May. 7, 2013 (China Knowledge) - Beijing Tongrentang Technologies Co Ltd<1666>, which is controlled by Beijing Tongrentang Co Ltd<600085>, a maker and distributor of traditional Chinese medicines under the brand of Tongrentang, has said its net profit jumped 29.2% YoY to RMB 126 million in the first quarter of this year.  

The company said in a statement that its operating revenue for the three-month period hit RMB 1.02 billion. As of Mar 31, 2013, the Hong Kong listed company had RMB 3.39 billion in total assets.

In 2004, Beijing Tongrentang Group set up its production base in Beijing E-Town, a triple-A rated industrial park, with a total investment of RMB 600 million. As one of the pillar industries in Beijing E-Town, the biomedical industry in the area has attracted multinational companies including Bayer, GE Healthcare and Daiichi Pharmaceutical to form a medical ‘Silicon Valley’.

According to statistics from Beijing E-Town's Administrative Committee, the area's biomedical industry had realized RMB 6.37 billion in gross industrial outputs in the first quarter of this year, reflecting a YoY increase of 21.2% and accounting for 10% of the area's total.

In 2011, Beijing E-Town launched its biomedical Industrial Park to provide services that include both technical and policy support services, elements that are critical to the ongoing stability of small and medium-sized biomedicine companies and overseas talent.

Beijing E-Town is focusing on the construction of its biomedicine industry cluster and it has generated over RMB 80 billion in gross industrial outputs during the 12th Five-Year Plan period.