| 非居民企業 | 對於投資深圳證券交易所本公司A | | | | | --- | --- | --- | --- | --- | | （非中國內地登記地址） | 10% | 股股票的聯交所投資者（包括企業 | | | | 和個人），其股息將由本公司通過 | 中國證券登記結算有限公司深圳分 | | | | | 公司向股票名義持有人賬戶以人民 | 幣派發。本公司按照10%的稅率代 | | | | | 扣所得稅，並將該代扣事宜向主管 | 稅務機關辦理扣繳申報。 | | | | | 非個人居民 | 對於投資深圳證券交易所本公司A | | | | | （非中國內地登記地址） | 10% | 股股票的聯交所投資者（包括企業 | | | | 和個人），其股息將由本公司通過 | 中國證券登記結算有限公司深圳分 | | | | | 公司向股票名義持有人賬戶以人民 | 幣派發。本公司按照10%的稅率代 | | | | | 扣所得稅，並將該代扣事宜向主管 | 稅務機關辦理扣繳申報。 | | | | | 內地個人投資者通過港股通投 | 對於上海證券交易所及深圳證券交 | 20% | 資本公司H股股票 | 易所投資者（包括企業和個人 ...

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） 本 公 司 謹 此 宣 佈，就H股宣派的2024年度末期股息的支付日期將更改為 2025年7月11日。 除 上 述 披 露 者 外，該 公 告 所 載 的 所 有 其 他 資 料 及 內 容 維 持 不 變。 有關A股末期股息分派詳情的公告將於深圳證券交易所網站（http://www.szse.cn） 上 刊 登，以 供 本公司A股 股 東 參 考。 承董事會命 杭州泰格醫藥科技股份有限公司 更 改H股末期股息的 支付日期 茲 提 述 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）日 期 為2025年 ...

Core Viewpoint - The Hong Kong innovative drug sector has recently gained global attention, with the Wind Hong Kong Biotechnology III Index rising over 60% in the past two months, while individual stocks have seen significant gains [1] Group 1: CXO Sector Performance - CXO companies are expected to show a performance turnaround starting in Q1 2025, with a projected revenue growth of 12.2% and a net profit increase of 75.6% [1] - In 2024, the revenue for the CXO sector is expected to decline by 4.9%, with a net profit drop of 25.4%, primarily due to the completion of large COVID-19 orders and a decrease in R&D demand due to a global decline in pharmaceutical investment [1][2] - The construction of new projects in the CXO sector is expected to decrease by 7.7% in 2024, marking the first decline in recent years, while Q1 2025 will see a 7.4% increase in total construction projects compared to 2024 [2][3] Group 2: Institutional Holdings and Market Sentiment - Institutional holdings in CXO have decreased from 60.8% in Q3 2021 to 14.4% in Q1 2024, but have gradually increased to 23.2% by Q1 2025, indicating a shift in market perception towards CXO companies [4] - The increase in holdings is attributed to market recognition of large orders and expectations for future growth in new business areas such as peptide and oligonucleotide CDMO [4] Group 3: Order Growth and Financial Guidance - Major CXO companies have shown strong order growth, with new signed orders for 2024 expected to increase by approximately 20% for companies like Kelaiying and over 20% for Kanglong Huacheng, while WuXi AppTec anticipates a 47% increase in orders [5] - Financial guidance for 2025 indicates continued revenue growth for major CXO firms, with WuXi AppTec projecting a 10%-15% increase in operating income [5] Group 4: Economic and Policy Environment - The expectation of interest rate cuts by the Federal Reserve is increasing, with traders anticipating potential rate cuts before the end of the year, which could positively impact the CXO sector [7] - Recent developments in US-China tariff negotiations have led to a framework agreement, which may alleviate pressures on the CXO sector and facilitate valuation recovery [7] Group 5: Company-Specific Highlights - Tigermed has shown strong new order growth and improved gross margins, with a total of over 2,800 global clients and extensive clinical project experience [8] - Despite a decline in revenue and net profit for 2024, Tigermed's new contract amount increased by 7.3%, indicating a recovery in demand [9][11] - The company is actively enhancing its integrated service capabilities and has implemented targeted measures to improve contract signing success rates, which may lead to significant future order growth [10][11]

Group 1: Company Overview - He Mei Pharmaceutical Co., Ltd. (和美药业) is an innovative biopharmaceutical company established in 2002, focusing on the discovery and development of small molecule drugs for autoimmune diseases and tumors [1][2] - The company has submitted an application for listing on the Hong Kong Stock Exchange, with Guo Zheng International as its exclusive sponsor [1] Group 2: Product Pipeline - He Mei Pharmaceutical has developed seven small molecule drug candidates targeting autoimmune and tumor diseases, with four candidates in Phase II, III clinical trials, or NDA stages [2][8] - The core product, Mufemilast, is a novel small molecule PDE4B inhibitor with potential applications in various autoimmune diseases, including psoriasis and inflammatory bowel disease [3][5] Group 3: Market Potential - The autoimmune disease drug market in China has grown from $2.5 billion in 2019 to $4 billion in 2023, with a compound annual growth rate (CAGR) of 12.5% [5] - The psoriasis drug market in China reached ¥13.9 billion in 2023, with a CAGR of 30.4% from 2019 to 2023, and is expected to grow to ¥89.4 billion by 2032, with a CAGR of 59.1% [5] Group 4: Clinical Development - Mufemilast is the only drug that can be directly used for psoriasis patients with latent tuberculosis infection, with its safety supported by Phase III clinical trials [3][5] - Hemay022, another core product, is a dual-target small molecule inhibitor for advanced breast cancer, currently undergoing a Phase III clinical trial [7] Group 5: Financial Overview - The company reported a pre-tax loss of ¥156.4 million in 2023 and ¥123.4 million in 2024, primarily due to R&D and administrative expenses [12][13] - As of the end of 2024, the company had cash and cash equivalents of ¥150 million, with a net cash outflow from operating activities of ¥141 million in 2023 [11][12]

证券代码：300347 证券简称：泰格医药 公告编码（2025）029 号 杭州泰格医药科技股份有限公司 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。 特别提示： ）于2025年5月30日召开的 ，现将公司A股 权益分派事宜公告如下，H股股东的权益分派实施情况不适用本公告，H股股东的权益分 派安排请参见公司于香港联合交易所有限公司及公司网站发布的相关公告。 有参与利润分配的权利。因此，公司享有利润分配权的股份总额为总股本扣除本公司回 购专用证券账户持有的股份数量。 股份5,883,780股，公司未进行H股股份回购。 】 按照分配比例不变的原则，调整后的2024 年度A股权益分派方案如下：以本公告日A股总股本737,901,250股扣减公司回购专户持有 股份5,883,780股后可参与分配的A股总股数732,017,470股为基数，向全体股东每10股派 发现金股利3.000000元（含税） ，共计派发现金红利219,605,241.00元（含税） 。剩余未分 配利润，结转以后年度分配；公司不以资本公积金向全体股东转增股本。 现金分红总额÷总股本（含公 ...

证券代码：300347 证券简称：泰格医药 公告编码（2025）029 号 杭州泰格医药科技股份有限公司 2024 年度权益分派实施公告 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。 特别提示： 2、根据《公司法》的规定，上市公司通过回购专用证券账户持有的公司股份不享 有参与利润分配的权利。因此，公司享有利润分配权的股份总额为总股本扣除本公司回 购专用证券账户持有的股份数量。【注：截至本公告日，公司回购专用证券账户持有A股 股份5,883,780股，公司未进行H股股份回购。】 按照分配比例不变的原则，调整后的2024 年度A股权益分派方案如下：以本公告日A股总股本737,901,250股扣减公司回购专户持有 股份5,883,780股后可参与分配的A股总股数732,017,470股为基数，向全体股东每10股派 发现金股利3.000000元（含税），共计派发现金红利219,605,241.00元（含税）。剩余未分 配利润，结转以后年度分配；公司不以资本公积金向全体股东转增股本。 3、按照公司A股总股本（含公司回购专户持有的股份）折算的每股现金分红=实际 ...

Core Points - The A-share market showed mixed results with the CSI Medical Index declining by 0.94% to 6591.32 points, with a trading volume of 11.33 billion yuan [1] - Over the past month, the CSI Medical Index has increased by 4.50%, but it has decreased by 4.01% over the last three months, and it has risen by 1.46% year-to-date [1] - The CSI Medical Index includes companies involved in medical devices, medical services, and medical information technology, reflecting the overall performance of the medical sector [1] Index Composition - The top ten weighted companies in the CSI Medical Index are: WuXi AppTec (11.63%), Mindray Medical (9.59%), Aier Eye Hospital (7.62%), United Imaging (7.21%), Aimeike (3.41%), Tigermed (3.39%), CR Medical (3.23%), New Industry (3.23%), Huatai Medical (3.0%), and Yuyue Medical (2.91%) [1] - The market composition of the CSI Medical Index shows that 58.60% of the holdings are from the Shenzhen Stock Exchange, while 41.40% are from the Shanghai Stock Exchange [1] - In terms of industry composition, 97.55% of the holdings are in the medical and health sector, 2.18% in information technology, and 0.27% in consumer goods [1] Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made under special circumstances [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to the calculation and maintenance guidelines [2]

Core Insights - The CXO industry appears to have emerged from a downturn in 2025, with notable profit growth among key players such as WuXi AppTec (89.06%), Hangzhou Tigermed Consulting (32.54%), and Kelun Pharmaceutical (15.83%) [2] - However, Tigermed stands out as the only major player in the CXO sector experiencing a decline, with a 29.61% year-on-year drop in Q1 2025 following a 79.99% decline in 2024 [2][3] Financial Performance - In Q1 2025, Tigermed reported revenue of 1.564 billion yuan, a decrease of 5.79% year-on-year, and a net profit of 165 million yuan, down 29.61% [3] - The gross margin fell from 37.83% in Q1 2024 to 30.03% in Q1 2025, indicating significant challenges in profitability [3] - For the full year 2024, Tigermed's revenue was 6.603 billion yuan, a decline of 10.58%, with net profit plummeting to 405 million yuan, a drop of 79.99% [4][7] Profitability Metrics - Tigermed's profitability has sharply declined, with gross margin decreasing from 47.43% in 2020 to 33.95% in 2024, and further to 30.03% in Q1 2025 [5] - The net profit margin also fell from 63.56% in 2020 to 6.78% in 2024, highlighting a severe reduction in profitability [5] Market Dynamics - The decline in Tigermed's performance is attributed to increased competition and a reduction in financing for innovative drug companies, which impacts order volumes [8][9] - In 2024, the domestic innovative drug financing dropped to approximately 4.2 billion USD, a nearly 20% decrease, affecting cash flow for many companies [9] Strategic Positioning - Tigermed operates as both a CRO service provider and an investment entity, which has created challenges during industry downturns [10] - As of the end of 2024, Tigermed held non-current financial assets worth 10.1 billion yuan, including equity investments in several medical companies [10] - The company reported a significant loss of 502 million yuan in fair value changes in 2024, which heavily impacted its net profit [10] Contractual Developments - Despite the challenges, Tigermed secured new contracts worth 10.12 billion yuan in 2024, with a net increase of 8.42 billion yuan after cancellations, indicating some resilience [10] - In Q1 2025, the net new contract amount exceeded 2 billion yuan, reflecting a 20% year-on-year growth, primarily driven by demand from multinational pharmaceutical companies [11] Expansion Efforts - Tigermed has also completed the acquisition of Japanese CRO Medical Edge to accelerate its overseas expansion [12] - The effectiveness of these measures in mitigating the impact of investment volatility remains uncertain [12]

Group 1 - The core viewpoint of the articles highlights that Tigermed's stock closed at 51.61 yuan, down 2.35%, with a rolling PE ratio of 132.44 times, and a total market capitalization of 44.438 billion yuan [1] - The average PE ratio for the medical services industry is 40.82 times, with a median of 45.93 times, placing Tigermed at the 42nd position in the industry ranking [1] - As of the first quarter of 2025, 80 institutions hold shares in Tigermed, including 78 funds, 1 social security fund, and 1 other entity, with a total shareholding of 170.6648 million shares valued at 8.671 billion yuan [1] Group 2 - Tigermed's main business is providing comprehensive clinical trial services as a Contract Research Organization (CRO) for new drug development, offering solutions for global pharmaceutical and medical device innovation companies [1] - The latest financial results for the first quarter of 2025 show that the company achieved operating revenue of 1.564 billion yuan, a year-on-year decrease of 5.79%, and a net profit of 165 million yuan, down 29.61% year-on-year, with a gross profit margin of 30.03% [1] - The PE ratios for Tigermed compared to industry averages indicate a significant premium, with the industry average PE at 40.82 times and Tigermed's PE at 132.44 times, suggesting potential overvaluation [2]

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5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6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 | | | 741,823,770 | RMB | | 1 RMB | | 741,823,770 | | 增加 / 減少 (-) | | | -3,922,520 | | | RMB | | -3,922,520 | | 本月底結存 | | | 737,901,250 | RMB | | 1 RMB | | 737,901,250 | ...