Tigermed(300347) 新浪证券·2025-04-10 08:32Core Viewpoint - The performance of Tigermed, a leading domestic clinical CRO, has significantly declined, with a projected revenue of 6.603 billion yuan for 2024, a year-on-year decrease of 10.58%, and a net profit of only 405 million yuan, down 79.99% year-on-year. The company also reported a historical quarterly loss of 408 million yuan in Q4, highlighting the drastic shift in China's innovative drug industry from a "golden era" to a "frozen age" [1][2]. Group 1: Financial Performance - Tigermed's revenue for 2024 is expected to be 6.603 billion yuan, reflecting a 10.58% year-on-year decline [1]. - The company's net profit is projected at 405 million yuan, representing a staggering 79.99% drop compared to the previous year [1]. - The fourth quarter of 2024 marks the first time in the company's history that it has reported a quarterly loss of 408 million yuan [1]. Group 2: Business Model and Challenges - Tigermed's growth has been characterized by a "service + investment" dual-driven model, which involved establishing over 30 pharmaceutical funds to bind closely with innovative drug companies, generating service fees and sharing equity appreciation [2]. - The recent downturn in the biopharmaceutical sector has turned this model into a burden, with non-recurring gains turning negative for the first time in 2024 and the valuation of unlisted biotech assets collapsing [2]. - The domestic CRO market is facing intense price competition, leading to a significant drop in revenue from domestic clinical operations by 1 billion yuan and a gross margin falling below 30% [2]. Group 3: Strategic Responses - In response to the performance decline, Tigermed has initiated several self-rescue measures, including strategic contraction by cutting its domestic vaccine clinical team and focusing on core areas like oncology [3]. - The company has adopted a principle of "more exits than new investments" to accelerate the divestment of unprofitable assets [3]. - Tigermed's overseas orders have increased by 35% year-on-year, with international revenue now accounting for 45% of total revenue [3]. Group 4: Future Outlook - The global CRO market is projected to exceed $147.7 billion by 2030, but the competitive landscape is changing [3]. - For Tigermed to regain its growth trajectory, it must establish a differentiated advantage in the European and American markets against international giants like LabCorp and IQVIA [3]. - The company needs to leverage AI-driven cost optimization to break through the industry's gross margin ceiling of 10%-15% [3]. - The industry is entering a phase of differentiation and consolidation, with a future focus on technology-driven companies [3]. Group 5: Industry Context - The fluctuations in Tigermed's performance reflect the broader pain points in the upgrade of China's pharmaceutical industry, transitioning from a focus on quick profits to the need for global expansion and digital transformation [4].