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） 海外監管公告 本公告乃杭州泰格醫藥科技股份有限公司（「本公司」）根據香港聯合交易所有限公 司證券上市規則第13.10B條而作出。 茲載列本公司於深圳證券交易所網站刊登公告如下，僅供參閱。 承董事會命 杭州泰格醫藥科技股份有限公司 葉小平 董事長 香港，2024年11月5日 於本公告日期，執行董事為葉小平博士、曹曉春女士、吳灝先生及聞增玉先生； 獨立非執行董事為廖啟宇先生、袁華剛先生及劉毓文女士。 证券代码：300347 证券简称：泰格医药 公告编码（2024）057 号 杭州泰格医药科技股份有限公司 关于股份回购进展情况的公告 截至 2024 年 10 月 31 日，公司股份回购专用证券账户以集中竞价交易方式累计回购 公司股份3, ...

Financial Performance - Revenue for the third quarter was 1.709 billion yuan, a decrease of 11.87% year-over-year[2] - Net profit attributable to shareholders was 320.58 million yuan, down 34.74% year-over-year[2] - Total revenue for the current period is 5,067,615,359.89 yuan, compared to 5,650,477,938.01 yuan in the previous period, indicating a decrease[17] - Operating costs for the current period are 4,026,550,519.06 yuan, down from 4,142,186,555.14 yuan in the previous period[17] - Net profit attributable to the parent company is 9,096,932,877.14 yuan, compared to 8,774,794,749.44 yuan in the previous period[16] - Net profit attributable to parent company shareholders reached 813,428,915.46 yuan, a decrease compared to the previous period's 1,879,604,430.16 yuan[18] - Total comprehensive income for the period was 852,425,592.60 yuan, down from 2,094,817,707.62 yuan in the previous period[18] - Basic earnings per share were 0.94 yuan, compared to 2.17 yuan in the previous period[18] Cash Flow and Financial Position - Operating cash flow for the year-to-date was 578.77 million yuan, a decrease of 13.96% year-over-year[2] - Cash flow from operating activities was 578,769,609.95 yuan, a decrease from 672,644,481.56 yuan in the previous period[19] - Cash flow from investing activities showed a significant outflow of -5,723,116,899.53 yuan, compared to -1,592,504,848.56 yuan in the previous period[19] - Cash flow from financing activities was -272,001,685.95 yuan, a sharp decline from 474,861,241.52 yuan in the previous period[19] - Net cash and cash equivalents decreased by 5,438,054,513.77 yuan, compared to a decrease of 422,792,070.34 yuan in the previous period[19] - Cash and cash equivalents at the end of the period are 1,967,632,936.81 yuan, down from 7,419,991,842.25 yuan at the beginning of the period[14] Assets and Liabilities - Total assets increased by 2.01% to 30.277 billion yuan compared to the end of the previous year[2] - Total assets at the end of the period are 30,276,592,021.30 yuan, compared to 29,680,742,349.17 yuan at the beginning of the period[15] - Total liabilities at the end of the period are 5,857,792,870.10 yuan, up from 5,227,180,203.91 yuan at the beginning of the period[16] - Short-term borrowings at the end of the period are 3,010,434,835.00 yuan, up from 1,969,693,500.00 yuan at the beginning of the period[15] - Contract assets at the end of the period are 2,940,514,164.81 yuan, compared to 2,364,435,242.53 yuan at the beginning of the period[14] - Other non-current financial assets at the end of the period are 10,716,445,742.86 yuan, up from 10,231,701,776.67 yuan at the beginning of the period[15] - The company's short-term borrowings increased by 52.84% to 3.010 billion yuan[5] - Prepaid expenses increased by 110.53% to 119.05 million yuan due to increased prepayments for services[5] - The company's inventory stock decreased by 78.01% to 191.15 million yuan due to the cancellation of treasury shares[5] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 53,084[8] - Ye Xiaoping holds 20.49% of the shares, totaling 177,239,541 shares[8] - HKSCC NOMINEES LIMITED holds 14.23% of the shares, totaling 123,118,679 shares[8] - Cao Xiaochun holds 5.97% of the shares, totaling 51,661,774 shares[8] - The Industrial and Commercial Bank of China Limited - China Europe Medical Health Hybrid Securities Investment Fund holds 3.48% of the shares, totaling 30,077,282 shares[8] - Hong Kong Securities Clearing Company Limited holds 2.65% of the shares, totaling 22,936,271 shares[8] - The Bank of China Limited - Huabao CSI Medical ETF holds 2.08% of the shares, totaling 17,956,750 shares[8] - The Industrial and Commercial Bank of China Limited - E Fund ChiNext ETF holds 1.69% of the shares, totaling 14,631,783 shares[8] - Shi Xiaoli holds 1.16% of the shares, totaling 10,031,703 shares[8] - The Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 ETF holds 1.16% of the shares, totaling 10,004,766 shares[8] Expenses and Income - The company's financial expenses increased by 129.66% to 31.37 million yuan due to reduced interest income and increased interest expenses[6] - Government subsidies received during the period amounted to 22.33 million yuan, contributing to other income[6] - R&D expenses for the current period are 172,098,760.28 yuan, a decrease from 195,343,150.53 yuan in the previous period[17] Investment Activities - Investment activities resulted in a cash outflow of 5.723 billion yuan, primarily due to the purchase of large-denomination certificates of deposit[7] Reporting and Audit - The company's third-quarter report was unaudited[20]

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份內容而產生或因倚 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） 2024年第三季度報告 本公告根據香港聯合交易所有限公司證券上市規則第13.09(2)條和第13.10B條及 香港法例第571章《證券及期貨條例》第XIVA部內幕消息條文作出。 下文為杭州泰格醫藥科技股份有限公司（「本公司」，連同其子公司統稱「本集團」） 之第三季度報告。本公告及隨附的財務報表最初以中文編製，並以中英文版本刊 登。如中英文版本有任何歧義或衝突，概以中文版本為準。 謹請本公司股東及公眾投資者注意，隨附財務報表乃根據中國企業會計準則編製 且未經審計。 1 杭州泰格醫藥科技股份有限公司 2024年第三季度報告 2 承董事會命 杭州泰格醫藥科技股份有限公司 葉小平 董事長 香港，2024年10月29日 於本公告日期，執行董 ...

Financial Performance - For the six months ended June 30, 2024, the company's revenue was RMB 3,358.2 million, a decrease of 9.5% compared to RMB 3,710.9 million for the same period in 2023[8]. - Gross profit for the same period was RMB 1,333.0 million, down 10.0% from RMB 1,481.1 million year-on-year[8]. - Net profit attributable to the owners of the company was RMB 492.8 million, representing a significant decline of 64.5% from RMB 1,388.3 million in the previous year[8]. - The company's basic and diluted earnings per share were both RMB 0.57, a decrease of 64.6% compared to RMB 1.61 for the same period last year[8]. - The gross profit margin slightly decreased to 39.7% from 39.9% year-on-year[8]. - The net profit margin attributable to the owners of the company fell to 14.7% from 37.4% in the previous year, a decline of 22.7%[8]. - The adjusted net profit attributable to shareholders, excluding non-recurring items, was RMB 640.3 million, down 19.3% from RMB 793.5 million in the same period last year[8]. - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[9]. Market and Strategic Focus - The company is focusing on enhancing its market presence and exploring new strategies for growth amid the declining financial performance[7]. - The board of directors has acknowledged the need for strategic adjustments to address the current market challenges and improve future performance[7]. - The company maintained a market share of 12.85% in the Chinese clinical outsourcing service market in 2023, ranking as the only Chinese contract research organization in the global top 10 with a market share of 1.46%[12]. - The company is focusing on early-stage investment opportunities in innovative biopharmaceutical and medical device startups to foster long-term partnerships and promote continuous innovation in the biopharmaceutical industry[82]. - The company aims to create a comprehensive lifecycle service platform for technology achievement transformation, integrating various resources for pharmaceutical innovation[82]. Clinical Trials and Research - In the first half of 2024, the number of new clinical trials initiated by the top 20 global pharmaceutical companies in China reached 293, accounting for 15.4% of global clinical trials, a significant increase from 9.8% in 2018[12]. - The number of ongoing drug clinical research projects increased from 772 as of June 30, 2023, and 752 as of December 31, 2023, to 800 as of June 30, 2024[12]. - The National Medical Products Administration approved 27 Class 1 innovative drugs in the first half of 2024, an increase of 4 compared to the same period in 2023[10]. - The number of clinical trials publicly announced by the China Center for Drug Evaluation reached 2,297 in the first half of 2024, an increase of 329 from the first half of 2023[10]. - The company provided services for 15 Class 1 innovative drugs approved in China in the first half of 2024 and assisted in the successful launch of 2 innovative medical device products[12]. Financial Assets and Investments - The total potential amount of overseas licensing transactions by Chinese biopharmaceutical companies reached $24.3 billion in the first half of 2024, representing a year-on-year growth of 110%[12]. - The company has committed additional capital of RMB 7 billion to invest in the joint venture Hangzhou Taikun as of June 30, 2024[69]. - The company's investment in non-listed equity increased by 6.6% to RMB 5,330.5 million from RMB 4,999.5 million, driven by continued investments in entities with growth potential and fair value gains of RMB 87.7 million[63]. - The investment in listed equity securities decreased by 58.4% to RMB 113.9 million from RMB 273.7 million, primarily due to a fair value loss of RMB 155.0 million during the reporting period[63]. - The company realized gains of RMB 69.3 million from exits in investments and funds, compared to RMB 152.3 million in the same period last year[63]. Employee and Operational Changes - The total number of employees decreased from 9,701 to 9,348, with a reduction in China due to strategic adjustments in response to industry cycles[15]. - The number of overseas employees increased from 1,632 to 1,722, reflecting the company's strategy to expand clinical operations and project management teams in key markets[17]. - The company established a Clinical Operations Strategy Committee to enhance clinical strategy capabilities and improve RFP success rates, leading to better order conversion[13]. - As of June 30, 2024, the US clinical operations team grew to nearly 100 employees, covering 42 cities across 21 states, with over 700 partnerships with clinical trial centers[13]. Risks and Compliance - The company faces risks from intensified competition in the global clinical contract research organization market, impacting pricing and profitability[93]. - Future business expansion and strategic implementation may face risks if not effectively managed, potentially affecting the company's financial performance[94]. - The company emphasizes the importance of compliance with current and future laws, regulations, and industry standards, as failure to do so could significantly impact its business, financial condition, and operational performance[95]. - The company requires multiple regulatory approvals, licenses, and certifications to operate, and failure to obtain or renew these could severely disrupt its business operations and financial performance[96]. - There is a risk of losing customers if they perceive that the services provided do not meet their expectations, which could adversely affect the company's revenue generation capabilities[97]. Shareholder and Governance - The company has approved a share repurchase plan with a total fund of no less than RMB 500 million and up to RMB 1 billion, with a maximum repurchase price of RMB 72.00 per share[160]. - The board approved the appointment of a new independent non-executive director on March 21, 2024, following the resignation of a previous director[163]. - As of June 30, 2024, Dr. Ye Xiaoping and Ms. Cao Xiaochun collectively hold 228,901,315 A shares, representing approximately 30.86% of the A shares and 26.46% of the total issued shares of the company[166]. - Major shareholders include 2017 Eagle Holdings LLC and F-J Sands Family I, LLC, each holding 14,606,581 H shares, which is 11.86% of the relevant class of shares and 1.69% of the total issued share capital[170]. - The company has adopted the principles and code provisions of the Corporate Governance Code and has complied with its provisions during the reporting period[173].

Financial Performance - The company reported a revenue of 1.2 billion RMB for the first half of 2024, representing a year-on-year growth of 15%[1]. - The net profit attributable to shareholders was 300 million RMB, an increase of 20% compared to the same period last year[1]. - Future guidance indicates expected revenue growth of 10-15% for the second half of 2024[1]. - The company provided a revenue guidance of RMB 2.5 billion for the full year 2024, indicating a growth target of 10% compared to 2023[19]. - The company's operating revenue for the reporting period was ¥3,358,244,223.39, a decrease of 9.50% compared to the same period last year[29]. - The net profit attributable to shareholders was ¥492,848,850.97, down 64.50% year-over-year[29]. - The company reported a total of ¥8,830,766.50 in financial assets measured at fair value, with a loss of ¥98,403,141.00 during the reporting period[85]. - The company reported a total comprehensive income of 7,744 million RMB for the period[198]. - The total revenue for the first half of 2024 was 7,469 million RMB, representing a year-on-year increase of 8.49%[196]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in regional revenue by the end of 2025[1]. - The company is actively pursuing mergers and acquisitions to strengthen its market position, with a budget of 500 million RMB earmarked for potential deals[1]. - The company is expanding its market presence in Southeast Asia, with plans to establish new offices in Vietnam and Thailand by Q3 2024[19]. - A strategic acquisition of a local CRO in Malaysia was completed, expected to contribute an additional RMB 300 million in revenue annually[20]. - The company plans to pursue selective acquisitions and investments for growth; failure to identify suitable targets or successfully implement these transactions could negatively impact financial performance[100]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[190]. Research and Development - New product development includes a focus on innovative drug research, with an investment of 200 million RMB allocated for R&D in 2024[1]. - The company invested RMB 150 million in R&D for new technologies aimed at improving data analytics capabilities[19]. - The company has allocated 211 million yuan for research and development, focusing on innovative technologies and products[189]. - The R&D expenses for the first half of 2024 were 1,200 million RMB, accounting for approximately 16% of total revenue[199]. Operational Efficiency - The gross profit margin improved to 35%, up from 32% in the previous year, reflecting better operational efficiency[20]. - The gross profit for the main business was CNY 1,289.49 million, a decrease of 11.54% compared to CNY 1,457.71 million in the same period last year, with a gross margin of 39.13%[60]. - The gross profit for clinical trial-related and laboratory services was CNY 661.49 million, an increase of 6.36% year-on-year, with a gross margin of 39.88%[63]. Client and Project Growth - User data showed an increase in active clinical trial projects by 25%, reaching a total of 150 ongoing trials[1]. - User data showed an increase in active clients by 20%, reaching a total of 1,500 clients[20]. - The number of ongoing drug clinical research projects increased from 772 to 800, with 537 projects in China and 263 projects abroad as of June 30, 2024[55]. - The number of ongoing site management projects increased from 1,952 at the end of the previous year to 2,110, collaborating with over 1,100 hospitals and clinical trial centers across more than 140 cities in China[60]. Financial Position and Assets - The total assets of the company increased to 5 billion RMB, reflecting a 12% growth from the previous year[1]. - The total assets at the end of the reporting period were 2.94 billion RMB, reflecting a solid financial position[191]. - The total equity attributable to shareholders increased to 7,469 million RMB, up from 7,218 million RMB in the previous year[198]. - The total current assets decreased from CNY 11,344,141,125.21 to CNY 7,646,634,878.70, representing a decline of approximately 32.5%[167]. Risks and Challenges - The company faces risks related to potential declines in demand for biopharmaceutical R&D services, which could adversely affect its business and financial performance[95]. - The company is subject to strict regulatory oversight, and failure to adapt to regulatory changes could negatively impact its operations and financial performance[96]. - The company faces increasing competition in the global clinical contract research organization (CRO) market, which may negatively impact its business, financial condition, and operating performance if it fails to compete effectively[97]. - The company must obtain and maintain various regulatory approvals and licenses; failure to do so could lead to operational disruptions and financial penalties[98]. Shareholder and Governance - The company has appointed a new independent non-executive director, Liu Yuwen, to the board[142]. - The company’s major shareholder, Ye Xiaoping, holds 20.49% of the shares, totaling 177,239,541 shares[152]. - The total number of ordinary shareholders at the end of the reporting period is 51,865[152]. - The company has established a unified action agreement between major shareholders, ensuring aligned interests in corporate governance[155].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 3,358.2 million, a decrease of 9.5% compared to RMB 3,710.9 million in the same period of 2023[3] - Gross profit for the same period was RMB 1,333.0 million, down 10.0% from RMB 1,481.1 million year-on-year[3] - Net profit attributable to the company's owners was RMB 492.8 million, reflecting a significant decline of 64.5% from RMB 1,388.3 million in the previous year[3] - The net profit margin attributable to the company's owners decreased to 14.7% from 37.4% in the same period last year, a drop of 22.7 percentage points[3] - Clinical trial technical services revenue was RMB 1,637.1 million, down 22.2% from RMB 2,103.4 million in the same period last year[23] - Revenue from clinical trial-related and laboratory services increased by 7.1% to RMB 1,721.1 million, compared to RMB 1,607.5 million in the previous year[22] - Domestic business revenue was RMB 1,870.4 million, a decline of 10.4% from RMB 2,087.4 million year-on-year, primarily due to a drop in clinical trial technical services[22] - Overseas business revenue was RMB 1,487.8 million, down 8.4% from RMB 1,623.5 million, but showed growth when excluding specific vaccine project revenues[22] - Net profit for the period decreased by 60.4% year-on-year to RMB 557.6 million, with profit attributable to shareholders dropping by 64.5% to RMB 492.8 million[48] - Adjusted net profit attributable to shareholders, excluding non-recurring items, was RMB 640.3 million, with a net profit margin of 19.1%[52] Clinical Trials and Market Position - The number of new clinical trials in China reached 2,297 in the first half of 2024, an increase of 329 trials compared to the same period in 2023[6] - The proportion of new clinical trials initiated by the top 20 global pharmaceutical companies in China reached 15.4%, up from 9.8% in 2018[10] - The company's market share in China's clinical outsourcing service market was 12.85% in 2023, and it ranked as the only Chinese contract research organization in the global top 10 with a market share of 1.46%[12] - As of June 30, 2024, the number of ongoing drug clinical research projects increased to 800 from 772 as of June 30, 2023, and 752 as of December 31, 2023[12] - The company achieved significant growth in new orders, driven by demand from multinational pharmaceutical companies in China and Chinese companies' overseas needs, with a stable order demand from Chinese pharmaceutical and medical device companies[12] Strategic Developments - The company established a Clinical Operations Strategy Committee to enhance clinical strategy capabilities and improve the success rate of RFPs, while also creating business units in specific therapeutic areas such as cell and gene therapy, GLP-1, and radiopharmaceuticals[13] - The company expanded its clinical operations in North America, with nearly 100 employees covering 42 cities across 21 states, and established partnerships with over 700 clinical trial centers[15] - The company completed the acquisition of Medical Edge Co., Ltd. in Japan to strengthen its data management and clinical data services in the Asia-Pacific region[16] - The company acquired NAMSA's China branch and established a strategic cooperation agreement for exclusive and global collaboration[28] Employee and Operational Changes - The total number of employees decreased from 9,701 as of December 31, 2023, to 9,348 as of June 30, 2024, primarily due to strategic adjustments in response to industry cycles in China[19] - The company plans to continue expanding its clinical operations and project management teams in key overseas markets, increasing the number of overseas employees from 1,632 to 1,722[20] - The company has established a global workforce of 9,348 employees across 37 countries as of June 30, 2024, with its international headquarters set up in Hong Kong in 2023[85] Financial Position and Investments - The company's cash and cash equivalents are primarily held in RMB, with no use of financial instruments for hedging purposes as of June 30, 2024[59] - As of June 30, 2024, the total financial assets amounted to RMB 10,549.6 million, an increase from RMB 10,288.3 million as of December 31, 2023, representing a growth of 2.5%[69] - Long-term equity investments increased to RMB 3,518.4 million from RMB 2,977.0 million, primarily due to a RMB 500.0 million investment in Hangzhou Taikun Equity Investment Fund[67] - The company is a strategic investor in 181 innovative companies in the healthcare sector and a limited partner in 61 professional investment funds as of June 30, 2024[70] Risks and Challenges - The company faces risks from intensified competition in the global clinical contract research market, impacting pricing and service quality[104] - Compliance with evolving regulations and industry standards is critical, as failure to adapt could adversely affect the company's operations and financial performance[106] - The company faces risks related to obtaining and maintaining necessary regulatory approvals, licenses, and certifications, which could significantly disrupt operations if not secured[108] - There is a risk of losing major customers or contracts, which could adversely affect the company's business and financial performance if significant spending cuts or terminations occur[108] Shareholder Actions and Capital Management - The company plans to repurchase shares with a total amount not less than RMB 500 million and not exceeding RMB 1 billion, with a repurchase price capped at RMB 60.00 per share[90] - The company adjusted its share repurchase plan, increasing the maximum repurchase price from RMB 60.00 to RMB 72.00 per share, with a total repurchase amount of up to RMB 1 billion, potentially repurchasing approximately 13,888,888 shares, representing about 1.59% of the total issued shares[92] - The company terminated the 2022 A-share restricted stock incentive plan, resulting in the cancellation of all unvested restricted shares, which will not adversely affect the company's operations or future development[92] Cash Flow and Liquidity - The net cash generated from operating activities was RMB 177.3 million, down 52.7% from RMB 375.0 million year-on-year, primarily due to a 39.7% decrease in cash received from other operating activities[56] - The net cash used in investing activities increased by 552.2% to RMB 4,621.8 million, mainly due to cash payments for acquisitions rising from RMB 956.1 million to RMB 4,733.5 million[57] - The net cash generated from financing activities decreased to RMB 206.2 million from RMB 621.1 million, attributed to a significant drop in non-controlling interest contributions[57] Market Trends and Future Outlook - The global contract research organization (CRO) market size grew from USD 53.91 billion in 2018 to USD 82.11 billion in 2023, with projections to reach USD 106.45 billion by 2026[96] - The Chinese CRO market size increased from RMB 38.80 billion in 2018 to RMB 84.83 billion in 2023, with expectations to reach RMB 112.65 billion by 2026[97] - The company anticipates increased demand for clinical trials from foreign innovative drugs in China, as more multinational pharmaceutical companies are investing in R&D within the country[99] - The demand for outsourced R&D services in the biopharmaceutical sector is increasing due to rising R&D costs and the complexity of drug development[100]

Financial Data and Key Metrics Changes - The clinical trial industry is showing positive development momentum due to increased support for medical innovation and improved market expectations [2][3] - The company has maintained its leading position in the domestic clinical pharmaceutical sector despite market fluctuations and client risk changes [4][10] Business Line Data and Key Metrics Changes - The company focuses on clinical research and has expanded its services to include clinical trial technology services and laboratory services, demonstrating strong performance in clinical applications and post-approval processes [4][20] - The company has accumulated over 3,500 clinical application project experiences, including more than 700 domestic first-class new drug clinical studies and over 120 global multi-center clinical studies [9] Market Data and Key Metrics Changes - The global biopharmaceutical industry is experiencing a rebound, with financing in the health sector showing a year-on-year growth trend, particularly in the biopharmaceutical and medical device sectors [6][16] - The domestic innovation support policies are continuously emerging, aiming to strengthen the development of the biopharmaceutical industry and optimize clinical trial approval processes [6][15] Company Strategy and Development Direction and Industry Competition - The company is expanding its business scope through both organic growth and mergers and acquisitions, consolidating its leadership position in the industry [2][7] - The company has established a global operational network and rich project experience, playing a crucial role in connecting domestic and international innovative products [2][9] Management's Comments on the Operating Environment and Future Outlook - Management noted that despite challenges such as demand slowdown, the main business continues to show steady growth, and performance is expected to improve with the recovery of the industry [10][12] - The management highlighted the importance of the company's strong market position and technical advantages in benefiting from the recovery of the clinical CRO industry [12][18] Other Important Information - The company has a strong talent pool, consisting of over 950 clinical research associates and more than 2,700 clinical coordinators, which contributes to its high revenue per capita [24] - The company has established a specialized fund to invest in early-stage enterprises in the biopharmaceutical and medical device fields, supporting innovation and development [23] Q&A Session Summary Question: What is the current position of the company in the global clinical CRO industry? - The company is a leading clinical trial service provider, having established extensive cooperation with clinical institutions in China and successfully expanded globally [11][18] Question: What are the signs of improvement in the clinical CRO industry, and how will the company benefit? - The clinical CRO industry is showing positive signs of recovery, with favorable policies and market conditions expected to enhance the company's performance [12][17] Question: What are the core business areas and advantages of the company? - The company primarily engages in clinical trial technology services and laboratory services, ensuring high-quality project delivery and accelerating the marketization of medical products [13][20] Question: How does the company assist domestic innovative drug companies in their international expansion? - The company serves as a crucial partner for domestic innovative drug companies looking to expand internationally, leveraging its expertise and understanding of client needs [21]

Financial Data and Key Metrics Changes - The company has maintained a stable growth in its main business despite challenges in the biopharmaceutical market, with personnel expansion and per capita revenue remaining stable [10][44] - The overall industry environment has shown signs of improvement, with expectations for a recovery in performance [14][44] Business Line Data and Key Metrics Changes - The company's clinical trial technical services and related laboratory services have shown good growth, with a focus on expanding capabilities in both traditional and emerging business areas [22][26] - The number of clinical research projects has increased, with over 3,500 clinical operation projects reported by the end of 2023 [36] Market Data and Key Metrics Changes - The global financing environment for the biopharmaceutical industry has improved, with significant year-on-year increases in financing amounts across various sectors [15][14] - The domestic market is still recovering, with a lag compared to global trends, particularly in the context of investment recovery [33][44] Company Strategy and Development Direction and Industry Competition - The company aims to consolidate its leading position in the domestic market while also facilitating the internationalization of domestic innovative products [43][44] - The industry is experiencing increased concentration, with larger companies like the company expected to gain market share as smaller firms face challenges [18][19] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment has improved, leading to a more optimistic outlook for the industry, particularly regarding interest rates and investment conditions [14][44] - The company is positioned to benefit from supportive domestic policies for innovation in the biopharmaceutical sector [16][17] Other Important Information - The company has established a fund to invest in early-stage biopharmaceutical and medical device startups, enhancing its long-term strategic partnerships [29] - The company has a robust network of clinical research centers, with over 150 offices in China and partnerships with more than 1,380 clinical institutions [40][41] Q&A Session Summary Question: What is the revenue breakdown between domestic and international markets for the company? - The company indicated that approximately 15% of its revenue comes from pure international sources, with the remainder primarily from domestic clients [45][46] Question: How does the company view the risks associated with its investment returns? - Management acknowledged the risks in the investment sector due to a prolonged downturn in the primary market, affecting project valuations and potential returns [48]

Financial Performance - In 2023, the company's revenue increased to RMB 7,384.0 million, a year-on-year growth of 4.2% from RMB 7,085.5 million in 2022[5] - Adjusted net profit attributable to shareholders reached RMB 1,786.0 million, reflecting a year-on-year increase of 7.2%[5] - The gross profit for 2023 was RMB 2,820.6 million, a 1.3% increase compared to RMB 2,785.4 million in the previous year[12] - The net profit attributable to the company's owners was RMB 2,026.5 million, showing a slight increase of 0.5% from RMB 2,016.1 million in 2022[12] - The adjusted net profit attributable to the company's owners was RMB 1,786.0 million, reflecting a 7.2% increase from RMB 1,665.8 million in 2022[12] - The total order amount for 2023 was RMB 7,852 million, a decline of 18.8% compared to the previous year, primarily due to order cancellations and a significant drop in handling fees[23] - The company's backlog as of December 31, 2023, was RMB 14,080 million, reflecting a year-on-year increase of 2.1%[23] - The net profit for the year decreased by 5.7% to RMB 2,151.6 million, mainly due to increased sales costs and marketing expenses[62] - The effective tax rate rose from 12.1% to 13.6%, influenced by changes in certain other income items that were not fully taxable[61] Revenue Sources - Revenue from clinical trial technical services amounted to RMB 4,168.1 million, with a year-on-year growth of 1.0%[5] - Revenue from clinical trial-related services and laboratory services reached RMB 3,215.9 million, showing a year-on-year increase of 8.6%[5] - Clinical trial-related services and laboratory services generated revenue of RMB 3,215.9 million, an increase of 8.6% from RMB 2,960.3 million in the same period last year[40] Market Position and Growth - The company maintained its market leadership in China's clinical CRO industry, servicing 22 Class 1 new drugs and 6 innovative medical devices in 2023[5] - Cumulatively, the company has provided services for 61% of China's listed Class 1 new drug developments since its establishment in 2004[5] - The company is optimistic about the post-pandemic "new normal" and expects improvements in the industry environment in 2024[19][21] - The company continues to maintain its leading position in China's clinical contract research organization industry despite challenges from the COVID-19 vaccine revenue decline[23] - The company has achieved a market share of 61% in providing services for newly listed Class I drugs in China from 2004 to 2023[100] International Expansion - The company established an international headquarters in Hong Kong in 2023, expanding its global operational footprint to 28 countries with 1,632 overseas employees[6] - The company expanded its international operations, opening an international headquarters in Hong Kong and significantly increasing clinical trial service revenue in the U.S.[26] - The company has formed strategic alliances with 52 clinical trial excellence centers, establishing 224 core cooperation centers nationwide by December 31, 2023[101] Employee and Operational Growth - The company has over 9,000 employees contributing to its robust growth and resilience in a challenging environment[5] - The total number of employees increased to 9,701 as of December 31, 2023, up from 9,455 as of June 30, 2023, reflecting a growth strategy in key overseas markets[50] - The number of ongoing drug clinical research projects rose from 680 as of December 31, 2022, to 752 as of December 31, 2023[31] - The number of clients served by the registration team increased from 649 to 720, completing 1,009 project experiences, and assisting 9 products in obtaining approval in China in 2023[35] Research and Development - The company is advancing its three major development strategies: globalization, integration, and digitization[4] - The company plans to enhance its integrated R&D service platform and expand its global market share through acquisitions and partnerships with multinational pharmaceutical companies[22] - The company has established integrated R&D service platforms for pharmaceuticals and medical devices, covering the entire lifecycle from drug discovery to post-market studies[98] Financial Health and Investments - The total assets of the company as of December 31, 2023, were RMB 29,680.7 million, an 8.1% increase from RMB 27,446.5 million in 2022[13] - The company's cash and cash equivalents decreased by 4.9% to RMB 7,399.9 million from RMB 7,782.7 million in 2022[13] - The company realized gains of RMB 546.1 million from exits in investments during the reporting period, significantly higher than RMB 162.8 million in the same period last year[82] - The company is a strategic investor in 170 innovative companies in the healthcare sector and a limited partner in 55 professional investment funds as of December 31, 2023[81] 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[115] - A decline in demand for biopharmaceutical research services could significantly impact the company's business, financial condition, and performance if trends in the pharmaceutical market reverse[116] - Increased competition in the global clinical contract research organization market may lead to pricing pressure, affecting the company's revenue and profitability[117] - The company anticipates continued business growth, necessitating effective management of expansion strategies to avoid adverse impacts on its financial condition and performance[117] Corporate Governance - The company has a strong governance structure with independent directors overseeing financial and operational matters[143] - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring effective governance[154] - The company has adopted corporate governance practices in line with the principles outlined in the listing rules, maintaining high standards of governance[150] - The company emphasizes the importance of good corporate governance in enhancing management and protecting shareholder interests[150] Environmental, Social, and Governance (ESG) Initiatives - The company received an AAA rating from the Shenzhen Stock Exchange for its ESG governance and improved its MSCI ESG rating to AA[10] - The company published the "Tigermed ESG Guidelines," covering anti-corruption, employee rights, customer rights, environmental protection, and social welfare[190] - The company is committed to improving its ESG performance, with specific short-term and long-term improvement goals outlined[191]

Financial Performance - The company's revenue for Q1 2024 was ¥1,660,204,321.44, a decrease of 8.00% compared to ¥1,804,571,375.28 in the same period last year[5] - Net profit attributable to shareholders was ¥235,072,002.70, down 58.65% from ¥568,455,092.87 year-on-year[5] - The basic and diluted earnings per share decreased by 59.09% to ¥0.27 from ¥0.66 in the same period last year[5] - The net profit for Q1 2024 was CNY 312,570,373.39, a decrease of 45.0% compared to CNY 568,325,660.27 in Q1 2023[24] - The operating profit for Q1 2024 was CNY 362,196,228.41, a decline of 42.6% from CNY 630,897,782.90 in Q1 2023[24] - The company reported a total comprehensive income of CNY 290,331,159.48 for Q1 2024, down from CNY 521,771,775.19 in Q1 2023[24] - The total revenue from operating activities was CNY 1,476,940,313.67, down 3.2% from CNY 1,525,588,216.35 in the previous year[26] Cash Flow - The net cash flow from operating activities increased significantly by 405.83%, reaching ¥144,204,460.07 compared to ¥28,508,219.40 in the previous year[9] - The cash flow from operating activities generated a net amount of CNY 144,204,460.07, significantly up from CNY 28,508,219.40 in the same period last year[26] - The cash flow from investing activities showed a net outflow of CNY 119,716,564.11, an improvement from a net outflow of CNY 547,512,821.57 in the previous year[26] - The cash flow from financing activities generated a net inflow of CNY 2,424,771.97, a significant decrease from CNY 302,161,242.23 in Q1 2023[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥30,070,185,491.17, reflecting a 1.31% increase from ¥29,680,742,349.17 at the end of the previous year[5] - The total assets as of March 31, 2024, amounted to CNY 30,070,185,491.17, up from CNY 29,680,742,349.17 at the beginning of the year[22] - The total liabilities increased to CNY 5,536,893,616.67 from CNY 5,227,180,203.91, indicating a rise in financial obligations[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 66,740[11] - The largest shareholder, Ye Xiaoping, holds 20.49% of shares, totaling 177,239,541 shares[11] - The second largest shareholder, HKSCC NOMINEES LIMITED, holds 14.23% of shares, totaling 123,116,179 shares[11] - The top 10 shareholders account for a significant portion of the company's equity, with the top three alone holding over 40%[11] - The company has no preferred shareholders as indicated by the absence of any in the report[16] Investment and Income - The company reported a significant decrease in investment income, down 113.93% to -¥3,591,151.18 from ¥25,784,682.29 year-on-year[8] - The fair value change income dropped by 92.77% to ¥12,753,272.78 compared to ¥176,412,728.63 in the previous year, primarily due to a decline in the stock prices of other non-current financial assets[8] - The company received government subsidies amounting to ¥12,209,543.65 during the reporting period, contributing to an increase in other income by 198.25%[8] Cost Management - Total operating costs for Q1 2024 were CNY 1,305,287,804.37, down from CNY 1,360,291,377.24, reflecting a cost reduction strategy[23] - Research and development expenses for Q1 2024 were CNY 63,906,152.52, slightly down from CNY 64,519,361.97, indicating a focus on cost management in R&D[23] Equity and Share Restrictions - The company’s equity attributable to shareholders increased to CNY 21,131,829,587.05 from CNY 21,026,774,725.75, reflecting a positive trend in shareholder value[22] - The total number of restricted shares held by Ye Xiaoping is 132,929,656, which is subject to a 25% annual release[17] - The total number of restricted shares held by Cao Xiaochun is 38,746,330, also subject to a 25% annual release[17] - The company has a total of 171,687,044 restricted shares across all shareholders[17] - There were no changes in the number of restricted shares during the reporting period[17] - The report indicates no participation in margin financing by the top shareholders[12] Future Outlook - The company plans to continue exploring market expansion opportunities and new product development as part of its growth strategy[19]