Tigermed (300347 CH/3347 HK) A/H: Buy/Buy: Controlling shareholder under disclosure violation investigation; fundamentals intact

研报英文原文证据摘录

Tigermed (300347 CH/3347 HK) A/H: Buy/Buy: Controlling shareholder under disclosure violation investigation; fundamentals intact

13 May 2026

Equity Research Report

Tigermed (300347 CH/3347 HK) EquitiesHealth Care Providers &

Srvcs

A/H: Buy/Buy: Controlling shareholder under disclosure

violation investigation; fundamentals intact China

◆ The market may have overreacted to disclosure violations; A: MAINTAIN BUY

RMB500m-1bn share repurchase announced for A-share

TARGET PRICE (CNY) PREVIOUS TARGET (CNY)

◆ 1Q26 results slightly missed mainly on GP margin; expect

78.00 78.00 recurring NP to see sequential improvement in 2026

◆ Maintain Buy/Buy for A/H-shares, with unchanged TPs of SHARE PRICE (CNY) UPSIDE/DOWNSIDE

RMB78.00 and HKD59.70 51.53 +51.4%

(as of 12 May 2026)

H: MAINTAIN BUYShare price correction an overreaction as fundamentals remain intact: On 12 May,

Tigermed announced its controlling shareholder is under CSRC’s investigation for

violating regulations on the disclosure of shareholding reduction. Its A/H-share prices TARGET PRICE (HKD) PREVIOUS TARGET (HKD)

were down c5%/c5% following the announcement (vs CSI300/HSI: up 1%/flat). We 59.70 59.70

think the market has overreacted to the news as 1) we believe the violation is related

to the missing disclosure of a 6.63% shareholding dilution due to IPO on the Hong Kong SHARE PRICE (HKD) UPSIDE/DOWNSIDE

Stock Exchange and the reported controlling shareholder’s shareholding is accurate; 38.02 +57.0%

the company issued a supplementary public announcement on 12 May; and 2) such (as of 12 May 2026)

incident has no impact to its fundamentals. We note Tigermed’s A/H-share prices have

MARKET DATAbeen down 9%/11% YTD (vs CSI300/HSI: +7%/3%). Excluding its cRMB10.3bn

BBG / RIC(A / H) 300347.SZ/3347.HK