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China Nepstar Chain Drugstore Reports First Quarter 2009 Financial Results
Date:5/27/2009

hich the Company currently does not expect to be realizable.

Net income in the first quarter 2009 was RMB30 million (US$4 million), or RMB0.30 (US$0.04) basic earnings per American depositary share ("ADS"), and RMB0.28 (US$0.04) diluted earnings per ADS. This compares to net income of RMB55 million, or RMB0.52 basic and RMB0.50 diluted earnings per ADS for the first quarter of 2008. The total number of outstanding ordinary shares for the Company as of March 31, 2009 was 207 million. The weighted average number of ADSs for the first quarter of 2009 was 104 million. One ADS represents two ordinary shares.

As of March 31, 2009, the Company's total cash, cash equivalents and current bank deposits were RMB1,874 million (US$274 million), long term bank deposits were RMB200 million (US$ 29 million), held-to-maturity investment securities were RMB408 million (US$ 60 million) and total shareholders' equity was RMB2,727 million (US$ 399 million).

On March 16, the Company declared a cash dividend of US$0.35 per ADS, or approximately RMB250 million.

First Quarter Operating Highlights

During the first quarter of 2009, management focused on improving product offerings in both pharmaceutical and non-pharmaceutical sectors and enhancing the store operation standards. Meanwhile, in selective areas where business is seriously impacted by the worsened economic environment, aggressive pilot marketing programs were implemented starting from second half of March 2009 in an attempt to grow our market share and enhance our competitive position.

In first quarter of 2009, Nepstar opened 16 new stores organically and closed 34 stores. As of March 31, 2009, Nepstar had a total of 2,336 stores in operation. JZJ had 361 drugstores, in which Nepstar holds 40% equity interest. Since the second half of 2008, Nepstar shifted its strategy to focus on improving the overall quality of store perfo
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SOURCE China Nepstar Chain Drugstore Ltd.
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