Tigermed(SZ:300347)2022-12-08 08:20Financial Performance - The company achieved operating revenue of 230.92 million yuan, a year-on-year increase of 38.83% [2] - Operating profit reached 70.56 million yuan, up 30.94% compared to the previous year [2] - Net profit was 56.55 million yuan, representing a 23.03% increase year-on-year, with attributable net profit to the parent company at 54.22 million yuan, up 17.21% [2] Business Development - Data statistics business grew by 110% in the first half of the year, driven by the continuous growth of Meisida's business and the outstanding performance of the acquired Tigermed-BDM [2] - SMO (Site Management Organization) business is rapidly growing and will be a key focus for the company [4] - The newly acquired Kanglihua business focuses on GMP certification and registration, complementing existing registration services [4] Challenges and Issues - The decrease in profit margins is attributed to a prepayment of corporate income tax at 25% and over 7 million yuan in stock incentive expenses [4] - Clinical trial technical service revenue has declined due to fewer new projects and regulatory constraints, with the review time for generic drug approvals increasing from 14 months in 2011 to 34 months in 2013 [4] - The approval speed for domestic drugs remains slow, with a significant gap compared to international standards [4] Accounts Receivable and Cash Flow - Accounts receivable increased significantly due to a large receivable from Merck, which has a 90-day billing period, leading to a 40% increase in accounts receivable aligned with revenue growth [5] - Operating cash flow was negative primarily due to a reduction in customer project prepayments [5] Future Outlook - The company anticipates improved performance in the third quarter following the completion of the restructuring of Fangda Pharmaceutical [4] - There is a call for national reforms to accelerate clinical trial processes and improve the overall development environment for pharmaceutical companies [5]