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Shineco, Inc. (TYHT)

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Neutralpattern detected
Previous Close3.1400
Open3.1850
Bid3.2600 x 1000
Ask3.3000 x 800
Day's Range3.1800 - 3.3650
52 Week Range2.1000 - 9.6300
Volume36,713
Avg. Volume79,748
Market Cap9.971M
Beta (5Y Monthly)0.93
PE Ratio (TTM)N/A
EPS (TTM)-1.9410
Earnings DateSep 28, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GlobeNewswire

    Shineco, Inc. Reports Fiscal Year 2020 Financial Results

    BEIJING, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Shineco, Inc. (“Shineco” or the “Company”; NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural and hemp products, as well as various health and well-being-focused plant-based products in China, announced today its financial results for the fiscal year ended June 30, 2020. Mr. Guocong Zhou, Chief Executive Officer of Shineco, commented, “In fiscal 2020, we achieved a revenue of USD23.68 million and a net loss of $6.63 million. Overall, our various financial indicators have experienced a significant decline, mainly due to the Company's business transformation and the impact of COVID-19. At present, the Company has formed a strategic plan integrating the entire industrial chain of industrial hemp. At the same time, the Company is also actively looking for investment opportunities in the biomedical field. I believe that as we gradually implement our projects, we will achieve success in the next fiscal year.”Fiscal Year 2020 Financial Highlights * Revenue: $23.68 million (at 25.8% gross margin), down 24.1% from $31.22 million (at 28.7% gross margin) in fiscal year 2019, reflecting the decrease in sales across all products. * Gross profit: $6.12 million, down 31.8% from $8.97 million in fiscal year 2019. * Operating income (loss): a loss of $3.49 million, compared to income of $0.12 million in fiscal year 2019. * Net income (loss) attributable to Shineco: a loss of $6.63 million, compared to an income of $0.80 million in fiscal year 2019. * Earnings (Loss) per share: basic and diluted loss per share of 2.25, compared to basic and diluted earnings per share of $0.32 in fiscal year 2019.Fiscal Year 2020 Financial Results RevenueRevenue for the fiscal year ended June 30, 2020 decreased by $7.54 million, or 24.1%, to $23.68 million from $31.22 million for the same period in 2019, mainly due to the decrease in sales across all products.   For the Fiscal Years Ended June 30    2020  2019  ($ millions) Revenue  COGS  Gross Margin  Revenue  COGS  Gross Margin  Luobuma products  0.17   0.25   -46.0%  0.66   0.30   54.0% Chinese medicinal herbal products  13.27   10.04   24.3%  13.71   10.34   24.6% Other agricultural products  10.25   7.28   29.0%  16.85   11.61   31.1% Total  23.68   17.56   25.8%  31.22   22.25   28.7% Revenue from Luobuma products decreased by $0.49 million, or 74.6%, to $0.17 million for the year ended June 30, 2020 from $0.66 million for the same period in 2019, mainly due to the decrease in revenue from Tenet-Jove and Tenet Huatai. Since the beginning of the year, we did not launch new products, and we mainly focused on clearing off our old stocks. In addition, our sales of Luobuma products were affected by the COVID-19 outbreak, as a result, sales decreased during the year ended June 30, 2020 as compared to the same period in 2019.Revenue from Chinese medicinal herbal products decreased slightly by $0.44 million, or 3.2%, to $13.27 million for the fiscal year ended June 30, 2020 from $13.71 million for the same period last year. The sales of Chinese medicinal herbal products were comparatively stable during the fiscal year ended June 30, 2020 as compared to the same period in 2019. The decrease was mainly due to the depreciation of RMB against US$. The average translation rate for the years ended June 30, 2020 and 2019 were at 1 RMB to 0.1422 USD and at 1 RMB to 0.1466 USD, respectively, which represented a decrease of 2.97%.Revenue from other agricultural products decreased by $6.60 million, or 39.2%, to $10.25 million for the fiscal year ended June 30, 2020 from $16.85 million for the same period in 2019. The decrease was mainly due to the decline of sales volume of yew trees during the second half of fiscal year ended June 30, 2020 as compared to the same period in 2019. Our sales of yew trees were affected by the COVID-19 outbreak, which resulted in less orders from our customers during the year ended June 30, 2020.Gross profit and Gross MarginTotal cost of revenue decreased by $4.68 million, or 21.05%, to $17.56 million for the fiscal year ended June 30, 2020 from $22.25 million for the same period in 2019. Gross profit decreased by $2.85 million, or 31.8%, to $6.12 million for the fiscal year ended June 30, 2020 from $8.97 million for the same period in 2019. Overall gross margin decreased by 2.9 percentage points to 25.8% for the fiscal year ended June 30, 2020, compared to 28.7% for the same period in 2019.Gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products were negative 46.0%, and 24.3% and 29.0%, respectively, for the fiscal year ended June 30, 2020. This compared to gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products of 54.0%, 24.6%, and 31.1%, respectively, for the same period in 2019.Operating incomeGeneral and administrative expenses increased by $1.07 million, or 13.1%, to $9.22 million for the fiscal year ended June 30, 2020 from $8.15 million for the same period in 2019. The increase in general and administrative expenses was mainly due to an increase in bad debt expense of US$ 338,537, an increase in staff salary expenses due to the issuance of restricted shares to the management as compensation of US$ 1,022,660, as well as an increased general and administrative expenses of US$ 315,453 for our newly established entity TNB. The increase was partially offset by the decreased offering cost write-off of US$ 434,000. The US$ 434,000 was the valuation of the Commitment Shares retained by IFG Fund upon termination of the Purchase Agreement and Registration Rights Agreement during the year ended June 30, 2019.Selling expenses decreased by $0.32 million, or 45.1%, to $0.39 million for the fiscal year ended June 30, 2020 from $0.70 million for the same period in 2019. The decrease was primarily due to the decrease in advertising expense, commission expenses as well as shipping expenses of Tenet-Jove which was in line with the decrease in our sales during the year ended June 30, 2020. The decrease was also due to the decrease in salary related expenses as a result of reduced number of staff during the year ended June 30, 2020.Operating loss was $3.49 million for the fiscal year ended June 30, 2020, compared to operating income of $0.12 million for the same period in 2019.Net income (loss)Net loss was $6.51 million for the fiscal year ended June 30, 2020, compared to net income of $0.88 million for the same period in 2019. After the deduction of non-controlling interests, net loss attributable to common shareholders for the fiscal year ended June 30, 2020 was $6.63 million, or $2.25 per basic and diluted share. This compare to net income attributable to common shareholders of $0.80 million, $0.32 per basic and diluted share, for the same period in 2019.Financial ConditionAs of June 30, 2020, the Company had cash and cash equivalents of $32.37 million, compared to $35.33 million as of June 30, 2019. Net cash used in operating activities was $4.66 million for the fiscal year ended June 30, 2020, compared to net cash provided by operation activities of $3.50 million for the same period in 2019. Net cash provided by investing activities was $0.10 million for the fiscal year ended June 30, 2020, compared to net cash used in investing activities of $0.25 million for the same period in 2019. Net cash provided by financing activities was $2.63 million for the fiscal year ended June 30, 2020, compared to $1.81 million for the same period in 2019.About Shineco, Inc.Incorporated in Delaware in August 1997 and headquartered in Beijing, China, Shineco is a holding company. Through its subsidiaries and variable interest entities, Shineco undertakes vertically- and horizontally-integrated production, distribution, and sales channels to provide health and well-being focused plant-based products in China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce, and specialized textiles. For more information about Shineco, please visit http://tianyiluobuma.com.Forward-Looking StatementsThis press release contains information about Shineco's view of its future expectations, plans and prospects that constitute forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, the impact of the COVID-19 pandemic, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in Shineco's registration statement and in its other filings with the Securities and Exchange Commission, including the risks described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended June 30, 2020. The forward-looking statements in this press release are based on current expectations and Shineco assumes no obligation to update these forward-looking statements.For more information, please contact:Tina Xiao Ascent Investor Relations LLC Phone: +1-917-609-0333 Email: tina.xiao@ascent-ir.comSHINECO, INC. CONSOLIDATED BALANCE SHEETS  June 30,  June 30,    2020  2019  ASSETS         CURRENT ASSETS:         Cash $32,371,372  $35,330,676  Accounts receivable, net  11,008,485   9,683,074  Due from related parties  120,939   188,453  Inventories, net  1,799,876   2,215,559  Advances to suppliers, net  13,313,946   11,833,994  Other current assets  905,380   1,710,619  TOTAL CURRENT ASSETS  59,519,998   60,962,375            Property and equipment, net  9,489,484   10,667,730  Land use right, net of accumulated amortization  1,195,943   1,264,309  Investments  4,515,124   6,650,944  Distribution rights  1,043,887   1,074,736  Long-term deposit and other noncurrent assets  96,280   103,864  Right of use assets  3,227,895   -  Prepaid leases  -   2,857,344  Deferred tax assets  -   158,171  TOTAL ASSETS $79,088,611  $83,739,473            LIABILITIES AND EQUITY                   CURRENT LIABILITIES:         Short-term loans $2,333,894  $2,410,147  Accounts payable  148,209   220,119  Advances from customers  6,324   382,091  Due to related parties  1,355,919   234,500  Other payables and accrued expenses  4,018,684   3,893,027  Operating lease liabilities - current  97,633   -  Taxes payable  3,386,662   3,341,872  TOTAL CURRENT LIABILITIES  11,347,325   10,481,756            Income tax payable - noncurrent portion  566,022   625,603  Operating lease liabilities - non-current  401,891   -  Deferred tax liability  260,972   -  TOTAL LIABILITIES  12,576,210   11,107,359            Commitments and contingencies  -   -            EQUITY:         Common stock; par value $0.001, 100,000,000 shares authorized; 3,039,943 and 2,544,203 shares issued and outstanding at June 30, 2020 and June 30, 2019*  3,040   2,544  Additional paid-in capital  27,302,051   24,779,684  Statutory reserve  4,198,107   4,198,107  Retained earnings  40,106,518   46,735,190  Accumulated other comprehensive loss  (6,283,835)  (4,184,024) Total Stockholders’ equity of Shineco, Inc.  65,325,881   71,531,501  Non-controlling interest  1,186,520   1,100,613  TOTAL EQUITY  66,512,401   72,632,114            TOTAL LIABILITIES AND EQUITY $79,088,611  $83,739,473  SHINECO, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE LOSS  For the Years Ended June 30,    2020  2019          REVENUE $23,684,626  $31,220,040            COST OF REVENUE         Cost of product and services  17,507,674   22,175,906  Business and sales related tax  57,140   72,538  Total cost of revenue  17,564,814   22,248,444            GROSS PROFIT  6,119,812   8,971,596            OPERATING EXPENSES         General and administrative expenses  9,223,576   8,153,496  Selling expenses  385,848   702,685  Total operating expenses  9,609,424   8,856,181            INCOME (LOSS) FROM OPERATIONS  (3,489,612)  115,415            OTHER INCOME (EXPENSE)         Impairment loss on unconsolidated entities  (2,062,035)  (200,000) Income from equity method investments  106,657   516,144  Purchase rebate income  -   1,038,931  Other income  38,797   210,895  Interest expense, net  (13,952)  (11,998) Total other income (loss)  (1,930,533)  1,553,972            INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES  (5,420,145)  1,669,387            PROVISION FOR INCOME TAXES  1,090,396   787,600            NET INCOME (LOSS)  (6,510,541)  881,787            Net income attributable to non-controlling interest  118,131   85,598            NET INCOME (LOSS) ATTRIBUTABLE TO SHINECO, INC. $(6,628,672) $796,189            COMPREHENSIVE LOSS         Net income (loss) $(6,510,541) $881,787  Other comprehensive loss: foreign currency translation loss  (2,132,035)  (2,713,246) Total comprehensive loss  (8,642,576)  (1,831,459) Less: comprehensive income attributable to non-controlling interest  85,907   47,164            COMPREHENSIVE LOSS ATTRIBUTABLE TO SHINECO, INC. $(8,728,483) $(1,878,623)           Weighted average number of shares basic and diluted*  2,949,166   2,496,938            Basic and diluted earnings (loss) per common share $(2.25) $0.32  * Retrospectively restated for effect of stock split on August 14, 2020SHINECO, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS  For the Years Ended June 30,    2020  2019          CASH FLOWS FROM OPERATING ACTIVITIES:         Net income (loss) $(6,510,541) $881,787  Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:         Depreciation and amortization  1,173,778   791,534  Loss from disposal of property and equipment  60,211   -  Provision for doubtful accounts  4,718,317   4,379,780  Provision for (reversal of) inventory reserve  205,443   (3,657) Deferred tax benefit (provision)  416,834   (170,483) Income from equity method investments  (106,657)  (516,145) Impairment loss on unconsolidated entities  2,062,035   200,000  Value of shares issued to IFG Fund for equity, we subsequently cancelled  -   434,000  Restricted shares issued for management  1,022,660   -            Changes in operating assets and liabilities:         Accounts receivable  (2,653,944)  3,766,419  Advances to suppliers  (4,768,490)  (7,501,401) Inventories  148,540   68,009  Other receivables  (671,306)  (179,366) Prepaid expense and other assets  442,796   (10,875) Due from related parties  62,438   (64,317) Right of use assets  (340,610)  -  Prepaid leases  -   420,677  Accounts payable  (65,945)  (1,985,657) Advances from customers  (366,762)  367,545  Other payables  446,854   2,220,059  Taxes payable  68,343   400,462  NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES  (4,656,007)  3,498,371            CASH FLOWS FROM INVESTING ACTIVITIES:         Acquisitions of property and equipment  (12,728)  (96,038) Proceeds from disposal of property and equipment  79,225   -  Payment for construction in progress  -   (41,768) Repayments (advances) of loans to third parties  38,279   (359,927) Repayments of loans from related parties  -   251,342  NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES  104,776   (246,391)           CASH FLOWS FROM FINANCING ACTIVITIES:         Proceeds from short-term loans  2,346,453   2,418,162  Proceeds from other short-term loans  -   43,967  Repayment of short-term loans  (2,346,453)  (2,198,330) Repayment of other short-term loans  (7,110)  (85,491) Proceeds from issuance of common stock  1,500,203   1,589,892  Proceeds from advances from related parties  1,132,314   44,271  NET CASH PROVIDED BY FINANCING ACTIVITIES  2,625,407   1,812,471            EFFECT OF EXCHANGE RATE CHANGE ON CASH  (1,033,480)  (1,220,828)           NET INCREASE (DECREASE) IN CASH  (2,959,304)  3,843,623            CASH - Beginning of the Year  35,330,676   31,487,053            CASH - End of the Year $32,371,372  $35,330,676            SUPPLEMENTAL CASH FLOW DISCLOSURES:         Cash paid for income taxes $670,769  $694,084  Cash paid for interest $116,438  $115,384            SUPPLEMENTAL NON-CASH OPERATING ACTIVITY:         Right-of-use assets obtained in exchange for operating lease obligations $900,356  $-

  • GlobeNewswire

    Shineco Announces One-for-Nine Reverse Stock Split Effective August 17, 2020

    BEIJING, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Shineco, Inc. ("Shineco" or the "Company"; Nasdaq: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural and hemp products, as well as various health and well-being-focused plant-based products in China, announced today that the Company's common stock will trade on a split-adjusted basis following the implementation of a reverse stock split at the ratio of one-for-nine shares on The Nasdaq Capital Market (“Nasdaq”) effective with the open of the market on Monday, August 17, 2020.The objective of the reverse stock split is to increase the market price for the Company’s common stock, which will in turn enable the Company to evidence compliance with the $1.00 bid price requirement under Nasdaq Listing Rule 5550(a)(2) and to maintain its listing on Nasdaq. The Company believes the increased market price for its common stock following the reverse stock split will improve the marketability and liquidity of, and encourage additional interest and trading in, the Company’s common stock.The reverse stock split will take effect at 4:01pm Eastern time on August 14, 2020, with the Company’s common stock to begin trading on a split-adjusted basis on Nasdaq effective at the open of the market on Monday, August 17, 2020. The reverse stock split will reduce the number of common shares issued and outstanding from approximately 27.3 million to approximately 3.0 million (subject to adjustment due to the effect of rounding fractional shares into whole shares).As a result of the reverse stock split, each nine pre-split shares of common stock outstanding will automatically combine and convert to one issued and outstanding share of common stock without any action on the part of the stockholder. No fractional shares of common stock will be issued to any shareholders in connection with the reverse stock split. Each shareholder will be entitled to receive one shares of common stock in lieu of the fractional share that would have resulted from the reverse stock split.About Shineco, Inc.Incorporated in Delaware in August 1997 and headquartered in Beijing, China, Shineco is a holding company. Through its subsidiaries and variable interest entities, Shineco undertakes vertically- and horizontally-integrated production, distribution, and sales channels to provide health and well-being focused plant-based products in China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce, and specialized textiles. For more information about Shineco, please visit http://tianyiluobuma.com.Forward-Looking StatementsThis press release contains information about Shineco's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in Shineco's registration statement and in its other filings with the Securities and Exchange Commission.For more information, please contact:Tina Xiao Ascent Investor Relations LLC Phone: +1-917-609-0333 Email: tina.xiao@ascent-ir.com

  • GlobeNewswire

    Shineco, Inc. Announces CEO Change for Strategic Transformation

    Dr. Fengming Liu to Become New CEO and Chief ScientistBEIJING, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Shineco, Inc. ("Shineco" or the "Company"; Nasdaq: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural and hemp products, as well as various health and well-being-focused plant-based products in China, announced today that the Board of Directors (the “Board”) has appointed Dr. Fengming Liu as the new CEO and Chief Scientist to serve the Company’s strategic transformation, effective August 3, 2020. Mr. Yuying Zhang will continue to serve as the Chairman of the Board.As previously disclosed in a press release on July 27, 2020, the Company entered into a non-binding letter of intent (the “Letter of Intent”) to acquire controlling interest in Changzhou Biowin Pharmaceutical Co., Ltd (“CBP”), a Chinese biotechnology company focusing on on-site diagnostic product R & D and high-tech biomedical products manufacturing, to enter the market of COVID-19 nucleic acid detection.Dr. Fengming Liu is very knowledgeable in basic scientific research and applied scientific research. He is an interdisciplinary and prolific scientist as well as an academic entrepreneur. Lately, he has taken charge of 5 national science and technology industrialization projects and 8 local projects. He has made outstanding contributions in the fields of biopharmaceuticals, clinical diagnostic reagents and functional food development, and has applied for more than 60 patents. He earned 48 certificates from the China Food and Drug Administration including the second-class new drug certificates and in-vitro diagnostic reagent registration certificates, filling many domestic and foreign market gaps.Mr. Yuying Zhang, Chairman of Shineco, commented, “Shineco, Inc. has long been operating in traditional industries such as Chinese herbal medicines, agricultural and hemp products. We are facing many difficulties such as low technology and added value, and poor market competitiveness. In the past two years, the Company has transformed to be part of the industrial hemp industry and has initially completed the industrial planning and industrial chain construction. However, we need bio-high-tech talents in the research and development of industrial hemp biotechnology and biological products, especially a leading figure. Mr. Fengming Liu holds a doctoral degree in cardiovascular internal medicine from Peking Union Medical College, the most prestigious medical college in China, and he received post-doctoral training at Dartmouth College in the United States. He is a leading expert in China’s biomedical industry and has rich research and development achievements of biotechnology products and extensive experience in corporate management. He is absolutely the right leader of Shineco we are looking for. I believe that, under the leadership of Dr. Liu, Shineco will see more efficient and rapid development.”Dr. Fengming Liu, CEO, commented, “The strategic cooperation between Shineco, Inc. and Biowin aims to build a world-class biomedical industry base that mainly focuses on researching and developing biological innovative drugs and vitro diagnostic reagents. I will do my best to lead the R&D and management team to live up to the expectations of the Board and all shareholders.”About Changzhou Biowin Pharmaceutical Co., LtdEstablished in Changzhou, China in 2012, Changzhou Biowin Pharmaceutical Co., Ltd is focusing on the R&D, manufacture and distribution of point-of-care diagnostic test kits (POCT). The Company currently has 33 products with marketing approval in vitro diagnostic, 12 Chinese patents, and 28 Chinese patent applications, covering a variety of diseases including heart disease, infectious diseases, stroke, kidney function, diabetes, cancer and bone metabolism disorders, etc. The Company has the well-established in vitro diagnostic research and development laboratory and five technology platforms, and a rapid response system for the development of emergency-use diagnostic product. For more information, please visit http://www.czbiowin.com/.About Shineco, Inc.Incorporated in Delaware in August 1997 and headquartered in Beijing, China, Shineco is a holding company. Through its subsidiaries and variable interest entities, Shineco undertakes vertically- and horizontally-integrated production, distribution, and sales channels to provide health and well-being focused plant-based products in China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce, and specialized textiles. For more information about Shineco, please visit http://tianyiluobuma.com.Forward-Looking StatementsThis press release contains information about Shineco's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in Shineco's registration statement and in its other filings with the Securities and Exchange Commission.For more information, please contact:Tina Xiao Ascent Investor Relations LLC Phone: +1-917-609-0333 Email: tina.xiao@ascent-ir.com