China Greenfresh : INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017

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CHINA GREENFRESH GROUP CO., LTD.

中國綠寶集團有限公司*

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 6183) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017 FINANCIAL HIGHLIGHTS

The Group's revenue for the Period was approximately RMB642.14 million, representing an increase of approximately RMB96.08 million or 17.59% as compared to that of the same period last year.

The Group's gross profit before fair value adjustment of biological assets (before deduction of business tax and auxiliary charges) for the Period was approximately RMB148.00 million, representing an increase of approximately RMB0.47 million or 0.32% as compared to that of the same period last year; the Group's gross profit margin before fair value adjustment of biological assets (before deduction of business tax and auxiliary charges) for the Period decreased from 27.02% for the same period last year to 23.05% for the Period.

The Group's net profit for the Period was approximately RMB109.40 million, representing an increase of approximately RMB1.70 million or 1.58% as compared to the same period last year.

Basic earnings per share attributable to owners of the Company for the Period was approximately RMB10.21 cents.

* For identification purposes only

The board (the "Board") of directors (the "Directors") of CHINA GREENFRESH GROUP CO., LTD. (the "Company") is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively, the "Group", "we" or "our") for the six months ended 30 June 2017 (the "Period") together with the comparative figures for the corresponding period of 2016 as follows. The unaudited condensed consolidated interim results had been reviewed by the Group's external auditors, RSM Hong Kong, and the audit committee of the Company (the "Audit Committee").

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 June 2017 Six months ended 30 June
Note	2017 RMB'000 (unaudited)		2016 RMB'000 (unaudited)
Revenue	4	642,138		546,063
less cost to sell	101,917		110,908
Cost of goods sold	(608,396)		(519,884)
Business tax and auxiliary charges	(105)		(99)
Gross profit	135,554		136,988
Other income and other gains and losses	5	(1,078)		7,099
Selling expenses	(2,420)		(2,241)
Administrative expenses	(20,387)		(31,721)
Profit from operations	111,669		110,125
Finance costs	6	(278)		(274)
Profit before tax	111,391		109,851
Income tax expense	7	(1,995)		(2,155)
Profit for the period	8	109,396		107,696
Other comprehensive income for the period, net of tax Item that will be reclassified to profit or loss: Exchange differences on translating foreign operations	-		172
Total comprehensive income for the period	109,396	107,868

Changes in fair value of biological assets

Six months ended 30 June 2017 2016

Note RMB'000 RMB'000

(unaudited) (unaudited) Profit for the period attributable to:

Owners of the Company 109,518 106,259

Non-controlling interests (122) 1,437

109,396 107,696 Total comprehensive income for the period attributable to:

Owners of the Company	109,518	106,431
Non-controlling interests	(122)	1,437
109,396	107,868
Earnings per share (RMB cents) Basic	10	RMB10.21 cents	(restated) RMB10.55 cents
Diluted	RMB10.17 cents	RMB10.53 cents

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2017

Note	30 June 2017 RMB'000 (unaudited)	31 December 2016 RMB'000 (audited)
Non-current assets Property, plant and equipment	11	177,521	180,214
Prepaid land lease payments	32,424	32,784
Other assets	682	690
Total non-current assets	210,627	213,688
Current assets Inventories	37,957	19,037
Biological assets	12	15,983	59,319
Trade receivables	13	189,519	196,645
Deposits, prepayments and other receivables	159,493	121,865
Due from a related party	-	6,800
Due from non-controlling interests	1,434	1,962
Bank and cash balances	1,250,246	1,174,002
Total current assets	1,654,632	1,579,630
TOTAL ASSETS	1,865,259	1,793,318