QUANTUMPH-P：IPO点评：中国AI制药领先者

Investment Rating - The report assigns an IPO-specific rating of "6.0" to the company, suggesting a recommendation to subscribe [34]. Core Insights - The company, Jingtai Technology, established in 2015, is a leading AI pharmaceutical company in China and the first uncommercialized enterprise to list on the Hong Kong Stock Exchange through the 18C mechanism [11][34]. - The company has developed an innovative R&D platform powered by quantum physics, AI, and robotics, providing drug and materials science R&D solutions [11][22]. - The financial performance shows significant growth, with revenue increasing from 62.8 million yuan in 2021 to 170 million yuan in 2023, representing a CAGR of 66.7% [11]. Industry Overview - According to Frost & Sullivan, the drug discovery outsourcing service market in China is projected to grow from $3.5 billion in 2023 to$12.2 billion by 2030, with a CAGR of 19.6% [1]. - The solid-state R&D service market in China is expected to expand from $0.8 billion in 2023 to$5.9 billion by 2030, with a CAGR of 32.1% [1]. - The automated R&D laboratory market in China is forecasted to grow from $1.2 billion in 2023 to$17.4 billion by 2030, with a CAGR of 39.6% [1]. - Key growth drivers include increased demand for accelerated drug development, advancements in AI technology, and the expansion of application fields [1]. Financial Summary - The company reported net losses of 2.14 billion yuan, 1.44 billion yuan, and 1.91 billion yuan from 2021 to 2023, respectively [11]. - Adjusted net profits, excluding the impact of certain financial liabilities and listing expenses, were -270 million yuan, -440 million yuan, and -520 million yuan for the same period [11]. Use of Proceeds - Approximately 75% (705.8 million HKD) of the IPO proceeds will be used to enhance the company's R&D capabilities and solution provision [33]. - About 15% (141.2 million HKD) will be allocated to improve commercialization capabilities domestically and internationally [33]. - The remaining 10% (94.1 million HKD) will be used for working capital and other general corporate purposes [33]. Strategic Partnerships - The company has established strong strategic partnerships with leading international pharmaceutical companies and national research institutions, including Pfizer and the Singapore National Drug Design and Discovery Platform [2]. Management Team - The management team consists of three co-founders who are physicists trained at MIT, bringing a wealth of experience in quantum physics and AI applications in pharmacology [30].