泰格医药所属申万行业为：医药生物-医疗服务-医疗研发外包。所属概念板块包括：中盘、融资融券、 社保重仓、医疗器械、互联医疗等。 截至9月30日，泰格医药股东户数4.84万，较上期减少6.01%；人均流通股0股，较上期增加0.00%。2025 年1月-9月，泰格医药实现营业收入50.26亿元，同比减少0.82%；归母净利润10.20亿元，同比增长 25.45%。 11月26日，泰格医药盘中上涨2.08%，截至10:02，报51.92元/股，成交1.54亿元，换手率0.53%，总市值 447.04亿元。 资金流向方面，主力资金净流入847.79万元，特大单买入221.34万元，占比1.44%，卖出332.59万元，占 比2.16%；大单买入3722.51万元，占比24.19%，卖出2763.47万元，占比17.96%。 泰格医药今年以来股价跌4.42%，近5个交易日跌0.86%，近20日跌12.71%，近60日跌20.61%。 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 ...

把握回调后的机会，积极布局 2026 年 医药生物 证券研究报告/行业定期报告 2025 年 11 月 24 日 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn | 上市公司数 | 498 | | --- | --- | | 行业总市值(亿元) | 70,594.11 | 消费多点开花》2025-11-17 2、《医保国谈落下帷幕；关注乳腺 癌创新疗法动向》2025-11-10 3、《改善趋势延续，积极把握底部 反转机会》2025-11-07 | 评级： | 增持（维持） | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：祝嘉琦 | | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2 ...

CRO概念股集体回暖。截至2025年11月24日 14:30，中证港股通医疗主题指数(932069)强势上涨2.73%， 成分股泰格医药(03347)涨超9%，翰森制药(03692)，微创医疗(00853)，药明康德(02359)等个股跟涨。 港股医疗ETF(159366)涨超2%。拉长时间看，截至2025年11月21日，港股医疗ETF近半年累计上涨 29.35%。 | | | 1.494 +0.031 +2.12% | 港股医疗ETF | ने 159366 | | --- | --- | --- | --- | --- | | | SZSE CNY 14:30:18 交易中 | | | T+0 × Q + | | | | 净值走势 永赢中证港股通医疗主 今年 | 0.00% 120日 26.93% | | | 序号 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | | 7 | 3347 | 泰格医药 | 39.880 d | 9.08% | | 2 | 1858 | 春立医疗 | 17.040 d | 6.04% | | 3 | 3692 | 翰森制药 | 40.480 d | 6.02% | | 4 | ...

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：医药生物-医疗服务-医疗研发外包。所属概念板块包括：互联医疗、中盘、 融资融券、社保重仓、医疗器械等。 11月24日，泰格医药盘中上涨2.02%，截至10:24，报50.59元/股，成交1.69亿元，换手率0.59%，总市值 435.59亿元。 截至9月30日，泰格医药股东户数4.84万，较上期减少6.01%；人均流通股0股，较上期增加0.00%。2025 年1月-9月，泰格医药实现营业收入50.26亿元，同比减少0.82%；归母净利润10.20亿元，同比增长 25.4 ...

21 November 2025 | 5:56PM HKT Equity Research Tigermed (3347.HK) Investor feedback post recent upgrade: New orders outweigh impairment risks in driving recovery; Reiterate Buy | 3347.HK | 12m Price Target: HK$63.40 | Price: HK$38.32 | Upside: 65.4% | | --- | --- | --- | --- | | 300347.SZ | 12m Price Target: Rmb78.70 | Price: Rmb50.69 | Upside: 55.3% | Following our upgrade of Tigermed's rating (see link), the stock rallied after the 3Q results but later retraced to previous levels. Investor feedback reflect ...

Market Overview - The medical services sector experienced a decline of 2.71% on November 21, with Baihua Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable gainers included Yangguang Nuohua, which rose by 4.47% to a closing price of 61.21, with a trading volume of 86,300 shares and a transaction value of 530 million [1] - Baihua Pharmaceutical saw a significant decline of 9.67%, closing at 9.06, with a trading volume of 292,400 shares and a transaction value of 275 million [2] - Other notable decliners included Chengda Pharmaceutical (-9.58%), Berry Genomics (-8.67%), and Guangzheng Eye Hospital (-7.26%) [2] Capital Flow - The medical services sector experienced a net outflow of 1.325 billion in institutional funds, while retail investors saw a net inflow of 1.332 billion [2] - The table of capital flow indicates that major stocks like Yangguang Nuohua had a net inflow of 10.986 million from institutional investors, while retail investors had a net inflow of 1.374 million [3]

Investment Rating - The report assigns an "Outperform" rating to Hangzhou Tigermed Consulting, indicating a positive outlook for the company's stock performance relative to the market [4][8]. Core Insights - The report highlights a recovery in performance driven by fair value net gains, with a sequential improvement in profits for the third quarter. The company is expected to benefit from a recovery in domestic demand and further supply clearance in the CRO sector, which may lead to an increase in order prices [4][8]. - Revenue forecasts for 2025-2027 are projected at 6.51 billion RMB, 7.07 billion RMB, and 7.82 billion RMB, with growth rates of -1.4%, 8.5%, and 10.7% respectively. Net profit attributable to shareholders is expected to be 1.26 billion RMB, 1.55 billion RMB, and 1.81 billion RMB, reflecting growth rates of 209.8%, 23.4%, and 17.0% [4][8]. Financial Summary - For Q3 2025, the company reported revenue of 1.78 billion RMB, a year-on-year increase of 3.86% and a quarter-on-quarter increase of 5.29%. The net profit attributable to shareholders was 637 million RMB, showing a year-on-year increase of 98.73% and a quarter-on-quarter increase of 192.42% [4][8]. - The report notes that profit recovery was primarily due to investment income and net gains from fair value changes, contributing 207 million RMB and 413 million RMB respectively [4][8]. Business Segments - The overseas clinical operations segment is experiencing rapid growth, with expectations for significant new order contributions in the second half of 2025. However, domestic clinical operations are facing challenges due to competitive pricing and order cancellations, although a gradual recovery is anticipated as low-price orders clear [4][8]. - The SMO business has shown good year-on-year growth, driven by demand from multinational pharmaceutical companies. Other segments, such as data management and statistical analysis, remain stable, while laboratory services have seen a slight decline due to intensified competition [4][8].

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： ...