于报告期间，药物发现解决方案业务收入实现非常强劲的增长，从截至2024年6月30日止六个月的人民 币60.9百万元增长615.2%至截至2025年6月30日止六个月人民币435.2百万元。这一增长主要得益于集团 与DoveTree Medicines LLC及其联属公司开展重大合作。公司达成了该项合作的第一阶段里程碑并收到 首付款51百万美元。 此外，公司抗体业务产生的收入亦表现出强劲增长。于报告期间，智能机器人解决方案业务收入实现高 速增长，从截至2024年6月30日止六个月的人民币41.8百万元增长95.9%至截至2025年6月30日止六个月 的人民币81.9百万元。主要由自动化化学合成服务及XtaPi研发解决方案的高速增长驱动。 公司相信，科学研发的未来，蕴育在人工智能、具身智能与人类智慧的深度融合里。公司正破题攻坚开 拓未来，化技术瓶颈为破局契机，变天马行空为惠世良方，构筑生命科学与材料科学领域的超级人工智 能。用科研新范式重塑人类文明新图景。 格隆汇8月27日丨晶泰控股(02228.HK)发布2025年上半年财务业绩，上半年集团实现营业收入人民币 517.1百万元，同比增长403.8%。于报告期末， ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Viewpoints - The company is positioned as a rare asset in the AI for Science sector, aiming to disrupt traditional R&D paradigms and unlock significant market potential [1][14]. - The company has achieved a revenue milestone that qualifies it as a commercial entity under Hong Kong Stock Exchange rules, with a notable reduction in net losses [8][14]. - The integration of dry and wet lab experiments creates a data barrier that strengthens the company's competitive moat [8][14]. - The company is making progress in its collaborative drug pipeline and expanding its client base in new materials and other sectors [8][14]. - Short-term growth is driven by policy incentives, while long-term growth is supported by customer retention and successful project incubation [8][14]. Summary by Sections 1. AI for Science as a Rare Asset - The company, founded in 2015, leverages quantum physics and AI to provide innovative R&D solutions across pharmaceuticals and materials science [14]. - The founding team consists of MIT-trained scientists, enhancing the company's R&D capabilities [8][14]. - The company has raised approximately $732 million from global investors, establishing itself as a leader in AI-enabled drug discovery [17][19]. 2. AI Solutions and Automation Industry - The AI solutions market is expected to grow significantly, particularly in healthcare and materials science [26][30]. - The global automation market is rapidly expanding, with laboratory automation penetration projected to increase from 3.7% in 2022 to 23.2% by 2030 [27][30]. - The convergence of data growth, labor cost increases, and technological integration is driving the growth of AI solutions and automation [34]. 3. Revenue and Profitability Forecast - The company forecasts revenues of RMB 4.26 billion, RMB 6.83 billion, and RMB 10.95 billion for 2025, 2026, and 2027, respectively, with a projected return to profitability by 2027 [1][8]. - The adjusted net loss is expected to narrow significantly over the forecast period, indicating improving financial health [1][8]. 4. Market Trends and Opportunities - The AI drug discovery market is anticipated to grow from RMB 2.76 billion in 2022 to RMB 67.7 billion by 2025, driven by advancements in technology and increased collaboration [41][42]. - The solid-state R&D services market is projected to grow at a CAGR of 27.7%, reaching $20.9 billion by 2030 [52].