Group 1: Industry Overview - SandboxAQ, an AI startup supported by Alphabet and Nvidia, launched a large-scale synthetic dataset to accelerate global drug development by simulating drug molecule and protein interactions [1] - Major pharmaceutical companies like Merck, Pfizer, Eli Lilly, and BMS have invested hundreds of billions in AI drug-related companies, indicating a strong demand for AI-assisted drug development [1] - The total value of significant AI drug development transactions has exceeded $50 billion in the last five years, highlighting the growing interest and investment in this sector [1] Group 2: Company Developments - Crystal Tech Holdings expects to achieve a consolidated revenue of at least RMB 500 million by mid-2025, a year-on-year increase of approximately 387%, driven by a partnership with DoveTree Medicines [3] - Via Biotechnology has seen AI-related orders account for 12% of new signed orders, indicating a growing trend in AI integration within their drug development processes [3] - Via is transitioning from a focus on computational methods to AI-driven drug design, aiming to change the paradigm of drug design [3] Group 3: Market Trends - AI pharmaceutical companies are increasingly securing large orders from multinational corporations, validating the profitability of AI drug development through technology licensing and revenue-sharing models [2] - The first approved AI-driven drug is anticipated to be a significant milestone, with both AI companies and traditional pharmaceutical leaders competing for breakthroughs in this new field [2] - The entry of various players, including cross-industry companies, into the AI drug development space is expected to enhance competitive barriers over time [2]

Core Viewpoint - Jingtai Holdings (02228) announced a placement agreement to issue up to approximately 286 million placement shares at HKD 9.28 per share, aiming to raise approximately HKD 2.63 billion for various strategic initiatives [1] Group 1: Fundraising Details - The company plans to issue up to approximately 286 million shares through a placement agent [1] - Each placement share is priced at HKD 9.28, with total net proceeds expected to be around HKD 2.63 billion if fully subscribed [1] Group 2: Use of Proceeds - The raised funds will be utilized for continuous product iteration and upgrading, enhancing research and development capabilities, and solution capabilities [1] - The company aims to commercialize products and develop business by strengthening collaborations with external parties in similar and mutually beneficial industries [1] - Additional uses include potential acquisitions and investments, talent attraction and recruitment, working capital replenishment, and general corporate purposes [1]

Core Viewpoint - Crystal Tech Holdings (02228) announced a placement agreement to issue up to approximately 286 million shares at a price of HKD 9.28 per share, aiming to raise approximately HKD 2.63 billion for various strategic initiatives [1] Group 1: Fundraising Purpose - The net proceeds from the share placement are intended for continuous product iteration and upgrading, enhancing research and development capabilities, and solution capabilities [1] - The funds will also support product commercialization and business development, strengthening collaborations with external parties and partners in similar and mutually beneficial industries [1] - Additional uses of the funds include potential acquisitions and investments, talent attraction and recruitment, working capital replenishment, and general corporate purposes [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。 本公告僅供參考用途，並不構成收購、購買或認購本公司證券的邀請或要約。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司 法權區內刊發或派發。 本公告並非構成或組成於美國境內購買或認購證券的任何要約或購買或認購證券的招攬的 一部分。本公告所述證券並未亦不會根據證券法登記，亦不得在美國境內提呈發售或出售， 惟根據證券法的登記規定獲豁免或不受證券法登記規定規限的交易除外。本公司無意根據證 券法登記本公告所指之任何證券，或在美國進行證券的公開發售。 XtalPi Holdings Limited （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） 晶泰控股有限公司 （股份代號：2228） 根據一般授權配售新股份 聯席整體協調人 （按英文字母順序排序） 聯席賬簿管理人 （排名不分先後） – 1 – 董事會欣然宣佈，於2025年8月29日（交易時段前），本公司與配售代理訂 ...

Investment Rating - The report provides an investment rating of "Outperform" for XtalPi Holdings, indicating an expected total return exceeding the relevant market benchmark over the next 12-18 months [17]. Core Insights - XtalPi Holdings reported a significant revenue increase of RMB 517 million for H1 2025, a year-on-year growth of 403.8%, and achieved an adjusted net profit of RMB 142 million, marking its first half-year profit [6][7]. - The company has a strong cash position with a cash balance of RMB 5.308 billion and a 20% reduction in monthly average cash burn to RMB 49.7 million, reflecting improved financial health [6][7]. - Future growth is anticipated due to the progress in collaboration with DoveTree Medicines and the scaling of its AI technology platform [6][7]. Summary by Sections Revenue and Profitability - The drug discovery solutions segment became the largest growth driver, generating RMB 435 million in revenue, a staggering increase of 615.2% year-on-year, accounting for 84% of total revenue [9][10]. - The intelligent robotics solutions segment also showed strong performance, achieving revenue of RMB 81.86 million, a 95.9% increase year-on-year, driven by demand for automated chemical synthesis services and increased penetration of XtaPi R&D solutions [10] [3]. R&D Investment and Technological Advancements - R&D expenditure increased by 5.3% year-on-year to RMB 222 million, supporting technological breakthroughs and the expansion of the R&D team [8]. - The implementation of the end-to-end AI drug discovery platform and the "AI + Robotics" technology matrix has significantly enhanced internal R&D efficiency and serves as a core competitive advantage for external services [8][9]. Key Collaborations and Orders - The company achieved a major milestone in its collaboration with DoveTree Medicines, receiving an initial payment of USD 51 million, which directly contributed to the explosive growth of its drug discovery solutions business [7][9]. - The order volume for intelligent robotics solutions increased significantly, indicating a robust order reserve across diversified business lines [7].

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 美团-W(03690) | 61.45 亿元 | -2.97 亿元 | | 中芯国际(00981) | 55.65 亿元 | +3.18 亿元 | | 阿里巴巴-W(09988) | 47.26 亿元 | -3.76 亿元 | | 盈富基金(02800) | 40.29 亿元 | -40.01 亿元 | | 腾讯控股(00700) | 24.97 亿元 | -3.78 亿元 | | 康方生物(09926) | 16.81 亿元 | +5.12 亿元 | | 华虹半导体(01347) | 15.73 亿元 | +1.19 亿元 | | 小米集团-W(01810) | 15.63 亿元 | -3.00 亿元 | | 中国海洋石油(00883) | 13.81 亿元 | +2.53 亿元 | | 晶泰控股(02228) | 11.81 亿元 | +2.24 亿元 | 智通财经APP获悉，2025年8月28日当天，中芯国际(00981)、美团-W(03690)、盈富基金(02800)位居沪 港通（ ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, with a total net sell of 204.41 billion HKD on August 28, 2023, indicating a cautious sentiment among investors [1]. Group 1: Northbound Capital Activity - Northbound capital saw a net sell of 132.97 billion HKD through the Shanghai Stock Connect and 71.44 billion HKD through the Shenzhen Stock Connect [1]. - The most bought stocks included SMIC (00981), Kangfang Biotech (09926), and Huahong Semiconductor (01347), while the most sold stocks were the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises Index (02828), and Tencent (00700) [1]. Group 2: Stock Performance and Predictions - SMIC received a net buy of 8.92 billion HKD, while Huahong Semiconductor had a net buy of 4.63 billion HKD, reflecting a renewed interest in chip stocks [6]. - Kangfang Biotech saw a net buy of 5.11 billion HKD, supported by positive clinical trial results for its drug [6]. - China Life (02628) received a net buy of 3.83 billion HKD, with expectations of steady growth in profits and new business value (NBV) [7]. Group 3: Sector Trends and Market Sentiment - The technology sector showed mixed results, with Meituan (03690) and Alibaba (09988) receiving net buys of 3.33 billion HKD and 3.29 billion HKD, respectively, while Tencent faced a net sell of 5.83 billion HKD [7]. - The AI sector is expected to be a key driver for Hong Kong tech stocks, with improved market sentiment due to easing trade tensions between China and the U.S. [7]. - Horizon Robotics (09660) reported a revenue increase of 67.6% year-on-year, indicating strong growth in the autonomous driving market [8]. Group 4: ETF and Fund Flows - Northbound capital also sold off ETFs, with the Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises Index (02828) facing net sells of 118.86 billion HKD and 47.76 billion HKD, respectively [9]. - Despite the selling pressure, there is an expectation for continued foreign capital inflow into the Chinese market, although the importance of foreign capital in the Hong Kong market has decreased [9].

Core Viewpoint - Jingtai Holdings (02228.HK) achieved its first half-year profit since its listing, marking a significant milestone and indicating a new growth phase for the company, laying a solid foundation for its future strategic plans [3]. Financial Performance - For the first half of 2025, the company reported revenue of 5,307.7 million yuan, representing a year-on-year increase of 403.8% [4]. - The adjusted net profit for the same period was 141.6 million yuan [4]. Business Review - The drug discovery solutions segment saw a remarkable revenue increase of 615.2%, driven by significant collaborations and milestone achievements [6]. - A major collaboration with biopharmaceutical legend Gregory Verdine resulted in an initial payment of $51 million and potential milestone payments totaling $5.89 billion [7]. - The antibody business experienced substantial growth, achieving nearly double the revenue of the entire previous year in the first half of 2025 [12]. Technological Advancements - The company has developed the AI-driven drug discovery platform XtalFold®, which has been upgraded to enhance its performance in complex biomolecular modeling [15]. - The AI capabilities have been continuously upgraded, with over 200 AI models developed for various applications in drug discovery [14]. Strategic Collaborations - The company signed multi-million dollar agreements with JW Pharmaceutical and other leading firms to provide comprehensive automation and AI-driven solutions for drug candidate screening and synthesis [22][23]. - A significant partnership with Roche was established to automate molecular sorting and storage processes [24]. Innovations in Robotics - The company introduced a new generation of modular robots equipped with patented flexible gripping devices, enhancing operational flexibility and efficiency in chemical research [21]. - The Multi-Agent system is being deployed to streamline the entire chemical synthesis process, significantly improving throughput and data accumulation efficiency [39].

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 28 日 浙商早知道 2025 年 08 月 28 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 1 市场总览 重要推荐 ❑ 【浙商计算机 童非/王班/刘雯蜀/张致远】晶泰控股（02228）公司深度：AI for Science 领军，布局 AI+量子+机 器人 ——20250826 重要观点 ❑ 【浙商策略 廖静池/王大霁/高旗胜/赵闻恺】策略专题研究：降息预期遇上人工智能+，大盘成长风格走向高潮— —20250827 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：8 月 27 日上证指数下跌 1.76%，沪深 300 下跌 1.49%，科创 50 上涨 0.13%，中证 1000 下跌 1.87%，创业 板指下跌 0.69%，恒生指数下跌 1.27%。 ❑ 行业：8 月 27 日表现最好的行业分别是通信（+1.66%)、电子（-0.4%)、有色金属（-1.1%)、公用事业（- 1.25%)、计算机 ...

2025 年上半年，金泰控股实现营收人民币 5.17 亿元，同比增长 404%。公司 的现金余额合计人民币 53.08 亿元，财务状况稳健，公司月均现金消耗同比缩 窄 20%，至人民币 4,965 万元。本期公司取得经调整净利润人民币 1.42 亿， 这是公司首次实现半年盈利。此外，公司被纳入 MSCI 指数，彰显了国际资本 市场对其投资价值的高度认可。 金泰控股在药物发现解决方案方面有哪些重要进展？ 在药物发现解决方案方面，金泰控股与全球顶尖的药物公司、科技公司及世界 一流学府建立了深度合作。与生物制药界传奇企业家 Greg 教授达成接近 60 亿 智能机器人解决方案业务收入同比增长 95.9%至 8,186 万元，得益于 自动化化学合成服务及 XO 派研发解决方案高速增长。积累超过 2,600 万条化学反应条件数据，化学反应预测成功率提升至 85%以上。 公司与韩国药企 JW Pharmaceutical 签署数百万美元合作协议，提供 高通量自动化合成工作站、AI 驱动反应条件优化及智能分析平台，支持 其智能药物候选分子筛选、合成与工艺优化。 美元的重大合作，这是 AI 药物研发领域的重要事件。双方合作将 ...