Summary by Futu AI
The Petrochemical Group announced on 27 May 2024 its quarterly results for the three months ended 31 March 2024. The report showed that the Group's total revenue reached RMB89.83 billion, up 11.5% year-on-year. Among them, pharmaceutical business revenue grew 17.7% to RMB75.61 billion, raw materials business revenue decreased 8.0% and functional food and other business revenue decreased 21.0%. Shareholders accounted for an underlying profit of RMB17.24 billion, an increase of 11.6%, while the financial statements showed a profit of RMB16.13 billion, an increase of 12.9%. Basic and diluted earnings per share were RMB14.55. R&D expenses totaled RMB11.69 million, accounting for 15.5% of pharmaceutical revenues, and more than 60 key products are in the clinical or filing phase of research drugs. In addition, the Company has received several clinical trial batches and drug registration batches in China and North America in early 2024 to date. The company is also actively applying for patents. As of April 30, 2024, a total of 174 PCT international applications were submitted, 1,856 patent applications and 921 were granted patent licenses.