Hangzhou Tigermed Consulting Co., Ltd. (Tigermed) reported FY2025 results showing solid top-line growth but mixed profitability.

Revenue and Earnings • Group revenue rose 3.5% to RMB 6.83 billion, with Clinical Trial Solutions (CTS) up 2.8% to RMB 3.27 billion and Clinical-Related & Laboratory Services (CRLS) up 4.1% to RMB 3.57 billion. • Net profit attributable to shareholders surged 119.2% year on year to RMB 0.89 billion, buoyed by investment and fair-value gains. • Excluding extraordinary items, underlying profit fell 58.5% to RMB 0.36 billion as operating margins narrowed. • Basic and diluted EPS doubled to RMB 1.04.

Profitability Pressures • Group gross profit contracted 16.4% to RMB 1.87 billion; gross margin slipped 6.6 ppts to 27.4%. • CTS margin dropped to 20.1% (-9.5 ppts) due to lower domestic project pricing, project cancellations and proactive terminations linked to clients’ funding issues. • CRLS margin eased to 34.1% (-3.9 ppts) as faster-growing, lower-margin SMO services and newly consolidated central lab business diluted returns.

Bookings and Backlog • Net new bookings climbed 20.6% to RMB 10.20 billion. • Year-end backlog expanded 15.4% to RMB 18.20 billion, underpinning near-term revenue visibility.

Cash Flow and Balance Sheet • Operating cash flow edged up 1.9% to RMB 1.12 billion. • Cash and cash equivalents fell 15.9% to RMB 1.72 billion after RMB 1.93 billion of net financing outflows and RMB 0.31 billion spent on share repurchases. • Gearing ratio improved to 4.6% from 9.6% on lower borrowings; total assets slipped 1.1% to RMB 28.36 billion.

Dividend Proposal The Board recommends a final dividend of RMB 1.26 (tax-inclusive) per 10 shares, totalling about RMB 107.75 million, payable subject to shareholder approval.

Strategic Developments • Global expansion advanced with the July 2025 acquisition of Japan-based CRO Micron, adding over 160 staff and bolstering imaging capabilities. • Overseas workforce surpassed 1,900 across 42 countries; international trials reached 48 MRCTs and 193 single-region studies. • Digital and AI push accelerated: launch of the proprietary Taya AI platform for medical writing and PV analytics; establishment of a dedicated Data Governance Team. • R&D spend increased 8.1% to RMB 0.26 billion.

Outlook and Industry Context Management cites improving domestic biotech funding, record outbound licensing deals and policy support as catalysts for demand recovery in 2026. However, continued pricing pressure and project cancellations among cash-strapped biotech clients remain key risks.

AGM & Dividend Timetable The annual general meeting date and ex-dividend timetable will be announced separately; dividend payment is targeted on or before 31 July 2026.