Happiness Biotech Announced The Launch of Its Lucidum Tablets on DouYin Mall

NANPING, China, Sept. 10, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer and e-commerce services provider, today announced one of its nutraceutical products - Lucidum Tablets, have been launched for sale on the DouYin Mall, a virtual mall built within a Douyin mini-program.

"To prevent false advertisement in the healthcare industry and prohibit defective health products from entering the market, China has set forth strict rules and scrutiny in Food Safety Law and the Advertisement Law for the online sales of health products. DouYin Mall has even stricter selection procedures for health products. Happiness was successfully and officially invited by DouYin Mall to open its store and its Lucidum Tablets is the first lucidum product to be sold on such e-commerce platform. As the new generation in China pays more and more attention to healthy lifestyle, the ready-to-eat nutritious supplements with appealing packaging, like Happiness's Lucidum Tablets, have become the new market trend. We believe the demand for nutritious supplements will continue to grow in the future.

Lucidum Tablets is our first product launched in DouYin Mall. The gross margin is expected to be over 40%. We plan to utilize our advantages in lucidum supply chain, our research and development ability, to cater to the market demand and develop more popular lucidum products to make Happiness become the top lucidum brand on DouYin. As the gift season is upcoming, we expect a big sale of our for health products at the end of this year," said Mr. Xuezhu Wang, CEO of the Company.

About Happiness Biotech Group Limited

Headquartered in Nanping, China, Happiness Biotech Group Limited currently has three business lines：nutraceutical and dietary supplements, e-commerce and auto sales. The nutrition and dietary supplements business is focusing on the research, development, manufacture and marketing of various products made from Chinese herbal extracts and other ingredients. Over the past 17 years, we have established a product portfolio consisting of 23 PRC National Medical Products Administration registered "Blue-Cap" SKUs of nutraceutical and dietary supplements products. Our e-commerce business focuses on offering e-commerce solutions, including advertising and information technology services to small and medium-sized enterprises in China. We also run our online stores which carries our products of dietary supplements and other selected products sourced from the small and medium-sized enterprises in China. Our mission for the e-commerce business is to enable small and medium-sized enterprises to fully leverage the power of e-commerce to grow rapidly. Our automobile sales adopts the B2B business model and is committed to optimizing the auto supply chain by connecting car dealers on our online automobile sales platform and offering the overall services for purchasing automobiles. For more information, please visit: www.happ.org.cn

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China, the COVID-19 outbreak and its impact on our operations and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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SOURCE Happiness Biotech Group Limited

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