Core Viewpoint - JingTai Holdings (02228) reported a significant turnaround in its interim results for the six months ending June 30, 2025, with a revenue of 517 million RMB, marking a year-on-year increase of 403.83% and a net profit attributable to shareholders of 82.795 million RMB, compared to a loss of 1.237 billion RMB in the same period last year [1] Financial Performance - Revenue for the drug discovery solutions business surged from 60.9 million RMB for the six months ending June 30, 2024, to 435 million RMB for the same period in 2025, reflecting a growth of 615.2% [1] - The company achieved a monthly average cash burn reduction of 20.0%, bringing it down to 49.7 million RMB [1] - Adjusted net profit for the first half of the year reached 142 million RMB, marking the first time the company achieved half-year profitability [1] Strategic Developments - The revenue growth was primarily driven by a significant collaboration with DoveTree Medicines LLC and its affiliates, with the company reaching the first milestone of this partnership and receiving an initial payment of 51 million USD [1] - The company ended the reporting period with a cash balance of 5.308 billion RMB, indicating a strong financial position [1]

Financial Performance - The company reported a revenue of RMB 517.1 million for the first half of 2025, representing a year-on-year growth of 403.8% [1] - The adjusted net profit for the same period was RMB 141.6 million, marking the first time the company achieved profitability in a half-year period [1] - The cash balance at the end of the reporting period was RMB 5,307.7 million, indicating a strong financial position [1] - Monthly cash consumption decreased by 20.0% to RMB 49.7 million [1] Research and Development - R&D expenditure increased by 5.3% to RMB 221.5 million for the six months ending June 30, 2025, primarily due to an increase in the number of employed research scientists [1] - The company is focusing on integrating artificial intelligence and human intelligence in scientific research to overcome technological bottlenecks [2] Business Segments - Revenue from drug discovery solutions surged by 615.2%, rising from RMB 60.9 million to RMB 435.2 million, driven by significant collaboration with DoveTree Medicines LLC [1] - The antibody business also showed strong growth, while the intelligent robotics solutions segment saw a 95.9% increase in revenue, from RMB 41.8 million to RMB 81.9 million, mainly due to the growth in automated chemical synthesis services and XtaPi R&D solutions [2]

Core Viewpoint - Crystal Tech Holdings (02228) reported a significant turnaround in its financial performance for the six months ending June 30, 2025, with a revenue increase of 403.83% year-on-year, reaching 517 million RMB, and a shift from a loss of 1.237 billion RMB to a profit of 82.795 million RMB for shareholders [1] Financial Performance - Revenue for the drug discovery solutions business surged by 615.2%, from 60.9 million RMB for the six months ending June 30, 2024, to 435 million RMB for the same period in 2025, primarily driven by a major collaboration with DoveTree Medicines LLC [1] - The company achieved a milestone in its collaboration with DoveTree, receiving an initial payment of 51 million USD [1] - The antibody business also demonstrated strong revenue growth during the reporting period [1] Cash Position and Profitability - As of the end of the reporting period, the company had a cash balance of 5.308 billion RMB, indicating a solid financial position [1] - Monthly average cash consumption decreased by 20.0% to 49.7 million RMB during the first half of the year [1] - The adjusted net profit for the first half of the year was 142 million RMB, marking the first time the company achieved half-year profitability, signifying a new growth phase for the company [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，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 本公告載有涉及風險及不確定因素的前瞻性陳述。除過往事實陳述以外的所有陳述均為前瞻 性陳述。該等陳述涉及已知及未知的風險、不確定及其他因素，當中部分並非本公司所能控 制，且可導致實際業績、表現或成果與該等前瞻性陳述所明示或暗示者存在重大差異。 閣 下不應依賴前瞻性陳述作為未來事件的預測。本公司並無責任因任何新資料、未來事件或其 他原因而更新或修改任何前瞻性陳述。 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 截至2025年6月30日止六個月 的中期業績公告 晶泰控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及 其附屬公司（統稱「本集團」或「我們」）截至2025年6月30日止六個月（「報告期間」） 之未經審計簡明合併業績，連同2024年同期之比較數字。該等本集團未經審計 簡明合 ...

Core Insights - The establishment of the "Hong Kong Digital Asset Listed Companies Association" marks a significant step in promoting digital assets in Hong Kong, with participation from over 80 listed companies and financial institutions [1][2] - The Hong Kong government is committed to fostering innovation in financial technology, with over 1,100 fintech companies operating in the region and a 15% annual growth rate [1][2] Group 1: Government Initiatives - The Hong Kong government plans to regularize the issuance of green bonds and explore tokenization applications in various sectors, including renewable energy [2] - A funding program has been launched to support projects with commercial potential, offering up to HKD 500,000 for tokenization certification and commercialization [2] Group 2: Participating Companies - A list of participating companies includes notable H-shares such as Guofu Quantum, China New Economy Investment, and Huya Capital, among others [3] - A-share participants include Zhaoxin Co. and Jingbeifang, while US-listed companies include Galaxy Digital and Amber [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Insights - The company is a leading AI for Science innovative R&D platform, leveraging a combination of AI, quantum technology, and robotics to create competitive advantages, primarily in pharmaceutical R&D, with plans to expand into materials and other fields, suggesting that revenue growth and profit release may exceed expectations [1][2]. Summary by Sections 1. Company Overview - The company integrates quantum physics, AI algorithms, and robotic automation to enhance R&D efficiency in pharmaceuticals and materials science [15]. - Founded by three MIT postdoctoral researchers, the company has established partnerships with major pharmaceutical firms, including 17 of the top 20 global drug companies [2][19]. 2. Financial Performance - The company is expected to achieve revenues of 602 million, 918 million, and 1.316 billion CNY in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 126.1%, 52.4%, and 43.3% [4][10]. - The company anticipates turning a profit in the first half of 2025, with expected revenues of at least 500 million CNY, a 387% increase from the first half of 2024 [40]. 3. Market Trends - The global CRO market is projected to grow from 12.3 billion USD in 2023 to 32.5 billion USD by 2030, with a CAGR of 14.9% [3][55]. - The report highlights a significant trend towards outsourcing in drug development, with the global market for outsourced drug discovery services expected to grow from 7.6 billion USD in 2018 to 32.5 billion USD by 2030 [55][56]. 4. Business Model and Growth Drivers - The company employs a revenue-sharing model that enhances income flexibility, with significant potential revenue from collaborations, including a recent agreement with DoveTree that could yield up to 58.9 billion USD in milestone payments [2][39]. - The company has developed a unique high-throughput experimental platform that operates 24/7, generating high-quality data to improve AI models, thus enhancing the drug discovery process [16][44]. 5. Product and Service Offerings - The company offers a diverse range of products, including intelligent synthesis workstations and AI software applications, which collectively create a robust barrier to entry in the market [48]. - The company has established a comprehensive R&D platform that covers the entire drug development process, integrating multiple core products and technologies [45][46]. 6. Strategic Partnerships - The company has formed strategic partnerships with leading pharmaceutical companies, including Pfizer and Merck, to enhance its market presence and drive innovation [48][49]. - The report notes that the company has successfully developed key projects, including an innovative targeted drug that integrates AI and organoid disease models, receiving FDA approval [50].

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses the **AI pharmaceutical industry** and specifically focuses on **Jintai Holdings** (晶泰控股) as a leading player in this sector [2][12][27]. Key Points and Arguments Industry Performance - The A-share pharmaceutical sector showed mixed performance this week, with medical devices and biological products leading gains, while the innovative drug sector remained relatively weak [2][3]. - The Hang Seng Biotechnology Index increased by 0.8% this week and has doubled since the beginning of the year, outperforming the Hang Seng Technology Index [4]. Short-term Outlook - The innovative drug sector is expected to strengthen in the short term due to: - Anticipated interest rate cuts by the Federal Reserve [7]. - Increased foreign investment interest in Chinese innovative assets [7]. - Significant subscription volumes in Hong Kong's innovative ETFs [7]. Mid-term Opportunities - The Chinese innovative pharmaceutical market has substantial potential, with market share expected to rise from 2%-3% to over 30% [8][9]. - Major Chinese pharmaceutical companies like BeiGene and Hengrui have shown significant changes in fundamentals, with revenue growth and increased business development (BD) amounts [10]. Jintai Holdings' Business Model - Jintai Holdings focuses on AI technology to optimize and predict molecular structures, transferring research results to other pharmaceutical companies [12]. - The company has established partnerships with major firms like Pfizer and Eli Lilly, and is projected to achieve profitability in the first half of 2025 [12][25]. Competitive Advantages - Jintai Holdings possesses three core competitive advantages: 1. Leading AI technology and a strong foundational team [13]. 2. A unique business model combining dry and wet experiments [13][14]. 3. Fully automated laboratories that enhance data generation and processing efficiency [14]. Financial Performance - In the first half of the year, Jintai Holdings reported revenues exceeding 500 million RMB, a significant increase from 266 million RMB for the entire previous year [23]. - The company achieved profitability, marking a significant milestone compared to many innovative drug companies still operating at a loss [25]. Future Prospects - The AI pharmaceutical industry is still in its early stages, with critical developments expected between 2025 and 2027 [18]. - Jintai Holdings plans to expand its AI applications beyond pharmaceuticals to include chemical energy materials and potentially adopt a SaaS model [17][22]. Market Valuation - By 2035, the domestic AI pharmaceutical market is projected to reach 200 billion RMB, with Jintai Holdings expected to capture 20%-25% of this market [26]. - The company's future profit potential is estimated between 6 billion to 8 billion RMB, with a reasonable valuation range of 60 billion to 80 billion RMB based on a PE ratio [26]. Investment Recommendations - Investors are advised to focus on the outcomes of business development activities and significant academic conferences in September and October [11]. - Recommended stocks include JB One in the weight loss sector and the "Four Kings" of H-shares, as well as the "Six Dragons" of A-shares, which are expected to have substantial growth potential [11]. Additional Important Insights - Jintai Holdings is recognized as a unique entity in the AI pharmaceutical space, being the only Chinese AI pharmaceutical company listed, highlighting its scarcity and unique value [27]. - The company is well-positioned against internet giants entering the AI pharmaceutical field, suggesting a favorable long-term growth outlook [27].

Group 1 - The core viewpoint of the articles highlights the positive impact of the Federal Reserve's dovish stance on the Hong Kong pharmaceutical sector, leading to significant gains in related stocks and ETFs [1] - The Hong Kong pharmaceutical ETF (159718.SZ) has seen a year-to-date increase of nearly 88%, with notable stock performances from companies like Ping An Good Doctor (up 6.10%) and Jintai Holdings (up 5.90%) [1] - The Federal Reserve Chairman Powell's speech at the Jackson Hole conference indicated potential interest rate cuts, which has further boosted investor sentiment towards Chinese assets, particularly in the pharmaceutical sector [1] Group 2 - Recent catalysts for the innovative drug sector include upcoming industry conferences and the release of positive data from key products by companies like Dize and Fuhong Hanlin [2] - The adjustment of the medical insurance catalog and the promotion of commercial insurance policies are also seen as important catalysts for the industry [2] - The Hong Kong pharmaceutical ETF is described as a balanced investment tool that includes not only innovative drugs but also CXO, internet healthcare, and innovative medical devices, making it a convenient option for investors [2]

Investment Rating - The report maintains a rating of "Increase" for the industry [4] Core Insights - The basic chemical sector is experiencing a configuration opportunity, with the index declining by 59.5% from a peak of 9565.18 points in September 2021 to a low of 3876.11 points in February 2024 [1] - The construction project growth rate in the chemical industry has turned negative at -7.3% by Q1 2025, indicating a slowdown [1] - The basic chemical index saw a cumulative increase of 12.6% from July 11 to August 22, 2024, while the petroleum and petrochemical index rose by 5.6% during the same period [1] - Institutional holdings in the basic chemical sector peaked in Q3 2021 at 6.69%, but have since declined to 3.72% by Q2 2025 [1] Summary by Sections AI for Science and Material Development - The report emphasizes the importance of AI for Science (AI4S) in revolutionizing material development, particularly through the use of molecular dynamics (MD) and density functional theory (DFT) [2] - The development of algorithm chip-based atomic-level computing APU chips by Dao Technology is highlighted, which significantly improves computational power and reduces energy consumption [2] - Dao Technology's subsidiary, Hexi, is building an AI4S intelligent computing center to support material research [2] Investment Opportunities in AI4S - AI4S is rapidly penetrating the pharmaceutical and chemical industries, with 41 license-out transactions in the Chinese innovative drug sector in Q1 2025, totaling $36.929 billion [3] - AI is expected to replace traditional drug development processes, significantly speeding up research and reducing costs [3] - The report identifies potential investment opportunities in AI4S-related materials, including perovskite, solid-state batteries, semiconductor materials, and more [3] Key Stocks - The report lists key stocks with a "Buy" rating, including Dongyangguang, Jingtai Holdings, Zhongyan Dadi, and Weixing Chemical, with projected earnings per share (EPS) and price-to-earnings (PE) ratios provided for 2024 to 2027 [7]

Group 1 - The Hang Seng Index rose by 0.93% on August 22, with southbound trading totaling HKD 159.704 billion, including HKD 82.435 billion in buying and HKD 77.269 billion in selling, resulting in a net buying amount of HKD 5.166 billion [1] - The southbound trading through the Shenzhen Stock Connect had a total trading amount of HKD 59.793 billion, with net buying of HKD 4.574 billion, while the Shanghai Stock Connect had a total trading amount of HKD 99.911 billion, with net buying of HKD 0.591 billion [1] - The most actively traded stock by southbound funds was SMIC, with a total trading amount of HKD 135.57 billion, followed by Tencent Holdings and Hua Hong Semiconductor with trading amounts of HKD 67.43 billion and HKD 55.11 billion respectively [1] Group 2 - Among the stocks with net buying, Kuaishou-W had the highest net buying amount of HKD 11.73 billion, with a closing price increase of 4.39%, followed by SMIC with a net buying amount of HKD 10.93 billion and Meituan-W with HKD 10.09 billion [1][2] - Xpeng Motors-W had the highest net selling amount of HKD 13.09 billion, despite a closing price increase of 13.60%, while Xiaomi Group-W and Hua Hong Semiconductor had net selling amounts of HKD 9.03 billion and HKD 7.50 billion respectively [1][2] - Tencent Holdings recorded a continuous net buying for 6 days, with a total net buying amount of HKD 60.33 billion during this period [2]