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 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 | | 1 RMB | | | 737,901,250 | ...

Core Viewpoint - The report from Zhongyin International indicates that Tigermed (300347)(03347) is facing challenges in the domestic biotechnology industry due to weak demand and financing constraints, impacting project quantity and pricing [1] Group 1: Company Performance - Tigermed's profitability has contracted, but expansion in overseas business is helping to mitigate some of the impacts [1] - The outlook suggests that a recovery in domestic financing and new overseas orders may support gradual performance improvement, although the timing remains uncertain [1] Group 2: Investment Rating - The stock is maintained with a "Buy" rating, and the target price has been raised from HKD 40 to HKD 51 [1]

Core Viewpoint - The report from Zhongyin International indicates that Tiger Medical (03347) is facing ongoing challenges in the domestic biotechnology industry, with weak demand and financing restrictions impacting project quantity and pricing [1] Company Performance - The half-year performance of Tiger Medical reflects a contraction in profitability due to the aforementioned challenges [1] - However, the expansion of overseas business is helping to mitigate some of the impacts [1] Future Outlook - Looking ahead, a recovery in domestic financing and new overseas orders may support gradual improvement in performance, although the timing remains uncertain [1] - The stock rating is maintained at "Buy," with the target price increased from HKD 40 to HKD 51 [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 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 | | ...

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]