自願公告 英矽智能與康哲藥業達成數千萬港元的中樞神經系統及自身免疫疾病領 域的多個藥物研發項目合作 本公告由英矽智能（「本公司」，連同其附屬公司統稱「本集團」）自願作出，以告知 本公司股東及潛在投資者有關本集團的最新業務更新。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 INSILICO MEDICINE InSilico Medicine Cayman TopCo 英矽智能 （於開曼群島註冊成立的有限公司） （股份代號：3696) 關於英矽智能 英矽智能是一家全球先鋒生物科技公司，致力於整合人工智能和自動化技術，加 速藥物發現並推動生命科學領域的創新，賦能人類擁有更長久、更健康的生活。 2025年12月30日，公司於香港聯合交易所主板掛牌上市，股票代碼：03696.HK。 利用自主研發的Pharma.AI平台和先進的自動化生物學實驗室，英矽智能正為纖維 化、腫瘤學、免疫學、疼痛、肥胖與代謝紊亂等尚未被滿足的疾病領域提供創新 藥物解決方案。此外，英 ...

Core Viewpoint - Southwest Securities predicts that the revenue of Insilico Medicine (03696) will reach $0.59 billion, $1.55 billion, and $2.02 billion for the years 2025-2027, with corresponding price-to-sales (PS) ratios of 78x, 30x, and 23x. The company's AI platform innovation capability has been validated, and long-term development is promising as more pipeline assets enter clinical stages and external licensing opportunities arise. The report initiates coverage with a recommendation for active attention [1]. Group 1: Core Competitiveness - The company's core competitiveness lies in its self-developed, globally leading end-to-end generative AI platform, Pharma.AI, which reduces the time from target discovery to clinical candidate confirmation from the industry average of 4.5 years to 12-18 months, validated through over 40 projects and 27 PCCs [2]. - The primary business model focuses on drug discovery and pipeline development, including external licensing, collaborative development, and independent development. Since 2026, the company has achieved three business development (BD) collaborations with upfront payments totaling $0.42 billion, and a total potential value of $10.74 billion. More BD collaborations are expected in 2026, potentially catalyzing stock price growth [1][3]. Group 2: Business Model - The company employs a dual-engine business model: 1) drug discovery and pipeline development through external licensing or collaborative development to obtain upfront payments, milestone payments, and sales shares; 2) software solutions generating subscription revenue from licensing the Pharma.AI platform. This model has been validated in the market, with nine external licensing agreements totaling over $4 billion in potential value and partnerships with 13 of the top 20 global pharmaceutical companies [3]. - The technology licensing generates cash flow and extensive validation data, while the success of internal pipelines further validates and enhances the AI platform's capabilities, creating a strong "data flywheel" effect [3]. Group 3: Pipeline and Product Potential - The company has nearly 20 clinical or IND application-stage assets generated from its platform, with the fastest pipeline, ISM001-055, being the world's first fully AI-discovered and designed candidate drug that has completed Phase IIa clinical trials for treating idiopathic pulmonary fibrosis (IPF). Recent clinical results show that patients receiving treatment exhibited dose-dependent improvements in lung function, with a significant difference of 118.7 milliliters compared to the placebo group [4]. - The IPF market presents substantial opportunities, and if ISM001-055 successfully reaches the market, it could become a disruptive therapy [4].

智通财经APP获悉，西南证券发布研报称，预计英矽智能(03696)2025-2027年对应营业收入分别为 0.59、1.55和2.02亿美元，对应PS为78倍、30倍和23倍。公司AI平台创新能力得到验证，长期发展值得 期待，随着更多管线资产进入临床和对外授权，公司有望迎来持续的价值兑现。首次覆盖，建议积极关 注。 西南证券主要观点如下： 公司核心竞争力在于其自研的全球领先的端到端生成式AI平台Pharma.AI 1）该平台将从靶点发现到临床前候选化合物确认的时间从行业平均的4.5年缩短至12-18个月，已通过 40+的项目，27个PCC得到充分验证；2）公司主要业务模式为药物发现及管线开发，包括对外授权、合 作开发和自主开发，26年至今公司已达成3项BD合作，首付款达0.42亿美元（含近期研发里程碑），总 金额达10.74亿美元。随着公司商业价值得到验证，26年有望达成更多BD合作，带来股价的直接催化； 3）自主开发的核心管线ISM001-055为全球AI制药唯一一款取得Ⅱ期临床数据的全AI研发药物，未来有 望成为颠覆性疗法，迎来持续的价值兑现。 全球领先的端到端AI制药平台，构筑核心技术壁垒 公司核心竞争 ...

机构：国海证券 研究员：曹泽运/万鹏辉 投资要点: 持续达成研发合作，AI 制药能力不断被认可2021 年至今，公司已于多家国内外龙头药企达成研发合 作，其中2022 年跟赛诺菲达成最高12 亿美元+特许权使用费合作，2025 年跟礼来达成超1 亿美元+特许 权使用费合作，2026 年与施维雅达成多年期抗肿瘤药物研发合作，协议总金额高达8.88 亿美元。多家 国内外龙头药企陆续跟公司达成AI 平台研发合作，公司AI 平台研发能力不断被认可。 已有多款自研管线对外授权2023 年至今，公司已经完成3 笔对外自主研发管线的对外授权，分别为： 2023 年对EXELIXIS 授权USP1 靶点药物，总金额接近10 亿美元，其中首付款8000 万美元；2023 年对 Menarini 授权KAT6 小分子，总金额超过5 亿美元，其中首付款1200 万美元；2024 年继续对Menarini 授 权，总金额超过5.5亿美元，首付款2000 万美元，2025 年12 月授权太景PHD 抑制剂ISM4808 大中华区 开发、商业化和再许可权力，交易总额达数千万美元，以上均包含特许权使用费。2026 年1 月，对衡泰 生物授 ...

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 ...

（原标题：英矽智能(03696)与齐鲁制药达成超过9.31亿港元的药物研发合作 加速心血管与代谢类疾病 创新疗法开发） 根据该协议的条款，英矽智能将利用自主搭建的Pharma.AI平台，关注用于代谢疾病领域的新颖小分子 药物设计与优化，齐鲁制药将负责后续开发与商业化工作。该协议总额超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。 透过该合作，双方将依托英矽智能自有Pharma.AI解决方案，针对特定靶点开展小分子抑制剂合作开 发，关注心血管与代谢类疾病领域管理。 智通财经APP讯，英矽智能(03696)发布公告，英矽智能已与齐鲁制药集团及其附属公司上海齐鲁制药研 究中心，达成药物研发战略合作并签署相关协议。 ...

英矽智能(03696)发布公告，英矽智能已与齐鲁制药集团及其附属公司上海齐鲁制药研究中心，达成药 物研发战略合作并签署相关协议。 根据该协议的条款，英矽智能将利用自主搭建的Pharma.AI平台，关注用于代谢疾病领域的新颖小分子 药物设计与优化，齐鲁制药将负责后续开发与商业化工作。该协议总额超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。 透过该合作，双方将依托英矽智能自有Pharma.AI解决方案，针对特定靶点开展小分子抑制剂合作开 发，关注心血管与代谢类疾病领域管理。 ...

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [16]. Core Insights - NVIDIA and Eli Lilly announced a partnership to establish an AI joint innovation lab aimed at addressing challenges in the pharmaceutical industry, with a planned investment of up to $1 billion over the next five years [2][5]. - The global AI pharmaceutical market is projected to grow from approximately $1.76 billion in 2024 to $2.99 billion in 2026, with a compound annual growth rate (CAGR) of about 30% from 2021 to 2026 [5]. - Companies like 英矽智能, 华兰股份, and 晶泰控股 are highlighted as key players in the AI + biopharmaceutical sector, showcasing significant advancements and investments in AI-driven drug discovery and development [5]. Industry Data - The computer industry consists of 337 listed companies with a total market capitalization of ¥64,957.50 billion and a circulating market capitalization of ¥58,620.09 billion [2]. - The absolute performance of the industry over the past 12 months is reported at 42.4%, with a relative performance of 19.2% compared to the benchmark [3].

英矽智能(03696)涨超7%，高见61.3港元再创新高。截至发稿，涨2.02%，报58.15港元，成交额4829.02 万港元。 国投证券国际表示，英矽智能基石投资者阵容豪华，在AI药物发现领域处于行业领先地位。公司自主 开发的生成式人工智能平台Pharma.AI，已孵化出逾20项临床或IND申报阶段的资产，其中三项资产已 授权给国际制药企业，合约总价值最高达21亿美元，以及一项处于自主开发阶段的II期资产。 消息面上，英矽智能近日与施维雅达成多年期研发合作，将利用AI平台Pharma.AI开发抗肿瘤药物。中 邮证券发布研报称，英矽智能在AI驱动的肿瘤药物研发方面经验丰富，已建立覆盖多种癌症适应症的 管线。其中泛TEAD抑制剂ISM6331和MAT2A抑制剂ISM3412已启动全球多中心I期临床试验，另有四个 肿瘤项目已对外授权。 ...

Core Insights - The article highlights the recent collaboration between AI pharmaceutical leader Insilico Medicine and Shenzhen Hengtai Biotech, focusing on a research agreement exceeding HKD 500 million to develop the neuroscience drug ISM8969, targeting central nervous system disorders including Parkinson's disease [1][2] Group 1: Collaboration and Agreements - Insilico Medicine has signed a research cooperation agreement with Shenzhen Hengtai Biotech, marking a significant step in their partnership with Fosun Pharma [1] - The agreement grants both parties 50% global rights to the ISM8969 project, with Insilico leading the IND application and Phase I clinical trials [2] - This collaboration is part of a broader strategy to enhance Insilico's pipeline in neuroscience and leverage its AI capabilities for drug development [2][4] Group 2: AI Drug Development and Technology - Insilico's Chemistry42 generative chemistry engine is utilized for molecular design and optimization of ISM8969, aiming for oral administration while ensuring effective blood-brain barrier penetration [2] - The project exemplifies the application of AI in addressing complex CNS diseases, which have historically faced high failure rates in drug development [1][2] - Insilico's Pharma.AI platform emphasizes data-driven project selection, allowing for expansion into various therapeutic areas beyond traditional single-disease focus [4] Group 3: Business Development and Market Position - Since its listing in December 2025, Insilico has accelerated its business development activities, including significant collaborations with various pharmaceutical companies [5][6] - The company has established a three-tier structure centered around its Pharma.AI platform, enabling it to generate revenue through platform subscriptions, internal pipeline development, and external collaborations [6][7] - Insilico's approach allows for a self-sustaining cash flow model, addressing the traditional challenges faced by AI biotech firms in achieving profitability [7][8] Group 4: Future Outlook and Challenges - The ongoing expansion of Insilico's collaboration network raises questions about its clinical and commercial translation capabilities, which are critical for the success of AI-driven drug development [8] - Maintaining a balance between external partnerships and internal technological advancements will be essential for Insilico to leverage its competitive advantages effectively [8]