Core Insights - Jingtai Holdings (02228) has successfully developed and validated two innovative topical active ingredients for hair growth and anti-hair loss: small molecule Remeanagen (XTP-118) and peptide AquaKine (XTP-016) [1] - The combination formula of these two molecules has shown significant superiority in hair growth and anti-hair loss effects, safety, and onset speed compared to existing similar products through rigorous human trials [1] - Both molecules have successfully passed the INCI (International Nomenclature of Cosmetic Ingredients) registration in the United States, and the combination product Groland has received FDA (Food and Drug Administration) cosmetic filing, marking Jingtai's entry into the promising consumer health sector [1] - Jingtai aims to tackle major diseases through drug development while also creating consumer-grade molecular products to enhance the quality of daily life [1] - The new mission statement of Jingtai emphasizes the integration of AI into every new drug and the incorporation of AI molecules into everyone's quality of life [1] Company Developments - The AI molecular discovery platform of Jingtai is focused on developing innovative drug molecules that save lives and creating safe and effective consumer product molecules [1] - The successful validation of the dual active ingredients positions Jingtai as a leader in the consumer health market, leveraging its AI capabilities [1]

Core Viewpoint - The company has successfully developed and validated two innovative topical active ingredients for hair loss prevention and regrowth, leveraging its industry-leading AI molecular discovery platform, addressing a growing global market of over 2.5 billion people suffering from hair loss [1] Group 1: Product Development - The two active ingredients developed are small molecule Remeanagen™ (XTP-118) and peptide AquaKine™ (XTP-016) [1] - The combination of these "twin star" molecules has shown significant improvements in hair regrowth and prevention efficacy, safety, and onset speed compared to existing products [1] - Both molecules have successfully passed the INCI registration in the United States, and the combined product Groland has received FDA cosmetic registration [1] Group 2: Market Potential - The global hair loss population is over 2.5 billion and continues to grow, indicating a substantial market opportunity for effective products [1] - The company's AI platform is now entering the consumer health sector, which has significant potential for growth alongside its ongoing drug development for major diseases [1]

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 晶泰AI創新研發平台成功開發生髮「雙子星」新分子， 獲得關鍵國際認證 本公告由晶泰控股有限公司（「本公司」或「晶泰」，連同其子公司統稱「本集團」） 自願作出。本公告旨在讓本公司股東及潛在投資者知悉本集團的最新業務發 展狀況。 根據聯合國人口預測及艾瑞咨詢，目前全球脫髮人群超過25億並逐年增加，但 市場缺乏有效產品。本公司董事會（「董事會」）欣然宣佈，本集團憑借其行業領 先的AI分子發現平台，成功開發並驗證了兩款兼具防脫和生髮的創新外用功效 成分 — 小分子Remeanagen™ (XTP-118)及多肽AquaKine™ (XTP-016）。這對「雙子 星」分子的聯用配方，經嚴謹人體實驗證明，在生髮防脫效果、安全性及起效 速度上均顯著超越現 ...

Market Overview - On November 6, the Hang Seng Index rose by 2.12%, with southbound funds totaling a transaction amount of HKD 105.77 billion, including buy transactions of HKD 55.63 billion and sell transactions of HKD 50.15 billion, resulting in a net buy amount of HKD 5.48 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) had a cumulative transaction amount of HKD 42.55 billion, with buy transactions of HKD 23.34 billion and sell transactions of HKD 19.21 billion, leading to a net buy amount of HKD 4.13 billion [1] - The southbound trading through Stock Connect (Shanghai) had a cumulative transaction amount of HKD 63.23 billion, with buy transactions of HKD 32.29 billion and sell transactions of HKD 30.94 billion, resulting in a net buy amount of HKD 1.35 billion [1] Active Stocks - Among the stocks with significant trading activity, SMIC had the highest transaction amount at HKD 74.89 billion, followed by Alibaba-W at HKD 73.31 billion and Tencent Holdings at HKD 38.26 billion [1] - The stocks with the highest net buy amounts included Xpeng Motors-W with a net buy of HKD 12.14 billion, followed by Southern Hang Seng Technology with HKD 10.52 billion and Huahong Semiconductor with HKD 9.61 billion [1] Notable Stock Movements - Weichai Power had the highest net sell amount at HKD 5.48 billion, despite its stock price increasing by 20.52% [1] - Other notable net sell amounts included Pop Mart at HKD 4.19 billion and Alibaba-W at HKD 3.08 billion [1] Continuous Net Buying - Xpeng Motors-W, Huahong Semiconductor, and Xiaomi Group-W were among the eight stocks that appeared on both the Shenzhen and Shanghai Stock Connect active trading lists, with Xiaomi Group-W having the longest continuous net buying streak at 7 days, totaling a net buy of HKD 42.28 billion [2]

Market Overview - After a rebound yesterday, the markets continued to rise today, with the Hang Seng Index increasing by 2.12% [1] - The potential end of the government shutdown is seen as a positive for the stock market, as President Trump urged the Republican Party to pass the spending bill quickly [1] - AI sector developments, particularly comments from NVIDIA's CEO Jensen Huang regarding China's advantages in AI, have fueled market sentiment [1] Company Performance - Hua Hong Semiconductor reported a record third-quarter revenue of $635.2 million, with expectations for fourth-quarter revenue between $650 million and $660 million [2] - The company's 12-inch wafer business now accounts for 59.3% of total revenue, driving overall growth [2] - The utilization rate of the 8-inch wafer plant is at 109.5%, indicating strong market demand in specialty processes [2] Strategic Partnerships - Ceres Power signed a manufacturing license agreement with Weichai Power for solid oxide fuel cells, aiming to produce batteries for data centers and industrial markets [3] - A strategic cooperation agreement was signed between DayOne and Weisheng Holdings to deepen collaboration in the data center sector [3] Resource Sector Developments - Major gas turbine orders in North America are projected to extend to 2030, driven by increased capital expenditure in data centers [3] - The aluminum industry is experiencing a positive trend, with companies like China Aluminum and China Hongqiao seeing stock increases of over 10% due to improved profit margins [3] Robotics and AI Applications - Xpeng Motors showcased its new generation humanoid robot, which is expected to begin commercialization next year [4] - Blues Technology has received an order for 10,000 quadruped robots, highlighting its manufacturing capabilities in the intelligent hardware sector [5] Financial Transactions - Cathay Pacific announced a share buyback agreement with Qatar Airways for approximately 9.57% of its shares, valued at HKD 6.969 billion [6] - The buyback price represents a 4% discount compared to the closing price before the announcement, which is seen as favorable for the company [6] Industry Events - The Fourth China Nuclear Energy High-Quality Development Conference will be held in November 2025, showcasing innovations in nuclear technology [7] PCB Industry Insights - Kingboard Laminates reported a revenue increase of 11% year-on-year, driven by rising prices of copper-clad laminates [8] - The company is advancing in high-end product development, with plans for new production lines for low dielectric materials [9]

Core Insights - On November 6, 2025, Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) were the top three companies by trading volume in the Hong Kong Stock Connect (southbound) with trading amounts of 4.208 billion, 3.997 billion, and 2.042 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect (southbound), SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) also ranked as the top three with trading amounts of 3.491 billion, 3.124 billion, and 2.004 billion respectively [1] Shanghai-Hong Kong Stock Connect (Southbound) Active Companies - Alibaba-W (09988) had a trading amount of 4.208 billion with a net buy of -0.251 billion [1] - SMIC (00981) recorded a trading amount of 3.997 billion with a net buy of -0.475 billion [1] - Hua Hong Semiconductor (01347) achieved a trading amount of 2.042 billion with a net buy of +0.698 billion [1] - Xpeng Motors-W (09868) had a trading amount of 1.972 billion with a net buy of +0.861 billion [1] - Tencent Holdings (00700) had a trading amount of 1.822 billion with a net buy of -0.256 billion [1] Shenzhen-Hong Kong Stock Connect (Southbound) Active Companies - SMIC (00981) led with a trading amount of 3.491 billion and a net buy of +1.094 billion [1] - Alibaba-W (09988) had a trading amount of 3.124 billion with a net buy of -0.057 billion [1] - Tencent Holdings (00700) recorded a trading amount of 2.004 billion with a net buy of +0.621 billion [1] - Hua Hong Semiconductor (01347) achieved a trading amount of 1.649 billion with a net buy of +0.892 billion [1] - Xiaomi Group-W (01810) had a trading amount of 1.156 billion with a net buy of +0.244 billion [1]

Core Insights - MSCI announced the inclusion of JingTai Technology in the MSCI China Index, effective November 24, 2025, recognizing its innovation in AI and robotics for new drug and material development [1][4]. Group 1: MSCI Inclusion - JingTai Technology is among 26 new stocks added to the MSCI China Index, which includes various resource stocks and technology companies in AI, robotics, semiconductors, and high-end manufacturing [3][4]. - Inclusion in the MSCI China Index signifies entry into the MSCI global standard index series, attracting significant passive investment tracking [4]. Group 2: Company Profile - JingTai Technology is an innovative R&D platform integrating quantum physics, AI, and standardized experimental robotics, focusing on the commercialization of AI in various sectors including pharmaceuticals, energy, agriculture, and new materials [5]. - The company has established partnerships with over 300 international enterprises and research institutions, and aims to achieve profitability in the first half of 2025 [5]. - JingTai Technology is one of the few platforms with high-value collaborations in both AI small molecule and AI biopharmaceutical development, serving 15 of the top 20 global pharmaceutical companies [5].

Core Insights - MSCI announced the inclusion of JingTai Technology (02228) in the MSCI China Index, effective after the market close on November 24, 2025, recognizing its innovation in AI and robotics for new drug and material development [1][4]. Group 1: MSCI Inclusion - The MSCI China Index added 26 stocks, including JingTai Technology, which signifies entry into the MSCI global standard index series, attracting passive investment funds [3][4]. - The selection for the MSCI China Index is based on objective quantitative metrics such as market capitalization, free float, liquidity, and market investability, indicating JingTai Technology meets strict international standards [4]. Group 2: Company Overview - JingTai Technology is an innovative R&D platform integrating quantum physics, AI, and standardized experimental robotics, focusing on the commercialization of AI in various sectors including pharmaceuticals, energy, agriculture, and new materials [5]. - The company has established partnerships with over 300 international enterprises and research institutions, and aims to achieve profitability in the first half of 2025 [5]. - JingTai Technology is one of the few platforms with high-value collaborations in both AI small molecule and AI biopharmaceutical development, serving 15 of the top 20 global pharmaceutical companies [5].

Core Viewpoint - Jingtai Holdings (02228.HK) opened over 6% higher, indicating strong market interest and positive investor sentiment [1] Group 1 - The stock price increased by 6.05%, reaching HKD 11.4 [1] - The trading volume was HKD 41.9461 million, reflecting active market participation [1]

Core Viewpoint - Jingtai Holdings (02228) experienced a significant stock increase of over 6%, currently trading at 11.4 HKD, following the announcement of a strategic collaboration with Eli Lilly worth up to 345 million USD [1] Group 1: Strategic Collaboration - Jingtai Technology's subsidiary Ailux has entered into a multi-target strategic cooperation and platform licensing agreement with Eli Lilly, with a total value potentially reaching 345 million USD, including several million USD in upfront payments and milestone payments [1] - This partnership aims to leverage Ailux's proprietary platform to accelerate the discovery and development of bispecific antibodies across multiple therapeutic areas, while also utilizing its AI antibody research platform to enhance internal pipeline research [1] Group 2: Previous Collaborations - This agreement follows a previous collaboration in 2023, where Jingtai Technology and Eli Lilly signed a 250 million USD deal focused on AI small molecule drugs, marking another significant partnership between the two companies [1] Group 3: Ailux's Development - Ailux, established by Jingtai Technology in 2021, has rapidly developed into a major platform for large molecule drug research, achieving significant commercial results in recent years [1] - The platform employs a hybrid research model that combines wet and dry lab approaches, enabling precise AI-driven antibody drug design and engineering, effectively addressing challenges related to high costs and long timelines in drug discovery [1] - Ailux is expected to advance various next-generation antibody drugs designed by AI into later clinical stages, aiming for impactful major commercial collaborations in the future [1]