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Chinese AI and quantum-physics drug-discovery platform that predicts molecular structures for pharma and materials clients.
Chinese AI and quantum-physics drug-discovery platform that predicts molecular structures for pharma and materials clients.
Earns fees for running discovery projects for drug companies, often a mix of up-front payments, milestones and later royalties, plus sales of automated laboratory systems built on its robotics. It listed in Hong Kong in 2024 under rules for technology companies not yet profitable (Chapter 18C).
In one line: A Chinese Schrödinger/Recursion Pharmaceuticals.
Moat: narrow (IP / patents, data, process know-how). Proprietary AI+quantum simulation platform and data, but competes with a growing AI-drug-discovery field.
Headquarters: Shenzhen, China · Founded: 2014 · Employees: 1,254
Size XtalPi (2228.HK) is a Hong Kong Health Care company (Biotechnology) with a market value of $3.35B, the 322nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$6.12 on 6 Nov 2026.
Performance Over six months the shares fell 33.8%, against +9.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 3.9% over the last twelve months (peer median +20.2%); the operating margin is -127.5% (peer median -1.7%).
Valuation It trades at 26.3× enterprise value to sales against a peer median of 7.4× (6th most expensive of 17).
Capital Return on invested capital runs 35.8 points below its cost of capital (16.3% WACC).
Credit XtalPi has 1 bond outstanding ($366M).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$761M | HK$870M | HK$289M | HK$193M | HK$155M |
| Revenue growth | — | +201% | +50% | +24% | — |
| Gross profit | HK$317M | HK$481M | -HK$17.4M | -HK$79.9M | -HK$2.06M |
| EBITDA | -HK$829M | -HK$389M | -HK$700M | -HK$740M | -HK$546M |
| Net income | -HK$242M | HK$134M | -HK$1.64B | -HK$2.12B | -HK$1.67B |
| Free cash flow | -HK$424M | -HK$229M | -HK$516M | -HK$616M | -HK$685M |
| Capital expenditure | HK$124M | HK$84.3M | HK$67.1M | HK$107M | HK$217M |
| Total debt | n/a | HK$494M | HK$158M | HK$12.2B | HK$10.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| XtalPi 2228.HK | $3.35B | -34% | +4% | -127% | 26.3× | n/a |
| Schrodinger SDGR | $2.23B | +125% | +9% | -59% | 7.4× | n/a |
| Recursion Pharmaceuticals RXRX | $2.19B | +6% | +56% | -725% | 25.1× | n/a |
| Absci ABSI | $1.75B | +72% | -62% | -8,411% | 991.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2228.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.1% | +2.9% | 3rd lowest of 21 |
| 6-month return | -33.8% | +9.2% | 3rd lowest of 21 |
| Distance from 52-week high | -57.1% | -24.0% | 2nd lowest of 21 |
| Revenue growth (TTM) | +3.9% | +20.2% | 5th lowest of 16 |
| Operating margin | -127.5% | -1.7% | 5th lowest of 17 |
| EV / Sales | 26.3× | 7.4× | 6th most expensive of 17 |
| ROIC minus cost of capital | -35.8 pp | -7.8 pp | 5th lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| XtalPi 2228.HK | Hong Kong | $3.35B | -34% | +4% | -127% | 26.3× | n/a | n/a |
| Hualan Biological Engineering 002007.SZ | China | $3.37B | -15% | -11% | 17% | 5.6× | 16.7% | -1.8% |
| Dyne Therapeutics DYN | United States | $3.37B | +3% | n/a | n/a | n/a | n/a | n/a |
| Virbac VIRP.PA | France | $3.38B | +5% | +4% | 15% | 2.1× | 6.2% | +9.4% |
| Telix Pharmaceuticals TLX.AX | Australia | $3.22B | -6% | +27% | -1% | 3.9× | n/a | n/a |
| Denali Therapeutics DNLI | United States | $3.22B | +2% | n/a | -2,488% | 128.0× | n/a | n/a |
| Disc Medicine IRON | United States | $3.50B | +16% | n/a | n/a | n/a | n/a | n/a |
| Enliven Therapeutics ELVN | United States | $3.62B | +21% | n/a | n/a | n/a | n/a | n/a |
| Tango Therapeutics TNGX | United States | $3.63B | -7% | +121% | -253% | 49.1× | n/a | n/a |
| Iovance Biotherapeutics IOVA | United States | $3.64B | +64% | +35% | -91% | 10.4× | n/a | n/a |
| HLB 028300.KS | South Korea | $3.06B | -49% | +29% | -96% | 45.9× | n/a | n/a |
| Caliway Biopharmaceuticals 6919.TW | Taiwan | $3.01B | -37% | -54% | -6,983% | 6,237.3× | n/a | n/a |
| Lin BioScience 6696.TWO | Taiwan | $3.74B | +129% | n/a | n/a | n/a | n/a | n/a |
| Beijing Tiantan Biological Products 600161.SS | China | $3.76B | -11% | -13% | 21% | 4.8× | 3.2% | +12.5% |
| Bavarian Nordic A/S BAVA.CO | Denmark | $2.93B | +27% | -3% | 16% | 2.8× | -2.0% | +27.4% |
| Zai Lab 9688.HK | Hong Kong | $2.92B | +13% | +5% | -59% | 5.5× | n/a | n/a |
| AbCellera Biologics ABCL | United States | $3.85B | +149% | +101% | -340% | 51.7× | n/a | n/a |
| Rubicon Research RUBICON.NS | India | $2.91B | +74% | +37% | 21% | 14.2× | n/a | n/a |
| Sunshine Lake Pharma 6887.HK | Hong Kong | $2.85B | -9% | +20% | -3% | 6.1× | n/a | n/a |
| ADMA Biologics ADMA | United States | $2.85B | +56% | +8% | 42% | 5.7× | -0.8% | +64.6% |
| Xeris Biopharma XERS | United States | $2.77B | +133% | +36% | 11% | 8.8× | 33.3% | +70.2% |
XtalPi has 1 bond outstanding with $366M face value.