What's New from Citi 2026 China Conference: Good order trend continues

We invited Tigermed's Head of Capital Markets Huang Xin to Citi's China Investor Conference on Nov 12. We remain positive on top-line growth acceleration and continuous gross margin recovery in 2027, along with further price lift potential. New booking reached ~Rmb8.5bn in 9M26, up 25-30% yoy, and management expects the momentum to remain strong in 4Q26 with encouraging visibility into next year's orders. Overall project price lift approached ~10% yoy recently, and management targets ~20% new booking growth in 2027 with further price increase potential. Tigermed is gaining share, and its price gap versus smaller Chinese players continues to widen. The company is winning more early-stage (before proof-of-concept) MNC trials valued at roughly US$1mn each, and more Ph4 studies in China, with MNC share of the order book still rising. Excluding pass-through fees, gross margin is improving toward ~30% in 2027 and 30-35% later, and the Frontage divestiture should also lift blended margin. Ove