Tigermed (3347.HK): China Healthcare Corporate Day 2026 Takeaways: Order momentum on track, with gradual pricing repair

研报英文原文证据摘录

Tigermed (3347.HK): China Healthcare Corporate Day 2026 Takeaways: Order momentum on track, with gradual pricing repair

Equity Research

25 June 2026 | 5:31PM HKT

Tigermed (3347.HK): China Healthcare Corporate Day 2026 Takeaways

— Order momentum on track, with gradual pricing repair

Chris Pan, CFA

+852-2978-7993 | chris.pan@gs.com

Goldman Sachs (Asia) L.L.C.

Ziyi Chen

+852-2978-0526 | ziyi.chen@gs.com

Presenter: Finance VP

Bottom line: Management indicated domestic order growth of c.20% YTD, with

momentum improving to 20–25% in Apr–May and pricing showing early signs of

stabilization (c.5% blended uplift), supported by stronger demand from domestic

pharma and pick up in MNC activity. Margins have begun to recover sequentially in

2Q and are expected to improve further into 2H on operating leverage and AI-driven

efficiency gains, despite ongoing investment. Geopolitical developments have yet to

translate into observable client behavior changes, with underlying demand

supported by sustained relevance of China clinical trials, i.e., faster speed and lower

cost.

Key Takeaways

n Domestic orders at 20% YTD: Management indicated domestic new orders

grew c.20% YTD (Jan–May), with a softer start in Jan–Feb and a recovery to c.20–

25% growth in Apr–May, suggesting delivery of full‑year targets remains on track

with acceleration vs. 2025. Pricing showed early signs of stabilization, with ASP

improving by <10% in Apr–May and a weighted average increase of c.5%. In

terms of client mix, management highlighted stronger growth from domestic

pharma, driven by rising outsourcing penetration, as well as increasing

participation from specialty pharma transitioning toward innovative drug

development; smaller biotech contribution appears relatively lower. MNC activity