IPO点评：中国AI制药领先者

Investment Rating - The report assigns an IPO-specific rating of "6.0" to the company, suggesting a recommendation to subscribe to the offering [8]. Core Insights - The company, Jingtai Technology (2228.HK), established in 2015, is headquartered in Shenzhen and provides drug and materials science R&D solutions and services powered by quantum physics, artificial intelligence, and robotics [1]. - Revenue growth from 62.8 million yuan in 2021 to 170 million yuan in 2023 reflects a CAGR of 66.7%. However, net profits were negative, with adjusted net profits of -270 million yuan, -440 million yuan, and -520 million yuan for the years 2021 to 2023, respectively [1]. - The Chinese drug discovery outsourcing market is projected to grow from $3.5 billion in 2023 to $12.2 billion by 2030, with a CAGR of 19.6% [2]. - The company has established strategic partnerships with leading pharmaceutical companies and national research institutions, including Pfizer and the Singapore National Drug Design and Discovery Platform [3]. Financial Overview - The company plans to allocate approximately 75% (705.8 million HKD) of the IPO proceeds to enhance R&D capabilities and solution offerings, 15% (141.2 million HKD) for commercialization efforts, and 10% (94.1 million HKD) for operational funds and other general corporate purposes [7]. Industry Outlook - The report highlights the increasing demand for accelerated drug development, advancements in AI technology, and the expansion of application fields as key drivers for industry growth [2]. - The company is recognized as one of the few leading firms globally that integrates quantum physics and AI in drug and materials science R&D [18].