Transitioning into A Scalable AI-driven R&D Platform

Research evidence excerpt

Transitioning into A Scalable AI-driven R&D Platform

China (PRC) | Life Science Tools & Diagnostics

XtalPi EquityJulyResearch8, 2026

ESTIMATE CHANGETransitioning into A Scalable AI-driven R&D

RATING BUYPlatform

PRICE HK$8.19^

XtalPi aims to transition from a project-based service provider into a

scalable AI-driven R&D platform powered by proprietary quantum physics, PRICE TARGET | % TO PT HK$10.80 | +32%

AI, and robotics capabilities. Through multiple MNC collaborations, XtalPi is 52W HIGH-LOW HK$15.12 - HK$5.32

scaling its platform model and expanding into new modalities exploration. FLOAT (%) | ADV MM (USD) 69.3% | 547.12

AI4S solutions accelerate commercialization beyond drug discovery into MARKET CAP HK$31.0B | $3.9B

materials science applications. With this note, lead coverage transfers to TICKER 2228 HK ^Prior trading day's closing price unless otherwise

Bingyu Chen. noted.

XtalPi has built a R&D platform powered by proprietary quantum physics, AI and robotic FY (Dec) CHANGE TO JEFe JEF vs CONS

automation capabilities. Since 2025, the company has transitioned from a project-based 2026 2027 2026 2027

service provider to a "platform licensing + co-development + milestone revenue" model, which REV* NM +1% -7% -14%

should improve revenue visibility/ quality as more programs progress through IND-enabling

NP* -178% -77% NA NA

and beyond. With an established track record in drug discovery, XtalPi is also expanding

its platform into broader materials science applications. Refer to our deep dives: AI 1.0 -

2026 (RMB) 1Half 2Half FY

Artificial Intelligence, Real Care: Redefining Healthcare with Technology, AI 2.0 - Healthcare's Next

NP* -- -- (57.7)

Prescription.

PREV 74.3

Transitioning from Project-Based Services to a Scalable AI R&D Platform - In 2025, XtalPi *Rev.