Government News
Bulk of Shanghai-Traded Firms Report Third-Quarter Profit Growth 2022-10-19
Bulk of Shanghai-Traded Firms Report Third-Quarter Profit Growth
Ninety-six percent of the firms listed on the Shanghai Stock Exchange that have so far made public third-quarter earnings had grown their profits from a year earlier.
Of the 165 businesses that have reported, 159 logged profit gains in the three months ended Sept. 30, according to their latest earnings reports.
Most were firms in the new energy, automotive, pharmaceutical, and biological sectors. Some 129 of them saw their net profit jump more than 30 percent, with 102 posting gains of over 50 percent.
Companies in the transport, electricity, extractives, machinery, and defence fields also notched up gains.
Benefiting from the rapid development of the new energy industry, nearly 20 firms in the power equipment industry had profit growth. More than half of them doubled their earnings.
In the first three quarters of the year, the auto industry began to recover, driven by a series of policies to promote car buying and steady growth. Auto parts makers also performed well.
SAIC Motor and GAC Group reported both higher production and sales. SAIC sold 517,100 vehicles last month, setting a record monthly high for this year. GAC’s sales soared over 20 percent in the first three quarters from a year ago.
The pharmaceutical research and development and manufacturing outsourcing services ushered in a prosperous period because of the continuous growth in demand for drug R&D and innovation.
Drug developer Wuxi AppTec expects net profit to have more than doubled in the first three quarters, while Jiuzhou Pharmaceutical expects net profit to have jumped between 55 percent and 60 percent.
Many drugmakers, Chinese traditional medicine businesses, and pharmacies also had growth. Huahai Pharmaceutical’s net profit likely soared 300 percent in the first nine months, while traditional medicine makers such as Shouxiangu Pharmaceutical and Mayinglong Pharmaceutical Group predicted double-digit growth.
Source: Yicai
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