Summary by Futu AI
Petropharmaceutical Innovative Pharmaceutical Co., Ltd., a subsidiary of the PDO Group, announced its first quarter financial report for 2024 showing key financial data for the three months ended 31 March 2024. DURING THE REPORTING PERIOD, PETROLEUM INNOVATION REVENUE DECREASED 27.08% TO RMB524,066,868.93 COMPARED TO THE SAME PERIOD LAST YEAR; NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF LISTED COMPANIES DECREASED 38.86% TO RMB79,061,260.62; AND NET PROFIT AFTER NON-RECURRING LOSSES DECREASED 56.44%. The net cash flow generated by operating activities also showed a significant decrease of -429.29%. Total assets and shareholders' equity belonging to listed company shareholders decreased by 13.45% and increased by 1.00%, respectively. Petrol Innovation noted that the decline in revenue and profit was mainly due to lower caffeine product prices and Bio-Innovative Pharmaceuticals subsidiary StoneBios, which is still in the R&D phase, and has not contributed to revenue and profit. THE PETROLEUM GROUP ISSUED THIS ANNOUNCEMENT ON 23 APRIL 2024 AND REMINDS SHAREHOLDERS AND GENERAL INVESTORS TO THE ATTENTION OF SHAREHOLDERS AND PUBLIC INVESTORS.