Exhibit 99.1

China Jo-Jo Drugstores Reports Fiscal Year 2024 Financial Results

HANGZHOU, China, July 30, 2024 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (Nasdaq: CJJD) (“Jo-Jo Drugstores” or the “Company”), a leading online and offline retailer, wholesale distributor of pharmaceutical and other healthcare products and healthcare provider in China, today announced its financial results for the fiscal year ended March 31, 2024.

Mr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores, commented, “We are pleased to present our financial performance for fiscal year 2024, which reflects our commitment to maintaining a resilient business model in a dynamic market. We achieved a significant 42.1% revenue growth in our wholesale business, a result of our dedicated efforts in targeting wholesale buyers with competitively priced product offerings, and leveraging modern wholesale platforms to boost sales. We believe this strategy will benefit us for long-term and sustainable growth. Our dedication to high-quality services and products remains strong. By adopting agile product and pricing strategies, we have successfully navigated a competitive landscape in China’s healthcare market. Looking ahead, we will keep strengthening our competitive advantages to differentiate our business and deliver outstanding results. We plan to actively seek as great growth potential opportunities as possible to strengthen our business, improve our customer experience, and expand our product portfolio to meet evolving customer needs. We will also continue to seize opportunities to facilitate market expansion and remain focused on gaining efficiencies and controlling costs to achieve the accelerated growth. We are deeply committed to contributing to China’s healthcare market and communities we support, and we will continue to create greater value for our shareholders, ensuring that our contributions benefit all our shareholders.”

Fiscal Year 2024 Financial Highlights

	For the Year Ended March 31,
($ millions, except per share data)	2024			2023			% Change
Revenue		154.54			148.81			3.8	%
Retail drugstores		75.68			83.35			(9.2	)%
Online pharmacy		31.86			32.38			(1.6	)%
Wholesale		47.00			33.08			42.1	%
Gross profit		31.11			34.28			(9.3	)%
Gross margin		20.1	%		23.0	%		(2.9	)pp
Loss from operations		(3.53	)		(20.93	)		83.1	%
Net loss		(4.23	)		(21.14	)		80.0	%
Loss per share		(2.93	)		(41.46	)		92.9	%

* Notes: pp represents percentage points

● Revenue increased by 3.8% to $154.54 million for the fiscal year ended March 31, 2024, from $148.81 million for the same period of last year.

● Gross profit was $31.11 million for the fiscal year ended March 31, 2024, compared to $34.28 million for the same period of last year.

● Gross margin was 20.1% for the fiscal year ended March 31, 2024, compared to 23.0% for the same period of last year.

● Net loss was $4.23 million, or $2.93 per basic and diluted share, for the fiscal year ended March 31, 2024, compared to net loss of $21.14 million, or $41.46 per basic and diluted share, for the same period of last year.

Fiscal Year 2024 Financial Results

Revenue

Revenue increased by $5.73 million, or 3.8%, to $154.54 million for the fiscal year ended March 31, 2024, from $148.81 million for the same period of last year.

	For the Year Ended March 31,
	2024							2023
($ millions)	Revenue		Cost of Goods		Average  Gross Margin			Revenue		Cost of Goods		Average Gross Margin
Retail drugstores		75.68		53.06		29.9	%		83.35		56.55		32.2	%
Online pharmacy		31.86		28.24		11.3	%		32.38		28.51		12.0	%
Wholesale		47.00		42.13		10.4	%		33.08		29.47		10.9	%
Total		154.54		123.43		20.1	%		148.81		114.53		23.0	%

Revenue from the retail drugstores business decreased by $7.67 million, or 9.2%, to $75.68 million for the fiscal year ended March 31, 2024, from $83.35 million for the same period of last year. After excluding the impact of exchange rate fluctuation, the actual retail drugstores sales decreased by 5.0%. The decrease in its retail drugstore sales is primarily due to local consumption cutback, extremely competitive market and the temporary surge of sale in the second half of fiscal 2023, which is nonrecurring and is due to Chinese government’s sanction lift on COVID-19.

Revenue from the online pharmacy business decreased by $0.53 million, or 1.6%, to $31.86 million for the fiscal year ended March 31, 2024, from $32.38 million for the same period of last year. The decrease was primarily caused by a decrease in sales via e-commerce platforms such as JD and Pinduoduo. Because the online prices are transparent, to be competitive in online sales, the Company has to keep low prices. More competitors came into the online retail sales market. As the Company does not have dominating power such as lowest prices or exclusive products, it may not be able to improve its sales significantly in the near future.

Revenue from the wholesale business increased by $13.93 million, or 42.1%, to $47.00 million for the fiscal year ended March 31, 2024, from $33.08 million for the same period of last year. In the year ended March 31, 2024, Online platforms such as Pharmacist Help, Yiyao Help and Yao Help have become popular ways to transact medical products by bulk. The platforms attract a plenty of buyers and sellers, so both parties have extended opportunities to expose themselves. The Company has spent significant efforts in exploring these buyers with certain products at reasonable prices as a result, the Company is able to attract more buyers and promote its sales. The Company believes that selling on the modern wholesale platform may be a new growth point. Therefore, the Company is actively looking for potential acquisition targets with trading platform to strengthen its wholesale business.

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Gross profit and gross margin

Total cost of goods sold increased by $8.90 million, or 7.8%, to $123.43 million for the fiscal year ended March 31, 2024, from $114.53 million for the same period of last year. Gross profit decreased by $3.17 million, or 9.3%, to $31.11 million for the fiscal year ended March 31, 2024 from $34.28 million for the same period of last year. Overall gross margin decreased by 2.9 percentage points to 20.1% for the fiscal year ended March 31, 2024, from 23.0% for the same period of last year, due to lower retail drugstores profit margins.

Gross margins for retail drugstores, online pharmacy and wholesale were 29.9%, 11.3%, and 10.4%, respectively, for the fiscal year ended March 31, 2024, compared to gross margins for retail drugstores, online pharmacy and wholesale of 32.2%, 12.0%, and 10.9%, respectively, for the same period of last year.

Loss from operations

Sales and marketing expenses decreased by $1.79 million, or 6.1%, to $27.39 million for the fiscal year ended March 31, 2024 from $29.18 million for the same period of last year. The decrease in selling expenses was primarily due to a decrease in expense related to Normal Nucleic Acid Testing (“NNAT”) as it is no longer requested by local government and a decrease in fee charged by distribution channels resulting from the decrease in retail drugstores and online pharmacy sales.

General and administrative expenses decreased by $8.41 million, or 53.7%, to $7.26 million for the fiscal year ended March 31, 2024 from $15.67 million for the same period of last year. The decrease in general and administrative expenses was primarily due to the decrease in bad debt expense. Such expenses as a percentage of revenue decreased to 4.7% from 10.5% for the same period a year ago. In the year ended March 31, 2024, the Company recorded a reduction of $0.22 million in the allowance account for bad debts as compared to the increase of $7.58 million in the allowance account for bad debts in FY2023.

Loss from operations was $3.53 million for the fiscal year ended March 31, 2024, compared to $20.93 million for the same period of last year. Operating margin was (2.3)% and (14.1)% for the fiscal year ended March 31, 2024 and 2023, respectively.

Net loss

Net loss was $4.23 million, or $2.93 per basic and diluted share for the fiscal year ended March 31, 2024, compared to net loss of $21.14 million, or $41.46 per basic and diluted share for the same period of last year.

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Financial Condition

As of March 31, 2024, the Company had cash of $20.15 million, compared to $18.81 million as of March 31, 2023. Net cash used in operating activities was $3.16 million for the fiscal year ended March 31, 2024, compared to $3.28 million for the same period of last year. The change is primarily attributable to an increase in net income of $16.90 million, an increase in accounts receivable of $0.73 million, an increase in cash provided by accounts payable of $4.24 million and an increase in cash provided by other payables and accrued liabilities of $2.21 million, offset by a decrease in bad debt direct write-off and provision of $6.79 million, a decrease in inventories and biological assets of $1.18 million and a decrease in stock compensation of $10.36 million. Net cash used in investing activities was $2.04 million for the fiscal year ended March 31, 2024, compared to $0.32 million for the same period of last year. The change is primarily attributable to investment in a joint venture and purchases of long-term assets. Net cash provided by financing activities was $8.00 million for the fiscal year ended March 31, 2024, compared to $2.37 million for the same period of last year. The change is primarily due to notes payable and proceeds from short-term bank loan.

About China Jo-Jo Drugstores, Inc.

China Jo-Jo Drugstores, Inc. (“Jo-Jo Drugstores” or the “Company”), is a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a provider of healthcare services in China. Jo-Jo Drugstores currently operates an online pharmacy and retail drugstores with licensed doctors on site for consultation, examination and treatment of common ailments at scheduled hours. It is also a wholesale distributor of products similar to those carried in its pharmacies. For more information about the Company, please visit http://jiuzhou360.com. The Company routinely posts important information on its website.

Forward-Looking Statements

This press release contains information about the Company’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. The Company’s encourages you to review other factors that may affect its future results in the Company’s annual reports and in its other filings with the Securities and Exchange Commission.

For more information, please contact:

Company Contact:

Frank Zhao

Chief Financial Officer

+86-571-88077108

frank.zhao@jojodrugstores.com

Investor Relations Contact:

Tina Xiao

Ascent Investor Relations LLC

+1-646-932-7242

investors@ascent-ir.com

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CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	March 31,			March 31,
	2024			2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	20,149,806		$	18,807,936
Restricted cash		12,724,365			12,762,708
Trade accounts receivables		15,824,103			14,119,606
Inventories		16,248,373			15,309,100
Other receivables, net		2,938,049			2,725,015
Advances to suppliers		914,776			142,417
Due from related parties		313,346			-
Other current assets		569,544			616,008
Total current assets		69,682,362			64,482,790
OTHER ASSETS
Property and equipment, net		4,906,589			5,100,264
Long-term investment		1,195,261			1,772,072
Farmland assets		634,153			666,721
Long-term deposits		1,119,006			1,038,125
Other noncurrent assets		682,437			790,056
Operating lease right-of-use assets		13,827,360			13,924,826
Intangible assets, net		3,009,922			3,195,748
Total other assets		25,374,728			26,487,812
Total assets	$	95,057,090		$	90,970,602
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Short-term loan payable	$	276,997		$	-
Accounts payable		31,630,131			26,990,250
Notes payable		31,676,335			29,255,776
Other payables		2,493,482			1,314,919
Due to related parties		1,833,509			683,560
Customer deposits		518,241			695,931
Taxes payable		682,239			1,706,909
Accrued liabilities		386,395			756,516
Current portion of operating lease liabilities		4,862,766			5,131,373
Total current liabilities		74,360,095			66,535,234
Long-term operating lease liabilities		6,403,858			7,768,216
Total liabilities		80,763,953			74,303,450
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Ordinary shares; $0.24 par value; 150,000,000 shares authorized; 1,743,362 and 1,184,861 shares issued and outstanding as of March 31, 2024 and 2023, respectively		418,407			284,367
Preferred shares; $0.001 par value; 10,000,000 shares authorized; nil issued and outstanding as of March 31, 2024 and 2023		-			-
Additional paid-in capital		86,413,978			83,958,418
Statutory reserves		1,309,109			1,309,109
Accumulated deficit		(73,507,246	)		(69,273,018	)
Accumulated other comprehensive income		1,005,762			1,735,135
Total shareholders’ equity attributed to China Jo-Jo		15,640,010			18,014,011
Noncontrolling interests		(1,346,873	)		(1,346,859	)
Total shareholders’ equity		14,293,137			16,667,152
Total liabilities and shareholders’ equity	$	95,057,090		$	90,970,602

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CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	For the years ended March 31,
	2024			2023			2022
REVENUES, NET	$	154,541,077		$	148,811,976		$	164,392,555
COST OF GOODS SOLD		123,432,529			114,531,512			127,873,515
GROSS PROFIT		31,108,548			34,280,464			36,519,040
SELLING EXPENSES		27,385,587			29,177,163			30,876,959
GENERAL AND ADMINISTRATIVE EXPENSES		7,257,524			15,668,684			8,187,176
STOCK BASED COMPENSATION		-			10,360,000			-
IMPAIRMENT OF LONG-LIVED ASSETS		-			-			148,795
TOTAL OPERATING EXPENSES		34,643,111			55,205,847			39,212,930
LOSS FROM OPERATIONS		(3,534,563	)		(20,925,383	)		(2,693,890	)
OTHER INCOME (EXPENSES):
INTEREST INCOME		516,637			883,908			401,921
INTEREST EXPENSE		(13,604	)		(65,854	)		(262,218	)
INVESTMENT LOSS		(1,607,537	)		(2,316,994	)		-
OTHER INCOME (EXPENSES)		467,687			1,680,087			455,547
LOSS BEFORE INCOME TAXES		(4,171,380	)		(20,744,236	)		(2,098,640	)
PROVISION FOR INCOME TAXES		62,862			394,541			1,099,726
NET LOSS		(4,234,242	)		(21,138,777	)		(3,198,366	)
LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST		(14	)		(252	)		(6,247	)
NET LOSS ATTRIBUTABLE TO CHINA JO-JO DRUGSTORES, INC.		(4,234,228	)		(21,138,525	)		(3,192,119	)
OTHER COMPREHENSIVE LOSS
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS		(729,373	)		(2,617,857	)		1,534,807
COMPREHENSIVE LOSS		(4,963,615	)		(23,756,634	)		(1,663,559	)
WEIGHTED AVERAGE NUMBER OF SHARES:
Basic		1,444,263			509,828			173,966
Diluted		1,444,263			509,828			173,966
LOSS PER SHARE:
Basic	$	(2.93	)	$	(41.46	)	$	(18.35	)
Diluted	$	(2.93	)	$	(41.46	)	$	(18.35	)

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CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the years ended March 31,
	2024			2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(4,234,242	)	$	(21,138,777	)	$	(3,198,366	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		790,449			718,002			1,256,491
Bad debt direct write-off and provision and reversal		(249,257	)		7,579,886			939,720
Amortization of right-of-use assets		4,594,172			-			-
Loss from disposal of property and equipment		107,251			-			-
Impairment of long lived assets		-			-			148,795
Share-based compensation		-			10,360,000			-
Investment loss		1,607,537			2,316,994			-
Change in operating assets and liabilities:
Accounts receivable		(1,804,440	)		(2,531,755	)		(2,657,283	)
Notes receivable		19,943			(20,861	)		40,260
Inventories and biological assets		(1,699,621	)		(522,550	)		1,523,098
Other receivables		(672,830	)		(958,671	)		(1,927,692	)
Advances to suppliers		(839,221	)		201,984			(171,783	)
Long term deposit		(132,568	)		589,653			(159,508	)
Other current assets		19,076			331,426			376,134
Other noncurrent assets		69,539			(30,483	)		62,394
Amount due from related parties		(317,828	)		-			-
Accounts payable		6,002,186			1,765,488			(3,558,050	)
Other payables and accrued liabilities		868,975			(1,341,447	)		99,132
Customer deposits		(144,761	)		(1,035,456	)		678,601
Taxes payable		(948,277	)		433,054			1,162,084
Operating lease liabilities		(6,191,522	)		-			-
Net cash used in operating activities		(3,155,439	)		(3,283,513	)		(5,385,973	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of equipment and building		(330,677	)		(118,272	)		(89,960	)
Investment in a joint venture		(1,116,212	)		(4,379	)		-
Purchases of intangible assets		(66,973	)		(12,774	)		(7,012	)
Additions to leasehold improvements		(525,988	)		(180,672	)		(209,166	)
Net cash used in investing activities		(2,039,850	)		(316,097	)		(306,138	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loan		1,116,212			-			-
Repayment of short-term bank loan		(837,159	)		-			(779,059	)
Repayment of third parties loan		-			(1,811,558	)		(2,613,965	)
Proceeds from notes payable		56,875,403			57,965,013			65,370,181
Repayment of notes payable		(52,997,171	)		(60,273,598	)		(57,829,269	)
Proceeds from issuance of shares and warrants in private placements		2,589,600			7,325,000			-
Proceeds from other payable-related parties		1,257,406			43,785			689,010
Repayment of other payable-related parties		-			(882,486	)
Net cash provided by financing activities		8,004,291			2,366,156			4,836,898
EFFECT OF EXCHANGE RATE ON CASH		(1,505,475	)		(2,535,479	)		1,522,146
INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		1,303,527			(3,768,933	)		666,933
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year		31,570,644			35,339,577			34,672,644
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of year	$	32,874,171		$	31,570,644		$	35,339,577
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	$	149,023		$	63,668		$	3,955
Cash paid for interest		13,604			64,943			262,218
NON-CASH ACTIVITIES：
Cashless exercise of warrants	$	-		$	135,118		$	-

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