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name: "Hailiang Data" ticker: "603138:SH" country: "China" layer: "01-Data Element Layer" sub_industry: "Domestic Database Engine" core_business: "R&D and sales of enterprise-grade relational databases and data computing platforms, dedicated to replacing Oracle and MySQL with domestic databases." moat: "The first listed company in China with database as its main business; collaborates with top universities to tackle core technologies such as AI-native databases and trusted data spaces."

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⚔️ Core Moat

## Risks & Summary

Vast Data is a participant in the wave of domestic substitution for databases in China. In the AI era, databases need to adapt to the demands of vector search and large-model data pipelines. Vast Data's R&D investment in AI-native databases represents its future-oriented technology direction.