Solarfun Reports Second Quarter 2010 Results
SHANGHAI, August 3, 2010 -- Solarfun Power Holdings Co., Ltd. ( "Solarfun" or the "Company") (Nasdaq:
SOLF), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic (“PV”) cells and modules in
China, today reported its unaudited financial results for the quarter ended June 30, 2010.
SECOND QUARTER 2010 HIGHLIGHTS
Peter Xie, President of Solarfun, commented, "We are pleased to announce another quarter of outstanding
performance. For the first six months of 2010, the Company shipped a total of 355 MW of PV modules and
achieved net income per basic ADS of US$1.05 on a GAAP basis and US$0.99 on a non-GAAP basis. The
strong results can be attributed to continued strong end-market demand as well as consistent execution by the
management team. We expect robust demand for the rest of 2010, and are raising our 2010 full year shipment
guidance from 650 MW to approximately 750 MW. Based on early demand indications from our key
customers for 2011, we are increasingly optimistic about the Company’s future performance.”
· Total net revenues were RMB 1,752.7 million (US$258.5 million), an increase of 18.8% from 1Q10 and
an increase of 105% from 2Q09.
· PV module shipments, including module processing services, reached 204.6 MW, an increase from
150.6 MW in 1Q10 and from 64.3 MW in 2Q09.
· Average selling price (“ASP”), excluding module processing services, declined by 6.8% to RMB 11.19
per watt (US$1.65) from RMB 12.01 per watt in 1Q10.
· Gross profit increased 35.4% quarter-over-quarter to RMB 368.8 million (US$ 54.4 million) from RMB
272.5 million in 1Q10.
· Despite the decline in ASP, gross margin increased to 21.0% from 18.5% in 1Q10, primarily due to a
continued reduction in manufacturing costs.
· Despite the continued volatility in the currency market between Euro and RMB , the Company recorded
a net currency gain of RMB 15.1 million (US$ 2.2 million).
· Net income a