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） 2025年第一次臨時股東大會通告 茲通告 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）謹 定 於2025年9月29日 （星 期 一）下 午 三 時 正 假 座 中 國 杭 州 市 濱 江 區 聚 工 路19號盛大科技園A座 18樓會議室舉行2025 年 第 一 次 臨 時 股 東 大 會（「臨時股東大會」）或 其 任 何 續 會，藉 以 考 慮 並 酌 情 批 准 下 列 決 議 案。除 文 義 另 有 所 指 外，本 通 告 所 用詞彙與本公司日期為2025年9月9日（星 期 二）之 通 函（「通 ...

此乃要件 請即處理 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通函之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 閣下如對本通函任何內容或應採取之行動有任何疑問，應諮詢持牌證券交易商、銀行經理、律師、專業 會計師或其他專業顧問。 閣下如已將名下之杭州泰格醫藥科技股份有限公司股份全部出售或轉讓，應立即將本通函連同代表委 任表格送交買主或承讓人，或經手買賣或轉讓之銀行、或持牌證券交易商或其他代理商，以便轉交買主 或承讓人。 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） (1) 建議修訂《公司章程》； (4) 建議減少註冊資本； (10) 建議修訂《信息披露管理制度》； (11) 建議授權公司管理層與公司審計機構協商年度審計費用； 以及 釋 義 於本通函內，除文義另有所指外，下列詞彙具備以下涵義： (12) 2025年第一次臨時股東大會通告 本通函全部用語之涵義載於本通函「 ...

Summary of the Conference Call for Tigermed (泰格医药) Company Overview - Tigermed is a leading clinical Contract Research Organization (CRO) in China, established in 2004, focusing on clinical trials and related services, including registration, medical writing, and pharmacovigilance [4][5]. Industry Insights - The domestic clinical CRO sector has shown significant performance improvements, driven by the recovery of demand for innovative drugs and the impact of favorable policies [3]. - The Chinese biopharmaceutical industry is entering a phase of original innovation, with increasing global recognition of domestic data and a higher proportion of external licensing pipelines [2][7]. Financial Performance - In the first half of 2024, Tigermed's revenue decreased by 3% year-on-year to 3.25 billion yuan, and non-recurring net profit fell by 67% to approximately 200 million yuan [2][6]. - Despite the decline, the impact of low-price orders is gradually dissipating, and a return to double-digit growth in revenue and profit is expected in the coming year [2][6]. Market Dynamics - The Chinese clinical CRO market is fragmented, with Tigermed holding a market share of approximately 13%, expected to rise to 15% [10]. - The demand for overseas orders, which typically offer higher profit margins, is crucial for sustaining growth in the second and third quarters [11]. Business Development - Tigermed has a broad project layout, with over 400 domestic projects and 200 international projects, primarily in the US, Japan, South Korea, and Australia [12][21]. - The company has seen a 7% year-on-year increase in new orders for 2024, with a continued acceleration in the first half of the year [22]. Strategic Initiatives - The company is expanding globally through acquisitions and the establishment of local teams, enhancing its service capabilities from clinical trials to imaging analysis [21]. - The domestic biopharmaceutical industry is experiencing a diversification of funding sources, with industrial funds and state-owned capital becoming significant players [9][8]. Future Outlook - The overall performance of the clinical trial services segment is expected to recover, with a projected increase in orders as early research in China rebounds [20][22]. - The company anticipates that the clinical CRO and early-stage CRO industries will show strong growth, contingent on the recovery of orders [22]. Additional Insights - The SMO (Site Management Organization) business has seen significant growth, although it faces some price competition and personnel surplus issues [17][18]. - The tree child business segment has been a strong contributor to profits, maintaining steady growth [16]. This summary encapsulates the key points from the conference call, highlighting Tigermed's current position, market dynamics, financial performance, and future outlook in the clinical CRO industry.

Group 1 - On September 5, Tiger Med's stock rose by 6.66%, with a trading volume of 950 million yuan [1] - The financing data shows that on the same day, Tiger Med had a financing purchase amount of 47.28 million yuan and a financing repayment of 98.82 million yuan, resulting in a net financing outflow of 51.55 million yuan [1] - As of September 5, the total balance of margin trading for Tiger Med was 625 million yuan, with the financing balance at 620 million yuan, accounting for 1.26% of the circulating market value, which is below the 10th percentile level over the past year [1] Group 2 - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, provides professional clinical research services for domestic and international pharmaceutical and health-related products [2] - The company's main business revenue composition includes 52.60% from clinical trial-related services and laboratory services, and 45.21% from clinical trial technical services [2] - For the first half of 2025, Tiger Med reported an operating income of 3.25 billion yuan, a year-on-year decrease of 3.21%, and a net profit attributable to shareholders of 383 million yuan, a year-on-year decrease of 22.22% [2] Group 3 - Since its A-share listing, Tiger Med has distributed a total of 2.458 billion yuan in dividends, with 1.154 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders of Tiger Med include notable funds such as China Europe Medical Health Mixed A and Hong Kong Central Clearing Limited, with varying changes in their holdings [3]

Core Viewpoint - The report emphasizes the sustained high growth in the innovative pharmaceutical and medical device sectors, recommending continued investment in these areas [1]. Investment Highlights - The report maintains a recommendation for innovative pharmaceuticals and medical devices, highlighting the potential for value re-evaluation in the Pharma sector, with specific buy ratings for companies such as 恒瑞医药, 翰森制药, 三生制药, and 华东医药 [2]. - It continues to recommend Biopharma/Biotech companies that are gradually realizing their innovative pipelines and entering a performance growth phase, with buy ratings for 科伦博泰生物, 信达生物, 康方生物, 新诺威, 映恩生物, 京新药业, 微芯生物, 特宝生物, 我武生物, and 来凯医药 [2]. - The report also suggests investment in CXO and upstream pharmaceutical companies benefiting from innovation and recovery, maintaining buy ratings for 百普赛斯, 药明康德, 药明合联, 泰格医药, and 美诺华 [2]. - It recommends leading medical device companies expected to recover, with buy ratings for 微创医疗, 联影医疗, and 惠泰医疗 [2]. Market Performance - In the first week of September 2025, the A-share pharmaceutical sector outperformed the broader market, with the SW pharmaceutical and biotech index rising by 1.4% while the Shanghai Composite Index fell by 1.2% [3]. - Within the biopharmaceutical sector, the chemical preparations segment saw a notable increase of 4.5%, while biological products and medical services rose by 1.9% and 1.7%, respectively [3]. - The top-performing stocks included 海辰药业 (+28.7%), 长春高新 (+24.2%), and 百花医药 (+21.3%), while the worst performers were 舒泰神 (-24.0%), 广生堂 (-15.8%), and 塞力医疗 (-15.6%) [3]. - In the Hong Kong market, the healthcare sector also outperformed, with the Hang Seng Healthcare index rising by 7.0% and the biotech index by 7.3%, compared to a 1.4% increase in the Hang Seng Index [3]. - The top gainers in the Hong Kong market were 三叶草生物-B (+99%), 圣诺医药-B (+62%), and 加科思-B (+41%), while the biggest losers included 美中嘉和 (-11%), 科笛-B (-9%), and 思路迪医药股份 (-6%) [3]. - In the US market, the healthcare sector performed in line with the broader market, with the S&P Healthcare Select Sector Index increasing by 0.3%, matching the S&P 500's performance [4]. - The top gainers in the US healthcare sector included 德康医疗 (+7%), 生物基因 (+6%), and 环球健康服务 (+5%), while the largest declines were seen in KENVUE (-10%), REVVITY (-4%), and MOLINA HEALTHCARE (-3%) [4].

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [7] Core Insights - The report highlights that the pharmaceutical sector is experiencing a rebound, particularly in innovative drugs and their supply chains, with a strong emphasis on the potential for a second wave of innovation over the next 5-10 years [3][4][12] - The report indicates that the recent market adjustments have not altered the fundamental industry logic, and the core theme for innovative drugs is "disruption" [3][4][14] Summary by Sections 1. Industry Performance - The pharmaceutical index increased by 1.40% during the week of September 1-5, underperforming the ChiNext index but outperforming the CSI 300 index [12] - The market has shown a tendency for larger stocks to perform better than smaller ones, with innovative drugs and their supply chains being the main focus [2][3] 2. Recent Review - The report notes a significant rebound in the market after a period of adjustment, with innovative drugs remaining the strongest sector [3][4] - The report emphasizes that the recent adjustments in innovative drug stocks are primarily market-driven and do not reflect changes in industry fundamentals [3][4][14] 3. Future Outlook - The report suggests a continued focus on innovative drugs, particularly overseas large pharmaceuticals and small to mid-cap technology revolutions, with an optimistic outlook for 2025 [4][15] - Key investment themes include innovative drugs, new technologies like brain-computer interfaces and AI in medicine, and internationalization of research instruments and equipment [4][15][16] 4. Strategic Allocation - The report outlines specific companies to focus on within the innovative drug sector, including major players like Innovent Biologics and BeiGene, as well as smaller firms involved in gene therapy and weight loss drugs [16][17] - It also highlights opportunities in new technologies and internationalization, suggesting a diversified approach to investment within the pharmaceutical sector [16][18]

Group 1 - The A-share innovative drug sector experienced a strong rebound, with the Biopharmaceutical ETF (159839) rising by 4.17% and a trading volume exceeding 44 million yuan [1] - The Biopharmaceutical ETF (159839) has seen a net inflow of over 15 million yuan for two consecutive days [1] - Several innovative drug companies reported significant stock price increases, with notable gains including 9.99% for Zhaoyan New Drug and 7.53% for Changchun High-tech [2] Group 2 - The pharmaceutical industry is experiencing structural differentiation, with a 0.7% decline in revenue and a 1.5% increase in net profit for listed companies in the first half of 2025 [3] - Leading innovative drug companies are achieving profitability, driven by strong sales of key products such as Zebutinib and Furmetinib [3] - The innovative drug sector is expected to benefit from improved policies and a downward trend in global central bank interest rates, which may enhance long-term valuations [4] Group 3 - The CXO industry is entering a recovery phase, with a resurgence in overseas demand expected by the end of 2023, leading to a recovery in domestic head companies' orders in 2024 [5] - The domestic innovative drug assets are progressing into late clinical stages, with increasing validation of clinical data and a clear trend towards internationalization [5]

Core Viewpoint - The medical services sector experienced a significant increase of 3.79% on September 5, with Zhaoyan New Drug leading the gains [1] Market Performance - The Shanghai Composite Index closed at 3812.51, up 1.24% - The Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Zhaoyan New Drug (603127) closed at 34.01, up 9.99% with a trading volume of 578,000 shares and a transaction value of 1.905 billion yuan - Tiger Medical (300347) closed at 66.58, up 6.66% with a trading volume of 146,300 shares and a transaction value of 950 million yuan - Kailaiying (002821) closed at 108.27, up 6.44% with a trading volume of 114,500 shares and a transaction value of 1.213 billion yuan - Posens (301257) closed at 49.20, up 5.81% with a trading volume of 84,700 shares and a transaction value of 407 million yuan - Kanglong Chemical (300759) closed at 31.30, up 5.56% with a trading volume of 615,400 shares and a transaction value of 1.887 billion yuan - WuXi AppTec (603259) closed at 107.40, up 5.36% with a trading volume of 802,300 shares and a transaction value of 8.39 billion yuan - Jiuzhou Pharmaceutical (603456) closed at 19.15, up 5.22% with a trading volume of 441,000 shares and a transaction value of 827 million yuan - ST Biological (000504) closed at 9.68, up 4.99% with a trading volume of 49,800 shares and a transaction value of 4.749 million yuan - Nossger (301333) closed at 58.02, up 4.94% with a trading volume of 56,100 shares and a transaction value of 32.2 million yuan - Boteng Co., Ltd. (300363) closed at 25.90, up 4.73% with a trading volume of 396,800 shares and a transaction value of 1.011 billion yuan [1] Capital Flow - The medical services sector saw a net inflow of 423 million yuan from institutional investors, while retail investors experienced a net outflow of 58.5864 million yuan [1]

Group 1 - The CRO (Contract Research Organization) concept stocks in the A-share market have shown strong performance, with notable gains in several companies [1] - Zhaoyan New Drug approached the daily limit increase with a rise of 9.12%, while other companies like Kailaiying, Nossger, and Kanglong Chemical also saw increases exceeding 5% [1][2] - The total market capitalization of Zhaoyan New Drug is 25.3 billion, and it has achieved a year-to-date increase of 103.06% [2] Group 2 - Kailaiying's stock rose by 5.48%, with a total market capitalization of 38.7 billion and a year-to-date increase of 42.84% [2] - Nossger and Kanglong Chemical experienced increases of 5.44% and 5.19%, respectively, with market capitalizations of 5.631 billion and 55.5 billion [2] - Other companies such as Sunshine Nuohuo and Boteng also reported gains of over 5%, with year-to-date increases of 109.05% and 64.55% respectively [2]

Group 1 - JPMorgan Chase & Co. increased its stake in Tiger Medical (03347.HK) by purchasing 343,700 shares at an average price of HKD 46.9778 per share, totaling approximately HKD 16.1463 million [1] - Following the purchase, JPMorgan's total holdings in Tiger Medical rose to 8,883,208 shares, increasing its ownership percentage from 6.93% to 7.21% [1] Group 2 - CCB International raised its target price for Tiger Medical to HKD 51 while maintaining a "Buy" rating [2]