编者按：2025年，创新药已成为最具活力与突破性的产业领域之一，也掀起了股市投资热潮。在这股浪潮之中，一批中国药企正悄然转身——它们不再满足 于快速跟进，而是勇敢挺进前沿领域，探索原创研发的深水区。我们试图探寻，这些企业如何在全球竞合、资本起伏与政策引导的复杂生态中淬炼核心竞争 力，走出一条属于中国的创新突围之路。 经济观察报 记者 张英 你们的技术能解决哪些"卡脖子"难题？这是赖才达经常被问到的问题。 他的回答是，创新药行业最大的痛点就在成药性上，太多的药在过去一年中因为递送问题而失败，剂泰科技的初衷就是要解决这个痛点。 一粒药进入人体后会去哪里？最理想的情况是，所有有效成分全部到达病灶，但实际情况是没有药物可以做到。传统的小分子化疗药，通常只有 0.1%—1% 的剂量能到达实体瘤，其他药物成分会无差别地攻击正常细胞。而在人体30万亿细胞里，导致人生病的往往只是那么几百万个。 5年前，致力于用AI纳米递送技术解决成药性问题的剂泰科技在杭州成立，创始人分别是来自麻省理工学院的科学家赖才达、王文首，以及研究药物递送材 料多年的美国工程院院士陈红敏。 5年里，剂泰科技共融资超20亿元人民币，在国内AI制药领域排前 ...

广发证券表示，晶泰定位为AI驱动药物研发的第三方服务商，同时服务于药企与Biotech公司，管线以 合作为主，强调技术中立性，而非把客户锁在某个大药厂的生态里，对客户来说更像是技术供应商。基 于数据安全与生态考虑，药企和Biotech公司更倾向与独立的第三方厂商合作，因此，像晶泰这样的第 三方AI制药平台有望成为行业的基础设施角色。随着AI在药物发现过程中的渗透加深，第三方平台的 价值将持续放大，长期来看，其商业模式更具可持续性，潜在市场空间也更大。 消息面上，今年8月份，晶泰控股公布与DoveTree合作协议最新细则，有望获得最高58.9亿美元里程碑 付款，创下AI新药研发领域订单规模的新纪录。9月，公司完成新一轮配售筹集26.53亿港元，将用于产 品迭代升级与研发能力提升，主要包括机器人实验室技术升级、AI平台能力升级以及新型模态平台打 造，以及产品商业化与业务拓展、投资收购、人才引进与资金补充。 晶泰控股(02228)午后拉升逾7%，月内累计涨幅已超40%。截至发稿，涨7.6%，报14.44港元，成交额 17.51亿港元。 ...

| 02228 晶泰控股 | | 507 | | --- | --- | --- | | 12.890 + +0.730 +6.00% | | 交易中 09/29 11:10 | | ☆ ½ × § × 9 目 ♥ 自选 | | ● 快捷交易 | | 最高价 13.210 | 开盘价 12.300 -- | 成交量 1.09亿 | | 最低价 12.260 | 昨收价 12.160 | 成交额 13.96亿 | | 平均价 12.865 | 市盈率TTM 亏损 | 总市值 554.65亿 (1) | | 振 幅 7.81% | 市盈率(静) 亏损 | 总股本 43.03亿 | | 换手率 2.52% | 市净率 7.229 | 流通值 554.65亿 | | 52周最高 13.210 | 委 比 23.46% | 流通股 43.03亿 | | 52周最低 3.050 | 量 比 2.15 | 每 手 1000股 | | 历史最高 16.200 | 股息TTM -- | 股息率TTM -- | | 历史最低 3.050 | 股息LFY -- 1 14 | 股息率LFY -- | 9月29日，AI制药概念股走强， ...

Core Viewpoint - JingTai Holdings (02228.HK) has achieved significant growth, reporting a revenue of 517 million yuan for the first half of 2025, a year-on-year increase of 403.8%, and marking its first half-year profit of 142 million yuan, attracting market attention [1][2] Company Overview - JingTai Holdings, founded by three MIT PhDs in Shenzhen, focuses on AI-driven drug development and has established a partnership with DoveTree worth up to 5.9 billion USD, leading to a stock price increase of over 40% in ten trading days [1][4] - The company has also signed a memorandum of cooperation with South Korea's Dong-A Pharmaceutical, further expanding its pipeline in immunology and inflammatory diseases [1][2] Growth Trajectory - JingTai's growth trajectory mirrors that of Tencent, both originating from Shenzhen and achieving similar market valuations at IPO, with JingTai being the first profitable Hong Kong-listed company in the AI application era [1][3] - The company is transitioning from a pure AI medical focus to new materials and agricultural technology, establishing a "molecular research and development" infrastructure [2][3] Market Potential - The global drug development outsourcing market is projected to reach 363.2 billion USD by 2030, while the materials science R&D spending is expected to hit 177.9 billion USD, indicating a combined market potential of approximately 3.9 trillion yuan [5][6] - JingTai's AI technology can significantly reduce drug discovery timelines to one-third of traditional methods and lower R&D costs by 70% in the new materials sector [6] Business Model - JingTai has established a profitable business model through robotic R&D services, receiving milestone payments and future sales shares from drug discovery projects, which can lead to substantial profit increases upon successful drug launches [7][8] - The company has announced numerous collaborations with leading pharmaceutical companies, indicating a strong pipeline of potential high-revenue drugs [7][8] Competitive Position - JingTai is building a "molecular research infrastructure" similar to Tencent's information flow platform, aiming to create scalable effects in the AI-driven scientific discovery field [8][9] - The company is expanding into various sectors, including energy, chemicals, and agriculture, showcasing its potential for horizontal industry expansion [9]

Core Viewpoint - The company reported a significant increase in revenue and achieved its first half-year profit in 2025, primarily due to its collaboration with DoveTree, which includes a $6 billion order [1][2][3] Financial Performance - For the first half of 2025, the company achieved revenue of 517 million yuan, representing a year-on-year growth of 403.8% [1][3] - Adjusted net profit reached 141.6 million yuan, marking the first time the company has achieved profitability in a half-year period [1][3] - The company has a strong cash position with a total cash balance of 5.3077 billion yuan and a reduced average monthly cash burn of 49.7 million yuan, down 20% [1] Business Segments - The drug discovery solutions segment generated revenue of 435.2 million yuan, a year-on-year increase of 615.2%, largely due to the partnership with DoveTree [1][3] - The intelligent robotics solutions segment reported revenue of 81.9 million yuan, up 95.9%, driven by growth in automated chemical synthesis services and XtaPi R&D solutions [1][3] - The company has made significant advancements in AI and robotics applications in the chemical field and has enhanced its capabilities through the acquisition of LCC [1] Strategic Developments - The company signed a final cooperation agreement with DoveTree, which could yield up to $58.9 billion in milestone payments, setting a new record in the AI drug development sector [2] - The agreement includes an initial payment of $51 million, with potential future payments and royalties based on product sales [2] - The company completed a new round of placement raising 2.6533 billion HKD, with funds allocated for product upgrades, commercialization, and talent acquisition [3] Investment Outlook - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 780 million, 820 million, and 1.3 billion yuan respectively, and adjusted net profits to -248 million, -38 million, and 173 million yuan [3]

晶泰控股(02228)涨超4%，截至发稿，涨4.56%，报11.92港元，成交额22.59亿港元。 消息面上，近日，富时罗素指数公司更新9月份富时全球股票指数系列的半年度调整名单。其中，晶泰 控股获纳入富时中国小盘股。相关调整已于9月19日收盘后正式生效。分析指出，纳入国际性指数意味 着更广泛的资本关注和流动性溢价。中信建投（601066）研报指出，晶泰控股首次实现盈利，斩获近60 亿美元大单，AI制药商业化能力进一步获得验证。今年上半年受益于与DoveTree合作落地，公司实现 营收5.17亿元，同比增长403.8%；经调整净利润为1.416亿元，首次实现半年盈利，并在具身智能(灵动 勺)、Multi-Agent方面取得积极进展。 ...

晶泰控股(02228)尾盘涨超5%，截至发稿，涨4.55%，报11.03港元，成交额14.87亿港元。 消息面上，近日，富时罗素指数公司更新9月份富时全球股票指数系列的半年度调整名单。其中，晶泰 控股获纳入富时中国小盘股。相关调整已于9月19日收盘后正式生效。分析指出，纳入国际性指数意味 着更广泛的资本关注和流动性溢价。 招商证券指出，晶泰科技AI制药业务商业化稳步推进，2025年上半年药物发现业务同比增速高达 615%，并与辉瑞、强生等多家全球顶尖药企保持长期合作，公司与DoveTree完成总订单规模59.9亿美 元的管线合作签约，并已收到协议约定的首付款5100万美元，对业绩带来增量贡献。通过共享量子物理 计算、多模态AI及自动化平台，晶泰实现了技术平台的跨领域复用，成功拓展至新能源、农业及工业 材料等多个领域。 ...

Group 1 - The core viewpoint is that the cultural tourism in Lingbi County is leveraging the announcement of "Black Myth: Zhong Kui" to enhance its visibility, drawing inspiration from the success of "Black Myth: Wukong" in promoting Shanxi's cultural tourism [1] - Lingbi County is recognized as a hub for Zhong Kui culture, indicating a strategic focus on cultural heritage to attract tourism [1] - The challenge lies in improving accommodation and other supporting facilities to meet the increased demand from tourism [1] Group 2 - From January to July, there has been a strengthening of counter-cyclical fiscal adjustments, but the demand for real economy financing remains weak, leading to a shift of deposits towards wealth management and equity markets due to interest rate cuts and a recovering capital market [2] - The sustainability of this trend depends on economic expectations and the effectiveness of policies implemented [2] Group 3 - The Chinese AI pharmaceutical industry is reaching a critical point, with generative AI transforming the drug development paradigm from a broad search to precise design, thereby accelerating research and activating difficult drug targets [3] - The core competitiveness in this sector is centered around models and data, which may reshape the innovative drug industry chain in the future [3] Group 4 - The food delivery industry has experienced several months of intense competition, shifting from a duopoly to a multi-player market, where leading players maintain revenue growth but face profit pressures [4] - The focus of competition has transitioned from price subsidies to value competition, indicating a need for the industry to move beyond internal competition and return to the essence of service [4]

Core Insights - The report highlights the transition of AI in drug development from concept to reality, with significant advancements expected in 2024, marked by the Nobel Prize awarded for AlphaFold2, indicating a new era in AI-driven pharmaceuticals [1][4][13] - Multi-omics AI applications are projected to achieve a 1000-fold reduction in costs and efficiency in the pharmaceutical sector, with the first AI-driven blockbuster drug nearing approval [1][4][16] - The industry is witnessing a paradigm shift as major tech companies and pharmaceutical giants invest heavily in AI, with over $50 billion in AI drug development-related transactions in the past five years [1][5][6] Group 1: Industry Dynamics - AI drug development is moving towards practical applications, with significant breakthroughs in model transparency and regulatory frameworks, such as the EU's AI Act promoting explainability [1][4][31] - Key elements driving the industry include computational power, data integration, and advanced modeling techniques, with major cloud providers like Amazon, Google, and Microsoft offering robust resources [1][4][36] - The emergence of federated learning technologies is breaking down data silos, enabling cross-industry collaborations to enhance drug discovery [1][4][36] Group 2: Major Players and Investments - Tech giants like NVIDIA and Google are actively entering the AI pharmaceutical space, with NVIDIA investing in 13 AI drug companies and Google restructuring its AI divisions for clinical trials [1][5][6] - Leading pharmaceutical companies, including Merck and Pfizer, are committing hundreds of millions to AI-related initiatives, reflecting a strategic shift towards AI in drug development [1][5][6] - The report emphasizes the importance of companies with rich pipelines and proven capabilities in AI drug development, suggesting a focus on firms like Insilico Medicine and CrystalGenomics [1][6][19] Group 3: Future Outlook - The report anticipates that AI will revolutionize drug development, diagnostics, and treatment methodologies, with significant economic returns expected from AI-enabled innovations [1][19][20] - By 2030, the entire pharmaceutical industry is projected to experience exponential growth driven by AI, with substantial improvements in efficiency and cost-effectiveness [1][19][20] - The integration of AI in drug development is expected to enhance the speed and accuracy of clinical trials, ultimately leading to faster market entry for new therapies [1][39]

Group 1: AI Drug Development Industry - SandboxAQ, an AI startup supported by Alphabet and Nvidia, released a large-scale synthetic dataset to accelerate global drug development by simulating interactions between drug molecules and proteins [2] - Major pharmaceutical companies like Merck, Pfizer, Eli Lilly, and BMS have invested hundreds of billions in AI drug-related companies, with over $50 billion in significant transactions occurring in the last five years [3] - The demand for AI-assisted drug development from traditional pharmaceutical giants is increasing, as evidenced by large orders and collaborations with AI drug companies [3] Group 2: Company Updates - Crystal Holding (02228) expects a significant increase in revenue, projecting at least RMB 500 million for the first half of 2025, a year-on-year increase of approximately 387%, marking its first half-year profit [4] - The revenue growth for Crystal Holding is attributed to its collaboration with DoveTree Medicines, which has led to a substantial contribution from a $51 million upfront payment [5] - Viya Bio (01873) has been involved in AI drug development for five years, with AI-related orders now accounting for 12% of new orders, indicating a growing trend [5]