On March 20th at 10:58 PM, SMIC International released their performance report for 2022. According to the report, their revenue for the year was 12.145 billion yuan, a decrease of 11.7% from the previous year. After adjustments, their net profit for the year was 2.575 billion yuan, a decrease of 52.7% from the previous year.
Financial Report Data of SMOR | Source: SMOR
According to the financial report, one of the reasons for Simoer's decrease in revenue is:
The US electronic vaporizer market has experienced a temporary negative impact on overall sales growth for compliant products due to non-compliant products in the market. In order to support certain customers and increase market share, prices for certain products have been reduced. In terms of specialized vaporizer products, macroeconomic factors such as inflation have led to a temporary decline in sales of vaporizer components. However, in their financial report, the company expressed confidence in the future competitiveness of their products in the group and the long-term growth of the US market, as the enforcement efforts of the FDA continue to strengthen.
According to Smoore's financial report, medical nebulization is poised to become the company's next growth curve. The company has formally established the American Pharmaceutical Research Institute and formed a team for inhaled medicine research and development. This research institute is dedicated to developing new types of inhaled drugs for targeted treatment of respiratory and other challenging diseases.
As of 11:15am on March 21st, semiconductor company SMIC's stock price on the Hong Kong Stock Exchange has increased by over 7%, reaching HKD 10.20 per share.
Somor Stock | Source: Hong Kong Stock Exchange
Stay tuned for our analysis of the Somer annual report coming soon. Keep an eye out.
References:
Performance Report for the Fiscal Year Ending December 31, 2022
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