Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Tiger Med (03347.HK) by purchasing 573,100 shares at an average price of HKD 42.0922 per share, totaling approximately HKD 24.123 million [1] - After the purchase, E Fund's total shareholding in Tiger Med reached 10,360,100 shares, raising its ownership percentage from 7.95% to 8.41% [1][2]

智通财经APP获悉，香港联交所最新数据显示，10月13日，易方达基金管理有限公司增持泰格医药 (03347)57.31万股，每股作价42.0922港元，总金额约为2412.3万港元。增持后最新持股数目为1036.01万 股，持股比例为8.41%。 ...

香港联交所最新数据显示，10月13日，易方达基金管理有限公司增持泰格医药（300347）(03347)57.31 万股，每股作价42.0922港元，总金额约为2412.3万港元。增持后最新持股数目为1036.01万股，持股比 例为8.41%。 ...

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。 董事長 葉小平 HANGZHOU TIGERMED CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 承董事會命 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） 董事會會議召開日期 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於2025年10月28日（星 期 二）舉 行，藉 以（其 中 包 括） 審議及批准本公司及其附屬公司截至2025年9月30日止九個月的第三季 度 報 告 及╱或 其 他 議 題（如 適 用）。 香 港，2025年10月16日 於 本 公 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 ...

格隆汇10月16日丨泰格医药(03347.HK)宣布，董事会会议将于2025年10月28日（星期二）举行，藉以 （其中包括）审议及批准本公司及其附属公司截至2025年9月30日止九个月的第三季度报告及╱或其他 议题（如适用）。 ...

（於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 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。 HANGZHOU TIGERMED CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於2025年10月28日（星 期 二）舉 行，藉 以（其 中 包 括） 審議及批准本公司及其附屬公司截至2025年9月30日止九個月的第三季 度 報 告 及╱或 其 他 議 題（如 適 用）。 承董事會命 杭州泰格醫藥科技股份有限公司 董事長 （股 份 代 號：3347） 董事會會議召開日期 葉小平 香 港，2025年10月16日 於 本 公 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 ...

Core Insights - On October 15, Tiger Med saw a 2.51% increase in stock price with a trading volume of 466 million yuan, while the net financing buy was negative at 336.68 million yuan [1] - The company reported a revenue of 3.25 billion yuan for the first half of 2025, a year-on-year decrease of 3.21%, and a net profit of 383 million yuan, down 22.22% year-on-year [2] Financing and Margin Trading - On October 15, Tiger Med had a financing buy of 36.32 million yuan and a financing repayment of 39.69 million yuan, resulting in a total financing balance of 7.54 billion yuan [1] - The current financing balance of 7.51 billion yuan accounts for 1.85% of the market capitalization, which is below the 50th percentile level over the past year, indicating a low position [1] Short Selling - On October 15, Tiger Med repaid 4,900 shares in short selling and sold 2,300 shares, with a selling amount of 126,700 yuan based on the closing price [1] - The short selling balance stands at 375.09 million yuan, which is above the 80th percentile level over the past year, indicating a high position [1] Shareholder Information - As of June 30, 2025, Tiger Med had 51,500 shareholders, a decrease of 4.14% from the previous period [2] - The top ten circulating shareholders include notable funds, with changes in their holdings indicating varying levels of investment interest [3]

Core Points - The Bioeconomy Index (970038) closed at 2319.65 points, up 1.32%, with a trading volume of 23.929 billion yuan and a turnover rate of 1.64% [1] - Among the index constituents, 39 stocks rose while 11 fell, with Boteng Co., Ltd. leading the gainers at 6.85% and Dabo Medical leading the decliners at 2.94% [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 230.50, and a market cap of 279.468 billion yuan [1] - Changchun High-tech (sz000661) with a weight of 5.41%, latest price at 127.16, and a market cap of 51.873 billion yuan [1] - Kanglong Chemical (sz300759) with a weight of 4.66%, latest price at 31.35, and a market cap of 55.746 billion yuan [1] - Other notable constituents include Taige Pharmaceutical, Deep Technology, and Muyuan Foods, each with varying weights and market caps [1] Capital Flow Analysis - The Bioeconomy Index constituents experienced a net inflow of 265 million yuan from institutional investors, while retail investors saw a net outflow of 72.932 million yuan [3] - Key stocks with significant capital flow include: - Mindray Medical with a net inflow of 79.5868 million yuan from institutional investors [3] - Xintai (002294) with a net inflow of 66.974 million yuan, but a net outflow of 87.6434 million yuan from retail investors [3] - Changchun High-tech also saw a net inflow of 66.9424 million yuan from institutional investors, with a notable outflow from retail investors [3]

Summary of Tigermed (3347.HK) Conference Call Company Overview - **Company**: Tigermed (3347.HK) - **Market Cap**: HK$36.9 billion / $4.7 billion - **Enterprise Value**: HK$40.4 billion / $5.2 billion - **Current Price**: HK$42.70 - **12-Month Price Target**: HK$62.10 (45.4% upside) for H shares; Rmb77.10 (41.9% upside) for A shares [1][6][19] Core Industry Insights - **Industry**: Clinical Contract Research Organization (CRO) in China - **Market Recovery**: Expected inflection point in late 2025 into 2026, driven by increased funding and demand for CRO services [2][20] - **Funding Growth**: Upfront payments from licensing deals reached US$4.6 billion YTD 2025, up 84% year-over-year; total funding via IPOs/FOs at US$13.0 billion, up 517% year-over-year [2][29][30] - **CRO Market Growth**: Anticipated 13% CAGR for the domestic market from 2025 to 2027, with a rising outsourcing rate expected to reach 44% in 2025 [2][22] Financial Performance and Projections - **Earnings Growth**: Tigermed expected to deliver a core earnings CAGR of 37% from 2025 to 2028, with mid-teen revenue growth anticipated [3][46] - **Revenue Estimates**: Projected revenues of Rmb6,747.3 million in 2025, Rmb7,732.5 million in 2026, and Rmb8,907.1 million in 2027 [6][17] - **EPS Growth**: EPS expected to grow from Rmb0.47 in 2024 to Rmb1.84 in 2027, reflecting a significant recovery from previous declines [12][17] Strategic Positioning - **Market Leadership**: Tigermed holds a 13% market share in the Chinese CRO sector, having supported 60% of Class I innovative drugs listed in China [39][45] - **Global Expansion**: The company is enhancing its international presence, particularly in the US, Australia, and Europe, to support both domestic and international clients [43] - **Service Capabilities**: Tigermed's comprehensive R&D service capabilities position it well to capture the anticipated recovery in demand from biotech and pharma clients [43] Risks and Challenges - **Market Risks**: Potential geopolitical and regulatory challenges, slower-than-expected demand recovery, and ongoing pressure from impairment [19] - **Pricing Dynamics**: Pricing stabilized after a significant drop in 2023-2024, but true margin comparability will not be evident until late 2026 [35] Additional Insights - **Order Intake**: New order intake showing signs of recovery, with a mid-teen percentage increase reported in early 2025 [21][46] - **Book-to-Bill Ratio**: Expected to recover to 1.5x in 2025 from 1.1x/1.3x in 2023/2024, indicating a positive outlook for future revenue growth [50][52] - **Consolidation Potential**: The CRO market in China is fragmented, suggesting opportunities for consolidation as firms pursue licensing and business development deals [39][40] This summary encapsulates the key points from the conference call regarding Tigermed's current position, industry dynamics, financial outlook, and strategic initiatives.

Group 1 - Goldman Sachs upgraded the rating of Tiger Medical A-shares (300347.SZ) from "Neutral" to "Buy" and raised the target price from 62.1 RMB to 77.1 RMB [1] - The firm initiated coverage on Tiger Medical H-shares (03347) with a "Buy" rating and a target price of 62.1 HKD, indicating that the stock has lagged behind the domestic healthcare sector, presenting an attractive entry point [1] - The expectation of accelerated new order growth in Q4 this year, along with improved earnings visibility from 2026 to 2028, is anticipated to drive the stock price [1] Group 2 - The industry is expected to reach a turning point, with a recovery anticipated from late 2025 to 2026, driven by strong fundraising rebounds and increased upfront payments from authorized collaborations [1] - Price stabilization is expected by the end of 2024, followed by a continuous increase [1] - The firm forecasts a compound annual growth rate of 37% for core earnings from 2025 to 2028, supported by strong new order momentum and revenue growth in the mid-teens (approximately 13% to 17%) [1] Group 3 - The leadership position of the group in the domestic market and ongoing global expansion is reflected in the earnings projections [1] - Earnings per share forecasts for 2026 and 2027 have been raised by 9% and 13%, respectively [1] - The EBIT profit margin is expected to increase by 180, 150, and 190 basis points for 2026 to 2028, driven by reduced impairment losses, improved operational leverage, and enhanced cost control [1]