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) 自願公告 英矽智能獲美納里尼 3,900 萬港元里程碑付款， 合作項目 MEN2501 完成首例患者給藥 本公告由英矽智能（「本公司」，連同其附屬公司統稱「本集團」或「英矽智能」）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，英矽智能對外授權給美納里尼集團（「美納 里尼」）的MEN2501項目已在I期臨床試驗中完成首例患者給藥，根據雙方合作協 議，英矽智能獲得由美納里尼支付的約3,900萬港元的最新里程碑付款。 關於MEN2501(ISM9682) 1 前瞻性陳述 概不保證本公告所載關於本集團業務發展之任何前瞻性聲明，或任何事宜將可達 成、將真實發生或將實現或屬完整或準確。本公告所披露 ...

2026 年 02 月 02 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 曹泽运 S0350525110001 证券分析师： 万鹏辉 S0350524050003 caozy@ghzq.com.cn wanph@ghzq.com.cn [Table_Title] 与齐鲁制药达成合作，持续验证 AI 制药能力 ——英矽智能（03696）点评报告 最近一年走势 事件: 2026 年 1 月 27 日，英矽智能发布公告：公司与齐鲁制药签署战略合作 协议，双方将围绕心血管与代谢类疾病领域，利用英矽智能的 Pharma.AI 平台进行小分子抑制剂的研发。协议总金额超过 9.31 亿港元，包含开发 和销售里程碑付款，以及单位数的后续净销售额分成。 投资要点: | 相对恒生指数表现 | | 2026/01/30 | | | --- | --- | --- | --- | | 表现 | 1M | 3M 12M | | | 英矽智能 | 109.8% | - | - | | 恒生指数 | 5.9% | - | - | | 市场数据 | | 2026/01/30 | | | 当前价格（元） | | 62.90 ...

Core Insights - InSilico Medicine leverages its generative AI platform, Pharma.AI, to enhance drug discovery efficiency, having developed multiple promising pipelines and established collaborations with several multinational pharmaceutical companies, creating a significant competitive advantage [1][14]. Industry Background - AI-driven drug discovery and development (AIDD) is becoming an increasingly important trend in the pharmaceutical industry, with AI technology applicable in both early and late stages of drug development, improving efficiency in target identification, molecular design, and clinical trial optimization [2][5]. - The global AIDD market is projected to grow from $11.9 billion in 2023 to $74.6 billion by 2032, with a compound annual growth rate (CAGR) of 22.6% [2]. Business Model - InSilico Medicine operates a dual CEO structure, integrating generative AI with drug discovery and development through a collaborative operational model, focusing on prioritizing targets, molecular design, and optimizing experimental protocols [14]. - The company’s revenue model includes drug discovery and pipeline development, software solutions, and other discovery-related businesses, primarily generating income through licensing and collaboration agreements [14]. Pipeline Development - The company has developed a robust pipeline with over 20 assets in clinical or IND application stages, covering areas such as fibrosis, oncology, immunology, metabolism, and pain management [18][20]. - InSilico Medicine has established partnerships with 13 of the top 20 global pharmaceutical companies, reflecting strong confidence in its platform and pipeline [21][22]. Financial Performance - InSilico Medicine's revenue has shown rapid growth, reaching $30.15 million in 2022, $51.18 million in 2023, and $85.83 million in 2024, although the company remains in a loss position [25][26]. - The company’s R&D expenses were $35.57 million in the first half of 2025, a 22% decrease year-on-year, indicating a focus on cost management [25]. Conclusion - The application of AI in drug discovery allows companies to explore previously overlooked targets at lower costs, increasing opportunities for first-in-class drugs [28]. - Despite challenges in the industry, AI in drug development holds significant potential, with InSilico Medicine positioned as a key player in the Chinese AI pharmaceutical market, continuously enhancing its pipeline and expanding its licensing efforts [32].

人工智能(AI)驱动药物发现及开发公司英矽智能(3696.HK)盘中一度涨超11%，高见66.5港元刷新上市新 高价，市值一度站上380亿港元。 ...

消息上，开年仅一个月，英矽智能已达成三笔重磅合作。1月5日，公司与施维雅达成8.88亿美元研发合作，聚焦创新抗肿瘤疗法；1月20日，与深圳衡泰生 物就ISM8969项目达成合作，加速推进全球开发，双方各持50%权益，英矽智能主导IND申报及I期临床试验；1月27日，与齐鲁制药达成超9.31亿港元合作， 关注代谢疾病领域新颖小分子药物设计与优化。 中邮证券此前研报指出，英矽智能在人工智能驱动的肿瘤药物研发方面拥有丰富经验，公司已建立起覆盖多种癌症适应症的管线。其中，具有潜力成为同类 最佳（best-in-class）疗法的泛TEAD 抑制剂ISM6331 以及MAT2A 抑制剂 ISM3412，均已启动全球多中心I 期临床试验。此外，公司还有四个肿瘤项目已全 部或部分对外授权给合作伙伴，相关I期临床试验正在稳步推进中。 人工智能(AI)驱动药物发现及开发公司英矽智能(3696.HK)盘中一度涨超11%，高见66.5港元刷新上市新高价，市值一度站上380亿港元。 ...

GIP（葡萄糖依赖性促胰岛素多肽）与GLP-1（胰高血糖素样肽-1）同属肠促胰岛素家族，其受体GIPR 在人体代谢调节中发挥着多维度的核心作用：在脂肪组织中促进脂质摄取与储存；在骨骼中调节骨形成 与转换；并在中枢神经系统（CNS）中参与食欲调节。近日，英矽智能宣布发现创新GIPR拮抗剂 ISM0676，该候选分子在临床前小鼠模型中实现用药27天减重31%的强大疗效，为评估GIPR通路在减重 治疗中的作用提供了新的临床前数据。 据披露，ISM0676由英矽智能(03696)借助其Pharma.AI人工智能药物发现平台赋能设计，从立项到临床 前候选化合物提名耗时14个月，累计合成测试不超过200个分子，体现了其以AI辅助提升早期研发效率 的探索路径。那么，GIPR拮抗剂是否会成为行业竞相追逐的下一款"神药"？ 人工智能在机制探索与分 子优化等环节，又将发挥多大作用？ GLP-1困局：减重数据的B面 在狂飙猛进的减重药物市场，GLP-1作为数十年前被发现、机制相对成熟的靶点，率先进入临床应用阶 段，吸引初创公司、制药巨头甚至跨界玩家纷纷入局。仅2025年，礼来、诺和诺德等全球顶尖药企的 GLP-1产品销售额已经突破 ...

每经AI快讯，英硅智能(03696.HK)早盘一度涨超11%，高见66.45港元，再创历史新高。截至发稿，涨 9.88%，报65.6港元，成交额5531.91万港元。 ...

Core Viewpoint - The stock of Insilico Medicine (03696) has surged over 11% in early trading, reaching a new historical high of 66.45 HKD, driven by significant collaborations and advancements in AI-driven drug development [1] Group 1: Collaborations - Insilico Medicine has secured three major collaborations within the first month of the year, including an 888 million USD R&D partnership with Schwabe focused on innovative anti-tumor therapies [1] - On January 20, the company partnered with Shenzhen Hengtai Biopharmaceutical on the ISM8969 project to accelerate global development, with both parties holding 50% equity, and Insilico leading the IND application and Phase I clinical trials [1] - A collaboration with Qilu Pharmaceutical was established on January 27, valued at over 931 million HKD, focusing on novel small molecule drug design and optimization in the metabolic disease sector [1] Group 2: AI Drug Development - According to a report from Zheshang Securities, the core value of AI in drug development lies in significantly enhancing early-stage research efficiency, exemplified by Insilico's Pharma.AI, which reduces the time from target discovery to clinical candidate confirmation from 4.5 years to 12-18 months [1] - The report highlights that the return on investment during the early research phase has greatly improved, indicating a strong potential for growth in the AI pharmaceutical sector [1] - Domestic AI pharmaceutical platforms are noted to have globally leading service capabilities, with ongoing rapid expansion in overseas markets, emphasizing the importance of companies like Insilico Medicine [1]

智通财经APP获悉，GIP（葡萄糖依赖性促胰岛素多肽）与GLP-1（胰高血糖素样肽-1）同属肠促胰岛素 家族，其受体GIPR在人体代谢调节中发挥着多维度的核心作用：在脂肪组织中促进脂质摄取与储存； 在骨骼中调节骨形成与转换；并在中枢神经系统（CNS）中参与食欲调节。近日，英矽智能宣布发现创 新GIPR拮抗剂ISM0676，该候选分子在临床前小鼠模型中实现用药27天减重31%的强大疗效，为评估 GIPR通路在减重治疗中的作用提供了新的临床前数据。 据披露，ISM0676由英矽智能(03696)借助其Pharma.AI人工智能药物发现平台赋能设计，从立项到临床 前候选化合物提名耗时14个月，累计合成测试不超过200个分子，体现了其以AI辅助提升早期研发效率 的探索路径。那么，GIPR拮抗剂是否会成为行业竞相追逐的下一款"神药"？ 人工智能在机制探索与分 子优化等环节，又将发挥多大作用？ GLP-1困局：减重数据的B面 此前，英矽智能创始人兼CEO Alex Zhavoronkov博士表示，代谢疾病领域（Cardiometabolics）有望成为 全球首个实现大批量健康寿命延长的突破口。学术界也有相关理论依据：例如 ...

Core Viewpoint - The stock of Insilico Medicine (03696) surged over 11% in early trading, reaching a historic high of 66.45 HKD, driven by significant collaborations and advancements in AI-driven drug development [1] Group 1: Collaborations - Insilico Medicine has secured three major collaborations within the first month of the year: - On January 5, a partnership with Schwabe was established for an 888 million USD R&D collaboration focused on innovative anti-cancer therapies [1] - On January 20, a collaboration with Shenzhen Hengtai Biotech was formed for the ISM8969 project, aimed at accelerating global development, with both parties holding 50% equity, while Insilico leads the IND application and Phase I clinical trials [1] - On January 27, a partnership with Qilu Pharmaceutical was announced, valued at over 931 million HKD, focusing on novel small molecule drug design and optimization in the metabolic disease sector [1] Group 2: AI Drug Development - According to a report by Zheshang Securities (601878), the core value of AI in drug development lies in significantly enhancing early-stage research efficiency. For instance, Insilico's Pharma.AI can reduce the time from target discovery to clinical candidate confirmation from 4.5 years to 12-18 months, greatly improving the return on investment during the early research phase [1] - The report highlights that several domestic AI drug development platforms possess globally leading service capabilities, with ongoing rapid expansion in overseas markets, emphasizing the potential of companies like Insilico Medicine [1]