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Company Overview - Tiger Med's closing price on May 20 was 45.35 yuan, an increase of 6.76%, with a rolling PE ratio of 116.90 times and a total market value of 39.225 billion yuan [1] - The company ranks 42nd in the medical services industry, which has an average PE ratio of 38.49 times and a median of 39.26 times [1] - As of the first quarter of 2025, 80 institutions held shares in Tiger Med, including 78 funds, 1 social security fund, and 1 other entity, with a total holding of 170.6648 million shares valued at 8.671 billion yuan [1] Business Operations - Tiger Med is a Contract Research Organization (CRO) that provides comprehensive clinical research solutions for global pharmaceutical and medical device innovation companies [1] - The main services offered include clinical operations, clinical pharmacology, regulatory affairs, scientific affairs, medical translation, pharmacovigilance, real-world research, third-party audits and training, data management and statistical analysis, clinical trial site management, subject recruitment, medical imaging, and laboratory services [1] Financial Performance - In the first quarter of 2025, the company reported 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]

Group 1 - The core viewpoint of the article highlights that Tigermed's stock closed at 43.77 yuan, down 1.04%, with a rolling PE ratio of 112.83 times, and a total market capitalization of 37.859 billion yuan [1] - The average PE ratio for the medical services industry is 37.79 times, with a median of 38.85 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 research solutions as a Contract Research Organization (CRO) for new drug development, serving 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]

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 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） 海外監管公告 本 公 告 乃 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 杭州泰格醫藥科技股份有限公司 董事長 葉小平 香 港，2025年5月15日 於 本 公 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 士、吳 灝 先 生 及 聞 增 玉 先 生；獨 立 非 執 行 董 事 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a slight decline in revenue for Q1 2025, with total revenue of 1.564 billion yuan, down 5.79% year-on-year, and a net profit attributable to shareholders of 165 million yuan, down 29.61% year-on-year [6] - New orders are gradually recovering, with a significant increase in new contract amounts, exceeding 2 billion yuan in Q1 2025, representing a 20% year-on-year growth [6] - The gross margin is showing signs of recovery, with Q1 2024 gross margin at approximately 30.03%, an increase of 12.34 percentage points quarter-on-quarter [6] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 71.11 billion, 78.79 billion, and 89.07 billion yuan, reflecting year-on-year growth rates of 7.69%, 10.80%, and 13.05% respectively [6] - The net profit attributable to shareholders is forecasted to be 1.08 billion, 1.26 billion, and 1.48 billion yuan for the years 2025 to 2027, with significant growth rates of 166.69%, 16.78%, and 17.57% respectively [6] Financial Summary - The company has a total share capital of 864.95 million shares and a market price of 44.79 yuan, resulting in a market capitalization of approximately 38.74 billion yuan [4] - The projected earnings per share (EPS) for 2025 is 1.25 yuan, with a price-to-earnings (P/E) ratio of 35.85 [4] - The return on equity (ROE) is expected to improve from 1.96% in 2024 to 6.07% in 2027 [4]

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。 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） 海外監管公告 HANGZHOU TIGERMED CONSULTING CO., LTD. 本 公 告 乃 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 杭州泰格醫藥科技股份有限公司 董事長 葉小平 香 港，2025年5月7日 於 本 公 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 士、吳 灝 先 生 及 聞增玉先生；獨立非執行董事為廖啟宇先生、袁華剛先 ...

Core Viewpoint - Tiger Med's stock closed at 45.95 yuan, up 3.00%, with a rolling PE ratio of 118.45, marking a new low in 20 days, and a total market capitalization of 39.744 billion yuan [1] Company Summary - Tiger Med is a Contract Research Organization (CRO) that provides comprehensive clinical research solutions for global pharmaceutical and medical device innovation companies, focusing on new drug development [1] - The company's main services include clinical operations, clinical pharmacology, regulatory affairs, scientific affairs, medical translation, pharmacovigilance, real-world research, third-party audits and training, data management and statistical analysis, clinical trial site management, subject recruitment, medical imaging, and laboratory services [1] Financial Performance - In the first quarter of 2025, the company reported 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] Industry Summary - The average PE ratio for the medical services industry is 38.66, with a median of 38.36, placing Tiger Med at the 42nd position in the industry ranking [2] - The company has a total of 41,197 shareholders as of August 20, 2020, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1]

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 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） 海外監管公告 本 公 告 乃 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 杭州泰格醫藥科技股份有限公司 董事長 葉小平 香 港，2025年4月30日 於 本 公 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 士、吳 灝 先 生 及 聞增玉先生；獨立非執行董事為廖啟宇先生、袁華剛 ...

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） 海外監管公告 本 公 告 乃 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 杭州泰格醫藥科技股份有限公司 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. 葉小平 香 港，2025年4月30日 於 本 公 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 士、吳 灝 先 生 及 聞增玉先生；獨立非執行董事為廖啟宇先生、袁華剛先生及劉 ...

Summary of the Conference Call for Tigermed (2025 Q1) Company Overview - **Company**: Tigermed - **Industry**: Clinical Research Organization (CRO) Key Points Financial Performance - **Q1 Revenue**: Tigermed reported revenue of 1.56 billion yuan, a 20% increase quarter-on-quarter but a 5.8% decrease year-on-year [4] - **Gross Margin**: Overall gross margin was 30.03%, showing a year-on-year decline but a quarter-on-quarter improvement, primarily affected by the Clinical Trial Services (CTS) segment [2][4] - **Operating Cash Flow**: The company achieved operating cash flow of 198 million yuan, a 37.4% increase year-on-year, with a significant reduction in accounts receivable [5] - **Net New Orders**: New orders exceeded 2 billion yuan, reflecting a 20% year-on-year growth, attributed to strategic adjustments and a recovering domestic market [6] Segment Performance - **CTS Segment**: Revenue for the CTS segment was approximately 730 million yuan, down 12% year-on-year due to a decrease in new orders and a decline in average pricing [11] - **CROS Segment**: The CROS segment showed revenue growth year-on-year, with stable gross margins, indicating resilience despite challenges in the CTS segment [2][4] - **CLS Segment**: The CLS segment generated approximately 840 million yuan in revenue, with stable growth in site management services and laboratory services [12] Strategic Initiatives - **Digitalization and Automation**: Continued investment in digital and intelligent strategies, with stable management expenses despite related costs [7] - **Cost Control**: Focus on managing expenses, particularly in subsidiaries, with a notable emphasis on maintaining stable management costs [9] Market Dynamics - **Domestic Market Recovery**: The recovery of domestic orders is supported by favorable policies for innovative drugs and improved capital market conditions, expected to continue over the next 2-4 quarters [20][21] - **MNC Demand**: Multinational corporations (MNCs) are increasing their clinical research activities in China, with a notable rise in project numbers despite geopolitical uncertainties [16][18] Risks and Challenges - **Order Quality and Pricing**: The quality of new orders is expected to improve, with stable pricing observed in the domestic market, although there are concerns about the sustainability of this trend [6][19] - **Market Competition**: The CRO industry is experiencing a contraction among smaller players, which may lead to increased market share for Tigermed but also presents challenges in maintaining competitive pricing [24] Future Outlook - **Annual Goals**: The company aims for mid-double-digit growth in net new orders and over 1 billion yuan in net operating cash flow for the year [14] - **Investment Opportunities**: Continued exploration of value realization channels for innovative drug assets, with a focus on both domestic and international markets [15] Additional Insights - **Impact of Geopolitics**: Geopolitical uncertainties have had a limited impact on MNCs' R&D activities in China, as these activities are primarily driven by local market demands [18] - **Market Share Growth**: Tigermed's market share has been increasing, reflecting the overall improvement in the supply side of the CRO industry [25]