[Today's Guide]
○ De-capacity in coal and steel industries takes effect, various companies turned deficit into profits
○ Two ministries to support R＆D of Internet of Things, special projects implemented for development of the industry
○ Donlinks International Investment buys three companies in cash, Chengfei Integration Technology to increase investment in lithium battery through private placement
○ Actual controller of Huaren Pharm. changes, Nantian Electronics Information acquires music firm in cash
TOP
[SSN Focus]
○ De-capacity in coal and steel industries takes effect as various companies turned deficit into profits in the interim report
------
In the evening of July 11, China Coal Energy Company Limited (601898.SH) announced that its estimated net profits in the first half year was 350 million yuan to 520 million yuan, primarily benefiting from the steady price hike of coal, and the company has turned deficit into profits in comparison with last year; Jiangsu Shagang Co., ltd. (002075.SZ) has greatly revised upwardly its interim performance forecast from the estimation of 15 million yuan to 25 million yuan as set out in the Q1 report to 50 million yuan to 75 million yuan, due to the price hike of steel in Q2. Except the aforesaid two companies, other coal and steel enterprises such as Huolinhe Opencut Coal Industry Corporation Limited of Inner Mongolia (002128.SZ), Gansu Jiu Steel Group Hongxing Iron ＆ Steel Co., ltd. (600307.SH) and Angang Steel Company Limited (000898.SZ) have also announced to revise upwardly their performance forecast or interim performance growth.
Comment: this year, various authorities and local governments have introduced intense supporting policies to advance de-capacity in coal and steel industries. Investigations show that following months of implementation of such policies, the production output of coal has substantially declined. The inventory, which has been low since the beginning of the year, does not rise up till now. The inventory of steel is also decline in general. Huatai Securities' research report shows that some high-quality coal enterprises have already gained profit margin under current price. The logic of surge of coal sector could be deemed to have transformed from policy support to the drive from the improvement of fundamentals. Rebuilding after the floods in southern China is also expected to drive the demand for iron and steel.
[SSN Selection]
○ The spokesperson of the Ministry of Foreign Affairs on July 11 indicated that South Korea is involved in the changed situation where regional strategic balance is broken, primarily due to the Terminal High Altitude Air Defense (THAAD).
○ Data from China Automobile Industry Association (CAIA) shows that the sales volume of blade electric vehicles (BEV) in the first half year has increased by 162 percent year on year. The sales volume in the second half year is expected to be higher than that in the first half year due to subsidy policies.
○ Pilot works of charge and battery swap service information exchange series standard for electric automobile have started in Beijing recently. It is learnt that Shenzhen Clou Electronics Co., Ltd. (002121.SZ) and Qingdao TGOOD Electric Co., Ltd. (300001.SZ) will participate in the pilot works.
○ China International Travel Service Corporation Limited (601888.SH) will be overall merged into The China National Travel Service (HK) Group Corporation (00308.HK) and becomes a subsidiary of the latter. The State Council has approved the integration.
○ The Shenzhen Stock Exchanges has issued the weekly regulatory review, focusing on monitoring of stocks such as China Vanke Co., Ltd. (000002.SZ) and Jiangxi Huangshanghuang Group Food Co., Ltd. (002695.SZ).
TOP
[Industry Information]
○ Two ministries to support R＆D of Internet of Things, special projects implemented for development of the industry
------
On July 11, the 2016 international open Internet of things application technology and standard summit and W3C world-wide-web of Internet of things working group meeting were held in Beijing. Relevant officials from the Ministry of Technology indicated at the meeting that in the key R＆D plans vigorously advanced by the ministry of technology, special projects such as Internet of things and smart city are expected to be started during the year. Officials from the Ministry of Industry and Information Technology (MIIT) revealed that the MIIT will continue to support the development of various industrial technology alliances of Internet of things, to effectively integrate collaborative innovation of upstream and downstream industrial chains.
Comment: the implementation of key special projects will promote the industrialization of Internet of things. According to the current policy, high-quality forces of industry-university-research cooperation will work together to tackle difficulties in key special projects and outline an integrated solution. The China Internet of things research and development center estimated that by 2020, the scale of China's Internet of things will be 2 trillion yuan. Institutions believe that Guangdong Eastone Century Technology Co., Ltd. (300310.SZ) have very obvious advantage and excludability by cooperating with Jasper to target the Internet of things connection and management platform of operators. Suntront Technology Co., Ltd. (300259.SZ) focus on NB-IoT by acquiring 51 percent equities of Shenzhen HAC Telecom Technology Co., Ltd. through merger and acquisition fund, accelerating the development of its plan for Internet of things.
○ Gaofen satellites launched consecutively, geomatics industry to gain strong support
------
China News Agency reported that the 36th international geoscience and remote sensing conference was held in Beijing on July 11. Tongxu, head of key special project center of State Administration of Science, Technology and Industry for National Defense, indicated that the Gaofen special project will from the second half year of 2016 to 2017 continue to launch the high performance new types of Gaofen3 and Gaofen5 satellites, to further enrich high resolution remote sensing data types developed by China independently.
Comment: as the Gaofen special project advances, Gaofen satellites can better capture remote sensing data, which are indispensable image data resources for major surveying and mapping engineering and geographic information service. According to national geographic information industry development planning (2014-2020), the total industrial output is expected to exceed 800 billion yuan by 2020 and keep average annual growth of 20 percent.
TOP
[Announcement Interpretation]
○ Chengfei Integration Technology proposes to increase investment in lithium battery business by raising 1.75 billion yuan through private placement
------
Sichuan Chengfei Integration Technology Corp. Ltd. (002190.SZ) proposes to raise 1.75 billion yuan from the controlling shareholder and actual controller Aviation Industry and Corporation of China through private placement. The fundraising will be used for the third phase of the construction project of AICC lithium battery (Luoyang) industrial park and supplementing working capital. The State Administration of Science, Technology and Industry for National Defense has in principle approved matters involving military in the plan. During the trading suspension, military stocks have in general surged.
○ Donlinks International Investment buys three companies in cash, develop passenger vehicle manufacturing
------
Donlinks International Investment Co., Ltd. (000893.SZ) plans to acquire in cash 100 percent equities of Donlinks Group Ltd., 25 percent equities of Guangdong Lizhong Jinshan Alloy Co., Ltd. and 49 percent equities of Guangdong Xudong Casting R＆D Co., Ltd. The counterparty promises that the accumulative net profit of Donlinks Group from 2016-2018 will be no less than 175 million yuan. The net profit of Donlinks Group in 2015 was 31.99 million yuan.
The company previously planned to acquire the above assets by issuing shares, but it makes a cash buyout this time, which will increase its earnings per share, After the deal, Donlinks International Investment will develop the manufacturing of aluminum alloy hub for passenger vehicles to further improve its diversification strategy.
TOP
○ Actual controller of Huaren Pharm. changes, new controlling plans to integrate resources
------
Huaren Century Group Co., Ltd., the controlling shareholder of Huaren Pharmaceutical Co., Ltd. (300110.SZ), transferred 110 million shares and 63,751,400 shares to Guangdong Yong Yue Investment Co., Ltd. and Yong Yue Investment Management Co., Ltd. for 9.53 yuan per share, exactly the same price before Huaren Pharmaceutical suspended trading. Yong Yue Investment Management is a wholly-owned subsidiary of Guangdong Yong Yue Investment. The two companies will hold a total of 26.46 percent equities of Huaren Pharmaceutical, and Zhou Xijian, the controlling shareholder of the two companies will become a new actual controller of Huaren Pharmaceutical. The proportion of shares held by Huaren Century will decrease to 16.14 percent. Zhou Xijian noted that he is full of confidence about stable growth in the healthy industry, and that the company will effectively integrate resources via the listed company.
○ Nantian Electronics Information acquires Karakal Tech for RMB 630 mln to enter music industry
------
Yunnan Nantian Electronics Information Co., Ltd. (000948.SZ) plans to acquire 90 percent equities of Beijing Karakal Technology Co., Ltd. for no more than 630 million yuan in cash. The counterparty promises that the net profit of Karakal Technology from 2016-2018 will be no less than 50 million yuan, 65 million yuan and 75 million yuan, respectively. The net profit of Karakal Technology in 2015 was 22.47 million yuan.
Karakal Technology is mainly engaged in the development and operation of media asset management software and the analysis and treatment of music data. After the deal, Nantian Electronics Information will have quality clients of the target company except for its bank clients.
○ Jinyuan Cement to raise RMB 1.36bln through private placement to develop solid waste treatment
------
Jinyuan Cement Co., Ltd. (000546.SZ) plans to raise 1,362 million yuan by issuing 157 million shares through private placement at 8.65 yuan per share to acquire 58 percent equities of Jiangxi Xinjinye Industrial Co., Ltd. and three solid waste projects. The transaction of Xinjinye Industrial is valued at 620 million yuan. The counterparty promises that the accumulative net profit of Xinjinye Industrial from 2016-2018 will be no less than 323 million yuan. It is learnt that the target company is mainly engaged in the treatment of metal-bearing solid waste and the production and sales of recycling metal.
○ Sunrise Tech raises RMB 1bln to invest in energy Internet
------
Hangzhou Sunrise Technology Co., Ltd. (300360.SZ) plans to raise over one billion yuan by issuing 61 million shares through private placement. The proceeds will be used for the construction of Internet of Things information platform on the energy demand side, the construction of intelligent electric instrument and intelligent electricity distribution and utilization equipment, the construction of intelligent energy technology research institute, the construction of marketing and technology service network and the supplement of working capital.
○ Changgao High Voltage Switchgear plans to acquire Hubei Corporation of China Network Power in cash
------
Hunan Changgao High Voltage Switchgear Group Co., Ltd. (002452.SZ) previously planned to acquire 100 percent equities of Hubei Corporation of China Network Power and 100 percent equities of via private placement and in cash. But it now plans to acquire 100 percent equities of Hubei Corporation of China Network Power for 300 million cash. Hubei Corporation of China Network Power is mainly engaged in the planning and design of electric power projects and EPC. It promises that its net profit from 2016-2018 will be no less than 17.02 million yuan, 22.74 million yuan and 30.32 million yuan. respectively.
[Financial Reports Express]
○ Chase Sun Pharm proposes high share conversion
------
Tianjin Chase Sun Pharmaceutical Co., Ltd. (300026.SZ) forecasts a growth of 20 to 30 percent in its semi-annual report, and 20-for-10 conversion of capital surplus into shares.
○ Zhongtong Bus forecasts growth of 500 pct. in semi-annual report
------
Zhongtong Bus Holding Co., Ltd. (000957.SZ) forecasts a growth of 500 to 530 percent in its semi-annual report mainly due to continuing growth in its main business. Shenzhen Capchem Technology Co., Ltd. (300037.SZ) forecasts a growth of 190 TO 210 percent in its semi-annual report mainly due to well-performing production and sales of lithium battery electrolyte and chemicals. North Huajin Chemical Industries Co., Ltd. (000059.SZ) forecasts a growth of 279 to 300 percent in its semi-annual report mainly due to lower costs. Liao Ning Oxiranchem, Inc. (300082.SZ) forecasts a growth of 215 to 235percent in its semi-annual report mainly due to surging sales of its new chemical materials.
Surfilter Network Technology Co., Ltd. (300311.SZ) forecasts a growth of 250 to 280 percent in its semi-annual report mainly due to integration of the financial statement of Suzhou Tangren Digital Technology Co., Ltd. Beijing Jetsen Technology Co., Ltd. (300182.SZ) forecasts a growth of 252 to 279 percent in its semi-annual report mainly due to integration of the financial statement of its subsidiaries. Lecron Internet Media Industry Co., Ltd. (300343.SZ) forecasts a growth of over 2500 times in its semi-annual report mainly due to integration of the financial statement of three subsidiaries. ShenZhen Yitoa Intelligent Control Co., Ltd. (300131.SZ) forecasts a growth of 25 times in its semi-annual report mainly due to returns on equity transfer.
[Trading Trends]
○ Shanda Wit Science and Technology bought by three institutions
------
The trading volume ranking list on July 11 shows that Shandong Shanda Wit Science and Technology Co., Ltd. (000915.SZ) was bought by three institutions with a total amount of 147 million yuan, accounting for 35.19 percent of its intraday turnover. Another two institutional seats sold 44.33 million yuan.
Comment: The company forecast a growth of 50 to 80 percent in its semi-annual report, higher than market expectations. Institutions believe that its better-than-expected performance mainly benefits from rising market demands for Yikexin Vitamin A and D Drops after the implementation of second-child policy, supplement of inventories and low cardinal number in the same period last year. The company, as a leader in children's drug, will first benefit from growth of newborns, and is expected to maintain a high growth in performance.
TOP
○ De-capacity in coal and steel industries takes effect, various companies turned deficit into profits
○ Two ministries to support R＆D of Internet of Things, special projects implemented for development of the industry
○ Donlinks International Investment buys three companies in cash, Chengfei Integration Technology to increase investment in lithium battery through private placement
○ Actual controller of Huaren Pharm. changes, Nantian Electronics Information acquires music firm in cash
TOP
[SSN Focus]
○ De-capacity in coal and steel industries takes effect as various companies turned deficit into profits in the interim report
------
In the evening of July 11, China Coal Energy Company Limited (601898.SH) announced that its estimated net profits in the first half year was 350 million yuan to 520 million yuan, primarily benefiting from the steady price hike of coal, and the company has turned deficit into profits in comparison with last year; Jiangsu Shagang Co., ltd. (002075.SZ) has greatly revised upwardly its interim performance forecast from the estimation of 15 million yuan to 25 million yuan as set out in the Q1 report to 50 million yuan to 75 million yuan, due to the price hike of steel in Q2. Except the aforesaid two companies, other coal and steel enterprises such as Huolinhe Opencut Coal Industry Corporation Limited of Inner Mongolia (002128.SZ), Gansu Jiu Steel Group Hongxing Iron ＆ Steel Co., ltd. (600307.SH) and Angang Steel Company Limited (000898.SZ) have also announced to revise upwardly their performance forecast or interim performance growth.
Comment: this year, various authorities and local governments have introduced intense supporting policies to advance de-capacity in coal and steel industries. Investigations show that following months of implementation of such policies, the production output of coal has substantially declined. The inventory, which has been low since the beginning of the year, does not rise up till now. The inventory of steel is also decline in general. Huatai Securities' research report shows that some high-quality coal enterprises have already gained profit margin under current price. The logic of surge of coal sector could be deemed to have transformed from policy support to the drive from the improvement of fundamentals. Rebuilding after the floods in southern China is also expected to drive the demand for iron and steel.
[SSN Selection]
○ The spokesperson of the Ministry of Foreign Affairs on July 11 indicated that South Korea is involved in the changed situation where regional strategic balance is broken, primarily due to the Terminal High Altitude Air Defense (THAAD).
○ Data from China Automobile Industry Association (CAIA) shows that the sales volume of blade electric vehicles (BEV) in the first half year has increased by 162 percent year on year. The sales volume in the second half year is expected to be higher than that in the first half year due to subsidy policies.
○ Pilot works of charge and battery swap service information exchange series standard for electric automobile have started in Beijing recently. It is learnt that Shenzhen Clou Electronics Co., Ltd. (002121.SZ) and Qingdao TGOOD Electric Co., Ltd. (300001.SZ) will participate in the pilot works.
○ China International Travel Service Corporation Limited (601888.SH) will be overall merged into The China National Travel Service (HK) Group Corporation (00308.HK) and becomes a subsidiary of the latter. The State Council has approved the integration.
○ The Shenzhen Stock Exchanges has issued the weekly regulatory review, focusing on monitoring of stocks such as China Vanke Co., Ltd. (000002.SZ) and Jiangxi Huangshanghuang Group Food Co., Ltd. (002695.SZ).
TOP
[Industry Information]
○ Two ministries to support R＆D of Internet of Things, special projects implemented for development of the industry
------
On July 11, the 2016 international open Internet of things application technology and standard summit and W3C world-wide-web of Internet of things working group meeting were held in Beijing. Relevant officials from the Ministry of Technology indicated at the meeting that in the key R＆D plans vigorously advanced by the ministry of technology, special projects such as Internet of things and smart city are expected to be started during the year. Officials from the Ministry of Industry and Information Technology (MIIT) revealed that the MIIT will continue to support the development of various industrial technology alliances of Internet of things, to effectively integrate collaborative innovation of upstream and downstream industrial chains.
Comment: the implementation of key special projects will promote the industrialization of Internet of things. According to the current policy, high-quality forces of industry-university-research cooperation will work together to tackle difficulties in key special projects and outline an integrated solution. The China Internet of things research and development center estimated that by 2020, the scale of China's Internet of things will be 2 trillion yuan. Institutions believe that Guangdong Eastone Century Technology Co., Ltd. (300310.SZ) have very obvious advantage and excludability by cooperating with Jasper to target the Internet of things connection and management platform of operators. Suntront Technology Co., Ltd. (300259.SZ) focus on NB-IoT by acquiring 51 percent equities of Shenzhen HAC Telecom Technology Co., Ltd. through merger and acquisition fund, accelerating the development of its plan for Internet of things.
○ Gaofen satellites launched consecutively, geomatics industry to gain strong support
------
China News Agency reported that the 36th international geoscience and remote sensing conference was held in Beijing on July 11. Tongxu, head of key special project center of State Administration of Science, Technology and Industry for National Defense, indicated that the Gaofen special project will from the second half year of 2016 to 2017 continue to launch the high performance new types of Gaofen3 and Gaofen5 satellites, to further enrich high resolution remote sensing data types developed by China independently.
Comment: as the Gaofen special project advances, Gaofen satellites can better capture remote sensing data, which are indispensable image data resources for major surveying and mapping engineering and geographic information service. According to national geographic information industry development planning (2014-2020), the total industrial output is expected to exceed 800 billion yuan by 2020 and keep average annual growth of 20 percent.
TOP
[Announcement Interpretation]
○ Chengfei Integration Technology proposes to increase investment in lithium battery business by raising 1.75 billion yuan through private placement
------
Sichuan Chengfei Integration Technology Corp. Ltd. (002190.SZ) proposes to raise 1.75 billion yuan from the controlling shareholder and actual controller Aviation Industry and Corporation of China through private placement. The fundraising will be used for the third phase of the construction project of AICC lithium battery (Luoyang) industrial park and supplementing working capital. The State Administration of Science, Technology and Industry for National Defense has in principle approved matters involving military in the plan. During the trading suspension, military stocks have in general surged.
○ Donlinks International Investment buys three companies in cash, develop passenger vehicle manufacturing
------
Donlinks International Investment Co., Ltd. (000893.SZ) plans to acquire in cash 100 percent equities of Donlinks Group Ltd., 25 percent equities of Guangdong Lizhong Jinshan Alloy Co., Ltd. and 49 percent equities of Guangdong Xudong Casting R＆D Co., Ltd. The counterparty promises that the accumulative net profit of Donlinks Group from 2016-2018 will be no less than 175 million yuan. The net profit of Donlinks Group in 2015 was 31.99 million yuan.
The company previously planned to acquire the above assets by issuing shares, but it makes a cash buyout this time, which will increase its earnings per share, After the deal, Donlinks International Investment will develop the manufacturing of aluminum alloy hub for passenger vehicles to further improve its diversification strategy.
TOP
○ Actual controller of Huaren Pharm. changes, new controlling plans to integrate resources
------
Huaren Century Group Co., Ltd., the controlling shareholder of Huaren Pharmaceutical Co., Ltd. (300110.SZ), transferred 110 million shares and 63,751,400 shares to Guangdong Yong Yue Investment Co., Ltd. and Yong Yue Investment Management Co., Ltd. for 9.53 yuan per share, exactly the same price before Huaren Pharmaceutical suspended trading. Yong Yue Investment Management is a wholly-owned subsidiary of Guangdong Yong Yue Investment. The two companies will hold a total of 26.46 percent equities of Huaren Pharmaceutical, and Zhou Xijian, the controlling shareholder of the two companies will become a new actual controller of Huaren Pharmaceutical. The proportion of shares held by Huaren Century will decrease to 16.14 percent. Zhou Xijian noted that he is full of confidence about stable growth in the healthy industry, and that the company will effectively integrate resources via the listed company.
○ Nantian Electronics Information acquires Karakal Tech for RMB 630 mln to enter music industry
------
Yunnan Nantian Electronics Information Co., Ltd. (000948.SZ) plans to acquire 90 percent equities of Beijing Karakal Technology Co., Ltd. for no more than 630 million yuan in cash. The counterparty promises that the net profit of Karakal Technology from 2016-2018 will be no less than 50 million yuan, 65 million yuan and 75 million yuan, respectively. The net profit of Karakal Technology in 2015 was 22.47 million yuan.
Karakal Technology is mainly engaged in the development and operation of media asset management software and the analysis and treatment of music data. After the deal, Nantian Electronics Information will have quality clients of the target company except for its bank clients.
○ Jinyuan Cement to raise RMB 1.36bln through private placement to develop solid waste treatment
------
Jinyuan Cement Co., Ltd. (000546.SZ) plans to raise 1,362 million yuan by issuing 157 million shares through private placement at 8.65 yuan per share to acquire 58 percent equities of Jiangxi Xinjinye Industrial Co., Ltd. and three solid waste projects. The transaction of Xinjinye Industrial is valued at 620 million yuan. The counterparty promises that the accumulative net profit of Xinjinye Industrial from 2016-2018 will be no less than 323 million yuan. It is learnt that the target company is mainly engaged in the treatment of metal-bearing solid waste and the production and sales of recycling metal.
○ Sunrise Tech raises RMB 1bln to invest in energy Internet
------
Hangzhou Sunrise Technology Co., Ltd. (300360.SZ) plans to raise over one billion yuan by issuing 61 million shares through private placement. The proceeds will be used for the construction of Internet of Things information platform on the energy demand side, the construction of intelligent electric instrument and intelligent electricity distribution and utilization equipment, the construction of intelligent energy technology research institute, the construction of marketing and technology service network and the supplement of working capital.
○ Changgao High Voltage Switchgear plans to acquire Hubei Corporation of China Network Power in cash
------
Hunan Changgao High Voltage Switchgear Group Co., Ltd. (002452.SZ) previously planned to acquire 100 percent equities of Hubei Corporation of China Network Power and 100 percent equities of via private placement and in cash. But it now plans to acquire 100 percent equities of Hubei Corporation of China Network Power for 300 million cash. Hubei Corporation of China Network Power is mainly engaged in the planning and design of electric power projects and EPC. It promises that its net profit from 2016-2018 will be no less than 17.02 million yuan, 22.74 million yuan and 30.32 million yuan. respectively.
[Financial Reports Express]
○ Chase Sun Pharm proposes high share conversion
------
Tianjin Chase Sun Pharmaceutical Co., Ltd. (300026.SZ) forecasts a growth of 20 to 30 percent in its semi-annual report, and 20-for-10 conversion of capital surplus into shares.
○ Zhongtong Bus forecasts growth of 500 pct. in semi-annual report
------
Zhongtong Bus Holding Co., Ltd. (000957.SZ) forecasts a growth of 500 to 530 percent in its semi-annual report mainly due to continuing growth in its main business. Shenzhen Capchem Technology Co., Ltd. (300037.SZ) forecasts a growth of 190 TO 210 percent in its semi-annual report mainly due to well-performing production and sales of lithium battery electrolyte and chemicals. North Huajin Chemical Industries Co., Ltd. (000059.SZ) forecasts a growth of 279 to 300 percent in its semi-annual report mainly due to lower costs. Liao Ning Oxiranchem, Inc. (300082.SZ) forecasts a growth of 215 to 235percent in its semi-annual report mainly due to surging sales of its new chemical materials.
Surfilter Network Technology Co., Ltd. (300311.SZ) forecasts a growth of 250 to 280 percent in its semi-annual report mainly due to integration of the financial statement of Suzhou Tangren Digital Technology Co., Ltd. Beijing Jetsen Technology Co., Ltd. (300182.SZ) forecasts a growth of 252 to 279 percent in its semi-annual report mainly due to integration of the financial statement of its subsidiaries. Lecron Internet Media Industry Co., Ltd. (300343.SZ) forecasts a growth of over 2500 times in its semi-annual report mainly due to integration of the financial statement of three subsidiaries. ShenZhen Yitoa Intelligent Control Co., Ltd. (300131.SZ) forecasts a growth of 25 times in its semi-annual report mainly due to returns on equity transfer.
[Trading Trends]
○ Shanda Wit Science and Technology bought by three institutions
------
The trading volume ranking list on July 11 shows that Shandong Shanda Wit Science and Technology Co., Ltd. (000915.SZ) was bought by three institutions with a total amount of 147 million yuan, accounting for 35.19 percent of its intraday turnover. Another two institutional seats sold 44.33 million yuan.
Comment: The company forecast a growth of 50 to 80 percent in its semi-annual report, higher than market expectations. Institutions believe that its better-than-expected performance mainly benefits from rising market demands for Yikexin Vitamin A and D Drops after the implementation of second-child policy, supplement of inventories and low cardinal number in the same period last year. The company, as a leader in children's drug, will first benefit from growth of newborns, and is expected to maintain a high growth in performance.
TOP
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