BEIJING, July 14 (Xinhua) -- Listed companies in China's pig farming and biopharmaceutical industries reported strong profit growth in the first half of the year despite economic headwinds, Shanghai Securities News reported.
Boosted by surging hog prices and expanding farming scale, companies related with hog production saw sharp profit growth during the January-June period. The net profit of Fujian Aonong Biological Technology Group Inc., Ltd. jumped 1,539.7 percent year on year to 351 million yuan (about 50.15 million U.S. dollars) in H1.
Top pig farmer Wens Foodstuff Group Co., Ltd. forecast net profit growth of between 189.24 percent and 207.32 percent for the half-year period.
Since last year, China has implemented a string of policies to encourage hog production and stabilize pork prices affected by African swine fever and other factors.
Companies producing medical supplies and involved in the fight against the novel coronavirus also reported robust profit growth, according to the paper.
Shandong Dawn Polymer Co., Ltd., which produces melt-blown fabric, a key material for making masks, expected net profit growth of between 560 percent and 680 percent for the first half of the year.
On the back of strong demand for diagnostic kits, the net profit of biotech company BGI Genomics Co., Ltd. was predicted to expand by 672.83 percent to 723.35 percent.
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