Jingtai Technology (02228) 2026 interim results decoding: AI4S commercialization breaks through high speed, multi-modal pipelines accelerate implementation

On August 19, Jingtai Technology (02228) announced the 2026 interim results. This is the first report on Jingtai Technology's upgrade from an “AI pharmaceutical service provider” to an “AI4S platform connecting digital R&D and physical experiments.” Financial reports show that in the first half of the year, the company achieved revenue of 394 million yuan (RMB, same below), compared to 517 million yuan in the same period last year. The change was mainly due to the confirmation of a down payment of US$51 million for large-scale pipeline licensing projects in the same period last year, forming a high base; after excluding this impact, revenue increased 73.8% year on year. This adjustment corresponds to a shift in revenue structure from “one-time pipeline licensing” to “platform-based, recurring revenue” — AI4S business, intelligent robot laboratory, and intelligent service business. The overall high growth of 136.4% is a direct reflection of this shift. Jingtai is advancing AI from a predictive tool in the digital world to an industrial-grade infrastructure that can independently complete scientific tasks in real experiments.

In the first half of the year, the company had a net loss of 225 million yuan, with an adjusted net loss of 106 million yuan, mainly due to a 66% year-on-year increase in R&D expenses. R&D capital was invested in the construction of independent laboratories, intelligent systems, research pipelines and multi-modal technology platforms. As of June 30, 2026, the company's total cash balance was 8.671 billion yuan. Adequate capital reserves provided a guarantee for continued R&D investment and consolidated the company's leading position in the AI4S field. Cash reserves of 8.671 billion yuan combined with R&D expenses increased 66% year-on-year, which means that the company has entered the “platform-pipeline-infrastructure” three-tier simultaneous acceleration investment period — this is a typical capital rhythm that has gone through proof of concept and entered the implementation period of large-scale industries.

The Zhitong Finance App learned that on the drug development side, Jingtai Technology has the most comprehensive multi-modal AI drug discovery platform in the industry, covering the four major categories of small molecules/molecular gels, antibodies, peptides, and small nucleic acids. The platform accumulates a large amount of proprietary standardized data, trains industry-leading generation and prediction models, and is far ahead of enterprises of the same type in pipeline iteration speed.

Pipeline iteration efficiency is a major competitive advantage of Jingtai Technology, compressing the “trial and error drive” into a “design driven” engineering process. The company revealed for the first time that several self-developed projects have achieved key experimental progress: molecular hoses achieve pmole-level target protein degradation activity in a single quarter; similar projects in the industry usually take 12 to 18 months from target verification to obtain highly active degradants; oral cyclic peptides and IgA nephropathy micronucleic acid projects obtain high-quality pharmacodynamics data in a short period of time, and the IgA nephropathy siRNA project only takes about seven months from sequence design to verification of pharmacodynamics in non-human primates — the industry usually takes 12-24 months. At present, 3 self-developed and enabling pipelines have entered the clinical stage, and more than 10 are in the IND approval and IND-enabling stage; it is expected that by 2027, more than 5 new pipelines will be added to the clinical stage, and about 20 pipelines will reach the PCC stage.

In terms of commercialization, the company is simultaneously promoting two paths of asset BD licensing and traditional R&D R&D services: BD implementation at home and abroad has achieved fruitful results, securing strategic cooperation for AI drug discovery with a potential total amount exceeding 400 million US dollars, and expectations for asset value release are high; traditional R&D service cooperation is progressing in an orderly manner, forming an “asset license+platform R&D service” two-wheel drive model. The comprehensive strength has a clear advantage over most peers.

Jingtai Technology's robotics laboratory and synthesis business have been implemented on a large scale. It is in the first tier of the industry. It has been delivered and repurchased by leading pharmaceutical companies such as Eli Lilly, extending from compound management to the HTE platform. All overseas Korean JW projects have been delivered and accepted. A number of 10-million-level benchmark projects have been launched domestically, and the business boundary has been extended to new material tracks such as perovskite and lithium batteries.

The company has built industry-leading full-process AI independent decision-making experimental synthesis capabilities, and related businesses have achieved rapid growth. At the technical level, SureRoute's self-evolving retrosynthesis model reduced the “chemical illusion” rate to 4.6%, and the recommended accuracy rate for the first synthesis route reached 74.3%; at the same time, two major self-developed solutions, Agentic Synthesis (Intelligent Autonomous Molecular Synthesis) and Agentic HTE (Intelligent Autonomous High-Throughput Experiment), were commercialized, enabling autonomous operation of the entire process from AI solution design to robot experiment execution.

At the platform level, more than 300 automated stations are deployed globally, and a four-layer industrial-grade technology system based on intelligent centers, scientific AI, physical intelligence, and high-quality data bases. The company has opened a closed loop of digital simulation and real robot experiments; deployed more than 300 automated stations worldwide, covering 20+ R&D scenarios; depositing more than 500,000 real test records, about 80% of which are negative samples of failure where public literature is scarce; every month, 50,000+ reaction yield data and 300,000 pieces of process data are added; and 100+ drug and material projects are accumulated. In July 2026, the company released the XtalPi Science scientific intelligence platform and the Genius Agent scientific agent matrix, opening up a complete internal research infrastructure verified by the project to export AI4S's underlying technical capabilities to global research institutions. Jingtai's barrier is not a single model, but a system of data generation — experimental execution — model iteration. Even if competitors get similar models, it is difficult to replicate real experiments and data flywheels.

In terms of investment, the secondary market has clearly poor expectations for Jingtai Technology. Jeff Dean and other well-known industry talents have successively laid out AI independent research tracks, confirming the long-term development space of the racetrack, but many overseas peers are still in the proof-of-concept stage. Among overseas target companies, according to market information, Isomorphic Labs, the benchmark for AI drug development, is valued at about 20 billion US dollars, but the commercialization path has not been fully disclosed; Lila Science, which focuses on AI autonomous laboratories, is valued at about 8 billion US dollars, but there is a lack of large-scale commercial landing orders. In contrast, Jingtai Technology also has actual implementation business scenarios, revenue confirmation, and pipeline reserves for rapid iteration. Referring to the first-level market benchmarking, market analysis suggests that Jingtai Technology has achieved large-scale commercialization rather than just telling scientific stories. Comprehensive progress has a 3-5 year lead over similar companies. The company's current valuation of more than HK$30 billion may be significantly underestimated.

Looking ahead, the AI for Science industry is evolving from a single-point tool to independent scientific discovery. Relying on the complete business model that has already been implemented, Jingtai Technology stands at the key inflection point of releasing technological dividends and is at the cutting edge of the industry; XtalPi Science's commercialization implementation and pipeline entering clinical and BD cooperation milestones one after another will form the core valuation driver for the company, and the long-term growth logic is solid.