[Table_Page] 公司深度研究|制药、生物科技与生命科学 证券研究报告 [Table_Title] 【 广 发 医 药 & 海 外 】 英 矽 智 能 （03696.HK） 独特 AI 制药平台，加速创新药研发 [Table_Summary] 核心观点： | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 52.05 港元 | | 合理价值 | 77.97 港元 | | 报告日期 | 2026-03-26 | 基本数据 [Table_BaseInfo] | 总股本/流通股本（百万股） | 572.40/572.40 | | --- | --- | | 总市值/流通市值（亿港元） | 297.94/297.94 | | 一年内最高/最低（港元） | 76.90/29.98 | | 30 日日均成交量/成交额（百万） | 2.63/152.81 | | 近 3 个月/6 个月涨跌幅（%） | 73.62/73.62 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]罗佳荣 SAC 执证号：S026051609000 ...

INSILICO MEDICINE InSilico Medicine Cayman TopCo 英矽智能 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。 （於開曼群島註冊成立的有限公司） （股份代號：3696) 自願公告 英矽智能與元羿生物拓展 AI 驅動 CNS 領域研發合作， 新合作總金額最高可達 9,475 萬美元 本公告由英矽智能（「本公司」，連同其附屬公司統稱「本集團」）自願作出，以告知 本公司股東及潛在投資者有關本集團的最新業務更新。 本公司董事會（「董事會」）欣然宣佈，在過去一年良好的合作關係基礎上，英矽智 能與Tenacia Biotechnology (Hongkong) Co., Limited（「元羿生物」），一家致力於 為未被滿足的神經系統疾病患者開發創新治療方案的商業化生物製藥公司，已達 成一項擴展的AI驅動研發合作（「該合作」）。 透過該合作，雙方旨在為極具挑戰性的神經系統疾病提供更廣泛、更精準的治療 方案，從而降低後期研 ...

英矽智能（「本公司」及其附屬公司，「本集團」）董事會（「董事會」）茲通告謹定於 2026年3月27日（星期五）舉行董事會會議，以考慮及通過本集團截至2025年12月 31日止的全年業績，及建議之末期股息（如有），以及處理其他事項。 承董事會命 英矽智能 董事會主席、執行董事、 首席執行官及首席商務官 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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 INSILICO MEDICINE InSilico Medicine Cayman TopCo 英矽智能 （於開曼群島註冊成立的有限公司） （股份代號：3696） 董事會召開日期 香港，2026年3月13日 於本公告日期，本公司董事會包括執行董事Aleksandrs Zavoronkovs博士及任峰博 士，非執行董事陳侃博士、梁傳昕博士及施瓏先生，以及獨立非執行董事王勁松 博士、Denitsa Milanova博士及Roman Kyrychynskyi先生。 Aleksandrs Zavoronkovs博 ...

双方合作的首个模型LFM2-2.6B-MMAI（v0.2.1）也同时落地，后者是借助英矽智能的大模型专精 训练框架MMAI Gym所推出的。经 MMAI Gym 训练后的 LFM2-2.6B-MMAI 模型可支持 200余 种任务类型，覆盖药物研发多个关键阶段，包括： ADMET（药物分析）成药性质预测、多参数分子 优化、蛋白口袋条件和靶点评估、分子药效团推理以及逆合成路径规划等。 药物发现本质上是一场跨越化学、生物、临床数据与文献知识的多模态协同工程。尽管大语言模型在 靶点发现与识别、蛋白质结构与功能预测、药物分子设计与优化、药物属性预测、药物再利用与组合 治疗、自动化实验等方面具有广泛的应用前景，但在药物设计的具体任务执行上仍然面临困难。 在上述合作中，英矽智能充当的角色就是帮助大模型训练AI，这是该公司正在探索的一种商业模式， 具体看，该商业模式有两条实现路径，一是通过MMAI Gym 进行授权服务，主要是面向客户提供定 制化模型训练，并支持训练数据授权等；二是通过MMAI Gym 内训练产出的基础模型实现商业化落 地，从中获得分成。 英矽智能去年12月底在港股上市，股价累计涨幅翻倍，但公司还未实现盈利 ...

盈利預警 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。 INSILICO MEDICINE InSilico Medicine Cayman TopCo 英矽智能 （於開曼群島註冊成立的有限公司） （股份代號：3696） 本公告由英矽智能（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交易 所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571章證券及期 貨條例第XIVA部內幕消息條文（定義見上市規則）而作出。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據董 事會對本集團截至2025年12月31日止年度之未經審核綜合管理賬目之初步評估 以及現時可得之資料，本集團預期截至2025年12月31日止年度將錄得：(i)收入 約55.8百萬美元至約56.3百萬美元之間，而截至2024年12月31日止年度之收入約 為85.8百萬美元；及(ii)本公司擁有人應佔虧損約352.1百萬美元至約355.8百萬美 ...

（於開曼群島註冊成立的有限公司） （股份代號：3696） 自願公告 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。 INSILICO MEDICINE InSilico Medicine Cayman TopCo 英矽智能 英矽智能與太景的合作達成里程碑， 對外授權的CKD貧血新藥ISM4808完成I期臨床首例受試者入組並給藥 本公告由英矽智能（「本公司」，連同其附屬公司統稱「本集團」）自願作出，以告知 本公司股東及潛在投資者有關本集團的最新業務更新。 本公司董事會（「董事會」）欣然宣佈，公司此前對外授權給太景（股票代碼：4157. TWO）的慢性腎病(CKD)貧血創新藥ISM4808已達成首個協議里程碑。近日，太 景已順利完成該項AI驅動的PHD抑制劑I期臨床試驗的首例受試者入組及給藥。 該項臨床試驗為隨機、雙盲、安慰劑對照研究，包含單次給藥(SAD)及多次給藥 (MAD)部分，旨在評估ISM4808在健康成年人中的安全性、耐受性及藥代動力學 特徵。 ...

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: | 2026年2月28日 | | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | 公司名稱: | 英矽智能 | | | | | | | 呈交日期: | 2026年3月5日 | | | | | | | I. 法定/註冊股本變動 | | | | | | | | 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) | 03696 | 說明 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上月底結存 | | 1,270,000,000 | USD | 0.0000005 | USD | | ...

Group 1 - CICC maintains an "outperform" rating for BeiGene, forecasting $3.9 billion in sales for Zebrutinib in 2025, a 49% year-on-year increase, and $740 million for Tislelizumab, a 19% increase [1] - Multiple significant catalysts are expected in 2026, including U.S. approval for Sotigalimab in R/R MCL, potential accelerated approval for BTK CDAC, and the initiation of Phase III clinical trials for CDK4 [1] Group 2 - CITIC Securities maintains a "buy" rating for Dongfang Zhenxuan, reporting a 5.7% year-on-year revenue increase for FY26H1 and a return to profitability with a net profit of 239 million yuan [2][6] - The self-operated product GMV share increased to 52.8%, with 801 SKUs and the app contributing 18.5% of total GMV [2] Group 3 - CITIC Securities maintains a "buy" rating for Trip.com, reporting a 20.8% year-on-year revenue increase for Q4 2025, slightly exceeding expectations [3] - The international OTA platform saw a 60% increase in bookings for the year, serving 20 million inbound tourists and connecting over 150,000 hotels [3] Group 4 - CITIC Securities maintains a "buy" rating for Samsonite, planning a dual primary listing in the U.S. in the first half of 2026, with IATA predicting a 4.9% increase in global air passenger traffic in 2026 [4] - Current Hong Kong stock valuation is at 11x PE, significantly lower than the comparable U.S. companies at 17x and its historical average of 21x, with the dual listing expected to improve liquidity and catalyze valuation recovery [4] Group 5 - CITIC Securities maintains a "buy" rating for Insilico Medicine, highlighting partnerships with Exelixis and Menarini for high-value pipeline collaborations [5] - The core pipeline ISM001-055 shows excellent clinical potential, with the AI pharmaceutical industry expected to reach critical validation points in 2026 [5] Group 6 - Guosheng Securities maintains a "buy" rating for H&H International Holdings, forecasting strong double-digit growth in market share for ANC in mainland China and robust double-digit growth for BNC infant formula [7] - Interest expense optimization is expected to enhance profits, with BNC share gains and accelerated growth in ANC/PNC expected to resonate positively with performance and valuation [7] Group 7 - Guohai Securities maintains a "buy" rating for Geely Automobile, reporting cumulative sales of 476,000 units from January to February 2026, a 1.0% year-on-year increase [8] - New vehicle launches, including Galaxy M7 and Zeekr 8X, are expected to drive growth, with clear strategies for electrification, intelligence, premiumization, and globalization [8] Group 8 - Industrial Securities maintains a "buy" rating for Jiangnan Buyi, reporting a 7.0% year-on-year revenue increase and a 12.5% increase in net profit for FY26H1 [10] - Online revenue grew by 25.1%, with a 16.3% increase in LESS women's wear, and active membership reached 596,000, with high-value members contributing 60% of offline retail sales [10] Group 9 - Shenwan Hongyuan maintains a "buy" rating for Nine Dragons Paper, reporting a 225.1% increase in net profit for FY26H1 and a net profit of 119 yuan per ton [11] - The company produced 2.3 million tons of wood pulp, a 77% year-on-year increase, benefiting from the release of integrated pulp and paper advantages [11]

Core Insights - KRAS is one of the most mutated cancer driver genes, traditionally considered "undruggable" due to its smooth surface and high affinity for GTP/GDP, but recent advancements in targeting specific mutations like KRAS G12C have shown some progress [1] - Insilico Medicine (03696) is developing a pan-KRAS inhibitor strategy that targets multiple key mutations, with the oral small molecule ISM6166 showing promise for treating various KRAS-driven solid tumors such as lung, pancreatic, colorectal, and gastric cancers [1] - ISM6166 has demonstrated significant tumor suppression and regression effects in preclinical studies while maintaining high selectivity and favorable pharmacokinetic properties, indicating a balanced drug-like profile [1] Efficacy Data - In lung cancer models, ISM6166 achieved an 86.2% tumor growth inhibition rate (TGI) at a dose of 10 mg/kg and a 55.1% tumor regression at 30 mg/kg [2] - In gastric cancer models, ISM6166 showed even more pronounced anti-tumor efficacy, with a TGI of 99.5% at 5 mg/kg and up to 65.8% tumor regression at higher doses [2] Selectivity and Pharmacokinetics - ISM6166 maintains high selectivity for other RAS family proteins, which is crucial for reducing off-target toxicity and potential side effects [4] - The compound has shown good plasma clearance rates and acceptable oral bioavailability across four preclinical species, supporting its potential as a best-in-class oral therapy [4] Research Background - This is not the first time Insilico Medicine has leveraged its AI capabilities in the "undruggable" space; in 2025, the company was recognized in the Nature Biotechnology's top ten research advancements for its KRAS-related studies, which combined quantum and classical computing methods for small molecule design [4]

Core Insights - KRAS is one of the most mutated cancer driver genes, traditionally considered "undruggable" due to its smooth surface and high affinity for GTP/GDP, but recent advancements in targeting specific mutations like KRAS G12C have shown some progress [1] - Insilico Medicine's ISM6166 aims to address the limitations of existing KRAS inhibitors by targeting multiple key mutations and is expected to cover various KRAS-driven solid tumors such as lung, pancreatic, colorectal, and gastric cancers [1] - ISM6166 has demonstrated significant tumor suppression and regression effects in preclinical studies while maintaining high selectivity and favorable pharmacokinetic properties, indicating a balanced drug-like profile [1] Drug Efficacy - In lung cancer models, ISM6166 achieved an 86.2% tumor growth inhibition rate (TGI) at a dose of 10 mg/kg and a 55.1% tumor regression at 30 mg/kg [2] - In gastric cancer models, ISM6166 showed even more pronounced anti-tumor efficacy, with a TGI of 99.5% at 5 mg/kg and up to 65.8% tumor regression at higher doses [2] Selectivity and Pharmacokinetics - ISM6166 maintains high selectivity for other RAS family proteins, which is crucial for reducing off-target toxicity and potential side effects [4] - The compound has shown good plasma clearance rates and acceptable oral bioavailability across four preclinical species, supporting its potential as a best-in-class oral therapy [4] Research Background - This is not the first time Insilico Medicine has leveraged its AI capabilities in the "undruggable" space; in 2025, the company was recognized in Nature Biotechnology's top ten research advancements for its KRAS-related studies, which combined quantum and classical computing methods for small molecule design [4]