SOLARFUN REPORTS FIRST QUARTER 2010 RESULTS
SHANGHAI, China, May 26, 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 March 31, 2010.
FIRST QUARTER 2010 HIGHLIGHTS
Peter Xie, President of Solarfun, commented, “We are very pleased with our strong performance in the first
quarter of 2010. Quarterly revenues for the first time in the Company’s history exceeded $200 million, and net
income per diluted ADS on a non-GAAP basis reached US$0.40, a substantial increase of over 63.9%
compared to the fourth quarter of 2009. The strong performance was attributable to our ability to take
advantage of favorable industry demand while keeping a keen focus on cost control and risk management.
To keep up our momentum, we plan to ramp up our internal cell capacity to 500MW by July, and our module
capacity to 900MW by August of this year. This progress, along with our ongoing efforts to reduce our
manufacturing costs and increase our cell efficiencies while expanding our R&D efforts, makes us optimistic about
FIRST QUARTER 2010 RESULTS
· Total net revenues were RMB 1,475.8 million (US$216.2 million) in 1Q10, an increase of 17.8% from
4Q09 and an increase of 115.7% from 1Q09.
· PV module shipments, including module processing services, reached 150.6 MW, an increase from
110.8 MW in 4Q09 and from 35.7 MW in 1Q09.
· Average selling price, excluding module processing services, declined, as expected, to US$1.76 per watt
· Gross profit was RMB 272.5 million (US$39.9 million) and gross margin was 18.5%.
· Net income attributable to shareholders on a non-GAAP basis 1 was RMB 158.1 million (US$23.2
million), an increase of 64.9% from 4Q09 and a substantial increase from RMB 12.4 million in 1Q09.
· Net income per diluted ADS on