Annual Reports and Related Documents::

Contents

01 Company Profile

1. Chairman's Letter to Shareholders

1. Corporate Structure
2. Business Operations

1. Financial Highlights
2. Performance Review

1. Board of Directors

1. Key Management
2. Sustainability Report

1. Corporate Governance Report

1. Directors' Statement

1. Independent Auditor's Report

1. Financial Statements

1. Statistics of Shareholdings

1. Notice of Annual General Meeting

136 Disclosure of Information on Directors Seeking Re-election

Proxy Form

Corporate Information

Vision

To bring healthier and nutritious quality snack foods to everyone.

Mission

To use science and technology in building a sustainable food chain and making a positive impact to the communities.

This annual report has been prepared by China Star Food Group Limited ("Company") and reviewed by the Company's sponsor, Novus Corporate Finance Pte. Ltd. ("Sponsor") in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist.

This annual report has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this annual report, including the correctness of the statements or opinions made, or reports contained in this annual report.

The contact person for the Sponsor is Mr. Andrew Leo, Chief Executive Officer, at 7 Temasek Boulevard, #18-03B Suntec Tower 1, Singapore 038987, telephone [phone].

Company Profile

China Star Food Group Limited ("CSFG" or the "Company" and together with its subsidiaries, the "Group"), is a leading sweet potato focused integrated snacks supply chain operator in China. Through its wholly-owned subsidiaries, the Group leverages on advanced technology to strengthen its three core business areas: (i) cultivation and supply - sweet potato seedlings cultivation base and fresh sweet potatoes supply,

1. product innovation and snacks production - sweet potato snacks product innovation and production of broad categories of snacks, and (iii) brand building, marketing and distribution
   - build proprietary brands of healthier snacks through targeted marketing campaigns and various distribution platforms (traditional and modern) throughout China.

The Group aims to be one of the global leaders in sweet potato focused snacks, leveraging on smart ecological agriculture, utilising high-tech techniques in product innovation to produce healthier snacks, and deploying modern marketing and distribution methods for better market reach.

To ensure a consistent supply of high-quality sweet potatoes, the Group has established an upstream sweet potato cultivation division, Liancheng Dizhongbao Modern

Agricultural Development Co., Ltd., that has identified specific sweet potato varieties for its cultivation bases. Through continual analysis and research and development, the Group has developed comprehensive cultivation solutions including soil improvement, fertilizers and seedlings, to assist farmers to increase crop yields and produce high-quality raw sweet potatoes. The Group has implemented the cultivation scheme in its existing farmlands, which it has leased through Liancheng County Cooperative in Fujian, China. The Group believes that its sweet potato cultivation solutions can also be provided to other potato farmers in China, which could potentially broaden its earnings base.

The Group has also adopted modern marketing and distribution approaches such as online and retail e-commerce sales channels to complement its traditional wholesalers and distributors, to promote its proprietary brands and range of healthier sweet potato snacks.

China Star Food Group Limited is listed on the Catalist Board of the Singapore Exchange Securities Trading Limited under the stock code 42W.

ANNUAL REPORT 2021

01

Chairman's Letter to Shareholders

Liang Chengwang

Executive Chairman & Chief Executive Officer

We believe we are on track to strengthen our financial performance going forward as we have increasingly integrated our core competencies to enhance the value chain of our sweet potatoes.

We are well-positioned to ride on the rising growth trend in the snack food segment as we continue to expand healthy and snack food products through our established marketing and distribution networks.

REVENUE

RMB 285.5 million

GROSS PROFIT
RMB 69.6	$
million

02 CHINA STAR FOOD GROUP LIMITED

Chairman's Letter to Shareholders

DEAR FELLOW SHAREHOLDERS,

While the unprecedented challenges of the COVID-19 pandemic disrupted our business operations and strained our financial performance for the financial year ended 31 March 2021 ("FY2021"), it also accelerated our transformation into an efficient agri-tech operator, infusing technology throughout our value chain. We believe the Group is well-placed to deliver sustainable value to our stakeholders over the long term as our three core business areas, (i) cultivation and supply, (ii) product innovation and snacks production, and (iii) brand building, marketing and distribution, continue to make good progress.

PROGRESS THROUGH PERSEVERANCE

We are appreciative of the patience and support from our shareholders in our aspiration to strengthen the Group into an agri-tech value chain operator, leveraging on our foundation in the sweet potatoes business. Investments and efforts to expand upstream to cultivate our selected variety of sweet potato seedlings and develop in-house cultivation methods to ensure food safety and a consistent supply of high-quality sweet potatoes, coupled with product innovation and upgrading of manufacturing processes to enhance the nutritional values of the snack foods we produce, are necessary steps for the Group's prospects. These efforts and investments need time and perseverance to bring them to fruition.

The intention to satisfy our own sales of high-quality fresh sweet potatoes and to support our manufacturing of snack foods with our upstream cultivation and supply segment, could potentially be expanded through the sharing of our in-house cultivation solutions with fellow sweet potatoes farmers. This approach could potentially assist fellow sweet potato farmers to increase their crop yields and produce high-quality fresh sweet potatoes, thereby improving their livelihoods. We believe that through the sharing of our proven cultivation solutions, we would be able to expand our supply base and correspondingly, potential expansion in earnings base.

While the COVID-19 pandemic jolted us from our traditional approach of reaching out to distributors and consumers of snack products, it had also spurred us to quicken our adoption of e-commerce and "livestreaming" online sales. The fast adaptation broadens our growth path and consumer base as we are now able to market and sell our products through both physical and virtual channels.

ANNUAL REPORT 2021

03