BOC International released a research report stating that TIGERMED's (03347) first-half performance reflects the ongoing challenges facing China's biotechnology industry, where weak demand and financing constraints have impacted project volumes and pricing. While profitability has contracted, overseas business expansion has helped mitigate some of the adverse effects. Looking ahead, a recovery in domestic financing and new overseas orders may support gradual performance improvement, though the timing remains uncertain. The firm maintains a "BUY" rating on the stock with a target price raised from HK$40 to HK$51.