TIGERMED (03347) fell more than 5% during the late trading session. At the time of writing, the stock was down 4.85% to HK$51, with a turnover of HK$130 million. The company recently announced its forecast for 2025, projecting revenue between RMB 6.66 billion and RMB 7.68 billion, representing a year-on-year increase of 1% to 16%. Net profit attributable to shareholders is expected to be in the range of RMB 830 million to RMB 1.23 billion, up 105% to 204% compared to the previous year. However, adjusted net profit, which excludes non-recurring gains and losses, is estimated to be approximately RMB 330 million to RMB 490 million, marking a decline of 61% to 43%. The growth in current period performance is primarily driven by investment income and fair value changes of financial assets, rather than the core clinical CRO business. A research report from CLSA noted that while TIGERMED's order situation has improved, the market is more focused on the company's efficiency in converting orders into revenue and its ability to monetize investments. The report suggested that short-term positive factors have already been reflected in the stock price, and the risk-reward balance is now even. The institution lowered its profit forecast for TIGERMED for the 2027 fiscal year by 7%, citing increased uncertainty in long-term investment returns.