On August 2, GLONGHUO PHARMACEUTICAL GROUP (01110.HK) announced that the company expects the profit for the six months ending June 30, 2023 to increase by about 35% to 40% over the profit of RMB 35.1 million in the same period last year.
The Board believes that the increase in the Group's profit was mainly due to the cancellation of control measures against the novel coronavirus (COVID-19) epidemic, which caused the market to recover during the period compared to the previous period, resulting in (i) an increase of about 30% to 35% and 15% to 20% respectively in the Chinese distribution business of branded imported pharmaceuticals and health care products; and (ii) it should account for an increase of about 55% to 60% in the profit of a joint venture.