晶泰控股（02228）：AIforScience领军，实现临床里程碑突破，生发产品有望成为C端爆款长期大单品

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2]. Core Insights - The company is a rare player in the "AI for Science" sector, founded by three MIT physicists in 2015, focusing on drug and material science R&D solutions using quantum physics principles, AI, and robotics. In H1 2025, the company achieved revenue of RMB 517 million, a year-on-year increase of 404%, with a net profit of RMB 83 million [6][10]. - The company signed the largest AI pharmaceutical order in the industry with DoveTree, valued at HKD 47 billion (USD 5.99 billion), which reflects its technological strength and potential for future business development [7]. - The company has made significant progress in drug discovery, with its AI platforms being applied across various fields and partnerships with major pharmaceutical companies like Johnson & Johnson and Pfizer [6][7]. Summary by Sections Company Overview - Latest closing price: HKD 11.35 - Total shares: 4.303 billion - Total market capitalization: HKD 48.8 billion - 52-week high/low: HKD 3.85 / HKD 15.12 - Debt-to-asset ratio: 8.9% - Price-to-earnings ratio: -226.34 [4]. Financial Performance - Revenue forecast for 2025-2027: RMB 787 million, RMB 998 million, RMB 1.465 billion, with growth rates of 195.3%, 26.8%, and 46.7% respectively. The net profit is projected to improve from -RMB 156 million in 2025 to RMB 196 million in 2027 [13][16]. Product Development - The company has developed two innovative topical ingredients for hair growth, Remeanagen™ and AquaKine™, which have received FDA approval and are expected to generate significant revenue in the consumer market [10][11]. - The global market for hair loss treatments is projected to grow from USD 5.04 billion in 2025 to USD 6.15 billion by 2033, indicating strong demand and growth potential [11]. Strategic Partnerships - The company has established a strategic partnership with JinkoSolar to develop a new generation of solar cells using AI and automation, enhancing its capabilities in the chemical raw materials sector [12][14].