Core Viewpoint - The medical innovation sector is experiencing a structural recovery, with significant inflows into the Medical Innovation ETF and positive performance from key companies in the sector [1][2]. Group 1: Market Performance - On October 29, the Medical Innovation ETF (516820.SH) fell by 1.28%, with component stocks showing mixed results; Chuaning Biological (301301) led gains at 5.12%, while Ailis (688578) saw the largest decline at 5.13% [1]. - The Medical Innovation ETF has seen continuous net inflows over the past five days, with a peak single-day net inflow of 38.68 million yuan, totaling 66.42 million yuan and an average daily net inflow of 13.28 million yuan [1]. Group 2: Industry Trends - The pharmaceutical sector has undergone a prolonged valuation adjustment, but a significant structural recovery trend has emerged recently, supported by policies promoting commercial insurance development [1]. - The investment and financing landscape in the pharmaceutical sector is expected to recover, driven by a rebound in the secondary market, with continued positive sentiment in the CXO and upstream segments [1]. - Recent quarterly reports from several CXO companies, including WuXi AppTec, Tigermed, and others, indicate a positive outlook for the industry [1]. Group 3: Future Outlook - The CXO sector continues to show strong performance, with companies like WuXi AppTec and Boteng surpassing expectations in their quarterly results [2]. - The innovative drug sector is on a long-term upward trend, with opportunities arising from both domestic revenue growth and international expansion [2]. - The expectation of interest rate cuts in the U.S. is likely to enhance global liquidity and support the trend in technology stocks, providing an opportunity for investors to capitalize on the rebound in core pharmaceutical assets through the Medical Innovation ETF [2].

Summary of Tigermed (3347.HK) Earnings Review and Industry Insights Company Overview - **Company**: Tigermed (3347.HK) - **Market Cap**: HK$37.3 billion / $4.8 billion - **Industry**: Clinical Research Organization (CRO) in China - **12-Month Price Target**: HK$62.10 for H-shares, Rmb77.10 for A-shares - **Current Price**: HK$43.12 for H-shares, Rmb53.54 for A-shares - **Upside Potential**: 44.0% for both share classes [1][1] Financial Performance - **3Q25 Revenue**: Rmb1.78 billion, up 3.9% year-over-year (y/y) and 5.3% quarter-over-quarter (q/q), exceeding Goldman Sachs' estimate of Rmb1.71 billion [1][1] - **Recurring Earnings**: Rmb115 million, slightly below the estimate of Rmb138 million, with an operating margin of 9.6% compared to the expected 10.9% [1][1] - **Net Profit**: Rmb637 million, a significant increase of 98.7% y/y, driven by investment income of Rmb207 million and fair value gains of Rmb413 million [1][1] - **Cash from Operations**: Rmb330 million in 3Q25, up from Rmb198 million in 1Q25 and Rmb210 million in 2Q25 [2][2] Industry Insights - **Growth Opportunities**: Management emphasized the structural growth potential in China's clinical CRO sector, aligning with global R&D standards. Increased business development (BD) activity and financing are expected to drive domestic clinical demand [2][2] - **New Orders**: As of September, net new orders grew at a mid-teens rate, totaling Rmb7 billion, with a notable increase in contributions from multinational corporations (MNCs) and domestic pharmaceutical clients [3][3] - **Clinical Trial Solutions (CTS)**: Revenue declined by 3% in 3Q, but gross margin remained soft at 23%. The decline was attributed to limited backlogs in domestic innovative drug projects and low new contract pricing [19][19] - **Clinical-Related Consulting Services (CRLS)**: Revenue rose 10% in 3Q, with gross margin at 31%. Strong order momentum from MNCs supported growth, although margins were diluted by increased overseas operations [20][20] Future Outlook - **Earnings Visibility**: The company is expected to benefit from accelerating new order intake in 4Q25 and improving earnings visibility for 2026-28, which is anticipated to drive share price momentum [1][1] - **Market Risks**: Potential risks include geopolitical tensions, continuing order impairments, and slower-than-expected global expansion [21][21] Key Financial Ratios and Estimates - **P/E Ratio**: Expected to decrease from 62.3 in 2024 to 21.7 by 2027 [11][11] - **EPS Growth**: Projected to increase significantly in 2025 by 239.6% [11][11] - **Dividend Yield**: Expected to rise from 1.0% in 2025 to 1.4% by 2027 [11][11] Conclusion Tigermed is positioned to capitalize on the recovery in the clinical CRO sector, with strong financial performance in 3Q25 and a positive outlook for new orders and earnings growth. The company remains a buy recommendation based on its growth potential and market positioning.

Core Insights - Tiger Med (300347.SZ) reported its Q3 2025 results, revealing that 67 institutional investors hold a total of 154 million shares, representing 17.91% of the company's total equity [1] - The top ten institutional investors collectively own 16.02% of the shares, with a 0.35 percentage point increase from the previous quarter [1] Institutional Holdings - In the public fund sector, 22 funds increased their holdings, with a total increase of 0.52%, including notable funds like Nuode Pioneer Mixed A and China Europe Medical Health Mixed A [2] - Conversely, 32 public funds reduced their holdings, with a total decrease of 1.12%, including funds such as Huabao CSI Medical ETF and E Fund ChiNext ETF [2] - There were 7 new public funds disclosed this period, while 598 funds were not disclosed compared to the previous quarter [2] Social Security Fund and Foreign Investment - One new social security fund disclosed its holdings in Tiger Med, specifically the National Social Security Fund 601 Combination, while one fund was not disclosed [2] - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 2.91% [2]

Summary of the Conference Call for Tigermed (2025 Q3) Industry Overview - The Chinese biopharmaceutical R&D capability has reached a global leading position, aligning closely with developed markets in Europe and the U.S. [2][3] - Innovative drug assets are becoming core pricing assets globally, although current prices in China remain lower than in developed markets, with expectations for this gap to narrow in the future [2][5] - Emerging market opportunities exist in areas such as weight loss drugs, immuno-oncology 2.0, and small nucleic acids [2][6] - The trend of industry consolidation continues, with leading companies focusing on core areas, as evidenced by a global CICDMO leader selling its clinical CRO and SMO businesses [2][7] Company Performance - In the first three quarters of 2025, Tigermed benefited from active BD and Novo acquisition transactions, with improved capital market liquidity and an optimized exit mechanism for China's innovative drug primary market [2][9] - Tigermed signed new orders totaling nearly 7 billion RMB, with service fees increasing over 20% year-on-year after excluding certain laboratory service orders [2][11] - The proportion of orders from multinational and large domestic pharmaceutical companies has significantly increased, with early clinical trial projects also seeing a rise [2][11] Financial Highlights - Tigermed's revenue for the first three quarters was 5.026 billion RMB, a slight decrease of 0.8% year-on-year, with Q3 revenue at 1.775 billion RMB, up 3.9% [4][13] - Operating cash flow for the first three quarters was 740 million RMB, a 28% increase year-on-year, maintaining strong cash flow for five consecutive quarters [4][12] - The gross profit margin for the first three quarters was 29.2%, down from 38.9% year-on-year, primarily due to impacts from the CTS segment [4][19] Strategic Initiatives - Tigermed is focusing on digitalization and intelligent technology development, launching an AI medical writing platform as part of its strategic initiatives [4][15] - The company plans to continue improving cash flow management and addressing legacy client payment issues [4][12] - Future expectations include a recovery in domestic demand and an increase in overseas clinical trial opportunities, particularly for early evidence generation experiments [4][16] Market Trends and Challenges - The Chinese biopharmaceutical industry is expected to continue integrating into the global R&D system, with significant clinical research opportunities arising from the new cycle [4][24] - Despite challenges from cash flow pressures faced by some clients, the overall market sentiment is positive, with a notable increase in new orders [4][6][24] - The company anticipates a gradual recovery in project pricing and an increase in overseas clinical projects, particularly from multinational clients [4][24] Future Outlook - Tigermed is optimistic about future profit margins, performance, and order growth, driven by the recovery of the innovative drug industry and ongoing digitalization efforts [4][23] - The company plans to expand its workforce cautiously based on order flow and demand, particularly in the clinical operations segment [4][27] - Proactive risk management measures will be implemented to ensure business continuity amid global uncertainties [4][28]

Core Viewpoint - Tiger Med (300347.SZ) reported a slight decrease in revenue for the first three quarters of 2025, while net profit showed significant growth year-on-year [1] Financial Performance - The company's revenue for the first three quarters was 5.026 billion yuan, a year-on-year decrease of 0.82% [1] - Net profit attributable to shareholders was 1.02 billion yuan, reflecting a year-on-year increase of 25.45% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 326 million yuan, a year-on-year decrease of 63.46% [1] - Basic earnings per share were 1.19 yuan [1]

Core Points - The Bioeconomy Index (970038) closed at 2277.51 points, down 0.16%, with a trading volume of 18.883 billion yuan and a turnover rate of 1.2% [1] - Among the index constituents, 23 stocks rose while 27 fell, with Iwubio leading the gainers at 6.71% and Meiya Optoelectronics leading the decliners at 3.02% [1] Index Constituents Summary - The top ten constituents of the Bioeconomy Index include: - Mindray Medical (sz300760) with a weight of 13.81%, latest price at 225.09 yuan, and a market cap of 272.908 billion yuan [1] - Changchun High-tech (sz000661) with a weight of 5.41%, latest price at 116.50 yuan, and a market cap of 47.525 billion yuan [1] - Kanglong Chemical (sz300759) with a weight of 4.66%, latest price at 31.97 yuan, and a market cap of 56.849 billion yuan [1] - Other notable constituents include Shishihistory (sz002252), Table Pharmaceutical (sz300347), and Muyuan Foods (sz002714) [1] Capital Flow Analysis - The Bioeconomy Index constituents experienced a net outflow of 871 million yuan from institutional investors, while retail investors saw a net inflow of 544 million yuan [3] - Key capital flows include: - Iwubio (300357) with a net inflow of 52.9277 million yuan from institutional investors [3] - Dabo Medical (002901) with a net inflow of 31.8434 million yuan from institutional investors [3] - Changchun High-tech (000661) with a net inflow of 27.6452 million yuan from institutional investors [3]

证券代码：300347 证券简称：泰格医药 公告编码（2025）041 号 一、审议并通过《关于公司2025年第三季度报告的议案》。 公司《2025年第三季度报告》真实、准确、完整地反映了公司2025年第三季度的财务 状况和经营成果，不存在虚假记载、误导性陈述和重大遗漏。 公司审计委员会审议通过本议案，并同意提交董事会审议。 报告详见中国证监会指定的创业板信息披露网站同日披露的相关公告。 表决结果：同意7票，反对0票，弃权0票。 杭州泰格医药科技股份有限公司 第五届董事会第十九次会议决议公告 公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者重 大遗漏负连带责任。 杭州泰格医药科技股份有限公司（以下简称"公司"）第五届董事会第十九次会议于2025 年10月28日在杭州市滨江区聚工路19号盛大科技园A座19层会议室举行，本次会议以现场 与通讯表决相结合的方式召开。会议通知已于2025年10月14日以电话、电子邮件方式向全 体董事发出。会议应到董事7人，实到董事7人。本次会议由公司董事长叶小平先生主持。 本次会议的召开及程序符合有关法律、法规和公司章程的要求，会议合法有效。 经与 ...

格隆汇10月28日丨泰格医药(03347.HK)发布公告，2025年前三季度，实现营业收入50.26亿元(人民币， 下同)，同比减少0.82%；归属于上市公司股东的净利润10.20亿元，同比增加25.45%；归属于上市公司 股东的扣除非经常性损益的净利润3.26亿元，同比减少63.46%；基本每股收益1.19元。 ...

杭州泰格医药科技股份有限公司 2025 年第三季度报告 杭州泰格医药科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 杭州泰格医药科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 1,775,423,981.12 | 3.86% | 5,025,868,260.75 | -0.82% ...

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年第三季度報告 本公告根據香港聯合交易所有限公司證券上市規則第13.09(2)條和第13.10B 條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 內 幕 消 息 條 文 作 出。 下 文 為 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」，連 同 其 子 公 司 統 稱 「本集團」）2025年 財 政 年 度 第 三 季 度 報 告。本 公 告 及 隨 附 的 財 務 報 表 最 初 以 中 文 編 製，並 以 中 英 文 版 本 刊 登。如 中 英 文 版 本 有 任 何 歧 ...