华鑫证券此前发布研报称，维亚生物CRO业务主要服务于药物发现的早期，是AI应用的重要场景，可 提升药物研发的效率和成功率，因此公司为客户推出了整合了AI的药物研发平台——AIDD，截止2025 年上半年，AIDD已累计参与175个项目的开发，AI赋能的CRO业务占总收入的10%。 智通财经APP获悉，维亚生物(01873)盘中涨近7%，截至发稿，涨4.21%，报1.98港元，成交额1604.8万 港元。 消息面上，据维亚生物公众号，1月13日，维亚生物在第44届J.P. Morgan Healthcare Conference期间举办 创新研讨会，吸引众多专业人士交流。研讨会聚焦人工智能与新药物类型前沿进展，维亚生物就AI赋 能多肽药物研发全流程实验设计以及AI赋能多肽CRDMO平台展开分享，集中体现了人工智能如何在研 发与产业化关键环节的加速落地，成为本次会议的重要看点。 ...

Core Viewpoint - The recent surge in Via Biotechnology's stock price reflects growing confidence in the AI drug development sector, with significant contracts being signed and a shift from conceptual to practical applications of AI in pharmaceuticals [1] Company Summary - Via Biotechnology's stock rose over 5%, currently trading at 2.59 HKD with a transaction volume of 20.26 million HKD [1] - The company has been involved in AI drug development for five years, with AI-related orders now accounting for 12% of new contracts, showing a growth trend [1] - Via Biotechnology's CRO business focuses on early-stage drug discovery, integrating AI to enhance research efficiency and success rates [1] - The AIDD platform has participated in the development of 175 projects, with AI-enabled CRO services contributing 10% to total revenue [1] Industry Summary - GF Securities reports a recent increase in global AI drug development contracts, indicating a clearer recognition of the strategic value of AI in pharmaceuticals by major companies [1] - The industry is transitioning from the conceptual phase of AI drug development to tangible applications and platform integration [1] - The trend of accelerated development in the AIDD sector is expected to become more pronounced by mid-next year [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [10]. Core Insights - The company is benefiting from a recovery in the industry and continuous empowerment from AI technologies [6][8]. - The CRO (Contract Research Organization) business has shown a revenue growth of 9.6% year-on-year in H1 2025, driven by a resurgence in global biopharmaceutical investments and active domestic innovation drug transactions [6]. - The company maintains a leading position in protein structure elucidation, with 8,023 new protein structures delivered in the first half of the year [6]. - The revenue from domestic clients increased by approximately 46.6%, indicating a strong domestic market growth potential [6]. - The report highlights the optimization of revenue structure at Langhua Pharmaceutical, with expectations for new orders to materialize in the coming years [7]. - The AI-enabled drug development platform, AIDD, has participated in 175 projects, contributing to 10% of total revenue [8]. - Revenue forecasts for 2025-2027 are projected at RMB 19.76 billion, RMB 22.14 billion, and RMB 25.08 billion respectively, with corresponding EPS of RMB 0.11, RMB 0.14, and RMB 0.17 [9][10]. Financial Projections - The report provides detailed financial projections, including a decline in revenue for 2024, followed by a recovery with growth rates of 12.03% in 2026 and 13.27% in 2027 [12]. - The net profit is expected to grow significantly, with a forecast of RMB 241 million in 2025, RMB 291 million in 2026, and RMB 352 million in 2027, reflecting a robust growth trajectory [12][18]. - The report anticipates an increase in ROE from 5.94% in 2025 to 7.44% in 2027, indicating improving profitability [18].