HK Stock Market Move | SIMCERE PHARMA (02096) rose nearly 5% in morning trading, with expected significant growth in adjusted profit attributable to equity shareholders of the company for the year.

SIMCERE PHARMA (02096) surged nearly 5% in the morning session, rising 3.95% to HK$8.15 as of the time of writing, with a turnover of HK$30.6104 million. In terms of news, on February 21, SIMCERE PHARMA announced that the group expects to generate revenue of approximately RMB 6.62 billion to RMB 6.65 billion in the fiscal year 2024, representing a growth of about 0.2% to 0.6% compared to the fiscal year 2023 revenue of RMB 6.608 billion. The group also expects a profit attributable to equity shareholders of the company of approximately RMB 718 million to RMB 748 million in the fiscal year 2024, an increase of about 0.4% to 4.6% compared to the profit of RMB 715 million in the fiscal year 2023. The announcement stated that the group expects an adjusted profit attributable to equity shareholders of the company of approximately RMB 1.003 billion to RMB 1.033 billion in the fiscal year 2024, showing a significant increase of about 39.5% to 43.7% compared to the adjusted profit of RMB 719 million in the fiscal year 2023. The substantial growth in expected adjusted profit attributable to equity shareholders of the company is mainly attributed to the increase in the proportion of revenue from innovative drugs leading to a rise in gross profit.