Shenlian Bio sees profit plunge in preliminary 2024 results

Shanghai Shenlian Biomedical Corporation (SSE:688098) reported preliminary results for 2024, revealing a 0.64% increase in total operating income to ¥303.41 million. However, net profit attributable to the parent company plummeted by 244.47% to -¥45.53 million. The company cited intensified competition in the animal health industry, leading to lower vaccine prices and gross profit margins, as well as asset impairment provisions totaling ¥28.17 million for certain vaccine projects. Without these impairments, the estimated net loss would have been around -¥21 million. Total assets stood at ¥1554.58 million, down 2.47% from the beginning of the year, with net assets attributable to the parent company at ¥1410.49 million, a decrease of 5.25%.