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The company plans to improve its annual production capacity in China to 2 million units by 2020, which will almost double this year's output.

The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, February 3, 2017. [Photo/Agencies]

The company will also recall 742 Pacifica models produced between April 19, 2017 to March 6, 2018 starting Saturday, statement from the SAMR website showed.

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The company's gross margin in Q1 increased by 1.5 percentage points to 51.1 percent compared to 49.6 percent in 2017. Adidas was hereby able to offset significant currency headwinds resulting from the depreciation of the dollar with positive effects from a better pricing and product mix.

The competition is not just limited to female entrepreneurs, but also at startups with products designed specifically with female users in mind or those that address a problem which disproportionately affects women.

The compound annual growth rate of revenue for MGI has exceeded 200 percent in the last three years and occupied one-third of the domestic market. Other major players are US-based Illumina and Thermo Fisher.

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The company, based in East China's Jiangsu province, attributed its strong performance to the "deepening business transformation, strengthened R&D and innovation, higher quality, and growing overseas market."

The company said its Shenzhen and Huizhou plants in Guangdong province haven't been affected directly by the epidemic and its factory in Wuhan maintained normal operations during the extended Lunar New Year holiday.

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The company said this was its third international shipping route, after two to Southeast Asia and Mexico were launched starting in 2016.

The company, which is an affiliate of China's agricultural conglomerate New Hope Group, raked in about 74.79 billion yuan during the period, an increase of 31.4 percent year-on-year.