公司名稱: 杭州泰格醫藥科技股份有限公司 呈交日期: 2024年12月2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 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [18]. Core Views - The company's performance in Q3 2024 is under pressure due to multiple factors, including a decline in new order average prices and a decrease in clinical workload. However, there is optimism for a recovery in industry demand, which may lead to a rebound in the company's performance [1]. - The company has implemented effective cost control measures, resulting in a significant reduction in expense ratios in Q3 2024 [1]. - The trend of new orders is positive, with growth driven by demand from multinational pharmaceutical companies and domestic biotech firms. This trend is expected to continue, supporting future revenue growth [1]. - The forecast for net profit for 2024-2026 is adjusted to 12.52 billion, 15.55 billion, and 18.95 billion yuan, respectively, with corresponding EPS of 1.45, 1.80, and 2.19 yuan [1]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 5.068 billion yuan, a year-on-year decline of 10.32%, and a net profit of 813 million yuan, down 56.72% year-on-year [1]. - In Q3 2024 alone, revenue was 1.709 billion yuan, a year-on-year decrease of 11.87%, while net profit was 321 million yuan, down 34.74% year-on-year [1]. - The company’s total revenue for 2024 is projected to be 6.931 billion yuan, reflecting a year-on-year decline of 6.1%, with a recovery expected in subsequent years [2].

证券代码：300347 证券简称：泰格医药 公告编码（2024）057 号 杭州泰格医药科技股份有限公司 二、其他说明 公司回购股份的时间、回购股份的数量、回购股份方式等符合公司《回购报告书》内 容。 公司回购股份的时间、回购股份数量和节奏及集中竞价交易的委托时段符合《深圳证 券交易所上市公司自律监管指引第9 号——回购股份》的相关规定： 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 ...

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: 2024年10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: 2024年11月4日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03347 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 123,124,800 | RMB | | 1 RMB | | 123,124,800 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 123,124,800 | RMB | | 1 RMB | | 123,124,800 | 本月底法定/註冊股本總額： RMB 864,948,57 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 72.25 CNY, up from a previous forecast of 60.00 CNY [3][8]. Core Views - The company's Q3 performance was impacted by multiple factors, but there was a slight improvement compared to the previous quarter. The operating cash flow showed significant improvement, and the macro environment is becoming more favorable, leading to an expected increase in new orders [2][8]. - The report highlights that the domestic innovative drug support policies are strengthening, and the overall macroeconomic environment is improving, which is anticipated to drive a continuous increase in fresh orders [2][8]. Financial Summary - For Q3 2024, the company reported a revenue of 1.709 billion CNY, a year-on-year decrease of 11.87% but a quarter-on-quarter increase of 0.67%. The net profit attributable to shareholders was 321 million CNY, down 34.74% year-on-year but up 24.36% quarter-on-quarter [8][9]. - The report projects a revenue of 6.690 billion CNY for 2024, reflecting a 9.4% decrease compared to 2023, with a net profit of 1.251 billion CNY, down 38.2% year-on-year [9][10]. - The company’s net cash flow from operating activities for Q3 2024 was 401 million CNY, showing a significant improvement from 33 million CNY in Q2 2024 [8][10]. Market Performance - The stock has a 52-week price range of 37.85 to 79.22 CNY, with a total market capitalization of 54.085 billion CNY [4][8]. - The report notes that the stock has experienced a 9% decline over the past month, but a 19% increase over the past three months [7][8]. Comparative Analysis - The report includes a comparison with peer companies, indicating that the average PE ratio for comparable companies is around 40 for 2024 [12].

Investment Rating - The report maintains a "Buy" rating for Tigermed (300347 SZ) [2] Core Views - Tigermed's revenue showed sequential improvement with new orders continuing to trend positively [2] - Despite industry pressure, the company actively responded to cyclical changes, leading to improved revenue and new order growth [5] - The report lowered profit forecasts for 2024-2026 due to industry demand fluctuations, with expected net profits of 12 99/16 26/18 17 billion yuan (down from previous estimates of 16 68/20 56/22 90 billion yuan) [5] - The company's strong competitiveness as a leading domestic clinical CRO supports the "Buy" rating [5] Financial Performance - In Q3 2024, Tigermed achieved revenue of 17 09 billion yuan, down 11 87% YoY but up 0 67% QoQ [5] - Net profit attributable to shareholders in Q3 was 3 21 billion yuan, down 34 74% YoY but up 24 36% QoQ [5] - For the first three quarters of 2024, revenue was 50 68 billion yuan, down 10 32% YoY, with net profit attributable to shareholders at 8 13 billion yuan, down 56 72% YoY [5] - Gross margin for the first three quarters of 2024 was 38 88%, with a net profit margin of 17 82% [6] - Q3 2024 saw a gross margin of 37 28% and a net profit margin of 20 33% [6] Business Segments - In H1 2024, clinical trial technical services generated revenue of 16 37 billion yuan, down 22 17% YoY [7] - Clinical trial-related services and laboratory services achieved revenue of 16 59 billion yuan, up 5 84% YoY [7] - As of June 2024, the company served approximately 330 global clients with 824 ongoing projects in its data statistics business [7] - SMO projects increased from 1,952 at the end of 2023 to 2,110 in H1 2024, with 165 projects completed and services provided for 9 approved Class I new drugs in China [7] - The number of laboratory service projects in execution reached 5,173 [7] Cost Efficiency - The company demonstrated significant cost reduction and efficiency improvements, with Q3 2024 sales/management/R&D expense ratios at 2 55%, 10 64%, and 2 77%, respectively, showing sequential declines [6] Valuation Metrics - The current stock price is 62 53 yuan, with a market capitalization of 54 085 billion yuan [4] - The stock's P/E ratio for 2024-2026 is projected at 41 6/33 3/29 8x [5] - EPS for 2024-2026 is forecasted at 1 50/1 88/2 10 yuan [5]

2024 年 11 月 1 日 公司研究 毛利率有所承压，静待行业回暖 ——泰格医药（300347.SZ）2024 年三季报点评 要点 事件：公司发布 2024 年三季报，前三季度实现营业收入 50.68 亿元 （YOY-10.3%），实现归母净利润 8.13 亿元（YOY-56.7%），实现扣非归母净 利润 8.92 亿元（YOY-25.6%），低于我们此前预期。 点评： 毛利率承压，公允价值变动收益减少。2024 年第三季度，公司实现营业收入 17.09 亿元（YOY-11.87%），实现归母净利润 3.21 亿元（YOY-34.74%），实现扣非 归母净利润 2.52 亿元（YOY-37.8%）。24Q3 公司利润端同比下滑较快，主要 是由于毛利率较去年同期下降 3.89pp 至 37.28%，公允价值变动收益较去年同 期减少 1.17 亿元，且财务费用较去年同期增加 0.65 亿元所致。 上半年订单好转，静待行业回暖。24H1，公司新签订单同比快速增长，其中现 场管理业务新签订单同比增加 34%，增长态势强劲。由于国内行业竞争加剧， 公司订单均价下降，收入与毛利率较去年同期有所下滑。但公司通过积极拓展 ...

Summary of Conference Call on Tigermed's Q3 2024 Performance Company Overview - **Company**: Tigermed (泰格医药) - **Industry**: Clinical trial services and biopharmaceuticals Key Points and Arguments Financial Performance - **Q3 Revenue**: Achieved revenue of 1.71 billion RMB, stable compared to Q2 but down 1.9% year-over-year [4] - **Cumulative Revenue**: For the first three quarters, total revenue reached 5.07 billion RMB, a decline of 2.3% year-over-year [4] - **Gross Profit**: Q3 gross profit was 637 million RMB with a gross margin of 37.3%, down from 41.17% in the same quarter last year [4][5] - **Cash Flow Improvement**: Economic cash flow improved significantly to 410 million RMB in Q3, compared to 114 million RMB in Q1 and 33 million RMB in Q2 [3] Operational Challenges - **Client Pressure**: Some domestic biotech clients faced cash flow pressures, leading to adjustments in previously recognized revenues, totaling approximately 52.65 million RMB in Q3 [3] - **Regulatory Changes**: Changes in domestic policies affected the recruitment team, resulting in a revenue decrease of about 17 million RMB in Q3 [5][14] - **Currency Impact**: The appreciation of the RMB led to a foreign exchange loss of approximately 18.25 million RMB in Q3 [6] Business Segments - **Clinical Trial Services (CTS)**: Revenue for the CTS segment was 2.5 billion RMB, showing a decline when excluding COVID-19 vaccine-related income [10][11] - **Consulting Services**: The Clinical Research and Laboratory Services (CRLS) segment generated approximately 2.6 billion RMB, a 6% increase year-over-year, but performance was impacted by currency fluctuations and pricing pressures [12][13] Strategic Developments - **Acquisition**: Announced acquisition of a 72.82% stake in Guanghe Pharmaceutical, expected to contribute approximately 20 million RMB in net profit next year [17] - **New Business Lines**: Launched a new ophthalmology treatment business line to enhance clinical trial capabilities in this area [17][18] - **Data Science Initiatives**: Established a dedicated data science department to improve operational efficiency and decision-making [18] Market Outlook - **Order Growth**: New orders reached approximately 6.2 billion RMB in the first three quarters, with strong growth from multinational clients and Chinese companies expanding overseas [16] - **Future Expectations**: The company aims to improve Q4 performance, focusing on cost control and revenue growth, particularly in clinical trial services [19] Additional Important Information - **Impact of COVID-19**: The company continues to adjust its operations in response to the ongoing effects of the pandemic on the biotech sector [19] - **Market Conditions**: Observed a contraction in supply from smaller biotech firms, indicating potential market stabilization [16] This summary encapsulates the key insights from Tigermed's Q3 2024 performance conference call, highlighting financial results, operational challenges, strategic initiatives, and market outlook.

Financial Performance - Revenue for the third quarter was 1.709 billion yuan, a decrease of 11.87% year-over-year[2] - Net profit attributable to shareholders was 320.58 million yuan, down 34.74% year-over-year[2] - Total revenue for the current period is 5,067,615,359.89 yuan, compared to 5,650,477,938.01 yuan in the previous period, indicating a decrease[17] - Operating costs for the current period are 4,026,550,519.06 yuan, down from 4,142,186,555.14 yuan in the previous period[17] - Net profit attributable to the parent company is 9,096,932,877.14 yuan, compared to 8,774,794,749.44 yuan in the previous period[16] - Net profit attributable to parent company shareholders reached 813,428,915.46 yuan, a decrease compared to the previous period's 1,879,604,430.16 yuan[18] - Total comprehensive income for the period was 852,425,592.60 yuan, down from 2,094,817,707.62 yuan in the previous period[18] - Basic earnings per share were 0.94 yuan, compared to 2.17 yuan in the previous period[18] Cash Flow and Financial Position - Operating cash flow for the year-to-date was 578.77 million yuan, a decrease of 13.96% year-over-year[2] - Cash flow from operating activities was 578,769,609.95 yuan, a decrease from 672,644,481.56 yuan in the previous period[19] - Cash flow from investing activities showed a significant outflow of -5,723,116,899.53 yuan, compared to -1,592,504,848.56 yuan in the previous period[19] - Cash flow from financing activities was -272,001,685.95 yuan, a sharp decline from 474,861,241.52 yuan in the previous period[19] - Net cash and cash equivalents decreased by 5,438,054,513.77 yuan, compared to a decrease of 422,792,070.34 yuan in the previous period[19] - Cash and cash equivalents at the end of the period are 1,967,632,936.81 yuan, down from 7,419,991,842.25 yuan at the beginning of the period[14] Assets and Liabilities - Total assets increased by 2.01% to 30.277 billion yuan compared to the end of the previous year[2] - Total assets at the end of the period are 30,276,592,021.30 yuan, compared to 29,680,742,349.17 yuan at the beginning of the period[15] - Total liabilities at the end of the period are 5,857,792,870.10 yuan, up from 5,227,180,203.91 yuan at the beginning of the period[16] - Short-term borrowings at the end of the period are 3,010,434,835.00 yuan, up from 1,969,693,500.00 yuan at the beginning of the period[15] - Contract assets at the end of the period are 2,940,514,164.81 yuan, compared to 2,364,435,242.53 yuan at the beginning of the period[14] - Other non-current financial assets at the end of the period are 10,716,445,742.86 yuan, up from 10,231,701,776.67 yuan at the beginning of the period[15] - The company's short-term borrowings increased by 52.84% to 3.010 billion yuan[5] - Prepaid expenses increased by 110.53% to 119.05 million yuan due to increased prepayments for services[5] - The company's inventory stock decreased by 78.01% to 191.15 million yuan due to the cancellation of treasury shares[5] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 53,084[8] - Ye Xiaoping holds 20.49% of the shares, totaling 177,239,541 shares[8] - HKSCC NOMINEES LIMITED holds 14.23% of the shares, totaling 123,118,679 shares[8] - Cao Xiaochun holds 5.97% of the shares, totaling 51,661,774 shares[8] - The Industrial and Commercial Bank of China Limited - China Europe Medical Health Hybrid Securities Investment Fund holds 3.48% of the shares, totaling 30,077,282 shares[8] - Hong Kong Securities Clearing Company Limited holds 2.65% of the shares, totaling 22,936,271 shares[8] - The Bank of China Limited - Huabao CSI Medical ETF holds 2.08% of the shares, totaling 17,956,750 shares[8] - The Industrial and Commercial Bank of China Limited - E Fund ChiNext ETF holds 1.69% of the shares, totaling 14,631,783 shares[8] - Shi Xiaoli holds 1.16% of the shares, totaling 10,031,703 shares[8] - The Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 ETF holds 1.16% of the shares, totaling 10,004,766 shares[8] Expenses and Income - The company's financial expenses increased by 129.66% to 31.37 million yuan due to reduced interest income and increased interest expenses[6] - Government subsidies received during the period amounted to 22.33 million yuan, contributing to other income[6] - R&D expenses for the current period are 172,098,760.28 yuan, a decrease from 195,343,150.53 yuan in the previous period[17] Investment Activities - Investment activities resulted in a cash outflow of 5.723 billion yuan, primarily due to the purchase of large-denomination certificates of deposit[7] Reporting and Audit - The company's third-quarter report was unaudited[20]

证券代码：300347 证券简称：泰格医药 公告编码（2024）056 号 杭州泰格医药科技股份有限公司 第五届董事会第十二次会议决议公告 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。 杭州泰格医药科技股份有限公司（以下简称"公司"）第五届董事会第十二次会议于 2024年10月29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10月15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年第三季度报告的议案》。 具体内容详见中国证监会创业板指定信息披露网站同期披露的《公司2024年第三季度 报告》。 本议案已经公司第五届董事会独立董事专门会议审议通过。 表决结果：同意7票，反对0票，弃权0票。 特此公告。 杭州泰格医药科技股份有限公司董事会 二〇二四年十月三十日 1 ...