Summary of the Conference Call for Tigermed (2025 Q1) Company Overview - **Company**: Tigermed - **Industry**: Clinical Research Organization (CRO) Key Points Financial Performance - **Q1 Revenue**: Tigermed reported revenue of 1.56 billion yuan, a 20% increase quarter-on-quarter but a 5.8% decrease year-on-year [4] - **Gross Margin**: Overall gross margin was 30.03%, showing a year-on-year decline but a quarter-on-quarter improvement, primarily affected by the Clinical Trial Services (CTS) segment [2][4] - **Operating Cash Flow**: The company achieved operating cash flow of 198 million yuan, a 37.4% increase year-on-year, with a significant reduction in accounts receivable [5] - **Net New Orders**: New orders exceeded 2 billion yuan, reflecting a 20% year-on-year growth, attributed to strategic adjustments and a recovering domestic market [6] Segment Performance - **CTS Segment**: Revenue for the CTS segment was approximately 730 million yuan, down 12% year-on-year due to a decrease in new orders and a decline in average pricing [11] - **CROS Segment**: The CROS segment showed revenue growth year-on-year, with stable gross margins, indicating resilience despite challenges in the CTS segment [2][4] - **CLS Segment**: The CLS segment generated approximately 840 million yuan in revenue, with stable growth in site management services and laboratory services [12] Strategic Initiatives - **Digitalization and Automation**: Continued investment in digital and intelligent strategies, with stable management expenses despite related costs [7] - **Cost Control**: Focus on managing expenses, particularly in subsidiaries, with a notable emphasis on maintaining stable management costs [9] Market Dynamics - **Domestic Market Recovery**: The recovery of domestic orders is supported by favorable policies for innovative drugs and improved capital market conditions, expected to continue over the next 2-4 quarters [20][21] - **MNC Demand**: Multinational corporations (MNCs) are increasing their clinical research activities in China, with a notable rise in project numbers despite geopolitical uncertainties [16][18] Risks and Challenges - **Order Quality and Pricing**: The quality of new orders is expected to improve, with stable pricing observed in the domestic market, although there are concerns about the sustainability of this trend [6][19] - **Market Competition**: The CRO industry is experiencing a contraction among smaller players, which may lead to increased market share for Tigermed but also presents challenges in maintaining competitive pricing [24] Future Outlook - **Annual Goals**: The company aims for mid-double-digit growth in net new orders and over 1 billion yuan in net operating cash flow for the year [14] - **Investment Opportunities**: Continued exploration of value realization channels for innovative drug assets, with a focus on both domestic and international markets [15] Additional Insights - **Impact of Geopolitics**: Geopolitical uncertainties have had a limited impact on MNCs' R&D activities in China, as these activities are primarily driven by local market demands [18] - **Market Share Growth**: Tigermed's market share has been increasing, reflecting the overall improvement in the supply side of the CRO industry [25]

港股创新药板块盘初拉升，百济神州涨超6%，石药集团、荣昌生物涨超3%，泰格医药（300347）、白 云山、君实生物跟涨。 ...

EF001 | | 非居民企業 | | | | --- | --- | --- | --- | | | （非中國內地登記地址） | 10% | 對於投資深圳證券交易所本公司A | | | | | 股股票的聯交所投資者（包括企業 | | | | | 和個人），其股息將由本公司通過 | | | | | 中國證券登記結算有限公司深圳分 | | | | | 公司向股票名義持有人賬戶以人民 | | | | | 幣派發。本公司按照10%的稅率代 | | | | | 扣所得稅，並將該代扣事宜向主管 | | | | | 稅務機關辦理扣繳申報。 | | | 非個人居民 | | | | | （非中國內地登記地址） | 10% | 對於投資深圳證券交易所本公司A | | | | | 股股票的聯交所投資者（包括企業 | | | | | 和個人），其股息將由本公司通過 | | | | | 中國證券登記結算有限公司深圳分 | | | | | 公司向股票名義持有人賬戶以人民 | | | | | 幣派發。本公司按照10%的稅率代 | | | | | 扣所得稅，並將該代扣事宜向主管 | | | | | 稅務機關辦理扣繳申報。 | | | 內地 ...

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 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） 2025年第一次H股類別股東會議通告 茲通告 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）謹 定 於2025年5月30日 （星 期 五）在2024年股東週年大會及2025年第一次A股類別股東會議或其任 何續會結束或休會後假座 中國杭州市濱江區聚工路19號盛大科技園A座 1樓會議 室 舉 行2025年 第 一 次H股 類 別 股 東 會 議（「H股類別股東會議」）， 藉 以 考 慮 並 酌 情 批 准 下 列 決 議 案。除 文 義 另 有 所 指 外，本 通 告 所 用 詞 彙 與本公司日期為202 ...

证券代码：300347 证券简称：泰格医药 公告编码（2025）022 号 杭州泰格医药科技股份有限公司 关于召开 2024 年度股东会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会议的公告 公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者 重大遗漏负连带责任。 一、召开会议的基本情况 1．股东会届次：2024年度股东会、2025年第一次A股类别股东会议及2025年第一次H 股类别股东会议。 2．股东会的召集人：公司董事会。 3．会议召开的合法、合规性：经公司第五届董事会第十四次会议审议通过，决定召开 2024年度股东会、2025年第一次A股类别股东会议及2025年第一次H股类别股东会议，召集 程序符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 4．会议召开的日期、时间： 现场会议召开日期和时间：2025 年5 月30 日（星期五）上午10:00 网络投票日期和时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 5 月 30 日上午 9:15—9:25，9:30—11:30 和下午13:00-15:0 ...

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。 （股 份 代 號：3347） 2024年股東週年大會通告 茲通告 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）謹 定 於2025年5月30日 （星 期 五）上 午 十 時 正 假座中國杭州市濱江區聚工路19號 盛大科技園A座 1樓 會 議 室 舉 行 股 東 週 年 大 會（「股東週年大會」）或 其 任 何 續 會，藉 以 考 慮 並 酌 情 批 准 下 列 決 議 案。除 文 義 另 有 所 指 外，本 通 告 所 用 詞 彙 與 本 公 司 日期為2025年4月29日 之 通 函（「通 函」）所 界 定 者 具 相 同 涵 義。 普通決議案 – 1 – (1) 考慮及批准2024年 度 報 告。 (2) 考慮及批准2024年 度 董 事 會 工 作 報 告。 (3) 考慮及批准2024年 度 監 事 ...

此乃要件 請即處理 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通函之內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 閣下如對本通函任何內容或應採取之行動有任何疑問，應諮詢持牌證券交易商、銀行經理、律師、專業會計師或其 他專業顧問。 閣下如已將名下之杭州泰格醫藥科技股份有限公司股份全部出售或轉讓，應立即將本通函連同代表委任表格送交買 主或承讓人，或經手買賣或轉讓之銀行、或持牌證券交易商或其他代理商，以便轉交買主或承讓人。 HANGZHOU TIGERMED CONSULTING CO., LTD. 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） （股份代號：3347） (1) 2024年度報告； (2) 2024年度董事會工作報告； (3) 2024年度監事會工作報告； (4) 2024年度利潤分配方案； (5) 2024年度財務決算報告； (6) 聘請公司2025年度審計機構； (7) 建議向銀行申請綜合授信額度； (8) 建議2025年 進一步變更H股發售所得款項用途； ...

證券代碼：3347 2024 泰格醫藥 可持續發展報告 目錄 CONTENTS | 領導致辭 泰格醫藥檔案 | 01 02 | | | | | 04 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 可持續發展管理 | 06 | 02 | | | | 育才與共，和衷共濟 | 58 | 05 | | | | | 合規前進，行穩致遠 | 21 | 03 | | 人才成長與發展 員工權益與福利 | 60 69 | 生態共融，和諧共生 | 80 | | 01 | | 合規經營 商業道德 | 24 28 | | 36 | 多元、平等與包容 | 73 | 應對氣候變化 | 82 86 | | | | 信息安全保護 | 30 | 創新服務，質量為本 | | 社會貢獻 | 76 | 環境保護 | | | 規範治理，誠信透明 | 16 | 知識產權保護 | 34 | 服務質量管理 | 39 | 行業發展 | 78 | | | | 董事會治理有效性 | 18 | | | 創新驅動 | 45 | | | | | | 投資者權益保障 | 2 ...

Financial Performance - In 2024, the company achieved a revenue of RMB 6.603 billion, with clinical trial technical services contributing RMB 3.178 billion and related laboratory services generating RMB 3.425 billion[12]. - Total revenue for 2024 was RMB 6,603.1 million, a decrease of 10.6% compared to RMB 7,384.0 million in 2023[16]. - Gross profit for 2024 was RMB 2,242.0 million, down 21.3% from RMB 2,848.5 million in 2023[16]. - Net profit attributable to the company's owners for 2024 was RMB 405.1 million, representing an 80.0% decline from RMB 2,024.8 million in 2023[16]. - The company's gross margin decreased to 34.0% in 2024 from 38.6% in 2023, a drop of 4.6 percentage points[16]. - Cash and cash equivalents decreased significantly by 72.3% to RMB 2,048.5 million from RMB 7,399.9 million in 2023[16]. - The company's profit for the reporting period decreased by 79.2% to RMB 447.8 million from RMB 2,149.9 million in the same period last year[75]. - Profit attributable to the company's owners fell by 80.0% to RMB 405.1 million from RMB 2,024.8 million year-on-year[75]. - The net profit margin attributable to the company's owners, excluding non-recurring gains and losses, declined from 20.0% to 12.9%[79]. Market Position and Growth - The net new contract amount for the year reached RMB 8.423 billion, representing a year-on-year growth of 7.3%, while the total backlog of contracts stood at RMB 15.776 billion, up 12.0% year-on-year[12]. - The company maintained a 12.8% market share in China's clinical outsourcing services market, having provided services for over 60% of China's listed Class I new drugs since its establishment[11]. - The total number of clinical trials serviced in 2024 included 28 listed Class I new drugs and 6 innovative medical device projects, reflecting high client recognition of the company's comprehensive service capabilities[12]. - The number of new customers developed by the company increased by 22% year-on-year, enhancing its business cooperation with a diverse client base[25]. - The company continues to maintain a leading position in the Chinese clinical research outsourcing market despite competitive pressures[24]. Operational Developments - The North American clinical operations team expanded to over 120 personnel, covering 25 states and 65 cities, collaborating with over 700 clinical centers and 100 oncology centers[13]. - The company completed the acquisition of Medical Edge in Japan and reported strong performance in South Korea, enhancing its regional capabilities[13]. - The company established a Clinical Operations Strategy Committee to enhance clinical strategy capabilities and improve project bidding success rates[26]. - The company formed targeted business development teams in specific therapeutic areas, including Cell and Gene Therapy (CGT), Radiopharmaceuticals, Weight Loss, Ophthalmology, and Central Nervous System (CNS) diseases[26]. - The company expanded its overseas business, achieving rapid growth in new orders, revenue, and profits in its international clinical CRO business in 2024[27]. Innovation and Technology - 23% of clinical trials adopted a decentralized clinical trial (DCT) hybrid model, significantly improving participant engagement and project execution flexibility[13]. - The company launched multiple remote intelligent platforms, including the CTRM remote monitoring system and the Safety Portal for safety reporting, to enhance clinical research efficiency[13]. - The company has established a digital advancement center to drive the implementation of its digital and intelligent strategies, which is now taking shape[38]. - The AI-driven medical translation business has developed a full-chain AI translation product capability, improving efficiency and accuracy in medical document translation[39]. - The application of AI technology in clinical trials is expected to improve efficiency and reduce costs, leading to innovations in existing service models[132]. Regulatory Environment and Industry Trends - The clinical research outsourcing industry in China is expected to grow at an average annual rate of 12.6% from 2024 to 2028, reaching an estimated market size of approximately RMB 75 billion by 2028[19]. - In 2024, the National Medical Products Administration approved 48 Class I innovative drugs, an increase of 8 compared to 2023, marking a historical high[20]. - The Chinese government has introduced comprehensive support policies for innovative drug development, including a plan to complete clinical trial reviews within 30 working days[22]. - The competitive landscape in the clinical CRO industry is evolving, with smaller firms beginning to scale back, while demand for CRO services is recovering as the domestic biopharmaceutical industry stabilizes[132]. - The Chinese government is actively promoting high-quality development in the biopharmaceutical industry through various policies, including financial support and optimizing review processes for innovative drug development[134]. Financial Management and Investments - Cash used in investing activities increased by 208.9% to RMB 4,739.1 million from RMB 1,534.2 million year-on-year, primarily due to cash payments for acquisitions[83]. - The company plans to utilize funds for expanding clinical trial technology services, repaying bank loans, and general corporate purposes to enhance financial management flexibility[128]. - The company plans to continue selective acquisitions and investments for growth, but failure to identify suitable targets or successfully implement these transactions could adversely affect financial performance[148]. - The company has announced the acquisition of NAMSA's China business, expanding its team and overseas service reach[48]. Risks and Challenges - The company faces potential risks from natural disasters, pandemics, and other emergencies that could adversely affect its operations, financial condition, and performance[139]. - A decline in demand for biopharmaceutical research and development services could significantly impact the company's business, financial condition, and performance[140]. - Increased competition in the global pharmaceutical contract research market poses risks related to pricing, service quality, and client relationships, which could affect the company's revenue and profitability[142]. - The company acknowledges the risk of talent loss among directors and senior management, which could disrupt business operations and growth plans[150]. Corporate Governance and Management - The board consists of seven members, including four executive directors and three independent non-executive directors[159]. - The company is committed to maintaining high standards of corporate governance through its independent directors and various committees[168]. - The management team has a strong educational background, with degrees from prestigious institutions such as Oxford University and Zhejiang University, enhancing their strategic capabilities[164][167]. - The company has established mechanisms to ensure independent opinions and advice are available to the board[197]. - The company has complied with the corporate governance code during the reporting period[189].

Group 1 - The Hang Seng Index rose by 0.12%, gaining 26 points to close at 21,998 points, while the Hang Seng Tech Index increased by 0.81% with a trading volume of HKD 97.3 billion in the morning session [1] - Ant Group plans to invest HKD 28.14 billion to acquire a controlling stake in Yau Tat Securities, leading to a surge in Alibaba-related stocks, with Yau Tat Securities rising by 20% and Alibaba Health increasing by 6% [1] - Meituan-W saw a morning increase of 3.82%, as institutions expect the competition landscape in the food delivery industry to remain stable, suggesting long-term value release for the platform [1] - Longjiang Life Science (00775) rose over 9% after showcasing various cancer vaccine data at AACR 2025 [1] - Horizon Robotics-W (09660) also increased by over 9% following a strategic partnership with Denso, with institutions indicating a positive outlook for the industry chain [1] Group 2 - Zai Lab (09911) increased by 6.48%, driven by significant growth in social business revenue in Q1, and the company is exploring overseas acquisition opportunities [2] - Lao Pu Gold (06181) rose over 6%, as institutions noted that fixed-price gold products benefit from the rising gold prices [3] - Shangmei Co., Ltd. (02145) surged by 8%, reaching a new historical high, with institutions optimistic about the long-term growth potential of the beauty care sector [4] - Tigermed (03347) fell over 2% post-earnings, with Q1 net profit attributable to shareholders decreasing by nearly 30%, although there is still room for improvement in gross margin [4] - Qingdao Beer Co., Ltd. (00168) dropped by 3.7% post-earnings, despite a 7.08% year-on-year increase in net profit for Q1 [4] - Longyuan Power (00916) declined over 6% post-earnings, with Q1 net profit attributable to shareholders decreasing by 21.82% and wind power segment revenue down by 1.89% [4] - Rongchang Bio (09995) fell by 8.21% post-earnings, despite nearly 60% year-on-year revenue growth in Q1, with losses narrowing to CNY 254 million [4]