XtalPi Holdings (2228) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 393.6 million, down 23.9% year-over-year due to fewer major pipeline BD deals and a high base from a prior one-off licensing payment; underlying organic revenue grew 74% year-over-year.

• AI4S Intelligent Solutions revenue surged 136.4% year-over-year, now contributing 51% of segment revenue and driven by rapid client expansion.

• Expanded partnerships and diversified profit models, including a $400M+ AI drug discovery collaboration and multiple strategic agreements.

• R&D expenses rose 66% year-over-year to RMB 368 million, reflecting continued investment in autonomous labs, agentic systems, and technology platforms.

• Cash balance as of June 30, 2026, was RMB 8,671 million, up 23% from year-end 2025, mainly due to convertible bond issuance.

Financial highlights

• Organic revenue (excluding major pipeline BD) reached RMB 264 million, up 74% year-over-year.

• Adjusted net loss for H1 2026 was RMB 106 million, compared to a profit of RMB 142 million in H1 2025.

• AI4S Intelligent Solutions revenue: RMB 193.5 million, up 136.4% year-over-year.

• R&D expenses: RMB 367.8 million, up 66% year-over-year.

• Cash and equivalents: RMB 8,671.2 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.