证券代码：300347 证券简称：泰格医药 公告编码（2024）048 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 ...

Investment Rating - The report assigns a "Buy" rating to Tigermed Consulting (300347 SZ) with a target price range of 49 10-57 33 yuan per share [1][8] Core Views - Tigermed's Q2 2024 performance showed sequential improvement with revenue of 1 698 billion yuan (-10 92% YoY +2 28% QoQ) and adjusted net profit of 337 million yuan (-18 19% YoY +11 29% QoQ) [5] - The company's new order intake in H1 2024 grew well benefiting from increased demand from multinational pharmaceutical companies in China and overseas clinical needs from Chinese pharmaceutical and biotech companies [8] - Tigermed's global clinical service capabilities continue to strengthen with 263 overseas projects ongoing as of June 2024 including 55 multi-regional clinical trials (MRCT) [7] Business Performance - In H1 2024 Tigermed achieved revenue of 3 358 billion yuan (-9 50% YoY) and adjusted net profit of 640 million yuan (-19 30% YoY) [5] - Clinical trial technical services revenue declined 22 17% YoY to 1 637 billion yuan due to reduced average order prices and the absence of certain vaccine project revenues from the previous year [6] - Clinical trial related services and laboratory services revenue grew 5 84% YoY to 1 659 billion yuan driven by strong demand and improved efficiency in site management services [6] International Expansion - Overseas revenue in H1 2024 was 1 474 billion yuan (-8 58% YoY) but showed growth after excluding specific vaccine project revenues from the previous year [6] - The company's overseas workforce reached 1 722 employees as of June 2024 with significant growth in North America (+10 45% YoY) and EMEA (+23 68% YoY) [6] - Tigermed completed the acquisition of Japan's Medical Edge Co Ltd in July 2024 strengthening its data management and clinical data information system services in Japan and the Asia-Pacific region [7] Financial Projections - Revenue is forecasted to grow from 7 298 billion yuan in 2024E to 9 881 billion yuan in 2026E [4] - Net profit attributable to shareholders is expected to increase from 1 248 billion yuan in 2024E to 2 542 billion yuan in 2026E [4] - EPS is projected to rise from 1 44 yuan in 2024E to 2 94 yuan in 2026E [4] Valuation - The report values Tigermed's investment business at 14 015 billion yuan based on the book value of its financial assets [8] - The clinical CRO business is valued at 28 460-35 575 billion yuan based on a 2024E PE multiple of 20-25x [8] - The combined valuation suggests a fair market capitalization range of 42 475-49 590 billion yuan for 2024 [8]

Investment Rating - The report maintains a "Recommend" rating for Tigermed (300347) with a target price of 69 CNY, compared to the current price of 48.44 CNY [1] Core Views - Tigermed's Q2 2024 performance showed sequential improvement, with revenue reaching 1.698 billion CNY, a 2.28% increase QoQ, and non-GAAP net profit of 337 million CNY, up 11.29% QoQ [1] - The company's new order trends are positive, with both the number and value of new contracts showing good YoY growth, driven by increased demand from multinational pharmaceutical companies in China and overseas clinical needs from Chinese pharmaceutical and biotech companies [2] - Tigermed's profitability remains strong, with clinical trial technical services gross margin at 38.36% and clinical trial-related and laboratory services gross margin at 39.88% in H1 2024 [2] Financial Performance - H1 2024 revenue was 3.358 billion CNY, down 9.50% YoY, with non-GAAP net profit of 640 million CNY, a 19.30% YoY decrease [1] - Revenue from clinical trial technical services was 1.637 billion CNY, down 22.17% YoY, while clinical trial-related and laboratory services revenue grew 5.84% YoY to 1.659 billion CNY [2] - Domestic revenue accounted for 1.822 billion CNY, down 11.48% YoY, while overseas revenue was 1.474 billion CNY, down 8.58% YoY, but showed positive growth excluding specific vaccine project revenues from H1 2023 [2] Business Segments - Clinical trial technical services: 1.637 billion CNY revenue in H1 2024, down 22.17% YoY [2] - Clinical trial-related and laboratory services: 1.659 billion CNY revenue in H1 2024, up 5.84% YoY, with SMO revenue showing significant growth and data statistics performing steadily [2] Regional Performance - Domestic market: 1.822 billion CNY revenue in H1 2024, down 11.48% YoY [2] - Overseas market: 1.474 billion CNY revenue in H1 2024, down 8.58% YoY, but showing positive growth excluding specific vaccine project revenues from H1 2023, with particularly strong growth in North American clinical operations [2] Future Projections - Revenue forecasts for 2024-2026 are 7.66 billion, 8.25 billion, and 9.09 billion CNY respectively [2] - Net profit attributable to parent company is projected to be 1.50 billion, 1.61 billion, and 1.89 billion CNY for 2024-2026 [2] - EPS is expected to be 1.73, 1.86, and 2.19 CNY for 2024-2026 [2] Valuation - The report values Tigermed at 60 billion CNY using discounted cash flow valuation, corresponding to a target price of 69 CNY [2] - The company's P/E ratios are projected at 28x, 26x, and 22x for 2024-2026 [3]

Investment Rating - Buy (maintained) [2] Core Views - Q2 performance showed sequential improvement with steady growth in new orders [5] - Revenue for 2024H1 was RMB 3.358 billion, down 9.50% YoY, while net profit attributable to shareholders was RMB 493 million, down 64.50% YoY [5] - Q2 revenue was RMB 1.698 billion, down 10.92% YoY but up 2.28% QoQ, with net profit attributable to shareholders at RMB 258 million, down 68.56% YoY but up 9.66% QoQ [5] - The company is actively responding to industry cyclical changes, with new orders in 2024H1 showing good growth in both quantity and value [5] - 2024-2026 net profit forecasts were revised down to RMB 1.668 billion, RMB 2.056 billion, and RMB 2.290 billion, respectively [5] Business Performance Clinical Trial Technical Services - Revenue from clinical trial technical services in 2024H1 was RMB 1.637 billion, down 22.17% YoY [6] - As of June 2024, the company had 800 ongoing drug clinical research projects, an increase of 28 YoY [6] - The company is actively developing emerging business areas such as medical device clinical research, with 567 ongoing medical device projects as of June 2024 [6] Data Statistics and SMO Business - Revenue from clinical trial-related services and laboratory services in 2024H1 was RMB 1.659 billion, up 5.84% YoY [7] - The number of SMO projects increased from 1,952 at the end of 2023 to 2,110 in 2024H1, with 165 projects completed in the first half of 2024 [7] - The company is enhancing its integrated service capabilities, with 5,173 ongoing laboratory service projects [7] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be RMB 7.672 billion, RMB 8.531 billion, and RMB 9.585 billion, respectively [8] - Net profit attributable to shareholders for 2024E, 2025E, and 2026E is expected to be RMB 1.668 billion, RMB 2.056 billion, and RMB 2.290 billion, respectively [8] - EPS for 2024E, 2025E, and 2026E is forecasted to be RMB 1.93, RMB 2.38, and RMB 2.65, respectively [8] - The current P/E ratio is 26.4x for 2024E, 21.4x for 2025E, and 19.2x for 2026E [8]

杭州泰格医药科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------|------------------------------|------------------------------------------------------------| | | □ 特定对象调研 | ■ 分析师会议 | | 投 资 者 关 系 活 | □ 媒体采访 ■ | 业绩说明会 | | 动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 （ | ） | | 参 与 单 位 名 称 | | 海通证券、中金证券和浙商证券组织的 2024 年半年度业绩交 | | 及人员姓名 | 流会 | | | 时间 | 2024 年 8 月 28 日 | 20:00-21:00 | | 地点 | 电话会议 | | | 上 市 公 司 接 待 | 公司 IR 团队 | | | 人员姓名 | 一、公司 2024 | 年半年度经营情况介绍如下： | | | 2024 | 年半年度公司主营业务收入 329,569.43 万元，其中 | | ...

研究报告 Research Report 29 Aug 2024 泰格医药 Hangzhou Tigermed Consulting (300347 CH) 点评： 24Q2 业绩环比恢复趋势明显，针对性业务策略推动长期增长 Review: Obvious Recovery Trend of 24Q2 , Targeted Business Strategies to Promote Long-term Growth | --- | --- | --- | --- | |---------------------------|---------------|------------------------|-------------| | [Table_Info] 维持优于大市 | | | | | 评级 | | 优于大市 | OUTPERFORM | | 现价 | | | Rmb48.68 | | 目标价 | | | Rmb58.46 | | HTI ESG | | | 4.0-3.2-4.5 | | E-S-G: 0-5, | | | | | 义利评级 | | | | | 来源: 盟浪 | | | | | ...

研究报告 Research Report 29 Aug 2024 泰格医药 Hangzhou Tigermed Consulting (300347 CH) 点评： 24Q2 业绩环比恢复趋势明显，针对性业务策略推动长期增长 Review: Obvious Recovery Trend of 24Q2 , Targeted Business Strategies to Promote Long-term Growth | --- | --- | --- | --- | |---------------------------|---------------|------------------------|-------------| | [Table_Info] 维持优于大市 | | | | | 评级 | | 优于大市 | OUTPERFORM | | 现价 | | | Rmb48.68 | | 目标价 | | | Rmb58.46 | | HTI ESG | | | 4.0-3.2-4.5 | | E-S-G: 0-5, | | | | | 义利评级 | | | | | 来源: 盟浪 | | | | | ...

杭州泰格医药科技股份有限公司 2024 年半年度报告全文 杭州泰格医药科技股份有限公司 2024 年半年度报告 2024 年 8 月 29 日 1 杭州泰格医药科技股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人曹晓春、主管会计工作负责人杨成成及会计机构负责人(会计 主管人员)夏江梅声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 无 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 重要提示、目录和释义 | 2 | | --- | --- | | 第二节 公司简介和主要财务指标 | 10 | | 第三节 管理层讨论与分析 | 13 | | 第四节 公司治理 | 28 | | 第五节 环境和社会责任 | 30 | | 第六节 重要事项 | 31 | | 第七节 股份变动及股东情况 | 37 | | 第八节 优先股相关情况 ...

杭州泰格医药科技股份有限公司 章 程 二〇二四年【】月 1 目 录 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东 第二节 股东会的一般规定 第三节 股东会的召集 第四节 股东会的提案与通知 第五节 股东会的召开 第六节 股东会的表决和决议 第七节 类别股东表决的特别程序 第五章 董事会 第一节 董事 第二节 董事会 第六章 总经理、联席总裁及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 公司董事，监事及高级管理人员的资格和义务 第九章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第十章 通知和公告 第一节 通知 第二节 公告 第十一章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十二章 修改章程 第十三章 附则 第一章 总则 第一条 为维护杭州泰格医药科技股份有限公司（以下简称"公司"）、股东和债权人的合法 权益，规范公司的组织和行为，根据《中华人民共和国公司法》（以下简称《公司法 ...

杭州泰格医药科技股份有限公司（以下简称"公司"）第五届董事会第十次会议于2024 年8月28日在杭州市滨江区聚工路19号8幢19层会议室举行，本次会议以现场与通讯表决相 结合的方式召开。会议通知已于2024年8月14日以电话、电子邮件方式向全体董事发出。会 议应到董事7人，实到董事7人。本次会议由公司董事长叶小平先生主持。本次会议的召开 及程序符合有关法律、法规和公司章程的要求，会议合法有效。 经与会董事审议，本次会议以投票表决的方式审议通过如下决议： 一、审议并通过《关于公司2024年半年度报告全文、报告摘要及2024年半年度 业绩公告的议案》； 公司2024年半年度报告全文及其摘要详见中国证监会指定的创业板信息披露网站， 2024年半年度业绩公告详见香港联合交易所信息披露网站。 证券代码：300347 证券简称：泰格医药 公告编码（2024）044 号 杭州泰格医药科技股份有限公司 第五届董事会第十次会议决议公告 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。 表决结果：同意7票，反对0票，弃权0票。 二、审议并通过《关于变更H股募集资金使用用途 ...