Hangzhou-based contract research organisation Tigermed (Tigermed) reported first-half 2026 revenue of RMB 3.71 billion, up 14.10% year on year, but booked a net loss attributable to shareholders of RMB 413.20 million after a RMB 383.30 million profit in the prior-year period. The reversal was driven largely by a RMB 443.30 million fair-value loss on investment holdings, including a RMB 719.30 million markdown on the PegBio stake.

Adjusted profit, excluding extraordinary items, advanced 31.80% to RMB 277.70 million, lifting the related margin to 7.50% from 6.50%.

Gross profit increased 4.30% to RMB 1.02 billion; however, the gross margin narrowed to 27.50% from 30.10%. Direct project costs rose to 27.20% of revenue versus 22.60% a year earlier, reflecting lower average pricing in domestic clinical operations and a revenue mix weighted to lower-margin businesses.

Segment performance diverged: • Clinical Trial Solutions (CTS) revenue rose 20.70% to RMB 1.77 billion, recovering on stronger domestic demand and earlier-stage projects. Segment margin eased to 21.10% from 22.80%. • Clinical-related and Laboratory Services (CRLS) revenue increased 8.60% to RMB 1.93 billion; margin slipped to 33.40% from 36.10%, pressured by a higher contribution from Site Management Organisation work and foreign-exchange headwinds in data services.

Geographically, domestic revenue climbed 24.00% to RMB 2.11 billion, while overseas revenue inched up 3.20% to RMB 1.60 billion amid renminbi appreciation. Tigermed remains China’s largest clinical CRO, holding a 10.9% market share in 2025 and ranking within the global top 10.

Operating cash inflow edged up 4.20% to RMB 425.80 million. Net debt was negative as cash and cash equivalents stood at RMB 2.10 billion against total borrowings of RMB 1.87 billion, producing a gearing ratio of 8.10% (4.60% at end-2025).

The board declared no interim dividend. During the period Tigermed repurchased 20.96 million A shares for RMB 824.34 million, bringing treasury shares to 26.85 million. Subsequent to period-end the company proposed cancelling 5.88 million treasury shares, amending its articles of association, and launching a new restricted A-share incentive plan, all subject to shareholder approval.

Management highlighted accelerating recovery in China’s biopharma R&D cycle, citing a 14% rise in net new bookings and improved average order pricing. Overseas expansion continued, with 59 ongoing North American trials and rapid growth in Australia, New Zealand and EMEA.

Tigermed reiterates its strategy of deepening AI-driven clinical research capabilities, expanding global operations and pursuing selective acquisitions while maintaining financial flexibility.