XtalPi Holdings (2228) investor relations material

Executive summary

• Revenue for H1 2026 was RMB393.6 million, down 23.9% year-over-year due to a high base from a major pipeline licensing payment in 2025; excluding this, organic revenue grew 74% year-over-year.

• AI4S Intelligent Solutions revenue surged 136.4% year-over-year, now contributing 51% of segment revenue, driven by new client expansion and high repeat purchase rates.

• Net loss for H1 2026 was RMB224.9 million, with an adjusted net loss of RMB105.5 million, mainly due to increased R&D expenses and lower recognized revenue.

• Cash balance as of June 30, 2026, was RMB8,671.2 million, up 23% from year-end 2025, mainly due to convertible bond issuance.

• R&D expenses rose 66% year-over-year to RMB367.8 million, reflecting continued investment in autonomous labs and technology platforms.

Financial highlights

• Revenue: RMB393.6 million (2026 H1) vs. RMB517.1 million (2025 H1), -23.9% year-over-year; underlying revenue up 73.8% excluding prior year’s one-off licensing payment.

• Adjusted net loss: RMB105.5 million (2026 H1) vs. adjusted net profit RMB141.6 million (2025 H1).

• R&D expenses: RMB367.8 million, up 66% year-over-year.

• Cost of revenue: RMB167.8 million, up 104.8% year-over-year.

• Cash and equivalents: RMB8,671.2 million as of June 30, 2026.

Outlook and guidance

• AI-driven drug discovery and intelligent lab systems are expected to drive continued order expansion and long-term growth.

• Platform technology services and proprietary asset monetization are positioned as dual engines for future revenue.

• End-to-end smart R&D model aims to reduce costs and improve efficiency, building a durable competitive moat.