Chinese CRO industry is setting off – the continued pandemic may bring the most potential to this industry.
Tigermed (300347:SH), the Chinese tier-one contract research organization just published its semi-annual financial report, disclosing revenue of CNY 1,452 million and net profits of CNY 1,012 million, 9.3% and 98% higher respectively.
With 17 overseas operational sites and offices, the company has carried out over 100 overseas clinical research projects. Its technology services for clinical research contributed CNY 710 million and laboratory research services CNY 740 million.
The company's major competitor WuXi AppTec (603259.SH;2359.HK), the tier-one CRO in China, reached a total revenue of CNY 7,231 million and profits of CNY 1,717 million, at 22.7% and 62.5% respectively. Not only these two benchmark companies have performed well, the whole biotechnology-based CRO industry in China is on the up wind.