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3SBio Inc. Announces First Quarter 2008 Results
Date:5/14/2008

the first quarter 2008 from RMB1.8 million for the first quarter 2007. The effective tax rate was 14.5% for the first quarter 2008 as compared to 9.8% for the first quarter 2007. The increase in tax expense and effective tax rate were attributable to the corporate income tax rate for a major operating subsidiary from 15% to 18% effective from January 1, 2008.

Under the Enterprise Income Tax (EIT) Law, effective January 1, 2008, China adopted a uniform tax rate of 25% for all enterprises (including foreign-invested enterprises) and revoked the current tax exemption, reduction and preferential treatments applicable to foreign-invested enterprises. A "new and high tech enterprise" prior to January 1, 2008 will gradually transition to the new tax rate within five years, i.e. 18% for 2008, 20% for 2009, 22% for 2010, 24% for 2011 and 25% for 2012, unless it is re-identified as a "new and high tech enterprise" under the EIT Law during the transition period. Companies that are re-identified to be a "new and high tech enterprise" can continue to enjoy the preferential tax rate of 15%. The relevant PRC authority has issued the Management Measures of Identifying New and High-Tech Enterprises and its annex, Key Fields of New and High-Tech Supported by the State in April 2008 although detailed application procedures have not been announced.

Net Income. As a result of the foregoing, our net income increased by 22.3% to RMB19.8 million (US$2.8 million) for the first quarter 2008 from RMB16.2 million for first quarter 2007.

Statement Regarding Unaudited Financial Information

The unaudited financial information set forth above is subject to adjustments that may be identified when audit work is performed on our year- end financial statements, which could result in significant differences from this unaudited financial information.

Currency Convenience Translation

For the convenience of readers, certain RMB amounts have been translated into US
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SOURCE 3SBio Inc.
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