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]