China Resources Pharmaceutical Group Ltd Registered Shs Unitary 144A/Reg S

03320: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$4.20	Lhnvwv	Blffxjt

CR Pharma’s Full-Year 2021 Results Slightly Below Expectations; Our Preference Is Still Sinopharm

Jay Lee

Apr 4, 2022

Narrow-moat CR Pharma reported full-year results that were in line with our expectation. Revenue for the full year and second half were CNY 237 billion and CNY 122 billion, respectively, representing 18% and 10% year-on-year growth. Operating profit margins were slightly weaker than expected, mostly from elevated cost of sales but partially offset by lower sales and distribution expenses.

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