The company reported net loss of 327 million yuan ( million) in the first quarter of 2019, compared to net income of 6.7 billion yuan in the same period of last year, while its revenues reached 24.1 billion yuan, up 21 percent year-on-year.
The company said the drug uses an advanced controlled-release mechanism to release the metformin over a controlled period to ensure stable drug effect, so that patients only need to take one dose a day, which can help avoid gastrointestinal adverse reactions and missed medication doses.
The company will also develop a deepwater oilfield complex in the next few years and aims to double its exploration workload and proven reserves by 2025.
The company witnessed a sharp stock increase on Friday to .13 per American depositary share, which doubles its IPO level in December 2019.
The company launched its first Smart City Digital Hub in Hong Kong in 2017. As a collaborative initiative and an open lab, the hub allows researchers to develop solutions in the fields of data analytics and smart infrastructure that benefit Hong Kong and other GBA cities.
The company said it has sent 44 teams using special equipment to collect plasma from recovered patients and set up 50 plasma collection sites.
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The company's revenues increased to .7 million for the year ended Sep 30, 2017 from .7 million for the same period a year ago, while its net income increased to .5 million for the year ended Sept 30, 2017 from .3 million a year ago.
The company saved 3.65 million yuan (5,700) in VAT payments, which allowed it to plough money back into the business.
The company's goal, according to projections obtained by the Wall Street Journal, is to have subscribed over 40 million customers by 2025, which would amount to nearly billion in total revenue.
The company is struggling to keep up with demand spikes from customers confined to their homes under shutdown orders around the world. It added 100,000 new warehouse workers over the past month to help fulfill the surge in orders and said this week it will hire?an additional 75,000 employees.