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$1.60	Jhpfxt	Qxpkdcbsv

CR Pharma’s Full-Year Results In Line, Shares Trading at Fair Value

Jay Lee

Mar 30, 2023

Narrow-moat CR Pharma's full-year results were in line with our expectations. Revenue in the second half and full-year was HKD 129 billion and HKD 254 billion, respectively, or 5% and 7.3% year-on-year growth. Core operating profit margin (calculated with cost of sales, sales and administrative expense, research and development, other income, and trade receivables impairment) for the full year improved 22 basis points to 4.8%.

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