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.

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 ...

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]

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份內容而產生或因倚 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） 2024年第三季度報告 本公告根據香港聯合交易所有限公司證券上市規則第13.09(2)條和第13.10B條及 香港法例第571章《證券及期貨條例》第XIVA部內幕消息條文作出。 下文為杭州泰格醫藥科技股份有限公司（「本公司」，連同其子公司統稱「本集團」） 之第三季度報告。本公告及隨附的財務報表最初以中文編製，並以中英文版本刊 登。如中英文版本有任何歧義或衝突，概以中文版本為準。 謹請本公司股東及公眾投資者注意，隨附財務報表乃根據中國企業會計準則編製 且未經審計。 1 杭州泰格醫藥科技股份有限公司 2024年第三季度報告 2 承董事會命 杭州泰格醫藥科技股份有限公司 葉小平 董事長 香港，2024年10月29日 於本公告日期，執行董 ...

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. 董事長 香港，二零二四年十月十七日 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3347） 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，董事會會議將於二零二四年十月二十九日（星期二）舉行，藉以（其中包括）審 議及批准本公司及其附屬公司截至二零二四年九月三十日止九個月的第三季度報 告及╱或其他議題（如適用）。 承董事會命 杭州泰格醫藥科技股份有限公司 葉小平 ...

证券代码：300347 证券简称：泰格医药 公告编码（2024）055 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 ...

截至月份: 2024年9月30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 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 呈交日期: 2024年10月7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 | ...

致:杭州泰格医药科技股份有限公司 北京市嘉源律师事务所 关于杭州泰格医药科技股份有限公司 北京市嘉源律师事务所 关于杭州泰格医药科技股份有限公司 2024 年第三次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 E United States Pr YUAN LAW OFFICES 北京 BELJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 1. 经本所律师核查,出席本次股东大会的股东及股东代理人,以及所持股 份情况如下:出席 2024年第三次临时股东大会的股东及股东代理人共 542人, 代表有表决权股份 393.167.276 股,占公司有表决权股份总数的 45.6485%。其中: 内资股(A 股)股东及股东代理人 541人,代表有表决权股份 363,300,249 股, 占公司有表决权股份总数的 42.1808%;境外上市外资股(H 股)股东及股东代 理人 1人,代表有表决权股份 29.867,027 股,占公司有表决权股份总数的 3.4677%。 2024 年第三 ...