泰格医药子公司泰雅科技以开源模型Qwen2.5为基座，打造了面向医学领域一站式的AI产品泰雅大模型 医疗场景解决方案。 据数据宝，A股市场上和AI制药相关的概念题材是AI医疗，合计有82股。从未来成长性来看，根据两家 以上机构一致预测，有20股今年、明年及2027年净利增速均超20%。这些高成长概念股主要集中在医药 生物行业，和AI制药相关性较高的个股并不多，其中部分个股研报中有提及AI相关信息。 从股价表现来看，市场对上榜概念股的认可度较高，年内平均涨幅接近58%，远强于市场整体水平，一 品红和美迪西涨幅均超100%。目前来看，上榜概念股表现多与创新药相关。随着AI制药题材的发酵， 相关个股也许会有新动向。 成都先导在2024年成功完成了DEL+AI+自动化的DMTA分子优化能力基础设施建设，并在客户某靶点项 目中实现了AIDD推动的两轮DMTA循环。 截至2024年末，泓博医药核心技术平台CADD/AIDD已累计为80个新药项目提供了技术支持。 ...

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8月5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 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | -- ...

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7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8月5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 | | 2. 股份分類 | 普通股 | ...

天眼查商业履历信息显示，杭州泰格医药科技股份有限公司，成立于2004年，位于杭州市，是一家以从 事研究和试验发展为主的企业。企业注册资本86494.857万人民币，实缴资本86494.857万人民币。公司 法定代表人为曹晓春。 通过天眼查大数据分析，杭州泰格医药科技股份有限公司共对外投资了55家企业，参与招投标项目50 次，知识产权方面有商标信息38条，专利信息17条，此外企业还拥有行政许可45个。 来源：金融界 资金流向方面，今日主力资金净流入6821.03万元，占比成交额8.17%。其中，超大单净流入1366.92万 元、占成交额1.64%，大单净流入5454.11万元、占成交额6.53%，中单净流出流出1356.90万元、占成交 额1.63%，小单净流出5464.13万元、占成交额6.54%。 泰格医药最新一期业绩显示，截至2025一季报，公司营业总收入15.64亿元、同比减少5.79%，归属净利 润1.65亿元，同比减少29.61%，扣非净利润1.02亿元，同比减少66.23%，流动比率1.622、速动比率 1.611、资产负债率16.78%。 金融界消息 截至2025年8月5日收盘，泰格医药（300 ...

Group 1 - The core viewpoint is that the liquidity and fundamentals of the Chinese healthcare industry continue to improve, maintaining a positive outlook for the healthcare sector [1] - The report indicates that the weak U.S. employment data may lead to heightened expectations for monetary easing in the second half of the year, suggesting an improved outlook for the industry [1] - The report highlights that the industry fundamentals are recovering, with a month-on-month increase in hospital prescription volumes in July, and significant profit growth expected in the third quarter due to the release of more innovative drugs [1] Group 2 - The company prefers leading large pharmaceutical firms and suggests avoiding companies overly reliant on biosimilars in the short term [2] - Selected stocks include: CSPC Pharmaceutical Group (01093), Sinopharm Group (01099), Hansoh Pharmaceutical (03692), and others [2] - The report emphasizes that the uncertainty in U.S. Treasury yields may prompt a reallocation of funds, further improving the liquidity of innovative drug assets [1]

里昂指出，行业基本面持续复苏，7月院内处方量环比提升，随着更多创新药放量，第三季行业盈利有 望实现显著增长，加上美债不确定性可能促使资金重新配置，进一步改善创新药资产流动性，相信行业 拐点已过，未来将迎来盈喜等正面催化剂。 该行偏好领先大型药厂，短期而言避开过度依赖生物仿制药的公司。该行选股包括石药集团(01093)、 新诺威(300765.SZ)、翰森制药(03692)、爱尔眼科(300015.SZ)、恒瑞医药(01276,600276.SH)、康方生物 (09926)、中生制药(01177)、国药控股(01099)、康哲药业(00867)、大参林(603233.SH)、华东医药 (000963.SZ)、泰格医药(03347)及药明康德(02359)。 智通财经APP获悉，里昂发布研报称，中国医疗健康行业流动性及基本面持续改善，维持对医疗健康板 块正面看法，指出美国就业数据疲软或市场对下半年货币宽松预期急升温，预示着行业下半年改善前 景，相信特朗普再提最惠国药品定价政策及安徽启动生物类似药集中采购，对行业影响则相对有限。 ...

Summary of the Conference Call for Tigermed (泰格医药) Industry Overview - The clinical CRO (Contract Research Organization) industry is expected to maintain a double-digit growth rate of 10%-15% during the new recovery cycle after experiencing a slowdown in growth from 2023 to 2024, driven by policy support, increased local investment from multinational pharmaceutical companies, and record-high license-out transactions by domestic biopharmaceutical companies [2][5][13]. Company Positioning - Tigermed, as the leading player in China's clinical CRO market, has increased its market share from 8% in 2019 to 13% in 2023, benefiting from the strong performance of top-tier companies and the development of the SMO (Site Management Organization) industry [2][5]. - The company is actively expanding its international presence in regions such as Asia-Pacific, Europe, and the Americas, and has acquired a Japanese imaging analysis company to enhance its capabilities [2][6]. Key Trends and Changes - The supply side of the clinical CRO industry is showing signs of consolidation, with the number of sponsors decreasing by approximately 64% and the number of clinical trials declining by 72% compared to the peak in 2022 [3][7]. - Despite a relatively flat primary market in recent years, the demand for innovative drugs and equity cooperation is gradually filling the financing gap, leading to more opportunities for clinical CROs [3][13]. Impact of Multinational Companies - Multinational pharmaceutical companies are becoming significant payers in the clinical CRO industry, with 24% of phase III clinical trials in 2024 being sponsored by these companies, and the proportion of projects conducted by local CROs increasing from 23% in 2020 to 32% in 2024 [8][7]. License-Out Transactions - License-out transactions in the Chinese pharmaceutical sector have grown rapidly, with 94 transactions totaling $51.9 billion in 2024, primarily involving the U.S. as the main recipient [9]. Technological Advancements - Tigermed is embracing AI technology and remote intelligent clinical solutions to improve data quality, efficiency, and reduce costs, which is expected to enhance profitability [4][17]. Financial Performance - Tigermed's revenue and profit growth from 2023 to 2024 have been impacted by declining clinical operation order prices and some order cancellations, but the overall order prices are expected to stabilize in 2025 [28][33]. - New order growth remains positive, with a 20% year-on-year increase in new orders in the first quarter of 2025 [29]. Future Outlook - The company is well-positioned to benefit from the recovery of domestic demand and the ongoing trend of Chinese innovative drugs going global, which will drive incremental demand for Tigermed's services [18][33]. - The focus on emerging treatment areas such as cell and gene therapy (CGT) and the expansion of its service capabilities through acquisitions are expected to support sustainable growth [25][20]. Conclusion - Tigermed's strategic initiatives, including international expansion, technological innovation, and a strong market position, are expected to drive its growth in the recovering clinical CRO industry, with optimism for future performance as market conditions improve [14][33].

Summary of the Conference Call Records Industry Overview - The CRO (Contract Research Organization) and CDMO (Contract Development and Manufacturing Organization) industries have experienced significant changes over the past decade, driven by increased R&D investment and rising outsourcing rates. It is projected that the outsourcing rate will increase from nearly 50% to 60%-65% by 2030 [1][2][3]. - The domestic CXO companies maintain competitiveness in the global market due to advantages such as an engineer dividend, cost advantages, and policy support [1][5][6]. Key Insights and Arguments - The CDMO industry is entering a commercialization phase, with innovative drug technologies like ADC (Antibody-Drug Conjugates) and peptides driving high growth in niche segments [2][16]. - The CXO sector is currently valued at approximately 32 times earnings for 2025, which is about 30% lower than the average over the past three years. As market expectations improve, profitability is expected to gradually increase, leading to a "Davis Double" effect where valuation and earnings both rise [2][18]. - The industry has faced challenges from geopolitical tensions and the COVID-19 pandemic, but recent easing of these tensions and strong performance from leading companies like WuXi AppTec have contributed to a recovery in orders, with growth rates returning to 20% for CDMO orders [1][4][15]. Important but Overlooked Content - The CXO industry has undergone a cycle of mergers and acquisitions, capacity expansion, and increased demand from downstream clients from 2016 to 2021, which has shaped its current landscape [2][9]. - The impact of the Charles River third-quarter report, which fell short of expectations, led to a market pullback in the CXO sector, highlighting the sensitivity of the industry to performance metrics and external factors [1][13]. - The current investment environment is improving, with a notable increase in investment activity in early 2023, despite previous fluctuations due to macroeconomic factors [15][21]. - The supply-demand dynamics in the industry are showing signs of recovery, with overseas markets recovering better than domestic ones, and a general upward trend in pricing due to supply clearing processes [23]. Recommendations for Key Companies - Companies with a strong focus on overseas revenue, such as WuXi AppTec, Kelun Pharmaceutical, and Kanglongda, are showing significant marginal improvements. Domestic companies like Zhaoyan, Mediso, and Tigermed are also recommended for their strong market positions [24].

Investment Rating - The report indicates a positive outlook for the Chinese market, with MSCI China showing an increase of 8% in USD over the past month, outperforming MXEF's 3% increase, suggesting a favorable investment environment [2]. Core Insights - The focus of China's policy has shifted towards quality growth, limiting supply-side excesses, and enhancing consumption, which is expected to improve supply-demand dynamics and support corporate profitability [2][4]. - Investor skepticism remains regarding China's ability to maintain supply cuts, with concerns about the implications for near-term growth and employment [3][4]. - The report outlines three key reasons why China's policy pivot could yield positive surprises in both magnitude and duration, emphasizing the need for anti-involution to revive private capital expenditure and support sustainable equity upcycles [4]. Summary by Sections Private Sector Capex - The private sector in China has experienced a capex growth hiatus for the past three years, with current net profit margins at 5-6%, the lowest in Asia, necessitating supply-side cuts to rationalize competition and enhance profitability [8][9]. - Reviving private sector capex is crucial for sustainable job creation and economic growth, requiring a reduction in unnecessary output [9]. Consumption - China's high household savings rate of over 30% has underpinned growth, but there is a pressing need for households to spend more and save less, supported by a robust equity market [13][14]. - The report highlights that the MSCI China EPS CAGR from 2015 to 2024 is only 1%, significantly lower than other markets, indicating a need for EPS growth to drive long-term equity market gains [14]. Supply Side Drivers - The report notes that the initial catalysts for industrial overbuilding are diminishing, with China's supply-driven economy facing an extreme supply-demand imbalance [18][19]. - Recent developments in high-tech industries and a potential stabilization in Tier-1 city property prices could ease the growth offset needed from manufacturing [19]. Investment Themes - The report identifies several investment themes in China, including consumer leaders, equity market proxies, private innovation, and consolidation beneficiaries, suggesting a favorable risk/reward scenario in the early stages of capital discipline [24][25].

该行偏好领先大型药厂，短期而言避开过度依赖生物仿制药的公司。该行选股包括石药集团、新诺威、 翰森制药、爱尔眼科、恒瑞医药、康方生物、中生制药、国药控股、康哲药业、大参林、华东医药、泰 格医药及药明康德。 里昂发表研究报告指，中国医疗健康行业流动性及基本面持续改善，维持对医疗健康板块正面看法。该 行指出，行业基本面持续复苏，7月院内处方量按月提升，随着更多创新药放量，第三季行业盈利有望 实现显著增长，加上美债不确定性可能促使资金重新配置，进一步改善创新药资产流动性，相信行业拐 点已过，未来将迎来盈喜等正面催化剂。 ...