Core Insights - The Biotech Economy Index (970038) closed at 2298.38 points, up 0.92%, with a trading volume of 24.11 billion yuan and a turnover rate of 1.39% [1] - Among the index constituents, 27 stocks rose while 22 fell, with Tigermed leading the gainers at 11.09% and Kaili Medical leading the decliners at 11.39% [1] Index Performance - The Biotech Economy Index had a net inflow of 169 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 79.92 million yuan [1][2] - The top ten constituents of the Biotech Economy Index include: - Mindray Medical (13.81% weight, latest price 222.83 yuan, market cap 270.17 billion yuan) [1] - Changchun High-tech (5.41% weight, latest price 117.55 yuan, market cap 47.95 billion yuan) [1] - Kanglong Chemical (4.66% weight, latest price 34.05 yuan, market cap 60.55 billion yuan) [1] - Tigermed (4.23% weight, latest price 59.48 yuan, market cap 51.21 billion yuan) [1] - Other notable constituents include Deep Technology, Muyuan Foods, and Aimeike [1] Capital Flow Analysis - The capital flow details indicate that Deep Technology had a net inflow of 201 million yuan from institutional investors, while retail investors saw a significant outflow of 222 million yuan [2] - Kanglong Chemical and Tigermed also experienced net inflows from institutional investors, but faced outflows from retail investors [2] - Overall, the data suggests a mixed sentiment among different investor classes within the Biotech Economy Index [2]

Core Insights - The CSI Medical Index (399989) closed at 7501.54 points, up 1.01%, with a trading volume of 25.053 billion yuan and a turnover rate of 1.55% [1] - Among the index constituents, 27 stocks rose while 23 fell, with Tigermed leading the gainers at 11.09% and Kaili Medical leading the decliners at 11.39% [1] Index Performance - The CSI Medical Index saw a net inflow of 323 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 95.38 million yuan [1][2] - The top ten constituents of the CSI Medical Index include: - WuXi AppTec (14.78% weight, 106.04 yuan, +2.00%) with a market cap of 316.398 billion yuan - Mindray Medical (8.91% weight, 222.83 yuan, -1.00%) with a market cap of 270.168 billion yuan - United Imaging Healthcare (8.15% weight, 146.56 yuan, +1.21%) with a market cap of 120.789 billion yuan - Other notable constituents include Aier Eye Hospital, Kanglong Chemical, and Tigermed [1] Capital Flow Analysis - The capital flow details indicate that: - WuXi AppTec had a net inflow of 172 million yuan from institutional investors, while retail investors saw a net outflow of approximately 77.985 million yuan [2] - Other companies like Sanbo Brain Science and Furuida also experienced significant net inflows from institutional investors, while retail investors generally faced outflows [2]

Summary of Tigermed (3347.HK) Earnings Review and Industry Insights Company Overview - **Company**: Tigermed (3347.HK) - **Market Cap**: HK$37.3 billion / $4.8 billion - **Industry**: Clinical Research Organization (CRO) in China - **12-Month Price Target**: HK$62.10 for H-shares, Rmb77.10 for A-shares - **Current Price**: HK$43.12 for H-shares, Rmb53.54 for A-shares - **Upside Potential**: 44.0% for both share classes [1][1] Financial Performance - **3Q25 Revenue**: Rmb1.78 billion, up 3.9% year-over-year (y/y) and 5.3% quarter-over-quarter (q/q), exceeding Goldman Sachs' estimate of Rmb1.71 billion [1][1] - **Recurring Earnings**: Rmb115 million, slightly below the estimate of Rmb138 million, with an operating margin of 9.6% compared to the expected 10.9% [1][1] - **Net Profit**: Rmb637 million, a significant increase of 98.7% y/y, driven by investment income of Rmb207 million and fair value gains of Rmb413 million [1][1] - **Cash from Operations**: Rmb330 million in 3Q25, up from Rmb198 million in 1Q25 and Rmb210 million in 2Q25 [2][2] Industry Insights - **Growth Opportunities**: Management emphasized the structural growth potential in China's clinical CRO sector, aligning with global R&D standards. Increased business development (BD) activity and financing are expected to drive domestic clinical demand [2][2] - **New Orders**: As of September, net new orders grew at a mid-teens rate, totaling Rmb7 billion, with a notable increase in contributions from multinational corporations (MNCs) and domestic pharmaceutical clients [3][3] - **Clinical Trial Solutions (CTS)**: Revenue declined by 3% in 3Q, but gross margin remained soft at 23%. The decline was attributed to limited backlogs in domestic innovative drug projects and low new contract pricing [19][19] - **Clinical-Related Consulting Services (CRLS)**: Revenue rose 10% in 3Q, with gross margin at 31%. Strong order momentum from MNCs supported growth, although margins were diluted by increased overseas operations [20][20] Future Outlook - **Earnings Visibility**: The company is expected to benefit from accelerating new order intake in 4Q25 and improving earnings visibility for 2026-28, which is anticipated to drive share price momentum [1][1] - **Market Risks**: Potential risks include geopolitical tensions, continuing order impairments, and slower-than-expected global expansion [21][21] Key Financial Ratios and Estimates - **P/E Ratio**: Expected to decrease from 62.3 in 2024 to 21.7 by 2027 [11][11] - **EPS Growth**: Projected to increase significantly in 2025 by 239.6% [11][11] - **Dividend Yield**: Expected to rise from 1.0% in 2025 to 1.4% by 2027 [11][11] Conclusion Tigermed is positioned to capitalize on the recovery in the clinical CRO sector, with strong financial performance in 3Q25 and a positive outlook for new orders and earnings growth. The company remains a buy recommendation based on its growth potential and market positioning.

Core Insights - Tiger Med (300347.SZ) reported its Q3 2025 results, revealing that 67 institutional investors hold a total of 154 million shares, representing 17.91% of the company's total equity [1] - The top ten institutional investors collectively own 16.02% of the shares, with a 0.35 percentage point increase from the previous quarter [1] Institutional Holdings - In the public fund sector, 22 funds increased their holdings, with a total increase of 0.52%, including notable funds like Nuode Pioneer Mixed A and China Europe Medical Health Mixed A [2] - Conversely, 32 public funds reduced their holdings, with a total decrease of 1.12%, including funds such as Huabao CSI Medical ETF and E Fund ChiNext ETF [2] - There were 7 new public funds disclosed this period, while 598 funds were not disclosed compared to the previous quarter [2] Social Security Fund and Foreign Investment - One new social security fund disclosed its holdings in Tiger Med, specifically the National Social Security Fund 601 Combination, while one fund was not disclosed [2] - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 2.91% [2]

Summary of the Conference Call for Tigermed (2025 Q3) Industry Overview - The Chinese biopharmaceutical R&D capability has reached a global leading position, aligning closely with developed markets in Europe and the U.S. [2][3] - Innovative drug assets are becoming core pricing assets globally, although current prices in China remain lower than in developed markets, with expectations for this gap to narrow in the future [2][5] - Emerging market opportunities exist in areas such as weight loss drugs, immuno-oncology 2.0, and small nucleic acids [2][6] - The trend of industry consolidation continues, with leading companies focusing on core areas, as evidenced by a global CICDMO leader selling its clinical CRO and SMO businesses [2][7] Company Performance - In the first three quarters of 2025, Tigermed benefited from active BD and Novo acquisition transactions, with improved capital market liquidity and an optimized exit mechanism for China's innovative drug primary market [2][9] - Tigermed signed new orders totaling nearly 7 billion RMB, with service fees increasing over 20% year-on-year after excluding certain laboratory service orders [2][11] - The proportion of orders from multinational and large domestic pharmaceutical companies has significantly increased, with early clinical trial projects also seeing a rise [2][11] Financial Highlights - Tigermed's revenue for the first three quarters was 5.026 billion RMB, a slight decrease of 0.8% year-on-year, with Q3 revenue at 1.775 billion RMB, up 3.9% [4][13] - Operating cash flow for the first three quarters was 740 million RMB, a 28% increase year-on-year, maintaining strong cash flow for five consecutive quarters [4][12] - The gross profit margin for the first three quarters was 29.2%, down from 38.9% year-on-year, primarily due to impacts from the CTS segment [4][19] Strategic Initiatives - Tigermed is focusing on digitalization and intelligent technology development, launching an AI medical writing platform as part of its strategic initiatives [4][15] - The company plans to continue improving cash flow management and addressing legacy client payment issues [4][12] - Future expectations include a recovery in domestic demand and an increase in overseas clinical trial opportunities, particularly for early evidence generation experiments [4][16] Market Trends and Challenges - The Chinese biopharmaceutical industry is expected to continue integrating into the global R&D system, with significant clinical research opportunities arising from the new cycle [4][24] - Despite challenges from cash flow pressures faced by some clients, the overall market sentiment is positive, with a notable increase in new orders [4][6][24] - The company anticipates a gradual recovery in project pricing and an increase in overseas clinical projects, particularly from multinational clients [4][24] Future Outlook - Tigermed is optimistic about future profit margins, performance, and order growth, driven by the recovery of the innovative drug industry and ongoing digitalization efforts [4][23] - The company plans to expand its workforce cautiously based on order flow and demand, particularly in the clinical operations segment [4][27] - Proactive risk management measures will be implemented to ensure business continuity amid global uncertainties [4][28]

Core Viewpoint - Tiger Med (300347.SZ) reported a slight decrease in revenue for the first three quarters of 2025, while net profit showed significant growth year-on-year [1] Financial Performance - The company's revenue for the first three quarters was 5.026 billion yuan, a year-on-year decrease of 0.82% [1] - Net profit attributable to shareholders was 1.02 billion yuan, reflecting a year-on-year increase of 25.45% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 326 million yuan, a year-on-year decrease of 63.46% [1] - Basic earnings per share were 1.19 yuan [1]

证券代码：300347 证券简称：泰格医药 公告编码（2025）041 号 一、审议并通过《关于公司2025年第三季度报告的议案》。 公司《2025年第三季度报告》真实、准确、完整地反映了公司2025年第三季度的财务 状况和经营成果，不存在虚假记载、误导性陈述和重大遗漏。 公司审计委员会审议通过本议案，并同意提交董事会审议。 报告详见中国证监会指定的创业板信息披露网站同日披露的相关公告。 表决结果：同意7票，反对0票，弃权0票。 杭州泰格医药科技股份有限公司 第五届董事会第十九次会议决议公告 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。 杭州泰格医药科技股份有限公司（以下简称"公司"）第五届董事会第十九次会议于2025 年10月28日在杭州市滨江区聚工路19号盛大科技园A座19层会议室举行，本次会议以现场 与通讯表决相结合的方式召开。会议通知已于2025年10月14日以电话、电子邮件方式向全 体董事发出。会议应到董事7人，实到董事7人。本次会议由公司董事长叶小平先生主持。 本次会议的召开及程序符合有关法律、法规和公司章程的要求，会议合法有效。 经与 ...

Core Points - The company, Tigermed (03347.HK), reported a revenue of 5.026 billion RMB for the first three quarters of 2025, representing a year-on-year decrease of 0.82% [1] - The net profit attributable to shareholders increased by 25.45% year-on-year, amounting to 1.020 billion RMB [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 326 million RMB, showing a significant year-on-year decrease of 63.46% [1] - The basic earnings per share stood at 1.19 RMB [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥1,775,423,981.12, representing a year-on-year increase of 3.86%[5] - Net profit attributable to shareholders increased by 98.73% to ¥637,097,023.97, while the net profit after deducting non-recurring gains and losses decreased by 54.25% to ¥115,190,184.44[5] - The basic and diluted earnings per share both stood at ¥0.74, marking a 100% increase compared to the same period last year[5] - Total operating revenue for the period was CNY 5,025,868,260.75, a slight decrease from CNY 5,067,615,359.89 in the previous period, representing a decline of approximately 0.83%[19] - The company's net profit for the current period reached ¥1,091,681,166.46, an increase of 21% compared to ¥903,135,476.96 in the previous period[20] - The total comprehensive income for the current period was ¥1,101,327,590.25, up from ¥852,425,592.60, reflecting a growth of approximately 29%[20] - Operating profit increased to ¥1,229,009,491.51, compared to ¥1,084,995,900.89 in the previous period, marking a rise of about 13%[20] - The basic earnings per share rose to ¥1.19, up from ¥0.94, representing a growth of approximately 27%[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥28,784,251,786.89, reflecting a slight increase of 0.39% from the previous year[5] - Total liabilities decreased to CNY 4,076,658,483.57 from CNY 4,606,536,600.57, a reduction of about 11.48%[17] - The company's equity attributable to shareholders increased to CNY 21,176,338,660.50 from CNY 20,670,653,449.72, representing an increase of approximately 2.45%[18] - The company's cash and cash equivalents decreased to CNY 1,648,149,745.63 from CNY 2,055,344,830.04, a decline of about 19.74%[16] - The company reported a decrease in total cash and cash equivalents to ¥1,599,905,403.56 from ¥1,961,886,856.08, reflecting a decline of about 18%[23] Cash Flow - The cash flow from operating activities for the year-to-date reached ¥739,557,629.57, an increase of 27.78%[5] - Cash flow from operating activities generated a net amount of ¥739,557,629.57, compared to ¥578,769,609.95 in the previous period, indicating an increase of approximately 28%[22] - The company received cash from operating activities totaling ¥5,414,289,272.77, compared to ¥4,993,719,526.64 in the previous period, an increase of approximately 8%[22] - Cash flow from investment activities yielded a net inflow of ¥493,706,798.02, a significant recovery from a net outflow of ¥5,723,116,899.53 in the previous period[23] Investments and Expenses - The company reported a significant increase in investment income, which rose by 303.29% to ¥440,220,795.12, primarily due to increased returns from joint ventures[9] - Total operating costs increased to CNY 4,559,527,495.20 from CNY 4,026,550,519.06, marking an increase of about 13.23%[19] - Research and development expenses rose to CNY 191,239,953.92 from CNY 172,098,760.28, an increase of about 11.14%[19] - The company experienced a 142.77% rise in financial expenses, totaling ¥76,159,524.04, attributed to decreased interest income and increased exchange losses[9] Shareholder Information - The total number of common shareholders at the end of the reporting period is 48,448[11] - The largest shareholder, Ye Xiaoping, holds 177,239,541 shares, representing 20.58% of total shares[11] - The second-largest shareholder, HKSCC Nominees Limited, holds 123,119,129 shares, accounting for 14.30% of total shares[11] - The total number of restricted shares held by major shareholders is 171,687,044, with no shares released during the period[14] - The top 10 shareholders hold a combined total of 123,119,129 unrestricted shares[12] - The company has a high level of shareholding concentration, with the top three shareholders holding over 30% of total shares[11] - The company has no shareholders participating in margin financing or securities lending activities[12] - The company has not reported any changes in the number of shares lent or returned due to margin financing[12] - The company’s major shareholders, Ye Xiaoping and Cao Xiaochun, are acting in concert as they have signed a cooperation agreement[12] Other Financial Metrics - The company's contract liabilities increased by 39.54% to ¥1,103,392,114.97, indicating a rise in advance payments received from new orders[8] - The company's other receivables surged by 111.21% to ¥188,040,915.78, mainly due to pending payments from the sale of financial assets[8] - The company's inventory balance increased to CNY 43,942,939.85 from CNY 31,956,085.52, reflecting a growth of approximately 37.47%[16] - The company's contract assets rose to CNY 2,779,362,851.14 from CNY 2,504,689,617.50, an increase of about 10.93%[16] - The company disposed of long-term assets, resulting in an asset disposal gain of ¥5,223,121.86, a 95.26% increase year-on-year[9] - The company’s other comprehensive income after tax was ¥9,646,423.79, a recovery from a loss of ¥50,709,884.36 in the previous period[20]

Financial Performance - The company's revenue for Q3 2025 reached ¥1,775,423,981.12, representing a year-on-year increase of 3.86%[11] - Net profit attributable to shareholders for the same period was ¥637,097,023.97, a significant increase of 98.73% compared to the previous year[11] - The basic earnings per share for Q3 2025 was ¥0.74, marking a 100% increase year-on-year[11] - Total operating revenue for the current period was CNY 5,025,868,260.75, a slight decrease of 0.83% compared to CNY 5,067,615,359.89 in the previous period[42] - Net profit for the current period reached CNY 1,091,681,166.46, representing a 20.92% increase from CNY 903,135,476.96 in the previous period[43] - Total comprehensive income for the period reached CNY 1,101,327,590.25, an increase from CNY 852,425,592.60 in the previous period, representing a growth of approximately 29.2%[44] - Basic and diluted earnings per share increased to CNY 1.19, up from CNY 0.94, reflecting a growth of 26.6%[44] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥28,784,251,786.89, reflecting a slight increase of 0.39% from the previous year[13] - The equity attributable to shareholders at the end of the reporting period was ¥21,176,338,660.50, an increase of 2.45% from the previous year[13] - The company's total liabilities decreased to CNY 4,076,658,483.57 from CNY 4,606,536,600.57, a reduction of 11.48%[40] - Non-current liabilities totaled CNY 1,138,805,470.53, an increase of 20.56% from CNY 944,684,135.45[40] - The company's total equity increased to CNY 24,707,593,303.32, up from CNY 24,064,479,186.59, reflecting a growth of 2.67%[40] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥739,557,629.57, which is an increase of 27.78% compared to the same period last year[11] - Cash flow from operating activities generated a net amount of CNY 739,557,629.57, compared to CNY 578,769,609.95 in the previous period, indicating an increase of 27.8%[47] - Cash inflow from investment activities totaled CNY 1,962,639,120.81, significantly higher than CNY 667,411,884.05 in the prior period, marking a growth of 194.1%[48] - Net cash flow from financing activities was negative at CNY -1,684,788,363.95, worsening from CNY -272,001,685.95 in the previous period[48] Investments and Income - Investment income grew by 303.29% to ¥440,220,795.12 driven by higher returns from joint ventures and subsidiaries[21] - The company reported an investment income of CNY 440,220,795.12, significantly higher than CNY 109,158,171.38 in the previous period[42] - The company reported a fair value change income of ¥323,191,353.26, a significant recovery from a loss of ¥34,411,947.15 in the previous year[21] - Cash received from investment income was CNY 165,736,772.10, up from CNY 33,510,950.69, reflecting a growth of 394.5%[48] Receivables and Payables - Accounts receivable increased by 61.04% to ¥9,679,509.20 due to the receipt of bank acceptance bills from customers during the reporting period[19] - Prepayments rose by 39.48% to ¥142,175,462.53 primarily due to increased advance payments to suppliers[19] - Other receivables surged by 111.21% to ¥188,040,915.78 mainly from the sale of financial assets not yet collected[19] - The total amount of accounts receivable increased from CNY 1,359,758,181.20 to CNY 1,427,166,648.66, reflecting a growth of approximately 4.9%[37] Expenses - Total operating costs increased to CNY 4,559,527,495.20, up 13.23% from CNY 4,026,550,519.06 in the previous period[42] - Research and development expenses rose to CNY 191,239,953.92, an increase of 11.56% compared to CNY 172,098,760.28[42] - Financial expenses increased by 142.77% to ¥76,159,524.04 due to reduced interest income and increased foreign exchange losses[21] Shareholder Information - The number of shares held by the top ten unrestricted shareholders includes HKSCC NOMINEES LIMITED with 123,119,129 shares, representing a significant portion of the total[30] - The company has a total of 171,687,044 restricted shares, which are subject to annual release conditions[34]