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 致：香港交易及結算所有限公司 截至月份: 2025年6月30日 狀態: 新提交 | 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 861,026,050 FF301 公司名稱: 杭州泰格醫藥科技股份有限公司 呈交日期: 2025年7月4日 I. 法定/註 ...

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed A Fund, which has shown a net value increase of 1.77% recently and a year-to-date return of 8.30% [1] - The fund's recent one-month return is 0.30%, with a six-month return of 8.30%, ranking 628 out of 1722 in its category for both periods [1] - The top ten stock holdings of the fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%) and WuXi AppTec (9.95%) [1] Group 2 - The China Europe Medical Health Mixed A Fund was established on September 29, 2016, and has a total scale of 15.613 billion yuan as of March 31, 2025 [1] - The fund is managed by Guo Lan, who has extensive experience in the investment management field, having previously worked at various financial institutions [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 68.05, indicating a potential upside of 34% from the current price of RMB 50.61 [1][8][15]. Core Insights - The company is experiencing a recovery in new orders within the clinical CRO industry, with a significant increase in new contract amounts in Q1 2025, reflecting a 20% year-on-year growth [6][7]. - Despite facing challenges in 2024 due to non-recurring factors, the core business remains stable, with a net cash flow from operating activities showing a 37.26% year-on-year increase [6][7]. - The company is expanding its international presence and investing in digitalization and AI, which are expected to enhance operational efficiency and customer retention [7][8]. Financial Performance Summary - The company reported a revenue of RMB 6,603 million in 2024, a decline of 10.58% year-on-year, with a net profit of RMB 405 million, down 79.99% due to fair value losses on financial assets [6][9]. - For 2025, the revenue is projected to be RMB 7,310 million, with an estimated EPS of RMB 1.56, reflecting a significant downward adjustment from previous estimates [2][11][12]. - The company’s financial metrics indicate a recovery trajectory, with expected revenues growing at rates of 9.64%, 13.68%, and 16.87% from 2025 to 2027 [7][12]. Valuation and Market Comparison - The target price corresponds to a P/E ratio of 44x for 2025, which is above the industry average of 24x, suggesting a premium valuation due to the company's leading position in the clinical CRO sector [8][15]. - The report highlights the company's competitive edge and potential for valuation recovery as the industry improves [15][17].

| 非居民企業 | 對於投資深圳證券交易所本公司A | | | | | --- | --- | --- | --- | --- | | （非中國內地登記地址） | 10% | 股股票的聯交所投資者（包括企業 | | | | 和個人），其股息將由本公司通過 | 中國證券登記結算有限公司深圳分 | | | | | 公司向股票名義持有人賬戶以人民 | 幣派發。本公司按照10%的稅率代 | | | | | 扣所得稅，並將該代扣事宜向主管 | 稅務機關辦理扣繳申報。 | | | | | 非個人居民 | 對於投資深圳證券交易所本公司A | | | | | （非中國內地登記地址） | 10% | 股股票的聯交所投資者（包括企業 | | | | 和個人），其股息將由本公司通過 | 中國證券登記結算有限公司深圳分 | | | | | 公司向股票名義持有人賬戶以人民 | 幣派發。本公司按照10%的稅率代 | | | | | 扣所得稅，並將該代扣事宜向主管 | 稅務機關辦理扣繳申報。 | | | | | 內地個人投資者通過港股通投 | 對於上海證券交易所及深圳證券交 | 20% | 資本公司H股股票 | 易所投資者（包括企業和個人 ...

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份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 CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） 本 公 司 謹 此 宣 佈，就H股宣派的2024年度末期股息的支付日期將更改為 2025年7月11日。 除 上 述 披 露 者 外，該 公 告 所 載 的 所 有 其 他 資 料 及 內 容 維 持 不 變。 有關A股末期股息分派詳情的公告將於深圳證券交易所網站（http://www.szse.cn） 上 刊 登，以 供 本公司A股 股 東 參 考。 承董事會命 杭州泰格醫藥科技股份有限公司 更 改H股末期股息的 支付日期 茲 提 述 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）日 期 為2025年 ...

华福证券认为，港股创新药（含Pharma）为医药板块中最强势的板块，其次为创新药产业链CRO板 块，创新药已成为市场认可的主线之一，个股方面从主流一二线标的，行情亦在向有创新药布局或BD 预期的中药或仿制药标的扩展。短期创新药建议积极拥抱龙头和一线标的。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 消息面上，据央视新闻，6月13日国务院常务会议召开研究优化药品和耗材集采有关举措。会议指出， 要加强药品和耗材集采政策评估，总结经验、补齐短板，推动集采工作规范化制度化常态化开展。要更 好促进"三医"协同发展和治理，完善公立医院补偿机制，支持医药企业提高创新能力，更好满足群众多 元化就医用药需求。要加强对药品和耗材生产、流通、使用全链条质量监管，扎实推进仿制药质量和疗 效一致性评价，让人民群众用药放心安心。 东吴证券指出，创新药BD推动及优秀临床数据下，看好的医药子行业排序分别为：创新药>CXO>中药 >医疗器械>药店>医药商业等。具体标的选择思路：从成长性角度选股，主要集中创新药领域；从左侧 角度选股，主要集中在CXO、医疗器械。 6月16日，创新药概念小幅 ...

Core Viewpoint - The Hong Kong innovative drug sector has recently gained global attention, with the Wind Hong Kong Biotechnology III Index rising over 60% in the past two months, while individual stocks have seen significant gains [1] Group 1: CXO Sector Performance - CXO companies are expected to show a performance turnaround starting in Q1 2025, with a projected revenue growth of 12.2% and a net profit increase of 75.6% [1] - In 2024, the revenue for the CXO sector is expected to decline by 4.9%, with a net profit drop of 25.4%, primarily due to the completion of large COVID-19 orders and a decrease in R&D demand due to a global decline in pharmaceutical investment [1][2] - The construction of new projects in the CXO sector is expected to decrease by 7.7% in 2024, marking the first decline in recent years, while Q1 2025 will see a 7.4% increase in total construction projects compared to 2024 [2][3] Group 2: Institutional Holdings and Market Sentiment - Institutional holdings in CXO have decreased from 60.8% in Q3 2021 to 14.4% in Q1 2024, but have gradually increased to 23.2% by Q1 2025, indicating a shift in market perception towards CXO companies [4] - The increase in holdings is attributed to market recognition of large orders and expectations for future growth in new business areas such as peptide and oligonucleotide CDMO [4] Group 3: Order Growth and Financial Guidance - Major CXO companies have shown strong order growth, with new signed orders for 2024 expected to increase by approximately 20% for companies like Kelaiying and over 20% for Kanglong Huacheng, while WuXi AppTec anticipates a 47% increase in orders [5] - Financial guidance for 2025 indicates continued revenue growth for major CXO firms, with WuXi AppTec projecting a 10%-15% increase in operating income [5] Group 4: Economic and Policy Environment - The expectation of interest rate cuts by the Federal Reserve is increasing, with traders anticipating potential rate cuts before the end of the year, which could positively impact the CXO sector [7] - Recent developments in US-China tariff negotiations have led to a framework agreement, which may alleviate pressures on the CXO sector and facilitate valuation recovery [7] Group 5: Company-Specific Highlights - Tigermed has shown strong new order growth and improved gross margins, with a total of over 2,800 global clients and extensive clinical project experience [8] - Despite a decline in revenue and net profit for 2024, Tigermed's new contract amount increased by 7.3%, indicating a recovery in demand [9][11] - The company is actively enhancing its integrated service capabilities and has implemented targeted measures to improve contract signing success rates, which may lead to significant future order growth [10][11]

Group 1: Company Overview - He Mei Pharmaceutical Co., Ltd. (和美药业) is an innovative biopharmaceutical company established in 2002, focusing on the discovery and development of small molecule drugs for autoimmune diseases and tumors [1][2] - The company has submitted an application for listing on the Hong Kong Stock Exchange, with Guo Zheng International as its exclusive sponsor [1] Group 2: Product Pipeline - He Mei Pharmaceutical has developed seven small molecule drug candidates targeting autoimmune and tumor diseases, with four candidates in Phase II, III clinical trials, or NDA stages [2][8] - The core product, Mufemilast, is a novel small molecule PDE4B inhibitor with potential applications in various autoimmune diseases, including psoriasis and inflammatory bowel disease [3][5] Group 3: Market Potential - The autoimmune disease drug market in China has grown from $2.5 billion in 2019 to $4 billion in 2023, with a compound annual growth rate (CAGR) of 12.5% [5] - The psoriasis drug market in China reached ¥13.9 billion in 2023, with a CAGR of 30.4% from 2019 to 2023, and is expected to grow to ¥89.4 billion by 2032, with a CAGR of 59.1% [5] Group 4: Clinical Development - Mufemilast is the only drug that can be directly used for psoriasis patients with latent tuberculosis infection, with its safety supported by Phase III clinical trials [3][5] - Hemay022, another core product, is a dual-target small molecule inhibitor for advanced breast cancer, currently undergoing a Phase III clinical trial [7] Group 5: Financial Overview - The company reported a pre-tax loss of ¥156.4 million in 2023 and ¥123.4 million in 2024, primarily due to R&D and administrative expenses [12][13] - As of the end of 2024, the company had cash and cash equivalents of ¥150 million, with a net cash outflow from operating activities of ¥141 million in 2023 [11][12]

Group 1 - The core viewpoint of the article highlights the continued upward trend of Hong Kong pharmaceutical stocks, with specific companies showing significant gains [1] - Bohan Bio (06955.HK) experienced an increase of 8.96%, indicating strong market performance [1] - Other notable performers include Yiming Anke-B (01541.HK) with a rise of 7.67%, Tiger Med (03347.HK) up by 5.32%, and Zhaoyan New Drug (06127.HK) increasing by 5.41% [1]

港股生物医药股盘中震荡上升，金斯瑞生物(01548.HK)涨超10.5%，诺诚健华(09969.HK)涨超9.5%，泰 格医药(03347.HK)涨超6.5%，君实生物(01877.HK)涨超5.5%，药明生物(02269.HK)涨超4%。 ...