----

----

| [X]             | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934   |
|-----------------|------------------------------------------------------------------------------------------|
|            | For the quarterly period ended December 31, 2010                                    |
| [   ] | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|            | For the transition period from _____ to _____                                            |

| Delaware                                   | 26-2443288                 |
|--------------------------------------------|----------------------------|
|  (State or Other Jurisdiction of      | (I.R.S. Employer I.D. No.) |
|   incorporation or organization) |                       |

| ·   | restate the balance sheet as described in Note 8 to the Financial Statements;” |
|--------------------|--------------------------------------------------------------------------------------|

| ·   | modify Item 2, “Management’s Discussion,” to add disclosure regarding the variable interest entity relationship with the Company’s operating entity; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | modify Note 2 to the Financial Statements to add disclosure regarding the variable interest entity relationship; |
|--------------------|------------------------------------------------------------------------------------------------------------------|

| ·   | Add Note 4 to the Financial Statements; and |
|--------------------|---------------------------------------------|

| ·   | revise management’s evaluation of disclosure controls and procedures in Item 9A, “Controls and Procedures.” |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                            | Page(s) |
|-------------------------------------------------------------------------------------------------------------------------------------------------|---------|
|                                                                                                                                            |    |
| Consolidated Balance Sheets as of December 31, 2010 (Unaudited) and June 30, 2010                                                               | 2       |
|                                                                                                                                            |    |
| Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended December 31, 2010 and 2009 (Unaudited) | 3       |
|                                                                                                                                            |    |
| Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2010 and 2009 (Unaudited)                                           | 4       |
|                                                                                                                                            |    |
| Notes to Financial Statements (Unaudited)                                                                                                       | 5-7     |

----

| JINZANGHUANG TIBET PHARMACEUTICALS, INC.                                                                                                                    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| CONSOLIDATED BALANCE SHEETS                                                                                                                                 |
|                                                                                                                                                        |   |   |   |   |   |   |
|                                                                                                                                                        |   |   |   |   |   |   |
| ASSETS                                                                                                                                                      |
|                                                                                                                                                        |   | December 31, |   |   | June 30, |   |
|                                                                                                                                                        |   | 2010 |   |   | 2010 |   |
|                                                                                                                                                        |   | (Unaudited) |   |   |   |   |
| CURRENT ASSETS:                                                                                                                                             |   |   |   |   |   |   |
|      Cash                                                                                                                          |   | $ | 246,793 |   |   | $ | 42,184 |   |
|      Accounts receivable                                                                                                           |   |   | 243,757 |   |   |   | - |   |
|      Inventory                                                                                                                     |   |   | 289,761 |   |   |   | 305,557 |   |
|      Advance to supplier - related party                                                                                           |   |   | 254,296 |   |   |   | 239,555 |   |
|      Contract deposit - current                                                                                                         |   |   | 15,170 |   |   |   | 14,730 |   |
|      Prepaid expenses and other sundry current assets                                                                              |   |   | 10,164 |   |   |   | 15,351 |   |
|      Deferred tax assets                                                                                                           |   |   | 19,131 |   |   |   | 15,092 |   |
| TOTAL CURRENT ASSETS                                                                                                                                        |   |   | 1,079,072 |   |   |   | 632,469 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| LONG-TERM ASSETS:                                                                                                                                           |   |   |   |   |   |   |   |   |
|      Property and equipment, net of accumulated depreciation and amortization                                                      |   |   | 584,535 |   |   |   | 576,762 |   |
|      Long-term contract                                                                                                            |   |   | 113,775 |   |   |   | 117,840 |   |
| TOTAL LONG-TERM ASSETS                                                                                                                                      |   |   | 698,310 |   |   |   | 694,602 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| TOTAL  ASSETS                                                                                                                                     |   | $ | 1,777,382 |   |   | $ | 1,327,071 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                        |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                                                                                                                                        |   |   |   |   |   |   |   |   |
|      Accrued expenses and other sundry current liabilities                                                                         |   | $ | 202,081 |   |   | $ | 79,451 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES                                                                                                             |   |   | 202,081 |   |   |   | 79,451 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' EQUITY:                                                                                                                                       |   |   |   |   |   |   |   |   |
|    Common stock, $0.001 par value, 300,000,000 shares authorized, 40,665,063 shares issued and outstanding at December 31, 2010 and June 30, 2010 |   |   | 40,665 |   |   |   | 40,665 |   |
|    Additional paid-in capital                                                                                                                |   |   | 1,264,427 |   |   |   | 1,264,427 |   |
|    Retained earnings (Accumulated deficit)                                                                                                   |   |   | 145,021 |   |   |   | (128,285 | ) |
|    Accumulated other comprehensive income                                                                                                    |   |   | 20,199 |   |   |   | 6,842 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| TOTAL STOCKHOLDERS' EQUITY OF JINZANGHUANG TIBET PHARMACEUTICALS, INC.                                                                                      |   |   | 1,470,312 |   |   |   | 1,183,649 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| NONCONTROLLING INTEREST IN SUBSIDIARY                                                                                                                       |   |   | 104,989 |   |   |   | 63,971 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| TOTAL STOCKHOLDERS' EQUITY                                                                                                                                  |   |   | 1,575,301 |   |   |   | 1,247,620 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                  |   | $ | 1,777,382 |   |   | $ | 1,327,071 |   |

----

| JINZANGHUANG TIBET PHARMACEUTICALS, INC.                                  |                          |
|---------------------------------------------------------------------------|-------------------------------|
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)     |                          |
| (Unaudited)                                                               |                          |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |                          |   | THREE MONTHS ENDED DECEMBER 31, |   |   | SIX MONTHS ENDED DECEMBER 31, |   |
|                                                                      |                          |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| REVENUE                                                                   |                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      | -Pharmaceutical products      |   | $ | - |   |   | $ | 323,536 |   |   | $ | 26,673 |   |   | $ | 548,486 |   |
|                                                                      | -Services                     |   |   | 553,038 |   |   |   | - |   |   |   | 553,038 |   |   |   | - |   |
|                                                                      |                          |   |   | 553,038 |   |   |   | 323,536 |   |   |   | 579,711 |   |   |   | 548,486 |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COSTS OF REVENUE                                                          |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      | -Pharmaceutical product sales |   |   | - |   |   |   | 219,860 |   |   |   | 24,299 |   |   |   | 391,716 |   |
|                                                                      | -Services                     |   |   | 68,872 |   |   |   | - |   |   |   | 68,872 |   |   |   | - |   |
|                                                                      |                          |   |   | 68,872 |   |   |   | 219,860 |   |   |   | 93,171 |   |   |   | 391,716 |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GROSS PROFIT                                                              |                          |   | 484,166 |   |   |   | 103,676 |   |   |   | 486,540 |   |   |   | 156,770 |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COSTS AND EXPENSES                                                        |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      General and Administrative Expenses         |                          |   | 64,858 |   |   |   | 60,958 |   |   |   | 98,737 |   |   |   | 145,428 |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME (LOSS) BEFORE INCOME TAX                                           |                          |   | 419,308 |   |   |   | 42,718 |   |   |   | 387,803 |   |   |   | 11,342 |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME TAX                                                                |                          |   | 106,993 |   |   |   | 16,875 |   |   |   | 100,060 |   |   |   | 19,111 |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET INCOME (LOSS)                                                         |                          |   | 312,315 |   |   |   | 25,843 |   |   |   | 287,743 |   |   |   | (7,769 | ) |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS                 |                          |   | 15,995 |   |   |   | 2,489 |   |   |   | 14,437 |   |   |   | 2,665 |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY                             |                          |   | 296,320 |   |   |   | 23,354 |   |   |   | 273,306 |   |   |   | (10,434 | ) |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER COMPREHENSIVE INCOME (LOSS)                                         |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Foreign currency translation adjustment                 |                          |   | 20,011 |   |   |   | 21 |   |   |   | 39,938 |   |   |   | 1,365 |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COMPREHENSIVE INCOME (LOSS)                                               |                          |   | 316,331 |   |   |   | 23,375 |   |   |   | 313,244 |   |   |   | (9,069 | ) |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LESS: OTHER COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |                          |   | 10,512 |   |   |   | - |   |   |   | 26,581 |   |   |   | 36 |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY                   |                          | $ | 305,819 |   |   | $ | 23,375 |   |   | $ | 286,663 |   |   | $ | (9,105 | ) |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted earnings per common share                               |                          | $ | 0.01 |   |   | $ | 0.00 |   |   | $ | 0.01 |   |   | $ | (0.00 | ) |
|                                                                      |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding                             |                          |   | 40,665,063 |   |   |   | 40,645,063 |   |   |   | 40,665,063 |   |   |   | 40,645,063 |   |

----

| JINZANGHUANG TIBET PHARMACEUTICALS, INC.                                           |   |
|------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOW                                               |   |
| (Unaudited)                                                                        |   |
|                                                                               |   |   |   |   |   |   |
|                                                                               |   |   |   |   |   |   |
|                                                                               |   | SIX MONTHS ENDED DECEMBER 31, |   |
|                                                                               |   | 2010 |   |   | 2009 |   |
| OPERATING ACTIVITIES:                                                              |   |   |   |   |   |   |
| Net income (loss) attributable to the Company                                      |   | $ | 273,306 |   |   | $ | (10,434 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities:        |   |   |   |   |   |   |   |   |
|      Net income attributable to noncontrolling interests  |   |   | 14,437 |   |   |   | 2,665 |   |
|      Depreciation and amortization                        |   |   | 9,456 |   |   |   | 7,452 |   |
|      Amortization of long-term contract                   |   |   | 7,585 |   |   |   | - |   |
|      Deferred tax                                         |   |   | (4,039 | ) |   |   | - |   |
| Changes in operating assets and liabilities:                                       |   |   |   |   |   |   |   |   |
|      Accounts receivable                                  |   |   | (243,757 | ) |   |   | 32,804 |   |
|      Inventory                                            |   |   | 24,923 |   |   |   | (48,664 | ) |
|      Advance to supplier                                  |   |   | (7,585 | ) |   |   | 37,115 |   |
|      Contract deposit                                     |   |   | - |   |   |   | (146,700 | ) |
|      Prepaid exenses and other sundry current assets      |   |   | 5,639 |   |   |   | (49,644 | ) |
|      Accrued expeses and other sundry current liabilities |   |   | 121,292 |   |   |   | (517,961 | ) |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                |   |   | 201,257 |   |   |   | (693,367 | ) |
|                                                                               |   |   |   |   |   |   |   |   |
| INVESTING ACTIVITIES:                                                              |   |   |   |   |   |   |   |   |
|     Acquisition of property and equipment                      |   |   | - |   |   |   | (3,345 | ) |
| NET CASH USED IN INVESTING ACTIVITIES                                              |   |   | - |   |   |   | (3,345 | ) |
|                                                                               |   |   |   |   |   |   |   |   |
| FINANCING ACTIVITIES:                                                              |   |   |   |   |   |   |   |   |
|      Contribution from minority interest                  |   |   | - |   |   |   | 33,741 |   |
|      Repayment to shareholders                            |   |   | - |   |   |   | 36,675 |   |
|      Capital contribution                                 |   |   | - |   |   |   | 738,808 |   |
| NET CASH PROVIDED BY FINANCING ACTIVITIES                                          |   |   | - |   |   |   | 809,224 |   |
|                                                                               |   |   |   |   |   |   |   |   |
| EFFECT OF EXCHANGE RATE ON CASH                                                    |   |   | 3,352 |   |   |   | 722 |   |
|                                                                               |   |   |   |   |   |   |   |   |
| INCREASE IN CASH                                                                   |   |   | 204,609 |   |   |   | 113,234 |   |
|                                                                               |   |   |   |   |   |   |   |   |
| CASH - BEGINNING OF PERIOD                                                         |   |   | 42,184 |   |   |   | 25,115 |   |
|                                                                               |   |   |   |   |   |   |   |   |
| CASH - END OF PERIOD                                                               |   | $ | 246,793 |   |   | $ | 138,349 |   |
|                                                                               |   |   |   |   |   |   |   |   |
|                                                                               |   |   |   |   |   |   |   |   |
|                                                                               |   |   |   |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                                 |   |   |   |   |   |   |   |   |
|    Cash paid for income tax                                         |   | $ | - |   |   | $ | 2,062 |   |

----

| JINZANGHUANG TIBET PHARMACEUTICALS, INC.   |
|------------------------------------------------------|
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS           |
|                                                 |
| December 31, 2010                                    |
|                                                 |

----

|                      |   | December 31,2010 |      |   | June 30, 2010 |   |
|---------------------------|--------|------------------|-----------|--------|---------------|--------|
| Total current assets      |   | $                | 1,097,800 |   |          | $      | 646,451 |   |
| Total assets              |   |             | 1,811,279 |   |          |   | 1,355,783 |   |
| Total current liabilities |   |             | 203,195   |   |          |   | 77,137 |   |
| Total liabilities         |   |             | 203,195   |   |          |   | 77,137 |   |

| ·   | 10,000 RMB per month, plus |
|--------------------|----------------------------|

| ·   | 95% of the annual gross profit of Leling Jinzanghuang. |
|--------------------|--------------------------------------------------------|

----

|                                        |   | December 31 2010 |    |   | December 31 2009 |   |
|---------------------------------------------|--------|------------------|---------|--------|------------------|--------|
|                                        |   | Amount           |    |   | Amount           |   |
| Income tax under U.S. Statutory rate        |   | $                | 135,731 |   |             | $      | 3,979 |   |
| Tax rate difference between China and U.S.  |   |             | (40,024 | )      |             |   | (7,644 | ) |
| NOL from U.S. with 100% valuation allowance |   |             | 4,353   |   |             |   | 22,776 |   |
| Income tax under Effective tax rate         |   | $                | 100,060 |   |             | $      | 19,111 |   |

|                                |   | December 31 2010 |    | December 31 2009 |   |
|-------------------------------------|--------|------------------|---------|------------------|--------|
| Current – foreign             |   | $                | 104,099 |             |   | $ | 20,282 |   |
| Deferred – foreign            |   |             | (4,039  | )                |   |   | (1,171 | ) |
| Deferred - United States            |   |             | (4,353  | )                |   |   | (22,776 | ) |
| Valuation allowance - United States |   |             | 4,353   |             |   |   | 22,776 |   |
| Total                               |   | $                | 100,060 |             |   | $ | 19,111 |   |

|                                            |   | As Originally Reported |    |   | As Restated |   |
|-------------------------------------------------|--------|------------------------|---------|--------|-------------|--------|
| Additional paid-in capital                      |   |                   | 568,077 |   |        |   | 1,264,427 |   |
| Total shareholders’ equity of the Company |   |                   | 770,676 |   |        |   | 1,470,312 |   |
| Non-controlling interest                        |   |                   | 804,625 |   |        |   | 104,989 |   |

----

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

----

----

|   ● | Relocate our headquarters from Shandong to Beijing, where we will have greater access to marketing channels; |
|----------------|--------------------------------------------------------------------------------------------------------------|

|   ● | Implement our direct marketing program, including development of an online presence; |
|----------------|--------------------------------------------------------------------------------------|

|   ● | Acquire the rights to pharmaceuticals and nutraceuticals that will complement our existing product line; |
|----------------|----------------------------------------------------------------------------------------------------------|

|   ● | Carry on clinical trials of pharmaceuticals required to obtain SFDA approval; |
|----------------|-------------------------------------------------------------------------------|

|   ● | Establish franchisees throughout China; and |
|----------------|---------------------------------------------|

|   ● | Implement an advertising and marketing program adequate to assure us of substantial market presence. |
|----------------|------------------------------------------------------------------------------------------------------|

| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|---------|------------------------------------------------------------|

| ITEM 4. | CONTROLS AND PROCEDURES |
|---------|-------------------------|

----

| 31.1 | Rule 13a-14(a) Certification - CEO |
|------|------------------------------------|
| 31.2 | Rule 13a-14(a) Certification - CFO |
| 32   | Rule 13a-14(b) Certifications      |

|                   | JINZANGHUANG TIBET PHARMACEUTICALS, INC.                                                                                                                                                                                                                                                                                                                                                          |
|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                   |                                                                                                                                                                                                                                                                                                                                                                                              |
| Date: February17, 2011 | By: /s/ Xue Bangyi                                                               |
|                   |        Xue Bangyi, Chief Executive Officer                                                                                                                                                                                                                                                                                                                     |

|  Date: February 17, 2011 | By: /s/ Eva Deng                                                                   |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |        Eva Deng, Chief Financial and Accounting Officer                                                                                                                                                                                                                                                                                                                                   |

----