业务与技术发展 2026年初，泰格医药通过日本子公司以2348万元收购MICRON公司56.37%股权，旨在拓展医学影像评 估等海外业务。该交易可能提升全球服务能力，但需关注标的公司的亏损整合情况。公司海外布局已覆 盖33个国家，国际多中心临床试验项目达150个，未来地缘政策风险下的全球化策略值得留意。 行业政策与环境 临床CRO行业随创新药投融资回暖而复苏，经营活动现金流预计达11亿-13亿元（2025年），同比略有 提升。公司龙头地位稳固，但需观察国内集采常态化及国际监管环境（如美国《生物安全法案》）对业 务的影响。 经济观察网 泰格医药于2026年1月29日披露2025年业绩预告，预计归母净利润同比增长105%至204%， 但扣非净利润同比下降43%至61%，主要受非经常性损益（如金融资产投资收益）驱动。机构如瑞银和 高盛在研报中强调，需重点关注公司对2026年新签订单的价格复苏信号、收入及利润指引的后续披露。 高盛将H股目标价微调至66.4港元，瑞银维持目标价57.1港元，均提及"买入"评级。 业绩经营情况 泰格医药于2026年1月29日披露2025年业绩预告，预计归母净利润同比增长105%至204% ...

Core Viewpoint - The domestic pharmaceutical industry is expected to experience a significant turning point in 2025, with the innovative drug sector emerging from an adjustment period to achieve a strong recovery, becoming the core growth engine of the pharmaceutical sector [1] Group 1: Market Dynamics - In January 2026, the CRO sector showed a clear net inflow of funds, indicating a strong technical reversal signal [1] - The first three quarters of 2025 saw a total financing amount of 79.53 billion yuan in the healthcare primary market, representing a year-on-year increase of 22.4% [7] - The capital allocation logic has shifted from "early and small investments" to "investing in clinical and certainty," with a significant increase in financing for later-stage projects [7] Group 2: Investment and Financing Trends - The innovative drug financing market began to recover in 2025, with capital concentrating on high-certainty clinical projects, establishing a solid funding foundation for the CRO industry [4] - The total transaction amount for innovative drug BD (business development) reached $135.7 billion in 2025, with upfront payments of $7 billion, marking a historical high [8] Group 3: Regulatory and Approval Efficiency - In 2025, the CDE accepted 1,878 IND applications, a year-on-year increase of 13.34%, with 1st category innovative drug IND applications accounting for over 70% [9] - The NMPA completed IND application approvals for 1,897 products in 2025, a year-on-year increase of 16.38%, with a high approval rate of 96.53% for 1st category innovative drugs [13] Group 4: Competitive Landscape - The global regulatory shift and digital transformation of clinical execution models have expanded the market space for the CRO industry, enhancing the competitive barriers for leading companies [13][14] - Leading CRO companies benefit from years of technical accumulation and project experience, allowing them to convert technical capabilities into execution efficiency, thus gaining a significant advantage in project delivery [14] Group 5: Investment Recommendations - The comprehensive recovery of the innovative drug industry in 2025 presents historic development opportunities for the CRO sector, with multiple favorable factors driving industry prosperity [15] - It is recommended to focus on leading clinical CRO companies with digital platforms, robust compliance systems, and scale advantages, as they are expected to benefit the most from the release of industry demand [15]

智通财经APP获悉，泰格医药(03347)涨超4%，截至发稿，涨4.04%，报52.8港元，成交额2428.77万港 元。 消息面上，泰格医药近日发盈喜，高盛指出，公司预计2025年收入介乎66.6亿至76.8亿元人民币(下 同)，较该行及市场预期高。高盛表示，继续视公司为中国临床CRO行业结构性增长机遇的主要受惠 者，预期商业开发(BD)活动及融资环境自2025年起复苏，推动国内临床需求；跨国药企在中国的概念 验证(POC)临床试验潜在增加，提供进一步上行空间，显著的合约转化或自2026年上半年起开始显现。 大摩发布研报称，泰格医药强劲的盈利增长主要归因于泰格医药资产的大幅重估，以及2024年相对较低 的基数。尽管受订单取消及收款困难影响，集团经常性收益表现疲软，但公司新订单增长依然强劲。扣 除取消订单后的新增在手订单净额介于95亿元至105亿元，同比增长13%至25%。大摩续指，集团管理 层对行业前景保持乐观，而近期的一次会议上，管理层提到中国CRO行业似乎正处于复苏态势。 ...

摩根士丹利发表研报指，泰格医药公布2025年初步业绩，营收介乎为66.6亿元至76.8亿元，按年增长1% 至16%，该范围较大摩预估为低2%至高12%；净利润介乎8.3亿元至12.3亿元，按年增长105%至增长 204%。该行指，强劲的盈利增长主要归因于泰格医药资产的大幅重估，及2024年的相对基数较低；虽 然因订单取消及收款困难，集团经常性收益表现疲软，但仍看到公司新订单增长强劲。集团管理层对行 业前景保持乐观，而近期的一次会议上，管理层提到中国CRO行业似乎正处于复苏态势。该行予泰格 医药A股目标价81元，评级"增持"。 ...