智通财经网·2026-02-12 07:17Core Viewpoint - Tiger Med (03347) experienced a decline of over 5% in its stock price, closing at HKD 51, with a trading volume of HKD 130 million [1] Financial Performance - Tiger Med expects to achieve revenue of HKD 6.66 billion to HKD 7.68 billion in 2025, representing a year-on-year growth of 1% to 16% [1] - The net profit attributable to shareholders is projected to be between HKD 830 million and HKD 1.23 billion, indicating a significant year-on-year increase of 105% to 204% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is estimated to be around HKD 330 million to HKD 490 million, reflecting a year-on-year decline of 61% to 43% [1] Business Drivers - The growth in performance is primarily driven by investment income and changes in fair value of financial assets, rather than the core clinical CRO business [1] Market Sentiment - Citi's report indicates that while Tiger Med's order situation has improved, the market is more focused on the company's order conversion efficiency and investment realization capability [1] - The short-term positive factors have already been reflected in the stock price, leading to a belief that the risk and return have reached a balance [1] - Citi has downgraded Tiger Med's earnings forecast for the fiscal year 2027 by 7% to account for increased uncertainty regarding long-term investment returns [1]