Core Viewpoint - The stock of Tigermed Pharmaceutical has experienced fluctuations, with a recent decline of 2.02% and a total market capitalization of 50.94 billion yuan, reflecting mixed investor sentiment and market performance [1]. Company Overview - Tigermed Pharmaceutical, established on December 15, 2004, and listed on August 17, 2012, is based in Hangzhou, Zhejiang Province. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products [1]. - The main business segments include clinical trial services (52.60% of revenue), clinical trial technical services (45.21%), and other services (2.19%) [1]. Financial Performance - For the period from January to September 2025, Tigermed reported a revenue of 5.026 billion yuan, a year-on-year decrease of 0.82%. However, the net profit attributable to shareholders increased by 25.45% to 1.020 billion yuan [2]. - The company has distributed a total of 2.458 billion yuan in dividends since its A-share listing, with 1.154 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 6.01% to 48,400. The average circulating shares per person remained unchanged at 0 [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 25.10 million shares, and other notable funds such as China Europe Medical Health Mixed A and Huabao CSI Medical ETF [3].

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10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11月3日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03347 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 123,124,800 | RMB | | 1 RMB | | 123,124,800 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 123,124,800 | RMB | | 1 RMB | | 123,124,800 | 本月底法定/註冊股本總額： RMB 861,026,05 ...

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10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11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 ...

Summary of Hangzhou Tigermed Consulting Conference Call Company Overview - **Company**: Hangzhou Tigermed Consulting (300347.SZ) - **Industry**: China Healthcare - **Market Capitalization**: Rmb46,720 million - **Current Stock Price**: Rmb53.54 - **Price Target**: Rmb93.10, indicating a potential upside of 74% [7][10] Key Financial Highlights - **3Q25 Revenue**: Rmb1,775 million, up 3.9% YoY - **3Q25 Earnings**: Rmb637 million, up 98.7% YoY - **Recurring Earnings**: Rmb115 million, down 54.3% YoY - **Net New Orders Backlog**: Rmb7.0 billion, up approximately 15% YoY [3][10] Core Insights - **Recovery Cycle**: The company is entering a recovery phase as old projects are phased out, with a sequential revenue improvement of 5% in 3Q25. However, margins are still pressured due to declining average unit prices YoY against a fixed cost base [3][4] - **New Orders Composition**: In 3Q25, 30.3% of new orders by value came from multinational pharma companies, while 17.5% came from large Chinese pharma [3] - **Clinical Trials**: There was an increase in new orders from Phase 1-2 clinical trials, reflecting improved funding conditions. Management noted a clear recovery in private financing during 3Q25, with aggregate financing in China reaching its highest value for a single quarter since 2022 [3][4] Industry Dynamics - **CRO Industry Growth**: The global biopharma sector is re-accelerating investments in R&D and clinical trials, with China's CROs providing cost and efficiency advantages. Key drivers include: - Increased private financing activity supporting preclinical and early-phase drug pipelines - Robust out-licensing activity in China, which is driving trial starts for additional indications and replenishing cash reserves of local biotechs [4] - **Industry Consolidation**: Potential normalization of supply and average prices due to industry consolidation, as evidenced by a peer's recent divestment of its CRO segment [5] Risks and Considerations - **Upside Risks**: Faster growth in clinical R&D outsourcing, accelerated recovery of domestic demand, and new collaboration deals [13] - **Downside Risks**: Slower-than-expected recovery in clinical CRO demand, rising pricing pressure, geopolitical and currency risks, and potential impairment of goodwill and intangible assets [13] Valuation Metrics - **EPS Estimates**: Expected EPS for FY25 is Rmb0.96, with projections of Rmb1.29 for FY26 and Rmb1.99 for FY27 [7] - **P/E Ratio**: Projected P/E ratios are 107.5 for FY25, decreasing to 25.3 by FY27 [7] - **ROE**: Expected ROE is projected to increase from 2.1% in FY25 to 8.3% by FY27 [7] Conclusion Hangzhou Tigermed Consulting is positioned to benefit from a recovery in the biopharma sector, supported by increasing private financing and a growing backlog of new orders. The company’s strategic focus on early-phase clinical trials and the advantages offered by China's CRO landscape are expected to drive future growth, despite potential risks associated with market dynamics and competition.

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 79.25, representing a potential upside of 33% from the current price of RMB 59.48 [1][2]. Core Insights - The company has shown resilience in its financial performance, with a significant increase in net profit driven by non-recurring gains, despite a slight decline in revenue [6][9]. - The clinical CRO industry is undergoing structural adjustments, impacting the company's revenue from clinical trial technology services, which saw a 10.2% year-on-year decline [7]. - Effective cost control measures have helped mitigate the impact of industry fluctuations, with the company managing to maintain operational efficiency [8]. Financial Performance Summary - For 2025, the company is projected to achieve revenue of RMB 7,310 million, with a net profit of RMB 1,353 million and an EPS of RMB 1.56 [9][11]. - The company's gross profit margin is expected to recover, with projections indicating a rise to 35% by 2026 [13]. - The report highlights a significant increase in operating cash flow, which reached RMB 2,048 million in 2025, reflecting a year-on-year growth of 87% [13].

智通财经APP获悉，里昂发布研报称，泰格医药(03347)第三季度业绩反映公司业务正温和复苏，虽然利 润率仍然受压，但预计2026年产品或将回升，大致维持2025至2027年收入预测不变，净利润预测分别上 调28.9%、下调14.6%及下调14.1%，以反映利润率前景，目标价从58.9港元下调至52.1港元，仍维持"跑 赢大市"评级。 （原标题：里昂：维持泰格医药(03347)跑赢大市评级 第三季度温和复苏） ...

每经AI快讯，泰格医药(03347.HK)涨超7%，截至发稿，涨7.7%，报46.44港元，成交额2136.07万港元。 （文章来源：每日经济新闻） ...

截至发稿，泰格医药(03347.HK)涨6.49%、方达控股(01521.HK)涨6.42%、康龙化成(03759.HK)涨 3.21%。 ...

Core Insights - Tiger Med (300347) (03347) shares rose over 7%, currently up 7.7% at HKD 46.44, with a trading volume of HKD 21.36 million [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 5.026 billion, a year-on-year decrease of 0.82% [1] - The net profit attributable to shareholders for the same period was CNY 1.02 billion, reflecting a year-on-year increase of 25.45% [1] - In the third quarter alone, the company achieved revenue of CNY 1.775 billion, a year-on-year increase of 3.86% [1] - The net profit attributable to shareholders for the third quarter was CNY 637 million, showing a significant year-on-year increase of 98.73% [1]

Core Viewpoint - Tiger Med (03347) shares rose over 7%, currently up 7.7% at HKD 46.44, with a trading volume of HKD 21.36 million [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 5.026 billion, a year-on-year decrease of 0.82% [1] - The net profit attributable to shareholders for the same period was CNY 1.02 billion, reflecting a year-on-year increase of 25.45% [1] - In the third quarter alone, the company achieved revenue of CNY 1.775 billion, a year-on-year increase of 3.86% [1] - The net profit attributable to shareholders for the third quarter was CNY 637 million, showing a significant year-on-year increase of 98.73% [1]