Jincheng Pharmaceutical Posts Higher Q3 Revenue but Lower Profit, Subsidiary’s Nicotine Business for

Jincheng Pharmaceutical (SZ300233), listed on the Shenzhen Stock Exchange, released its Q3 2023 financial report, showing a revenue of 863 million yuan for the third quarter, a year-on-year increase of 16.77%; net profit was 30.77 million yuan, a year-on-year decrease of 21.95%; and net profit excluding non-recurring items was 26.72 million yuan, a year-on-year decrease of 21.17%.

On October 24, Jincheng Pharmaceutical announced its Q3 2023 financial report, with a revenue of 863 million yuan for the third quarter, a year-on-year increase of 16.77%; net profit was 30.77 million yuan, a year-on-year decrease of 21.95%; and net profit excluding non-recurring items was 26.72 million yuan, a year-on-year decrease of 21.17%.

Announcement | Source: Jincheng Pharmaceutical  

The report shows that Jincheng Pharmaceutical's revenue for the first three quarters of 2023 was 2.569 billion yuan, a year-on-year decrease of 0.87%, with a net profit of 132 million yuan, a year-on-year decrease of 48.73%, and net profit excluding non-recurring items of 119 million yuan, a year-on-year decrease of 52.81%, with basic earnings per share of 0.34 yuan.

The report mentions that the company's wholly-owned subsidiary, Shandong Jincheng Pharmaceutical Chemical Co., Ltd., received the "Tobacco Monopoly Production Enterprise License" from the National Tobacco Monopoly Administration in July 2023 (for the production of nicotine for electronic cigarettes).

It stated that the newly obtained "Tobacco Monopoly Production Enterprise License" has changed the production scale, scope of permission, and validity period defined in the original certificate, allowing the company to legally engage in the domestic sales and export of nicotine for electronic cigarettes, with a production scale not exceeding the data approved by the National Tobacco Monopoly Administration, and the validity period extended to June 30, 2025.