泰格医药为何掉队？ 泰格医药主营业务集中于临床试验服务，2024年"临床试验技术服务"板块收入为31.78亿元，同比下降 23.75%，成为拖累整体收入的主要因素。尽管临床项目总数从2023年的752个增长至2024年的831个， 但客户普遍面临资金紧张、项目推进受阻，导致有效订单不足。同时，行业内CRO价格战激烈，订单 平均单价持续下降。收入下滑同时，固定人力成本未能同步削减，造成毛利率剧烈压缩，尤其Q4单季 毛利率暴跌至17.7%，显示泰格医药在成本控制方面滞后。 利润结构上，泰格医药"非经常性损益"由过去的正值转为2024年的-4.76亿元，主要源于其"CRO+股权 投资"模式在生物医药资本寒冬中遭遇估值暴跌。2022和2023年，公司投资收益分别贡献5.63亿与6.77亿 元，2024年则转为净亏损。由于这类投资资产通过"按公允价值计量"的方式计入财务报表，生物医药行 业整体情绪转冷直接反映于账面表现，成为公司净利润暴跌的次要推手。此外，部分客户项目取消及应 收账款风险加剧，亦对公司现金流构成隐患。 区域结构也揭示泰格医药的增长困境。2024年，公司境内营收同比下降17.11%，远高于境外市场的 3. ...

21世纪经济报道记者 闫硕 北京报道 近日，曾背倚ClinChoice昆翎的CRO（医药合同研发服务）企业方腾医药因欠薪事件被广泛关注：南 京、北京、厦门等多地分支机构的多名员工在社交媒体平台发文讨薪，部分员工已申请仲裁。 方腾医药成立于2012年，最初为方恩医药在南京设立的SMO公司，随创新药、创新器械的持续突破实 现快速发展。目前，方腾医药已在肿瘤、心血管、内分泌、医疗器械等25个治疗领域拥有超过1000个1- V期临床试验项目操作经验，为国内外药企、生物技术公司、医疗器械企业CRO等提供临床试验服务。 21世纪经济报道记者了解到，去年以来，方腾医药在薪资结构等方面做了系列调整，今年春节之后开始 降薪，3月底便有员工在社交媒体谈论拖欠工资的情况。4月底以来，几次官方声明将其窘境完全摆在员 工面前：4月30日，方腾医药首次发布延发工资声明；5月12日，第二次发布延发邮件；5月20日，再次 延迟发放。 随后，5月21日，ClinChoice昆翎发布严正声明：自2024年1月29日起，方腾医药从ClinChoice昆翎剥 离，ClinChoice昆翎与方腾医药各自为独立的法人实体，法律上无任何关联。 一纸声明再 ...

Summary of the Conference Call for 诺思格 Company Overview - **Company**: 诺思格 - **Industry**: Clinical Research Organization (CRO) Key Financial Metrics - **Q1 2025 Non-GAAP Net Profit**: Increased by 23.26% to 20.415 million yuan [2][3] - **Total Assets**: Decreased by 2.22% to 2.284 billion yuan [3] - **Equity Attributable to Shareholders**: Increased by 1.68% to 1.863 billion yuan [3] - **Revenue**: Decreased by 2.53% to 1.000 billion yuan [3] Business Segment Performance - **Clinical Trial Operation Services**: Revenue decreased by 18.87%, accounting for 37.24% of total revenue [4] - **Clinical Trial Services**: Revenue increased by 30.43%, accounting for 34.62% of total revenue [4] - **Data Management and Statistical Analysis**: Revenue increased by 0.87%, accounting for 15.09% of total revenue [4] - **Biological Sample Testing Services**: Revenue decreased by 27.30% [4] Industry Insights - **CRO Industry Competition**: High bidding activity but declining order prices, leading to significant operational pressure [5][6] - **Funding Shortages**: Many drug development projects are stalled due to lack of funding, with most investment firms in a wait-and-see mode [6] - **Market Sentiment**: Overall industry sentiment remains pessimistic, with a lack of confidence among companies [8] Operational Challenges - **Order Volume**: Decreased by 16% in Q1, with service fees dropping by 41%, indicating significant revenue and profit pressure [9] - **Cost Control**: Limited ability to reduce costs further, with ongoing challenges in improving profit margins [19] - **Future Growth**: Uncertainty regarding growth drivers for 2025, with expectations for a prolonged recovery period [11][13] M&A Strategy - **Acquisition Plans**: Actively seeking domestic and international M&A opportunities, but facing challenges in finding suitable targets due to market conditions [7] International Business Development - **Overseas Operations**: Focused on data statistics, with a branch established in Australia, but not yet profitable [12] Profitability Outlook - **Margin Pressure**: Overall gross margin and net profit margin have slightly declined due to competitive pricing and market conditions [19] - **Future Profitability**: Significant pressure on contracts and uncertain market conditions make future profitability difficult to predict [20] Employee and Cost Management - **Employee Count**: Stable at approximately 2,200 employees, with potential adjustments based on segment needs [17] - **Cost Management Strategy**: No plans to increase personnel despite rising workload, focusing on cost control [18]