报告期内，归属于上市公司股东的扣除非经常性损益后的净利润为人民币33,000万元至人民币49,000万 元，上年同期归属于上市公司股东的扣除非经常性损益后的净利润为人民币85,489.54万元，扣除非经常 性损益后的净利润与上年同期相比减少人民币36,489.54万元至人民币52,489.54万元，下降区间为 43%-61%。主要由于报告期内（1）公司有部分历史存量订单被取消，也有部分存量订单因客户资金问 题产生较为明显的回款压力，该等存量订单主要来自于国内依赖外部融资的初创型生物科技公司和部分 疫苗企业的与当前产业发展阶段不匹配的项目；存量订单的取消导致相关收入减少，相应地导致利润下 降；（2）随着行业需求的复苏和新签订单的增长，公司的临床运营、项目管理及业务拓展团队规模有 所增加，在日本等海外市场的团队规模也有所增加；同时，作为可持续性业务增长策略的一部分，公司 的数据管理和统计分析等业务在海外的团队规模有所增加，导致公司营业成本有所上升；（3）过去几 年，受上游行业周期和临床研究外包行业激烈竞争态势的影响，公司新签订单的平均单价有所下降，导 致公司2025年执行的订单单价同比有所下降，使得利润率有所下滑 ...

报告期内，归属于上市公司股东的非经常性损益为人民币50,000万元至人民币74,000万元；上年同期归 属于上市公司股东的非经常性损益为人民币-44,975.19万元，非经常性损益增加人民币94,975.19万元至 人民币118,975.19万元。 报告期内，公司持有的非流动金融资产（主要包括非上市公司股权投资、上市公司股份和医药基金）处 置及持有收益较上年同期大幅提升。2025年，随着中国创新药行业的复苏，产业内创新资产的价值也修 复明显；因此，公司持有的非流动金融资产产生的投资收益和公允价值变动损益同比大幅提升。此外， 公司也通过密切关注行业趋势及项目的融资、财务及研发状况等，定期实施风险筛查，识别潜在的风险 项目，并进行相应的公允价值调整。 证券之星消息，泰格医药发布业绩预告，预计2025年全年扣非后净利润盈利3.3亿元至4.9亿元。 公告中解释本次业绩变动的原因为： 报告期内，归属于上市公司股东的扣除非经常性损益后的净利润为人民币33,000万元至人民币49,000万 元，上年同期归属于上市公司股东的扣除非经常性损益后的净利润为人民币85,489.54万元，扣除非经常 性损益后的净利润与上年同期相比减 ...

泰格医药(300347.SZ)公告称，预计2025年归属于上市公司股东的净利润为8.30亿元–12.30亿元，比上年 同期增长105%–204%。业绩变动主要系报告期内非经常性损益大幅增加，公司持有的非流动金融资产 （包括非上市公司股权、上市公司股份及医药基金）处置及持有收益显著提升，叠加中国创新药行业复 苏带动资产价值修复。公司的新签订单数量和金额均较去年同期实现较好增长。2025年，公司净新增订 单（新签订单剔除取消订单后）区间为人民币95亿元至人民币105亿元，2024年同期净新增订单为人民 币84.20亿元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - The company, Tigermed (300347.SZ), expects a significant increase in net profit attributable to shareholders for 2025, projecting between 830 million to 1.23 billion RMB, representing a growth of 105% to 204% compared to the previous year [1] Financial Performance - The increase in profit is primarily due to a substantial rise in non-recurring gains and losses during the reporting period [1] - The company has seen a notable improvement in the disposal and holding gains of its non-current financial assets, which include equity stakes in non-listed companies, shares in listed companies, and pharmaceutical funds [1] Industry Context - The recovery of the Chinese innovative drug industry has contributed to the restoration of asset values [1] - The company has achieved good growth in both the number and value of new orders compared to the same period last year [1] Order Growth - For 2025, the company anticipates net new orders (newly signed orders minus canceled orders) to be in the range of 9.5 billion to 10.5 billion RMB, compared to 8.42 billion RMB in net new orders for the same period in 2024 [1]

泰格医药(300347.SZ)公告称，预计2025年归属于上市公司股东的净利润为8.30亿元–12.30亿元，比上年 同期增长105%–204%。业绩变动主要系报告期内非经常性损益大幅增加，公司持有的非流动金融资产 （包括非上市公司股权、上市公司股份及医药基金）处置及持有收益显著提升，叠加中国 创新药行业 复苏带动资产价值修复。公司的新签订单数量和金额均较去年同期实现较好增长。2025年，公司净新增 订单（新签订单剔除取消订单后）区间为人民币95亿元至人民币105亿元，2024年同期净新增订单为人 民币84.20亿元。 ...

证券代码：300347 证券简称：泰格医药 公告编码（2026）001 号 杭州泰格医药科技股份有限公司 2025 年度业绩预告 （一）业绩预告期间：2025年1月1日至2025年12月31日。 （二）业绩预告情况：预计净利润为正值且属于同向上升50%以上情形。 | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东的净利润 | 盈利：83,000 万元–123,000 万元 | 万元 40,514.35 | | | 比上年同期增长：105%–204% | | | 归属于上市公司股东的扣除非 | 万元 盈利：33,000 万元–49,000 | 85,489.54 万元 | | 经常性损益后的净利润 | 比上年同期下降：61%–43% | | | 营业收入 | 营收：666,000 万元–768,000 万元 | 660,312.02 万元 | | | 比上年同期增长：1%–16% | | | 经营活动产生的现金流量净额 | 110,000 万元–130,000 万元 | 109,700.19 万元 | | 基本每股收益 | 元/股–1.43 元/股 0.9 ...

Investment Rating - The report suggests a positive outlook for the innovative drug sector, indicating it will continue to be a core investment direction in 2026 due to the maturation of the industry chain and normalization of medical insurance negotiations [4]. Core Insights - The public fund's pharmaceutical holdings decreased to 8.11% in Q4 2025, down by 1.66 percentage points (pp) from the previous quarter. Excluding actively managed pharmaceutical funds, the holdings dropped to 3.90%, a decrease of 1.36pp [11][12]. - The innovative drug ETF reached a scale of 100.62 billion yuan in Q4, accounting for 13.11% of the pharmaceutical fund, which is a slight decrease of 1.35pp [13][15]. - The CXO sector saw a decline in holdings due to geopolitical disturbances, while the medical device sector benefited from innovations like brain-computer interfaces and surgical robots, leading to an increase in holdings [14][17]. - The report highlights the acquisition of PART by GSK for $2.2 billion to strengthen its position in the IgE antibody market, with the core product Ozureprubart showing significant market potential [2][31]. - The oral weight loss drug Wegovy has shown strong early commercial progress, with retail prescriptions reaching approximately 3,071 in the first four days post-launch, nearly three times that of its competitor Zepbound [2][31]. Summary by Sections Pharmaceutical Sector - The report indicates a significant decrease in public fund holdings in the pharmaceutical sector, with a noted resilience in the innovative drug segment [11][14]. - The report emphasizes the importance of focusing on leading companies with core pipeline competitiveness and global layout capabilities for investment [4]. Medical Devices - The introduction of new pricing guidelines for auxiliary medical services is expected to accelerate the adoption of innovative products in the medical device sector [3][17]. - The report suggests monitoring domestic leading companies in this sector for increasing product penetration [3]. Drugstores - The report discusses the potential for leading drugstore companies to increase market share, supported by recent government policies promoting high-quality development in the retail pharmaceutical industry [3][17]. - Specific companies like Yifeng Pharmacy and Dazhenglin are highlighted as having low valuations and significant cost reduction achievements [3]. CXO and Pharmaceutical Supply Chain - Several CXO companies have released optimistic earnings forecasts for 2025, indicating a clear upward trend in industry prosperity [2][31]. - The report recommends active investment in this sector due to the positive signals regarding industry growth [2][31].

Summary of Hangzhou Tigermed Consulting Conference Call Industry Overview - The conference call focused on China's clinical Contract Research Organization (CRO) industry, highlighting significant trends and developments from 2019 to 2025 [2][3]. Key Points 1. **CRO Outsourcing**: Approximately 50% of clinical trials conducted in China were outsourced to CROs during the period from 2019 to 2025 [3]. 2. **Market Growth Rates**: The market's compound annual growth rate (CAGR) slowed from 25% during the COVID-19 period (2020-2022) to 4% in the post-COVID period (2023-2024). However, it is projected to accelerate to 13% from 2025 to 2028 according to Frost & Sullivan and the Human Genetic Resources Administration [3]. 3. **CRO Overcapacity**: The number of Chinese CROs decreased from 500 in 2024 to 480 in 2025, while the average number of annual trials conducted per CRO increased from 35.6 to 42.9 [3]. 4. **Clinical Trial Approvals**: In 2025, the number of clinical trial approvals (INDs) and Phase 1 trial starts in China rose by 19% and 13%, reaching 2,703 and 1,168 respectively [4]. 5. **Outlicensing Deals**: China executed 178 novel drug outlicensing deals to the US and Europe from 2024 to 2025, accounting for 14% of the world's total, an increase from 85 deals (9% of the total) from 2022 to 2023 [4]. 6. **Biotech Funding**: Chinese biotech companies raised $5.2 billion from private equity and venture capital in 2025, up from $4.2 billion in 2024. Total upfront payments from outlicensing also increased from $4.4 billion to $7.5 billion [4]. 7. **Global Drug Pipeline Contribution**: China now contributes approximately 30% to the global innovative drug pipeline [5]. 8. **Patient Enrollment Efficiency**: The average time to enroll a patient in China for an oncology trial is 60 days, compared to the global median of 150 days [5]. 9. **New Orders for Tigermed**: New orders for Tigermed increased across various customer types from January to November 2025, with biotech companies and multinational corporations (MNCs) being the largest contributors at 38% and 25% respectively. MNCs are responsible for 25-30% of Phase 3 trials in China [5]. 10. **Trial Pricing Trends**: Prices for Phase 1 and 2 trials reached their lowest point in 2024 and began to rise in 2025, aligning with levels similar to 2023 but remaining significantly below the peak levels seen during COVID-19 in 2022 [6]. Financial Metrics for Hangzhou Tigermed Consulting - **Stock Rating**: Overweight - **Price Target**: RMB 81.00, representing a 35% upside from the current price of RMB 60.03 as of January 20, 2026 [7]. - **Market Capitalization**: RMB 52.383 billion [7]. - **Revenue Projections**: Expected revenue growth from RMB 6.603 billion in 2024 to RMB 8.458 billion by 2027 [7]. - **Earnings Per Share (EPS)**: Projected EPS growth from RMB 0.46 in 2024 to RMB 1.85 in 2027 [7]. - **Return on Equity (ROE)**: Expected to increase from 1.9% in 2024 to 7.2% in 2027 [7]. Risks Identified - **Upside Risks**: Faster growth in clinical R&D outsourcing, accelerated recovery of domestic demand, and new collaboration deals [13]. - **Downside Risks**: Slower-than-expected recovery in clinical CRO demand, rising pricing pressure, geopolitical risks, and potential impairment of goodwill and intangible assets [13]. This summary encapsulates the critical insights from the conference call regarding the clinical CRO industry in China and the financial outlook for Hangzhou Tigermed Consulting.

Industry Overview - The Chinese clinical CRO industry is entering a recovery and stable growth phase, transitioning from an offshore outsourcing model to a global contributor of innovative assets over the past decade [2][13] - The industry experienced a growth phase from 2017-2019 and a rapid development period from 2020-2022, with a forecasted compound annual growth rate (CAGR) of over 12% from 2025 to 2028, expecting to exceed 75 billion RMB by 2028 [2][13] - As of December 2025, the average number of clinical trial projects undertaken by each clinical CRO in China increased by 20.6% year-on-year, reaching 42.9 projects, narrowing the gap with the U.S. [5][16] Investment Trends - The investment from multinational pharmaceutical companies in China's clinical trials remains stable, with 25%-30% of Phase III innovative drug trials initiated by these companies over the past eight years [6][17] - Local pharmaceutical companies are also actively investing in innovative drug clinical research, contributing 15%-20% of Phase III trials in China during the same period [6][17] - The financing channels for Chinese innovative drugs have diversified, with a significant increase in licensing and mergers and acquisitions (M&A) transactions, totaling 178 deals in 2024-2025 [9][20] Company Highlights - Tigermed has ranked first in market share in China's clinical CRO sector for several years, with a compound annual growth rate of 14.8% in new orders from 2019 to 2024, surpassing the market's growth rate of 12.5% [11][23] - The average price of domestic clinical trial services is stabilizing after fluctuations in 2022-2023, indicating strong business continuity and resilience [11][23] - In 2025, Tigermed aims for sustainable development, achieving an AAA rating in MSCI ESG, and enhancing its service capabilities through the acquisition of CRO company Micron [11][23] - The company is investing in AI applications and platforms, launching an AI medical translation platform and an AI medical writing platform in 2025 [11][23]

Core Insights - The top three companies with the highest short positions as of January 9 are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.74%, 17.39%, and 16.49% respectively [1][2] - The companies with the largest absolute increase in short positions are Goldwind Technology (02208), Zhaoyan New Drug (06127), and Jingtai Holdings (02228), with increases of 6.84%, 2.14%, and 1.85% respectively [1][2] - The companies with the largest absolute decrease in short positions are COSCO Shipping Energy (01138), Sanhua Intelligent Control (02050), and Huahong Semiconductor (01347), with decreases of -1.77%, -0.80%, and -0.71% respectively [1][3] Top 10 Short Positions - Vanke Enterprises (02202) has a short position of 413 million shares, representing a short ratio of 18.74% [2] - Dongfang Electric (01072) has a short position of 70.93 million shares, with a short ratio of 17.39% [2] - COSCO Shipping Holdings (01919) has a short position of 475 million shares, with a short ratio of 16.49% [2] - Other notable companies in the top 10 include Heng Rui Medicine (01276) at 15.19% and Ping An Insurance (02318) at 14.74% [2] Largest Increases in Short Positions - Goldwind Technology (02208) saw its short ratio increase from 4.35% to 11.18%, an increase of 6.84% [2] - Zhaoyan New Drug (06127) increased from 6.65% to 8.79%, an increase of 2.14% [2] - Jingtai Holdings (02228) increased from 3.34% to 5.19%, an increase of 1.85% [2] Largest Decreases in Short Positions - COSCO Shipping Energy (01138) decreased from 7.11% to 5.34%, a decrease of -1.77% [3] - Sanhua Intelligent Control (02050) decreased from 6.52% to 5.72%, a decrease of -0.80% [3] - Huahong Semiconductor (01347) decreased from 4.85% to 4.13%, a decrease of -0.71% [3]