Hong Kong-listed &#34;AI drug discovery star company&#34; XTALPI has delivered its first turnaround report since its listing.
In 2025, XTALPI achieved revenue of 802 million yuan, a year-on-year surge of 201.2%; during the same period, it recorded a net profit of 124 million yuan, successfully reversing the massive loss of 1.517 billion yuan in 2024.
The absolute main force driving the surge in overall revenue was XTALPI's core business segment, &#34;Drug Discovery Solutions,&#34; which generated 538 million yuan in revenue in 2025, a year-on-year increase of 418.9%.
As explained by XTALPI, the significant revenue increase was driven by pipeline progress reaching milestones and the rapid growth of its antibody business.
The highest contributor among these was the collaboration with DoveTree.
During the reporting period, XTALPI and DoveTree reached a collaboration for small molecule drug development targeting multiple high-value targets in the fields of oncology, autoimmune diseases, and neurological diseases.
This collaboration brought a massive upfront payment of $51 million (approximately 365 million yuan).
According to All Weather Technology's confirmation with XTALPI, this upfront payment was recognized as revenue in 2025.
Based on this calculation, the upfront payment accounted for 45.51% of revenue, almost supporting half of XTALPI's total revenue.
Currently, the pipelines of both parties are progressing smoothly, and strategic cooperation has entered a deep execution phase. XTALPI has also partnered with the DoveTree team to establish a next-generation complex molecule platform for drug research and development targeting multiple difficult-to-drug targets.
At the same time, XTALPI reached a multi-target strategic collaboration and platform licensing agreement with Eli Lilly in the field of large molecule drug research and development.
In addition, another important driver for XTALPI's turnaround from loss to profit came from &#34;other income, net.&#34;
In 2025, XTALPI's &#34;other income, net&#34; reached 514 million yuan, the vast majority of which came from the net gain from changes in fair value of financial assets at fair value through profit or loss.
At the same time, the loss of 875 million yuan in fair value of convertible redeemable preferred shares in 2024 naturally disappeared after the company's listing and share conversion, which also relieved the income statement of a heavy historical burden in 2025.
With the continuous advancement of multiple pipelines, attention is focused on whether XTALPI can secure more &#34;large orders&#34; and achieve stable profitability in 2026.

02228

159837

159849

516930

516500

Hong Kong-listed "AI drug discovery star company" XTALPI has delivered its first report of turning losses into profits since its listing. In 2025, XTALPI achieved revenue of 8

- Crystal Holding, an "AI pharmaceutical star" in Hong Kong, reported a significant turnaround in 2025 with a revenue of 802 million CNY, a 201.2% increase year-on-year, and a net profit of 124 million CNY, reversing a loss of 1.517 billion CNY in 2024.  
- The primary driver of revenue was the core business segment "drug discovery solutions," which generated 538 million CNY—an astonishing 418.9% growth—mainly due to a key collaboration with DoveTree in multiple drug development projects.  
- Crystal Holding also benefitted from other income, totaling 514 million CNY, significantly impacting profitability and easing the burden of prior financial losses.

The Reality and Illusion of "AI Drug Discovery" XTALPI's Turnaround