业务与技术发展 2026年初，泰格医药通过日本子公司以2348万元收购MICRON公司56.37%股权，旨在拓展医学影像评 估等海外业务。该交易可能提升全球服务能力，但需关注标的公司的亏损整合情况。公司海外布局已覆 盖33个国家，国际多中心临床试验项目达150个，未来地缘政策风险下的全球化策略值得留意。 行业政策与环境 临床CRO行业随创新药投融资回暖而复苏，经营活动现金流预计达11亿-13亿元（2025年），同比略有 提升。公司龙头地位稳固，但需观察国内集采常态化及国际监管环境（如美国《生物安全法案》）对业 务的影响。 经济观察网 泰格医药于2026年1月29日披露2025年业绩预告，预计归母净利润同比增长105%至204%， 但扣非净利润同比下降43%至61%，主要受非经常性损益（如金融资产投资收益）驱动。机构如瑞银和 高盛在研报中强调，需重点关注公司对2026年新签订单的价格复苏信号、收入及利润指引的后续披露。 高盛将H股目标价微调至66.4港元，瑞银维持目标价57.1港元，均提及"买入"评级。 业绩经营情况 泰格医药于2026年1月29日披露2025年业绩预告，预计归母净利润同比增长105%至204% ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The clinical CRO industry is experiencing a recovery, with increasing demand driven by the global rise in innovative drug financing and the expansion of clinical trial outsourcing. The company is expected to benefit from this trend, with a significant increase in new orders and market share [8]. - The company has established itself as a leader in the clinical CRO market in China, with its market share rising from 8.7% in 2019 to 12.8% in 2023. This growth is attributed to the optimization of supply and the company's strong competitive position [8]. - The company's revenue and profit forecasts indicate a recovery, with expected revenues of 71.29 billion yuan in 2025, 80.19 billion yuan in 2026, and 93.27 billion yuan in 2027, alongside a substantial increase in net profit [8]. Summary by Sections Company Overview - Founded in 2004, the company has grown to become a leading clinical CRO in China, providing comprehensive services for the biopharmaceutical industry through self-built and acquired networks [14]. - The company's ownership structure is stable, with key founders holding significant shares and a management team experienced in top-tier biopharmaceutical companies [15]. Financial Analysis - The company has experienced revenue growth from 254 million yuan in 2012 to 6.603 billion yuan in 2024, with a compound annual growth rate (CAGR) of 28.5%. However, growth has slowed in 2023 and 2024 due to market conditions [19]. - The company’s gross margin has faced pressure, but a recovery is anticipated in 2026 as low-priced orders are cleared and new orders increase [22]. Industry Outlook - The global demand for CRO services is expected to grow, with the penetration rate of outsourced pharmaceutical R&D projected to exceed 50% by 2024 and reach approximately 65% by 2033 [43]. - The number of CRO companies in China has decreased significantly due to market consolidation, enhancing the competitive landscape for leading firms like the company [52]. Business Segments - The company operates primarily in two segments: Clinical Trial Technical Services (CTS) and Clinical Trial Related Services and Laboratory Services. CTS is the cornerstone of the business, covering all phases of clinical trials [54]. - The company has a strong international presence, with operations in 33 countries and a growing number of overseas projects, reflecting its commitment to global expansion [63].

证券之星消息，2月13日，医疗健康（980016）指数报收于6089.34点，跌1.41%，成交197.5亿元，换手 率0.76%。当日该指数成份股中，上涨的有3家，片仔癀以0.96%的涨幅领涨，下跌的有47家，泰格医药 以4.9%的跌幅领跌。 资金流向方面，医疗健康（980016）指数成份股当日主力资金净流出合计10.64亿元，游资资金净流入 合计1.07亿元，散户资金净流入合计9.56亿元。成份股资金流向详情见下表： 医疗健康（980016）指数十大成份股详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Group 1 - The core viewpoint of the article is that Tigermed (stock code: 300347) has disclosed its 2025 performance forecast, indicating a significant decline in net profit excluding non-recurring gains, while net profit attributable to shareholders is expected to more than double due to non-recurring income [1][2]. Group 2 - For the year 2025, the company expects its net profit excluding non-recurring gains to be between 330 million to 490 million yuan, representing a year-on-year decline of 43% to 61% (compared to 855 million yuan in the previous year) [2]. - The decline in net profit excluding non-recurring gains is primarily attributed to issues with existing orders, including cancellations and payment pressures from clients, particularly from domestic biotech startups and some vaccine companies reliant on external financing [2]. - Increased costs due to the expansion of clinical operations, project management, and business development teams in response to industry demand recovery have also contributed to the decline in profitability [2]. - The average price of new orders has decreased due to intense industry competition in recent years, impacting the profit margins of projects executed in 2025; however, the company noted that the average price of new orders has stabilized [2]. - Despite the decline in net profit excluding non-recurring gains, the company anticipates a substantial increase in net profit attributable to shareholders, projected to be between 830 million to 1.23 billion yuan, reflecting a year-on-year growth of 105% to 204%, mainly driven by significant increases in non-recurring gains such as investment income and fair value changes [2].

泰格医药的订单情况有所改善，但市场更关注公司的订单转化收入效率及投资变现能力。由于短期利好 因素已反映在股价，相信其风险与回报已趋于平衡。 里昂发布研报称，下调泰格医药（300347）(03347)2027财年盈测7%，以反映长期投资收益的不确定因 素增加。该行续予泰格医药"跑赢大市"评级，当中将H股目标价由68.2港元下调至59.9港元，并将泰格 医药(300347.SZ)A股目标价由81.9元人民币降至72元人民币。 ...

智通财经APP获悉，里昂发布研报称，下调泰格医药(03347) 2027财年盈测7%，以反映长期投资收益的 不确定因素增加。该行续予泰格医药"跑赢大市"评级，当中将H股目标价由68.2港元下调至59.9港元， 并将泰格医药(300347.SZ)A股目标价由81.9元人民币降至72元人民币。 泰格医药的订单情况有所改善，但市场更关注公司的订单转化收入效率及投资变现能力。由于短期利好 因素已反映在股价，相信其风险与回报已趋于平衡。 ...

消息面上，泰格医药近日公告，此预计2025年实现营业收入66.6亿-76.8亿元，同比增长1%至16%；归属 于上市公司股东的净利润为8.3亿-12.3亿元，同比增长105%至204%；归属于上市公司股东的扣除非经常 性损益后的净利润约3.3亿-4.9亿元，同比下降61%至43%。当期业绩增长主要由金融资产的投资收益和 公允价值变动贡献，而非临床CRO核心业务驱动。 里昂发布研报称，泰格医药的订单情况有所改善，但市场更关注公司的订单转化收入效率及投资变现能 力。由于短期利好因素已反映在股价，相信其风险与回报已趋于平衡。该行下调泰格医药2027财年盈测 7%，以反映长期投资收益的不确定因素增加。 泰格医药（300347）(03347)尾盘跌超5%，截至发稿，跌4.85%，报51港元，成交额1.3亿港元。 ...

消息面上，泰格医药近日公告，此预计2025年实现营业收入66.6亿-76.8亿元，同比增长1%至16%；归属 于上市公司股东的净利润为8.3亿-12.3亿元，同比增长105%至204%；归属于上市公司股东的扣除非经常 性损益后的净利润约3.3亿-4.9亿元，同比下降61%至43%。当期业绩增长主要由金融资产的投资收益和 公允价值变动贡献，而非临床CRO核心业务驱动。 里昂发布研报称，泰格医药的订单情况有所改善，但市场更关注公司的订单转化收入效率及投资变现能 力。由于短期利好因素已反映在股价，相信其风险与回报已趋于平衡。该行下调泰格医药2027财年盈测 7%，以反映长期投资收益的不确定因素增加。 智通财经APP获悉，泰格医药(03347)尾盘跌超5%，截至发稿，跌4.85%，报51港元，成交额1.3亿港 元。 ...

Group 1 - The core viewpoint of the report indicates that while the order situation for Tigermed (3347.HK) has improved, the market is more focused on the company's order conversion revenue efficiency and investment realization capability [1] - Citic Securities has lowered Tigermed's earnings forecast for the fiscal year 2027 by 7% to reflect increased uncertainty regarding long-term investment returns [1] - The target price for Tigermed's H-shares has been reduced from HKD 68.2 to HKD 59.9, and the target price for its A-shares has been decreased from RMB 81.9 to RMB 72 [1]

智通财经APP观察到，自去年11月21日盘中触底36.08港元后，泰格医药股价持续回升，走出了一段近2个月的拉升行 情，并在今年1月15日将股价拉升至最高54.85港元，区间最大涨幅达到52.02%。 但之后，泰格医药股价又迎来近半个月的技术性下跌，于1月28日跌破50港元。此时公司股价在技术面上已触及BOLL 线中轨，并有继续下探至下轨位的趋势。不过这一趋势被其在1月29日和30日的两日大涨打断，还将公司股价走势硬 生生"掰回"到企稳回升的形态中。而导致这一盘面变化的根本原因或在于泰格医药披露的2025年年报业绩预告。 "盈警"背后，以投养研策略获市场认可 1月29日盘后，泰格医药披露了其2025年年报业绩预告。 近日，泰格医药（300347）(03347)的股价出现了一波明显的止跌反弹的趋势。 在这则"盈利预警"公告中，泰格医药表示，预期公司2025年实现营业收入66.6亿-76.8亿元，同比增长1%至16%;归属于 上市公司股东的净利润为8.3亿-12.3亿元，同比增长105%至204%;归属于上市公司股东的扣除非经常性损益后的净利润 约3.3亿-4.9亿元，同比下降61%至43%。 在公告中，泰格医药 ...