China's zero-Covid strategy of endless testing and lockdowns has hammered its economy and taken a toll on company profits, but it has delivered a windfall for test makers
Twelve of China's top Covid testing firms have recently posted huge increases in both revenues and net profits for the first half of this year.Andon Health, which supplies Covid test kits both at home and abroad, reported that its net profit skyrocketed by 27,728% in the first six months of 2022, reaching 15.24 billion yuan . It was the biggest increase recorded by any listed company in mainland China. Meanwhile, its revenue surged 3,989%.
More than half of the 4,800 companies listed in Shanghai, Shenzhen, and Beijing posted a decline in net profit for the first half of the year — almost as bad as early 2020, when most companies posted their worst earnings season ever.
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