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 截至月份: 2025年8月31日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 杭州泰格醫藥科技股份有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300347 | 說明 | | 於深圳證券交易所上市 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 737,901,250 RMB | | 1 | RMB | | 737,901,250 | | 增加 / 減少 (-) | | | | 0 | | RMB | | | 0 | | 本月底結存 | | | | 737,901,250 RMB | | ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - ETFs are becoming a "super hub" connecting the market and investors, and their development is a major trend. Analyzing the penetration of ETF holdings and trading helps understand the interaction between ETFs and corresponding stocks [1]. - The impact of ETFs on the equity market can be divided into four quadrants based on ETF持仓占比 and ETF成交占比, which reflect the holding and trading influence of ETFs on stocks respectively [2][10]. - ETFs show strong configuration and trading willingness in traditional industries such as banking, coal, and non - bank finance. Market preference may be shifting towards low - valuation, high - dividend sectors [2][3]. Summary by Relevant Catalogs I. ETF's Influence Mechanism on the Equity Market - The influence of ETFs on the equity market is divided into four scenarios according to the low/high of ETF持仓占比 and ETF成交占比: weak influence, stable ballast, high - active trader, and strong influence [2]. II. Industry Perspective - ETFs are actively traded and have a high持仓占比 in traditional industries like banking, coal, and non - bank finance. In August, the banking sector had a 20.55%成交占比 and 10.48%持仓占比; the coal sector had a 16.81%成交占比 and 11.11%持仓占比; the non - bank finance sector had an 11.60%成交占比 and 11.76%持仓占比 [2]. - From July to August, the trading activity and持仓占比 of ETFs in cyclical industries such as coal, banking, and petroleum and petrochemicals increased significantly, while those in technology - growth sectors like electronics and computers decreased, possibly due to market style switching [3]. III. Individual Stock Perspective - Among the top 30 stocks in terms of ETF持仓, ETFs have a high degree of pricing power as the ETF持仓占 their free - float market value exceeds 10%, and stock price fluctuations are highly correlated with ETF redemptions and position adjustments [11]. - The stocks with high ETF持仓 are concentrated in industries, mainly in the semiconductor industry chain, followed by the pharmaceutical and biological industry, and also include some new energy, artificial intelligence, and software stocks [12]. - The market capitalization of stocks heavily held by ETFs varies widely, covering large - cap giants and medium - sized growth companies. These stocks are mostly leading companies in niche industries and are favored by ETFs, especially those from the Science and Technology Innovation Board [13].

Group 1 - Pharmaceutical stocks continue to rise, with notable increases in companies such as BeiGene (up 7.87%), Clover Biopharma (up 6.03%), and Tigermed (up 5.03%) [1] - BlackRock increased its stake in 3SBio by acquiring approximately 47.6 million shares at a price of HKD 30.1096 per share, totaling around HKD 14.33 billion, raising its ownership to 5.1% [1] - The overall performance of Hong Kong pharmaceutical companies in the first half of the year has been robust, with companies like Hengrui Medicine and Hansoh Pharmaceutical reporting record high revenues and profits [1] Group 2 - The pharmaceutical sector has shown strong stock performance in the first half of the year, driven by continuous business development (BD) overseas, excellent clinical data, and supportive policies [2] - The innovative drug sector is experiencing rapid sales growth, with several key products being approved and included in medical insurance, leading to increased domestic sales [2] - Companies like BeiGene and Hutchison China MediTech have successfully commercialized their products overseas, contributing significantly to revenue growth [2]

Core Viewpoint - UBS reaffirms "Buy" rating for Tigermed (300347) with a target price increase from HKD 49.1 to HKD 56.3 [1] Financial Performance - Tigermed's Q2 revenue decreased by 0.7% year-on-year, a slight improvement from a 5.8% decline in Q1, with a quarter-on-quarter growth of 7.8% to RMB 1.69 billion, below market expectations of RMB 1.78 billion and UBS's estimate of RMB 1.85 billion [1] - Net profit fell by 15.5% year-on-year, improving from a 29.6% decline in Q1, totaling RMB 218 million, significantly lower than market forecasts of RMB 309 million and UBS's estimate of RMB 318 million, primarily due to revenue and margin declines [1] Forecast Adjustments - Due to underperformance in H1 2025, UBS has revised down its revenue and margin forecasts for Tigermed for 2025-2027, with earnings per share estimates reduced by 9.0%, 4.3%, and 0.1% respectively [1]

Core Viewpoint - UBS maintains a "Buy" rating for Tigermed (03347) and raises the target price from HKD 49.1 to HKD 56.3 [1] Financial Performance - Tigermed's Q2 revenue decreased by 0.7% year-on-year, a slight improvement from a 5.8% decline in Q1, with a quarter-on-quarter growth of 7.8% to RMB 1.69 billion, which is below market expectations of RMB 1.78 billion and UBS's estimate of RMB 1.85 billion [1] - Net profit fell by 15.5% year-on-year, improving from a 29.6% decline in Q1, totaling RMB 218 million, significantly lower than market forecasts of RMB 309 million and UBS's estimate of RMB 318 million, primarily due to declines in revenue and profit margins [1] Earnings Forecast Adjustment - Due to underperformance in the first half of 2025, UBS has revised down its revenue and profit margin forecasts for Tigermed for the years 2025-2027, with earnings per share estimates reduced by 9.0%, 4.3%, and 0.1% respectively [1]

Core Viewpoint - Citigroup released a report indicating that Tiger Medical (03347) experienced a 0.7% year-on-year decline in revenue for the second quarter, amounting to 1.7 billion RMB, while new orders from July to August maintained double-digit growth, aligning with the company's annual order target [1] Revenue and Earnings Forecast - The bank has revised down its revenue forecasts for Tiger Medical for this year, next year, and 2027 by 6% [1] - The earnings forecast has also been reduced by 5% to 12% [1] Target Price Adjustment - The target price for Tiger Medical has been lowered from 62.6 HKD to 58.9 HKD [1] - The rating remains "Outperform" [1]

Core Viewpoint - Citigroup released a report indicating that Tigermed (300347)(03347) experienced a 0.7% year-on-year decline in revenue for the second quarter, amounting to 1.7 billion RMB, while new orders from the second quarter and July to August maintained double-digit growth, aligning with the group's annual order target [1] Summary by Category Revenue and Orders - Tigermed's second quarter revenue decreased by 0.7% to 1.7 billion RMB [1] - New orders in the second quarter and from July to August showed double-digit growth, consistent with the company's annual order goals [1] Forecast Adjustments - Citigroup has lowered Tigermed's revenue forecasts for this year, next year, and 2027 by 6% [1] - The profit forecast has been reduced by 5% to 12% [1] Target Price and Rating - The target price for Tigermed has been adjusted from 62.6 HKD to 58.9 HKD [1] - Citigroup maintains a "Outperform" rating for the stock [1]

Group 1 - The core viewpoint of the report indicates that Tiger Med's Q2 total revenue increased by 7.8% quarter-on-quarter to 1.686 billion RMB, while gross profit rose by 8.2% to 508 million RMB, with a gross margin of 30.1%, up by 0.1 percentage points quarter-on-quarter [1] - The net loss for Tiger Med was reported at 129 million RMB [1] - Bank of America has adjusted its revenue forecasts for Tiger Med for 2025 to 2027 down by 10% and raised the target price from 40.6 HKD to 56 HKD, maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the report indicates that Tiger Medical (03347) experienced a quarter-on-quarter revenue increase of 7.8% to 1.686 billion RMB in Q2 [1] - The total gross profit rose by 8.2% quarter-on-quarter to 508 million RMB, with a gross margin increase of 0.1 percentage points to 30.1% [1] - The net loss for the company was reported at 129 million RMB [1] Group 2 - Bank of America Securities has adjusted its revenue forecasts for Tiger Medical for the years 2025 to 2027 down by 10% [1] - The target price for Tiger Medical has been raised from 40.6 HKD to 56 HKD, while maintaining a "Buy" rating [1]

Group 1 - The medical sector is active, with the largest medical ETF (512170) reaching a peak price of 0.395 yuan, just 1 cent below the high of 0.396 yuan from September 24 of the previous year [1] - The ETF has seen a trading volume exceeding 720 million yuan, with a premium rate of 0.33% [1][3] - Key stocks in the ETF, including Huatai Medical, United Imaging, and WuXi AppTec, have shown significant gains, with increases of over 6%, 5%, and 4% respectively [2][3] Group 2 - The medical ETF (512170) passively tracks the CSI Medical Index, which has a current PE valuation of 36 times, still below 60% of the time over the past decade [3] - The recent China Medical Device Supervision International Conference emphasized support for high-end medical device innovation, with 52 innovative products approved this year [3] - The biopharmaceutical sector has shown marginal improvement in mid-year performance, with a 2% year-on-year increase in net profit for Q2 2025 [3]