Tigermed(300347) 中国经营报·2025-04-04 20:48Core Viewpoint - The CRO industry, particularly represented by Tigermed, is facing significant challenges, with a notable decline in revenue and profit due to reduced orders and pricing pressures in the domestic innovative drug sector [1][2][3]. Financial Performance - Tigermed reported a total revenue of 6.603 billion yuan in 2024, a year-on-year decrease of 10.58% [1]. - The net profit attributable to shareholders plummeted to 405 million yuan, down 79.99%, marking the lowest level since 2018 [1]. - The clinical trial technical service revenue was 3.178 billion yuan, reflecting a 23.75% decline compared to 2023 [2]. - The gross profit margin for the main business dropped from 38.18% in 2023 to 33.27% in 2024, with a significant decline of 8.65 percentage points in the clinical trial technical service segment [3]. Market Dynamics - The domestic biopharmaceutical industry is experiencing a financing winter, leading to cash flow pressures for startup pharmaceutical and biotech companies, resulting in order cancellations or delays with Tigermed [2][3]. - The average price of new clinical trial orders has decreased due to increased competition, further impacting revenue [2][3]. Investment Impact - Tigermed faced substantial losses from its investment strategy, with fair value losses on financial assets amounting to -502 million yuan, contrasting sharply with a gain of 353 million yuan in the previous year [5]. - Non-operating losses were primarily due to valuation adjustments in its investment portfolio, exacerbated by market conditions [5]. Global Expansion - Despite domestic challenges, Tigermed's global operations showed resilience, with new order numbers and amounts increasing, particularly from large multinational pharmaceutical companies [6]. - The number of clinical trial projects in overseas regions rose from 208 to 233, with 62 international multi-center clinical trial projects [6]. Strategic Initiatives - The company has implemented targeted measures in business development, including the establishment of a clinical operations strategy committee and a solutions department for multinational pharmaceutical companies, which have improved the success rate of contract signing [7]. - Tigermed's expansion in the North American market has yielded significant results, with a focus on securing orders from high-quality domestic biotech and pharmaceutical companies [7].