China Modern Dairy Holdings Ltd. provided unaudited consolidated earnings guidance for the six months ended June 30, 2020. The board of directors of the company informed the shareholders of the company and potential investors that, based on a preliminary review of the information currently available to the Board (including the unaudited consolidated management accounts and other operational data of the Group) and as a result of (i) a near double-digit growth in both the Group's raw milk production and sales volume as compared to the same period in 2019; (ii) continued decline in costs; and (iii) the average market price of raw milk remaining stable with a slight increase as compared to the corresponding period in 2019, during the first half of 2020, it is expected that the Group will record a profit of not less than RMB 190 million in its unaudited consolidated interim results for the six months ended 30 June 2020, representing a year-on-year increase of not less than 40%. Excluding the abovementioned one-off gains of the two relevant reporting periods, there will be a substantial year-on-year increase in profit for the Reporting Period of over 400%.