证券研究报告 | 公司点评 | 医疗服务 国际化持续突破，海外大临床订单快增 ——泰格医药 2024 年报业绩点评 投资要点 ❑ 我们看好本土创新药行业持续向上发展背景下，公司持续巩固临床 CRO 龙头地 位。同时我们也期待国际化持续突破下，公司中长期业绩增长持续性。 ❑ 业绩： 现金流较佳，短期业绩承压 ❑ 盈利能力： 调减等一过性影响大，看好逐渐恢复 2024 年公司整体毛利率 33.95%，同比下降 4.63pct。业务拆分看：1）临床试验 技术服务毛利率为 29.56%，同比下降 8.65pct，一方面由于 2024 年国内临床运营 业务执行的订单平均单价同比有所下滑，因而执行该等订单时同等成本对应的收 入相应有所减少；另外主要在 2024 H2 公司有部分国内创新药临床运营订单（绝 大部分为 2024 年之前签署）被取消，同时部分订单因客户资金问题产生较为明 显的回款压力而被终止，这对板块的收入产生了一定的调减，因而对板块的毛利 率造成了较为明显的影响。2）临床试验相关及实验室服务毛利率为 36.84%，同 比下降 1.32pct。其中 SMO 毛利率同比有所提升，数统毛利率有所下滑（主要因 为成本 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 HANGZHOU TIGERMED CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） 承董事會命 杭州泰格醫藥科技股份有限公司 於 本 公 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 士、吳 灝 先 生 及 聞 增 玉 先 生；獨 立 非 執 行 董 事 為 廖 啟 宇 先 生、袁 華 剛 先 生 及 劉 毓 文 女 士。 董事長 葉小平 香 港，二 零 二 五 年 四 月 十 四 日 董事會會議召開日期 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 五 年 四 月 二 ...

Core Viewpoint - The performance of Tigermed, a leading domestic clinical CRO, has significantly declined, with a projected revenue of 6.603 billion yuan for 2024, a year-on-year decrease of 10.58%, and a net profit of only 405 million yuan, down 79.99% year-on-year. The company also reported a historical quarterly loss of 408 million yuan in Q4, highlighting the drastic shift in China's innovative drug industry from a "golden era" to a "frozen age" [1][2]. Group 1: Financial Performance - Tigermed's revenue for 2024 is expected to be 6.603 billion yuan, reflecting a 10.58% year-on-year decline [1]. - The company's net profit is projected at 405 million yuan, representing a staggering 79.99% drop compared to the previous year [1]. - The fourth quarter of 2024 marks the first time in the company's history that it has reported a quarterly loss of 408 million yuan [1]. Group 2: Business Model and Challenges - Tigermed's growth has been characterized by a "service + investment" dual-driven model, which involved establishing over 30 pharmaceutical funds to bind closely with innovative drug companies, generating service fees and sharing equity appreciation [2]. - The recent downturn in the biopharmaceutical sector has turned this model into a burden, with non-recurring gains turning negative for the first time in 2024 and the valuation of unlisted biotech assets collapsing [2]. - The domestic CRO market is facing intense price competition, leading to a significant drop in revenue from domestic clinical operations by 1 billion yuan and a gross margin falling below 30% [2]. Group 3: Strategic Responses - In response to the performance decline, Tigermed has initiated several self-rescue measures, including strategic contraction by cutting its domestic vaccine clinical team and focusing on core areas like oncology [3]. - The company has adopted a principle of "more exits than new investments" to accelerate the divestment of unprofitable assets [3]. - Tigermed's overseas orders have increased by 35% year-on-year, with international revenue now accounting for 45% of total revenue [3]. Group 4: Future Outlook - The global CRO market is projected to exceed $147.7 billion by 2030, but the competitive landscape is changing [3]. - For Tigermed to regain its growth trajectory, it must establish a differentiated advantage in the European and American markets against international giants like LabCorp and IQVIA [3]. - The company needs to leverage AI-driven cost optimization to break through the industry's gross margin ceiling of 10%-15% [3]. - The industry is entering a phase of differentiation and consolidation, with a future focus on technology-driven companies [3]. Group 5: Industry Context - The fluctuations in Tigermed's performance reflect the broader pain points in the upgrade of China's pharmaceutical industry, transitioning from a focus on quick profits to the need for global expansion and digital transformation [4].

Core Viewpoint - The company, Tigermed, has experienced a significant decline in performance in 2024, with revenue and net profit dropping sharply compared to previous years, attributed to reduced demand in new drug development and investment losses [1][4]. Financial Performance - In 2024, Tigermed reported 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 company's net profit for 2024 is considered a historical low, with a notable decline in clinical operation business revenue due to reduced demand [1][4]. - The fair value change loss was 502 million yuan, and investment income was 167 million yuan, impacting the net profit [1][10]. Business Segments - The domestic clinical operation business revenue fell to 3.450 billion yuan, a decrease of 17.11%, while overseas revenue was 3.024 billion yuan, down 3.29% [4]. - The "Clinical Trial Technical Services" segment contributed 3.178 billion yuan, a decline of 23.75%, while "Clinical Trial Related Services and Laboratory Services" saw a revenue increase of 5.61% to 3.296 billion yuan [5][6]. Market Dynamics - The company has accumulated over 2,800 global clients and has supported 60% of China's listed Class I new drug development since its establishment [2]. - In 2024, Tigermed provided services for 28 Class I new drugs in China and assisted in the approval of over 500 drug and device projects [2]. Investment Strategy - Since 2015, Tigermed has diversified its operations to include investments in biopharmaceutical and medical device startups, becoming a strategic investor in 57 innovative companies [8]. - The non-recurring gains and losses have significantly impacted net profit, with a loss of 450 million yuan in 2024, contrasting with previous years where such gains contributed over 50% to net profit [9]. Future Outlook - Despite the challenges in 2024, the company remains optimistic about future demand, reporting new order amounts of 10.12 billion yuan, indicating a recovery in demand [7]. - The growth in new orders is primarily driven by large multinational pharmaceutical companies and increased clinical needs from Chinese biotech firms [7].

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 ...