Zhi Tong Cai Jing·2026-02-12 07:18Core Viewpoint - Tiger Med (300347) (03347) experienced a significant decline in stock price, dropping over 5% towards the end of trading, with a current price of 51 HKD and a trading volume of 130 million HKD [1] Financial Performance - Tiger Med announced an expected revenue of 6.66 billion to 7.68 billion RMB for 2025, representing a year-on-year growth of 1% to 16% [1] - The net profit attributable to shareholders is projected to be between 830 million to 1.23 billion RMB, indicating a substantial year-on-year increase of 105% to 204% [1] - However, the net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around 330 million to 490 million RMB, reflecting a year-on-year decline of 61% to 43% [1] Business Drivers - The growth in performance is primarily attributed to investment income from financial assets and changes in fair value, rather than driven by 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] - Due to short-term favorable factors already reflected in the stock price, Citi believes that the risk and return have reached a balance [1] - The firm has lowered its earnings forecast for Tiger Med for the fiscal year 2027 by 7% to account for increased uncertainty regarding long-term investment returns [1]