2025未来准备度指标揭示的科技、制药和时尚行业趋势：专为冲击而设计：在游戏规则改变时持续获胜的企业

What the 2025 Future Readiness Indicatorreveals about tech, pharma, and fashion A report by the IMDFuture Readiness Center by Howard Yu, Jialu Shan,Lawrence Tempel, AlexandreSonderegger and Anqi Miao Center forFuture Readiness Contents Executive summary About the Future Readiness Indicator: Measuring who canwin the next game12 Technology: The new race to own the AI stackForces reshaping technology in 2025The 2025 resultsFuture-ready companies and those falling behind14 Pharmaceuticals: From pills to platformsForces rewriting pharma’s playbook in 2025The 2025 resultsFuture-ready companies and those falling behind32 Fashion: When heritage meets hype and AIForces reshaping fashion in 2025The 2025 resultsFuture-ready fashion companies and those facing a reset42 54 Conclusion Executivesummary Who is really ready for 2026? In 2025, winners and losers have emerged against a backdrop ofgeopolitical uncertainty and mass AI implementation. In 2025, the gap between future-ready and future-fragile companies stopped being a theory and startedto show up in the numbers. Against a backdrop ofgeopolitical tension and mass AI deployment, somefirms have turned disruption into an advantage.Others are discovering that yesterday’s strengths nowtrap them in yesterday’s game. In the technology sector, the US tech giantsNvidia,Microsoft,Alphabet, andMetahave proved thatmastery of the entire AI stack (i.e., infrastructure,software, and data) and building the capabilitiesthat flow from it is what it now takes to stay ahead,where technological advancement and global tradetension are moving at unprecedented speed. Theystand in sharp contrast to firms that did not diversifyor stayed tied to legacy hardware systems and nowfind themselves without the capacity to shift astechnology and geopolitics evolve. This instalment of the 2025 Future ReadinessIndicator ranks 49 technology companies, 27pharmaceutical companies, and 41 fashion companiesin terms of their future readiness. Those whodominate the top of this year’s indicator combinesupply chain agility with an ability to adapt fast toshifting regulations. The winners move capital, talent,and capabilities across borders and product linesfaster than the world can throw up new constraints. In pharmaceuticals, the leaders also have greatercontrol over the value chain, alongside robustfinancials and relentless innovation. The top-ranked companies –Johnson & Johnson,Roche,andAstraZeneca– have mastered the fullpharmaceutical value chain and are building next-generation therapeutic platforms. By contrast,companies that are still anchored to legacy productsand that are slow to adapt to an AI-driven, biocentricfuture are coming under pressure as patentexpirations erode pricing power and cost pressuressqueeze margins. These companies have proved their resiliencebecause they often have the deep capabilities toorchestrate the entire ecosystem, as opposed torelying on one product or a single service. They arelaser-focused on performing in the near term, whiletransforming the enterprise at the same time. In fashion, the top of the indicator is dominated bymodels of platform-based resilience, while companiesthat have been slow to adapt and remain culturallyrelevant fail to resonate with the modern consumer.The diversified luxury “super-conglomerate”LVMHreclaims the top spot, demonstrating that aportfolio of iconic brands provides an unparalleledmoat against volatility. It is joined by the verticallyintegrated, data-driven ecosystem models ofInditex(Zara), which rises to second place, andHermès.These companies are insulated from market shocksby their non-negotiable brand equity, mastery of theirsupply chains, and vast cash reserves. Leading the way does not correlate with who spendsthe most, but who executes the best to ensure theystay one step ahead of the competition. In a worldwhere AI is breaking barriers, the future belongsto companies that give customers the seamlessexperiences they now take for granted. The IMD Future Readiness Indicator is designed togauge a company’s readiness for deep, long-term,secular trends. We assess preparedness for thefuture through a scorecard that covers seven factors:Financial Fundamentals, Investors’ Expectationsof Future Growth, Business Diversity, EmployeeDiversity/ESG, Research & Development, Early Resultsof Innovation Efforts, and Cash & Debt Management.Together, these variables provide a comprehensiveview of how well a company is positioned to prosperin the new game. We’re seeing a sharp divergence.The companies that rely onone hero product are the onessuffering the most.Those thatdiversify across entire ecosystemsare turning volatility into anadvantage. Every CEO shouldbe asking a basic question:if mycore business collapsed tomorrow,would anything else keep us alive?For most mid-market companies,the answer is still no. That’s thestory behind this year’s rankings. Howard YuDirector of the IMD Center for Future Readiness What does it take to