Investment Rating - The report assigns a "Buy" rating for the company for the first time [1] Core Views - The company's revenue for 2023 reached 7.384 billion yuan, a year-on-year increase of 4.21%, while the net profit attributable to shareholders was 2.025 billion yuan, up 0.91% year-on-year. However, the non-recurring net profit decreased by 4.05% to 1.477 billion yuan, and operating cash flow fell by 15.25% to 1.15 billion yuan [2][3] - The company demonstrated resilience and sustainability in business growth and profitability during the industry's downturn, with a slight revenue increase despite challenges from the COVID-19 pandemic and a decline in the biopharmaceutical investment climate [3] - Domestic business showed steady growth, while the overseas platform capabilities are continuously strengthening, which is expected to become a new growth point. The company executed 752 drug clinical trial projects by the end of 2023, a 10.59% increase year-on-year [3] - The report forecasts the company's revenue for 2024-2026 to be 8.015 billion, 9.238 billion, and 10.910 billion yuan, respectively, with net profits of 2.165 billion, 2.555 billion, and 3.156 billion yuan. The current market valuation corresponds to P/E ratios of 21, 18, and 15 for 2024-2026 [3] Summary by Sections Financial Performance - In 2023, the total revenue was 7.384 billion yuan, with a year-on-year growth of 4.21%. The net profit attributable to shareholders was 2.025 billion yuan, reflecting a slight increase of 0.91% year-on-year. However, the non-recurring net profit decreased by 4.05% to 1.477 billion yuan [2][3] - The operating cash flow for the year was 1.15 billion yuan, down 15.25% from the previous year [2] Business Segments - Clinical trial technical service revenue was 4.168 billion yuan, up 1.04% year-on-year, with a gross profit of 1.592 billion yuan and a gross margin of 38.21%, which increased by 0.58 percentage points year-on-year [3] - Revenue from clinical trial-related services and laboratory services reached 3.116 billion yuan, an increase of 8.63%, but the gross profit slightly decreased by 0.10% [3] Market Position and Growth Potential - The company has established a strong presence in both domestic and international markets, with significant growth in clinical trial services in the U.S. and ongoing projects in various regions, including Europe and Australia [3] - The report highlights the acquisition of Nucro-Technics, which enhances the company's service capabilities in analytical chemistry and microbiology [3] Valuation and Future Outlook - The report anticipates a gradual increase in revenue and net profit over the next few years, with a focus on the company's low valuation and the potential contribution from its expanding overseas business [3]

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]

Investment Rating - The report maintains a "Recommendation" rating for the company [2][6] Core Views - The company achieved a revenue of 7.384 billion yuan in 2023, representing a year-over-year increase of 4.2%, and a net profit attributable to shareholders of 2.025 billion yuan, up 0.9% year-over-year [4][6] - The report indicates that the industry is approaching a turning point, with expectations of improved business conditions due to stabilizing order prices and increasing industry concentration benefiting leading companies like the report's subject [4][6] Financial Performance Summary - Revenue for 2023: 73.84 billion yuan, with a gross margin of 38.6%, down 1.1 percentage points year-over-year [4][6] - The company plans to distribute a dividend of 5.68 yuan per 10 shares (including tax) [4] - The report forecasts revenue growth to 85.50 billion yuan in 2024, 106.13 billion yuan in 2025, and 134.47 billion yuan in 2026, with corresponding net profits of 2.271 billion yuan, 2.796 billion yuan, and 3.505 billion yuan respectively [5][6] - The gross margin is expected to slightly decline to 37.6% in 2024, with a gradual recovery to 38.3% by 2026 [5][8] Business Segment Analysis - Clinical trial technical services generated revenue of 4.168 billion yuan in 2023, with a gross margin of 38.2% [4] - The report highlights that the company has maintained stable expense ratios across sales, management, and R&D, indicating effective cost control [4][6] Market Outlook - The report suggests that the industry is at a bottoming phase, with expectations for market share gains for the company as the industry recovers [6][8] - The anticipated stabilization of pricing competition and the expected increase in demand for new drug development are seen as positive indicators for future growth [6][8]

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 ...

公司已结合自身的经营管理需要，建立了一套较为健全的内部控制制度，并得 到有效执行。公司内部控制在所有重大事项方面是有效的， 能够对编制真实公允的 财务报表提供合理的保证，能够对公司各项业务的健康运行及公司经营风险的控制 提供保证。公司 2023 年度内部控制自我评价报告真实、客观地反映了公司内部控制 制度的建设及运行情况。 杭州泰格医药科技股份有限公司监事会 二〇二四年三月二十九日 1 杭州泰格医药科技股份有限公司 监事会关于 2023 年度内部控制自我评价报告的核查意见 根据中国证监会、深圳证券交易所相关法律法规及《杭州泰格医药科技股份有 限公司章程》等有关规定，公司监事会对 2023 年度内部控制自我评价报告进行了审 议，发表如下核查意见： ...

杭州泰格医药科技股份有限公司 董事会议事规则 第一章 总则 第一条 为了进一步规范杭州泰格医药科技股份有限公司（以下简称"公司"）董 事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规范 运作和科学决策水平，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》、《上市公司章程指引》、《上市公司治理准则》、《深 圳证券交易所创业板上市公司自律监管指引第 2 号——创业板上市公司规范运作》、 《深圳证券交易所创业板股票上市规则》、《香港联合交易所有限公司证券上市规则》 （以下简称"《香港上市规则》"）、《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，制订本规则。 第二条 董事会根据《公司章程》和股东大会规定和授予的职权，依法对公司进行 经营管理，对股东大会负责并报告工作。 第三条 董事会设立董事会办公室作为董事会常设工作机构，处理董事会日常事 务。 第四条 本规则适用于公司董事会、董事会各专门委员会、董事及本规则中涉及的 有关部门及人员。 第二章 董事会的职权 第五条 公司董事会由 7 名董事组成，其中 3 名为独立董事，设董事长 ...

证券代码：300347 证券简称：泰格医药 公告编码（2024）018 号 杭州泰格医药科技股份有限公司 二、前述授信包括但不限于：信贷借款、开立票据、信用证、保函及融资租赁。具体 授信额度、期限、利率及担保方式等条件以相关机构最终审批为准。 三、公司提请股东大会授权法定代表人在上述授信额度范围内，决定申请授信的具体 条件（如合作银行、利率、期限等）并签署上述授信事项相关的合同、协议等各项法律文 件，以及办理与综合授信额度相关的其他事宜。 四、根据《深圳证券交易所股票上市规则》、《公司章程》等规定，上述议案需提交 公司2023年度股东大会审议，上述事项授权期限自公司2023年度股东大会审议通过本议案 之日起至公司下一年年度股东大会决议作出之日止。 五、公司董事会及监事会经过认真核查公司的经营管理情况、财务状况、投融资情况、 1 偿付能力等，认为：此次公司申请银行授信额度的财务风险处于公司可控范围之内，符合 中国证监会、深圳证券交易所相关文件及《公司章程》之规定。 关于向银行申请综合授信额度的公告 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。 202 ...

公司及监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"）第五届监事会第四次会议于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监 事发出。会议应到监事3人，实到监事3人。本次会议由监事会主席张炳辉主持。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。 经与会监事审议，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 年度监事会工作报告>的议案》； 证券代码：300347 证券简称：泰格医药 公告编码（2024）012 号 杭州泰格医药科技股份有限公司 第五届监事会第四次会议决议公告 公司《2023年度监事会工作报告》具体内容详见同日刊登在中国证监会指定的创业板 信息披露网站的相关公告。 表决结果：同意3票；反对0票；弃权0票。 本议案尚需提交公司2023年度股东大会审议。 二、审议并通过《关于公司 2023 年度财务决算报告 ...