Jing Ji Guan Cha Wang·2026-02-13 03:18Group 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].