it should fully replace humans or serve as an assistant [8]. - The article concludes that while the development of AI should continue, it is essential to establish ethical boundaries similar to those in biotechnology [8].