Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing temporary pressure on performance, but is expected to gradually recover in 2024. The revenue for 2023 was CNY 7.384 billion, a year-on-year increase of 4.21%, while the net profit attributable to shareholders was CNY 2.025 billion, a year-on-year increase of 0.91%. The decline in performance is attributed to reduced COVID-19 related business and fluctuations in downstream market demand [5][6] - The company has a solid order backlog of CNY 14.08 billion, which is expected to support stable growth in 2024. The profit forecasts for 2024-2026 have been adjusted downwards due to slowing downstream demand, with net profits projected at CNY 2.240 billion, CNY 2.491 billion, and CNY 2.819 billion respectively [5][6] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of CNY 1.734 billion, a year-on-year increase of 3.22%, but the net profit dropped by 63.86% to CNY 145 million. The decline in net profit is primarily due to the decrease in COVID-19 related business [5] - The company’s clinical trial technical services generated revenue of CNY 4.168 billion in 2023, a year-on-year increase of 1.04%. The number of ongoing drug clinical research projects reached 752, an increase of 72 projects year-on-year [6] Business Development - The statistical business and SMO (Site Management Organization) business are both developing steadily. By the end of 2023, the number of global clients for the statistical business reached 340, a year-on-year increase of 31.27%. The number of SMO projects increased from 1,621 at the end of 2022 to 1,952 [7] - The company is actively expanding into emerging business areas such as medical device clinical research and drug safety monitoring, enhancing its global service capabilities [6][7] Financial Projections - The projected revenue for 2024 is CNY 8.195 billion, with a year-on-year growth of 11.0%. The projected net profit for 2024 is CNY 2.240 billion, reflecting a year-on-year increase of 10.6% [8][9] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 20.7, 18.6, and 16.5 respectively, indicating a favorable valuation outlook [8][9]

Financial Performance - Tigermed reported a revenue increase of 25% year-over-year, reaching CNY 3.5 billion in 2023[19]. - The company reported a net profit margin of 15%, up from 12% in the previous year[19]. - The company's operating revenue for 2023 was approximately ¥7.38 billion, representing a 4.21% increase compared to ¥7.09 billion in 2022[29]. - The net profit attributable to shareholders for 2023 was approximately ¥2.02 billion, a slight increase of 0.91% from ¥2.01 billion in 2022[29]. - The company reported quarterly revenues of ¥1.80 billion, ¥1.91 billion, ¥1.94 billion, and ¥1.73 billion for Q1, Q2, Q3, and Q4 respectively in 2023[31]. - The company’s main business revenue for 2023 was 7,289.11 million CNY, a year-on-year increase of 4.11% from 7,001.54 million CNY in the previous year[65]. - Total revenue for 2023 reached CNY 7,384,039,460.88, representing a year-on-year increase of 4.21% compared to CNY 7,085,471,468.87 in 2022[82]. Strategic Initiatives - The report outlines the company's strategic focus on expanding its market presence and enhancing its research capabilities through new product development[17]. - Tigermed plans to enter three new international markets, including Brazil, Mexico, and South Africa, by the end of 2024[20]. - The company is actively pursuing partnerships and collaborations to leverage resources and support its growth strategy[16]. - The company has established several wholly-owned subsidiaries to strengthen its operational framework and enhance service delivery[17]. - The company plans to enhance its integrated R&D service platform and expand its business units based on therapeutic areas or drug types to drive long-term growth[57]. Research and Development - The company is investing CNY 500 million in new product development and technology research in 2024[19]. - The company has accumulated over 3,500 clinical operation projects, including more than 700 Phase I clinical studies for new drugs in China and over 120 international multi-center clinical studies by the end of 2023[50]. - The company has witnessed a significant increase in R&D investment in the medical device sector, driven by new infrastructure, overseas revenue growth, and domestic substitution policies[46]. - The number of R&D personnel increased to 934 in 2023, a rise of 17.48% compared to 795 in 2022[92]. - The company has established integrated research service platforms for both pharmaceuticals and medical devices, enhancing collaboration and reducing communication costs in the R&D process[51]. Market Trends - The global pharmaceutical market is projected to grow from approximately USD 1.6 trillion in 2023 to USD 1.9 trillion by 2027, driven by increasing demand for innovative therapies[42]. - The CRO market size is expected to reach USD 102.65 billion by 2025, growing from USD 77.57 billion in 2022, reflecting a compound annual growth rate (CAGR) of approximately 9.5%[42]. - The number of clinical trials in China increased by 26.81% year-on-year, from 3,316 in 2022 to 4,205 in 2023[44]. - In 2023, 40 Class 1 new drugs were approved in China, marking a record high for the country[44]. Corporate Governance - The company emphasizes the accuracy and completeness of its financial report, with all board members present for the meeting[4]. - The report indicates a strong commitment to corporate governance and social responsibility initiatives[5]. - The company has implemented a business continuity management plan to mitigate risks from unforeseen events, although its effectiveness remains uncertain[115]. - The company has maintained independence from its controlling shareholder, ensuring no interference in decision-making or operations[131]. - The company emphasizes the importance of compliance with laws and regulations, as failure to adhere could lead to significant adverse effects on its business and financial status[118]. Employee and Talent Management - The company aims to increase its workforce by 20% to support its expansion and new projects[19]. - The company continues to focus on attracting, training, and retaining skilled personnel, as talent is crucial for maintaining service quality and meeting growth expectations[121]. - The total number of employees at the end of the reporting period is 9,701, with 2,042 in the parent company and 7,659 in major subsidiaries[160]. - The company has a total of 314 sales personnel, indicating a focused sales team[160]. Financial Policies and Dividends - The company plans to distribute a cash dividend of 5.68 CNY per 10 shares to all shareholders, based on a total of 864,948,570 shares[5]. - The cash dividend distribution represents 100% of the total distributable profit for the year, which amounts to approximately 8.77 billion RMB[165]. - The company has a robust cash dividend policy that aligns with its articles of association and shareholder resolutions, ensuring transparency and compliance[165]. Risks and Challenges - The company faces risks related to the potential decline in demand for biopharmaceutical research services, which could adversely affect its business and financial performance[116]. - Increased competition in the global clinical contract research organization market may pressure pricing and impact revenue and profitability[117]. - The company is exposed to foreign exchange risks, particularly with USD, which could negatively affect revenue growth and profit margins if the RMB appreciates significantly against the USD[123]. - The company acknowledges the potential for increased personnel costs as it competes for qualified talent in the CRO market[121]. Transparency and Reporting - The financial report will be made available on the designated website of the China Securities Regulatory Commission, ensuring transparency[12]. - The company disclosed a total of 4 periodic reports and 77 temporary announcements during the reporting period, ensuring transparency[129]. - The company has not engaged in any derivative investments or significant asset sales during the reporting period[109][111].

证券代码：300347 2023 泰格医药可持续发展 暨环境、社会与公司治理（ESG）报告 目 录 CONTENTS | 领导致辞 泰格医药档案 | 01 02 06 | 02 | | | --- | --- | --- | --- | | 我们的可持续发展管理 | | | 30 | | | | 卓越服务，精益求精 | | | 01 | | 质量保障 | 31 37 | | | | 研究与创新 | | | 合规前进，行稳致远 | 14 | 客户关系建设 | 41 | | | | 供应链可持续管理 | 43 | | 公司治理 | 15 | | | | 合规与风险管理 | 17 | | | | 商业道德与反腐败 | 22 | | | | 临床试验伦理 | 24 | | | | 信息安全保护 | 26 | | | | 知识产权管理与保护 | 28 | | | 02 | 卓越服务，精益求精 | 30 | | --- | --- | | 研究与创新 | 37 | | 客户关系建设 | 41 | | 供应链可持续管理 | 43 | | 选贤举能，和衷共济 | 47 | | --- | --- | | 员工权益与福利 | ...

证券代码：300347 证券简称：泰格医药 公告编码（2024）011 号 杭州泰格医药科技股份有限公司 第五届董事会第六次会议决议公告 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"）第五届董事会第六次会议于2024 年3月28日在杭州市滨江区聚工路19号盛大科技园A座18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3月14日以电话、电子邮件方式向全体董 事发出，新任独立董事刘毓文同意接受前述会议时间并豁免有关董事会通知时间的要求。 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2023年度报告全文、报告摘要及2023年度业绩公告 的议案》； 公司2023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，2023 年度业绩公告详见香港联合交易所信息披露网站。本议案已经公司董事会审计委 ...

根据《中华人民共和国公司法》《上市公司治理准则》《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，杭州泰格 医药科技股份有限公司（以下简称"公司"）董事会审计委员会现将对立信会计师事 务所（特殊普通合伙）（以下简称"立信"）以及香港立信德豪会计师事务所（以下 简称"立信德豪"）履行监督职责的情况汇报如下： 杭州泰格医药科技股份有限公司 董事会审计委员会对会计师事务所履行监督职责情况报告 一、2023 年年审会计师事务所基本情况 1、会计师事务所基本情况 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于1927年在上 海创建，1986年复办，2010年成为全国首家完成改制的特殊普通合伙制会计师事务 所，注册地址为上海市黄浦区南京东路61号4楼。立信是国际会计网络BDO的成员 所，长期从事证券服务业务，新证券法实施前具有证券、期货业务许可证，具有H 股审计资格，并已向美国公众公司会计监督委员会（PCAOB）注册登记。 香港立信德豪会计师事务所成立于1981年，注册地为香港。立信德豪是国际会 计网络BDO的成员所，具备审计依据国际财务报告准则编制的上市公司财务报告的 ...

证券代码：300347 证券简称：泰格医药 公告编码（2024）014 号 杭州泰格医药科技股份有限公司 关于 2023 年度日常关联交易确认的公告 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。 一、2023年度日常关联交易基本情况 （一）日常关联交易概述 经立信会计师事务所（特殊普通合伙）审计确认，2023年度杭州泰格医药科技股份有 限公司（以下简称"泰格医药"或"公司"）与关联人发生的日常关联交易金额为7,926.16万元。 2024年3月28日，公司第五届董事会第六次会议以4票同意、0票反对、0票弃权，3票回 避，审议通过了《关于2023年度日常关联交易确认的议案》，关联董事叶小平先生、曹晓 春女士、吴灏先生回避表决。本次日常关联交易事项在董事会审批权限范围内，无需提交 2023年度股东大会审议。 | | 务及实验室 服务 | | | | | --- | --- | --- | --- | --- | | | 临床试验技 | | | | | 杭州帕琦斯医药科 | 术服务、临床 试验相关服 | 179.60 | 0.02% | / | | 技有 ...

1、杭州泰格医药科技股份有限公司（以下简称"公司" 或"本公司"）拟自2024年 半年度财务报告开始，统一采用中国企业会计准则编制财务报表及披露相关财务资料； 2、鉴于公司拟统一采用中国企业会计准则编制财务报表及披露相关财务资料，公司 拟终止续聘境外财务报告审计机构； 证券代码：300347 证券简称：泰格医药 公告编码（2024）017 号 杭州泰格医药科技股份有限公司 关于统一采用中国企业会计准则编制财务报表及终止续聘境外财务 报告审计机构的公告 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。 特别提示： 香港立信德豪会计师事务所现为公司境外财务报告审计机构，为公司根据国际财务报 告准则编制的财务报表提供审计服务。鉴于公司拟统一采用中国企业会计准则编制财务报 表，且公司境内财务报告审计机构立信会计师事务所（特殊普通合伙）已获中国财政部及 中国证监会的认可并有资格向在香港上市的内地注册成立的发行人提供使用内地审计准 则的审计服务，故董事会建议终止续聘香港立信德豪会计师事务所担任公司境外财务报告 审计机构。 四、修改《公司章程》 3、鉴于公司拟统一采 ...

杭州泰格医药科技股份有限公司 外汇衍生品交易业务管理制度 第一章 总则 第一条 为规范杭州泰格医药科技股份有限公司（以下简称"本公司"或"公 司"）及全资子公司外汇衍生品交易业务及相关信息披露工作，加强对外汇衍生品 交易业务的管理，防范投资风险，健全和完善公司外汇衍生品交易业务管理机制， 确保公司资产安全，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《深圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》、《上市公司信息披露管理办法》、《深 圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》及《杭州泰格医 药科技股份有限公司章程》（以下简称"《公司章程》"）等有关规定，结合公司实 际情况，特制定本制度。 第二条 本制度所称衍生品是指远期、互换、期权等产品或上述产品的组合。 衍生品的基础资产包括汇率、利率、货币等；既可采取实物交割，也可采取现金差 价结算；未按照本制度规定由董事会或股东大会审议通过，不得进行杠杆交易。 本制度所称外汇衍生品交易是指在金融机构办理的规避和防范汇率或利率风险 的外汇衍生品交易业务，包括远期结售汇、人民 ...

杭州泰格医药科技股份有限公司 审计报告及财务报表 二○二三年度 杭州泰格医药科技股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-149 | 审计报告 信会师报字[2024]第 ZA10426 号 杭州泰格医药科技股份有限公司全体股东： 一、 审计意见 我们审计了杭州泰格医药科技股份有限公司（以下简称泰格医药） 财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则 ...

关于杭州泰格医药科技股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 2023 年度 关于杭州泰格医药科技股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 为了更好地理解泰格医药 2023 年度非经营性资金占用及其他关 联资金往来情况，汇总表应当与已审计财务报表一并阅读。 专项报告第1页 本报告仅供泰格医药为披露 2023 年度报告的目的使用，不得用 作任何其他目的。 立信会计师事务所 中国注册会计师： （特殊普通合伙） 信会师报字[2024]第 ZA10427 号 杭州泰格医药科技股份有限公司全体股东： 我们审计了杭州泰格医药科技股份有限公司(以下简称"泰格医 药")2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2024 年 03 月 28 日出具了报告号为信会师报字[2024]第 ZA10426 号 的无保留意见审计报告。 泰格医药公司管理层根据中国证券监督管理委员会《上市公司监 管指引第 8 号——上市公司资金往来 ...