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| DELAWARE                                                      |                                                    | 13-4306188                        |
|---------------------------------------------------------------|---------------------------------------------------------|-----------------------------------|
| (State or Other Jurisdiction ofIncorporation or Organization) |                                                    | I.R.S. EmployerIdentification No. |
|                                                          | 2275 Research Blvd., Suite 500Rockville, Maryland 20850 |                              |
| (Address of Principal Executive Offices, Zip Code)            |
|                                                          |
| (301) 840-3888                                                |
| (Registrant’s Telephone Number, Including Area Code)    |

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| Large accelerated filer o | Accelerated filer x | Non-accelerated filer o | Smaller reporting company o |
|---------------------------|---------------------|-------------------------|-----------------------------|

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TABLE OF CONTENTS

| Item 1. Financial Statements (unaudited)                                                            | 1      |
|-----------------------------------------------------------------------------------------------------|--------|
|                                                                                                |   |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 13     |
|                                                                                                |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                  | 23     |
|                                                                                                |   |
| Item 4. Controls and Procedures                                                                     | 23     |
|                                                                                                |   |
| PART II                                                                                             |
|                                                                                                |   |
| Item 1. Legal Proceedings                                                                           | 24     |
|                                                                                                |   |
| Item 1A. Risk Factors                                                                               | 24     |
|                                                                                                |   |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                 | 24     |
|                                                                                                |   |
| Item 3. Defaults Upon Senior Securities                                                             | 24     |
|                                                                                                |   |
| Item 4. (Removed and Reserved)                                                                      | 24     |
|                                                                                                |   |
| Item 5. Other Information                                                                           | 24     |
|                                                                                                |   |
| Item 6. Exhibits                                                                                    | 24     |
|                                                                                                |   |
| Signatures                                                                                          | 25     |

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Table of Contents

ITEM 1. FINANCIAL STATEMENTS.

|                                                                                                                                                |   | September 30, 2010                    |    |   | March 31, 2010 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|--------|----------------|--------|
|                                                                                                                                                |   | (in thousands,except share par value) |    |
| ASSETS                                                                                                                                              |   |                                  |    |   |           |   |
| Current Assets:                                                                                                                                     |   |                                  |    |   |           |   |
| Cash and cash equivalents                                                                                                                           |   | $                                     | 52,327  |   |           | $      | 48,693 |   |
| Restricted cash                                                                                                                                     |   |                                  | 26,804  |   |           |   | 33,384 |   |
| Accounts receivable, net of allowance of $6,360 and $4,355, respectively                                                                            |   |                                  | 40,088  |   |           |   | 26,013 |   |
| Inventories                                                                                                                                         |   |                                  | 67,597  |   |           |   | 52,134 |   |
| Due from related parties                                                                                                                            |   |                                  | 9,864   |   |           |   | 8,111 |   |
| Income tax receivable                                                                                                                               |   |                                  | 3,760   |   |           |   | 523 |   |
| Receivable from assets disposal                                                                                                                     |   |                                  | 5,386   |   |           |   | 5,879 |   |
| Prepaid expenses and other current assets                                                                                                           |   |                                  | 17,293  |   |           |   | 8,209 |   |
| Deferred tax assets                                                                                                                                 |   |                                  | 34,049  |   |           |   | 33,390 |   |
| Total current assets                                                                                                                                |   |                                  | 257,168 |   |           |   | 216,336 |   |
|                                                                                                                                                |   |                                  |    |   |           |   |   |   |
| Property, plant and equipment, net                                                                                                                  |   |                                  | 109,163 |   |           |   | 110,037 |   |
| Land use rights, net                                                                                                                                |   |                                  | 6,036   |   |           |   | 5,996 |   |
| Intangible assets, net                                                                                                                              |   |                                  | 3,126   |   |           |   | 3,394 |   |
| Goodwill                                                                                                                                            |   |                                  | — |   |           |   | 1,437 |   |
| Receivable from assets disposal                                                                                                                     |   |                                  | — |   |           |   | 4,404 |   |
| Other assets                                                                                                                                        |   |                                  | 5,521   |   |           |   | 3,575 |   |
| Deferred tax assets                                                                                                                                 |   |                                  | 4,208   |   |           |   | 4,178 |   |
| TOTAL ASSETS                                                                                                                                        |   | $                                     | 385,222 |   |           | $      | 349,357 |   |
|                                                                                                                                                |   |                                  |    |   |           |   |   |   |
| LIABILITIES AND EQUITY                                                                                                                              |   |                                  |    |   |           |   |   |   |
| Current Liabilities:                                                                                                                                |   |                                  |    |   |           |   |   |   |
| Short-term debt                                                                                                                                     |   | $                                     | 77,120  |   |           | $      | 98,069 |   |
| Long-term debt due within one year                                                                                                                  |   |                                  | 14,923  |   |           |   | 61,194 |   |
| Accounts payable                                                                                                                                    |   |                                  | 61,099  |   |           |   | 49,947 |   |
| Due to related parties                                                                                                                              |   |                                  | 2,443   |   |           |   | 2,670 |   |
| Advances from customers                                                                                                                             |   |                                  | 9,130   |   |           |   | 9,375 |   |
| Other current liabilities                                                                                                                           |   |                                  | 26,833  |   |           |   | 22,674 |   |
| Total current liabilities                                                                                                                           |   |                                  | 191,548 |   |           |   | 243,929 |   |
| Long-term debt                                                                                                                                      |   |                                  | 79,091  |   |           |   | 41,018 |   |
| Deferred revenue                                                                                                                                    |   |                                  | 4,734   |   |           |   | 4,688 |   |
| Capital lease obligations                                                                                                                           |   |                                  | 5,461   |   |           |   | 5,372 |   |
| Other long-term liabilities                                                                                                                         |   |                                  | 1,451   |   |           |   | 1,419 |   |
| Total liabilities                                                                                                                                   |   |                                  | 282,285 |   |           |   | 296,426 |   |
| Equity:                                                                                                                                             |   |                                  |    |   |           |   |   |   |
| Synutra International, Inc. shareholders’ equity                                                                                              |   |                                  |    |   |           |   |   |   |
| Common stock, $.0001 par value: 250,000 authorized; 57,301 and 54,001 issued and outstanding at September 30, 2010 and March 31, 2010, respectively |   |                                  | 6       |   |           |   | 5 |   |
| Additional paid-in capital                                                                                                                          |   |                                  | 135,440 |   |           |   | 76,607 |   |
| Accumulated deficit                                                                                                                                 |   |                                  | (59,339 | )      |           |   | (48,289 | ) |
| Accumulated other comprehensive income                                                                                                              |   |                                  | 26,214  |   |           |   | 24,015 |   |
| Total Synutra common shareholders’ equity                                                                                                     |   |                                  | 102,321 |   |           |   | 52,338 |   |
| Noncontrolling interest                                                                                                                             |   |                                  | 616     |   |           |   | 593 |   |
| Total equity                                                                                                                                        |   |                                  | 102,937 |   |           |   | 52,931 |   |
| TOTAL LIABILITIES AND EQUITY                                                                                                                        |   | $                                     | 385,222 |   |           | $      | 349,357 |   |

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Table of Contents

|                                                                |   | Three Months Ended              |    |    | Six Months Ended |   |
|--------------------------------------------------------------------------|--------|-------------------------------------------|---------|---------|----------------------------|--------|
|                                                                |   | September 30,                             |    |    | September 30,              |   |
|                                                                |   | 2010                                      |    |    | 2009                       |   |   | 2010 |   |   | 2009 |   |
|                                                                     |   | (in thousands, except earnings per share) |    |
| Net sales                                                                |   | $                                         | 41,202  |    |                       | $      | 65,330 |   |   | $ | 124,989 |   |   | $ | 112,680 |   |
| Cost of sales                                                            |   |                                      | 32,306  |    |                       |   | 53,051 |   |   |   | 69,732 |   |   |   | 80,829 |   |
| Gross profit                                                             |   |                                      | 8,896   |    |                       |   | 12,279 |   |   |   | 55,257 |   |   |   | 31,851 |   |
|                                                                     |   |                                      |    |    |                       |   |   |   |   |   |   |   |   |   |   |   |
| Selling and distribution expenses                                        |   |                                      | 12,211  |    |                       |   | 10,334 |   |   |   | 24,837 |   |   |   | 20,811 |   |
| Advertising and promotion expenses                                       |   |                                      | 14,654  |    |                       |   | 7,507 |   |   |   | 24,656 |   |   |   | 22,652 |   |
| General and administrative expenses                                      |   |                                      | 8,370   |    |                       |   | 4,909 |   |   |   | 15,886 |   |   |   | 9,550 |   |
| Impairment loss from assets disposal                                     |   |                                      | — |    |                       |   | 5,921 |   |   |   | — |   |   |   | 5,921 |   |
| Other operating income, net                                              |   |                                      | 238     |    |                       |   | 107 |   |   |   | 311 |   |   |   | 224 |   |
| Loss from operations                                                     |   |                                      | (26,101 | )       |                       |   | (16,285 | ) |   |   | (9,811 | ) |   |   | (26,859 | ) |
|                                                                     |   |                                      |    |    |                       |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                         |   |                                      | 2,113   |    |                       |   | 2,788 |   |   |   | 4,775 |   |   |   | 5,166 |   |
| Interest income                                                          |   |                                      | 137     |    |                       |   | 370 |   |   |   | 245 |   |   |   | 888 |   |
| Other income (expense), net                                              |   |                                      | 58      |    |                       |   | (267 | ) |   |   | 225 |   |   |   | (1,051 | )  |
| Loss before income tax benefit                                           |   |                                      | (28,019 | )       |                       |   | (18,970 | ) |   |   | (14,116 | ) |   |   | (32,188 | )  |
|                                                                     |   |                                      |    |    |                       |   |   |   |   |   |   |   |   |   |   |   |
| Income tax benefit                                                       |   |                                      | (6,797  | )       |                       |   | (4,912 | ) |   |   | (3,002 | ) |   |   | (8,135 | )  |
| Net loss                                                                 |   |                                      | (21,222 | )       |                       |   | (14,058 | ) |   |   | (11,114 | ) |   |   | (24,053 | )  |
|                                                                     |   |                                      |    |    |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to the noncontrolling interest                     |   |                                      | (66     | )       |                       |   | (39 | ) |   |   | (64 | ) |   |   | (88 | )  |
| Net loss attributable to Synutra International, Inc. common shareholders |   | $                                         | (21,156 | )  |                       | $      | (14,019 | )  |   | $ | (11,050 | )  |   | $ | (23,965 | )  |
|                                                                     |   |                                      |    |    |                       |   |   |   |   |   |   |   |   |   |   |   |
| Loss per share – basic and diluted                                 |   | $                                         | (0.37   | )  |                       | $      | (0.26 | )  |   | $ | (0.20 | )  |   | $ | (0.44 | )  |
| Weighted average common shares outstanding – basic and diluted     |   |                                      | 57,301  |    |                       |   | 54,001 |   |   |   | 55,651 |   |   |   | 54,001 |   |

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Table of Contents

|                                                                          |   | Three Months Ended |    |    | Six Months Ended |   |
|------------------------------------------------------------------------------------|--------|------------------------------|---------|---------|----------------------------|--------|
|                                                                          |   | September 30,                |    |    | September 30,              |   |
|                                                                          |   | 2010                         |    |    | 2009                       |   |   | 2010 |   |   | 2009 |   |
|                                                                               |   | (in thousands)               |    |
| Net loss                                                                           |   | $                            | (21,222 | )  |                       | $      | (14,058 | )  |   | $ | (11,114 | )  |   | $ | (24,053 | )  |
| Currency translation adjustments                                                   |   |                         | 1,627   |    |                       |   | 44 |   |   |   | 2,206 |   |   |   | 114 |   |
| Total comprehensive loss                                                           |   |                         | (19,595 | )       |                       |   | (14,014 | ) |   |   | (8,908 | ) |   |   | (23,939 | ) |
| Less: Comprehensive loss attributable to noncontrolling interest                   |   |                         | (61     | )       |                       |   | (39 | ) |   |   | (57 | ) |   |   | (88 | ) |
| Comprehensive loss attributable to Synutra International, Inc. common shareholders |   | $                            | (19,534 | )  |                       | $      | (13,975 | )  |   | $ | (8,851 | )  |   | $ | (23,851 | ) |

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Table of Contents

|                             |   | Common Stock   |    |   |   |   |    |                       |   |   |                |   |   |                                   |    |    |                    |   |
|----------------------------------|--------|----------------|---------|--------|--------|--------|---------|----------------------------|--------|--------|---------------------|--------|--------|----------------------------------------|---------|---------|-------------------------|--------|
|                             |   | Shares         |    |   | Amount |   |    | Additional paid-in capital |   |   | Accumulated deficit |   |   | Accumulated other comprehensive income |    |    | Noncontrolling interest |   |   | Total equity |   |
|                             |   | (in thousands) |    |
| Balance, March 31, 2009          |   |           | 54,001  |   |   | $      | 5       |                       |   | $      | 76,607              |   |   | $                                      | (23,674 | )       |                    | $      | 23,921 |   |   | $ | 537 |   |   | $ | 77,396 |   |
| Net loss                         |   |           | — |   |   |   | — |                       |   |   | —             |   |   |                                   | (23,965 | )  |                    |   | — |   |   |   | (88 | )  |   |   | (24,053 | )  |
| Currency translation adjustments |   |           | — |   |   |   | — |                       |   |   | —             |   |   |                                   | — |    |                    |   | 114 |   |   |   | — |   |   |   | 114 |   |
| Other                            |   |           | — |   |   |   | — |                       |   |   | —             |   |   |                                   | — |    |                    |   | — |   |   |   | 152 |   |   |   | 152 |   |
| Balance, September 30, 2009      |   |           | 54,001  |   |   | $      | 5       |                       |   | $      | 76,607              |   |   | $                                      | (47,639 | )       |                    | $      | 24,035 |   |   | $ | 601 |   |   | $ | 53,609 |   |
|                             |   |           |    |   |   |   |    |                       |   |   |                |   |   |                                   |    |    |                    |   |   |   |   |   |   |   |   |   |   |   |
| Balance, March 31, 2010          |   |           | 54,001  |   |   | $      | 5       |                       |   | $      | 76,607              |   |   | $                                      | (48,289 | )       |                    | $      | 24,015 |   |   | $ | 593 |   |   | $ | 52,931 |   |
| Net loss                         |   |           | — |   |   |   | — |                       |   |   | —             |   |   |                                   | (11,050 | )  |                    |   | — |   |   |   | (64 | )  |   |   | (11,114 | )  |
| Issuance of common stock         |   |           | 3,300   |   |   |   | 1       |                       |   |   | 58,833              |   |   |                                   | — |    |                    |   | — |   |   |   | — |   |   |   | 58,834 |   |
| Currency translation adjustments |   |           | — |   |   |   | — |                       |   |   | —             |   |   |                                   | — |    |                    |   | 2,199 |   |   |   | 7 |   |   |   | 2,206 |   |
| Other                            |   |           | — |   |   |   | — |                       |   |   | —             |   |   |                                   | — |    |                    |   | — |   |   |   | 80 |   |   |   | 80 |   |
| Balance, September 30, 2010      |   |           | 57,301  |   |   | $      | 6       |                       |   | $      | 135,440             |   |   | $                                      | (59,339 | )       |                    | $      | 26,214 |   |   | $ | 616 |   |   | $ | 102,937 |   |

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Table of Contents

|                                                                             |   | Six Months Ended September 30, |    |
|----------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                             |   | 2010                           |    |   | 2009 |   |
|                                                                             |   | (in thousands)                 |    |
| Operating activities:                                                            |   |                           |    |   |   |   |
| Net loss                                                                         |   | $                              | (11,114 | )  |   | $ | (24,053 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |                           |    |   |   |   |   |   |
| Amortization of debt issuance costs                                              |   |                           | 175     |   |   |   | 160 |   |
| Depreciation and amortization                                                    |   |                           | 5,051   |   |   |   | 4,963 |   |
| Bad debt expense (reversal)                                                      |   |                           | 1,900   |   |   |   | (548 | ) |
| Goodwill and intangible asset impairment                                         |   |                           | 1,700   |   |   |   | — |   |
| Loss (gain) on disposal of property, plant and equipment                         |   |                           | (17     | ) |   |   | 10 |   |
| Impairment loss from assets disposal                                             |   |                           | 9       |   |   |   | 5,921 |   |
| Deferred income tax                                                              |   |                           | 12      |   |   |   | (6 | ) |
| Other compensation expense                                                       |   |                           | 80      |   |   |   | 153 |   |
| Changes in operating assets and liabilities:                                     |   |                           |    |   |   |   |   |   |
| Accounts receivable                                                              |   |                           | (15,274 | ) |   |   | (8,188 | )  |
| Inventories                                                                      |   |                           | (14,270 | ) |   |   | (1,306 | ) |
| Due from related parties                                                         |   |                           | (2,306  | ) |   |   | 531 |   |
| Prepaid expenses and other current assets                                        |   |                           | (5,055  | ) |   |   | 4,173 |   |
| Accounts payable                                                                 |   |                           | 9,752   |   |   |   | (31,299 | ) |
| Due to related parties                                                           |   |                           | 745     |   |   |   | (2,444 | ) |
| Advances from customers                                                          |   |                           | (412    | ) |   |   | 9,500 |   |
| Income tax receivable                                                            |   |                           | (3,174  | )  |   |   | (8,559 | ) |
| Deferred revenue                                                                 |   |                           | (41     | )  |   |   | — |   |
| Product recall provision                                                         |   |                           | — |   |   |   | (1,697 | ) |
| Current and non-current other liabilities                                        |   |                           | 6,944   |   |   |   | 4,085 |   |
| Net cash used in operating activities                                            |   | $                              | (25,295 | ) |   | $ | (48,604 | ) |
|                                                                             |   |                           |    |   |   |   |   |   |
| Investing activities:                                                            |   |                           |    |   |   |   |   |   |
| Acquisition of property, plant and equipment                                     |   |                           | (1,473  | ) |   |   | (2,965 | ) |
| Change in restricted cash                                                        |   |                           | 7,085   |   |   |   | (31,630 | ) |
| Payment for business acquisitions                                                |   |                           | — |   |   |   | (1,468 | ) |
| Proceeds from assets disposal                                                    |   |                           | 3,361   |   |   |   | 5,642 |   |
| Net cash provided by (used in) investing activities                              |   | $                              | 8,973   |   |   | $ | (30,421 | ) |
|                                                                             |   |                           |    |   |   |   |   |   |
| Financing activities:                                                            |   |                           |    |   |   |   |   |   |
| Proceeds from short-term debt                                                    |   |                           | 70,440  |   |   |   | 251,868 |   |
| Repayment of short-term debt                                                     |   |                           | (92,767 | ) |   |   | (160,092 | ) |
| Proceeds from long-term debt                                                     |   |                           | 57,385  |   |   |   | 7,331 |   |
| Repayment of long-term debt                                                      |   |                           | (67,339 | ) |   |   | — |   |
| Payment on capital lease obligations                                             |   |                           | (7,505  | ) |   |   | — |   |
| Proceeds from issuance of common stock                                           |   |                           | 62,700  |   |   |   | — |   |
| Issuance costs for common stock issuance                                         |   |                           | (3,866  | ) |   |   | — |   |
| Net cash provided by (used in) financing activities                              |   | $                              | 19,048  |   |   | $ | 99,107 |   |
|                                                                             |   |                           |    |   |   |   |   |   |
| Effect of exchange rate changes on cash and cash equivalents                     |   | $                              | 908     |   |   | $ | 55 |   |
|                                                                             |   |                           |    |   |   |   |   |   |
| Net change in cash and cash equivalents                                          |   |                           | 3,634   |   |   |   | 20,137 |   |
| Cash and cash equivalents, beginning of period                                   |   | $                              | 48,693  |   |   | $ | 37,736 |   |
| Cash and cash equivalents, end of period                                         |   | $                              | 52,327  |   |   | $ | 57,873 |   |
|                                                                             |   |                           |    |   |   |   |   |   |
| Supplemental cash flow information:                                              |   |                           |    |   |   |   |   |   |
| Interest paid                                                                    |   |                           | 4,253   |   |   |   | 5,773 |   |
| Income tax paid                                                                  |   |                           | 168     |   |   |   | 732 |   |
|                                                                             |   |                           |    |   |   |   |   |   |
| Non-cash investing and financing activities:                                     |   |                           |    |   |   |   |   |   |
| Purchase of property, plant and equipment by accounts payable                    |   |                           | 394     |   |   |   | 879 |   |
| Assets disposal by other receivable                                         |   |                           | 5,386   |   |   |   | — |   |

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Table of Contents

| 1.  | ORGANIZATION AND PRINCIPAL ACTIVITIES |
|----------|---------------------------------------|

| 2.  | BASIS OF PRESENTATION |
|----------|-----------------------|

| 3.  | ISSUANCE OF COMMON STOCK |
|----------|--------------------------|

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Table of Contents

| 4.  | FAIR VALUE MEASUREMENTS |
|----------|-------------------------|

| Description                 |   | Amount         |    |   |   | Quoted Prices in Active Markets for Identical Assets(Level 1) |   |   |   | Significant Other Observable Inputs(Level 2) |                           |   | Significant Unobservable Inputs(Level 3) |   |    | Total Loss |   |
|-----------------------------|--------|----------------|---------|--------|--------|---------------------------------------------------------------|--------|--------|--------|----------------------------------------------|--------------------------------|--------|------------------------------------------|--------|---------|------------|--------|
| September 30, 2010:         |   | (In thousands) |    |
| Goodwill                    |   | $              | — |   |   |                                                          |   |   |   |                                         |                           |   |                                     | $      | — |       |   | $ | 1,440 |   |
| Intangible asset (know-how) |   | $              | — |   |   |                                                          |   |   |   |                                         |                           |   |                                     | $      | — |       |   | $ | 260 |   |
|                        |   |           |    |   |   |                                                          |   |   |   |                                         |                           |   |                                     |   |    |       |   |   |   |   |
| March 31, 2010:             |   |           |    |   |   |                                                          |   |   |   |                                         |                           |   |                                     |   |    |       |   |   |   |   |
| Assets held for sale        |   | $              | 30,211  |   |   |                                                          |   |   |   | $                                       |     30,211 |   |                                     |   |    |       |   | $ | 5,894 |   |

| 5.  | INVENTORIES |
|----------|-------------|

|             |   | September 30, 2010 |   |   | March 31, 2010 |   |
|------------------|--------|--------------------|--------|--------|----------------|--------|
|             |   | (In thousands)     |   |
| Raw materials    |   | $                  | 48,712 |   |           | $      | 35,667 |   |
| Work-in-progress |   |               | 14,271 |   |           |   | 10,893 |   |
| Finished goods   |   |               | 4,614  |   |           |   | 5,574 |   |
| Total            |   | $                  | 67,597 |   |           | $      | 52,134 |   |

| 6.  | PREPAID EXPENSES AND OTHER CURRENT ASSETS |
|----------|-------------------------------------------|

|                 |   | September 30, 2010 |   |   | March 31, 2010 |   |
|----------------------|--------|--------------------|--------|--------|----------------|--------|
|                 |   | (In thousands)     |   |
| Prepaid expense      |   | $                  | 4,590  |   |           | $      | 421 |   |
| Prepaid taxes        |   |               | 7,173  |   |           |   | 2,287 |   |
| Subsidy receivable   |   |               | 1,492  |   |           |   | 1,465 |   |
| Assets held for sale |   |               | 1,979  |   |           |   | 408 |   |
| Other                |   |               | 2,059  |   |           |   | 3,628 |   |
| Total                |   | $                  | 17,293 |   |           | $      | 8,209 |   |

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Table of Contents

| 7.  | DUE FROM (TO) RELATED PARTIES AND RELATED PARTY TRANSACTIONS |
|----------|--------------------------------------------------------------|

| A.  | Classification of related party balances by name |
|----------|--------------------------------------------------|

| a.  | Due from related parties |
|----------|--------------------------|

|                                          |   | September 30, 2010 |   |   | March 31, 2010 |   |
|-----------------------------------------------|--------|--------------------|--------|--------|----------------|--------|
|                                          |   | (In thousands)     |   |
| Sheng Zhi Da Dairy Group Corporation          |   | $                  | 1,761  |   |           | $      | 1,728 |   |
| Beijing Honnete Dairy Co., Ltd.               |   |               | 6,839  |   |           |   | 5,476 |   |
| St. Angel (Beijing) Business Service Co. Ltd. |   |               | 1,264  |   |           |   | 907 |   |
| Total                                         |   | $                  | 9,864  |   |           | $      | 8,111 |   |

| b.  | Due to related parties |
|----------|------------------------|

|                                               |   | September 30, 2010 |    |   | March 31, 2010 |   |
|----------------------------------------------------|--------|--------------------|---------|--------|----------------|--------|
|                                               |   | (In thousands)     |    |
| Sheng Zhi Da Dairy Group Corporation               |   | $                  | 1,889   |   |           | $      | 2,098 |   |
| Beijing Honnete Dairy Co., Ltd.                    |   |               | 554     |   |           |   | 568 |   |
| Beijing St. Angel Cultural Communication Co., Ltd. |   |               | — |   |           |   | 4 |   |
| Total                                              |   | $                  | 2,443   |   |           | $      | 2,670 |   |

| B.  | Sales to related parties |
|----------|--------------------------|

|                                      |   | Three Months Ended |   |   | Six Months Ended |   |
|------------------------------------------------|--------|------------------------------|--------|--------|----------------------------|--------|
|                                      |   | September 30,                |   |   | September 30,              |   |
|                                      |   | 2010                         |   |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
|                                           |   | (In thousands)               |   |
| Beijing Honnete Dairy Co., Ltd.                |   | $                            | 262    |   |                       | $      | 2,039 |   |   | $ | 434 |   |   | $ | 4,278 |   |
| Beijing Kelqin Dairy Co., Ltd.                 |   |                         | 23     |   |                       |   | 31 |   |   |   | 23 |   |   |   | 31 |   |
| St. Angel (Beijing) Business Service Co., Ltd. |   |                         | 290    |   |                       |   | — |   |   |   | 440 |   |   |   | — |   |
| Total                                          |   | $                            | 575    |   |                       | $      | 2,070 |   |   | $ | 897 |   |   | $ | 4,309 |   |

| C.  | Purchases from related parties |
|----------|--------------------------------|

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| 8.  | PROPERTY, PLANT AND EQUIPMENT, NET |
|----------|------------------------------------|

|                                 |   | September 30, 2010 |    |   | March 31, 2010 |   |
|--------------------------------------|--------|--------------------|---------|--------|----------------|--------|
|                                 |   | (In thousands)     |    |
| Property, plant and equipment, cost: |   |               |    |   |           |   |
| Buildings                            |   | $                  | 56,423  |   |           | $      | 49,351 |   |
| Plant and machinery                  |   |               | 75,551  |   |           |   | 63,547 |   |
| Office equipment and furnishings     |   |               | 3,361   |   |           |   | 3,314 |   |
| Motor vehicles                       |   |               | 2,591   |   |           |   | 2,590 |   |
| Others                               |   |               | 428     |   |           |   | 392 |   |
| Total cost                           |   | $                  | 138,354 |   |           | $      | 119,194 |   |
| Less: Accumulated depreciation:      |   |               |    |   |           |   |   |   |
| Buildings                            |   |               | 7,611   |   |           |   | 6,353 |   |
| Plant and machinery                  |   |               | 20,639  |   |           |   | 17,065 |   |
| Office equipment and furnishings     |   |               | 1,891   |   |           |   | 1,634 |   |
| Motor vehicles                       |   |               | 1,264   |   |           |   | 1,099 |   |
| Others                               |   |               | 348     |   |           |   | 329 |   |
| Total accumulated depreciation       |   |               | 31,753  |   |           |   | 26,480 |   |
| Construction in progress             |   |               | 2,562   |   |           |   | 17,323 |   |
| Property, plant and equipment, net   |   | $                  | 109,163 |   |           | $      | 110,037 |   |

| 9.  | DEBT |
|----------|------|

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| 10.  | OTHER CURRENT LIABILITIES |
|-----------|---------------------------|

|                                       |   | September 30, 2010 |   |   | March 31, 2010 |   |
|--------------------------------------------|--------|--------------------|--------|--------|----------------|--------|
|                                       |   | (In thousands)     |   |
| Accrued rebate and slotting fee            |   | $                  | 2,184  |   |           | $      | 1,256 |   |
| Payroll and bonus payables                 |   |               | 5,391  |   |           |   | 4,102 |   |
| Accrued selling and marketing expenses     |   |               | 1,251  |   |           |   | 1,098 |   |
| Accrued advertising and promotion expenses |   |               | 12,629 |   |           |   | 6,116 |   |
| Accrued sales return                       |   |               | 2,229  |   |           |   | 3,960 |   |
| Others                                     |   |               | 3,149  |   |           |   | 6,142 |   |
| Total                                      |   | $                  | 26,833 |   |           | $      | 22,674 |   |

| 11.  | INCOME TAXES |
|-----------|--------------|

| 12.  | LOSS PER SHARE |
|-----------|----------------|

|                                        |   | Three Months Ended |    |    | Six Months Ended |   |
|--------------------------------------------------|--------|------------------------------|---------|---------|----------------------------|--------|
|                                        |   | September 30,                |    |    | September 30,              |   |
|                                        |   | 2010                         |    |    | 2009                       |   |   | 2010 |   |   | 2009 |   |
|                                             |   | (In thousands)               |    |
| Net loss attributable to common shareholders     |   | $                            | (21,156 | )  |                       | $      | (14,019 | )  |   | $ | (11,050 | )  |   | $ | (23,965 | )  |
| Basic weighted average common shares outstanding |   |                         | 57,301  |    |                       |   | 54,001 |   |   |   | 55,651 |   |   |   | 54,001 |   |
| Dilutive potential common shares from warrants   |   |                         | — |    |                       |   | — |   |   |   | — |   |   |   | — |   |
| Diluted weighted average shares outstanding      |   |                         | 57,301  |    |                       |   | 54,001 |   |   |   | 55,651 |   |   |   | 54,001 |   |
| Loss per share-basic and diluted                 |   | $                            | (0.37   | )       |                       | $      | (0.26 | ) |   | $ | (0.20 | ) |   | $ | (0.44 | ) |

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| 13.  | SEGMENT REPORTING |
|-----------|-------------------|

|                               |   | Three Months Ended |    |    | Six Months Ended |   |
|-----------------------------------------|--------|------------------------------|---------|---------|----------------------------|--------|
|                               |   | September 30,                |    |    | September 30,              |   |
|                               |   | 2010                         |    |    | 2009                       |   |   | 2010 |   |   | 2009 |   |
|                                    |   | (In thousands)               |    |
| NET SALES TO EXTERNAL CUSTOMERS         |   |                         |    |    |                       |   |   |   |   |   |   |   |   |   |   |   |
| Powdered formula                        |   | $                            | 37,285  |    |                       | $      | 42,031 |   |   | $ | 116,529 |   |   | $ | 84,501 |   |
| Baby food                               |   |                         | 115     |    |                       |   | 268 |   |   |   | 197 |   |   |   | 611 |   |
| Nutritional ingredients and supplements |   |                         | 867     |    |                       |   | 460 |   |   |   | 867 |   |   |   | 516 |   |
| All other                               |   |                         | 2,935   |    |                       |   | 22,571 |   |   |   | 7,396 |   |   |   | 27,052 |   |
| Net sales                               |   | $                            | 41,202  |    |                       | $      | 65,330 |   |   | $ | 124,989 |   |   | $ | 112,680 |   |
| INTERSEGMENT SALES                      |   |                         |    |    |                       |   |   |   |   |   |   |   |   |   |   |   |
| Powdered formula                        |   | $                            | — |    |                       | $      | 1 |   |   | $ | — |   |   | $ | 5 |   |
| Baby food                               |   |                         | 97      |    |                       |   | — |   |   |   | 171 |   |   |   | 232 |   |
| Nutritional ingredients and supplements |   |                         | 1,707   |    |                       |   | — |   |   |   | 5,441 |   |   |   | 1,522 |   |
| All other                          |   |                         | 419     |    |                       |   | 1,046 |   |   |   | 891 |   |   |   | 1,054 |   |
| Intersegment sales                      |   | $                            | 2,223   |    |                       | $      | 1,047 |   |   | $ | 6,503 |   |   | $ | 2,813 |   |
| GROSS PROFIT                            |   |                         |    |    |                       |   |   |   |   |   |   |   |   |   |   |   |
| Powdered formula                        |   | $                            | 10,645  |    |                       | $      | 21,269 |   |   | $ | 55,699 |   |   | $ | 41,470 |   |
| Baby food                               |   |                         | (203    | )       |                       |   | 45 |   |   |   | (212 | ) |   |   | 177 |   |
| Nutritional ingredients and supplements |   |                         | (729    | )       |                       |   | (230 | ) |   |   | (729 | ) |   |   | (879 | ) |
| All other                          |   |                         | (817    | )       |                       |   | (8,805 | ) |   |   | 499 |   |   |   | (8,917 | ) |
| Gross profit                            |   | $                            | 8,896   |    |                       | $      | 12,279 |   |   | $ | 55,257 |   |   | $ | 31,851 |   |
| Selling and distribution expenses       |   |                         | 12,211  |    |                       |   | 10,334 |   |   |   | 24,837 |   |   |   | 20,811 |   |
| Advertising and promotion expenses      |   |                         | 14,654  |    |                       |   | 7,507 |   |   |   | 24,656 |   |   |   | 22,652 |   |
| General and administrative expenses     |   |                         | 8,370   |    |                       |   | 4,909 |   |   |   | 15,886 |   |   |   | 9,550 |   |
| Impairment loss                         |   |                         |    |    |                       |   | 5,921 |   |   |   |   |   |   |   | 5,921 |   |
| Other operating income, net             |   |                         | 238     |    |                       |   | 107 |   |   |   | 311 |   |   |   | 224 |   |
| Loss from operations                    |   |                         | (26,101 | )       |                       |   | (16,285 | ) |   |   | (9,811 | ) |   |   | (26,859 | ) |
| Interest expense                        |   |                         | 2,113   |    |                       |   | 2,788 |   |   |   | 4,775 |   |   |   | 5,166 |   |
| Interest income                         |   |                         | 137     |    |                       |   | 370 |   |   |   | 245 |   |   |   | 888 |   |
| Other income (expense), net             |   |                         | 58      |    |                       |   | (267 | ) |   |   | 225 |   |   |   | (1,051 | ) |
| Loss before income tax benefit          |   | $                            | (28,019 | )  |                       | $      | (18,970 | ) |   | $ | (14,116 | )  |   | $ | (32,188 | ) |

|                                    |   | September 30, 2010 |     |   | March 31, 2010 |   |
|-----------------------------------------|--------|--------------------|----------|--------|----------------|--------|
|                                    |   | (In thousands)     |     |
| TOTAL ASSETS                            |   |               |     |   |           |   |
| Powdered formula                        |   | $                  | 380,418  |   |           | $      | 333,975 |   |
| Baby food                               |   |               | 26,541   |   |           |   | 35,115 |   |
| Nutritional ingredients and supplements |   |               | 40,698   |   |           |   | 37,879 |   |
| All other                               |   |               | 139,950  |   |           |   | 115,787 |   |
| Intersegment elimination                |   |               | (202,385 | )      |           |   | (173,399 | ) |
| Total                                   |   | $                  | 385,222  |   |           | $      | 349,357 |   |

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| 14.  | CONTINGENCIES |
|-----------|---------------|

| 15.  | SUBSEQUENT EVENTS |
|-----------|-------------------|

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ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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| o      | Powdered formula segment: Powdered formula segment covers the sale of powdered infant and adult formula products. It includes the brands of Super, U-Smart, Mingshan and Helanruniu;                                                                                                                            |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                            |
| o      | Baby food segment: Baby food segment covers the sale of prepared baby food for babies and children. It includes the brand of Huiliduo;                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                            |
| o      | Nutritional ingredients and supplements segment: Nutritional ingredients and supplements segment covers the production and sale of nutritional ingredients and supplements such as chondroitin sulfate, and microencapsulated Docosahexanoic Acid (“DHA”) and Arachidonic Acid (“ARA”). |

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|   | · | Sales volume of powdered formula products increased by 14.4% to 6,443 tons for the fiscal quarter ended September 30, 2010 from 5,630 tons for the same period in the previous year, due primarily to the increase in sales volume before the prematurity event, as we recovered from the earlier melamine contamination incident, partially offset by the decrease in sales volume after the prematurity event. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The average selling price of our powdered formula products for the fiscal quarter ended September 30, 2010 decreased by 22.5% to $5,787 per ton from $7,466 per ton for the same period in the previous year. The significant decrease in average selling price is mainly due to the prematurity event, which required us to increase the amount of discount we provided to suppliers in order for them to conduct more promotional activities. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | Sales volume of powdered formula products increased by 39.3% to 14,807 tons for the six months ended September 30, 2010 from 10,626 tons for the same period in the previous year, due primarily to the increase in sales volume before the prematurity event, as we recovered from the earlier melamine contamination incident, partially offset by the decrease in sales volume after the prematurity event. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The average selling price of our powdered formula products for the six months ended September 30, 2010 decreased by 1.0% to $7,870 per ton from $7,953 per ton for the same period in the previous year. The decrease in average selling price is mainly due to the prematurity event, which required us to increase the amount of discount we provided to suppliers to conduct more promotional activities, partially offset by the high average selling price for the fiscal quarter ended June 30, 2010, when we were recovering from the earlier melamine contamination incident. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                |   | Six Months Ended September 30, |           |
|---------------------------------------------------------------------|--------|--------------------------------|----------------|
|                                                                |   | 2010                           |           |   | 2009 |   |
|                                                                |   |                           | (in thousands) |   |
| Net cash used in operating activities                               |   | $                              | (25,295        | ) |   | $ | (48,604 | ) |
| Net cash used in investing activities                               |   |                           | 8,973          |   |   |   | (30,421 | ) |
| Net cash provided by financing activities                           |   |                           | 19,048         |   |   |   | 99,107 |   |
| Effect of foreign currency translation on cash and cash equivalents |   |                           | 908            |   |   |   | 55 |   |
| Net cash flow                                                       |   | $                              | 3,634          |   |   | $ | 20,137 |   |

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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 4.  CONTROLS AND PROCEDURES

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ITEM 1.  LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

ITEM 4. (REMOVED AND RESERVED)

ITEM 5. OTHER INFORMATION

ITEM 6.  EXHIBITS

| ExhibitNumber |   | Description                                                                                                                                                       |
|---------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1          |   | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended |
| 31.2          |   | Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended |
| 32.1          |   | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer)                  |
| 32.2          |   | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer)                  |

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SIGNATURES

|   |             | SYNUTRA INTERNATIONAL, INC. |   |
|--------|------------------|-----------------------------|--------|
|   |             |                        |   |
|   |             |                        |   |
| Date:  | November 4, 2010 |                        | By:    | /s/ Liang Zhang |   |
|   |             |                        |   | Name: | Liang Zhang |   |
|   |             |                        |   | Title: | Chief Executive Officer and Chairman |   |
|   |             |                        |   |   |   |
|   |             |                        | By:    | /s/ Donghao Yang |   |
|   |             |                        |   | Name: | Donghao Yang |   |
|   |             |                        |   | Title: | Chief Financial Officer |   |

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