XtalPi Holdings Announces Full Year 2025 Annual Results

HONG KONG, March 25, 2026 /PRNewswire/ —

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.

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.
• Nucleic Acid Platform Kodexia™: In 2025, the Group built a globally leading AI-powered platform for siRNA sequence discovery and chemical modification, establishing an end-to-end closed loop encompassing sequence screening, modification recommendation and optimization, and functional validation. Proprietary models enable precise siRNA modeling and outperform Advanced ESC modification patterns in most scenarios. Meanwhile, the Group is advancing in-vivo efficacy prediction models, extra-hepatic delivery platfoms, and dual-target siRNA platform development, while its breakthrough research mRNA2vec was presented at AAAI 2025, significantly improving mRNA sequence expression and stability.
• Virtual Cell Platform: In 2025, the Group strategically incubated Boundless Evolution, a venture dedicated to building a virtual cell platform powered by biological data. Boundless Evolution is currently securing early-stage financing to drive its next phase of research and development.

3.  Robotic Laboratory (Physical AI): Building “Precision Hands” to Redefine the Experimental Paradigm

During the Reporting Period, the Group continued to drive technological breakthroughs across its robotic laboratories, achieving several key milestones. “NeoDispenser” design overcomes key challenges in robotic laboratory technology, and has gained strong receognition from leading global customers. Key technical features include:

1)     Advanced Visual Perception: Features cutting-edge visual perception algorithms that analyze powder characteristics in real time, enabling precise identification and handling of different powder types.

2)     Intelligent Database: Integrates a comprehensive powder attribute database with strong learning capabilities that continuously improves powder handling strategies.

3)     Powder Analysis Foundation Model: Powered by a specialized AI model trained and fine-tuned on diverse powder datasets to accurately predict powder properties and behavior.

4)     Seamless Robot Integration: Seamlessly connects with powder aliquoting and other robotic systems, adjusting parameters and control strategies in real-time based on visual feedback.

4.  High-Quality Data Analysis and Accumulation: Continuous “Fuel” for the AI Flywheel

The Group has established an industry-leading biomedical data asset system and an open development data infrastructure platform, providing robust data support for the continuous operation of the AI flywheel.

1)     Multimodal Data Mining Infrastructure: The Group’s multimodal Layout model achieves 95.3% accuracy in document recognition. A self-developed domain-specific 32B LLM surpasses the performance of GPT-4o, delivering both “data localization” and cost efficiency advantages. The OCSR optical chemical structure recognition model has reached industry-leading state-of-the-art performance.

2)     High-Quality Chemical Reaction Data Platform: The Group has developed a data-mining agent for the fine-grained extraction of reaction-step-level data with >95% recognition accuracy, having structured hundreds of thousands of patents to build a massive high-quality reaction dataset that underpins AI models and robotic laboratry experiment training.

3)     High-Quality Large Molecule Data Platform: The Group has developed an antibody data- mining agent, achieving >99% extraction accuracy for both conventional and VHH antibodies, and 98% accuracy in affinity recognition. The Group have also built large-scale antibody patent databases with amino acid sequences, forming a robust biological data asset moat.

During the Reporting Period, the Group’s data-driven R&D innovation capabilities received national recognition. In 2025, leveraging the “AI + Robotics Empowering Drug R&D Data Element Construction and Application” project, the Group stood out from over 22,000 entries in the national finals of the “Data Elements ×” competition hosted by the National Data Bureau, winning the First Prize.

5.  Consumer Health, New Materials and Agriculture: Strategic Expansion and the Flywheel’s Value Extension

The Group’s “AI + Robotics+Multi-Agent” flywheel approach has been fully validated for drug discovery. Building on this foundation, its core capabilities are now rapidly expanding to areas such as consumer health and new materials, evolving from capability replication to strategic expansion.

1)     Expansion into Consumer Health. Both innovative topical molecules for hair growth and hair retention, developed in-house by the Group,  have completed INCI registration, and the combined product Groland formulation has completed U.S. FDA cosmetic facility registration and product listing. The product currently ranks first on Tmall Global’s new arrivals list within its category and has been featured by several leading fashion media outlets.

2)     Driving a Paradigm Shift in Photovoltaics Development. In January 2026, the Group signed a strategic cooperation agreement with a subsidiary of JinkoSolar (688223.SH) on AI and automation-driven high-throughput R&D for tandem solar cell, jointly establishing the world’s first fully closed-loop intelligent manufactureing line for tandem solar cells, intergrating AI-driven decision-making, robotics execution, and data feedback to accelerate deployment of next-generation photovoltaic technologies, including perovskite-based tandem cells. Leveraging the strengths of both parties, perovskite tandem cells are expected to achieve large-scaled mass production within approximately the next three years, with the Group entitled to share in the commercialization returns.

3)     AI4S in Agriculture. In collaboration with a partner, the Group have validated the successul transformation of thousands of mu (hundreds of hectares) of land, setting a new global benchmark for desert restoration.

Commercialization Progress: Accelerating the Momentum of the AI + Robotics + Multi-Agent Platform, Powering a Flywheel of Scalable Growth

1.  Drug Discovery Solutions: AI + Robotics +Multi-Agent Empowering New Drug Development, Platform Value Continues to Grow

During the Reporting Period, revenue from the Drug Discovery Solutions surged by 418.9%, rising from RMB 103.7 million for the year ended December 31, 2024, to RMB 537.9 million for the year ended December 31, 2025. This growth was driven by multiple factors, including: 1) the rapid expansion of the Group’s antibody business; 2) progression of service-enabled and incubated enterprise innovation pipelines into the validation stage, with multiple projects achieving key delivery milestones.

1)     Key Commercial Milestones: From Pipeline Services to Platform Partnerships, Opening a New Chapter in Global Value Co-Creation 

The Group’s “AI + Robotics + Multi-Agent” platform has been validated at industrial scale and continues to evolve. Building on this, the Group has secured multiple high-value partnerships across small molecules, biologics, and novel drugs, with a client base spanning the world’s leading pharmaceutical companies and pioneering biotechs. The Group’s business model has also successfully evolved from standalone project services to a strategic model of “platform licensing + co-development + milestone revenues”, laying a solid foundation for sustainable growth.

• Collaboration with DoveTree is progressing smoothly, with joint advancement of the pipeline underway. During the Reporting Period, the Group partnered with Professor Gregory Verdine–founded DoveTree to advance small-molecule development across multiple high-value targets in oncology, autoimmune diseases, and neurological disorders. The pipeline is progressing smoothly and has entered a phase of deepened execution. In parallel, under Professor Verdine’s guidance, the Group and the DoveTree team are establishing a next-generation complex molecule platform to develop therapeutics targeting multiple difficult-to-drug targets.
• Large molecule collaboration with Eli Lilly on track. In the biologics field, the Group has entered into a multi-target strategic collaboration and platform licensing agreement with Eli Lilly, with a total value of USD 345 million. The project is progressing well.
• Expanding the Group’s AI peptide platform ecosystem, entering a new phase of scaled collaboration in novel drugs. The Group has extended its proven AI R&D capabilities into novel drug domains including peptides. Its proprietary AI peptide R&D platform PepiX™ has received strong recognition from leading industry partners, achieving multiple commercial milestones.

2)     AI Platform Enabling Pipeline Progress: Broad Disease Coverage, Key Technical Milestones Validated

During the Reporting Period, multiple innovative drug pipelines of the Group’s empowered partners and incubated companies achieved important progress across a range of disease areas, while the Group remains positioned to capture their long-term commercial value and development upside.

• Empowering “AI + organoid” pipeline breakthroughs for Signet Therapeutics, with the world’s first targeted therapy for diffuse gastric cancer advancing well clinically. The candidate SIGX1094 was co-developed by XtalPi and incubated company Signet. Leveraging a novel “organoid + AI” R&D approach, its Phase I clinical trials demonstrated a good safety and signs of efficacy, with one patient in the 200mg cohort showing a 20% reduction in lesion size and symptom relief. This program has received FDA Orphan Drug and Fast Track Designations, earned a Prix Galien nomination, and is expected to enter Phase II clinical trials in the third quarter of 2026. According to market research institution data, the corresponding market for advanced targeted therapies exceeds several billion USD.
• Also from this collaboration, a potential first-in-class pan-TEAD inhibitor SIGX2649, for the treatment of solid tumors, has completed preclinical studies, with IND applications to be simultaneously submitted to regulatory authorities in both China and the United States shortly. The drug’s preclinical research has been selected for presentation at the American Association for Cancer Research (AACR) Annual Meeting 2026. The Group works in deep collaboration with Signet, providing core technical support for their pipeline development while sharing in the company’s growth and pipeline value appreciation.
• Boosting Leman Biotech’s AI-driven metabolic reprogramming platform to deliver clinical breakthroughs across key disease areas. During the Reporting Period, Leman Biotech’s metabolicallyenhanced CD19 CAR-T therapy achieved 100% complete remission in dozens of patients at ultra-low doses in investigator-initiated trials (IITs) for relapsed/refractory lymphoma, leukemia, and moderate-to-severe SLE. In March 2026, it received FDA IND clearance for the relevant indications. Meanwhile, META 10-TILs and multiple metabolism-enhanced CAR-T pipelines have entered IIT stages, with simultaneous filings progressing in both China and the U.S. According to market research insitutions, the global CAR-T cell therapy market is forecast to reach USD 21.8 billion by 2030. The Group has established a deep strategic collaboration with Lemam Biotech to jointly translate R&D outcomes into commercial value.
• Incubated company METiS TechBio continues to advance its AI-driven drug development platform. In 2025, NETiS launched NanoForge, the world’s first AI nano-delivery platform, establishing a library of tens of millions of ionizable LNPs and an intelligent nano-delivery agent, enabling a fully closed-loop R&D workflow from molecular design to formulation optimization. Leveraging this platform, METiS’s proprietary hepatocellular carcinoma pipeline MTS-105 received the FDA Orphan Drug Designation, while MTS-004 achieved its Phase III primary endpoints, becoming China’s first AI-developed drug and the only PBA therapy to complete Phase III. The Group shares development gains through equity partnerships.
• Co-developed with Pharma Engine, next-generation PRMT5 inhibitor PEP08 reaches key clinical milestone. PEP08 demonstrates low toxicity and a favorable safety profile, with the ability to cross the blood-brain barrier and inhibit tumor growth, showing strong potential in brain cancer treatment and potential best-in-class efficacy. It has received clinical trial approvals in both Australia and Taiwan, China, and has entered Phase I clinical trials, with the Group retaining economic rights tied to future clinical milestones.
• Assisting ReviR Therapeutics to reach new milestones in AI-driven rare disease drug development. During the reporting period, RTX-117, China’s first CMT Type 1 innovative drug, achieved simultaneous clinical approvals in both China and the U.S., being granted the FDA Orphan Drug Designation. In 2026, it also obtained China’s NMPA approval to initiate VWM clinical studies and commenced Phase I trials. This small molecule penetrates the blood-brain barrier and exerts its therapeutic effect by modulating the ISR pathway, with potential future expansion into the neurodegenerative disease market. The Group will receive milestone payments along with holding long-term economic rights in the drug.
• Our collaboration with a leading biopharmaceutical firm continues to deepen with positive outcomes. Of the three innovative drug development projects initaiated prior to 2025, two now have entered the IND-enabling studies, while the third is expected to commence in the first half of 2026. This progress highlights the strong translational efficiency of our platform and our capability to consistently deliver high-quality pipelines. the Group is positioned to capture substantial financial returns in future stages.
• Empowering a leading biopharmaceutical company’ drive into immunometabolism innovation. During the Reporting Period, META-001-PH received the FDA Orphan Drug and Rare Pediatric Disease Designation, while MP-5342 entered the IND-enabling studies, demonstrating a safety window exceeding 600-fold and significant anti-inflammatory efficacy, with the potential to address the LDH target gap. This pipeline also holds promise for expansion into autoimmune diseases such as multiple sclerosis and atopic dermatitis. According to makret research institutions, the combined global market for these indications is estimated at tens of billions of USD. Clinical trial registration is expected to commence in the fourth quarter of 2026. The Group retains long-term economic rights in the pipeline.

2. AI4S Intelligent Solutions^[3]: Scaling from Solutions to Platform- AI + Robotics + Multi- Agent Driving R&D Efficiency Across Domains

During the Reporting Period, revenue from AI4S Intelligent Solutions grew at a rapid pace, rising 62.6% from RMB 162.8 million for the year ended December 31, 2024 to RMB 264.7 million for the year ended December 31, 2025, driven primarily by new strategic initiatives within the business.

The AI4S intelligent solutions business has matured into a fully integrated intelligent R&D system serving biopharmaceuticals and new materials and beyond. By integrating robotics hardware with intelligent algorithms, it enhances R&D efficiency and establishes a next-generation AI4S smart platform centered on AI models, robotic laboratories, and smart agents. The synergy between the two business lines forms a closed-loop ecosystem of “solution deployment, core capability iteration, and platform service delivery.” The Group have officially renamed the Intelligent Robotics Solutions business as “AI4S Intelligent Solutions.”

1)     AI4S Intellignet Robotic Labs: Winning Landmark Clients Across Industries

XtalPi R&D Solutions has been renamed AI4S Intelligent Robotic Labs, which delivers locally deployable intelligent R&D systems to customers. Built around robotic laboratories and AI-driven platforms, these solutions replace manual experimentation to enhance R&D efficiency, improve experimental success rates, and enable the accumulation of high-quality, high-value proprietary data assets. During the Reporting Period, the AI4S Intelligent Robotic Labs business delivered strong performance, mainly driven by the continued progression of the Group’s globalization strategy, with breakthrough commercial progress across both biopharmaceuticals and new materials:

• Delivering an intelligent workstation for formulation stability testing to BASF, a global chemical industry leader
• Delivery to a globally leading pharmaceutical company headquartered in Indianapolis of a NeoDispenser intelligent micro-powder dispensing system and intelligent compound management system
• Eight-figure RMB agreement with a domestic central state-owned enterprise to provide an intelligent high-throughput platform for novel catalytic materials development
• Seven-figure RMB agreement with Roche for the delivery of an intelligent compound storage system
• Seven-figure RMB agreement with Haleon for the delivery of an intelligent sample pre-processing system
• Eight-figure RMB agreement with JW Pharmaceutical, a Korean pharmaceutical company, to provide an intelligent autonomous drug synthesis and process development system
• Eight-figure RMB agreement with Liangzhu Laboratory for the delivery of an intelligent full-process biomaterials research platform covering synthesis through testing

2)     AI4S Intelligent Services: End-to-Engd Smart Platform Accelerates Commercialization

The Group’s AI4S Intelligent Services business is built around a core framework of AI models, robotic laboratories, and multi agent, delivering a full-process intelligent R&D service capabilities that spans key stages including raw material supply forecsting, synthesizability prediction to high-throughput screening, separation, and separation and purification. Leveraging the VAST Agent virtual compound library and synthesis robots, the platform also enables rapid delivery and value-added services. In 2025, the Group successfully expanded its customer base to multiple large pharmaceutical enterprises. Its core techology models achieved reaction success rates exceeding 85% in real-world projects, while chemical services recorded an overall service repeat purchase rate of over 75%. Technologies such as spectral analysis and high-throughput condition recommendation have been deployed across multiple client projects and received strong recognition. Looking ahead, AI4S Intelligent Services is well positioned to espport R&D scenarios across pharmaceuticals, chemistry, chemical engineering, mew materials, new energy and more, with a total addressable market potentially worth trillions of US dollars.

3． Continued Integration of Cross-Border M&A Assets

In March 2026, the Mayor of the Liverpool City Region Steve Rotherham warmly welcomed senior leaders from XtalPi to the region. Since the acquisition of Liverpool ChiroChem (LCC) in 2025 and the subsequent formation of LCC Technologies Ltd., the Group has continued to deepen local engagement, working closely with the city government and innovation partners to explore advantages in scientific talent, laboratory infrastructure, and development sites. Following the acquisition, the Group has integrated LCC’s PACE™ automated chiral chiral-chemistry platform with its AI-driven and robotics-empowered R&D system, continuously advancing technological upgrades, expanding automated synthesis capacity, and supporting data-driven drug discovery.

Prospects and Outlook

The Group’s “AI + robotics + multi agent” R&D flywheel has achieved both technical validation and commercial deployment in biopharmaceuticals and new materials, and delivering its first full-year profit, marking a new milestone in its platform’s value. Moving ahead, the Group is well positioned to strengthenthe flywheel effect through continuous iteration, consolidating its AI4S leadership via an intelligent closed-loop system built around over 200 end-to-end AI models, high-throughput robotic laboratories, and scalable AI agents, while expanding into consumer health, photovoltaic materials, advanced chemicals sectors and beyond.

About XtalPi

XtalPi Holdings Limited (XtalPi, 2228.HK) was founded in 2015 by three physicists from the Massachusetts Institute of Technology (MIT). It is an innovative R&D platform powered by quantum physics, artificial intelligence, and robotics. By integrating first-principles calculations, AI algorithms, high-performance cloud computing, and standardized automation systems, XtalPi provides digital and intelligent R&D solutions for companies in the pharmaceutical, materials science, agricultural technology, energy, new chemicals, and cosmetics industries.

 

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