从2020年开始，太美医疗科技进入自主创新及AI智能化研发阶段，从SaaS升级为数字化平台，打 破组织间壁垒和软件间壁垒，支持跨组织在线协作，从而提升行业整体协调水平。其推出的TrialOS医 药研发协作平台和PharmaOS医学科学营销数字化协作平台，将多种SaaS解决方案和数字化服务相结 合，成功链接医药企业、医院、第三方服务商、医生和患者等多方参与者，显著提升医药研发的整体效 率和商业绩效。 近年来，随着大模型技术的发展，太美医疗科技将AI能力大幅扩展，应用于从新药研发到商业化 的全流程场景，并于今年推出覆盖药品全生命周期的智能服务价值导向型AIaaS合作模式，为生命科学 产业发展提供全栈式智能化支持。太美医疗科技首创"数字员工"体系，将AI智能体嵌入临床研究全流 程，实现从"生产力工具"到"生产力"的突破。 太美医疗科技的战略转型仍在进行中。赵璐表示，公司将继续加大在 AI 技术研发方面的投入，进 一步完善 AIaaS 商业模式并大力拓展国际市场，提升公司在创新医药研发领域的竞争力。 创新药研发面临多重挑战，如临床试验管理流程冗长、跨组织协作效率低下、数据价值挖掘不足 等。太美医疗科技致力于通过AI大 ...

中证智能财讯 太美医疗科技（02576）4月24日披露2024年度报告。报告期内，公司实现营业总收入5.69亿元，同比下降3.95%；归母净利润亏损2.15亿元， 上年同期亏损3.47亿元；经营活动产生的现金流量净额为-2.02亿元，上年同期为-3.51亿元；据报告显示，太美医疗科技基本每股收益为-0.39元，加权平均净 资产收益率为-19.89%。 以4月24日收盘价计算，太美医疗科技目前市净率（TTM）约1.56倍，市销率（TTM）约3.28倍。 市净率(LF)历史分位(%) 100 ହି ୨୦ 90x23 80 76.69 70 60 50 40 36.84 33-08 30 20 18.8 10 2024-17-30 | 0 2025-07-37 | 2025-02-28 | 2024-10-37 | 2024-12-37 | 制图数据来自恒生聚源数据库 公司是国内领先的基于云计算和大数据技术的生命科学产业数字化解决方案提供商，产品和服务覆盖临床研究、药物警戒、医药市场营销等环节。公司以协 作为核心理念，为医药企业/申办方、医院/临床研究机构、第三方服务商(CRO、SMO、中心实验室、冷链物流企业等) ...

Financial Performance - Zhejiang Taimei Medical Technology reported a revenue of RMB 500 million for the fiscal year 2024, representing a 20% increase compared to the previous year[3]. - The company achieved a net profit of RMB 100 million, which is a 15% growth year-over-year[3]. - Total revenue for 2024 was RMB 551.16 million, a slight decrease compared to RMB 573.14 million in 2023[13]. - Gross profit increased to RMB 224.94 million, with a gross margin improvement from 31.2% to 40.8%, a rise of 9.6 percentage points[15]. - Net loss for the year decreased to RMB 217.41 million, down 39% from RMB 356.38 million in 2023[15]. - Total revenue for 2024 reached RMB 551.2 million, with a gross margin increase from 31.2% in 2023 to 40.8%, a rise of 9.6 percentage points[23]. - The net loss for 2024 narrowed significantly to RMB 217.4 million, down 39.0% from RMB 356.4 million in 2023[23]. - Adjusted net loss, excluding IPO-related expenses and share-based payments, was RMB 57.3 million, a decrease of 81.9% year-on-year[23]. - Total revenue decreased by 3.8% from RMB 573.1 million in 2023 to RMB 551.2 million in 2024, primarily due to a decline in digital services and an increase in cloud software sales[39]. - Gross profit increased by 25.7% from RMB 179.0 million in 2023 to RMB 224.9 million in 2024, with gross margin rising from 31.2% to 40.8% due to effective cost reduction strategies[42]. User Growth and Market Expansion - User data indicates a 30% increase in active users, reaching a total of 1 million users by the end of 2024[3]. - The company plans to expand its market presence in Southeast Asia, aiming for a 15% market share by 2026[3]. - The company plans to expand internationally and develop global partnerships, positioning itself as a one-stop digital service platform for pharmaceutical and medical device companies entering international markets[37]. Product Development and Innovation - New product launches are expected to contribute an additional RMB 50 million in revenue in 2025[3]. - The company plans to launch the AI-powered clinical research platform "Wensi Intelligent" to enhance research efficiency and reduce costs[18]. - The company is actively involved in the research and development of new products and technologies to enhance its service offerings[100]. Financial Strategy and Investments - Zhejiang Taimei Medical Technology is considering strategic acquisitions to enhance its product portfolio, with a budget of RMB 200 million allocated for potential deals[3]. - The company is actively seeking strategic investments and partnerships to enhance its value and return to shareholders[19]. - The company plans to strengthen sales and marketing capabilities with 10% (HKD 26.0 million) of the net proceeds, which remains fully unutilized[188]. - 15% (HKD 38.9 million) of the net proceeds is allocated for selective strategic investments and acquisitions, also remaining unutilized[188]. Operational Efficiency - The company has implemented new strategies to improve operational efficiency, targeting a 5% reduction in costs by the end of 2025[3]. - The company aims to reduce R&D costs by 30% and improve trial efficiency by 50% through the implementation of an AI-driven clinical research platform[32]. - Selling expenses decreased by 41.7% from RMB 150.2 million in 2023 to RMB 87.6 million in 2024, mainly due to improved sales strategy efficiency and personnel restructuring[43]. - R&D expenses decreased by 48.5% from RMB 169.2 million in 2023 to RMB 87.1 million in 2024, reflecting optimized R&D efficiency and personnel restructuring[45]. Shareholder and Governance - The board of directors has approved a dividend payout of RMB 0.10 per share, reflecting a commitment to returning value to shareholders[3]. - The company did not recommend the distribution of a final dividend for the year ending December 31, 2024[104]. - The company has a significant concentration of ownership, with the top shareholders holding substantial percentages of the total issued capital[144]. - The independent directors are responsible for providing independent opinions and judgments to the board, ensuring corporate governance and accountability[83][85]. Employee and Management Structure - The workforce consists of 627 full-time employees, with 20.9% in R&D, 13.5% in sales and marketing, and 51.7% in professional and technical roles[65]. - The company has experienced significant management changes, with new appointments in key positions, including the Chief Financial Officer[95]. - The management team has a strong background in finance and investment, contributing to strategic decision-making and market expansion efforts[84][89]. Financial Position and Assets - Total assets as of December 31, 2024, were RMB 1,583.20 million, while total liabilities were RMB 348.62 million[13]. - The company's cash and cash equivalents amount to RMB 319.3 million, short-term bank deposits RMB 599.9 million, and short-term government bond investments RMB 159.4 million as of December 31, 2024[55]. - The current ratio is 5.05, up from 3.71 as of December 31, 2023, indicating strong liquidity[55]. - The debt ratio is 22.0%, a decrease from 27.9% as of December 31, 2023, reflecting improved financial stability[55]. Risks and Challenges - The group faced risks related to customer retention and acquisition, which could significantly impact revenue and business performance[110]. - The company has no significant contingent liabilities or capital commitments as of December 31, 2024[62][63].

Core Viewpoint - In 2024, Taimei Medical Technology (02576.HK) reported mixed results amid a cooling medical SaaS market, with revenue declining by 3.8% year-on-year to 551 million RMB, and a net loss of 217 million RMB, although the adjusted loss narrowed to 57.26 million RMB, continuing its trend of losses since 2018 [1][3]. Financial Performance - The company has experienced a cumulative loss exceeding 1.2 billion RMB over the past three years, with net losses of 480 million RMB, 413 million RMB, and 347 million RMB from 2021 to 2023 [2]. - Employee count was significantly reduced from 1,492 in 2021 to 627 by the end of 2024, leading to a decrease in employee costs by 59.2 million RMB and a nearly 40% reduction in employee benefits to 364 million RMB [3][4]. - Despite cost-cutting measures, the total expenses for sales, R&D, and administration still accounted for 90% of revenue [4]. Revenue Breakdown - The company's revenue from digital services fell by 7.4% to 343 million RMB in 2024, attributed to intensified market competition and declining average service prices [6]. - The core IRC business saw its average price drop by 70% over three and a half years, with revenues of 89.98 million RMB, 101 million RMB, and 89.83 million RMB from 2021 to 2023, while its gross margin decreased from 50.8% to 42.3% [5][7]. - Revenue from cloud software, primarily from SaaS products, showed a slight increase of 4% in 2024, but overall revenue from mainland China decreased by 8.1% to 522 million RMB [6][8]. Market Challenges - The digital services sector faces challenges in establishing a sustainable pricing model and achieving low-cost, high-margin growth due to the inability to meet critical industry needs [8].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 551.2 million, a decrease of 3.8% compared to RMB 573.1 million in 2023[4] - Gross profit increased to RMB 224.9 million, resulting in a gross margin of 40.8%, up from 31.2% in 2023, representing a 9.6 percentage point increase[10] - The net loss for the year narrowed to RMB 217.4 million, a reduction of 39.0% from RMB 356.4 million in 2023[10] - Adjusted net loss, excluding global offering expenses and share-based payments, was RMB 57.3 million, down 81.9% from RMB 317.1 million in the previous year[10] - Total revenue decreased by 3.8% from RMB 573.1 million in 2023 to RMB 551.2 million in 2024, primarily due to a decline in digital services revenue[29] - Digital services revenue fell by 7.4% from RMB 369.9 million in 2023 to RMB 342.5 million in 2024, attributed to increased market competition leading to lower average service prices[29] - Gross profit rose by 25.7% from RMB 179.0 million in 2023 to RMB 224.9 million in 2024, with gross margin improving from 31.2% to 40.8%[31] - Selling expenses decreased by 41.7% from RMB 150.2 million in 2023 to RMB 87.6 million in 2024, due to enhanced sales strategy efficiency[32] - Administrative expenses increased from RMB 268.9 million in 2023 to RMB 321.4 million in 2024, mainly due to a significant rise in share-based payments[33] - R&D expenses decreased by 48.5% from RMB 169.2 million in 2023 to RMB 87.1 million in 2024, reflecting optimized R&D efficiency[34] - The company incurred total expenses of RMB 822,253 thousand in 2024, down from RMB 982,446 thousand in 2023, a decrease of approximately 16.3%[73] Customer and Market Engagement - The company has served over 1,400 pharmaceutical companies and CROs, including 21 of the top 25 global pharmaceutical companies and 90 of the top 100 innovative pharmaceutical companies in China[10] - The company supports 21 out of the top 25 global pharmaceutical companies and has assisted in 40 NDA/BLA submission projects in China[24] - The company aims to expand its product and service offerings, including global project operations and risk management[22] - The company is focused on enhancing its direct sales model and targeted marketing strategies to attract high-quality potential clients[23] - The company has a high customer renewal rate, leading to continuous data flow and quarterly updates of its DLA model[24] Technology and Innovation - AI technology applications in clinical trial collection and mining were featured in the international academic journal "Nature" in March 2024[10] - The company is constructing a digital integration platform for pharmaceutical enterprises, with the first phase of a clinical operation integration platform completed for a client[8] - The company plans to launch an intelligent platform for clinical research, aiming to reduce R&D costs by 30% and improve trial efficiency by 50%[20] - The intelligent platform will utilize over 4,000 historical trial data points for real-time feedback and optimization[20] - The company emphasizes the integration of advanced technologies like multi-cloud deployment and cloud security measures to meet evolving industry demands[22] Financial Position and Assets - As of December 31, 2024, the company's current assets net value is RMB 1,184.5 million, an increase from RMB 968.3 million as of December 31, 2023[43] - The company's current ratio is 5.05, up from 3.71 in the previous year, indicating strong liquidity[43][44] - Total bank borrowings amount to RMB 10.0 million, with a repayment due within one year[43] - Total assets increased to RMB 1,583,197 thousand in 2024 from RMB 1,444,672 thousand in 2023, representing an increase of approximately 9.6%[58] - The company’s total liabilities decreased to RMB 348,624 thousand in 2024 from RMB 402,559 thousand in 2023, a reduction of about 13.4%[59] - The equity attributable to owners increased to RMB 1,157,810 thousand in 2024 from RMB 978,327 thousand in 2023, an increase of approximately 18.3%[58] Governance and Compliance - The audit committee consists of three independent non-executive directors, ensuring compliance with relevant accounting standards and regulations[95] - The external auditor confirmed that the financial figures for the year ending December 31, 2024, align with the audited consolidated financial statements[96] - The company has adopted the corporate governance code as per the listing rules, ensuring compliance by all directors and supervisors[92] - The company operates under the International Financial Reporting Standards (IFRS)[106] - The company is committed to adhering to the listing rules set by the Hong Kong Stock Exchange[106] Future Plans and Strategy - The company is focusing on enhancing core competitive products and improving internal operational efficiency and profitability quality in 2024[10] - The company plans to implement international marketing strategies to support global expansion and digital transformation solutions[26] - The company aims to build infrastructure for the future pharmaceutical industry, enhancing drug safety and accessibility while reducing patient medical burdens[7] - The company is focused on research and development (R&D) to enhance its product offerings[110] - The company aims to expand its market presence through strategic initiatives and potential acquisitions[110] Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2024, consistent with 2023[78] - The company currently has no dividend policy and plans to retain all future profits for operations and business expansion[91] - The company will regularly review its status and consider adopting a dividend policy at an appropriate time[91] - The company will allocate 10% of future profits to the statutory reserve fund until it reaches over 50% of the registered capital[91] Miscellaneous - The company completed its global offering and successfully listed on the Hong Kong Stock Exchange on October 8, 2024[63] - The company has not engaged in any purchase, sale, or redemption of its listed securities since its listing on October 8, 2024[94] - The company will hold its annual general meeting on June 13, 2025, with a suspension of H-share transfer registration from June 10 to June 13, 2025[99][100] - The company has appointed a new general manager, Wan Yunxun, effective February 11, 2025, to oversee daily management and operations[97] - The annual report for the year ending December 31, 2024, will be published on the company's website and the stock exchange's website[102]