XTALPI (02228) rose nearly 7% during morning trading, with its stock price doubling since early August. As of press time, the stock was up 5.55% to HK$12.37, with a turnover of HK$448 million.

On the news front, XTALPI announced the signing of a cooperation letter of intent with Hangzhou Bio-Sincerity Pharma-Tech Co.,Ltd. (301096.SZ). According to the cooperation agreement, Hangzhou Bio-Sincerity Pharma-Tech will engage XTALPI to conduct new drug development work utilizing its "AI + robotics" platform, while XTALPI will commission Hangzhou Bio-Sincerity Pharma-Tech to undertake pharmaceutical research and other R&D activities.

The two parties also plan to jointly advance innovative drug pipeline development and incubation across multiple disease areas with unmet clinical needs, including pain management, narcolepsy, oncology, autoimmune diseases, and ophthalmology, leveraging XTALPI's AI drug development platform. They will explore establishing a joint venture company at an appropriate time to pursue broader commercial collaboration opportunities.

GF Securities noted that XTALPI positions itself as an AI-driven third-party service provider for drug development, serving both pharmaceutical companies and biotech firms. Its pipeline primarily focuses on collaborations, emphasizing technological neutrality rather than locking clients into any particular major pharmaceutical company's ecosystem, making it more like a technology supplier to its customers.

Based on data security and ecosystem considerations, pharmaceutical companies and biotech firms tend to prefer partnerships with independent third-party vendors. Therefore, third-party AI pharmaceutical platforms like XTALPI are expected to become foundational infrastructure players in the industry. As AI penetration deepens in the drug discovery process, the value of third-party platforms will continue to expand. In the long term, this business model offers greater sustainability and larger potential market opportunities.