证券代码：300347 证券简称：泰格医药 公告编码（2025）042 号 杭州泰格医药科技股份有限公司 关于持股 5%以上股东股份减持计划期限届满暨减持结果的公告 现将其本次股份减持计划的具体实施情况公告如下： 公司持股 5%以上股东曹晓春女士保证向公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、杭州泰格医药科技股份有限公司（以下简称"公司"）于2025年7月28日在巨潮资 讯网披露了《关于持股5%以上股东减持股份的预披露公告》。公司持股5%以上股东、 董事及总经理曹晓春女士计划自上述公告披露之日起15个交易日后3个月内以集中竞价 和/或大宗交易方式减持公司股份不超过3,000,000股（占公告日剔除回购专户股份数后公 司总股本的0.3508%，占公司A股总股本的0.4098%）。 2、公司于2025年11月18日收到曹晓春女士出具的《关于股份减持计划实施完成的告 知函》。截至2025年11月18日，曹晓春女士本次股份减持计划期限已届满，在减持计划期 间，其合计减持347,600股，占当前剔除回购专 ...

Core Viewpoint - Tiger Medical (03347) shows a significant increase in net profit for Q3 2025, indicating a positive trend in financial performance despite a slight decline in revenue for the first three quarters of the year [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 5.026 billion yuan, a year-on-year decrease of 0.82% [1] - The net profit attributable to shareholders for the same period was 1.02 billion yuan, reflecting a year-on-year increase of 25.45% [1] - In Q3 2025, the company achieved revenue of 1.775 billion yuan, which is a year-on-year increase of 3.86% [1] - The net profit for Q3 2025 was 637 million yuan, showing a substantial year-on-year increase of 98.73% [1] Business Segments - The clinical trial and laboratory services segment remained robust, with revenue of 1.71 billion yuan in H1 2025, marking a growth of 3.1% [1] - The SMO (Site Management Organization) business experienced double-digit growth in new orders, contributing to the overall resilience of the company's operations [1] Future Outlook - The company is expected to continue its performance recovery as the industry shows signs of improvement and order prices stabilize [1]

Core Viewpoint - Tiger Medical (03347.HK) has seen a stock price increase of over 3%, currently trading at 43.9 HKD with a trading volume of 20.72 million HKD [1] Group 1 - The stock price of Tiger Medical increased by 3.15% [1] - The current trading price is 43.9 HKD [1] - The trading volume reached 20.72 million HKD [1]

Core Viewpoint - Tiger Medical (300347) reported a mixed performance in its Q3 2025 results, with a slight decline in revenue but a significant increase in net profit, indicating potential recovery in the industry and strong business resilience [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 5.026 billion yuan, a year-on-year decrease of 0.82% [1] - The net profit attributable to shareholders for the same period was 1.02 billion yuan, reflecting a year-on-year increase of 25.45% [1] - In Q3 alone, the company recorded revenue of 1.775 billion yuan, which is a year-on-year increase of 3.86% [1] - The net profit for Q3 was 637 million yuan, showing a substantial year-on-year increase of 98.73% [1] Business Segments - The clinical trial and laboratory services segment remained stable, generating revenue of 1.71 billion yuan in H1 2025, which is a 3.1% increase [1] - The SMO (Site Management Organization) business experienced double-digit growth in new orders, contributing to the overall resilience of the company's operations [1] Future Outlook - The company is expected to continue its performance recovery as the industry shows signs of improvement and order prices stabilize [1]

Core Viewpoint - Tiger Medical (03347) shows a positive performance in Q3 2025, with significant growth in net profit despite a slight decline in overall revenue for the first three quarters [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 5.026 billion yuan, a year-on-year decrease of 0.82% [1] - The net profit attributable to shareholders for the same period was 1.02 billion yuan, reflecting a year-on-year increase of 25.45% [1] - In Q3 2025, the company achieved revenue of 1.775 billion yuan, marking a year-on-year increase of 3.86% [1] - The net profit for Q3 2025 was 637 million yuan, which represents a substantial year-on-year increase of 98.73% [1] Business Segments - The clinical trial and laboratory services segment remained robust, generating revenue of 1.71 billion yuan in H1 2025, an increase of 3.1% [1] - The growth in the SMO (Site Management Organization) business contributed significantly, with new orders maintaining double-digit growth [1] - The company is expected to continue its performance recovery as the industry rebounds and order prices stabilize [1]

Core Insights - The pharmaceutical industry is experiencing a structural change driven by the growth cycles of major products, with significant opportunities emerging in innovative drugs, medical devices, and consumer healthcare [3][6][31] - The demand for pharmaceuticals is expected to improve in 2026, supported by policies encouraging innovation and a recovery in domestic consumption [3][7] - The supply side of the pharmaceutical industry is characterized by high entry barriers due to patent protections and government regulations, which helps maintain a stable competitive environment [4][5] Group 1: Industry Trends - The aging population, urbanization, and changing disease patterns are making the pharmaceutical industry a perpetual growth sector [3] - The global pharmaceutical market has seen rapid expansion from 2009 to 2019, followed by a surge in demand due to COVID-19, and is now entering a phase of recovery and growth [3][6] - The Chinese pharmaceutical industry is expected to gradually produce world-class companies, with increasing recognition of Chinese innovative drug assets by multinational corporations (MNCs) [4][5] Group 2: Investment Opportunities - Opportunities in innovative drugs are highlighted, particularly in oncology, metabolic diseases, and autoimmune diseases, with a focus on next-generation therapies and precision medicine [6][31] - The demand for innovative drugs is expected to remain strong, with policies improving medical insurance payments and the upcoming launch of commercial insurance drug catalogs [7][31] - The medical device sector is anticipated to recover, with a focus on domestic demand and international expansion, particularly in areas with low domestic production rates [7][8] Group 3: Company Performance - Major pharmaceutical companies like Eli Lilly, AbbVie, and AstraZeneca are experiencing significant growth driven by key products, with Eli Lilly's Tirzepatide generating $24.8 billion in sales [12][15] - The report identifies specific companies such as Hengrui Medicine, Hansoh Pharmaceutical, and BeiGene as outperformers in the market, with strong pipelines and global competitiveness [7][8] - The report emphasizes the importance of mergers and acquisitions (M&A) and business development (BD) strategies for MNCs, with China becoming a significant source of projects for top global pharmaceutical companies [22][24]

Core Viewpoint - The stock of Tigermed Pharmaceutical has experienced fluctuations, with a recent decline of 2.02% and a total market capitalization of 50.94 billion yuan, reflecting mixed investor sentiment and market performance [1]. Company Overview - Tigermed Pharmaceutical, established on December 15, 2004, and listed on August 17, 2012, is based in Hangzhou, Zhejiang Province. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products [1]. - The main business segments include clinical trial services (52.60% of revenue), clinical trial technical services (45.21%), and other services (2.19%) [1]. Financial Performance - For the period from January to September 2025, Tigermed reported a revenue of 5.026 billion yuan, a year-on-year decrease of 0.82%. However, the net profit attributable to shareholders increased by 25.45% to 1.020 billion yuan [2]. - The company has distributed a total of 2.458 billion yuan in dividends since its A-share listing, with 1.154 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 6.01% to 48,400. The average circulating shares per person remained unchanged at 0 [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 25.10 million shares, and other notable funds such as China Europe Medical Health Mixed A and Huabao CSI Medical ETF [3].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州泰格醫藥科技股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03347 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 123,124,800 | RMB | | 1 RMB | | 123,124,800 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 123,124,800 | RMB | | 1 RMB | | 123,124,800 | 本月底法定/註冊股本總額： RMB 861,026,05 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州泰格醫藥科技股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300347 | 說明 | | 於深圳證券交易所上市 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 737,901,250 RMB | | 1 | RMB | | 737,901,250 | | 增加 / 減少 (-) | | | | 0 | | RMB | | | 0 | | 本月底結存 | | | | 737,901,250 RMB | | 1 RMB | | | 737,901,250 ...

Summary of Hangzhou Tigermed Consulting Conference Call Company Overview - **Company**: Hangzhou Tigermed Consulting (300347.SZ) - **Industry**: China Healthcare - **Market Capitalization**: Rmb46,720 million - **Current Stock Price**: Rmb53.54 - **Price Target**: Rmb93.10, indicating a potential upside of 74% [7][10] Key Financial Highlights - **3Q25 Revenue**: Rmb1,775 million, up 3.9% YoY - **3Q25 Earnings**: Rmb637 million, up 98.7% YoY - **Recurring Earnings**: Rmb115 million, down 54.3% YoY - **Net New Orders Backlog**: Rmb7.0 billion, up approximately 15% YoY [3][10] Core Insights - **Recovery Cycle**: The company is entering a recovery phase as old projects are phased out, with a sequential revenue improvement of 5% in 3Q25. However, margins are still pressured due to declining average unit prices YoY against a fixed cost base [3][4] - **New Orders Composition**: In 3Q25, 30.3% of new orders by value came from multinational pharma companies, while 17.5% came from large Chinese pharma [3] - **Clinical Trials**: There was an increase in new orders from Phase 1-2 clinical trials, reflecting improved funding conditions. Management noted a clear recovery in private financing during 3Q25, with aggregate financing in China reaching its highest value for a single quarter since 2022 [3][4] Industry Dynamics - **CRO Industry Growth**: The global biopharma sector is re-accelerating investments in R&D and clinical trials, with China's CROs providing cost and efficiency advantages. Key drivers include: - Increased private financing activity supporting preclinical and early-phase drug pipelines - Robust out-licensing activity in China, which is driving trial starts for additional indications and replenishing cash reserves of local biotechs [4] - **Industry Consolidation**: Potential normalization of supply and average prices due to industry consolidation, as evidenced by a peer's recent divestment of its CRO segment [5] Risks and Considerations - **Upside Risks**: Faster growth in clinical R&D outsourcing, accelerated recovery of domestic demand, and new collaboration deals [13] - **Downside Risks**: Slower-than-expected recovery in clinical CRO demand, rising pricing pressure, geopolitical and currency risks, and potential impairment of goodwill and intangible assets [13] Valuation Metrics - **EPS Estimates**: Expected EPS for FY25 is Rmb0.96, with projections of Rmb1.29 for FY26 and Rmb1.99 for FY27 [7] - **P/E Ratio**: Projected P/E ratios are 107.5 for FY25, decreasing to 25.3 by FY27 [7] - **ROE**: Expected ROE is projected to increase from 2.1% in FY25 to 8.3% by FY27 [7] Conclusion Hangzhou Tigermed Consulting is positioned to benefit from a recovery in the biopharma sector, supported by increasing private financing and a growing backlog of new orders. The company’s strategic focus on early-phase clinical trials and the advantages offered by China's CRO landscape are expected to drive future growth, despite potential risks associated with market dynamics and competition.