Core Viewpoint - The report from Credit Lyonnais indicates that the Chinese innovative drug market is expected to improve in the first half of 2025, leading to an 83% increase in the stock price of Tigermed since the beginning of the year [1] Group 1: Market Conditions - The current bull market is anticipated to enhance biotechnology financing, suggesting a positive outlook for Tigermed's investment returns, which are expected to surpass its core clinical service fees [1] - The second quarter sales of Tigermed are projected to show single-digit year-on-year growth, contrasting with a year-on-year decline observed over the previous five quarters [1] Group 2: Financial Projections - Operating profit margins are expected to fluctuate quarterly, with new orders anticipated to improve on a quarterly basis starting from the second quarter [1] - The revenue and operating profit forecasts for Tigermed from 2025 to 2027 remain unchanged, with revenue growth expected between 7% and 9% [1] - Net profit estimates have been raised by 31%, 30%, and 30% for the respective years, with the target price adjusted from HKD 34.2 to HKD 62.6, maintaining an "outperform" rating [1]

Group 1 - The core viewpoint highlights a strong performance in the Chinese innovative pharmaceutical sector, with the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index rising by 2.72% as of June 12, 2025, driven by significant gains in constituent stocks such as Rongchang Bio (+17.55%) and BeiGene (+8.00%) [1] - A total of 53 new drugs were approved in China from the beginning of 2025 to the end of May, including 30 domestic innovative drugs and 23 imported ones, covering various therapeutic areas such as oncology and rare diseases [1] - The Chinese innovative drug market is projected to reach nearly 550 billion RMB in 2024, with an expected explosive growth driven by business development (BD) revenues from 2025 to 2027, and is anticipated to exceed 2 trillion RMB by 2030 [1] Group 2 - The Sci-Tech Innovation Board Biopharmaceutical Index consists of 50 large-cap companies from various sectors, including biopharmaceuticals and biomedical engineering, reflecting the overall performance of representative companies in the industry [2] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 51.6% of the total index weight, with companies like United Imaging Healthcare and BeiGene among the leading constituents [2]