交付未来——AI与纳米医学交汇；首次覆盖买入美迪西

China (PRC) | Life Science Tools & DiagnosticsMetis TechBio Delivering the Future — Where AI MeetsNanomedicine; Initiate at Buy METiSis building a differentiated AI-biotech engine spanning smallmolecules, RNA/LNPs and proteins. Its NanoForge platform combines AIwith wet-lab validation, with the world's largest ionizable lipid library enablesFIC delivery to muscle, heart and brain, alongside BIC performance in lungand liver delivery. Following the landmark Deerfield deal and 30+ ongoingBD discussions, we exp. further partnerships with global pharma. Initiate atBuy with HK$30 PT. AI + Nanomaterials: From Molecular Design to Initial Clinical Validation- METiS has builta differentiated AI-drug development engine spanningsmall molecules, RNAs+LNPs, andproteins, powered by its propNanoForge dry-/wet-lab ecosystem. Unlike pure softwareplatforms, METiS integrates experimental biology into AI models, creating a self-reinforcingadvantage in drug design and development.Refer to our deep dives:AI 1.0 -Artificial Intelligence,Real Care,AI 2.0 -Healthcare's Next Prescription. Its lead asset,MTS-004, serves as the first real-world proof of concept. Developed usingthe AiTEM platform, MTS-004 compressed formulation timelines from1-2 yrs to <3 moand advanced from IND to Ph3 completion in just2 yrs, making world's most advanced AI-formulated drug. We view this as the 1st clinical validation of METiS' ability to repeatedlygenerate developable drug candidates through AI. Cracking Organ-Targeted Delivery with the World's Largest Lipid Library- At the core ofMETiS' moat is a10+ mn-entry ionizable lipid library, the largest of its kind globally, poweringits integratedAiLNP / AiRNAplatforms. By combining AI-driven design w/ high-throughputexperimental validation, METiS optimizes both therapeutic payloads and delivery vehiclessimultaneously. This capability has enabledfirst-in-class delivery to muscle, heart, and brain, alongsidebest-in-class performance in lung and liver delivery. As delivery remains one of the biggestbottlenecks in modern therapeutics, we believe METiS' organ-targeting expertise positionsitself at the forefront of next-gen RNA, gene-editing, and in-vivo cell therapies. Commercial Validation Is Already Here- Unlike many AI-biotech companies that remainpre-commercial, METiS has demonstrated its ability to translate technology into meaningfuleconomics. It operates a dual-engine model, combiningplatform partnershipsw/pipelineout-licensing. Recent milestones: Out-licensing ofMTS-004, and the landmarkMTS-128dealw/Deerfield's Boulevard Bio, worth US$20mn upfront and up to $1.6bn in milestones plusroyalties, validating the commercial value of METiS' discovery engine. With30+ active BDdiscussionsongoing and a diversified pipeline built in just 5 yrs, we exp. further partnershipsw/ global pharma to drive both N-T value creation and L-T upside. Cui Cui, CFA * | Equity Analyst+852 3767 1228 | cui.cui@jefferies.com Edison Lee, CFA * | Equity Analyst852 3743 8009 | edison.lee@jefferies.com Valuation & Risks- Our DCF valuation arrives HK$30.0 PT, reflecting the platform+pipelinevalue. Risks: 1) R&D risks, 2) Commercialization, 3) Operation, 4) IP rights, 5) Financial position,6) Regulations. David Shang * | Equity Analyst+852 3743 8017 | david.shang@jefferies.com Bingyu Chen * | Equity Analyst+852 3767 1346 | bingyu.chen@jefferies.com Hongda Zhong * | Equity Analyst+852 3767 1311 | hongda.zhong@jefferies.com Jing Ma, Ph.D. * | Equity Analyst+852 3767 1277 | jing.ma@jefferies.com The Long View: Metis TechBio Investment Thesis METiS TechBio is a pioneer in AI-powered nanomaterial design and drugdelivery innovation, with deep expertise across AI, computational modeling,anddelivery system design.Its proprietary AI-driven nanotechnologyfoundation, NanoForge, with the world’s largest known de novo lipid libraryand integrated dry-wet lab system helps customers with precise andeffective therapeutic delivery and accelerate the development of innovativemedicines. Downside Scenario,HK$10, -28% Upside Scenario,HK$42, +204% Base Case,HK$30, +117% Higher-than-expected number of drug designprojects from partners/customers. Drugdesign and optimization projects frompartners continue to increase. Slower-than-expected growth in number of drugdesign projects from partners/customers. Companycontinues to expand collaborationwith global pharma/biotech, and to push itscandidates forward in global clinical trials. Pipeline delay/failure.Breakup/delays in major partnerships.DCF-based downside PT of HK$10.0. Better-than-expected clinical data readouts. Better-than-expectedpartnershipindrugdiscovery and clinical development. DCF-based PT of HK30.0. DCF-based upside PT of HK$42.0. Sustainability Matters Catalysts BD/ platform partnerships - 2026 and beyondClinical trial advancement - 2H26 and beyondMTS-004 commercial launch - 2027 Top material issues:1) environmental compliance, 2) product responsibility, 3) talent developme