3月27日，国内临床CRO龙头泰格医药交出上市12年来最惨淡成绩单：2024年营收66.03亿元，同比缩水 10.58%；归母净利润仅4.05亿元，同比暴跌79.99%。更令市场哗然的是，第四季度单季亏损4.08亿元， 创下公司历史首次季度亏损纪录。这一数据与其2021年超1800亿元的市值巅峰形成强烈反差，折射出中 国创新药产业链从"黄金时代"到"冰河世纪"的剧烈震荡。 行业底层逻辑的质变更令其承压：国内仿制药CRO陷入价格战，创新药企融资额腰斩，导致泰格国内 临床业务收入骤降10亿元，毛利率跌破30%。年报显示，下半年超10%的国内订单因客户资金断裂被取 消，回款周期拉长至历史高位。 断臂求生：四重自救能否力挽狂澜？ 周期之殇："杠杆扩张"反噬效应显现 泰格医药的崛起堪称中国创新药时代的缩影。凭借"服务+投资"双轮驱动模式，公司通过设立超30支医 药基金，深度绑定创新药企，既赚取服务费又分享股权增值红利。2020年高峰期，投资收益占净利润比 例一度超40%。然而，当生物医药资本寒冬席卷而来，这一模式成为致命负累：2024年公司非经常性损 益首次转负，未上市Biotech资产估值崩塌直接拖累利润。 面对业绩 ...

21世纪经济报道记者朱艺艺 杭州报道 继药明康德（603259.SH）、康龙化成（300759.SZ）之后，第三家"A+H"上市的CRO企业泰格医药 （300347.SZ），遭遇了业绩失速的一幕。 2024年，公司实现营收66.03亿元，同比下降10.58%，归母净利润4.05亿元，同比下降79.99%，扣非净 利润8.55亿元，同比下降42.13%。 对比近五年（2019年-2023年）数据，泰格医药2024年的业绩堪称"历史低点"。需要指出的是，公司去 年净利润大幅下滑，除了受新药研发需求端收缩，导致国内临床运营业务收入下降等影响，也包含投资 失利的因素。 泰格医药提及，2024年，公司公允价值变动收益-5.02亿元和投资收益1.67亿元，从而影响了公司净利 润。 国内临床运营业务收缩 作为业务侧重于后端临床的创新药"卖水人"，泰格医药积累了超过2800家全球客户。 从2004年成立至2024年间，泰格医药已累计为中国60%的已上市I类新药研发提供了服务。 2024年，公司为28个中国I类新药提供了服务，并助力多个中国创新医疗器械产品上市，拿到药品和器 械项目批件及注册证总数超过500个。 与此同时，泰格 ...

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 Viewpoint - The CRO industry, particularly represented by Tigermed, is facing significant challenges, with a notable decline in revenue and profit due to reduced orders and pricing pressures in the domestic innovative drug sector [1][2][3]. Financial Performance - Tigermed reported a total revenue of 6.603 billion yuan in 2024, a year-on-year decrease of 10.58% [1]. - The net profit attributable to shareholders plummeted to 405 million yuan, down 79.99%, marking the lowest level since 2018 [1]. - The clinical trial technical service revenue was 3.178 billion yuan, reflecting a 23.75% decline compared to 2023 [2]. - The gross profit margin for the main business dropped from 38.18% in 2023 to 33.27% in 2024, with a significant decline of 8.65 percentage points in the clinical trial technical service segment [3]. Market Dynamics - The domestic biopharmaceutical industry is experiencing a financing winter, leading to cash flow pressures for startup pharmaceutical and biotech companies, resulting in order cancellations or delays with Tigermed [2][3]. - The average price of new clinical trial orders has decreased due to increased competition, further impacting revenue [2][3]. Investment Impact - Tigermed faced substantial losses from its investment strategy, with fair value losses on financial assets amounting to -502 million yuan, contrasting sharply with a gain of 353 million yuan in the previous year [5]. - Non-operating losses were primarily due to valuation adjustments in its investment portfolio, exacerbated by market conditions [5]. Global Expansion - Despite domestic challenges, Tigermed's global operations showed resilience, with new order numbers and amounts increasing, particularly from large multinational pharmaceutical companies [6]. - The number of clinical trial projects in overseas regions rose from 208 to 233, with 62 international multi-center clinical trial projects [6]. Strategic Initiatives - The company has implemented targeted measures in business development, including the establishment of a clinical operations strategy committee and a solutions department for multinational pharmaceutical companies, which have improved the success rate of contract signing [7]. - Tigermed's expansion in the North American market has yielded significant results, with a focus on securing orders from high-quality domestic biotech and pharmaceutical companies [7].

证券代码：300347 证券简称：泰格医药 公告编码（2025）020 号 杭州泰格医药科技股份有限公司 关于股份回购进展情况的公告 公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者 重大遗漏负连带责任。 杭州泰格医药科技股份有限公司（以下简称"公司"）分别于2024 年2 月6 日、2024 年 4 月 12 日及 2024 年 4 月 30 日召开的第五届董事会第四次会议、第五届董事会第七次 会议、2024 年第二次临时股东大会、2024 年第一次A 股类别股东会议以及2024 年第一次 H 股类别股东会议审议通过了《关于回购公司股份方案的议案》及《关于调整回购公司股 份方案的议案》。根据股份回购方案，公司计划以自有资金或自筹资金以集中竞价交易或其 他法律法规允许的方式回购部分公司A 股股份，用于后续实施股权激励或员工持股及注销 减少注册资本。本次回购股份的资金总额将不低于人民币 50,000 万元，且不超过人民币 100,000 万元；回购价格不超过 72 元/股。具体回购资金金额以回购实施完成时实际回购 的金额为准。本次回购股份实施期限为自股东大会审议通过回购股份方 ...

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company is expected to face slight pressure on its performance in 2024 but is anticipated to return to growth in 2025, with a forecasted increase in orders [6]. - In 2024, the company achieved total revenue of 6.603 billion yuan, a year-on-year decrease of 10.58%, and a net profit attributable to the parent company of 0.405 billion yuan, down 42.13% year-on-year [6]. - The company’s gross margin for 2024 was 33.95%, a decline of 4.63 percentage points compared to the previous year [6]. - The company secured new contracts worth 10.12 billion yuan in 2024, with a net increase of 8.42 billion yuan, representing a year-on-year growth of 7.3% [6]. - The earnings per share (EPS) for 2025-2027 are projected to be 1.17, 1.26, and 1.39 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 44.3, 41.1, and 37.2 [6]. Financial Summary - In 2024, the company’s clinical trial technical service revenue was 3.178 billion yuan, a year-on-year decrease of 23.75% [7]. - The revenue from clinical trial-related services and laboratory services in 2024 was 3.296 billion yuan, an increase of 5.61% year-on-year [8]. - The company’s total assets as of the end of 2024 were 28.671 billion yuan, with total liabilities of 4.607 billion yuan [12]. - The projected revenue for 2025 is 7.111 billion yuan, reflecting a year-on-year increase of 7.7% [10].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州泰格醫藥科技股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300347 | 說明 | | 於深圳證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 741,823,770 | RMB | | 1 RMB | | 741,823,770 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 741,823,770 | RMB | | 1 RMB | | 741,823,770 | FF301 II. 已發行股份及/或 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company's performance in 2024 is expected to be slightly under pressure, but there is optimism for a return to growth in 2025, driven by a continuous increase in orders [6]. - In 2024, the company achieved total revenue of 6.603 billion yuan, a year-on-year decrease of 10.58%, and a net profit attributable to the parent company of 0.855 billion yuan, down 42.13% year-on-year [6]. - The gross profit margin for 2024 was 33.95%, a decline of 4.63 percentage points compared to the previous year [6]. - The company secured new contract amounts totaling 10.12 billion yuan in 2024, with a net increase of 8.42 billion yuan, reflecting a year-on-year growth of 7.3% [6]. - The forecast for net profit attributable to the parent company for 2025-2027 is 1.011 billion yuan, 1.089 billion yuan, and 1.203 billion yuan respectively, with corresponding EPS of 1.17 yuan, 1.26 yuan, and 1.39 yuan [6]. Financial Summary - In 2024, the company reported a revenue of 6.603 billion yuan, with a year-on-year decline of 10.6% [10]. - The net profit attributable to the parent company for 2024 was 0.405 billion yuan, reflecting a significant year-on-year decrease of 80% [10]. - The gross profit margin for 2024 was 34.0%, with projections for 2025-2027 indicating a gradual recovery to 39.1% by 2025 [10][13]. - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 44.3, 41.1, and 37.2 respectively [10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 6.603 billion yuan for 2024, a year-on-year decrease of 10.58%, and a net profit of 405 million yuan, down 79.99% year-on-year [1]. - The company experienced a significant decline in profitability in Q4 2024, with a gross margin of 17.70%, down 15.12 percentage points year-on-year, and a net margin of -26.59% [1]. - New order growth was driven by demand from large multinational pharmaceutical companies and increased clinical needs from Chinese and overseas biotech firms, resulting in a net new contract amount of 8.42 billion yuan, a 7.3% increase year-on-year [2][3]. - The company is accelerating its international expansion, particularly in North America, with a notable increase in new orders and business [3]. - AI technology is being integrated into the company's solutions, with the launch of the DeepSeek-R1 model and the AI platform for medical applications [3]. Financial Forecasts - Projected revenues for 2025, 2026, and 2027 are 7.435 billion yuan, 8.375 billion yuan, and 8.813 billion yuan, respectively, with expected growth rates of 12.6%, 12.6%, and 5.2% [4][5]. - The forecasted net profit for the same years is 1.689 billion yuan, 2.013 billion yuan, and 2.084 billion yuan, with growth rates of 316.9%, 19.2%, and 3.6% [5][8]. - The company’s PE ratios are projected to be 26, 22, and 21 for the years 2025, 2026, and 2027, respectively [5][8].