# Hangzhou Tigermed Consulting (300347.SHE)

Canonical: https://gigainvestors.com/s/300347.SHE

Analysis as of: 2026-10-16T07:36:48.070Z. Financial observations: FY2009–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 52.06 per share; close as of 2026-10-15.

Estimated value: low CNY 27.16 per share, central CNY 33.11 per share, high CNY 38.30 per share. Buy at or below the central value CNY 33.11 per share. Valuation as of 2026-10-16T07:36:48.070Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.61×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.25×

- FY2018: 0.26×

- FY2019: 0.39×

- FY2020: 0.70×

- FY2021: 0.71×

- FY2022: 0.36×

- FY2023: 0.34×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 13.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 24.6%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: 13.9 pp

- Typical gross margin (annual median): 41.3%

- Recent gross margin (lower of latest and 3-year median): 27.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 13.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.7%

- FY2017: 29.5%

- FY2018: 27.5%

- FY2019: 48.8%

- FY2020: 42.3%

- FY2021: 39.3%

- FY2022: 19.2%

- FY2023: 15.8%

- FY2024: 2.5%

- FY2025: 3.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 7.7B

- Net income, five-year total: CNY 8.2B

- Return on incremental invested capital: 23.1%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: 0.4 pp

- Working capital / revenue, final three-year average: 39.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 0.96×

- FY2023: 0.93×

- FY2024: 0.48×

- FY2025: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 27.5% vs 3.1%

- Per-share earnings: 0.23 to 1.04 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.5%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: CNY 36B

- Cumulative retained earnings: CNY 8.9B

- Diluted shares, 10-year annual growth: 2.5%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.5%

- Per-share value change: CNY 0.81

- Per-share value, starting three-year median: CNY 0.23

- Per-share value, ending three-year median: CNY 1.04

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.5%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 3.3B

- Cumulative net income, 10 years: CNY 12B

- ROIC, first three-year median: 27.5%

- ROIC, last three-year median: 3.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.20

- FY2017: CNY 0.42

- FY2018: CNY 0.63

- FY2019: CNY 1.11

- FY2020: CNY 2.01

- FY2021: CNY 3.32

- FY2022: CNY 2.32

- FY2023: CNY 2.34

- FY2024: CNY 0.47

- FY2025: CNY 1.04

### accounting: pass

- Sloan accruals: -0.8%

- Receivables to sales index (DSRI): 0.34×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.1%

- FY2017: -0.4%

- FY2018: -1.1%

- FY2019: 4.2%

- FY2020: 3.9%

- FY2021: 6.1%

- FY2022: 2.4%

- FY2023: 2.9%

- FY2024: -2.4%

- FY2025: -0.8%

## Holders

## Price story

Down 69% since Oct 2021 · sales +3.5%

Story as of 2026-10-16T10:00:08.091Z; price observation 2026-10-15.

Price needs cash profits to grow 8.9% a year for ten years

### Sales · FY2024–2025

sales +3.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.2B 

- FY2017: CNY 1.7B 

- FY2018: CNY 2.3B 

- FY2019: CNY 2.8B 

- FY2020: CNY 3.2B 

- FY2021: CNY 5.2B 

- FY2022: CNY 7.1B 

- FY2023: CNY 7.4B 

- FY2024: CNY 6.6B 

- FY2025: CNY 6.8B 

### Gross margin · FY2025

gross margin 27.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 38.0% 

- FY2017: 42.9% 

- FY2018: 43.1% 

- FY2019: 46.5% 

- FY2020: 47.4% 

- FY2021: 43.6% 

- FY2022: 39.6% 

- FY2023: 38.5% 

- FY2024: 34.0% 

- FY2025: 27.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diagnostics & research; annual sales are CNY 6.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2025: revenue 6832800615.35; grossProfit 1873194299.58; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300347.SHE: Hangzhou Tigermed Consulting Co., Ltd, together with its subsidiaries, provides contract research organization services in the People's Republic of China and internationally. The company offers clinical trial operation services, such as clinical pharmacology, registration and regulatory affairs, scientific affairs, medical translation, pharmacovigilance, real-world research, third-party auditing and training, etc. for innovative drugs, generic drugs, and medical devices, as well as supporting services directly related to clinical trials, including clinical operation, clinical trials, and clinical trials management. It also provides clinical trial related and laboratory services in the drug development process comprising data management and statistical analysis, clinical trial site management, subject recruitment, medical imaging, and laboratory services. In addition, the company offers preclinical development services, including medicinal chemistry, compound screening, DMPK, safety and toxicology, bioanalytical, and formulation research and development services; and clinical development services, such as medical writing, clinical monitoring, regulatory affairs, data management and statistical analysis, decentralized clinical trials, clinical development strategy, site management, medical device/in vitro diagnostics, multi-region clinical trial, and vaccine clinical trial services. Further, it provides medical imaging, pharmacovigilance, medical translation, quality assurance, GMP and medical device consulting, central laboratories, functional services, recruitment management, EDC cloud-based system, and remote follow-up center services; and post-marketing clinical research solutions, such as site identification and selection, central monitoring, project team management, vendor management, and SAS project management services. Hangzhou Tigermed Consulting Co., Ltd was incorporated in 2004 and is headquartered in Hangzhou, the People's Republic of China.

### Why customers stay

Margins ranged from 27.4% to 38.5% during 2023–25; it earns 24.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2023: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2024: grossProfit / revenue = 34%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2025: grossProfit / revenue = 27.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); 10-year return on capital observations [[2016,0.21734008624324846],[2017,0.2947972820623268],[2018,0.2745890716614803],[2019,0.4875896271060945],[2020,0.4231148959230598],[2021,0.3925027949563321],[2022,0.19234299831689156],[2023,0.15766309901180528],[2024,0.02495045195498],[2025,0.03132659640280197]]; median 0.24596457895236437. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 455.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2016: growth capex 26169152; upkeep 35490018; owner earnings 140651986. Growth capex / owner earnings = 0.18605604331815123.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2017: growth capex 15424398; upkeep 30539052; owner earnings 301013939. Growth capex / owner earnings = 0.051241474236181465.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2018: growth capex 33524065; upkeep 58194026; owner earnings 472183934. Growth capex / owner earnings = 0.07099789422314398.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2019: growth capex 59647289; upkeep 43263386; owner earnings 841634825. Growth capex / owner earnings = 0.07087074729827156.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2020: growth capex 63819824.65901008; upkeep 92677488.34098992; owner earnings 1737014805.6590102. Growth capex / owner earnings = 0.03674109423310144.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2021: growth capex 253905235; upkeep 114714358; owner earnings 2792795253.808. Growth capex / owner earnings = 0.0909143749989542.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2022: growth capex 289910789.3; upkeep 158692317; owner earnings 1920172329.8888838. Growth capex / owner earnings = 0.15098165137958036.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2023: growth capex 58576161.29541272; upkeep 255180672.70458728; owner earnings 1879107318.9582152. Growth capex / owner earnings = 0.03117233417402024.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2024: growth capex 0; upkeep 356554496; owner earnings 195984687.75601014. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2025: growth capex 0; upkeep 214369102.48; owner earnings 928064495.466. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); Dividend observations: [[2016,59121705],[2017,62347312],[2018,126648942],[2019,174638411],[2020,271300822],[2021,261721027],[2022,432462951],[2023,589866946],[2024,642156083],[2025,343659038.48]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); FY2025: cash repurchases 455496323.815 CNY.

### Are managers owners

Insiders own 32.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300347.SHE SharesStats.PercentInsiders = 32.272 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.9% yearly over ten years; actual growth was 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.070Z); Ten-year compound average after fade. Initial solved rate 0.11462628732662361. Price 52.06; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.23349569174820745 → FY2025 1.087056946604257. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 20.39 per share

- 2016-11: CNY 19.35 per share

- 2016-12: CNY 18.01 per share

- 2017-01: CNY 15.85 per share

- 2017-02: CNY 16.73 per share

- 2017-03: CNY 17.11 per share

- 2017-04: CNY 16.95 per share

- 2017-05: CNY 16.19 per share

- 2017-06: CNY 16.13 per share

- 2017-07: CNY 17.34 per share

- 2017-08: CNY 17.75 per share

- 2017-09: CNY 19.31 per share

- 2017-10: CNY 21.17 per share

- 2017-11: CNY 20.32 per share

- 2017-12: CNY 23.45 per share

- 2018-01: CNY 25.28 per share

- 2018-02: CNY 26.19 per share

- 2018-03: CNY 35.81 per share

- 2018-04: CNY 40.15 per share

- 2018-05: CNY 38.09 per share

- 2018-06: CNY 41.25 per share

- 2018-07: CNY 40.01 per share

- 2018-08: CNY 35.94 per share

- 2018-09: CNY 35.81 per share

- 2018-10: CNY 28.41 per share

- 2018-11: CNY 32.41 per share

- 2018-12: CNY 28.50 per share

- 2019-01: CNY 29.00 per share

- 2019-02: CNY 37.50 per share

- 2019-03: CNY 44.20 per share

- 2019-04: CNY 45.03 per share

- 2019-05: CNY 44.35 per share

- 2019-06: CNY 51.40 per share

- 2019-07: CNY 50.05 per share

- 2019-08: CNY 61.00 per share

- 2019-09: CNY 62.05 per share

- 2019-10: CNY 68.30 per share

- 2019-11: CNY 62.80 per share

- 2019-12: CNY 63.15 per share

- 2020-01: CNY 73.30 per share

- 2020-02: CNY 76.50 per share

- 2020-03: CNY 64.04 per share

- 2020-04: CNY 77.02 per share

- 2020-05: CNY 85.03 per share

- 2020-06: CNY 101.85 per share

- 2020-07: CNY 107.90 per share

- 2020-08: CNY 112.40 per share

- 2020-09: CNY 102.95 per share

- 2020-10: CNY 123.25 per share

- 2020-11: CNY 114.00 per share

- 2020-12: CNY 161.61 per share

- 2021-01: CNY 167.39 per share

- 2021-02: CNY 140.58 per share

- 2021-03: CNY 150.11 per share

- 2021-04: CNY 156.51 per share

- 2021-05: CNY 174.99 per share

- 2021-06: CNY 193.30 per share

- 2021-07: CNY 157.60 per share

- 2021-08: CNY 134.08 per share

- 2021-09: CNY 174.00 per share

- 2021-10: CNY 170.40 per share

- 2021-11: CNY 137.28 per share

- 2021-12: CNY 127.80 per share

- 2022-01: CNY 103.27 per share

- 2022-02: CNY 101.78 per share

- 2022-03: CNY 107.60 per share

- 2022-04: CNY 89.55 per share

- 2022-05: CNY 85.92 per share

- 2022-06: CNY 114.45 per share

- 2022-07: CNY 101.99 per share

- 2022-08: CNY 108.35 per share

- 2022-09: CNY 91.18 per share

- 2022-10: CNY 83.35 per share

- 2022-11: CNY 88.60 per share

- 2022-12: CNY 104.80 per share

- 2023-01: CNY 116.30 per share

- 2023-02: CNY 115.46 per share

- 2023-03: CNY 95.71 per share

- 2023-04: CNY 90.96 per share

- 2023-05: CNY 80.80 per share

- 2023-06: CNY 64.54 per share

- 2023-07: CNY 68.80 per share

- 2023-08: CNY 66.58 per share

- 2023-09: CNY 66.60 per share

- 2023-10: CNY 66.70 per share

- 2023-11: CNY 62.11 per share

- 2023-12: CNY 54.97 per share

- 2024-01: CNY 40.60 per share

- 2024-02: CNY 45.05 per share

- 2024-03: CNY 53.15 per share

- 2024-04: CNY 59.11 per share

- 2024-05: CNY 53.93 per share

- 2024-06: CNY 48.60 per share

- 2024-07: CNY 53.56 per share

- 2024-08: CNY 50.87 per share

- 2024-09: CNY 68.99 per share

- 2024-10: CNY 62.85 per share

- 2024-11: CNY 64.66 per share

- 2024-12: CNY 54.62 per share

- 2025-01: CNY 49.00 per share

- 2025-02: CNY 56.69 per share

- 2025-03: CNY 50.81 per share

- 2025-04: CNY 44.61 per share

- 2025-05: CNY 49.54 per share

- 2025-06: CNY 53.32 per share

- 2025-07: CNY 68.11 per share

- 2025-08: CNY 63.51 per share

- 2025-09: CNY 58.00 per share

- 2025-10: CNY 59.88 per share

- 2025-11: CNY 51.01 per share

- 2025-12: CNY 56.70 per share

- 2026-01: CNY 63.01 per share

- 2026-02: CNY 59.64 per share

- 2026-03: CNY 53.83 per share

- 2026-04: CNY 55.20 per share

- 2026-05: CNY 39.45 per share

- 2026-06: CNY 48.00 per share

- 2026-07: CNY 49.99 per share

- 2026-08: CNY 52.79 per share

- 2026-09: CNY 58.40 per share

- 2026-10: CNY 54.32 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 4.47 per share, central CNY 4.98 per share, high CNY 5.67 per share

- FY2017: low CNY 5.45 per share, central CNY 6.09 per share, high CNY 6.94 per share

- FY2018: low CNY 6.89 per share, central CNY 7.72 per share, high CNY 8.82 per share

- FY2019: low CNY 11.70 per share, central CNY 15.55 per share, high CNY 17.79 per share

- FY2020: low CNY 21.83 per share, central CNY 26.22 per share, high CNY 28.77 per share

- FY2021: low CNY 34.32 per share, central CNY 44.84 per share, high CNY 50.96 per share

- FY2022: low CNY 41.34 per share, central CNY 55.67 per share, high CNY 64.02 per share

- FY2023: low CNY 42.79 per share, central CNY 57.72 per share, high CNY 66.41 per share

- FY2024: low CNY 26.08 per share, central CNY 31.03 per share, high CNY 35.81 per share

- FY2025: low CNY 23.98 per share, central CNY 27.05 per share, high CNY 31.14 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:28.762Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.