Group 1 - The Hong Kong pharmaceutical outsourcing sector experienced a significant decline, with major companies reporting substantial drops in stock prices [1] - Kanglong Chemical (03759.HK) saw a decrease of 13.27%, while Tigermed (03347.HK) fell by 11.33% [1] - Other notable declines included WuXi Biologics (02269.HK) down 8.19%, Kelaiying (06821.HK) down 7.52%, and WuXi AppTec (02359.HK) down 5.64% [1]

Group 1 - The core viewpoint of the news is that Tiger Med's stock price has significantly declined, leading to a high rolling PE ratio compared to the industry average [1] - As of April 7, Tiger Med's closing price was 45.8 yuan, down 10.72%, with a rolling PE ratio of 97.78 times and a total market capitalization of 39.615 billion yuan [1] - The company experienced a net outflow of main funds amounting to 122.997 million yuan on April 7, with a total outflow of 187.169 million yuan over the past five days [1] Group 2 - Tiger Med is primarily engaged in providing comprehensive clinical research solutions as a Contract Research Organization (CRO) for new drug development [1] - The company's latest financial results for the year 2024 show a revenue of 6.603 billion yuan, a year-on-year decrease of 10.58%, and a net profit of 405 million yuan, down 79.99% [1] - The gross profit margin for the company stands at 33.95% [1] Group 3 - In terms of industry comparison, the average PE ratio for the medical services sector is 45.72 times, with a median of 41.83 times, placing Tiger Med at the 38th position in the industry ranking [2] - The industry average market capitalization is 142.68 billion yuan, while the median is 43.24 billion yuan [2]

Core Views - The report maintains a positive outlook on the biopharmaceutical industry, expecting it to outperform the market due to minimal impact from recent U.S. tariff policies on drug sectors [4][5] - The report emphasizes continued optimism for innovative drugs and sectors related to consumer recovery, highlighting the resilience of the pharmaceutical sector amidst tariff changes [4][5] Industry Insights - The recent U.S. tariff policy has a limited effect on the pharmaceutical sector, with most drugs, including various chemical drugs, vaccines, and biological products, exempt from tariffs. Raw materials like vitamins and amino acids are also on the exemption list [4][27] - The report suggests that the innovative drug sector has shown significant growth, providing a selection of quality stocks based on criteria such as strong fundamentals, potential in research pipelines, and favorable cash positions [4][5] Investment Strategy - The report recommends focusing on four main themes: "Innovation," "Going Global," "Equipment Upgrades," and "Consumer Recovery" [5] - **Innovation**: Invest in globally competitive innovative drugs and promising categories, with specific companies highlighted such as BeiGene and East China Pharmaceutical [5] - **Going Global**: Identify opportunities in overseas markets, with companies like Mindray Medical and Sinocare suggested for investment [5] - **Equipment Upgrades**: Expect support for medical equipment updates from government policies, with companies like Mindray Medical and United Imaging Healthcare recommended [5] - **Consumer Recovery**: Anticipate a rebound in sectors like ophthalmology and aesthetic medicine, with companies like Prue Eye Hospital and Tongce Medical highlighted [5] Key Companies to Watch - **Nocare Biopharma**: Expected to achieve revenue of 1.009 billion in 2024, with a 49% year-on-year growth in sales of its core product, Oubatinib [6] - **Sihuan Pharmaceutical**: Strong fundamentals with a stable performance, and a promising pipeline with multiple products expected to be approved between 2025 and 2027 [9] - **East China Pharmaceutical**: Anticipated growth driven by the commercialization of domestic nuclear medicine products and a robust R&D pipeline [10] - **China Biopharmaceutical**: Rapid revenue growth with an increasing proportion of innovative products, indicating potential for accelerated profit growth [11] - **Aier Eye Hospital**: Benefiting from growing demand in ophthalmology and favorable policies for private specialty hospitals, with significant expansion plans [21]

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） 承董事會命 杭州泰格醫藥科技股份有限公司 董事長 葉小平 香 港，2025年4月2日 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、袁華剛先生及劉毓文女士。 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， ...

Core Viewpoint - The performance of the domestic clinical CRO leader, Tigermed (300347), has significantly weakened, reporting its worst net profit in nearly seven years for 2024, with a nearly 80% decline in net profit and a drop in both revenue and gross margin [1][3]. Financial Performance - In 2024, Tigermed achieved total operating revenue of 6.603 billion yuan, a decrease of 10.58% compared to 2023 [2][3]. - The net profit attributable to shareholders was 405.14 million yuan, down 79.99% year-on-year, marking the highest decline since the company went public [3]. - The gross margin for the main business dropped from 38.18% in the previous year to 33.27% in 2024 [4]. Business Challenges - The decline in performance is attributed to a significant drop in gross margin, particularly in clinical trial technical services, which fell from 38.21% to 29.56% [4]. - The company faced increased competition and pressure on profit margins due to changes in client risk preferences and cash flow issues among clients reliant on external financing [3][4]. - The average order price for domestic clinical operations decreased, leading to reduced revenue and gross margin [4]. Fair Value Changes - Tigermed reported significant fair value losses in 2024, with a fair value of financial assets at -502 million yuan, compared to a gain of 353 million yuan in the previous year [5][6]. - The company adjusted the fair value of certain investments due to market conditions and financing rounds below previous valuations [6]. Cash Flow and Shareholder Returns - The net cash flow from operating activities for 2024 was 1.097 billion yuan, slightly down from 1.150 billion yuan in 2023 [2][7]. - The company returned approximately 979 million yuan to shareholders through dividends and share buybacks in 2024 [7]. Business Development Initiatives - To enhance profitability, Tigermed has implemented targeted measures in business development (BD), including the establishment of a clinical operations strategy committee and six BD business units based on therapeutic areas [8]. - The growth in orders is primarily driven by demand from large multinational pharmaceutical companies and domestic biotech firms [8]. AI Applications - Tigermed has also focused on AI applications, completing the localization of the open-source model DeepSeek-R1 and developing AI solutions for medical scenarios [9].

Market Overview - The A-share market is experiencing a consolidation phase with increased trading volume, as indicated by the performance of major indices [4][9] - The Shanghai Composite Index closed at 3335.75, down 0.46%, while the Shenzhen Component Index fell by 0.97% to 10504.33 [2][4] - The overall market sentiment shows a divergence between blue-chip stocks and innovative small and medium enterprises, with the latter underperforming [7][9] Company Dynamics - **China Construction Bank (601939.SH)** reported a slight increase in net profit for 2024, with a year-on-year growth of 0.88% [30] - **Qingdao Beer (600600.SH)** experienced a decline in overall revenue for 2024, with a 5.30% drop, but saw a recovery in Q4 with a 7.44% increase in revenue [33][35] - **Hengrui Medicine (600276.SH)** achieved a significant net profit growth of 47.28% in 2024, driven by innovative drug approvals and international collaborations [36] - **Green Source Group Holdings (2451.HK)** reported a net profit decline of 19.81% in 2024, despite a growth in electric bicycle revenue [39][40] - **Lens Technology (300433.SZ)** saw a 19.94% increase in net profit for 2024, supported by strong performance across various business segments [41][43] - **Agricultural Bank of China (601288.SH)** reported a 4.72% increase in net profit for 2024, with a focus on expanding loans in rural areas [44][46] Industry Insights - The **computer industry** is witnessing a rise in demand for private deployment solutions, particularly for AI large model integration, driven by the need for data security and control [55][56] - The **healthcare sector** is adapting to regulatory changes, with the National Medical Products Administration seeking feedback on optimizing lifecycle management for high-end medical devices [28] - The **manufacturing sector** is undergoing technological upgrades, with the Ministry of Industry and Information Technology promoting new pilot projects for technological transformation [26][27]

Group 1 - The core viewpoint of the news is that as of March 27, 2025, institutional investors hold a significant portion of Tiger Medical's A-shares, totaling 1.76 billion shares, which accounts for 20.31% of the company's total equity [1] - The top ten institutional investors collectively hold 14.86% of Tiger Medical's shares, with a decrease of 1.43 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, while five funds decreased their holdings, with a total reduction rate of 0.19% [2] - A total of 16 new public funds were disclosed this period, including notable funds such as E Fund CSI 300 Medical ETF and others [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.30% compared to the previous quarter [2]

Market News - US stock indices collectively declined, with the Nasdaq down 0.53%, Dow down 0.37%, and S&P 500 down 0.33% [1] - GameStop fell over 22%, while major tech stocks showed mixed results; Nvidia down over 2%, Google and Meta down over 1%, and Apple up over 1% [1] - Gold prices rose 1.21% to $3055.52 per ounce, with COMEX gold futures up 1.54% to $3069.1 per ounce, both reaching historical highs [1] - International oil prices saw slight increases, with WTI crude up 0.37% to $69.91 per barrel and Brent crude up 0.41% to $73.36 per barrel [1] Industry Insights - US robotics companies, including Tesla and Boston Dynamics, urged Congress to initiate a national robotics strategy to enhance global competitiveness in the robotics sector [2] - The market for embodied intelligence, which integrates AI into physical robots, is expected to grow significantly, potentially exceeding $1 trillion by 2026 [2] - The Ministry of Industry and Information Technology, along with other departments, released a digital transformation plan for the light industry, aiming for 90% adoption of digital design tools by 2027 [3] - The approval of TROP2 ADC drug for lung cancer marks a significant achievement for China's innovative pharmaceutical sector, which is increasingly recognized for its advancements [4] - The price of strontium carbonate has surged, reaching a peak of 15,500 yuan per ton, driven by supply disruptions from major international producers [5][6] Company Updates - Joyoung Co., Ltd. reported a 7.94% decline in revenue for 2024, totaling 8.849 billion yuan, with a net profit drop of 68.55% [7] - Air China announced a revenue increase of 18.14% for 2024, reaching 166.699 billion yuan, but reported a net loss of 237 million yuan [7] - Tigermed Consulting Co., Ltd. experienced a 10.58% decrease in revenue for 2024, totaling 6.603 billion yuan, with a net profit decline of 79.99% [7] - Lier Chemical Co., Ltd. reported a 6.87% drop in revenue for 2024, amounting to 7.311 billion yuan, with a net profit decrease of 64.34% [7] - Xinghuo Technology announced a shareholder's plan to reduce holdings by up to 49.8442 million shares, representing 3% of the total share capital [8]

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 董事長 葉小平 香 港，2025年3月27日 证券代码：300347 证券简称：泰格医药 公告编码（2025）019 号 杭州泰格医药科技股份有限公司 关于控股子公司为其他控股孙公司提供担保的公告 ...

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 董事長 杭州泰格医药科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了杭州泰格医药科技股份有限公司（以下简称泰格 医药）2024 年 12 月 ...