晶泰控股 20250824 摘要 A 股医药板块本周表现分化，器械和生物制品领涨，创新药板块相对疲 软，可能与前期涨幅较大及缺乏重大 BD 催化有关。恒生生物科技指数 本周上涨 0.8%，年初至今已翻倍，跑赢恒生科技指数。 短期内，创新药板块有望走强，受益于美联储降息预期、外资对中国创 新资产的兴趣增加以及港股创销 ETF 份额的显著申购量。投资者应关注 BD 落地情况和重要学术会议。 中期来看，中国创新医药市场潜力巨大，全球市占率有望从 2%-3%提 升至 30%以上。中国在双抗、三抗及 ADC 领域已接近或超越发达国家 水平，first-in-class 新药占比超过 30%。 中国头部医药公司如百济神州、恒瑞医药基本面发生显著变化，收入增 长、BD 金额增加，显示出中国医药企业实力的增强。建议关注减重赛 道中的 JB one，以及 H 股四大天王和 A 股六小龙。 金泰控股是一家专注于人工智能技术的公司，通过 AI 模型优化和预测分 子结构，并将研究成果转让给其他制药公司，已与辉瑞、礼来等达成合 作，2025 年上半年首次实现扭亏为盈。 Q&A 本周医药板块的表现如何？ 本周 A 股医药指数上涨了 1% ...

消息面上，晶泰控股近日发盈喜，预期截至2025年中期期间的集团综合收益将不少于人民币5亿元，同 比增加至少约387%；纯利不少于人民币5000万元；经调整纯利不少于人民币1.2亿元。这是集团首次实 现半年盈利。财务预期改善主要由于集团与DoveTree Medicines LLC及其联属公司合作，集团基于端到 端人工智能药物发现平台及综合"AI+机器人"技术，向DoveTree提供药物发现解决方案及服务，该合作 带动重大收益增长。集团收到首付款5100万美元，首付款已确认为集团于2025年中期期间的收益，并为 集团于报告期间的收益作出重大贡献。 东吴证券近期指出，公司为全球AI for Science稀缺标的，此次合作对于公司是里程碑事件，首付款金额 高于预期，证明了晶泰控股的人工智能+机器人技术在药物发现领域的价值，同时其商业模式已初具雏 形，为未来商业化订单落地打下坚实基础，未来中短期收入有望迎来快速增长；同时公司合作客户涵盖 新材料、能源、化工等领域公司，进一步打开公司成长天花板，建议重点关注。 晶泰控股(02228)涨超10%，截至发稿，涨10.34%，报8.22港元，成交额21.12亿港元。 ...

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the pharmaceutical AI drug development industry [1]. Core Insights - The collaboration between CrystalTech Holdings and DoveTree, which includes a $51 million upfront payment, validates the AI drug development business model and reflects the accelerating commercialization of AI pharmaceutical companies [1][4]. - The AI pharmaceutical sector is on the brink of an explosive growth phase, characterized by three major trends: deepening technological integration, diversification of collaboration models, and the gradual establishment of regulatory frameworks [5]. Summary by Sections Industry Performance - The pharmaceutical sector has shown significant market performance over the past year, with a notable increase in high-value collaborations in the AI drug development space [1]. Key Developments - CrystalTech Holdings signed a strategic cooperation agreement with DoveTree to develop drug candidates in oncology and immune inflammation, receiving a $51 million upfront payment and potential future payments totaling up to $5.89 billion [1][4]. - The report highlights several high-value collaborations in the AI pharmaceutical field, indicating a strong demand from traditional pharmaceutical companies for AI technologies [4]. Future Outlook - The report anticipates that AI pharmaceutical companies will increasingly engage in downstream clinical development to share higher profits, moving beyond traditional licensing agreements [5]. - The FDA and other regulatory bodies are beginning to establish guidelines for the evaluation of AI in drug development, which will accelerate the standardization process within the industry [5].

Core Viewpoint - The partnership between Crystal Tech Holdings and DoveTree Medicines LLC marks a significant milestone in the AI and robotics-driven drug development sector, with a total order value of approximately HKD 470 billion (around USD 59.9 billion) [1][3]. Company Summary - Crystal Tech Holdings has signed a final agreement with DoveTree Medicines LLC to utilize its "AI + robotics" platform for drug discovery in oncology, immunology, inflammation, neurological disorders, and metabolic diseases [3][4]. - The agreement includes an initial payment of HKD 400 million (approximately USD 51 million) and potential milestone payments and revenue sharing amounting to around HKD 462 billion (approximately USD 58.9 billion) [3][4]. - The chairman of Crystal Tech Holdings, Wen Shuhao, emphasized that the integration of AI and automation technology will enhance the efficiency and success rate of drug development [4]. Industry Summary - The global AI pharmaceutical sector has seen explosive growth in transaction volume and scale in 2023, with 49 innovative drugs approved for market in the first seven months [5]. - Dongwu Securities views Crystal Tech as a rare entity in the global AI for Science market, considering this partnership a milestone event that validates the value of its AI and robotics technology in drug discovery [5]. - The initial payment exceeding expectations indicates that Crystal Tech's business model is taking shape, laying a solid foundation for future commercial orders and potential rapid revenue growth in the near to mid-term [5].

Core Insights - Crystal Holding has signed a significant pipeline cooperation agreement with DoveTree, totaling nearly $6 billion, which has positively impacted its stock price, increasing by over 12% on the following trading day [1][4]. Company Summary - The agreement involves Crystal Technology utilizing its AI and robotics-based end-to-end drug discovery platform to identify and develop small molecules and antibody candidates targeting oncology, immunology, inflammation, neurological disorders, and metabolic disorders for DoveTree [5]. - Crystal Technology has received an initial payment of $51 million and is entitled to further payments totaling $49 million, along with potential milestone payments of up to $5.89 billion and royalties based on annual net sales [5]. - This order represents over 100 times Crystal Holding's projected revenue for 2024 and is the largest publicly disclosed collaboration in the AI drug discovery sector globally, as well as one of the top license-out transactions in China's biopharmaceutical history [5]. Industry Summary - The AI drug discovery market in China is rapidly expanding, with projections showing growth from 70 million yuan in 2019 to 730 million yuan by 2024, reflecting a compound annual growth rate (CAGR) of 47.8%. The market is expected to further increase to 5.86 billion yuan by 2028, with a CAGR of 68.3% [6]. - Recent months have seen significant developments in the AI drug discovery sector, with major collaborations and funding flowing into the industry, indicating a trend towards increased investment and innovation [7].

Group 1 - Tencent Holdings saw a net buy of HKD 15.18 billion, marking a total of HKD 59.44 billion in net buys over the last 10 days [1] - Alibaba-W experienced a net buy of HKD 8.76 billion, with a total of HKD 21.16 billion in net buys over the last 3 days [1] - SMIC recorded a net buy of HKD 6.11 billion, totaling HKD 9.51 billion in net buys over the last 3 days [1] Group 2 - Alibaba-W launched a new membership system integrating various Alibaba resources, aimed at enhancing consumer experience and user engagement [5] - SMIC is set to release its earnings report on August 7, with expected revenue of USD 2.185 billion for Q2 2025, a year-on-year increase of 14.91% [6] - Crystal Technology announced a significant order with DoveTree, totaling approximately USD 6 billion, setting a record for AI pharmaceutical overseas orders [6] Group 3 - Ideal Auto-W, along with China Automotive Research and Dongfeng Liuzhou Motor, issued a joint statement advocating for self-discipline and ethical competition in the automotive industry [6] - Bubble Mart received a report from Morgan Stanley stating that its intrinsic value exceeds its current IP holdings, maintaining an "overweight" rating with a target price of HKD 365 [6]

Group 1 - The core point of the news is that Crystal Tech Holdings' subsidiary has signed a significant pipeline collaboration agreement with biopharmaceutical company DoveTree, valued at approximately HKD 47 billion (around USD 5.99 billion), marking a record in the AI + robotics new drug development sector [1] - Following the announcement, Crystal Tech Holdings' stock surged by 12.42% on August 6, with a market capitalization reaching HKD 29.806 billion [1] - The agreement involves the use of Crystal Tech's AI-driven drug discovery platform to develop drug candidates targeting oncology, immunology, inflammation, neurological disorders, and metabolic disorders, with DoveTree holding exclusive global development and commercialization rights [1] Group 2 - Crystal Tech Holdings was established in 2015 and went public on the Hong Kong Stock Exchange in June 2024, being the first specialized technology company listed under Chapter 18C of the exchange [1] - In 2024, the company reported revenue of HKD 266 million, a year-on-year increase of 53%, and an adjusted net loss of approximately HKD 457 million, narrowing by 12.5% year-on-year [1] - The initial payment of USD 51 million received from the collaboration exceeds the company's total revenue for the previous year, highlighting the significance of this partnership [1] Group 3 - DoveTree, founded by Dr. Gregory Verdine, is an innovative biopharmaceutical company that emphasizes the importance of AI in addressing challenging research targets [2] - The collaboration aims to combine insights in target biology and drug development with Crystal Tech's capabilities in AI and robotic automation for new drug discovery [2] - The AI pharmaceutical sector has seen a surge in large orders this year, with notable collaborations including AstraZeneca and a Hong Kong pharmaceutical company, with potential total amounts exceeding USD 5.3 billion [2] Group 4 - The Chinese AI pharmaceutical industry has experienced rapid growth, with the market size increasing from RMB 0.7 million in 2019 to RMB 73 million in 2024, reflecting a compound annual growth rate (CAGR) of 47.8% [2] - Projections indicate that the market could reach RMB 5.86 billion by 2028, with an expected CAGR of 68.3% [2]

Summary of Jingtai Holdings Conference Call Company Overview - **Company**: Jingtai Holdings - **Industry**: Biotechnology and Pharmaceutical Development Key Points and Arguments 1. **Partnership Agreement**: Jingtai Holdings has entered into a partnership agreement worth approximately $5.89 billion with a certain enterprise, with an initial payment of $100 million, exceeding market expectations. This partnership marks a new starting point for the company's business model, focusing on commercial development from preclinical results [2][4][20]. 2. **Revenue and Profit Forecast**: For 2024, Jingtai Holdings expects revenue of 266 million RMB, representing a 53% year-over-year increase, allowing the company to meet the revenue threshold for commercialization on the Hong Kong Stock Exchange. The adjusted loss is projected at 457 million RMB, a reduction of 65 million RMB year-over-year. Revenue is anticipated to double in 2025, with a growth rate exceeding 60% [2][5][18]. 3. **Data Resources**: The company has accumulated a significant amount of high-precision quantitative data, including 6.5 million data points, 100,000 molecular stance parameters, and 500,000 FEP data points. The experimental data covers 80% of common drug response types, with robots generating 200,000 data points monthly. The company has also developed 20 AI predictive models for experimental conditions [2][6]. 4. **Collaboration with Sigmacore**: Jingtai Holdings collaborates with Sigmacore to develop a new drug, six X1,094, for treating diffuse gastric cancer and other advanced solid tumors. This drug is the first FAK SRC dual-target inhibitor to enter clinical trials and is currently under FDA fast-track review [2][7]. 5. **Expansion into Other Industries**: Beyond biomedicine, Jingtai Holdings is expanding into energy, materials, agriculture, and chemicals. A five-year contract worth approximately 1 billion RMB has been signed with GCL Group. The company is also benefiting from national policy support in AI and robotics, indicating potential for rapid growth [3][8]. 6. **Core Competitiveness**: The company's core competitiveness lies in its strong research team and multidisciplinary capabilities, led by scientists trained at MIT. The team includes over 500 scientists and technicians across various fields, including algorithms, physics, biopharmaceuticals, automation, and robotics. This combination of technologies enables Jingtai Holdings to provide solutions across multiple sectors [3][15][17]. 7. **Market Potential for AI Solutions**: The AI solutions market is expected to reach $16.8 billion by 2030, with significant growth in laboratory automation, projected to increase from a 3.7% market share in 2020 to 23.2% by 2030 [10][11]. 8. **Advantages of AI in Pharmaceuticals**: AI can significantly reduce research and development cycles and costs in the pharmaceutical industry. Traditional drug development typically takes 8 to 10 years and costs around $400 million, while AI can shorten this timeline by 30% to 50% and reduce costs by 25% to 50% [12][16]. 9. **Recent Achievements**: Jingtai Holdings has achieved significant milestones since its establishment in 2015, including a partnership with Pfizer for the development of Paxlovid, which became the first FDA-approved oral treatment for COVID-19 [9]. 10. **Future Growth Expectations**: The company is expected to maintain a revenue growth rate of over 50% in the next five years, with a projected revenue of 500 to 600 million RMB in 2025, potentially reaching 900 to 1 billion RMB in 2026 [15][20]. Additional Important Information - **Recent Orders**: The company recently secured a $30 million order in Saudi Arabia, marking a significant business milestone [14]. - **Business Development (BD) Strategy**: Jingtai Holdings is focusing on BD through preclinical results, with expectations of multiple BD transactions annually due to high research efficiency [20]. - **Technological Edge**: The company’s unique approach, combining quantum physics and AI, provides a competitive edge in reducing development time and costs compared to traditional methods [16][17].

Core Insights - The article highlights a significant collaboration in the AI pharmaceutical sector, with JingTai Holdings announcing a pipeline cooperation worth approximately HKD 47 billion (USD 5.99 billion) with DoveTree, marking it as the largest publicly disclosed deal in AI drug discovery globally [1] - This partnership is expected to transform JingTai Holdings from a technology service provider to a revenue-sharing innovator in pharmaceuticals, indicating a shift in the business model towards commercialization of AI drug discovery [1] - The global AI pharmaceutical market is experiencing rapid growth, with projections indicating a compound annual growth rate (CAGR) exceeding 30% from USD 792 million in 2021 to USD 1.758 billion by 2024 [4] Company Overview - JingTai Holdings is positioned as a global leader in AI for Science, utilizing quantum physics and AI-driven solutions to provide drug and materials science research services [2] - The company has developed over 200 AI models, including crystal structure prediction and free energy perturbation algorithms, which are critical to its competitive advantage [2] Market Response - The capital market reacted positively to JingTai Holdings' large order, with the stock price surging nearly 23% during trading [3] - The article notes that the recent large orders in the AI pharmaceutical sector reflect a high level of industry vitality, with several major collaborations reported, including partnerships involving Novo Nordisk and AstraZeneca [4] Growth Potential - The AI pharmaceutical market is entering a transformative phase, with significant growth expected in both global and domestic markets. The Chinese AI pharmaceutical market is projected to grow from CNY 0.7 billion in 2019 to CNY 4.1 billion in 2023, with a CAGR of 57.4% [4] - A list of high-growth stocks related to AI pharmaceuticals indicates that there are limited options in the A-share market, with only 20 stocks expected to achieve net profit growth exceeding 20% in the coming years [5] Stock Performance - The article provides a table of high-growth AI medical concept stocks, highlighting significant year-to-date price increases for companies such as Yipin Hong (320.22%) and Meidi Xi (105.83%), indicating strong market interest in AI-related pharmaceutical stocks [9]

目前，晶泰科技已收到最终协议项下约定的5100万美元的首付款。在最终协议条款规限下，晶泰科技有 权获得4900万美元的进一步付款(180天内支付)，并有资格获得金额达58.9亿美元的潜在监管里程碑及商 业里程碑付款，以及基于产品年度净销售额的潜在个位数百分点的特许权使用费。 消息面上，8月5日，晶泰科技宣布与DoveTree完成总订单规模约470亿港元(59.9亿美元)的管线合作签 约，成为2025年中国AI制药领域金额最大的BD交易之一。DoveTree获得合作产品的全球独家开发与商 业化权利，而晶泰则负责利用其"AI+机器人"端到端平台，针对肿瘤、自身免疫病、神经系统疾病及代 谢失调领域的靶点，开发小分子与抗体药物。 晶泰控股(02228)高开15%，截至发稿，涨15%，报7.59港元，成交额1.66亿港元。 ...