$XTALPI(02228.HK) Ma Jian (CEO)
◦ Education: Ph.D. in Physics from Zhejiang University, MIT postdoc.
◦ Persona: AI algorithm genius, understands business, knows operations.
◦ Reality: Decent at physical simulation, completely clueless about drug development; the company loses more money the bigger it gets, and gets poorer the more it raises.
◦ Achievements: Zero AI drugs launched in 9 years; the so-called "AI platform" is just repackaged open-source software + flashy PPTs; the robotics lab incurs huge losses every year, with efficiency inferior to traditional CROs.
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