Hangzhou Tigermed Consulting Co., Ltd. (“Tigermed”) reported unaudited interim results for the six months ended 30 June 2026.

Revenue and Segment Mix • Group revenue rose 14.1 % year-on-year to RMB 3.71 billion. • Clinical Trial Solutions (CTS) revenue advanced 20.7 % to RMB 1.77 billion, driven by domestic project recovery and overseas growth, notably in Australia and New Zealand. • Clinical-related & Laboratory Services (CRLS) revenue increased 8.6 % to RMB 1.93 billion, supported by solid demand in SMO and laboratory operations.

Profitability • Gross profit grew 4.3 % to RMB 1.02 billion; gross margin narrowed to 27.5 % (H1 2025: 30.1 %) as CTS unit prices lagged cost inflation and SMO’s revenue mix expanded. • Reported net loss attributable to shareholders reached RMB 413.16 million versus a RMB 383.34 million profit a year earlier, mainly due to a RMB 443.32 million negative change in the fair value of investment holdings. • Excluding extraordinary items, net profit attributable to shareholders rose 31.8 % to RMB 277.70 million, lifting the core net margin by 1.0 percentage point to 7.5 %.

Bookings and Backlog • Net new bookings accelerated versus H1 2025, with average unit price of new domestic CTS orders returning to growth. • Ongoing drug clinical research projects totalled 667, marginally above end-2025; multi-regional clinical trials under execution increased to 55.

Cash Flow and Balance Sheet • Operating cash inflow edged up 4.2 % to RMB 425.78 million, reflecting stronger receivable collections. • Net cash used in financing narrowed to RMB 130.58 million after loan repayments and lower dividend outflows. • Cash and cash equivalents stood at RMB 2.10 billion; interest-bearing debt was RMB 1.87 billion, putting the gearing ratio at 8.1 % (end-2025: 4.6 %).

Capital Allocation • No interim dividend was declared. • During the period Tigermed repurchased 20.96 million A shares for RMB 824.34 million, raising treasury shares to 26.85 million (2.4 % of share capital).

R&D and Digitalisation • R&D expenses increased 9.8 % to RMB 139.37 million as the company expanded its AI-driven clinical research platform. • Multiple in-house AI agents entered frontline use, trimming document processing time and automating data management tasks.

Overseas Expansion • Overseas clinical projects in execution climbed 45 % year-on-year to 59 in North America; the company opened new offices in New Zealand and Malaysia. • Overseas revenue grew 3.2 % to RMB 1.60 billion, dampened by RMB appreciation.

Post-Period Events • On 28 August 2026 the board proposed cancelling 5.88 million treasury shares and tabled a new restricted A-share incentive plan, subject to shareholder approval. • The board also proposed a further reallocation of unutilised H-share IPO proceeds to optimise capital deployment.

Outlook Management expects domestic CTS unit pricing to continue improving and overseas expansion to enhance growth, while digitalisation initiatives aim to lift efficiency and margin resilience.