XTALPI (02228) has issued a profit warning for the six months ended 30 June 2026, projecting a net loss attributable to shareholders of RMB215.00 million–275.00 million. The group reported a RMB82.80 million profit in the comparable 2025 period, marking a sharp swing into the red.

Revenue is expected at RMB380.00 million–400.00 million, down from RMB517.10 million a year earlier. Management cited an exceptionally high base in 2025, when XTALPI booked an initial USD51.00 million (RMB365.10 million) upfront from a major pipeline-licensing deal. In H1-2026 the same project generated a second USD19.00 million (RMB129.40 million) milestone.

Stripping out this licensing effect, core operating momentum improved materially: underlying revenue is forecast at no less than RMB250.00 million, up more than 65% year on year. Within this figure, AI for Science intelligent solutions should contribute at least RMB180.00 million, more than doubling (+120%+) on rapid client expansion and repeat business in both robotic laboratory solutions and intelligent services.

Research and development expenditure is expected to exceed RMB340.00 million, representing growth of over 50%. Funds were channelled into autonomous laboratories, an agentic system and multi-modal technology platforms. XTALPI highlighted five drug-discovery platforms—covering small molecules, large molecules, molecular glues, peptides and oligonucleotides—as the foundation for long-term commercialisation.

The interim results are still being finalised and have not yet been reviewed by the audit committee or the company’s external auditor. XTALPI plans to release its full H1-2026 results by end-August 2026 and advises investors to exercise caution when dealing in its shares.