Shares of HAOHAI BIOTEC (06826.HK), a leading Chinese biotechnology company, plummeted over 12% on Friday following the release of the firm's disappointing third-quarter earnings results.
According to its latest filing with the Hong Kong Stock Exchange, HAOHAI BIOTEC reported a net profit attributable to shareholders of 105.6 million yuan ($15.9 million) for the quarter ended September 30th, 2024. This represented a staggering 13.13% decline compared to the same period last year. Earnings per share also dropped by 11.76% year-over-year to 0.45 yuan.
While the company's revenue increased marginally by 0.22% to 670.4 million yuan ($100.8 million), HAOHAI BIOTEC's weaker profitability clearly overshadowed the modest top-line growth. This significant miss against market expectations caused widespread concerns among investors, prompting a massive sell-off that saw the firm's shares plunge 12.24% to close at HK$30.25 on the day.
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