（编辑 任世碧） 证券日报网讯 11月18日晚间，泰格医药发布公告称，截至2025年11月18日，公司持股5%以上股东、董 事及总经理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 前剔除回购专户股份数后公司总股本的0.0406%，占公司A股总股本的0.0475%。 ...

Core Insights - The Medical Health R Index (480016) closed at 7508.88 points, down 0.45%, with a trading volume of 17.774 billion yuan and a turnover rate of 0.67% [1] - Among the index constituents, 16 stocks rose while 33 fell, with Bai Li Tian Heng leading the gainers at 2.32% and Tigermed leading the decliners at 3.42% [1] Index Performance - The top ten constituents of the Medical Health R Index include: - WuXi AppTec (sh603259) with a weight of 13.66%, latest price at 92.32, down 1.54%, and a market cap of 275.46 billion yuan - Hengrui Medicine (sh600276) with a weight of 11.00%, latest price at 61.78, down 0.03%, and a market cap of 410.05 billion yuan - Mindray Medical (sz300760) with a weight of 7.57%, latest price at 206.71, up 0.33%, and a market cap of 250.62 billion yuan - United Imaging Healthcare (sh688271) with a weight of 4.27%, latest price at 134.25, up 0.19%, and a market cap of 110.64 billion yuan - Other notable constituents include Pianzi Shou (sh600436), Yuan Er Fu Ke (sz300015), Kelun Pharmaceutical (sz002422), Xinhecheng (sz002001), Fosun Pharma (sh600196), and Ziji Shenzhou (sh688235) [1] Capital Flow - The Medical Health R Index constituents experienced a net outflow of 2.083 billion yuan from institutional investors, while retail investors saw a net inflow of 1.545 billion yuan [1] - Detailed capital flow for specific stocks shows: - Kelun Pharmaceutical (sz002422) had a net inflow of 23.33 million yuan from institutional investors but a net outflow from retail investors - Tongce Medical (600763) and Yirui Technology (688301) also showed mixed capital flows with varying net inflows and outflows [2]

MACD金叉信号形成，这些股涨势不错！ 格隆汇11月18日丨泰格医药(300347.SZ)公布，公司于2025年11月18日收到董事及总经理曹晓春女士出 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34.76万股，占当前剔除回购专户股份数后公司总股本的 0.0406%，占公司A股总股本的0.0475%。 ...

南财智讯11月18日电，泰格医药公告，公司持股5%以上股东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，占当前剔除回购专户股份数后公司总股本的0.0406%。截 至本公告披露日，曹晓春女士持有公司股份51,314,174股，占总股本的6.0007%。本次减持未导致公司 控制权变更，不影响公司治理结构及持续经营。 ...

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 ...

Investment Rating - The report continues to recommend the innovative drug and medical device industry chain, indicating a high level of investment interest in this sector [1][5]. Core Views - The report highlights the high prosperity in innovative drugs, suggesting potential value revaluation for companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [2][5]. - It emphasizes the importance of Biopharma/Biotech companies with innovative pipelines and performance entering a volume increase phase, including Innovent Biologics, BeiGene, and others [2][5]. - The report also points out the recovery potential for leading medical equipment companies like United Imaging Healthcare, Lepu Medical, and others [2][5]. Summary by Sections A-Shares Performance - In the second week of November 2025, the A-Shares pharmaceutical sector outperformed, with the SW Pharmaceutical and Biological index rising by 3.3% while the SHCOMP fell by 0.2% [2][30]. - The pharmaceutical commerce, chemical raw materials, and chemical preparations sub-sectors showed strong performance, with increases of 5.7%, 5.1%, and 4.4% respectively [2][30]. - Notable stock gains included GDK (+61.6%), HPGC Renmintongtai Pharmaceutical Corporation (+61.1%), and Chengda Pharmaceuticals Co., Ltd. (+58.3%) [2][30]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also outperformed, with the Hang Seng Healthcare index increasing by 6.8% and the Hong Kong Biotechnology index by 7.1% [2][31]. - In the U.S., the S&P Healthcare Select Sector rose by 3.9%, significantly outperforming the S&P 500, which only increased by 0.1% [2][32]. Valuation Metrics - As of November 14, 2025, the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 77.0% [2][15]. - The report provides earnings forecasts and valuation metrics for various companies, indicating expected growth rates and price-to-earnings ratios for the coming years [6][7].

Market Overview - The medical services sector experienced a decline of 1.69% on November 17, with Meidisi leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Baihua Pharmaceutical (600721) saw a significant increase of 8.63%, closing at 10.70, with a trading volume of 792,600 shares and a turnover of 846 million [1] - ST Zhongzhu (600568) rose by 4.80%, closing at 2.40, with a trading volume of 404,900 shares [1] - Meidisi (688202) led the decline with a drop of 5.99%, closing at 62.47, with a trading volume of 36,600 shares and a turnover of 232 million [2] - Kanglong Chemical (300759) and Haoyuan Pharmaceutical (688131) also saw declines of 5.34% and 5.21%, respectively [2] Capital Flow - The medical services sector experienced a net outflow of 1.285 billion from institutional investors, while retail investors saw a net inflow of 993 million [2] - Baihua Pharmaceutical had a net inflow of 71.1 million from institutional investors, but a net outflow of 47.2 million from retail investors [3] - Meidisi had a net outflow of 1.29 million from institutional investors, indicating a shift in investor sentiment [3]

Market Overview - The medical services sector declined by 0.47% on November 14, with the digital human sector leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable declines in individual stocks include: - Digital Human: closed at 17.28, down 4.85% with a trading volume of 80,400 shares and a turnover of 1.411 million [1] - Haoyuan Pharmaceutical: closed at 77.20, down 3.54% with a trading volume of 30,800 shares and a turnover of 2.4212 million [1] - Yinos: closed at 48.69, down 2.62% with a trading volume of 14,300 shares and a turnover of 7132.217 [1] - Other notable declines include Taige Pharmaceutical, MediX, and WuXi AppTec, all showing declines between 1.28% and 2.08% [1] Capital Flow - The medical services sector experienced a net outflow of 238 million yuan from institutional investors, while retail investors saw a net inflow of 181 million yuan [3] - Notable capital flows for specific stocks include: - Ruizhi Pharmaceutical: net inflow of 38.93 million yuan from institutional investors, but net outflows from retail and speculative investors [3] - Chengda Pharmaceutical: net inflow of 37.96 million yuan from institutional investors, with significant outflows from speculative investors [3] - Other stocks like Sanbo Brain Science and Jinyu Medical also showed varying net inflows and outflows among different investor types [3]

Summary of Key Takeaways from the Conference Call Industry Overview - **Industry Focus**: China Healthcare Services & Devices, specifically Clinical CRO, MedDevice, and Healthcare Services sectors [1] - **Market Dynamics**: The report highlights ongoing structural growth opportunities in China's clinical CRO sector, with alignment to global R&D standards and stable order pricing year-to-date [2][14] Core Insights - **Clinical CRO Sector**: - Anticipated recovery in early 2026 driven by industry consolidation and potential acceleration in MNC demand in China [2] - New orders for CDMOs remain resilient, particularly due to a significant GLP-1 project, with companies like WuXi Apptec and Pharmaron raising FY25 guidance [2][11] - Early-stage recovery signals are emerging, with WuXi Apptec's new order growth at +18% year-on-year [11][14] - **MedDevice Sector**: - No sector-wide recovery observed yet, with in-hospital surgical volumes and consumer-related services still under pressure [2] - VBP (Volume-Based Procurement) rollout has been slower than expected, impacting pricing and market dynamics [2][19] - **Healthcare Services**: - Mixed results with no material recovery in consumption activities; however, some stabilization is noted compared to the second half of 2024 [28] - Companies like Hygeia and Gushengtang are exploring strategic M&A opportunities and international expansion [28] Company-Specific Highlights - **Tigermed**: - Positive outlook with pricing stabilizing and expectations for recovery in 2026; net new orders grew at a mid-teens rate [3][14] - **Pharmaron**: - Raised FY25 revenue growth guidance to +12-16% year-on-year, driven by a better-than-expected recovery in lab services [11][33] - **WuXi Apptec**: - 3Q25 earnings beat expectations with TIDES business growing 91% year-on-year; raised FY25 revenue guidance to Rmb43.5-44.0 billion [11][33] - **Asymchem**: - Reported flat revenue in 3Q due to project delivery timing delays but maintains a full-year revenue growth target of +13-15% year-on-year [11][33] - **Angelalign**: - Overseas ramp-up on track with moderate domestic growth; full-year case volume expected to be between 490k-500k, implying +36% to +39% year-on-year growth [33] Risks and Considerations - **Geopolitical Uncertainty**: The US Biosecure Act could introduce short-term share price volatility, necessitating close monitoring [2][10] - **Market Sentiment**: Recent shareholder disposals at WuXi Apptec have created headwinds in market sentiment [12] - **Regulatory Environment**: Ongoing discussions regarding US GLP-1 pricing cuts and their potential impact on the market [11] Additional Observations - **M&A Activity**: Selective M&A activities are noted, with companies focusing on strategic opportunities and international expansion [2][28] - **Consumer Behavior**: The report indicates a cautious consumer sentiment in the healthcare services sector, with lingering impacts from reimbursement controls [28] This summary encapsulates the key points from the conference call, providing insights into the current state and future outlook of the China healthcare services and devices industry.

Core Viewpoint - The "China's Top 100 Future Unicorns" list aims to identify and accelerate the growth of potential unicorn companies in China over the next decade, serving as a significant indicator of innovation in the economy [3][5]. Group 1: Historical Performance - Over 16 years, the list has recognized 1,302 companies, with 130 achieving IPOs, 106 being acquired by larger firms, and 188 becoming industry-leading unicorns [4][6]. - The annual "Future Unicorn Conference" has become a key event for emerging unicorns, providing networking and investment opportunities [4]. Group 2: Notable Companies - The list includes several well-known companies that have reached significant market valuations, such as Xiaomi, Meituan, and NIO, which were among the first to be recognized [7][8]. - A selection of companies that have recently become unicorns includes New Stone Unmanned Vehicles, which raised over $600 million in its D round, and Galaxy General, which secured 1.1 billion RMB in its A+ round [10][11]. Group 3: Future Prospects - The ongoing search for high-growth companies valued between $100 million and $1 billion is emphasized, with a call for nominations for the 2025 list [13]. - The initiative aims to celebrate not just valuation but also the intrinsic value of these emerging leaders in the business landscape [13].