Group 1 - The ChiNext 50 Index (399673) has shown a strong increase of 2.35% as of July 8, 2025, with notable gains in constituent stocks such as Sungrow Power (300274) up 9.58%, Tianfu Communication (300394) up 9.14%, and Jinlang Technology (300763) up 8.85% [1] - The ChiNext 50 ETF (159681) rose by 2.13%, with a latest price of 0.96 yuan, reflecting the overall positive market sentiment [1] - The "anti-involution" trend has positively impacted the photovoltaic sector, with Guangfa Securities indicating that the market is currently in a wait-and-see phase regarding the form and intensity of this trend [1] Group 2 - The ChiNext 50 ETF closely tracks the ChiNext 50 Index, which consists of the 50 stocks with the highest average daily trading volume in the ChiNext market, representing well-known, large-cap, and liquid companies [2] - As of June 30, 2025, the top ten weighted stocks in the ChiNext 50 Index include CATL (300750), Dongfang Wealth (300059), and Mindray Medical (300760), with these ten stocks accounting for 64.62% of the index [2]

Group 1 - The Hong Kong stock market's innovative drug sector continues to strengthen, with Rongchang Biologics rising over 7% [1] - Junshi Biosciences increased by more than 4% [1] - Tigermed (300347) and Zhaoyan New Drug (603127) both saw gains of over 3% [1] Group 2 - Innovent Biologics and Kanglong Chemical (300759) experienced increases of over 2% [1]

Group 1 - The Hong Kong CXO concept stocks experienced a decline, with WuXi Biologics falling over 5% [1] - Kingsoft Biotech dropped more than 3% [1] - Other companies such as Kelaiying (002821), WuXi AppTec (603259), Tigermed (300347), and Zhaoyan New Drug (603127) saw declines of over 2% [1]

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 ...

Investment Rating - The report maintains an "Outperform" rating for A-Shares including Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, WuXi AppTec, Asymchem Laboratories, Hangzhou Tigermed Consulting, and APT Medical [6][32] - The report also maintains an "Outperform" rating for H-Shares including PATEO, Hansoh Pharmaceutical Group, Innovent Biologics, WuXi XDC Cayman, Luye Pharma Group, and BeiGene [6][32] Core Insights - The commercial insurance innovative drug list is expected to be released soon, which is anticipated to improve the domestic market significantly [33] - The National Healthcare Security Administration and National Health Commission have released measures to support the high-quality development of innovative drugs, focusing on high-innovation drugs with significant clinical value [33] - The pharmaceutical sector underperformed the market in June 2025, with the Shanghai Composite Index rising by 2.9% while the SW Pharma Bio index rose by only 0.7% [34] - The Hang Seng Healthcare sector outperformed the market with an increase of 8.4% in June 2025, while the U.S. S&P Healthcare Select Sector underperformed with a rise of only 1.9% [35] Summary by Sections - **Investment Highlights**: Continuous positive outlook for innovative drugs and industry chain, with specific A-Shares and H-Shares recommended for investment [32][6] - **Market Performance**: In June 2025, the pharmaceutical sector's performance was weak compared to the overall market, ranking 19th among Shenwan primary industries [34] - **Sub-sector Analysis**: The best-performing sub-sectors included medical services (+4.8%), chemical preparations (+0.8%), and chemical raw materials (+0.5%) [34][20] - **Stock Performance**: Top gainers in the pharmaceutical sector included Zhejiang Anglikang Pharmaceutical (+146.4%) and Hubei Huaqiang High-Tech Co., Ltd. (+67.4%), while top losers included Kexing Biopharm Co., Ltd. (-28.7%) [34][23]

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]

19 June 2025 Equity Research Report China Healthcare Equities Demand for innovative drug clinical trials shifting to China amid supportive policies China's clinical efficiency leap: Catching up with the world with strengthened competitiveness. The National Medical Product Administration (NMPA) published a circular in June, proposing to reduce the review and approval time of clinical trial applications for all innovative drugs to 30 days from the previous 60 days, following the pilot programme in July 2024. ...

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 ...