Tigermed 4000-word in-depth research report

$TIGERMED(03347.HK)$WUXI APPTEC(02359.HK) $Pharmaron(300759.SZ) Research on Tigermed focuses on the earnings recovery of the clinical CRO leader and the potential of its AI SaaS second growth curve.
🎯 Domestic leader in clinical CRO (innovative drug Phase I-IV clinical trial services), focusing on high-value-added clinical execution with a project-based service model. AI SaaS (e.g., Patient Finder) is the new growth engine.
🔍 Strong resource barriers with partnerships in 1,000+ local hospitals. AI tool Tigris AI reduces trial cycles to 14.8 months (industry average: 19.3 months) and improves efficiency by 30%. Patient Finder serves over 1,200 institutions, showing early network effects.
📈 Financials show "low-risk, weak profitability"—debt-to-asset ratio at 15.93% in 2025Q2, current ratio at 1.83, with positive free cash flow. However, 2024 revenue fell 10.6%, ROE dropped from 16.79% in 2021 to 1.94% in 2024, and gross margin was 30.14% in 2025Q2 (vs. 47.43% in 2020). Net profit plunged 80% YoY in 2024.
💰 AI SaaS subscription services are a new growth driver, with Patient Finder revenue at ¥820M in 2024 (+210% YoY), featuring high margins and recurring revenue potential to improve profitability.
Currently in early-stage earnings recovery; monitor gross/net margin stabilization and AI progress.