Total Net Revenues Total net revenues in 2010 were RMB 12,500.0 million (US$1,893.9 million), an increase of 72.3% from RMB 7,254.9 million in 2009. PV module shipment volume in 2010 was 1,061.6 MW, an increase of 102.1% from 525.3 MW in 2009. The increase in total shipments was primarily due to the robust market demand, broader recognition of our premium brand and diversified customer base, and was supported by the completion of an additional 400 MW of total production capacity for each of polysilicon ingots and wafers, PV cells and PV modules in the third quarter of 2010. The increase in net revenues was consistent with the increase in shipment volume year over year and was partially offset by the decrease in the average selling price for PV modules compared to 2009. Gross Profit and Margin Gross profit in 2010 was RMB 4,152.8 million (US$629.2 million), an increase of 142.2% from RMB 1,714.4 million in 2009. Gross margin was 33.2% in 2010, a substantial increase from 23.6% in 2009. The increase in gross margin in 2010 was primarily a result of the Company's continuous efforts in cost reduction, despite the decrease in the average selling price for PV modules. Operating Expenses Operating expenses in 2010 were RMB 1,372.2 million (US$207.9 million), compared to RMB 1,395.8 million in 2009. The higher operating expenses in 2009 included a non-cash impairment of intangible assets and a non-cash bad debt expense of RMB 453.8 million. After excluding the two non-cash charges, operating expenses in 2009 was RMB 942.0 million. The increase in operating expenses in 2010 was primarily attributable to the Company's expanded scale of operations and higher selling expenses relating to the 2010 FIFA World Cup sponsorship. Operating expenses as a percentage of net revenues were 11.0% in 2010, a decrease from 13.0% after excluding the two non-cash charges in 2009 |
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