Financial Highlights:
Revenues for year 2025 were RMB802.6 million, representing a year-over-year increase of 201.2%.
Net profit for year 2025 reached reached RMB 134.6 million, while adjusted net profit amounted to RMB 258.2 million, making the Group's first full year of profitability and making it the first profitable AI4S company listed on the H-share market.
As of December 31, 2025, the Group's total cash balance[1] amounted to RMB 7,068.6 million. In 2026, the Group raised further net proceeds of RMB 2,536.8 million through the issuance of new convertible bonds.
Key Business Milestones:
Incubated and advanced more than five global first-in-class/best-in-class innovative pipelines to clinical and/or IND-enabling stages, spanning oncology, autoimmune diseases, neurodegenerative disorders, and chronic diseases.
Secured multiple landmark collaborations with cumulative contract values reaching tens of billions of RMB, further solidifying the Group's leadership in AI applications.
The number of revenue-generating clien count[2] in 2025 grew by 62% year-over-year. To date, the Group has cumulatively covered 17 of the world's top 20 pharmaceutical companies, successfully delivering across multiple scenarios and earning recognition from leading global clients.
The Group has developed over 200 industry-specific AI models to date. In 2025, the Group further expanded its novel drug innovation platforms, into molecular glues, peptides, and oligonucleotides, reinforcing its full-stack capability moat.
AI agents independently orchestrated tens of thousands of compound synthesis experiments every week, enabling a fully closed-loop development process.
The Group successfully expanded into new sectors such as new materials,consumer and health & wellness.
During the Reporting Period, the Group was also included in the MSCI China Small Cap Index, the MSCI China Index, and the HKex Tech 100 Index, reflecting strong recognition from international capital markets of the Group's investment value and industry leadership.
R&D Progress: Deep Integration of AI, Robotics, and Multi -Agent, How the Flywheel Effect is Reshaping the R&D Paradigm
1. Multi-Agent Matrix: Acting as Intelligent "Project Managers" to Drive Fully Autonomous Workflows
Serving as the central orchestration hub of the development flywheel, a multi-agent system autonomously break down research objectives, coordinate multiple AI models, and manage closed-loop robotic experiments. Leveraging the Group's proprietary AI models, robotics laboratories, and extensive data assets, the Group is building an end-to-end intelligent agent ecosystem that has been deployed across both internal workflows and external application scenarios.
1) The Group is building an integrated agent system covering the entire R&D workflow, incorporating Agentic Genius, X-Buddy, PatSight, MolAgent, the Vast Agent virtual compound library, synthesis robots, and a robotics orchestration platform, enabling autonomous decision-making across the full process from procurement and experiment execution to reaction optimization, data management and validation. Currently, the Compnay's AI agents independently orchestrate tens of thousands of compound synthesis experiments per week, significantly enhancing throughput and data accumulation efficiency, and establishing a closed-loop R&D system covering small molecule drug design, high-throughput automated synthesis, and cloosed-loop data feedback.
2) During the Reporting Period, the Group partnered with a leading global pharmaceutical company to deploy an autonomous reaction condition screening system integrating a multi-agent system, robotics laboratories, and chemistry AI models to establish a closed-loop workflow spanning AI-driven condition recommendation, autonomous experimental parameter design, high-throughput robotic execution, and reaction optimization. Trained on hundreds of thousands of experimental data points, the system supports development objectives expressed in natural language, with robotic solutions precisely performing operations such as reagent dispensing, temperature control, and analytical testing, significantly improving data consistency and experimental reliability, while providing a scalable and replicable solution for intelligent R&D transformation.
[1] Cash balance includes cash and cash equivalents, bankdeposits, current portion of financial assets at fair value through profit or loss, and restricted cash, as of 31 December 2025.
[2] Not inclusive of customers of Shanghai Siwei Medical Technology Co.,Ltd.
2. AI Models: Reinforcing the "Expert Brain" and Expanding into Novel Drugs
By the end of 2025, the Group had developed over 200 industry-specific AI models, covering the entire workflow from target discovery to preclinical candidate screening. During the Reporting Period, the Group's AI models achieved systematic results in deepening strategic collaborations, upgrading core models, and expanding into novel drugs.
1) The Group continued to deepen industry partnerships and upgrade our AI-driven drug discovery models, building a data closed loop from molecular design to biological testing. By integrating molecular dynamics simulation data as a core input, we have embeded dynamic physical-based principles into our AI models, equipping them to interpret the nature of protein-protein interactions and providing strong support for tackling 'undruggable' targets. In molecular activity prediction, we further advanced our strategic collaboration with Pfizer, launching a next-generation molecular simulation platform in 2025. By combining the precision of physics-based algorithms with the speed and scalability of AI, this platform significantly improves simulation efficiency, accuracy, and chemical space coverage to accelerate small molecule drug discovery.
2) The Group's self-developed generative AI platform for protein therapeutics, XenProT™, introduced the XMPNN inverse folding design algorithm, achieving world-leading performance in evaluations on public benchmark datasets by leverageing high-quality data and proprietary domain knowledge, and demonstrating its value across multiple challenging pipeline projects, with its bispecific antibody design capabilities recognized by leading global pharmaceutical companies. Meanwhile, XtalFold® launched its Ultra mode, boosting the accuracy of antigen–antibody complex structure prediction by approximately 10 percentage points, and was selected as one of the "Top 10 AI Innovation Technologies (Products)" at WAIC.
3) Building AI Platforms for Novel Drugs, Establishing Leadership in Emerging Frontiers.
Molecular Glue Platform: In 2025, the Group debuted a molecular glue development platform with AI, robotics and multi-agent as core drivers, built around the dual-path strategy of "E3 anchoring" and "target protein anchoring," leveraging AI-driven learning of protein–protein interaction patterns alongside ultra-large chemical space exploration and an automated DMTA loop to significantly enhance R&D efficiency. The platform has assembled virtual and chemically diverse molecular entity libraries exceeding one million compounds, generating high-active, highly selective, patent-novel Hit molecules across multiple targets, while continuously expanding new system modules and Direct-to-Biology capabilities.
Peptide Platform PepiX™: In 2025, the Group's peptide platform PepiX™ integrated generative AI molecular design, automated synthesis, a trillion-scale peptide library, and high-throughput screening to establish an iterative "AI design-to-synthesis validation" system, enabling high efficiency and success rates in peptide drug R&D. The platform benefits from a library of over 2,000 non-natural amino acid monomers, achieving internationally leading performance in oral peptide prediction and MHC-I/II antigen presentation prediction, and was showcased at AACR2025 while receiving multiple industry recognitions. Core pipeline programs are progressing steadily, with continued advances in brain-penetrating peptide delivery, glucose-lowering, anti-obesity, and uric acid-lowering programs, supporting future regulatory submissions and commercialization.
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