Core Viewpoint - The company reported a decline in revenue and profit for the six months ending June 30, 2025, while continuing to expand its clinical research projects both domestically and internationally [1][2] Financial Performance - The company achieved revenue of RMB 3.25 billion, a year-on-year decrease of 3.2% [1] - Profit attributable to shareholders decreased by 22.2% to RMB 383 million during the reporting period [1] - Earnings per share were RMB 0.45 [1] - The board decided not to declare any interim dividend for the six months ending June 30, 2025 [1] Clinical Research Projects - As of June 30, 2025, the company had 409 clinical research projects underway domestically and 237 projects internationally [1] - Among the international projects, 194 were conducting single-region clinical trials primarily in South Korea, Australia, Southeast Asia, Europe, and the United States [1] - The company also had 43 projects conducting multi-region clinical trials across Asia-Pacific, North America, Europe, and Africa, covering various therapeutic areas including oncology, respiratory, cardiovascular, endocrine, rheumatology, infectious diseases, rare diseases, and vaccines [1] Future Strategy - The company aims to embrace regulatory changes, technological innovations, and global expansion to enhance its integrated clinical research service platform [2] - Plans include establishing specialized business teams in specific therapeutic areas to expand client relationships with multinational and large domestic pharmaceutical companies [2] - The company seeks sustainable growth and potential acquisitions to enhance its business and operational capabilities in the U.S. and Europe [2] - Strengthening collaborative relationships within the industry is a priority to consolidate its domestic market position and increase global market share [2] - The goal is to achieve sustainable business development and performance growth, continuously creating returns for shareholders [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。 截 至2025年6月30日止六個月之 中期業績公告 財務摘要 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） | | | | | 截 | | | 至6月30日止六個月 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025年 | | | | | | 2024年 | | | | 變 動（2） | | 人民幣百萬元 | | | | | | | 人民幣百萬元 | | | | | | | | （未 | （未 經 ...

Core Viewpoint - Tiger Med's stock price has shown fluctuations, with a year-to-date increase of 23.82% and a recent decline over the past 20 days, indicating mixed market sentiment towards the company [1][2]. Company Overview - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, is based 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 clinical trial services (49.91% of revenue), clinical trial technical services (48.13%), and other services (1.95%) [1]. Financial Performance - For the first quarter of 2025, Tiger Med reported a revenue of 1.564 billion yuan, a year-on-year decrease of 5.79%, and a net profit attributable to shareholders of 165 million yuan, down 29.61% year-on-year [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 Structure - As of March 31, 2025, Tiger Med had 53,800 shareholders, an increase of 1.95% from the previous period. The top shareholders include various mutual funds and ETFs, with notable changes in holdings among major institutional investors [3].

Core Viewpoint - The medical sector is experiencing significant activity, with the largest medical ETF in A-shares (512170) showing a 2% increase, nearing last year's peak, indicating strong investor confidence in the medical market [1][3]. Group 1: ETF Performance - The medical ETF (512170) reached a peak increase of 2%, with a trading volume exceeding 700 million yuan on the morning of August 25 [1]. - The latest scale of the ETF is 27.94 billion yuan, maintaining a leading position among similar ETFs [1]. - On the previous trading day, the ETF saw a net subscription of 98.54 million yuan, reflecting positive market sentiment towards the medical sector [1]. Group 2: Market Dynamics - Major stocks within the ETF, such as Meihua Medical and Lepu Medical, surged over 15%, while Wu Electric Physiology and other companies experienced declines [1][3]. - The ETF passively tracks the CSI Medical Index, with top-weighted stocks including Mindray Medical, United Imaging Healthcare, and Aier Eye Hospital [3]. Group 3: Policy and Innovation - The National Medical Products Administration announced support for companies to conduct global clinical trials simultaneously, aiming to shorten the drug approval process [3]. - A recent investment cooperation exchange meeting in Shenzhen focused on supporting the development of pharmaceuticals and medical devices [4]. - The establishment of a domestic medical technology innovation zone at the Medical Expo highlighted breakthroughs in domestic technology, with companies like Mindray and Weigao showcasing advanced diagnostic equipment [5]. Group 4: Industry Outlook - CITIC Securities noted that the performance and valuation of the medical device sector are gradually recovering, with recent procurement policies being optimized [5]. - The medical device industry is expected to benefit from policy easing, procurement clearance, and strategic transformations, with internationalization, technological innovation, and mergers and acquisitions becoming key growth paths [5].

Index Performance - The CSI A500 Index increased by 4.27% this week, closing at 5198.91 points as of August 22 [5] - The average daily trading volume for the week was 8003.97 billion yuan, with a week-on-week increase of 32.60% [5] Component Stocks Performance - The top ten gainers this week included: 1. Cambrian (688256.SH) with a rise of 34.59% 2. Sinopec Capital (000617.SZ) up by 34.38% 3. ZTE Corporation (000063.SZ) increasing by 32.21% 4. Kunlun Wanwei (300418.SZ) up by 23.48% 5. Northern Rare Earth (600111.SH) rising by 22.95% [2] - The top ten losers included: 1. Quzhou Development (600208.SH) down by 11.68% 2. Giant Star Technology (002444.SZ) decreasing by 6.90% 3. Weilan Lithium Core (002245.SZ) down by 6.82% 4. Xuan Tai Medical (688617.SH) down by 5.66% 5. Tiger Med (300347.SZ) decreasing by 4.92% [2] Fund Performance - All 39 CSI A500 funds closed with a gain of 2% or more this week, with the leading fund being Huatai-PineBridge's A500 Index Fund (512370) which rose by 4.62% [5] - The total scale of CSI A500 funds reached 1810.70 billion yuan, showing an increase compared to the previous week [5] - The top three funds by scale are: 1. Huatai-PineBridge with 203.31 billion yuan 2. Guotai Fund with 183.57 billion yuan 3. E Fund with 183.57 billion yuan [5] Market Outlook - Shenyin Wanguo Securities reported a continued bullish market atmosphere, expecting strong performance to persist until early September, with limited corrections thereafter [5] - Guotai Junan Securities emphasized a cautious optimism regarding the market's upward potential, suggesting that a transition from liquidity-driven growth to fundamental-driven growth is necessary for sustained upward movement [5]

Core Viewpoint - Tiger Medical (3347.HK) experienced a significant intraday drop of 6.43% to HKD 49.5, following a reduction in shareholding by a major shareholder, Xingsheng Global Fund Management Co., Ltd. [1] Group 1 - Xingsheng Global Fund Management Co., Ltd. sold 345,400 shares at an average price of HKD 58.4519 per share, amounting to approximately HKD 20.19 million [1] - After the sale, Xingsheng's shareholding decreased from 7.02% to 6.73% [1]

Core Insights - The health industry is undergoing significant transformation and value reconstruction, driven by the "Healthy China 2030" strategy, shifting from scale expansion to high-quality development, with breakthroughs in biotechnology, innovative therapies, and smart healthcare [1] - The recent Health Industry Capital Summit 2025 focused on exploring new opportunities and challenges in pharmaceutical innovation and development, with insights from industry leaders and investment representatives [1] Group 1: Capital Market Role - Capital markets need to precisely support industry development by acting as a "fuel station" for industry growth, helping numerous biopharmaceutical and medical device companies access capital markets for funding [1] - Capital markets serve as a "watchtower" for industry insights, creating professional research teams that cover the entire pharmaceutical value chain and provide forward-looking research support [1] - The integration of "research + investment banking + investment" models is essential for establishing health industry funds and hosting innovative drug summits to break down information barriers and accelerate innovation [1] Group 2: Innovation and R&D Strategies - China's innovative drug landscape is characterized by an "east rising, west declining" trend, with strong support from pipeline quality, clinical efficiency, molecular innovation, and the release of engineering talent [2] - Companies need to focus on unmet clinical needs and differentiate their pipeline layouts in areas such as oncology, central nervous system, and cardiovascular diseases to build competitive advantages [2] - The integration of cutting-edge technologies like synthetic biology, AI, and molecular evolution is driving innovation in bioconjugate drugs, with platforms that enhance drug stability and reduce adverse reactions [3] Group 3: CRO and R&D Empowerment - Contract Research Organizations (CROs) play a crucial role in supporting innovative drug development through specialized talent, efficiency improvements, global presence, and technology applications [3] - The demand for specialized CRO services is expected to grow as innovative drugs transition from "following" to "leading" in the market, with Chinese CRO penetration rates around 45% [3]

Group 1 - The core point of the news is that Xingsheng Global Fund Management Co., Ltd. has reduced its stake in Tiger Medical (03347.HK) by selling 345,400 shares at an average price of HKD 58.4519 per share, amounting to approximately HKD 20.1893 million [1] - After the reduction, Xingsheng's total shareholding is now 8,292,315 shares, which represents a decrease in ownership percentage from 7.02% to 6.73% [1]

Group 1 - Hong Kong Stock Exchange data shows that on August 15, Xingsheng Global Fund Management Co., Ltd. reduced its holdings in Tiger Medical (03347.HK) by 345,400 shares at a price of HKD 58.4519 per share, totaling approximately HKD 20.1893 million [1] - After the reduction, the latest number of shares held is approximately 8.2923 million, representing a holding ratio of 6.73% [1] - As of August 19, 2025, Tiger Medical closed at HKD 52.9, down 8.08%, with a trading volume of 3.8003 million shares and a turnover of HKD 209 million [1] Group 2 - Tiger Medical has a market capitalization of HKD 7.086 billion, ranking 11th in the medical services II industry [1] - Key performance indicators for Tiger Medical compared to the industry average are as follows: - ROE: 1.92% vs. industry average -0.76%, ranking 28th [1] - Market capitalization: HKD 7.086 billion vs. industry average HKD 8.298 billion, ranking 11th [1] - Revenue: HKD 6.603 billion vs. industry average HKD 3.819 billion, ranking 7th [1] - Net profit margin: 6.78% vs. industry average -851.29%, ranking 23rd [1] - Gross margin: 33.95% vs. industry average 36.91%, ranking 25th [1] - Debt ratio: 16.07% vs. industry average 73.63%, ranking 8th [1]

Group 1 - Hong Kong Stock Exchange data shows that on August 15, Xingsheng Global Fund Management Co., Ltd. reduced its holdings in Tiger Medical (300347)(03347) by 34,540 shares at a price of HKD 58.4519 per share, totaling approximately HKD 20.1893 million [1] - After the reduction, the latest number of shares held is approximately 8.2923 million, with a new holding percentage of 6.73% [1]