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 | | | | | ...

Financial Performance - The company reported a revenue of 1.2 billion RMB for the first half of 2024, representing a year-on-year growth of 15%[1]. - The net profit attributable to shareholders was 300 million RMB, an increase of 20% compared to the same period last year[1]. - Future guidance indicates expected revenue growth of 10-15% for the second half of 2024[1]. - The company provided a revenue guidance of RMB 2.5 billion for the full year 2024, indicating a growth target of 10% compared to 2023[19]. - The company's operating revenue for the reporting period was ¥3,358,244,223.39, a decrease of 9.50% compared to the same period last year[29]. - The net profit attributable to shareholders was ¥492,848,850.97, down 64.50% year-over-year[29]. - The company reported a total of ¥8,830,766.50 in financial assets measured at fair value, with a loss of ¥98,403,141.00 during the reporting period[85]. - The company reported a total comprehensive income of 7,744 million RMB for the period[198]. - The total revenue for the first half of 2024 was 7,469 million RMB, representing a year-on-year increase of 8.49%[196]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in regional revenue by the end of 2025[1]. - The company is actively pursuing mergers and acquisitions to strengthen its market position, with a budget of 500 million RMB earmarked for potential deals[1]. - The company is expanding its market presence in Southeast Asia, with plans to establish new offices in Vietnam and Thailand by Q3 2024[19]. - A strategic acquisition of a local CRO in Malaysia was completed, expected to contribute an additional RMB 300 million in revenue annually[20]. - The company plans to pursue selective acquisitions and investments for growth; failure to identify suitable targets or successfully implement these transactions could negatively impact financial performance[100]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[190]. Research and Development - New product development includes a focus on innovative drug research, with an investment of 200 million RMB allocated for R&D in 2024[1]. - The company invested RMB 150 million in R&D for new technologies aimed at improving data analytics capabilities[19]. - The company has allocated 211 million yuan for research and development, focusing on innovative technologies and products[189]. - The R&D expenses for the first half of 2024 were 1,200 million RMB, accounting for approximately 16% of total revenue[199]. Operational Efficiency - The gross profit margin improved to 35%, up from 32% in the previous year, reflecting better operational efficiency[20]. - The gross profit for the main business was CNY 1,289.49 million, a decrease of 11.54% compared to CNY 1,457.71 million in the same period last year, with a gross margin of 39.13%[60]. - The gross profit for clinical trial-related and laboratory services was CNY 661.49 million, an increase of 6.36% year-on-year, with a gross margin of 39.88%[63]. Client and Project Growth - User data showed an increase in active clinical trial projects by 25%, reaching a total of 150 ongoing trials[1]. - User data showed an increase in active clients by 20%, reaching a total of 1,500 clients[20]. - The number of ongoing drug clinical research projects increased from 772 to 800, with 537 projects in China and 263 projects abroad as of June 30, 2024[55]. - The number of ongoing site management projects increased from 1,952 at the end of the previous year to 2,110, collaborating with over 1,100 hospitals and clinical trial centers across more than 140 cities in China[60]. Financial Position and Assets - The total assets of the company increased to 5 billion RMB, reflecting a 12% growth from the previous year[1]. - The total assets at the end of the reporting period were 2.94 billion RMB, reflecting a solid financial position[191]. - The total equity attributable to shareholders increased to 7,469 million RMB, up from 7,218 million RMB in the previous year[198]. - The total current assets decreased from CNY 11,344,141,125.21 to CNY 7,646,634,878.70, representing a decline of approximately 32.5%[167]. Risks and Challenges - The company faces risks related to potential declines in demand for biopharmaceutical R&D services, which could adversely affect its business and financial performance[95]. - The company is subject to strict regulatory oversight, and failure to adapt to regulatory changes could negatively impact its operations and financial performance[96]. - The company faces increasing competition in the global clinical contract research organization (CRO) market, which may negatively impact its business, financial condition, and operating performance if it fails to compete effectively[97]. - The company must obtain and maintain various regulatory approvals and licenses; failure to do so could lead to operational disruptions and financial penalties[98]. Shareholder and Governance - The company has appointed a new independent non-executive director, Liu Yuwen, to the board[142]. - The company’s major shareholder, Ye Xiaoping, holds 20.49% of the shares, totaling 177,239,541 shares[152]. - The total number of ordinary shareholders at the end of the reporting period is 51,865[152]. - The company has established a unified action agreement between major shareholders, ensuring aligned interests in corporate governance[155].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 3,358.2 million, a decrease of 9.5% compared to RMB 3,710.9 million in the same period of 2023[3] - Gross profit for the same period was RMB 1,333.0 million, down 10.0% from RMB 1,481.1 million year-on-year[3] - Net profit attributable to the company's owners was RMB 492.8 million, reflecting a significant decline of 64.5% from RMB 1,388.3 million in the previous year[3] - The net profit margin attributable to the company's owners decreased to 14.7% from 37.4% in the same period last year, a drop of 22.7 percentage points[3] - Clinical trial technical services revenue was RMB 1,637.1 million, down 22.2% from RMB 2,103.4 million in the same period last year[23] - Revenue from clinical trial-related and laboratory services increased by 7.1% to RMB 1,721.1 million, compared to RMB 1,607.5 million in the previous year[22] - Domestic business revenue was RMB 1,870.4 million, a decline of 10.4% from RMB 2,087.4 million year-on-year, primarily due to a drop in clinical trial technical services[22] - Overseas business revenue was RMB 1,487.8 million, down 8.4% from RMB 1,623.5 million, but showed growth when excluding specific vaccine project revenues[22] - Net profit for the period decreased by 60.4% year-on-year to RMB 557.6 million, with profit attributable to shareholders dropping by 64.5% to RMB 492.8 million[48] - Adjusted net profit attributable to shareholders, excluding non-recurring items, was RMB 640.3 million, with a net profit margin of 19.1%[52] Clinical Trials and Market Position - The number of new clinical trials in China reached 2,297 in the first half of 2024, an increase of 329 trials compared to the same period in 2023[6] - The proportion of new clinical trials initiated by the top 20 global pharmaceutical companies in China reached 15.4%, up from 9.8% in 2018[10] - The company's market share in China's clinical outsourcing service market was 12.85% in 2023, and it ranked as the only Chinese contract research organization in the global top 10 with a market share of 1.46%[12] - As of June 30, 2024, the number of ongoing drug clinical research projects increased to 800 from 772 as of June 30, 2023, and 752 as of December 31, 2023[12] - The company achieved significant growth in new orders, driven by demand from multinational pharmaceutical companies in China and Chinese companies' overseas needs, with a stable order demand from Chinese pharmaceutical and medical device companies[12] Strategic Developments - The company established a Clinical Operations Strategy Committee to enhance clinical strategy capabilities and improve the success rate of RFPs, while also creating business units in specific therapeutic areas such as cell and gene therapy, GLP-1, and radiopharmaceuticals[13] - The company expanded its clinical operations in North America, with nearly 100 employees covering 42 cities across 21 states, and established partnerships with over 700 clinical trial centers[15] - The company completed the acquisition of Medical Edge Co., Ltd. in Japan to strengthen its data management and clinical data services in the Asia-Pacific region[16] - The company acquired NAMSA's China branch and established a strategic cooperation agreement for exclusive and global collaboration[28] Employee and Operational Changes - The total number of employees decreased from 9,701 as of December 31, 2023, to 9,348 as of June 30, 2024, primarily due to strategic adjustments in response to industry cycles in China[19] - The company plans to continue expanding its clinical operations and project management teams in key overseas markets, increasing the number of overseas employees from 1,632 to 1,722[20] - The company has established a global workforce of 9,348 employees across 37 countries as of June 30, 2024, with its international headquarters set up in Hong Kong in 2023[85] Financial Position and Investments - The company's cash and cash equivalents are primarily held in RMB, with no use of financial instruments for hedging purposes as of June 30, 2024[59] - As of June 30, 2024, the total financial assets amounted to RMB 10,549.6 million, an increase from RMB 10,288.3 million as of December 31, 2023, representing a growth of 2.5%[69] - Long-term equity investments increased to RMB 3,518.4 million from RMB 2,977.0 million, primarily due to a RMB 500.0 million investment in Hangzhou Taikun Equity Investment Fund[67] - The company is a strategic investor in 181 innovative companies in the healthcare sector and a limited partner in 61 professional investment funds as of June 30, 2024[70] Risks and Challenges - The company faces risks from intensified competition in the global clinical contract research market, impacting pricing and service quality[104] - Compliance with evolving regulations and industry standards is critical, as failure to adapt could adversely affect the company's operations and financial performance[106] - The company faces risks related to obtaining and maintaining necessary regulatory approvals, licenses, and certifications, which could significantly disrupt operations if not secured[108] - There is a risk of losing major customers or contracts, which could adversely affect the company's business and financial performance if significant spending cuts or terminations occur[108] Shareholder Actions and Capital Management - The company plans to repurchase shares with a total amount not less than RMB 500 million and not exceeding RMB 1 billion, with a repurchase price capped at RMB 60.00 per share[90] - The company adjusted its share repurchase plan, increasing the maximum repurchase price from RMB 60.00 to RMB 72.00 per share, with a total repurchase amount of up to RMB 1 billion, potentially repurchasing approximately 13,888,888 shares, representing about 1.59% of the total issued shares[92] - The company terminated the 2022 A-share restricted stock incentive plan, resulting in the cancellation of all unvested restricted shares, which will not adversely affect the company's operations or future development[92] Cash Flow and Liquidity - The net cash generated from operating activities was RMB 177.3 million, down 52.7% from RMB 375.0 million year-on-year, primarily due to a 39.7% decrease in cash received from other operating activities[56] - The net cash used in investing activities increased by 552.2% to RMB 4,621.8 million, mainly due to cash payments for acquisitions rising from RMB 956.1 million to RMB 4,733.5 million[57] - The net cash generated from financing activities decreased to RMB 206.2 million from RMB 621.1 million, attributed to a significant drop in non-controlling interest contributions[57] Market Trends and Future Outlook - The global contract research organization (CRO) market size grew from USD 53.91 billion in 2018 to USD 82.11 billion in 2023, with projections to reach USD 106.45 billion by 2026[96] - The Chinese CRO market size increased from RMB 38.80 billion in 2018 to RMB 84.83 billion in 2023, with expectations to reach RMB 112.65 billion by 2026[97] - The company anticipates increased demand for clinical trials from foreign innovative drugs in China, as more multinational pharmaceutical companies are investing in R&D within the country[99] - The demand for outsourced R&D services in the biopharmaceutical sector is increasing due to rising R&D costs and the complexity of drug development[100]

杭州泰格医药科技股份有限公司 章程修订对照表 3 | 序号 | 原条款 | 修订后条款 | | --- | --- | --- | | | 圳分公司集中存管。公司发行的 H 股主要 在香港香港中央结算有限公司属下的受托 | 圳分公司集中存管。公司发行的H 股主要 在香港中央结算有限公司属下的受托代管 | | | 代管公司存管。 | 公司存管。 | | | 第二十二条 公司于 2012 年 7 月 3 日经中 | 第二十二条 公司于2012 年7 月3 日经中 国证券监督管理委员会批准, 首次向社会 | | | 国证券监督管理委员会批准, 首次向社会 | | | | | 公众发行人民币普通股1,340 万股(以下简 | | | 公众发行人民币普通股 1,340 万股(以下简 | 称"A 股")。 | | | 称"A 股")。 | 万股，均为 公司的股份总数为86,494.8570 | | | 公司的股份总数为87,241.8220 万股，均为 | | | 9 | | 股）股 普通股，其中境内上市内资股（A | | | 普通股，其中境内上市内资股（A 股）股东 | | | | 持有 749,293,420 股，占 ...