TIGERMED (03347) surged over 6% during trading, and as of press time, the stock price gained 5.39% to HK$47.68, with turnover reaching HK$88.91 million.

CITIC Securities Investment Banking released a research report noting that TIGERMED continues to strengthen its global presence and service capabilities, maintaining substantial teams across the United States, Europe, the Middle East, Africa, Japan, and South Korea. In the first half of the year, the company's domestic core business revenue reached 1.638 billion yuan, down 10.1% year-over-year, while overseas core business revenue totaled 1.541 billion yuan, up 4.6% year-over-year. The overseas revenue growth primarily benefited from the company's continued deepening of global expansion and enhanced service capabilities, ongoing overseas business development, accelerated internationalization process, and sustained rapid growth in overseas clinical operations, with clinical trial technical services generating increased overseas revenue year-over-year. In July 2025, the company announced the acquisition of Japanese CRO company Micron. This acquisition brings a mature local Japanese team to the company, expanding customer coverage in Japan and the Asia-Pacific region while enhancing imaging analysis business capabilities and industry influence.

The firm further indicated that in the first half of the year, the company's overseas clinical operations business demonstrated rapid growth trends, with clinical operations revenue in North America maintaining sustained rapid growth. The second half of this year is expected to see significant contributions from new contract signings. Beyond clinical operations, the clinical registration business within the segment showed marked recovery in the first half, with revenue growing over 20% year-over-year, and this growth momentum is expected to continue, primarily benefiting from recovering front-end demand, particularly domestic and overseas IND-related requirements. Notably, in the first half of the year, the company established a data governance team and progressively launched multiple digital products including customer management, project operations, and personnel management systems, effectively advancing digital management. The company plans to comprehensively implement data governance initiatives and integrate AI technology to further enhance digitalization levels.