Core Insights - On October 15, Tiger Med saw a 2.51% increase in stock price with a trading volume of 466 million yuan, while the net financing buy was negative at 336.68 million yuan [1] - The company reported a revenue of 3.25 billion yuan for the first half of 2025, a year-on-year decrease of 3.21%, and a net profit of 383 million yuan, down 22.22% year-on-year [2] Financing and Margin Trading - On October 15, Tiger Med had a financing buy of 36.32 million yuan and a financing repayment of 39.69 million yuan, resulting in a total financing balance of 7.54 billion yuan [1] - The current financing balance of 7.51 billion yuan accounts for 1.85% of the market capitalization, which is below the 50th percentile level over the past year, indicating a low position [1] Short Selling - On October 15, Tiger Med repaid 4,900 shares in short selling and sold 2,300 shares, with a selling amount of 126,700 yuan based on the closing price [1] - The short selling balance stands at 375.09 million yuan, which is above the 80th percentile level over the past year, indicating a high position [1] Shareholder Information - As of June 30, 2025, Tiger Med had 51,500 shareholders, a decrease of 4.14% from the previous period [2] - The top ten circulating shareholders include notable funds, with changes in their holdings indicating varying levels of investment interest [3]

Summary of Tigermed (3347.HK) Conference Call Company Overview - **Company**: Tigermed (3347.HK) - **Market Cap**: HK$36.9 billion / $4.7 billion - **Enterprise Value**: HK$40.4 billion / $5.2 billion - **Current Price**: HK$42.70 - **12-Month Price Target**: HK$62.10 (45.4% upside) for H shares; Rmb77.10 (41.9% upside) for A shares [1][6][19] Core Industry Insights - **Industry**: Clinical Contract Research Organization (CRO) in China - **Market Recovery**: Expected inflection point in late 2025 into 2026, driven by increased funding and demand for CRO services [2][20] - **Funding Growth**: Upfront payments from licensing deals reached US$4.6 billion YTD 2025, up 84% year-over-year; total funding via IPOs/FOs at US$13.0 billion, up 517% year-over-year [2][29][30] - **CRO Market Growth**: Anticipated 13% CAGR for the domestic market from 2025 to 2027, with a rising outsourcing rate expected to reach 44% in 2025 [2][22] Financial Performance and Projections - **Earnings Growth**: Tigermed expected to deliver a core earnings CAGR of 37% from 2025 to 2028, with mid-teen revenue growth anticipated [3][46] - **Revenue Estimates**: Projected revenues of Rmb6,747.3 million in 2025, Rmb7,732.5 million in 2026, and Rmb8,907.1 million in 2027 [6][17] - **EPS Growth**: EPS expected to grow from Rmb0.47 in 2024 to Rmb1.84 in 2027, reflecting a significant recovery from previous declines [12][17] Strategic Positioning - **Market Leadership**: Tigermed holds a 13% market share in the Chinese CRO sector, having supported 60% of Class I innovative drugs listed in China [39][45] - **Global Expansion**: The company is enhancing its international presence, particularly in the US, Australia, and Europe, to support both domestic and international clients [43] - **Service Capabilities**: Tigermed's comprehensive R&D service capabilities position it well to capture the anticipated recovery in demand from biotech and pharma clients [43] Risks and Challenges - **Market Risks**: Potential geopolitical and regulatory challenges, slower-than-expected demand recovery, and ongoing pressure from impairment [19] - **Pricing Dynamics**: Pricing stabilized after a significant drop in 2023-2024, but true margin comparability will not be evident until late 2026 [35] Additional Insights - **Order Intake**: New order intake showing signs of recovery, with a mid-teen percentage increase reported in early 2025 [21][46] - **Book-to-Bill Ratio**: Expected to recover to 1.5x in 2025 from 1.1x/1.3x in 2023/2024, indicating a positive outlook for future revenue growth [50][52] - **Consolidation Potential**: The CRO market in China is fragmented, suggesting opportunities for consolidation as firms pursue licensing and business development deals [39][40] This summary encapsulates the key points from the conference call regarding Tigermed's current position, industry dynamics, financial outlook, and strategic initiatives.

Group 1 - Goldman Sachs upgraded the rating of Tiger Medical A-shares (300347.SZ) from "Neutral" to "Buy" and raised the target price from 62.1 RMB to 77.1 RMB [1] - The firm initiated coverage on Tiger Medical H-shares (03347) with a "Buy" rating and a target price of 62.1 HKD, indicating that the stock has lagged behind the domestic healthcare sector, presenting an attractive entry point [1] - The expectation of accelerated new order growth in Q4 this year, along with improved earnings visibility from 2026 to 2028, is anticipated to drive the stock price [1] Group 2 - The industry is expected to reach a turning point, with a recovery anticipated from late 2025 to 2026, driven by strong fundraising rebounds and increased upfront payments from authorized collaborations [1] - Price stabilization is expected by the end of 2024, followed by a continuous increase [1] - The firm forecasts a compound annual growth rate of 37% for core earnings from 2025 to 2028, supported by strong new order momentum and revenue growth in the mid-teens (approximately 13% to 17%) [1] Group 3 - The leadership position of the group in the domestic market and ongoing global expansion is reflected in the earnings projections [1] - Earnings per share forecasts for 2026 and 2027 have been raised by 9% and 13%, respectively [1] - The EBIT profit margin is expected to increase by 180, 150, and 190 basis points for 2026 to 2028, driven by reduced impairment losses, improved operational leverage, and enhanced cost control [1]

Group 1 - Goldman Sachs upgraded Tiger Med (300347.SZ) rating from "Neutral" to "Buy" and raised the target price from 62.1 RMB to 77.1 RMB, while initiating coverage on Tiger Med H shares (03347) with a "Buy" rating and a target price of 62.1 HKD [1] - The firm noted that the stock's recent performance has lagged behind the domestic healthcare sector, indicating that the current moment presents an attractive entry point [1] - Expectations for accelerated new order growth in Q4 of this year, along with improved earnings visibility from 2026 to 2028, are anticipated to drive the stock price [1] Group 2 - The industry is expected to reach a turning point, with a recovery anticipated from late 2025 to 2026, primarily benefiting from a strong rebound in fundraising and increased upfront payments from authorized collaborations [1] - Price stabilization is expected by the end of 2024, followed by a continuous increase [1] - The firm forecasts a compound annual growth rate of 37% for core earnings from 2025 to 2028, driven by strong new order momentum supporting revenue growth in the mid-teens (approximately 13% to 17%) [1] Group 3 - The leadership position of the group in the domestic market and ongoing global expansion are highlighted as key factors [1] - Earnings per share forecasts for 2026 and 2027 have been raised by 9% and 13%, respectively [1] - EBIT margins are expected to increase by 180, 150, and 190 basis points for 2026 to 2028, attributed to reduced impairment losses, improved operational leverage, and enhanced cost control [1]

Core Viewpoint - Goldman Sachs upgraded the rating of Tiger Med's A-shares from "Neutral" to "Buy," raising the target price from 62.1 yuan to 77.1 yuan, and initiated coverage on Tiger Med's H-shares with a "Buy" rating and a target price of 62.1 HKD [1] Group 1: Company Analysis - The stock has underperformed compared to the domestic healthcare sector, indicating an attractive entry point at present [1] - The expectation of accelerated growth in new orders in Q4 of this year, along with improved earnings visibility from 2026 to 2028, is anticipated to drive the stock price [1] Group 2: Industry Outlook - A turning point is expected in the industry, with a recovery anticipated between late 2025 and 2026, primarily benefiting from a strong rebound in fundraising and increased upfront payments from authorized collaborations [1] - Prices are expected to stabilize by the end of 2024 and continue to rise thereafter [1]

Core Viewpoint - Goldman Sachs upgraded Tiger Med's stock rating from Neutral to Buy [1] Group 1 - The upgrade reflects a positive outlook on Tiger Med's future performance [1]

Core Viewpoint - Goldman Sachs has upgraded the rating of Tiger Medical's A-shares to "Buy" with a target price of 77.10 RMB [1] Group 1 - The upgrade reflects a positive outlook on Tiger Medical's performance and potential growth in the market [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 COUNSULTING CO., LTD. 本公司董事（「董 事」）會（「董事會」）謹 此 宣 佈，於2025年10月10日，本 公 司、 本 公 司 全 資 子 公 司 嘉 興 欣 格 醫 藥 科 技 有 限 公 司（與 本 公 司 合 稱「賣 方」）與 方 達 醫 藥 技 術（上 海）有 限 公 司（「買 方」）（方 達 控 股 公 司（「方達控股」連 同 其 子 公 司 統 稱「方達集團」）的 全 資 子 公 司）簽 訂 股 份 轉 讓 協 議（「股份轉讓協 議」），據 此，買 方 有 條 件 同 意 收 購，而 賣 方 有 條 件 同 意 出 售 上 海 觀 合 醫 藥 科 技 股 份 有 限 公 司（「目標公司」）的 全 部 已 發 行 股 本，總 代 價 為 人 民 幣 270,000,0 ...

Group 1 - The core point of the article is that Tiger Med (03347) has signed a share transfer agreement to sell all issued shares of Shanghai Guanhao Medical Technology Co., Ltd. to Fangda Pharmaceutical Technology (Shanghai) Co., Ltd. for a total consideration of RMB 270 million [1] - The transaction is expected to enhance the operational efficiency of the group by optimizing resource allocation and integrating internal resources [2] - The target group, which primarily engages in clinical trial services, will remain a subsidiary of the company after the sale, allowing for better coordination of business functions within the overall group structure [1][2] Group 2 - The sale is anticipated to promote synergies within the group by simplifying decision-making processes and achieving centralized management [2] - Tiger Med is recognized as a leading provider of comprehensive biopharmaceutical research and development services in China, with a growing global influence [1] - Fangda Group, the buyer, provides research, analysis, and development services throughout the entire product discovery and development process [1]

公告称，出售事项使集团可透过整合内部资源，优化其资源配置并提升营运效率。由于方达集团亦为集 团子公司，出售事项有助于在集团整体架构内更好地协调业务职能及促进协同效应。透过将目标集团业 务整合至方达集团旗下，集团可实现集中管理并简化决策制定程序，从而提升成本效益与营运专注度。 截至本公告日期，方达控股为公司的子公司，其股份于香港联合交易所有限公司上市(股份代号： 3347)。因此，在完成出售事项后，目标公司以及观合医药(香港)有限公司和无锡观合医学检验所有限公 司(均为目标公司的子公司，连同目标公司统称为"目标集团")将仍作为公司的子公司。 公司是中国领先的综合生物制药研发服务提供商，且全球影响力正在不断扩大，主要从事为国内外创新 药和医疗器械企业提供创新药、医疗器械和生物技术相关产品的一站式专业临床研究服务。目标集团主 要从事临床试验服务。方达集团从事提供贯穿整个产品发现及开发过程中的研究、分析及开发服务。 智通财经APP讯，泰格医药(03347)发布公告，于2025年10月10日，公司、公司全资子公司嘉兴欣格医药 科技有限公司(与公司合称"卖方")与方达医药技术(上海)有限公司("买方")(方达控股公司(" ...