Group 1: Company Overview and Order Situation - The company has seen a significant increase in net new orders, amounting to RMB 101.6 million, representing a year-on-year growth of 20.7% [2] - The average price of new orders stabilized in 2025, with expectations for growth in 2026 [2] Group 2: Revenue Performance - Revenue from clinical trial technical services in 2025 reached RMB 32.67 billion, showing a slight increase of 2.79% year-on-year [3] - Revenue from clinical trial-related and laboratory services was RMB 34.47 billion, reflecting a year-on-year growth of 4.57% [4] Group 3: Profit Margins - The gross margin for the company's main business decreased from 33.27% in the previous year to 26.53% in 2025 [5] - The gross margin for clinical trial technical services dropped from 29.56% to 20.09%, primarily due to order cancellations and declining order prices [5] Group 4: Strategic Outlook and AI Integration - The company's core strategy focuses on advancing digitalization and intelligence, with a self-developed AI model platform now in commercial use [6] - AI is expected to significantly enhance efficiency in data management and medical writing, although it may lead to slight price reductions [6] - The company maintains a competitive advantage in core clinical trial processes due to high barriers in medical and compliance areas [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 6.833 billion yuan for 2025, representing a year-on-year growth of 3.48%, while the net profit attributable to the parent company was 888 million yuan, a significant increase of 119.15% [4][7] - The clinical trial technical services business showed signs of recovery, with a revenue of 3.267 billion yuan in 2025, up 2.79% year-on-year, despite a decline in domestic innovative drug clinical operations due to industry cycles [7] - New order prices have stabilized, and net new orders returned to rapid growth, amounting to 10.16 billion yuan in 2025, a year-on-year increase of 20.7% [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2026E at 7.754 billion yuan, 2027E at 9.109 billion yuan, and 2028E at 11.154 billion yuan, with corresponding year-on-year growth rates of 13.5%, 17.5%, and 22.5% respectively [6] - The net profit attributable to the parent company is forecasted to be 1.177 billion yuan in 2026E, 1.382 billion yuan in 2027E, and 1.735 billion yuan in 2028E, with growth rates of 32.6%, 17.4%, and 25.5% respectively [6] - The company's projected PE ratios are 39 for 2026, 34 for 2027, and 27 for 2028, indicating a favorable valuation compared to peers [7]

Core Viewpoint - Tiger Medical (300347.SZ) reported a revenue of 6.833 billion yuan for the year 2025, reflecting a year-on-year growth of 3.48% [1] - The net profit attributable to shareholders reached 888 million yuan, showing a significant year-on-year increase of 119.15% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 355 million yuan, which represents a year-on-year decrease of 58.47% [1] - The basic earnings per share (EPS) stood at 1.04 yuan, and the company proposed a cash dividend of 1.26 yuan per 10 shares (tax included) to all shareholders [1] Financial Performance - Revenue for 2025: 6.833 billion yuan, up 3.48% year-on-year [1] - Net profit attributable to shareholders: 888 million yuan, up 119.15% year-on-year [1] - Net profit after deducting non-recurring items: 355 million yuan, down 58.47% year-on-year [1] - Basic EPS: 1.04 yuan [1] Dividend Proposal - Proposed cash dividend: 1.26 yuan per 10 shares (tax included) [1]

Group 1 - The revenue from the clinical trial technical services segment reached 3.267 billion yuan, an increase from 3.178 billion yuan in the same period last year [1] - The revenue from clinical trial-related services and laboratory services increased by 4.1% year-on-year, from 3.425 billion yuan to 3.566 billion yuan [1] Group 2 - The company, Tigermed, reported an operating revenue of 6.833 billion yuan for the year ending December 31, 2025, representing a year-on-year increase of 3.48% [2] - The net profit attributable to the listed company was 888 million yuan, showing a significant increase of 119.15% year-on-year [2] - Basic earnings per share were reported at 1.04 yuan, with a proposed cash dividend of 1.26 yuan for every 10 shares to all shareholders [2]

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved a revenue of 6.83 billion yuan in 2025, representing a year-on-year growth of 3.5%. The net profit attributable to shareholders reached 0.89 billion yuan, with a significant year-on-year increase of 119.2%. However, the net profit excluding non-recurring items decreased by 58.5% to 0.36 billion yuan [2][3]. - The company is experiencing a recovery in domestic demand and an increase in overseas orders, leading to a positive trend in revenue and profit. The total new orders reached 10.16 billion yuan, up 20.7% year-on-year, and the amount of contracts to be executed was 18.2 billion yuan, an increase of 15.3% [2][3]. - The clinical trial technical services business stabilized, with revenue of 3.27 billion yuan, a 2.8% increase. The SMO business saw growth driven by overseas orders, with ongoing SMO projects increasing from 2,253 to 2,753 [3]. Summary by Relevant Sections Financial Performance - In 2025, the company reported total revenue of 6.83 billion yuan, with a growth rate of 3.5%. The net profit attributable to shareholders was 0.89 billion yuan, reflecting a growth rate of 119.2% [4][10]. - The projected financial performance for 2026 to 2028 includes revenues of 7.62 billion yuan, 8.61 billion yuan, and 9.83 billion yuan, with corresponding net profits of 1.19 billion yuan, 1.58 billion yuan, and 2.04 billion yuan [4][10]. Business Segments - The clinical trial technical services segment generated 3.27 billion yuan in revenue, while the clinical trial-related services and laboratory services segment achieved 3.45 billion yuan, marking a 4.6% increase [3]. - The SMO business benefited from strong demand for cross-border orders, contributing to the overall growth of the company [3]. Future Outlook - The company is expected to continue its recovery, with projections indicating a gradual improvement in domestic innovative drug clinical operations by 2026 [3]. - The anticipated earnings per share (EPS) for 2026, 2027, and 2028 are 1.38 yuan, 1.83 yuan, and 2.37 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 39, 29, and 23 times [4][10].

Core Viewpoint - Tiger Med's stock rose by 2.18% on March 31, with a trading volume of 1.167 billion yuan and a market capitalization of 46.349 billion yuan [1][10]. Group 1: Company Overview - Hangzhou Tiger Med Technology Co., Ltd. specializes in providing comprehensive clinical trial services for new drug development as a Contract Research Organization (CRO) [2][11]. - The company offers a range of services including clinical operations, clinical pharmacology, regulatory affairs, scientific affairs, medical translation, pharmacovigilance, real-world research, third-party audits, data management, and statistical analysis [2][11]. - Tiger Med has established itself as a leading CRO in China, focusing on clinical research services for both domestic and international pharmaceutical and health-related products, covering phases I to IV of clinical trials [2][12]. Group 2: Strategic Partnerships and Developments - In July 2018, Tiger Med signed a strategic cooperation agreement with Jiuzhou Pharmaceutical, a leading CDMO service provider, to collaborate in the clinical research and development of innovative drugs [2][12]. - The subsidiary, Jietong Tairui, focuses on providing clinical research outsourcing services for medical devices, including registration and clinical trial services [2][12]. Group 3: Clinical Trials and Research - In 2023, the company initiated its first Phase I clinical trial for a herpes zoster protein vaccine in the U.S. and a Phase III trial for a quadrivalent meningococcal vaccine in Indonesia, enrolling over 1,400 participants [3][11]. - Tiger Med completed two large-scale Phase III efficacy studies for vaccines in collaboration with the Chinese Center for Disease Control and Prevention, with a total enrollment exceeding 38,000 participants [3][11]. Group 4: Technological Innovations - The subsidiary, Taiya Technology, developed an AI product platform for medical applications based on the open-source model Qwen2.5, providing solutions for new drug development, clinical trials, and registration [4][13]. - The AI platform has achieved excellent scores across five MedBench evaluation dimensions, including medical language understanding and generation, and is designed to enhance medical translation and knowledge inquiry [4][13]. Group 5: Financial Performance - For the year 2025, Tiger Med reported a revenue of 6.833 billion yuan, representing a year-on-year growth of 3.48%, and a net profit attributable to shareholders of 888 million yuan, up 119.15% [8][19]. - The company has distributed a total of 2.458 billion yuan in dividends since its A-share listing, with 1.154 billion yuan in the last three years [9][19].

Core Viewpoint - The company, Tigermed, announced the decision to continue its partnership with Lixin Certified Public Accountants for the 2026 annual audit [1] Group 1 - The fifth board of directors' 23rd meeting is scheduled for March 30, 2026 [1] - The proposal to appoint the auditing firm was approved during the board meeting [1]

Core Viewpoint - Tiger Medical announced plans to engage in foreign exchange hedging activities, with a maximum contract value of RMB 300 million or equivalent foreign currency on any trading day [1] Group 1: Company Announcement - On March 30, 2026, the company will hold the 23rd meeting of the fifth board of directors to review the proposal regarding the confirmation of hedging product transactions for 2025 and the estimated transaction limits for 2026 [1] - The company and its subsidiaries plan to conduct foreign exchange hedging business based on asset scale and business needs [1] Group 2: Transaction Limits - The maximum contract value held on any trading day will not exceed RMB 300 million or equivalent foreign currency [1] - The upper limit for the margin and premiums used in transactions will not exceed 50% of the company's most recent audited net profit [1] - At any given time, the transaction amount, including related amounts from the profits of the aforementioned transactions, will not exceed RMB 300 million or equivalent foreign currency [1]

Core Insights - The company reported a revenue of 6,832,800,615.35 yuan for the fiscal year 2025, reflecting a year-on-year growth of 3.48% [1] - The net profit attributable to shareholders reached 887,890,076.31 yuan, showing a significant increase of 119.15% compared to the previous year [1] Financial Performance - Revenue for 2025: 6.83 billion yuan, up 3.48% year-on-year [1] - Net profit for 2025: 887.89 million yuan, up 119.15% year-on-year [1]

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. 杭州泰格醫藥科技股份有限公司 董事長 （股 份 代 號：3347） 海外監管公告 本 公 告 乃 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 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） 葉小平 香 港，2026年3月30日 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 上市公司核算的会计 | 2025 年期初占用资 金余额（含合并新 | 2 ...