Jiangsu’s listed companies resilient in economic slowdown
Amid the economic slowdown due to various reasons in the first half of the year, many listed companies from Jiangsu Province still performed quite resiliently, according to data from iFind.
As of the evening of July 16, the coastal province‘s 140 listed companies announced the earning forecast in the first six months through making interim announcements or quarterly reports. Among them, 75 companies expected growths and 32 companies estimated the growth to be over 100 percent.
Most top performing companies are from electrical equipment, pharmaceutical and chemical manufacturing sectors. Among them, most pharmaceutical companies are expected to see profit expansion. For example, the net profit attributable to shareholders of Jiangsu Yuyue Medical Equipment & Supply may reach 1.067-1.12 billion yuan, an increase of 110 percent.
Faced with the complicated and severe economic situation in the period, Jiangsu’s listed companies generally have chosen to diversify the business and seek more development opportunities.
Dang Jianbing, chairman of Jiuwu Hi-Tech, a leading ceramic membrane manufacturer in China, said the company has been committed to expanding the business, with progress made in recycling salt from industrial wastewater, promoting cleaner production, and other chemical and bioengineering projects.
While hailing importance of innovation, Dong said Jiuwu Hi-Tech has maintained a high-level of input for research and development. In 2019, the company’s direct R&D input reached over 23.66 million yuan, accounting for 4.79 percent of revenue. The strong R&D input has ensured the company to constantly improve the product development.