The Zhitong Finance App learned that Yamato released a research report saying that Sinopharm Holdings (01099)'s performance in the first half of the year was slightly lower than expected and maintained a “holding” rating. The target price was reduced from HK$18 to HK$17.

According to the report, Sinopharm's total revenue for the first half of the year fell 1.1% year on year to 282.8 billion yuan (same below), and net profit fell 1.8% year on year to 3.4 billion yuan; both were lower than the bank's forecast and market expectations. During this period, retail revenue continued to maintain a good growth trend. Among them, drug distribution revenue declined, while medical equipment distribution revenue remained stable. Yamato believes that maintaining a stable traditional distribution business and expanding innovative services is the key to Sinopharm's future revenue growth.

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