Group 1 - Goldman Sachs upgraded the rating of Tiger Medical A-shares (300347.SZ) from "Neutral" to "Buy" and raised the target price from 62.1 RMB to 77.1 RMB [1] - The firm initiated coverage on Tiger Medical H-shares (03347) with a "Buy" rating and a target price of 62.1 HKD, indicating that the stock has lagged behind the domestic healthcare sector, presenting an attractive entry point [1] - The expectation of accelerated new order growth in Q4 this year, along with improved earnings visibility from 2026 to 2028, is anticipated to drive the stock price [1] Group 2 - The industry is expected to reach a turning point, with a recovery anticipated from late 2025 to 2026, driven by strong fundraising rebounds and increased upfront payments from authorized collaborations [1] - Price stabilization is expected by the end of 2024, followed by a continuous increase [1] - The firm forecasts a compound annual growth rate of 37% for core earnings from 2025 to 2028, supported by strong new order momentum and revenue growth in the mid-teens (approximately 13% to 17%) [1] Group 3 - The leadership position of the group in the domestic market and ongoing global expansion is reflected in the earnings projections [1] - Earnings per share forecasts for 2026 and 2027 have been raised by 9% and 13%, respectively [1] - The EBIT profit margin is expected to increase by 180, 150, and 190 basis points for 2026 to 2028, driven by reduced impairment losses, improved operational leverage, and enhanced cost control [1]

Group 1 - Goldman Sachs upgraded Tiger Med (300347.SZ) rating from "Neutral" to "Buy" and raised the target price from 62.1 RMB to 77.1 RMB, while initiating coverage on Tiger Med H shares (03347) with a "Buy" rating and a target price of 62.1 HKD [1] - The firm noted that the stock's recent performance has lagged behind the domestic healthcare sector, indicating that the current moment presents an attractive entry point [1] - Expectations for accelerated new order growth in Q4 of this year, along with improved earnings visibility from 2026 to 2028, are anticipated to drive the stock price [1] Group 2 - The industry is expected to reach a turning point, with a recovery anticipated from late 2025 to 2026, primarily benefiting from a strong rebound in fundraising and increased upfront payments from authorized collaborations [1] - Price stabilization is expected by the end of 2024, followed by a continuous increase [1] - The firm forecasts a compound annual growth rate of 37% for core earnings from 2025 to 2028, driven by strong new order momentum supporting revenue growth in the mid-teens (approximately 13% to 17%) [1] Group 3 - The leadership position of the group in the domestic market and ongoing global expansion are highlighted as key factors [1] - Earnings per share forecasts for 2026 and 2027 have been raised by 9% and 13%, respectively [1] - EBIT margins are expected to increase by 180, 150, and 190 basis points for 2026 to 2028, attributed to reduced impairment losses, improved operational leverage, and enhanced cost control [1]

Core Viewpoint - Goldman Sachs upgraded the rating of Tiger Med's A-shares from "Neutral" to "Buy," raising the target price from 62.1 yuan to 77.1 yuan, and initiated coverage on Tiger Med's H-shares with a "Buy" rating and a target price of 62.1 HKD [1] Group 1: Company Analysis - The stock has underperformed compared to the domestic healthcare sector, indicating an attractive entry point at present [1] - The expectation of accelerated growth in new orders in Q4 of this year, along with improved earnings visibility from 2026 to 2028, is anticipated to drive the stock price [1] Group 2: Industry Outlook - A turning point is expected in the industry, with a recovery anticipated between late 2025 and 2026, primarily benefiting from a strong rebound in fundraising and increased upfront payments from authorized collaborations [1] - Prices are expected to stabilize by the end of 2024 and continue to rise thereafter [1]

Core Viewpoint - Goldman Sachs upgraded Tiger Med's stock rating from Neutral to Buy [1] Group 1 - The upgrade reflects a positive outlook on Tiger Med's future performance [1]

Core Viewpoint - Goldman Sachs has upgraded the rating of Tiger Medical's A-shares to "Buy" with a target price of 77.10 RMB [1] Group 1 - The upgrade reflects a positive outlook on Tiger Medical's performance and potential growth in the market [1]

Core Viewpoint - The Hong Kong pharmaceutical stocks continue to decline, particularly in the CRO sector, with significant drops in share prices for several companies [1] Group 1: Company Performance - Junshi Biosciences (01877.HK) decreased by 7.98%, trading at 27.22 HKD [1] - Kanglong Chemical (03759.HK) fell by 6.3%, with a price of 24.4 HKD [1] - Kelun Pharmaceutical (06821.HK) saw a decline of 5.69%, priced at 91.95 HKD [1] - Tigermed (03347.HK) dropped by 3.48%, trading at 42.4 HKD [1]

Group 1 - Pharmaceutical stocks continue to decline, with CRO sector leading the drop, including significant declines in Junshi Biosciences (down 7.98%), Kanglong Chemical (down 6.3%), Kelaiying (down 5.69%), and Tigermed (down 3.48%) [1] - Recent market trends in the pharmaceutical sector are attributed to several factors, including a deal between the Trump administration and Pfizer to lower drug prices in the U.S., which is seen as a reconciliation signal between U.S. pharmaceutical companies and the government [1] - The U.S. Senate's consideration of a bill to prohibit certain Chinese biotech companies from receiving federal funding has led to a significant pullback in the CXO sector [1] Group 2 - Recent tensions in U.S.-China trade relations have escalated, with a renewed tariff war expected; however, the pharmaceutical market is not overly concerned as the industry has shown resilience since the first tariff war in April [2] - The innovative drug and CXO sectors have outperformed other sub-industries, driven by China's rising independent innovation and ongoing overseas business development, which are less affected by tariffs [2] - The CXO sector benefits from strong upstream and downstream relationships and a service pricing model that allows companies to pass on tariff pressures relatively freely [2]

Group 1 - Pharmaceutical stocks continued to decline, with CRO sector leading the drop, including significant declines in companies like Junshi Biosciences (-7.98%), Kanglong Chemical (-6.3%), and others [1] - Recent market trends in the pharmaceutical sector are attributed to several factors, including a deal between the Trump administration and Pfizer to lower drug prices in the U.S., which is seen as a reconciliation signal between U.S. pharmaceutical companies and the government [1] - The U.S. Senate's consideration of a bill to prohibit certain Chinese biotech companies from receiving federal funding has led to a significant pullback in the CXO sector [1] Group 2 - Tensions in U.S.-China trade relations have escalated, with renewed tariff battles expected; however, the pharmaceutical market is not overly concerned as the industry has shown resilience [2] - The innovative drug and CXO sectors have performed exceptionally well since the first tariff battle in April, driven by China's rising independent innovation and ongoing overseas business development [2] - The CXO sector's strong business model allows companies to transfer tariff pressures relatively freely due to strong upstream and downstream relationships [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 HANGZHOU TIGERMED COUNSULTING CO., LTD. 本公司董事（「董 事」）會（「董事會」）謹 此 宣 佈，於2025年10月10日，本 公 司、 本 公 司 全 資 子 公 司 嘉 興 欣 格 醫 藥 科 技 有 限 公 司（與 本 公 司 合 稱「賣 方」）與 方 達 醫 藥 技 術（上 海）有 限 公 司（「買 方」）（方 達 控 股 公 司（「方達控股」連 同 其 子 公 司 統 稱「方達集團」）的 全 資 子 公 司）簽 訂 股 份 轉 讓 協 議（「股份轉讓協 議」），據 此，買 方 有 條 件 同 意 收 購，而 賣 方 有 條 件 同 意 出 售 上 海 觀 合 醫 藥 科 技 股 份 有 限 公 司（「目標公司」）的 全 部 已 發 行 股 本，總 代 價 為 人 民 幣 270,000,0 ...

Group 1 - The core point of the article is that Tiger Med (03347) has signed a share transfer agreement to sell all issued shares of Shanghai Guanhao Medical Technology Co., Ltd. to Fangda Pharmaceutical Technology (Shanghai) Co., Ltd. for a total consideration of RMB 270 million [1] - The transaction is expected to enhance the operational efficiency of the group by optimizing resource allocation and integrating internal resources [2] - The target group, which primarily engages in clinical trial services, will remain a subsidiary of the company after the sale, allowing for better coordination of business functions within the overall group structure [1][2] Group 2 - The sale is anticipated to promote synergies within the group by simplifying decision-making processes and achieving centralized management [2] - Tiger Med is recognized as a leading provider of comprehensive biopharmaceutical research and development services in China, with a growing global influence [1] - Fangda Group, the buyer, provides research, analysis, and development services throughout the entire product discovery and development process [1]