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China Medicine Announces Strong Second Quarter 2008 Results

Revenues increased 40.8% to $11.6 million

Net Income increased 118.8% to $2.5 million

GUANGZHOU, China, Aug. 13 /Xinhua-PRNewswire/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a leading distributor and developer of prescription and over-the-counter pharmaceuticals, traditional Chinese medicines ("TCM"), nutritional and dietary-supplements, medical devices, and medical formulations in the People's Republic of China ("PRC"), today reported strong financial results for the second quarter ended June 30, 2008.

Second Quarter 2008 Highlights:

-- Revenues increased 40.8% to $11.6 million

-- Gross profit increased 72.8% to $4.2 million

-- Operating income increased 107% to $3.0 million

-- Net income increased 118.8% to $2.5 million, or $0.16 per diluted share

"We are pleased to report strong revenue growth driven by an increase in sales of pharmaceutical products through exclusive nationwide and regional distribution rights, competitive pricing, timely delivery of products and excellent after-sales customer service," commented Mr. Senshan Yang, Chairman and CEO of China Medicine.

Revenues for the second quarter of 2008 grew 40.8% to $11.6 million from $8.3 million in the second quarter of 2007. The increase was attributable to an overall increase in sales from the Company's pharmaceutical product portfolio. Sales of pharmaceutical products obtained though the Guangdong Sunshine Medicine Public Internet Bidding System contributed to 35% of total revenues. Sales of pharmaceutical products with national distribution rights made up 35.7% of total revenues, and sales of products with manufacturing license accounted for 5.6% of total revenues. Sales of pharmaceutical products with regional-level distribution rights made up 23.7% of total revenues.

Product sales totaled $11.1 million and accounted for 95.1% of total net revenues.

SOURCE China Medicine Corporation
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