Summary of Tigermed (3347.HK) Conference Call Company Overview - **Company**: Tigermed (3347.HK) - **Market Cap**: HK$51,795 million (approximately US$6,654 million) [2] Industry Insights - **Industry**: Innovative drugs financing in China - **Growth Metrics**: - Total financing size for innovative drugs in China increased by 342% year-over-year (yoy) to Rmb18.0 billion in December 2025, marking a new high in the past three years [1] - Primary market financing for innovative drugs grew by 140% yoy to US$1.1 billion in December 2025 [1] - For the year 2025, total financing and primary market financing sizes rose by 38% and 25% yoy, respectively [1] Financial Performance and Projections - **Booking Growth**: Tigermed is expected to deliver higher new booking growth in 2026 compared to a mid-teens percentage in 2025 [1] Valuation - **Target Price**: HK$73.00, representing a potential upside of 72.0% from the current price of HK$42.44 [2] - **Expected Total Return**: 72.8%, including a dividend yield of 0.8% [2] - **Valuation Breakdown**: - HK$21.8 per share for clinical trial solutions - HK$35.8 per share for clinical-related and laboratory services - HK$0.4 per share for other services - HK$1.5 per share for net cash - HK$13.5 per share for investment income [11] Risks - **Downside Risks**: - Weaker-than-expected client orders - Intense market competition - Less-than-expected investment gains - Increased investment in AI potentially affecting operating profit margin (OPM) - Margin pressure due to overseas expansion - Lower-than-expected long-term margins with AI adoption [12] Conclusion - Tigermed is positioned to benefit from the significant growth in the innovative drugs financing sector in China, with strong projections for new bookings and a favorable valuation outlook. However, potential risks related to market dynamics and operational challenges must be monitored closely.

Group 1 - The core point of the article highlights the stark contrast between the overall recovery of the CRO industry, which has seen a rise of over 40% this year, and the significant decline of Tigermed, which has been removed from the Shenzhen 100 Index due to its stock price dropping over 70% since its peak in 2021, resulting in a market value loss of more than 130 billion yuan [1][2][7] Group 2 - The removal of Tigermed from the Shenzhen 100 Index reflects a decline in its industry status, as the adjustment is based on quantitative indicators such as market capitalization, liquidity, and industry representation, indicating a reassessment of its market leadership [2][3] - Despite holding a 10.6% market share and being the only Chinese clinical CRO in the global top ten, Tigermed's revenue is projected to decline by 10.58% in 2024, with net profit expected to plummet by nearly 80% [3][8] - In the first three quarters of 2025, while net profit increased by 25.45%, this growth was primarily driven by non-operating income, including a 303% surge in investment income and a more than tenfold increase in fair value changes [3][8] Group 3 - Tigermed faces dual challenges: external factors such as intensified industry competition and rising costs, alongside internal issues like an imbalanced profit model [4][9] - The gross margin for clinical trial services has dropped from 38.4% to 22.8%, indicating pricing pressure and cost control challenges [4][9] - The company's reliance on investment income has made its profit structure fragile, raising concerns about sustainability [4][9] Group 4 - The CEO's decision to cash out over 21 million yuan in September 2025 has further shaken market confidence in Tigermed [4][9] - Although some institutions predict potential revenue recovery in the next three years, Tigermed must transition from an "investment-driven" model to a "core business-driven" approach to regain market trust and improve its competitive edge [4][9][10]

Group 1 - The core viewpoint of the news is that Tigermed has experienced fluctuations in its stock price, with a recent increase of 2.03% and a total market capitalization of 44.196 billion yuan [1] - As of September 30, 2025, Tigermed reported a revenue of 5.026 billion yuan, a year-on-year decrease of 0.82%, while the net profit attributable to shareholders increased by 25.45% to 1.02 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 in the last three years [3] Group 2 - Tigermed operates in the medical and biological sector, specifically in medical research outsourcing, and is involved in various concept sectors including CRO, medical devices, and internet healthcare [2] - The company has seen a decrease in the number of shareholders, with 48,400 shareholders as of September 30, 2025, a reduction of 6.01% from the previous period [2] - The top shareholders include Hong Kong Central Clearing Limited and several ETFs, with notable changes in their holdings compared to the previous period [3]

12月15日的指数调整打破了CXO行业的平静，泰格医药被调出了深证100成分股。 作为深市核心龙头的代名词，深证100的成分股调整也向来被视为市场地位的"试金石"。而泰格医药的 离场，也恰逢其在当下普涨行情中成为了少数股价逆市下跌的企业。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：环球老虎财经app 12月15日，曾经的CXO龙头泰格医药被深圳100指数除名，终结了6年的指数生涯。反常的是，其前三 季度净利润20.88%的增长似乎并没能留住市场资金，2025年以来公募机构持续撤离。这业绩向好却资 金出逃的背后，到底发生了什么？ 事实上，早在泰格医药被指数剔除之前，高管与公募基金就早早的开始离场，公司市值也从1784亿高点 跌至500亿梯队，市值蒸发超千亿。而公司2025年前三季度净利润同比上涨20.88%的表现，似乎并未阻 止这一切的发生。 泰格医药 被挪出指数 12月15日，泰格医药正式被调出深证100成分股，结束了其长达6年的指数生涯。 作为中国资本市场的重要风向标，深证100汇聚了深市规模大、流动性好、盈利能力强的核心企业，包 括但不限于宁德时代、中际旭创、美的集团 ...

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 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 ...

杭州泰格医药科技股份有限公司 第五届董事会第二十次会议决议公告 证券代码：300347 证券简称：泰格医药 公告编码（2025）043 号 根据《公司法》《公司章程》的规定，原《公司法》监事会规定的职权由审计委员会 行使。董事会确认公司第五届董事会审计委员会仍由廖启宇先生、袁华刚先生、刘毓文女 士组成，召集人仍由廖启宇先生担任。任期自本次董事会审议通过之日起至第五届董事会 届满之日止。 表决结果：同意7票，反对0票，弃权0票。 特此公告。 杭州泰格医药科技股份有限公司董事会 二〇二五年十二月十一日 1 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"）第五届董事会第二十次会议于2025 年12月9日在杭州市滨江区聚工路19号盛大科技园A座20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。全体董事一致同意豁免本次董事会会议的提前通知期限，会 议通知已于2025年12月8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 ...

Group 1 - The core point of the article is that Xingsheng Global Fund Management Co., Ltd. has reduced its stake in Tiger Medical (03347.HK) by selling 216,800 shares at an average price of HKD 37.7041 per share, amounting to approximately HKD 8.1742 million [1] - After the reduction, Xingsheng Global's total shareholding in Tiger Medical is now 6,033,500 shares, which represents a decrease in ownership percentage from 5.08% to 4.90% [1][2]

（原标题：兴证全球基金减持泰格医药(03347)21.68万股 每股作价约37.7港元） 智通财经APP获悉，香港联交所最新资料显示，12月3日，兴证全球基金管理有限公司减持泰格医药 (03347)21.68万股，每股作价37.7041港元，总金额约为817.42万港元。减持后最新持股数目为603.35万 股，最新持股比例为4.9%。 ...

香港联交所最新资料显示，12月3日，兴证全球基金管理有限公司减持泰格医药（300347）(03347)21.68 万股，每股作价37.7041港元，总金额约为817.42万港元。减持后最新持股数目为603.35万股，最新持股 比例为4.9%。 ...

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11月30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12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 ...