Sinopharm Holdings (01099) fell by more than 10% after the results. As of press release, it was down 8.03% to HK$19.82, with a turnover of HK$113 million.
The Zhitong Finance App learned that Sinopharm Holdings (01099) fell by more than 10% after the results. As of press release, it fell 8.03% to HK$19.82, with a turnover of HK$113 million.
According to the news, Sinopharm Holdings announced its results for the first quarter of 2024, with total revenue of about 147.266 billion yuan, an increase of 1.2% year on year; net profit attributable to owners of the parent company was about 1.42 billion yuan, a decrease of 10.7% year on year. Damo previously pointed out that the company's 2024-2030 profit forecast was lowered by 3%-6%, mainly due to lower sales and gross margin for drug distribution, but the rating still “increased”. The reasons include that the company, as a state-owned enterprise, is the only pharmaceutical dealer owned by the central government, is in a leading position among mainland drug distributors, has a national scale, and can provide a strong safety net.