This factor aims to capture the depth and complexity of a company's technological innovation. Generally speaking, the examination process for invention patents with high technical content and strong innovation is often more rigorous and time-consuming. Longer examination cycles may be caused by the following factors: the higher technical complexity of the patent, the need for examiners to conduct more in-depth evaluations, and multiple revisions or defenses during the patent application process. Therefore, the longer average examination cycle may indirectly reflect the potential value and technological barriers of the patents owned by the company. However, it should be noted that a long examination cycle may also be related to factors such as the low quality of patent applications and the company's unfamiliarity with the examination process, and needs to be combined with other factors for comprehensive analysis.