1月5日，新近在港交所上市的人工智能(AI)制药公司英矽智能(HK03696，股价38.140港元，市值212.600 亿港元)宣布，公司与一家由基金会管理的全球独立制药公司施维雅(Servier)达成多年期研发合作，总金 额达8.88亿美元。双方将携手利用英矽智能自主研发的人工智能平台Pharma.AI，聚焦抗肿瘤领域具有 挑战性的靶点，识别并开发全新的治疗药物。 根据协议，英矽智能将有资格获得最高3200万美元的首付款及近期研发里程碑付款，并将主导利用其人 工智能技术平台，发现并开发符合既定标准的潜在候选药物；施维雅将共同承担研发成本，并主导后续 临床验证及商业化进程。 《每日经济新闻》记者注意到，虽然1月5日创新药板块大涨，但资本市场对上述合作的反应较为平淡。 当日开盘后，英矽智能一路走低，一度跌超6%，而后盘中企稳回升，截至当日收盘，公司股价为37.38 港元/股，收跌0.53%。1月6日，截至收盘，英矽智能股价收涨2.03%。 公司2025年末在港上市 资料显示，英矽智能于2014年在美国成立。2025年末，公司在港交所成功挂牌上市，成为首家通过联交 所主板上市规则8.05条上市的人工智能生物医药科 ...

1月5日，新近上市的港股人工智能（AI）制药公司英矽智能（HK03696）宣布，公司与一家由基金会管 理的全球独立制药公司施维雅（Servier）达成多年期研发合作，总金额达8.88亿美元。双方将携手利用 英矽智能自主研发的人工智能平台Pharma.AI，聚焦于抗肿瘤领域具有挑战性的靶点，识别并开发全新 的治疗药物。 根据协议，英矽智能将有资格获得最高3200万美元的首付款及近期研发里程碑付款，并将主导利用其人 工智能技术平台，发现并开发符合既定标准的潜在候选药物；施维雅将共同承担研发成本，并主导后续 临床验证及商业化进程。 《每日经济新闻》记者注意到，虽然1月5日创新药板块大涨，但资本市场对上述合作的反应较为平淡。 当日开盘后，英矽智能一路走低，一度跌超6%，而后盘中企稳回升。截至当日收盘，公司股价为37.38 港元/股，收跌0.53%。 谈论AI制药的"绝对成功率"为时尚早 资料显示，英矽智能于2014年在美国成立。2025年年末，公司在港交所成功挂牌上市，成为首家通过联 交所主板上市规则8.05条上市的人工智能生物医药科技公司。英矽智能的首次公开募股（IPO）募集资 金总额22.77亿港元，也是2025 ...

12月30日，由生成式人工智能驱动的临床阶段生物医药科技公司英矽智能在港交所挂牌上市，成为首家通过港交所主板上市规则8.05条上市的人工智能生物 医药科技公司。本次首次公开募股（IPO）募集资金总额22.77亿港元，是年内募集资金最高的港股生物医药IPO。 上证报中国证券网讯（记者 严曦梦）12月30日，由生成式人工智能驱动的临床阶段生物医药科技公司英矽智能在港交所挂牌上市，成为首家通过港交所主 板上市规则8.05条上市的人工智能生物医药科技公司。本次首次公开募股（IPO）募集资金总额22.77亿港元，是年内募集资金最高的港股生物医药IPO。 开盘涨超45% AI赋能新药研发效率 英矽智能是一家由生成式人工智能驱动的全球先锋生物科技公司，利用其专有的Pharma.AI平台和先进的自动化实验室，加速药物发现并推动生命科学领域 的创新。通过整合人工智能和自动化技术，英矽智能正在为纤维化、肿瘤学、免疫学、疼痛、肥胖和代谢紊乱等未满足的疾病领域提供创新药物解决方案。 英矽智能由人工智能驱动发现的产品管线中，已有10个分子获得临床试验许可，其中进展最为领先的Rentosertib（原名ISM001-055）是一种潜在全 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a market value of 48.7 billion RMB [6][5]. Core Insights - The company is positioned as a leader in AI4S (Artificial Intelligence for Science), with significant growth potential in drug discovery and new materials [5][51]. - Revenue is expected to grow substantially, with projections of 795 million RMB in 2025, representing a year-on-year increase of 198% [6][5]. - The company has established a strong partnership with DoveTree, securing a strategic collaboration worth 5.99 billion USD, which includes an upfront payment of 51 million USD [7][5]. Financial Data and Profit Forecast - Revenue for the years 2023 to 2025 is projected to be 174 million RMB, 266 million RMB, and 795 million RMB, with corresponding growth rates of 30.8%, 52.75%, and 198.39% [4][6]. - The adjusted net profit is forecasted to transition from a loss of 522 million RMB in 2023 to a profit of 309 million RMB by 2027, indicating a significant turnaround [4][6]. - The company’s price-to-sales (PS) ratios for 2025 to 2027 are estimated at 47x, 38x, and 26x, respectively, with a target PS of 49x for 2026 [6][5]. Business Model and Technological Edge - The company utilizes a comprehensive approach combining quantum physics, AI, and robotics to enhance drug discovery processes, covering the entire lifecycle from drug design to clinical trials [23][5]. - The core technology includes high-precision virtual data generation through quantum physics, which addresses data scarcity in AI drug research [23][5]. - The company has a unique capability to integrate both dry and wet lab experiments, enhancing research efficiency and data accumulation for model optimization [5][51]. Market Position and Competitive Advantage - The company is recognized for its strong technical capabilities and has a competitive edge in the AI pharmaceutical sector, with a focus on both drug discovery and new materials [5][51]. - The market for AI4S is projected to reach nearly 50 billion USD, highlighting the expansive potential for the company's technology in both pharmaceutical and materials research [5][51]. - The report emphasizes the strong migration potential of the underlying technology from drug discovery to new materials, leveraging similar physical principles [51][5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7]. Core Insights - The company is positioned as a leader in AI for drug discovery and has significant growth potential, with a projected market value of 487 billion RMB [6][7]. - Revenue is expected to grow substantially, with estimates of 795 million RMB, 985 million RMB, and 1.421 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 198%, 24%, and 44% [6][7]. - The company has established a comprehensive technology platform that integrates physical computing, AI, and automation in drug research and development [6][27]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 174 million RMB, 266 million RMB, 795 million RMB, 985 million RMB, and 1.421 billion RMB, with corresponding growth rates of 30.80%, 52.75%, 198.39%, 23.92%, and 44.21% [5][6]. - The adjusted net profit is forecasted to be -522 million RMB, -457 million RMB, -23 million RMB, 75 million RMB, and 309 million RMB for the years 2023 to 2027, indicating a significant turnaround by 2025 [5][6]. - The company’s price-to-sales ratio (PS) is projected to be 47x, 38x, and 26x for 2025, 2026, and 2027 respectively, with a target PS of 49x for 2026 based on comparable companies [6][7]. Business Model and Market Position - The company focuses on drug discovery solutions as its core business, with significant revenue contributions from both drug discovery and automation solutions [6][31]. - The company has secured a major partnership with DoveTree, valued at 59.9 billion USD, which includes an upfront payment of 51 million USD [6][8]. - The technology is highly transferable, with applications extending beyond pharmaceuticals to new materials, indicating a potential market space of nearly 50 billion USD in the long term [9][58]. Technological Advancements - The company utilizes a combination of quantum physics, AI, and automation to enhance drug discovery processes, significantly reducing the time and cost associated with traditional methods [6][55]. - The integration of AI in drug development has been shown to cut research timelines by nearly half, as evidenced by various case studies [44][45]. - The company’s capabilities in both dry and wet lab environments provide a competitive edge in the AI-driven drug discovery landscape [6][27].

■肖伟 12月份以来，多家国产创新药企业发布公告称，与海外制药巨头所签合作协议生效，将共同推进国产创 新药物的全球开发与商业化。另据医药魔方数据，2025年前三季度，中国医药企业完成授权出海交易 103笔，总交易金额920.3亿美元。今年全年授权出海交易金额预计将突破千亿美元。 这些数据印证了市场对中国创新药的认可。笔者认为，在市场热潮之下，国产创新药企业要实现从"单 次授权狂欢"到"持续价值创造"的跨越，仍需破解发展瓶颈，从四方面入手筑牢长红根基。 其一，用好政策红利，推动国产创新药崛起。 在热潮之下，企业更需有清醒的认识——授权交易的爆发只是国产创新药"出海"的起点，而非终点。国 产创新药企业仍需持续创新，不断突破技术壁垒，才能真正成为全球医药市场的长红力量。 其三，运用人工智能技术，推动创新药降本增效。 当下AI技术快速发展，其在创新药辅助研发中的应用率持续提升，既能缩短平均研发周期，又能助力 实现降本增效。国产创新药企业需把握人工智能机遇，搭建高通量实验室与AI算法融合的自主平台， 实现"数据—算法—实验"闭环；同时，推动AI从靶点发现向临床优化全链条渗透，构建"AI辅助+外包 服务"协同模式；另外， ...

过去一个世纪，全球生物医药创新的版图长期由跨国药企主导。然而，这一格局正在发生深刻的结构性 变化。 中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态站上全球舞 台中央。中国创新药从"快速追随者"向"首创者"的艰难攀登，已演变为不可逆的新浪潮。国际顶级财经 媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中的占比显著攀 升；过去一年，中国生物科技企业的股价涨幅甚至大幅超越美国同业；而中国上市生物科技企业的总市 值尚不足美国同类的15%，授权交易价值也显著低于全球平均水平——这被国际资本视为一个"历史性 的投资契机"。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管刘伯伟在接 受21世纪经济报道记者专访时也坦言，对于引进早期创新管线，跨国药企的"中国采购"倾向愈发明显。 医药魔方《2025Q1-Q3医药交易趋势》报告显示：2025前三季度中国创新药对外授权总金额如今已突破 1000亿美元，动辄数亿美元的首付款，不仅让业界窥见了国产创新药价值兑 ...

中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态站上全球舞 台中央。中国创新药从"快速追随者"向"首创者"的艰难攀登，已演变为不可逆的新浪潮。国际顶级财经 媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中的占比显著攀 升；过去一年，中国生物科技企业的股价涨幅甚至大幅超越美国同业；而中国上市生物科技企业的总市 值尚不足美国同类的15%，授权交易价值也显著低于全球平均水平——这被国际资本视为一个"历史性 的投资契机"。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管刘伯伟在接 受21世纪经济报道记者专访时也坦言，对于引进早期创新管线，跨国药企的"中国采购"倾向愈发明显。 刘伯伟分享了一个极具说服力的案例：一家大型MNC的CFO曾坦言，如果在中国采购同一管线的成本 仅为美国的30%～40%，且可能获得更优的效果，他们必然选择中国。"成本与效果的极致平衡，正成 为跨国药企将中国视为核心研发管线来源地的关键逻辑。"据摩根大通团队观察，当前除了持续 ...

Group 1 - Sanofi has launched a €1 billion insulin active pharmaceutical ingredient production base in Beijing Economic-Technological Development Area, marking its largest single investment in China and the largest investment in the pharmaceutical industry in Beijing [1] - The new facility is expected to be completed and operational by 2032, reflecting Sanofi's confidence in the long-term development of China's economy and healthcare system [1] - The new base will be one of Sanofi's most advanced and digitally integrated production facilities globally, implementing green production measures [1] Group 2 - The new production base will collaborate with existing Sanofi facilities in Beijing, Shenzhen, and Hangzhou to create a high-quality production network that meets the medical needs of Chinese patients more efficiently [1] - Beijing Economic-Technological Development Area currently hosts over 5,000 biopharmaceutical companies, with ongoing advancements in cell and gene therapy, high-end medical equipment, artificial intelligence in pharmaceuticals, and synthetic biology [1] - The local government aims to accelerate the construction of an international pharmaceutical innovation park and attract more multinational pharmaceutical companies, targeting an industrial output value of over 120 billion yuan in the pharmaceutical and health sector by 2027 [2]

Group 1: Market Overview - On October 14, the Hong Kong stock market saw a net inflow of 8.603 billion HKD from northbound trading, with 4.973 billion HKD from Shanghai and 3.631 billion HKD from Shenzhen [2] - The most bought stocks included Southern Hang Seng Technology (03033), Xiaomi Group-W (01810), and Tencent (00700), while the most sold stocks were SMIC (00981), Alibaba-W (09988), and Innovent Biologics (01347) [2] Group 2: Stock Performance - Alibaba-W had a net outflow of 7.36 billion HKD, while SMIC experienced a net outflow of 3.241 billion HKD [3] - Tencent saw a net inflow of 1.611 billion HKD, with total buy and sell amounts of 22.51 billion HKD and 20.89 billion HKD respectively [3] - Xiaomi Group-W continued to decline, with a net inflow of 9.23 billion HKD despite safety concerns regarding its electric vehicle [6] Group 3: Sector Analysis - Semiconductor stocks faced significant selling pressure, with Huahong Semiconductor (01347) and SMIC (00981) experiencing net outflows of 1.1 billion HKD and 9.57 billion HKD respectively [8] - The semiconductor industry is under scrutiny due to recent developments affecting control over companies, highlighting the urgency for self-sufficiency in the supply chain [8] - The AI and pharmaceutical sectors are gaining attention, with companies like Crystal Tech Holdings (02228) being recognized for their innovative approaches in robotics and AI in drug development [7]