Investment Rating - The report recommends subscription for the IPO of the company, indicating a positive investment outlook [1]. Core Insights - The company, established in 2014, operates as a global AI-driven drug discovery and development firm, leveraging its proprietary Pharma.AI platform to generate over 20 clinical or IND-stage assets, with three assets licensed to international pharmaceutical companies, totaling a contract value of up to $2.1 billion [2]. - The company employs a project-based business model, primarily generating revenue through licensing and collaboration agreements, and aims to expand the application of Pharma.AI into various industries, including advanced materials, agriculture, nutrition products, and veterinary medicine [2]. - The AI drug discovery and development (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%, positioning the company as a leader in this rapidly growing sector [3]. Financial Performance - The company is currently in the R&D phase, with revenue increasing from $3.01 million in 2022 to $5.12 million in 2023, and further projected to rise to $8.58 million in 2024. For the first half of 2025, revenue was reported at $2.75 million [3]. - Net losses have decreased over the years, with losses of $22.18 million in 2022, $21.16 million in 2023, $1.71 million in 2024, and $1.92 million in the first half of 2025, indicating improving financial health [3]. - The expected market capitalization post-IPO is estimated at HKD 13.4 billion, reflecting the company's potential as a leading player in the domestic AI pharmaceutical sector [3].
英矽智能（03696）：IPO申购指南