# AI打造早研闭环 近日英矽智能与礼来在ACS旗下的开源期刊ACS CentralScience（IF=13）联合发表观点文章，提出一套面向"完全 自主、由AI统一编排"的药物发现综合框架。 以"从提示词到药物：迈向制药超级智能"为题，阐述先进推理系统如何将AI驱动的靶点发现、生成式化学、自动 化合成、湿实验验证与临床规划整合为单一工作流程。 "AI设计 + 自动化执行"的闭环药物发现正成为行业关注的下一代研发新范式。 # AI倍增研发效率 【国盛医药张雪·李慧瑶团队】英矽智能：AI制药重塑产业生态，打造药物发现超级智能闭环 # AI打造早研闭环 近日英矽智能与礼来在ACS旗下的开源期刊ACS CentralScience（IF=13）联合发表观点文章，提出一套面向"完全 自主、由AI统一编排"的药物发现综合框架。 以"从提示词到药物：迈向制药超级智能"为题，阐述先进推理系统如何将AI驱动的靶点发现、生成式化学、自动 化合成、湿实验验证与 【国盛医药张雪·李慧瑶团队】英矽智能：AI制药重塑产业生态，打造药物发现超级智能闭环 第二个商业模式为SaaS软件服务，软件服务收入占比约5%-10%。 # 公司与礼来、 ...

精锋医疗、北芯生命等医疗器械股接连上市，涨势颇佳；脑机接口引发一二级市场集体狂欢，博睿康、强脑科技冲刺IPO，上海另一家侵入式脑机创业公司 估值也超过45亿元。 如今，超百家医疗公司在港股排队，IPO政策即将收紧的风声广为流传，甚至有行业人士认为"新股破发30%会成为常态"。那么，2026年医疗公司上市的窗 口和机遇究竟如何？拟IPO公司正如何聪明地应对行情风险？ 去年创新药板块创造了许多财富神话：6000倍打新"认购王"、百余家公司年内股价翻倍等。2026年，更多基石和早期投资人会相继解禁，情绪与浮华褪去， 还得靠硬实力撑住长期市值。BD交易的规模和结构，仍是市场判断药企和新药分子质地的关键。 历经一年洗礼，资本市场对于创新药License-out（对外授权）的反应愈发理性，"BD拉不动股价"也时有发生。2026年MNC对中国新药资产的热情不减，除 了已然拥挤的肿瘤赛道，哪些新方向正成为大药企竞逐的热点？ 新药BD授权的玩家中，AI native的生物医药公司已然不容小觑。近一个多月，英矽智能、华深智药等频获BD交易，国内某AI制药明星创业公司估值拉至30 亿美金。新药老炮儿们如何看待"AI科学家"在药物开 ...

2025年以来，医药行业政策持续优化，集采边际影响减弱并转向质量导向。第十一批集采新增反内卷措 施，通过设置锚点价、复活机制等保障中选率与合理价差，同时提高质量与市场规模门槛。生物类似药 集采有望2026年启动，预计降幅温和。此外，多部门推出全链条支持政策，优化创新药审评审批、招采 准入与支付环节，医保基金向创新药倾斜，商保目录扩容补位，形成多元支付体系，为创新药快速放量 与产业高质量发展保驾护航。 成果已显：创新药企逐步进入收获期 国金证券发布研报称，2025年全球医药投融资触底复苏，前11个月总额达1921亿美元，海内外市场同步 改善，且呈现传统赛道稳健流入、ADC、双抗等新兴赛道加码的特征。2025年以来，AI制药技术热度 攀升、全球创新药景气度延续，再叠加国内生物医药投融资触底回升，行业市场关注度持续走高，基本 面复苏趋势愈发明确。展望2026年，建议把握优先布局行业龙头及聚焦海外业务占比高的标的两大 CXO行业核心主线。 国金证券主要观点如下： 研发能力突破，全球竞争力凸显 2025年全球医药投融资触底复苏，前11个月总额达1921亿美元，海内外市场同步改善，且呈现传统赛道 稳健流入、ADC、双抗等 ...

Core Viewpoint - The article emphasizes the transformative potential of the pharmaceutical and healthcare industry, highlighting the integration of AI technology, the global expansion of Chinese pharmaceutical innovations, and the commitment to deepening investment in the sector as key drivers for future growth [3][4][6][7]. Group 1: AI Empowerment in Pharmaceutical Innovation - AI is reshaping the pharmaceutical industry by significantly reducing research and development cycles and costs, addressing traditional challenges of high investment and long timelines [4][5]. - The integration of AI in drug discovery, clinical trial design, and production processes is seen as a new paradigm that enhances the industry's productivity and innovation capabilities [4][5]. Group 2: Global Expansion of Chinese Pharmaceutical Innovations - 2025 is identified as a pivotal year for Chinese pharmaceutical companies, marking a transition from quantity to quality in global markets, with total foreign licensing transactions exceeding $130 billion and over 150 deals [6]. - Chinese companies are increasingly recognized as equal partners in global pharmaceutical competition, with significant collaborations such as the $12 billion partnership between Heng Rui Medicine and GSK [6]. Group 3: Commitment to Investment in the Pharmaceutical Sector - The investment landscape in the pharmaceutical sector is evolving, with a projected financing total of approximately 122.78 billion yuan in 2025, reflecting a 46.41% year-on-year increase [7]. - The focus remains on early-stage, innovative, and high-quality companies, particularly in areas like AI drug development and advanced medical devices, to foster growth and innovation [7][8].

Core Insights - The Chinese innovative pharmaceutical industry is transitioning from "importing and imitating" to "innovating and exporting," enhancing its global influence and authority in the innovative drug sector [1] - In early 2026, the market for outbound licensing transactions in China's innovative drugs continued its strong growth, with the first quarter's transaction amount exceeding $33.28 billion, setting a historical record [1][2] - By 2025, the total value of China's innovative drug license-out transactions reached $140.27 billion, a significant increase from $2.56 billion in 2017, making China the global leader in this sector [2] Transaction Growth - The growth in China's innovative drug licensing transactions is driven by the dual pressures of a "patent cliff" and "innovation demand" in the global pharmaceutical industry [1] - In 2026, the upfront payment scale in just one month approached half of the total for the entire year of 2025, indicating a rapid increase in transaction volume and quality [2] - The structure of transactions is evolving, with a shift from simple rights transfers to deep binding models based on technology platform sharing and global R&D collaboration [2][3] Strategic Partnerships - Notable collaborations include partnerships between Innovent Biologics and Eli Lilly, as well as between 3SBio and Pfizer, showcasing the trend of comprehensive capability partnerships rather than mere product supply [3] - Leading pharmaceutical companies are adopting a dual strategy of "independent R&D + global licensing," creating a sustainable innovation cycle [3] Financial Performance - Over 70% of innovative pharmaceutical companies reported positive revenue growth in 2025, with cash flow from outbound licensing contributing to a virtuous cycle with capital market financing [4] - The evolving payment system in China, which combines basic medical insurance with commercial insurance, supports a stable cash flow from the domestic market while enhancing long-term corporate value through global collaborations [4] Global Impact - The trend of outbound licensing is reshaping cooperation rules and competitive dynamics in the global pharmaceutical industry, with Chinese companies increasingly playing a proactive and critical role [4][6] - The collaboration between companies like Innovent and Takeda exemplifies a mutually beneficial partnership that leverages global channels and local clinical capabilities [4] Market Sentiment - Despite market fluctuations, analysts generally view high-quality innovative pharmaceutical companies as attractive long-term investments, reflecting a dual recognition of explosive innovative potential and structural growth resilience in the Chinese pharmaceutical industry [5] Industry Dynamics - The surge in outbound licensing is prompting local companies to balance "bringing in" and "going out," with the latter gaining prominence and indicating international market recognition of China's innovative drug quality [6] - There is a need for rational and cautious approaches in the face of rising transaction prices and potential market uncertainties, emphasizing the importance of thorough scientific and commercial due diligence [6]

Core Insights - The medical sector is experiencing both "explosive growth" and "cooling" simultaneously, with over 100 medical companies queued for IPOs in Hong Kong, and tightening IPO policies expected [1][3] - The performance of new drug IPOs in 2026 is anticipated to be significantly differentiated, with many companies initiating Pre-IPO financing to hedge against regulatory tightening and market risks [4][5] Group 1: IPO Trends and Market Dynamics - The number of companies waiting for IPOs in Hong Kong has exceeded 400, indicating a crowded market, and the performance of these IPOs is likely to vary widely [4] - Investors are expected to favor companies with successful overseas BD (business development) cases and clear product timelines, while those lacking competitive advantages may face significant IPO pressure [4] - The market sentiment is cautious, with many companies considering Crossover financing to mitigate risks associated with the tightening IPO window [5] Group 2: BD Transactions and Investment Opportunities - The enthusiasm for BD transactions from multinational corporations (MNCs) towards Chinese new drug assets remains high, with China accounting for 50% of global BD transaction volume last year [9][8] - The valuation of Chinese new drugs is expected to stabilize, but there are concerns about rising prices that could harm the reputation of Chinese biotech in the global market [9][8] - The focus of BD transactions is shifting from oncology to other therapeutic areas such as autoimmune and cardiovascular diseases, indicating a diversification of investment interests [12] Group 3: AI in Pharmaceuticals and Medical Devices - AI-driven pharmaceutical companies are gaining traction, with significant funding and BD opportunities expected in 2026, emphasizing the importance of data in drug development [15][16] - The AI revolution is anticipated to first impact consumer medical devices, with AI enhancing product effectiveness and consumer willingness to invest in advanced home healthcare devices [17][18] - The competitive landscape for AI in healthcare is evolving, with a focus on developing tools that can integrate various data types to assist clinical decision-making [19][20] Group 4: Medical Device Market Outlook - The investment landscape for innovative medical devices is currently low but is expected to gradually improve, with structural investment opportunities emerging [26][28] - The challenges of international expansion for Chinese medical devices are significant, but improvements in product quality and performance are paving the way for better market acceptance [31][32] - The future of medical device exports is shifting towards local production and direct sales networks, enhancing profitability and market penetration [32][33]

Core Viewpoint - The medical sector is experiencing both "explosive growth" and "cooling" simultaneously, with over 100 medical companies queued for IPOs in Hong Kong, while tightening IPO policies are anticipated [4][5]. Group 1: IPO Trends and Market Dynamics - The performance of new drug IPOs in 2026 is expected to be significantly differentiated, with over 400 companies currently in the queue for IPOs in Hong Kong [8]. - Investors are becoming more mature and demanding higher standards for IPO projects, focusing on companies with successful overseas BD cases and clear product sales expectations [8][9]. - Many companies are considering Pre-IPO financing to hedge against tightening regulations and market risks, with valuations typically in the range of $300 million to $500 million [9][10]. Group 2: BD Transactions and Market Sentiment - The enthusiasm for BD transactions from multinational corporations (MNCs) towards Chinese new drug assets remains high, with China accounting for 50% of global BD transaction volume last year [12]. - However, the perception of Chinese new drugs as "value for money" is diminishing, leading to a potential slowdown in the growth rate of BD transactions [12][13]. - The focus of BD transactions is shifting from oncology to autoimmune and cardiovascular treatments, with a growing interest in complementary pipelines [14][15]. Group 3: AI in Drug Development and Healthcare - AI-driven pharmaceutical companies are gaining traction, with significant funding and BD opportunities expected in 2026, although the market is becoming increasingly competitive [20][21]. - The application of AI in consumer medical devices and digital therapies is anticipated to unlock new opportunities, particularly in home healthcare products [23][24]. - AI's role in enhancing clinical decision-making and patient management is expected to revolutionize healthcare delivery, making medical information more accessible [24][25]. Group 4: Medical Device Market Outlook - The investment landscape for innovative medical devices is currently at a low point but is expected to gradually improve, with structural investment opportunities emerging [33][34]. - The challenges of international expansion for medical devices are greater than for new drugs, but there are signs of improvement as leading Chinese manufacturers enhance their product capabilities [37][38]. - The future of medical device exports is shifting towards local production and direct sales networks, moving away from simple product exports [38][39].

过去的2025年，既非生物医药的寒冬，也未被产业泡沫裹挟；更不是只谈买卖、单纯依靠管线出海兑现以求生存的一年，而是生物医药产业逐步回归理性价 值与长期主义的一年。 对我们而言，AI之于生物医药，远不止是降本增效的工具，更是在源头创新上打开了全新的空间。通过AI，我们能够探索以往人类经验难以触达的新靶 点，设计结构更为精妙的分子。AI正在加速打破新药研发"双十定律"（十年、十亿美金）的束缚，让那些曾被认为不可成药的靶点成为可能。 展望2026年，对英矽智能来说，更重要的是持续拓展更广阔的边界，包括生命科学周边领域与新分子实体的探索。例如，我们近期宣布在宜兴建立AI驱动 的自动化多肽筛选实验平台。同时，BD仍将是我们的主旋律，我们期待更多管线在不同阶段与合作伙伴达成研发合作。此外，我们近期提出MMAI Gym框 架，期待赋能LLM在垂直领域的专精能力训练。 （经济观察报 记者 张铃） 2025年对英矽智能而言同样收获颇丰。我们实现了靶向KIF18A的肿瘤项目、靶向PHD1/2的肾性贫血项目两条管线的全部或部分对外授权；推动了与礼来、 施维雅、海正药业、复星医药等跨国或大型制药公司的研发合作；并在6个临床项目与5个 ...

Group 1 - The core viewpoint of the articles emphasizes that 2025 was a year of rational value and long-termism for the biopharmaceutical industry, rather than a winter or bubble phase [1] - The company achieved significant milestones, including the successful listing on the Hong Kong Stock Exchange on December 30, 2025, becoming the largest biotech company by financing scale in the Hong Kong market that year [1] - The company established collaborations with major pharmaceutical firms such as Eli Lilly, Sihuan Pharmaceutical, and Fosun Pharma, and made progress in clinical and preclinical projects [1] Group 2 - In the AI pharmaceutical sector, AI has transitioned from being viewed as a "black box" to a foundational element, with more pharmaceutical companies adopting and deploying AI technologies [2] - The company has gained trust from the industry and partners through its benchmark capabilities in AI drug development and continuous output of preclinical candidates [2] - Looking ahead to 2026, the company aims to expand into broader life sciences areas and explore new molecular entities, including the establishment of an AI-driven automated peptide screening platform [2]

Summary of the Conference Call on Hualan's AI Pharmaceutical Developments Company and Industry Overview - **Company**: Hualan Co., Ltd. (华兰股份) - **Industry**: AI Pharmaceutical Development - **Context**: The conference call was organized by Tianfeng Securities and several other brokerages to discuss Hualan's recent developments in the AI pharmaceutical sector, particularly its collaboration with various experts and companies in the field [1][2]. Key Points and Arguments Hualan's Background and Business Model - Hualan has over 30 years of experience and was listed in 2021, primarily known for its medical rubber products [3]. - The company has a stable revenue and profit stream, with a strong customer base of over 1,000 pharmaceutical companies, many of which have long-term relationships spanning 20-30 years [4]. - Hualan has completed capacity construction for new products and has a solid cash flow, which supports its entry into AI pharmaceuticals [5]. AI Pharmaceutical Strategy - Hualan's strategy involves leveraging its extensive customer base to support AI pharmaceutical initiatives, aiming to reduce time and costs for technology teams to connect with clients [6]. - The company plans to open its customer resource pool to all teams joining Hualan, enhancing collaboration and trust with clients [6]. Internal and External Development - Hualan has established an expert committee to guide its AI pharmaceutical direction, focusing on internal incubation and external investments [9][10]. - The company is developing four main areas: knowledge graph, small molecules, antibodies, and small nucleic acids, with a focus on mature and validated technologies [10]. Collaboration with Kema Bio - Hualan has invested in Kema Bio, which focuses on antibody design and optimization, emphasizing the importance of data accumulation and model optimization for effective drug development [12][13]. - Kema Bio's approach is to optimize models for specific targets, such as GPCRs, and to enhance the specificity and efficacy of antibodies [13][16]. Knowledge Graph Development - Hualan's knowledge graph initiative aims to structure and visualize relationships between various biological entities, enhancing drug repurposing and safety monitoring [19][20]. - The knowledge graph will facilitate the identification of new indications for existing drugs, potentially shortening development timelines [22][23]. Future Goals and Market Positioning - Hualan aims to position its AI pharmaceutical business on par with its core rubber product business, with a goal to exceed current performance levels within 3-5 years [43][44]. - The company is focused on integrating AI capabilities with existing operations to enhance service offerings and customer engagement [44]. Additional Important Content - The conference highlighted the importance of collaboration with top-tier experts and the establishment of a robust technological foundation for future developments [9][10]. - Hualan's commitment to maintaining high standards in its AI pharmaceutical initiatives was emphasized, with specific performance milestones set for the knowledge graph team [46]. - The call also addressed the competitive landscape and the need for high-quality knowledge graphs to gain market acceptance [33][34]. This summary encapsulates the key discussions and strategic directions outlined during the conference call, reflecting Hualan's ambitions in the AI pharmaceutical sector and its operational synergies.