Group 1 - CRO concept stocks collectively declined, with Kingsray Biotechnology down 6.05% at HKD 14.92, Kanglong Chemical down 4.67% at HKD 20.8, Viatris down 4.57% at HKD 1.88, and Tigermed down 3.71% at HKD 36.9 [1] - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of a Federal Reserve rate cut in December [1] - Zhongtai Securities anticipates that while there may be fluctuations in overseas CPI data, there is a gradual shift towards a rate cut cycle in 2024, which could improve investment and financing expectations [1] Group 2 - Some companies have already seen a recovery in orders, indicating potential valuation recovery opportunities for overseas CRO/CDMO and domestic preclinical CRO sectors [1] - The CRO sector has been significantly impacted by domestic and international investment and financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on clinical CRO investment opportunities is recommended as the sector shows signs of gradual recovery [1]

Core Viewpoint - The CRO sector has experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD - Kanglong Chemical (03759) decreased by 4.67%, trading at 20.8 HKD - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD - Tigermed (03347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Future Outlook - Zhongtai Securities anticipates that the CRO/CDMO sector may see a valuation recovery due to improving external demand and some companies already observing order recovery - The CRO sector has been significantly affected by domestic and international investment environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected, particularly in clinical CRO investment opportunities [1]

Core Viewpoint - The CRO sector experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD [1] - Kanglong Chemical (300759) decreased by 4.67%, trading at 20.8 HKD [1] - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD [1] - Tigermed (300347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December [1] - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Industry Outlook - Zhongtai Securities (600918) anticipates a recovery in external demand for CRO/CDMO services and domestic preclinical CROs, suggesting potential valuation recovery opportunities [1] - The CRO sector has been significantly impacted by domestic and international financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on investment opportunities in clinical CROs is recommended as the sector shows signs of recovery [1]

Core Viewpoint - The domestic R&D demand is showing marginal improvement, driven by the overseas expansion of innovative drugs, leading to a recovery in R&D orders and stabilization of industry prices after a decline in 2023. The CRO sector is expected to see better performance growth by 2026, while the CDMO industry has also reached a bottom and is poised for continued strong growth due to robust demand for new molecules and new orders [1][2][3]. CRO Sector - The domestic R&D demand is recovering, with an increase in orders and stabilization of prices, indicating a clear upward trend for CRO companies. Clinical CROs like Tigermed, Nossan, and Prasis are expected to see revenue growth turning positive by 2025, with significant contributions from overseas business [2][3]. - The recognition of domestic CRO clinical data is improving, which is beneficial for companies like Tigermed [2]. CDMO Sector - The CDMO sector has seen a recovery in performance, with new orders continuing to improve quarterly. The global demand for innovative drug R&D is driving growth in new orders and backlog [3]. - The industry is benefiting from increased capacity utilization and profitability, with a strong certainty of performance and profit growth expected to continue into 2026 [3]. Life Sciences Sector - The life sciences upstream sector is experiencing a dual drive from domestic substitution and overseas expansion, with urgent demand for domestic alternatives in areas like cell culture media and biological reagents. Companies are expected to capture market share through new product categories and cost-effective offerings [4]. - The demand for specific segments such as drug efficacy, antibodies, and proteins is increasing, indicating a clear long-term growth logic for the industry [4]. API Sector - The raw material pharmaceutical industry is currently in a phase of price bottoming and supply surplus, with traditional product performance under pressure. However, companies are extending their business into generics, innovative drugs, and specialty APIs, which may lead to value reconstruction through business structure optimization [5]. - The valuation of raw material pharmaceutical companies is at a low point, presenting opportunities based on changes in new business layouts [5]. Investment Recommendations - For clinical and preclinical CROs, companies like Tigermed, Nossan, and Yinos are recommended due to the gradual recovery of the industry and expected improvement in order structure [6]. - In the CDMO sector, companies such as WuXi AppTec, WuXi Biologics, and others with strong fundamentals and capacity advantages are highlighted for their potential benefits from industry recovery and high demand for new molecules [6]. - In the life sciences upstream sector, companies like Baitai Biotechnology and others are recommended due to accelerated domestic substitution and strong overseas growth [6]. - Companies like Pro Pharma and Huahai Pharmaceutical are noted for their new business layouts that are expected to contribute significant value increments [6].

11月20日，泰格医药盘中下跌2.00%，截至10:53，报51.32元/股，成交2.64亿元，换手率0.90%，总市值 441.88亿元。 资金流向方面，主力资金净流出2263.55万元，特大单买入253.23万元，占比0.96%，卖出287.90万元， 占比1.09%；大单买入4660.36万元，占比17.64%，卖出6889.23万元，占比26.08%。 泰格医药今年以来股价跌5.53%，近5个交易日跌13.21%，近20日跌2.49%，近60日跌22.59%。 资料显示，杭州泰格医药科技股份有限公司位于浙江省杭州市滨江区西兴街道聚工路19号盛大科技园A 座18层，成立日期2004年12月15日，上市日期2012年8月17日，公司主营业务涉及为国内外医药及健康 相关产品的研究开发提供专业临床研究服务,业务范围主要包括I至IV期临床试验技术服务、数据管理及 统计分析、注册申报、临床试验现场服务、SMO服务、医学检测服务、医学资料翻译、医学影像诊断 服务和培训服务。主营业务收入构成为：临床试验相关服务及实验室服务52.60%，临床试验技术服务 45.21%，其他(补充)2.19%。 泰格医药所属申万行业为： ...

Core Viewpoint - The announcement from Tigermed indicates that the share reduction plan by the general manager, Cao Xiaochun, has been completed, with a total of 347,600 shares reduced, which is significantly lower than the original upper limit of the plan [1] Summary by Relevant Sections - **Share Reduction Details** - Cao Xiaochun, a major shareholder and general manager, completed a share reduction plan, selling a total of 347,600 shares, which represents 0.0475% of the company's total A-share capital [1] - The reduction period has ended as of November 18, and the total shares sold are well below the planned upper limit [1] - **Impact on Company Control and Governance** - The company stated that this share reduction will not lead to any change in control and will not affect the governance structure or the ongoing operations of the company [1] - **Company Background** - Tigermed was listed on the Shenzhen Stock Exchange on August 17, 2012, and is one of the earliest CRO companies to be listed in China [1] - The company also completed a secondary listing on the Hong Kong Stock Exchange in 2020 [1]

Core Viewpoint - The announcement from Tigermed (300347) indicates that the share reduction plan by General Manager Cao Xiaochun has been completed, with a total of 347,600 shares reduced, which is significantly below the upper limit of the original plan [1] Summary by Relevant Sections Share Reduction Details - Cao Xiaochun, a major shareholder and General Manager, completed the share reduction plan on November 18, reducing a total of 347,600 shares, which accounts for 0.0475% of the company's total A-share capital [1] - The reduction was well within the limits set by the original plan, indicating a controlled approach to share divestment [1] Impact on Company Structure - The company stated that this share reduction will not lead to any change in control and will not affect the governance structure or the ongoing operations of the company [1] Company Background - Tigermed was listed on the Shenzhen Stock Exchange on August 17, 2012, and is one of the earliest listed CRO (Contract Research Organization) companies in China [1] - In 2020, the company also completed a secondary listing on the main board of the Hong Kong Stock Exchange [1]

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 份數目 | | | (請參閱上述*註解)有投票權股 (日 / 月 / 年) | | | | | | | | | 份百分比 | | | CS20251118E00015 | 兴证全球基金管理有限公司 | 1201(L) | | 935,900(L | HKD 41.5596 | 6.739.600(L) | 5.47(L)17/11/2025 | 泰格医药(3347.HK)今日盘中一度跌3.57%至39.44港元，股价创7月9日以来逾4个月新低。该股自上周五(11月14日)迄今已连续4个交易日下跌，累跌12.94%。 消息面上，联交所最新权益披露资料显示，泰格医药于11月17日遭兴证全球基金管理有限公司在场内以每股均价41.5596港元减持93.59万股，涉资约3889.56 万港元。减持后，其最新持股数目为673.96万股， ...

Core Viewpoint - Tiger Med's stock price has experienced a decline of 3.17% year-to-date, with a significant drop of 21.49% over the past 60 days, indicating potential challenges in the market [1] Company Overview - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, is located 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 I to IV phase clinical trial technical services, data management and statistical analysis, registration application, clinical trial site services, SMO services, medical testing services, medical documentation translation, medical imaging diagnosis services, and training services [1] - The revenue composition is as follows: clinical trial-related services and laboratory services account for 52.60%, clinical trial technical services for 45.21%, and other services for 2.19% [1] Financial Performance - For the period from January to September 2025, Tiger Med reported a revenue of 5.026 billion yuan, a year-on-year decrease of 0.82%. However, the net profit attributable to the parent company was 1.020 billion yuan, reflecting a year-on-year increase of 25.45% [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 Information - As of September 30, 2025, the number of shareholders for Tiger Med was 48,400, a decrease of 6.01% from the previous period. The average circulating shares per person remained at 0 shares [2] - The top circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 25.097 million shares, and China Europe Medical Health Mixed A, which increased its holdings by 1.218 million shares [3]

格隆汇11月19日丨根据联交所最新权益披露资料显示，2025年11月17日，泰格医药(03347.HK)遭兴证全球基金管理有限公司在场内以每股均价41.5596港元 减持93.59万股，涉资约3889.56万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 份數量 | | | (請參閱上述*註解)有投票權股 (日 / 月 / 年) | | | | | | | | | 份百分比 | | | CS20251118E00015 | 兴证全球基金管理有限公司 | 1201(L) | | 935,900(L | HKD 41.5596 | 6.739.600(L) | 5.47(L)17/11/2025 | 减持后，兴证全球基金管理有限公司最新持股数目为673.96万股，持股比例由6.23%下降至5.47%。 | 股份代號: | 03347 | | --- | --- | | ...