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） 自願公告 英矽智能宣佈與禮來達成一項全球管線授權與AI藥物研發合作 本公告由英矽智能（「本公司」，連同其附屬公司統稱「本集團」或「英矽智能」）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。 根據相關協議條款，英矽智能將有資格獲得1.15億美元首付款，並在後續達成開 發、監管及商業化里程碑後獲得進一步付款，使交易總價值最高可達約27.5億美 元；此外，英矽智能還將獲得基於未來銷售額的分級特許權使用費。 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，本公司於香港聯合交易所主板掛牌上市，股票代碼 ...

Investment Rating - The report assigns a "Buy" rating to the company [2]. Core Insights - The company has established a unique AI-driven Pharma.AI platform that accelerates the drug development process, significantly reducing costs and time [7][21]. - The company has over 30 projects in its pipeline, with two advancing to Phase II clinical trials, indicating a diversified and innovative pipeline [7]. - The company is actively expanding collaborations with over 10 domestic and international pharmaceutical companies, which is expected to drive long-term growth [7]. - Revenue projections for 2025 and 2027 are estimated at $560 million and $2.12 billion, respectively, reflecting the company's unique business model and pipeline advancement [7]. Summary by Sections AI Development and Impact - AI has rapidly evolved since the early 1990s, significantly enhancing drug discovery efficiency [12][15]. - The application of AI in drug discovery can reduce time and costs by up to 50% compared to traditional methods [15]. Company Overview - The company was founded in 2014 and has built a world-class team for drug discovery and development, integrating advanced generative AI capabilities [21]. - The Pharma.AI platform is designed for end-to-end drug discovery and development, enhancing learning and performance through real-time feedback loops [21][26]. Pipeline and Clinical Development - The company has 12 pipelines that have received IND approval, with the fastest progressing to Phase II clinical trials in the U.S. and China [36]. - The TNIK inhibitor for idiopathic pulmonary fibrosis (IPF) has shown significant progress, with a rapid transition from target discovery to human clinical trials in just 18 months [36]. Financial Projections and Investment Recommendations - The company is expected to generate revenues of $56 million in 2025 and $212 million in 2027, driven by its innovative pipeline and business model [6][7]. - The report values the company at HKD 77.97 per share based on a 40x price-to-sales ratio for 2026 [7].

INSILICO MEDICINE InSilico Medicine Cayman TopCo 英矽智能 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。 （於開曼群島註冊成立的有限公司） （股份代號：3696) 自願公告 英矽智能與元羿生物拓展 AI 驅動 CNS 領域研發合作， 新合作總金額最高可達 9,475 萬美元 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。 本公司董事會（「董事會」）欣然宣佈，在過去一年良好的合作關係基礎上，英矽智 能與Tenacia Biotechnology (Hongkong) Co., Limited（「元羿生物」），一家致力於 為未被滿足的神經系統疾病患者開發創新治療方案的商業化生物製藥公司，已達 成一項擴展的AI驅動研發合作（「該合作」）。 透過該合作，雙方旨在為極具挑戰性的神經系統疾病提供更廣泛、更精準的治療 方案，從而降低後期研 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [4] Core Insights - The report focuses on the latest trends in AI pharmaceutical development, highlighting the transition from concept to industrial validation, and recommends leading companies with platform capabilities and sustainable output [2] - AI is reshaping the drug development paradigm, with significant improvements in molecular design efficiency and reduced R&D cycles due to the integration of generative models and reinforcement learning [5][9] - The penetration of AI in drug discovery, molecular generation, clinical design, and post-market data analysis is increasing, establishing AI+pharmaceuticals as a crucial infrastructure for innovative drug development [5][9] Summary by Sections 1. AI+Pharmaceuticals: Technology Reshaping R&D Paradigms - AI empowers the entire drug development process from molecular discovery to clinical stages, addressing the rising costs and declining returns of traditional drug R&D [9] - AI can significantly reduce the number of compounds synthesized and tested in drug discovery, from 3,000-5,000 to under 200, and shorten the time for candidate nomination from 40-50 months to 12-18 months [12][14] 2. Acceleration of Clinical and Commercialization Phases - JingTai Technology is building a data closed-loop barrier through "computational simulation + automated experiments + robotic systems," enhancing its platform capabilities through collaboration and incubation [25][29] - The company has achieved significant commercial validation through partnerships with top multinational pharmaceutical companies, including a record-breaking $6 billion agreement for drug development [30] 3. MNC AI Strategy Upgrade - Multinational corporations (MNCs) are transitioning AI from a single tool to a foundational infrastructure for R&D and production, with 2025-2026 identified as a critical window for AI investment [5][9] - Companies like Eli Lilly and AstraZeneca are making substantial investments in AI, including billion-dollar collaborations to enhance their R&D capabilities [5][9] 4. Market Expansion and Future Prospects - The AI-enabled drug development market is expected to grow at a compound annual growth rate (CAGR) of 22.6%, reaching $74.6 billion by 2032 [19] - The report emphasizes the ongoing capital influx into AI pharmaceuticals, driven by technological advancements and the need for clinical efficacy validation [22][24]

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].

Core Viewpoint - The report from Southwest Securities indicates that the company, Insilico Medicine (03696), is expected to achieve revenues of $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 has been validated, and long-term growth is anticipated as more pipeline assets enter clinical stages and external licensing opportunities arise. The report suggests actively monitoring the company [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 secured three business development (BD) collaborations with upfront payments totaling $0.42 billion, contributing to 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 and Revenue Generation - 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. The market has validated these models, 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 reinforces and validates the capabilities of the AI platform, creating a robust "data flywheel" effect [3]. Group 3: Pipeline and Product Potential - The company has nearly 20 assets in clinical or IND application stages, 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. Phase IIb or III clinical trials are expected to commence in 2026 [4].

Core Viewpoint - The company has signed a strategic cooperation agreement with Qilu Pharmaceutical to develop small molecule inhibitors for cardiovascular and metabolic diseases, with a total agreement amount exceeding HKD 931 million [1] Group 1: Strategic Collaborations - The company has established multiple R&D collaborations with leading pharmaceutical companies since 2021, including a partnership with Sanofi worth up to USD 1.2 billion in 2022 and a collaboration with Eli Lilly exceeding USD 100 million in 2025 [1] - In 2026, the company entered a multi-year collaboration for anti-tumor drug development with a total agreement amount of USD 888 million [1] Group 2: Licensing Agreements - In 2023, the company completed three licensing agreements for its self-developed pipelines, including a deal with EXELIXIS for a USP1 target drug totaling nearly USD 1 billion, with an upfront payment of USD 80 million [2] - The company also licensed a small molecule to Menarini in 2023 for over USD 500 million, with an upfront payment of USD 12 million, and another deal in 2024 for over USD 550 million, with an upfront payment of USD 20 million [2] - In January 2026, the company licensed an NLRP3 inhibitor to Hengtai Bio, with both parties holding 50% global rights, allowing the company to receive up to USD 66 million in upfront and milestone payments [2] Group 3: Financial Projections - The company expects revenues of USD 96 million, USD 137 million, and USD 183 million for the years 2025, 2026, and 2027, respectively, with corresponding net profits of USD -14 million, USD -4 million, and USD 18 million [3] - The projected price-to-sales ratios (PS) for these years are 48x, 34x, and 25x, respectively [3] - The company maintains a positive outlook on its business expansion in AI drug development and has initiated coverage with a "Buy" rating [3]

Investment Rating - The report assigns an "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has established a strategic partnership with Qilu Pharmaceutical to develop small molecule inhibitors for cardiovascular and metabolic diseases, with a total agreement value exceeding HKD 931 million [2]. - The company has consistently validated its AI pharmaceutical capabilities through collaborations with leading pharmaceutical companies, including significant agreements with Sanofi and Eli Lilly, totaling over USD 1 billion [4]. - The company has successfully licensed multiple self-developed drug candidates, indicating a high level of research efficiency and potential for future collaborations [4]. Financial Projections - The company is projected to achieve revenues of USD 96 million, USD 137 million, and USD 183 million for the years 2025, 2026, and 2027, respectively, with corresponding net profits of USD -14 million, USD -4 million, and USD 18 million [5][6]. - The revenue growth rates are expected to be 12%, 43%, and 34% for the years 2025, 2026, and 2027, respectively [5]. - The projected price-to-sales (P/S) ratios are 48, 34, and 25 for the years 2025, 2026, and 2027, respectively [5].

Core Viewpoint - The collaboration between Insilico Medicine (03696) and Qilu Pharmaceutical Group aims to accelerate the development of innovative therapies for cardiovascular and metabolic diseases, with a total agreement value exceeding HKD 931 million [1] Group 1: Collaboration Details - Insilico Medicine has signed a strategic drug development cooperation agreement with Qilu Pharmaceutical and its subsidiary Shanghai Qilu Pharmaceutical Research Center [1] - The partnership will leverage Insilico's proprietary Pharma.AI solution to develop small molecule inhibitors targeting specific pathways in the management of cardiovascular and metabolic diseases [1] Group 2: Financial Aspects - The agreement includes milestone payments for development and sales, as well as a share of subsequent net sales based on unit numbers [1] - The total value of the agreement is over HKD 931 million, indicating significant financial commitment from both parties [1]