Group 1 - The Hang Seng Index rose by 0.12%, gaining 26 points to close at 21,998 points, while the Hang Seng Tech Index increased by 0.81% with a trading volume of HKD 97.3 billion in the morning session [1] - Ant Group plans to invest HKD 28.14 billion to acquire a controlling stake in Yau Tat Securities, leading to a surge in Alibaba-related stocks, with Yau Tat Securities rising by 20% and Alibaba Health increasing by 6% [1] - Meituan-W saw a morning increase of 3.82%, as institutions expect the competition landscape in the food delivery industry to remain stable, suggesting long-term value release for the platform [1] - Longjiang Life Science (00775) rose over 9% after showcasing various cancer vaccine data at AACR 2025 [1] - Horizon Robotics-W (09660) also increased by over 9% following a strategic partnership with Denso, with institutions indicating a positive outlook for the industry chain [1] Group 2 - Zai Lab (09911) increased by 6.48%, driven by significant growth in social business revenue in Q1, and the company is exploring overseas acquisition opportunities [2] - Lao Pu Gold (06181) rose over 6%, as institutions noted that fixed-price gold products benefit from the rising gold prices [3] - Shangmei Co., Ltd. (02145) surged by 8%, reaching a new historical high, with institutions optimistic about the long-term growth potential of the beauty care sector [4] - Tigermed (03347) fell over 2% post-earnings, with Q1 net profit attributable to shareholders decreasing by nearly 30%, although there is still room for improvement in gross margin [4] - Qingdao Beer Co., Ltd. (00168) dropped by 3.7% post-earnings, despite a 7.08% year-on-year increase in net profit for Q1 [4] - Longyuan Power (00916) declined over 6% post-earnings, with Q1 net profit attributable to shareholders decreasing by 21.82% and wind power segment revenue down by 1.89% [4] - Rongchang Bio (09995) fell by 8.21% post-earnings, despite nearly 60% year-on-year revenue growth in Q1, with losses narrowing to CNY 254 million [4]

金十数据整理：每日港股市场要闻速递（4月29日 周二） 2. 大唐发电 (00991.HK)：一季度营业收入302.06亿元，同比减少1.74%；净利润22.38亿元，同比增加 68.12%。 3. 药明康德 (02359.HK) ：一季度营业收入约96.55亿元，同比增长20.96%；净利润约36.72亿元，同比增 长89.06%。 4. 青岛啤酒股份 (00168.HK)：一季度营业收入约104.455亿元，同比增长2.91%；净利润约17.1亿元，同 比增长7.08%。 9. 融创中国 (01918.HK)：高等法院颁令将呈请聆讯进一步延期至2025年8月25日。 1. 中国石油化工股份 (00386.HK)：一季度营业收入为7353.56亿元，同比减少6.9%；净利润约132.64亿 元，同比减少27.6%。 5. 招商证券 (06099.HK) ：一季度营业收入47.13亿元，同比增长9.64%；净利润23.08亿元，同比增长 6.97%。 6. 中金公司 (03908.HK) ：一季度营业收入约57.21亿元，同比增长47.69%；净利润约20.42亿元，同比增 长64.85%。 7. 泰格医药 ...

证券代码：300347 证券简称：泰格医药 公告编码（2025）021 号 杭州泰格医药科技股份有限公司 第五届董事会第十五次会议决议公告 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"）第五届董事会第十五次会议于 2025年4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4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。 一、 审议并通过《关于公司2025年第一季度报告的议案》。 具体内容详见中国证监会创业板指定信息披露网站同期披露的《公司2025年第一季度 报告全文》。 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 二〇二五年四月二十九日 1 经与会董事审议，本次会议以投票表决的方式审议通过如下决议： ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,564,143,614.71, a decrease of 5.79% compared to CNY 1,660,204,321.44 in the same period last year[5] - Net profit attributable to shareholders was CNY 165,468,741.43, down 29.61% from CNY 235,072,002.70 year-on-year[5] - The net profit after deducting non-recurring gains and losses was CNY 102,328,863.87, a significant decline of 66.23% compared to CNY 303,052,196.14 in the previous year[5] - Total operating revenue for the current period was ¥1,564,143,614.71, a decrease of 5.79% from ¥1,660,204,321.44 in the previous period[22] - Net profit for the current period was ¥109,980,847.86, down 64.80% from ¥312,570,373.39 in the previous period[23] - Earnings per share decreased to ¥0.19 from ¥0.27 in the previous period[23] Cash Flow - The company reported a net cash flow from operating activities of CNY 197,934,614.18, an increase of 37.26% from CNY 144,204,460.07 in the same period last year[5] - Cash generated from operating activities increased to ¥1,630,273,549.06, compared to ¥1,476,940,313.67 in the previous period[25] - The net cash flow from operating activities was $197.93 million, an increase of 37.4% compared to $144.20 million in the previous period[26] - Total cash inflow from operating activities amounted to $1.65 billion, up from $1.55 billion year-over-year[26] - Cash outflow from investing activities resulted in a net cash flow of -$657.87 million, worsening from -$119.72 million in the previous period[26] - Cash inflow from financing activities totaled $617.96 million, compared to $447.50 million in the prior year, reflecting a 38.1% increase[26] - The net cash flow from financing activities was -$103.87 million, a decline from a positive $2.42 million in the previous period[26] - The ending cash and cash equivalents balance was $1.49 billion, down from $7.42 billion at the end of the previous period[26] Assets and Liabilities - The total assets at the end of the reporting period were CNY 28,729,592,949.22, reflecting a slight increase of 0.20% from CNY 28,671,015,787.16 at the end of the previous year[5] - The company reported a total current assets of ¥5,895,369,481.10, down from ¥6,299,685,225.86 at the beginning of the period[18] - The total amount of accounts receivable is ¥1,155,388,839.63, decreased from ¥1,359,758,181.20[18] - Total liabilities increased to ¥4,820,982,910.72 from ¥4,606,536,600.57 in the previous period[20] - The company's total equity decreased to ¥23,908,610,038.50 from ¥24,064,479,186.59 in the previous period[20] Investments and Shareholder Information - The company signed new contracts worth over CNY 2 billion in Q1 2025, representing a year-on-year growth rate of 20%[11] - The company experienced a 127.11% increase in trading financial assets, totaling CNY 170,000,000.00, primarily due to the purchase of wealth management products[8] - The company’s long-term equity investments increased to ¥3,911,115,451.09 from ¥3,424,603,314.72[18] - The largest shareholder, Ye Xiaoping, holds 20.49% of shares, totaling 177,239,541 shares[13] - Total number of common shareholders at the end of the reporting period is 53,774[13] - The total number of shares held by the top ten unrestricted shareholders is 123,118,879 shares[14] - The company has a total of 171,687,044 shares under lock-up agreements, with no shares released during the period[16] Borrowings and Financial Expenses - Long-term borrowings rose by 79.72% to CNY 581,674,789.07, attributed to new long-term loans obtained during the reporting period[8] - The company reported a significant increase in financial expenses, amounting to CNY 31,748,445.86, due to reduced foreign exchange gains and the reclassification of interest from large time deposits[9] - Long-term borrowings rose significantly to ¥581,674,789.07 from ¥323,649,635.25 in the previous period[20] Strategic Planning - The company plans to continue investing in digital and intelligent technology development as part of its strategic planning[11] Other Financial Metrics - The company reported an investment income of ¥25,309,680.34, compared to a loss of ¥3,591,151.18 in the previous period[22] - Cash inflow from investment activities was $148.93 million, a decrease from $162.65 million year-over-year[26] - Cash outflow for purchasing fixed assets and other long-term assets was $48.09 million, significantly lower than $111.54 million in the previous period[26] - The company received $62.60 million from investment, compared to $21.30 million in the prior year, indicating strong investor interest[26] - The company reported a cash inflow of $555.36 million from borrowings, an increase from $373.01 million in the previous period[26]

Financial Performance - The company's operating revenue for Q1 2025 was RMB 1,564,143,614.71, a decrease of 5.79% compared to RMB 1,660,204,321.44 in the same period last year[12]. - Net profit attributable to shareholders was RMB 165,468,741.43, down 29.61% from RMB 235,072,002.70 year-on-year[12]. - The net profit after deducting non-recurring gains and losses was RMB 102,328,863.87, a significant decline of 66.23% from RMB 303,052,196.14 in the previous year[12]. - Operating profit decreased to CNY 144,504,382.40, down 60.0% from CNY 362,196,228.41 in the previous period[43]. - Net profit for the current period is CNY 109,980,847.86, a decline of 64.8% compared to CNY 312,570,373.39 in the previous period[43]. - The company reported a total comprehensive income of CNY 115,310,625.21, down 60.3% from CNY 290,331,159.48 in the previous period[44]. Cash Flow - The net cash flow from operating activities increased by 37.26% to RMB 197,934,614.18, compared to RMB 144,204,460.07 in the same period last year[12]. - The company reported a significant increase in investment cash outflows, which rose by 449.52% to RMB -657,869,238.36, mainly due to increased investments in joint ventures[23]. - Cash inflow from sales of goods and services reached ¥1,630,273,549.06, an increase of 10.3% from ¥1,476,940,313.67[47]. - Total cash outflow from operating activities was ¥1,454,545,978.13, an increase of 3.5% compared to ¥1,405,522,357.29 in the previous period[47]. - Cash inflow from financing activities amounted to ¥617,956,000.00, up 38.1% from ¥447,503,471.27 in the last period[48]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 28,729,592,949.22, reflecting a slight increase of 0.20% from RMB 28,671,015,787.16 at the end of the previous year[14]. - Total liabilities increased to CNY 4,820,982,910.72 from CNY 4,606,536,600.57, reflecting a growth of 4.6%[42]. - Long-term borrowings rose by 79.72% to RMB 581,674,789.07, attributed to new long-term loans obtained during the reporting period[19]. - The total current assets decreased from 6,299,685,225.86 RMB to 5,895,369,481.10 RMB, reflecting a decline of about 6.4%[36]. - The total liabilities decreased from 3,661,852,465.12 RMB to 3,635,724,221.91 RMB, showing a decline of approximately 0.7%[38]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 53,774[26]. - The top shareholder, Ye Xiaoping, holds a 20.49% stake, amounting to 177,239,541 shares[27]. - The company has a total of 171,687,044.00 shares under lock-up, with a release schedule of 25% per year for executives[33]. Other Financial Metrics - The weighted average return on net assets was 0.80%, down from 1.12% in the previous year, a decrease of 0.32%[12]. - The company’s income tax expense decreased by 32.43% to RMB 33,644,494.98, primarily due to a decline in pre-tax profits[22]. - The company incurred a 679.32% increase in non-operating expenses, amounting to RMB 1,038,576.02, largely due to increased donation expenditures[22]. - Earnings per share (EPS) for the current period is CNY 0.19, down from CNY 0.27 in the previous period[44]. - Other comprehensive income after tax for the current period is CNY 5,329,777.35, compared to a loss of CNY 22,239,213.91 in the previous period[43].

Core Insights - The global and US innovative drug VC&PE financing amounts are expected to grow by 1.93% and 5.29% respectively in 2024, indicating a recovery in the innovative drug financing environment [1] - The demand for research and development in fields such as peptides and ADCs is strong, leading to an increase in outsourcing needs in these areas [1][2] Macro Perspective - The global innovative drug financing environment is recovering, with significant growth in the demand for innovative research in specific fields like peptides and ADCs, which is expected to enhance the CXO industry's outlook [1] - According to Crunchbase, the VC&PE financing for innovative drugs in 2024 shows positive growth, marking an improvement in the financing environment [1] Micro Perspective - CXO listed companies are seeing a recovery in new orders, with many companies like WuXi AppTec, WuXi Biologics, and others reporting a year-on-year increase of over 20% in new orders [3] - The production capacity of domestic CXO companies is mature, ensuring timely delivery of orders, which is expected to lead to double-digit revenue growth for several companies in 2025 [3] Target Companies - Recommended companies to watch include WuXi AppTec (603259.SH, 02359), WuXi Biologics (02269), WuXi AppTec (02268), Kelun Pharmaceutical (002821.SZ, 06821), and others [4]

Investment Rating - The industry view for mid-cap CRO/CDMOs is rated as Attractive [5] Core Insights - Direct tariff exposure for major China CRO/CDMO companies is estimated to be between 0%-10%, which is manageable for most leading firms in the sector [3][8] - Increasing macro uncertainties, including tariffs and funding dynamics, are expected to lead to softer funding beta and more cautious R&D budgets in 2025 [3][21] - The FDA's proposal to phase out animal testing is unlikely to have an immediate impact on most CROs, as alternatives are limited [8][14] Company-Level Picks - Pharmaron-H is highlighted as the most preferred pick due to its strong alpha from CMC and minimal tariff exposure [4] - GenScript is favored for its turnaround in non-cell business and robust contributions from its CGT investment [4] - Asymchem is noted for its growth in the GLP-1 area, though there are concerns about its overseas facility loss in 2025 [4] - Joinn Lab and Tigermed are viewed positively for their long-term prospects, despite expectations of a slower domestic funding recovery [4] Market Dynamics - The report indicates that the general outlook for CRO/CDMO companies is improving in 2025, but remains softer than earlier expectations due to disrupted global funding momentum [21] - Quality players with unique barriers and visionary overseas facility deployment are expected to outperform their peers [21] Financial Forecasts and Valuations - Tigermed's revenue growth forecasts for 2025-2027 have been adjusted to 3.1%, 8.1%, and 11.6% YoY, reflecting a cautious outlook [26] - The price target for Tigermed has been reduced from Rmb57.5 to Rmb37.7 due to updated earnings estimations [28]

简历显示：葛兰女士:中国籍。美国西北大学生物医学工程专业博士。历任国金证券股份有限公司研究 所研究员,民生加银基金管理有限公司研究员。2014年10月加入中欧基金管理有限公司,曾任研究员、中 欧明睿新起点灵活配置混合型证券投资基金基金经理(2015年1月29日起至2016年4月22日)、中欧瑾泉灵 活配置混合型证券投资基金基金经理(2015年3月16日起至2016年4月22日)、中欧瑾源灵活配置混合型证 券投资基金基金经理(2015年3月31日起至2016年4月22日)、中欧瑾和灵活配置混合型证券投资基金基金 经理(2015年4月13日起至2016年4月22日)。现任中欧医疗健康混合型证券投资基金基金经理(自2016年9 月29日起至今),中欧明睿新起点混合型证券投资基金基金经理(自2018年7月12日起至今)、中欧阿尔法混 合型证券投资基金基金经理(2020年8月20日起至2023年9月28日)。 来源：金融界 金融界2025年4月25日消息，中欧医疗创新股票C(006229) 最新净值1.1626元，下跌1.43%。该基金近1个 月收益率3.72%，同类排名37|541；近3个月收益率20.12%，同类排 ...

Group 1 - The core viewpoint of the news is that the CSI Medical Index has shown a slight decline recently, reflecting the overall performance of listed companies in the medical and healthcare sector in China [1] - The CSI Medical Index closed at 6285.16 points, with a trading volume of 13.955 billion yuan, down 0.04% [1] - Over the past month, the CSI Medical Index has decreased by 8.83%, while it has seen a slight increase of 0.12% over the last three months, and a year-to-date decline of 4.13% [1] Group 2 - The CSI Medical Index includes companies involved in medical devices, medical services, and medical information technology, with a base date of December 31, 2004, set at 1000.0 points [1] - The top ten weighted companies in the CSI Medical Index are WuXi AppTec (10.39%), Mindray Medical (9.5%), Aier Eye Hospital (8.04%), United Imaging (7.08%), Aimeike (3.67%), Huatai Medical (3.62%), Kanglong Chemical (3.16%), TigerMed (3.15%), Yuyue Medical (2.82%), and New Industry (2.74%) [1] - The market share of the CSI Medical Index is 57.96% from the Shenzhen Stock Exchange and 42.04% from the Shanghai Stock Exchange [1] - The industry composition of the CSI Medical Index shows that 97.45% is in the healthcare sector, 2.28% in information technology, and 0.27% in consumer goods [1] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December [2] - Weight factors are adjusted in accordance with the sample adjustments, which are fixed until the next scheduled adjustment unless a special situation arises [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to the calculation and maintenance guidelines [2]

华夏时报（www.chinatimes.net.cn）记者 张斯文 于娜 北京报道 百亿"赌局"崩盘！泰格医药净利润腰斩。 泰格医药（300347.SZ）2024年财报显示，公司营收与净利润双双大幅下滑，全年营收同比下降10.58%至66.03亿 元，归母净利润骤降79.99%。这一表现主要受国内创新药研发需求萎缩、订单价格竞争加剧，以及非经常性损益 项目的拖累。其中，金融资产公允价值变动成为净利润暴跌的主因，公司此前通过投资布局积累的"CRO+投 资"模式，因市场波动导致资产价值缩水，直接影响当期利润，凸显了该模式的收益与风险并存特征。 利润方面，公司去年归母净利润4.05亿元，同比下滑79.99%，主要受非经常性损益项目（如金融资产公允价值变 动）拖累；扣非净利润8.55亿元，同比下降42.13%。 《华夏时报》记者梳理资料发现，泰格医药在2020年至2024年期间，购买了不少的上市公司股票，这部分股票组 成的其他非流动金融资产，便是公司公允价值变动导致净利润大幅下滑的主要原因。 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 以公允价值计量且其变动计入当期损 | 1 ...