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剂泰科技港股上市在即：AI制药三小龙会师港股 贝莱德领衔基石 2025年收入增长靠首付款 长期仍具不确定性_蜘蛛资讯网

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主要来自管线产品MTS-004的授权首付款，未来商业化收入规模与节奏均存在较大不确定性。　　相比之下，市值/研发投入或许是更具可比性的估值指标。数据显示，剂泰科技2025年研发投入为2.70亿元，对应市值/研发投入约40倍；而晶泰控股与英矽智能的同一比值均在60倍左右。从这一核心指标看，剂泰科技当前估值具备一定相对优势与上行空间。　　剂泰科技的财务数据清晰刻画了其从研发平台向商业化迈进的关键节点。

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