Xin Lang Cai Jing·2025-08-29 12:44Core Viewpoint - The performance of Tigermed Pharmaceutical has declined in the first half of the year, with revenue and net profit both showing significant decreases, attributed to fewer orders, lower order prices, and the termination of high-risk orders [1][3][11]. Financial Performance - Tigermed reported a revenue of 3.25 billion yuan in the first half of the year, a year-on-year decrease of 3.21% [1]. - The net profit attributable to shareholders was 383 million yuan, down 22.22%, while the net profit after deducting non-recurring items was 211 million yuan, a decline of 67.09% [1]. - The company's market capitalization as of August 29 was 54.684 billion yuan, with A-shares closing at 63.51 yuan per share, down 0.36% [2]. Business Segments - The clinical trial technical services segment generated 1.47 billion yuan, down 10.2% from 1.64 billion yuan in the same period last year [2]. - The clinical trial-related and laboratory services segment achieved revenue of 1.71 billion yuan, a year-on-year increase of 3.1% [5]. - The ongoing clinical research projects decreased from 800 at the end of June 2024 to 646 as of June 30, 2025 [2][4]. Reasons for Performance Decline - The decline in performance is attributed to three main factors: a decrease in the number of orders, a drop in average order prices, and the proactive termination of high-risk orders primarily from biotech startups reliant on external financing [3][11]. Industry Context - The domestic innovative drug industry is currently in an adjustment phase following a period of rapid growth, impacting the performance of CRO companies like Tigermed [2][8]. - Despite the current challenges, the company expects gradual improvement in its domestic innovative drug clinical operations as industry demand recovers [5][11]. Long-term Outlook - Over the long term, Tigermed's revenue has shown significant growth, increasing from 200 million yuan in 2012 to over 6 billion yuan in recent years, with a peak in 2023 [6][8]. - The company’s cash flow has improved significantly, indicating a stable order situation despite temporary profit compression [11][12].