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China Nepstar Chain Drugstore Reports Second Quarter 2011 Financial Results
Date:8/23/2011

ting and other operating expenses as a percentage of revenue in the second quarter of 2011 decreased to 41.8% compared to 42.7% in the second quarter of 2010. This decrease was primarily due to higher sales revenue generated from the merchandise diversification strategy and rigorous cost control efforts.

General and administrative expenses as a percentage of revenue in the second quarter of 2011 were 4.6%, remaining stable compared to the second quarter of 2010.

As the result of the factors discussed above, income from operations in the second quarter of 2011 was RMB8.2 million (US$1.3 million) compared to a loss of RMB12.6 million in the second quarter of 2010. The loss in the second quarter of 2010 was due to a one-time non-recurring penalty charge in the amount of RMB26 million (US$3.8 million) imposed by State Administration of Foreign Exchange of the People's Republic of China (the "SAFE penalty").

Interest income for the second quarter was RMB5.6 million (US$0.9 million), compared to RMB5.3 million in the second quarter of 2010. The increase in interest income was mainly due to an increase in interest rates set by the Chinese government in the first half of the year. Dividend income from cost method investments was RMB0.9 million (US$0.14 million) for the second quarter of 2011, compared to RMB0.03 million in the second quarter of 2010. Equity in income of an equity method investee was a loss of RMB0.4 million (US$0.06 million), compared to an income of RMB1.5 million in the second quarter of 2010.

Nepstar's effective tax rate was 55.1% for the second quarter of 2011, compared to -130.2% for the same period in 2010. The negative effective tax rate for the second quarter of 2010 was primarily a result of the non-deductible SAFE penalty recorded in the second quarter of 2010.

Net income for the second quarter of 2011 was RMB6.5 million (US$1.0 million), which represented RMB0.06 (US$0.01) basic and diluted earnings per Amer
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SOURCE China Nepstar Chain Drugstore Ltd.
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