China Biologic Products Reports First Quarter 20...(142120 MINORITY INTEREST ...)

MINORITY INTEREST 4,110,623 3,885,892

SHAREHOLDERS' EQUITY:

Common stock, $0.0001 par value,

100,000,000 shares authorized,

21,434,942 shares issued and

outstanding at March 31, 2008

and December 31, 2007, respectively 2,143 2,143

Paid-in-capital 9,388,305 9,388,305

Statutory reserves 4,866,031 4,513,077

Retained earnings 7,798,152 5,883,306

Accumulated other comprehensive income 3,732,152 2,608,794

Total shareholders' equity 25,786,783 22,395,625

Total liabilities and

shareholders' equity $ 38,403,127 $ 33,305,245

CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007

(Unaudited)

2008 2007

REVENUES $ 7,849,007 $ 7,677,852

COST OF SALES 1,948,898 3,261,376

GROSS PROFIT 5,900,109 4,416,476

OPERATING EXPENSES

Selling expenses 494,529 497,613

General and administrative 1,584,128 938,598

expenses

Research and development expenses 183,782 149,907

TOTAL OPERATING EXPENSES 2,262,439 1,586,118

INCOME FROM OPERATIONS 3,637,670 2,830,358

OTHER EXPENSES

Finance expense 22,973 44,645

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