FirmCORe: A Benchmark for Structured Reasoning about Inter-Firm Collaboration Opportunities
Organizations: Southwest University of Finance and Economics · Nanyang Technological University · Beijing University of Post and Telecommunication
Abstract
Comprehensive structured data on inter-firm relationships is often scarce or inaccessible because many relationships are privately negotiated, selectively disclosed, and fragmented across proprietary databases. This scarcity hinders the discovery of collaboration opportunities, particularly for startups and small and medium-sized enterprises. Firm profiles are readily available, but collaboration potential cannot be inferred from business similarity alone, since similar firms may be competitors, whereas dissimilar firms may offer complementary products, technologies, channels, capabilities, or capital. We present FirmCORe (Inter-Firm Collaboration Opportunity Reasoning), a human-annotated benchmark for pairwise reasoning over weakly structured firm profiles, comprising 2,805 labeled firm pairs. Given two firm profiles, a model must determine whether the available evidence supports a collaboration opportunity and, for positive pairs, jointly predict its strength, primary collaboration type, and role direction. FirmCORe also provides parallel Chinese- and English-language evaluation sets containing identical instances and gold labels, enabling controlled analysis of input-language sensitivity. Experiments with representative locally deployed and hosted large language models (LLMs) show that the strongest model achieves a macro-F1 score of 74.51 for opportunity detection but only 61.57% exact match across all four output fields. Language effects vary across models, and high cross-language agreement can mask errors shared across languages. These results indicate that current LLMs are substantially more reliable at detecting broad collaboration opportunities than at identifying their specific types and role directions.
Figures & tables
| Statistic | Value |
|---|---|
| Firm profiles | |
| Firms / industries | 3,230 / 1,114 |
| Avg. profile length (characters) | 179.09 |
| Annotation outcomes | |
| Gold / unresolved pairs | 2,805 / 195 |
| Positive / negative pairs | 968 / 1,837 |
| Model | Macro-F1 | Positive | MCC | ||
|---|---|---|---|---|---|
| P | R | F1 | |||
| Qwen3-2B | 51.50 | 38.10 | 26.96 | 31.58 | 4.30 |
| Qwen3-8B | 51.42 | 42.49 | 93.80 | 58.49 | 28.55 |
| Gemma4-26B | 50.82 | 41.69 | 97.93 | 58.48 | 31.25 |
| DeepSeek-7B | 37.64 | 36.69 | 94.73 | 52.90 | 12.96 |
| Llama3.1-8B | 36.50 | 36.87 | 98.97 | 53.73 | 17.62 |
| Model | Strength | Type | Direction | |||
|---|---|---|---|---|---|---|
| Acc. | F1 | Acc. | F1 | Acc. | F1 | |
| Qwen3-2B | 20.66 | 19.59 | 15.08 | 13.05 | 7.64 | 13.34 |
| Qwen3-8B | 69.94 | 46.42 | 67.56 | 47.42 | 69.11 | 52.10 |
| Gemma4-26B | 66.53 | 46.00 | 70.66 | 53.34 | 73.45 | 66.52 |
| DeepSeek-7B | 78.51 | 46.41 | 32.54 | 31.75 | 38.95 | 36.31 |
| Llama3.1-8B | 77.48 | 45.93 | 60.02 | 42.77 | 67.56 | 52.25 |
Appendix figures & tables15 assets
Supplementary material from the paper’s appendix.
Appendix
| Stratum | Criterion |
|---|---|
| Strong-signal | Upstream score |
| Borderline | Upstream score in |
| Same-industry Hard | Same industry, , and |
| Random Non-edge | No edge in the upstream candidate graph |
| Baseline | Macro-F1 | Positive P | Positive R | Positive F1 | MCC |
|---|---|---|---|---|---|
| Always-No | 39.57 | 0.00 | 0.00 | 0.00 | 0.00 |
| Majority-Prior | 39.57 | 0.00 | 0.00 | 0.00 | 0.00 |
| Always-Yes | 25.66 | 34.51 | 100.00 | 51.31 | 0.00 |
| LSA-Cosine | 43.67 | 33.55 | 64.46 | 44.13 | -2.84 |
| Com.-Threshold | 46.43 | 67.29 | 7.44 | 13.40 | 13.73 |
| Industry-Rule | 33.29 | 9.11 | 7.33 | 8.13 | -33.12 |
| Model | Overall | Pos. EM | 95% CI | Cov. | Cond. Attr. EM | MCF |
|---|---|---|---|---|---|---|
| Qwen3-8B | 35.47 | 47.62 | [44.42, 50.72] | 93.80 | 50.77 | 3.00 |
| Gemma4-26B | 34.47 | 47.11 | [44.01, 50.31] | 97.93 | 48.10 | 3.09 |
| Llama3.1-8B | 22.25 | 44.11 | [41.01, 47.21] | 98.97 | 44.57 | 3.04 |
| Qwen3-4B | 20.71 | 43.49 | [40.39, 46.59] | 97.93 | 44.41 | 3.13 |
| Gemma3-12B | 14.69 | 30.89 | [28.10, 33.78] | 99.90 | 30.92 | 2.83 |
| Llama3.2-3B | 4.92 | 14.15 | [11.98, 16.43] | 99.69 | 14.20 | 2.34 |
| Model | Coverage | Strength Macro-F1 | Type Macro-F1 | Direction Macro-F1 | Oracle–E2E Gap |
|---|---|---|---|---|---|
| Qwen3-2B | 26.96 | 46.40 | 29.37 | 27.85 | 19.21 |
| Qwen3-8B | 93.80 | 47.99 | 49.89 | 54.87 | 2.27 |
| Gemma4-26B | 97.93 | 46.50 | 54.46 | 67.23 | 0.78 |
| DeepSeek-7B | 94.73 | 47.72 | 32.32 | 37.24 | 0.94 |
| Llama3.1-8B | 98.97 | 46.17 | 43.70 | 52.51 | 0.48 |
| Qwen3-4B | 97.93 | 51.27 | 57.70 | 55.54 | 0.58 |
| Model | ZH EM | EN EM | EM | Paired Agreement | Both Correct | ZH Only | EN Only |
|---|---|---|---|---|---|---|---|
| Qwen3-2B | 51.98 | 59.22 | +7.24 | 75.08 | 49.73 | 2.25 | 9.48 |
| Gemma4-26B | 44.15 | 51.11 | +6.95 | 68.60 | 39.83 | 4.32 | 11.28 |
| Gemma3-12B | 14.69 | 14.47 | -0.21 | 50.09 | 11.27 | 3.42 | 3.21 |
| Qwen3-8B | 35.47 | 30.52 | -4.96 | 39.47 | 21.78 | 13.69 | 8.73 |
| Qwen3-4B | 20.71 | 25.92 | +5.20 | 34.08 | 12.66 | 8.06 | 13.26 |
| Llama3.1-8B | 22.25 | 27.95 | +5.70 | 31.27 | 14.40 | 7.84 | 13.55 |
| Model | Exact Eq. | Direction Eq. | Overturned | Severe | Swapped Pos. Overturned |
|---|---|---|---|---|---|
| Qwen3.6-Max | 91.37 | 94.44 | 8.63 | 6.74 | 26.00 |
| Qwen3-VL-8B | 88.63 | 93.05 | 11.37 | 8.09 | 39.81 |
| Qwen3.6-35B | 86.35 | 89.77 | 13.65 | 8.48 | 34.19 |
| Qwen3.7-Plus | 81.21 | 91.27 | 18.79 | 16.93 | 28.10 |
| Qwen3.6-27B | 81.89 | 89.55 | 18.11 | 16.33 | 36.07 |
| GLM-5.1 | 51.98 | 73.23 | 48.02 | 38.86 | 41.92 |
| Output validity | Confidence reliability | |||||||||
| Model | Strict JSON | Parse | Missing | Invalid | Violation | High Cov. | EM@High | EM@Low | Gap | High Err. |
| Qwen3-2B | ||||||||||
| Qwen3-8B | ||||||||||
| Gemma4-26B | ||||||||||
| DeepSeek-7B | ||||||||||
| Llama3.1-8B | ||||||||||
| Failure mode | Operational criterion | Frequency | Main pattern |
|---|---|---|---|
| Unsupported opportunity prediction | Gold opportunity is No, but the model predicts Yes. | 23,621/34,903 (67.7%) | Broad industrial or lexical relatedness is frequently treated as sufficient evidence for a concrete collaboration interface. |
| Opportunity false negative | Gold opportunity is Yes, but the model predicts No. | 1,903/18,392 (10.3%) | Cross-field evidence for complementarity is sometimes insufficiently integrated, leading the model to assign the negative opportunity label. |
| Valid but incorrect type | The gold label is Yes, the model predicts Yes, and the returned valid type differs from the gold type. | 4,495/18,392 (24.4%) | Predictions collapse toward frequent or semantically adjacent mechanisms, especially Supply and Production. |
| Valid but incorrect direction | The gold label is Yes, the model predicts Yes, and the returned valid direction differs from the gold direction. | 5,092/18,392 (27.7%) | Errors reflect both majority-class attraction and model-specific overprediction of A2B or Bidirectional relations. |
| Model | Both correct | Identical wrong | Different wrong | ZH only | EN only | |
|---|---|---|---|---|---|---|
| Qwen3.6-27B | 2,805 | 55.8 | 21.5 | 12.6 | 5.7 | 4.3 |
| Qwen3.6-Max | 2,805 | 54.6 | 25.0 | 9.8 | 3.0 | 7.6 |
| Qwen3.7-Plus | 2,805 | 49.7 | 26.2 | 13.7 | 6.2 | 4.2 |
| Kimi-K2.7 | 2,805 | 35.6 | 26.1 | 23.9 | 5.9 | 8.5 |
| Gemma3-12B | 2,805 | 11.3 | 38.8 | 43.3 | 3.4 | 3.2 |
| Llama3.2-3B | 2,805 | 1.2 | 6.3 | 85.2 | 3.7 | 3.5 |
| Pair | Pattern | Key profile evidence | Gold / representative prediction | Diagnostic interpretation |
|---|---|---|---|---|
| HSAI_00165 | Unsupported opportunity | A: telecommunications services, broadband, IoT, cloud, and data centers. B: ICT infrastructure, network equipment, enterprise solutions, cloud, and smart devices. | No / Yes–Strong–Supply–B2A | Broad ICT overlap is treated as a specific supply interface, although neither profile states a concrete demand relationship. |
| MLAI_01557 | Opportunity false negative | A: retail of furniture, home-improvement materials, appliances, bathroom products, and lighting. B: broad import–export trade in agricultural products, machinery, textiles, and other goods. | Yes–Strong–Distribution–B2A / No | The model must connect a broad trading capability to a downstream retail channel despite limited direct product overlap. |
| HSAI_00848 | Type and direction confusion | A: media distribution, advertising, brand promotion, and digital marketing. B: digital-marketing platforms, ad-delivery systems, analytics, and related technical services. | Yes–Strong–Technology–B2A / Yes–Strong–Distribution–Bidirectional | Commercial-channel cues obscure both the technical mechanism and the annotated resource-flow direction. |
| RNEG_01776 | High-confidence type error | A: property sales, leasing, and consulting. B: real-estate development, investment, asset management, and property management. | Yes–Strong–Supply–A2B / Yes–Strong–Distribution–A2B | The direction is preserved, but service provision is conflated with channel distribution under High confidence. |