2026 年 02 月 02 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 曹泽运 S0350525110001 证券分析师： 万鹏辉 S0350524050003 caozy@ghzq.com.cn wanph@ghzq.com.cn [Table_Title] 与齐鲁制药达成合作，持续验证 AI 制药能力 ——英矽智能（03696）点评报告 最近一年走势 事件: 2026 年 1 月 27 日，英矽智能发布公告：公司与齐鲁制药签署战略合作 协议，双方将围绕心血管与代谢类疾病领域，利用英矽智能的 Pharma.AI 平台进行小分子抑制剂的研发。协议总金额超过 9.31 亿港元，包含开发 和销售里程碑付款，以及单位数的后续净销售额分成。 投资要点: | 相对恒生指数表现 | | 2026/01/30 | | | --- | --- | --- | --- | | 表现 | 1M | 3M 12M | | | 英矽智能 | 109.8% | - | - | | 恒生指数 | 5.9% | - | - | | 市场数据 | | 2026/01/30 | | | 当前价格（元） | | 62.90 ...

Core Insights - Insilico Medicine and TaiGen Biopharmaceuticals have entered into an exclusive licensing agreement for the PHD inhibitor ISM4808, aimed at treating anemia associated with chronic kidney disease (CKD) in Greater China [1][3]. Group 1: Partnership Details - TaiGen will receive exclusive rights for the development, commercialization, and sublicensing of ISM4808 in Greater China, while Insilico Medicine will receive upfront payments, milestone payments based on development and sales, and tiered royalties based on net sales, with the total transaction amount reaching tens of millions of dollars [3]. - The partnership is expected to leverage Insilico's AI-driven drug discovery capabilities, which have demonstrated efficiency in identifying new drug candidates [4]. Group 2: Product Information - ISM4808 is recognized as a candidate drug for PHD inhibition, targeting the HIF-α pathway, which has been awarded a Nobel Prize, and aims to induce EPO production and improve iron utilization to enhance red blood cell regeneration [3]. - The drug has shown strong efficacy in preclinical studies, with a lower effective dose validated in chronic kidney disease rat models, and has received clinical trial approval from China's CDE in 2023 [4]. Group 3: Market Potential - The market for PHD inhibitors is experiencing rapid growth, with the market size in mainland China increasing from 50 million RMB to 2.45 billion RMB over five years, indicating a significant demand for oral medications that replace traditional injectable therapies [4].