HK Stock Market Move | Pharmaceutical Company Zhongsheng (01177) fell by more than 5% after its performance report, with the revenue growth of innovative products exceeding expectations. In the first half of the year, revenue increased by more than 10% year-on-year.

China Resources Pharmaceutical Group (01177) fell more than 5% after its performance announcement, with a 5.31% decrease to HK$7.49 at the time of writing, with a trading volume of HK$8.03 billion. On the news front, China Resources Pharmaceutical announced its interim performance up to the end of June this year, with revenue of 17.575 billion RMB, a year-on-year increase of 10.7%; net profit of 3.389 billion RMB, a year-on-year increase of 12.3%; and earnings per share of 18.82 cents. It declared an interim dividend of 5 HK cents, compared to 3 HK cents in the same period last year. China International Capital Corporation stated that the company's first-half performance exceeded expectations, mainly due to the faster-than-expected growth in revenue from innovative products and dividend income. Citigroup released a research report stating that China Resources Pharmaceutical's first-half profit and revenue were higher than expected, with a 27% year-on-year growth in sales of innovative products to 7.8 billion RMB. Management expects the sales of innovative products in the 2025 fiscal year to grow by 25% annually and maintains a double-digit growth target for revenue and net profit for the 2025 fiscal year. The management of China Resources Pharmaceutical expects more than 19 new products to be approved in the next three years, with many products having sales potential exceeding 2 billion RMB. Management is also confident in the licensing potential of innovative candidate formulations including TQC3721 (PDE3/4).