股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 晶泰控股有限公司 ("本公司"） 呈交日期: 2025年8月5日 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02228 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,019,811,761 | | 0 | | 4,019,811,761 | | 增加 / 減少 (-) | | | -2,810,000 | | 0 | | | | 本月底結存 | | | 4,017,001,761 | | 0 | | 4,017,001,761 ...

Group 1 - The core point of the article is that JingTai Holdings (02228) has entered into a final agreement with DoveTree Medicines LLC for drug discovery and development using its AI and robotics platform [1] - The agreement focuses on discovering and developing small molecules and antibody candidates targeting oncology, immunology, inflammation, neurological disorders, and metabolic disorders [1] - As part of the agreement, DoveTree will receive exclusive global development and commercialization rights for the products developed [1] - The company has already received an initial payment of $51 million under the terms of the agreement [1]

于本公告日期，本集团已收到最终协议项下约定的5100万美元的首付款。 晶泰控股(02228)发布公告，于2025年6月底，本公司的间接全资附属公司深圳晶泰科技有限公司(深圳晶 泰)与DoveTree Medicines LLC及其联属公司(DoveTree)订立了一份最终协议(经不时修订，"最终协 议")。根据该协议，本集团将利用其基于"AI+机器人"的端到端人工智能药物发现平台，为DoveTree选 定的多个主要针对肿瘤学、免疫及炎症疾病、神经系统疾病及代谢失调领域的靶点，发现和开发小分子 及抗体类候选药物，及DoveTree将获得以上产品全球范围的独家开发和商业化权利。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 XtalPi Holdings Limited （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：2228） 晶泰控股有限公司 自願性公告 與DoveTree訂立有關合作之更新資料 茲提述晶泰控股有限公司（「本公司」）日期為2025年6月23日的與Dovetree訂立有 關合作之合作意向書的公告（「該公告」）。除本公告另有說明外，本公告所用詞 彙與該公告所界定者具有相同涵義。 本公司董事會（「董事會」）欣然宣佈，於2025年6月底，本公司的間接全資附屬 公司深圳晶泰科技有限公司（「深圳晶泰」）與DoveTree Medicines LLC及其聯屬 公司（「DoveTree」）訂立了一份最終協議（經不時修訂，「最終協議」）。根據該 協議，本集團將利用其基於「AI+機器人」的端到端人工智能藥物發現平台，為 DoveTree選定的多個主要針對腫瘤學、免疫及炎症疾病、神經系統疾病及代謝 ...

Group 1: Chemical Industry Overview - The construction project growth rate in the basic chemical sector has turned negative, indicating a potential turning point for the industry [1] - The fixed asset growth rate is a leading indicator for supply growth, and the current negative trend in construction projects suggests that the chemical sector is approaching a new upward cycle [1][10] - The overall chemical sector requires multiple factors to resonate for the next upward cycle to begin, with oil prices being a key pricing anchor for most chemical products [1] Group 2: AI for Science (AI4S) in Chemical R&D - AI for Science represents a new paradigm in materials science research, with the potential to grow into a trillion-dollar market, significantly enhancing research efficiency through literature learning, AI model calculations, and automated laboratories [2] - The application of AI4S in the pharmaceutical sector is accelerating, with successful models for drug discovery and solid-state research being established [2] - China is positioned to lead in the AI4S market due to its comprehensive chemical manufacturing industry and supply chain, with key companies like 泰控股 and 志特新材 emerging as leaders [2][46] Group 3: Investment Opportunities in New Industries - The AI hardware sector, particularly in light connections, power supplies, and liquid cooling, presents significant investment opportunities, with companies like 东阳光 recommended for attention [3] - The solid-state battery market is expected to undergo transformation driven by demand from emerging sectors, with large-scale commercialization anticipated from 2026 onwards [3] - The robotics sector, particularly with tendon-driven systems, is gaining traction, with significant market potential as the technology matures [3][50] Group 4: Supply and Demand Dynamics - The supply side of the chemical industry is currently in a downward trend, with construction project growth rates at historically low levels [9][10] - Demand for chemical products has been affected by various external factors, including trade tensions and geopolitical events, but the overall demand is stabilizing as tariff disturbances recede [13] - The global chemical product sales accounted for 45% of the total market, indicating a strong position in the global supply chain [13] Group 5: Oil Market Impact - The oil market is facing increasing supply pressures, with predictions of excess supply in 2025, leading to a potential decline in oil prices [17][20] - Geopolitical tensions, particularly in the Middle East, continue to create uncertainty in oil prices, which directly impacts the profitability of the chemical sector [28][32] - The OPEC+ group is expected to increase production, further exacerbating the supply-demand imbalance in the oil market [25]

Core Insights - XtalPi Holdings Limited (晶泰科技) has expanded its strategic collaboration with Pfizer to develop a next-generation molecular simulation platform aimed at accelerating new drug development [1][5] - The collaboration will enhance the efficiency, accuracy, and chemical space coverage of the molecular simulation platform, significantly speeding up the discovery and development of small molecule drugs [1][2] Company Overview - XtalPi was founded in 2015 by three physicists from MIT and operates as an innovative R&D platform powered by quantum physics, artificial intelligence, and robotics [6] - The company provides drug and materials science R&D solutions and services to global companies across various industries, including pharmaceuticals, agricultural technology, energy, and cosmetics [6] Technological Advancements - The collaboration has resulted in the development of a high-precision force field (XtalPi Force Field, XFF) that outperforms leading commercial software in multiple R&D scenarios [2] - The molecular simulation platform can accurately predict small molecule geometries and perform high-precision affinity predictions through free energy perturbation (FEP) calculations, which are crucial for evaluating drug candidates [2] Future Applications - Following the upgrade, the teams will develop more precise predictive models tailored to Pfizer's proprietary chemical space, expanding the platform's applications in small molecule drug development [5] - XtalPi will localize its XFEP platform for Pfizer, covering the entire process from parameter customization to FEP calculations, aiming for higher precision, throughput, and user experience [5]

Core Insights - Quantum physics, AI, and robotics drug and new materials development platform, CrystalTech (02228), has entered a strategic partnership worth billions with DoveTree LLC, founded by renowned chemist Gregory Verdine [1] - The agreement grants DoveTree exclusive global rights to multiple pipelines in oncology, autoimmune, and neurological diseases, with CrystalTech receiving a total of $100 million in upfront payments and potential milestone payments worth billions [1][10] Company Overview - Gregory Verdine is a pioneer in chemical biology and a successful entrepreneur, having founded over 12 biotech companies, with 7 going public and one being acquired [2][3] - Verdine's innovative "Stapled Peptides" technology has opened new pathways for targeting "undruggable" targets, creating a market valued in the billions [2][6] Financial Implications - CrystalTech will receive $51 million and $49 million in upfront payments within 10 and 180 days post-signing, respectively, along with potential milestone payments and royalties based on annual net sales [1][10] - The collaboration is expected to significantly enhance CrystalTech's financial returns and support ongoing R&D efforts [10] Market Potential - Verdine's work has led to the successful development of drugs targeting traditionally "undruggable" targets, generating over $30 billion in sales from three major drugs [6][8] - The partnership is seen as a model for combining U.S. intellectual property with Chinese efficiency, potentially unlocking a multi-billion dollar market for previously untargetable drug targets [10] Strategic Positioning - The collaboration elevates CrystalTech's status in the industry and may inspire further high-tech partnerships [10] - Verdine's extensive experience and network in the biotech sector, including roles with top venture capital firms, positions the partnership for success in the evolving landscape of drug development [9][10]

Core Viewpoint - On June 23, the Hang Seng Index rose by 0.67%, with southbound funds totaling a transaction amount of HKD 98.834 billion, resulting in a net inflow of HKD 7.895 billion [1]. Group 1: Southbound Fund Transactions - The total transaction amount for southbound funds was HKD 98.834 billion, with buy transactions amounting to HKD 53.365 billion and sell transactions amounting to HKD 45.470 billion, leading to a net buy of HKD 7.895 billion [1]. - The cumulative transaction amount for the Stock Connect (Shenzhen) was HKD 36.039 billion, with net buying of HKD 3.506 billion, while the Stock Connect (Shanghai) had a cumulative transaction amount of HKD 62.795 billion, with net buying of HKD 4.389 billion [1]. Group 2: Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total transaction amount of HKD 48.21 billion, followed by Xiaomi Group-W and Alibaba-W, with transaction amounts of HKD 46.63 billion and HKD 45.52 billion, respectively [1]. - Among the net buying stocks, Meituan-W had the highest net inflow of HKD 15.15 billion, with a closing price increase of 2.18%. Other notable net buying stocks included China Construction Bank with HKD 8.44 billion and SMIC with HKD 6.78 billion [1]. - Alibaba-W experienced the highest net outflow of HKD 12.86 billion, with a closing price decrease of 0.81%. Other stocks with significant net outflows included China National Offshore Oil Corporation and Xiaomi Group-W, with net outflows of HKD 3.27 billion and HKD 3.18 billion, respectively [1]. Group 3: Continuous Net Buying and Selling - Two stocks, China Construction Bank and SMIC, saw continuous net buying for more than three days, with China Construction Bank having a total net buy of HKD 58.54 billion over nine days and SMIC with HKD 12.36 billion over three days [2]. - Three stocks experienced continuous net selling, with Tencent Holdings and Alibaba-W leading in net outflows, totaling HKD 187.31 billion and HKD 19.98 billion, respectively [2].

Group 1 - The Hong Kong innovative drug sector experienced a decline, with several companies showing significant drops in stock prices [1] - Crystal Technology Holdings (02228.HK) fell over 4%, indicating a notable decrease in investor confidence [1] - Ascentage Pharma (06855.HK) also saw a decline of more than 3%, alongside other companies like WuXi AppTec (02359.HK) and Sihuan Pharmaceutical (00460.HK) which followed suit [1]

Core Viewpoint - CrystalTech Holdings has completed the acquisition of Liverpool ChiroChem (LCC), enhancing its capabilities in the exploration of chemical spaces through its "AI + Robotics" intelligent autonomous experimental platform [1] Group 1: Company Overview - CrystalTech is a comprehensive platform company integrating "quantum physics + AI + robotics," utilizing quantum algorithms as its technical foundation [1] - The company has achieved rapid revenue growth, surpassing the commercialization threshold, with projected revenue of 266 million yuan in 2024, representing a year-on-year increase of 52.75% [1] - The client base includes 16 of the top 20 global biotechnology and pharmaceutical companies, establishing long-term partnerships with industry leaders such as Pfizer, Johnson & Johnson, and Merck Group [1] Group 2: Competitive Advantages - The company's core competitive advantages are driven by technological innovation, data barriers, and algorithm superiority [2] - Technological innovation is exemplified by the creation of a "quantum physics + AI + robotics" R&D platform [2] - Data barriers are established through a "high-throughput experiment - high-quality data - high intelligent model" flywheel, with the robotic laboratory operating 24/7 and accumulating over 200,000 reaction process data points monthly [2] - Algorithm superiority is highlighted by the global-leading protein interaction prediction algorithm XtalFold, with commercial licensing agreements with multinational pharmaceutical companies [2] Group 3: Revenue Forecast - As a leader in AI for Science, the company is expected to deepen the application of AI + robotics technology across various fields, with projected revenues of 424 million, 676 million, and 957 million yuan for 2025, 2026, and 2027, respectively [2]