Global Research abc 2025 年 08 月 28 日 快评 泰格医药-A 2025二季度不及预期，但环比改善 问：相对于预期，业绩表现如何？ 泰格医药25年二季度收入16.9亿元，同比下降0.7%（较一季度-5.8%收 窄），环比增加7.8%，低于我们（18.5亿元）和VA一致预期（17.8亿 元）。归母净利润2.18亿元，同比下降15.5%（较一季度-29.6%收窄）， 环比增加32.1%，低于我们（3.18亿元）和VA一致预期（3.09亿元），主要 是收入和利润率下滑所致。扣非归母净利润1.08亿元，同比下降67.9%。毛 利率和归母净利润率为30.1%和12.9%，同比下降11.4/2.3个百分点。上半 年经营性现金流同比大幅增加130.4%至4.09亿元，主要由于应收账款回收 良好和预付款的增加。上半年公司有人员10,251人 （海外1,709人），相 比2024年底基本持平（10,185人，海外1,626人）。 问：业绩中最值得关注的是什么？ 公司表示上半年新签订单维持了较好的、约百分之十几的同比增长态势，并 预期三季度趋势有望延续。分板块来看，上半年临床试验技术服务（CTS） ...

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]