China-based biopharmas were rolling out their financial reports from Q1 last week, and the results were uniformly positive – revenues and profits were substantially higher than the comparable period a year ago. That good news, however, is not reflected in the price of most companies’ shares, which is in most cases lower than it was last year at this time. In general, stock buyers are more wary these days, of course. It also seems as though investors are not paying attention to the reality of the situation, which is that China biopharmas are turning in strong performances but not being recognized for their accomplishments. Look at these three examples:

American Oriental Bioengineering (NYSE: AOB) was one such China biopharma reporting last week, and it recorded greatly improved financial results in its first quarter (see story). Revenues climbed 51% and net income climbed 46%. Earnings per share, increasing just 20%, were not as positive. They lagged because of an increase in number of outstanding shares. American Oriental was helped by two adroit acquisitions, transactions that were so successful the company promised to continue seeking targets. For all of 2008, American Oriental currently anticipates that revenues will reach $245 million, a rise of 50%, on which it expects net income to attain a level of $62 million.

Mindray Medical International (NYSE: MR) reported it made a profit of $25.6 million (up 47%) on revenues of $89.3 million (higher by 48%) (see story). Like American Oriental, Mindray, which makes imaging equipment, in-vitro diagnostics, and patient monitoring equipment, is expanding through acquisitions, paying $202 million to buy the patient monitoring business of Datascope (NYSE: DSCP). Assuming the deal closes on May 1, Mindray projects full-year 2008 net revenues of $560 million and non-GAAP net income to approach $135 million. Unlike most China biopharma companies, Mindray remains close to its 52-week highs.

Simcere Pharmaceutical Group (NYSE: SCR) rounds out this group of reporting companies. Its Q1 report shows a more modest increase in revenues, rising just 26% to $56.3 million, though profits climbed 68% to $16 million (see story). Simcere is breaking away from its history of producing branded generic products with a number of first-to-market offerings: treatments for cancer and stroke.