Operating revenue of Jiangsu Xiuqiang Glasswork reached RMB622 million during Jan. to Sept. in 2011, up 32.51% YoY, while its net income hit RMB89.16 million, up 89.2% YoY. Currently, its crystal glass project realizes full production of 1.5 million m2, and its TCO project is in testing stage. It is expected that net income of Xiuqiang Glasswork will increased by over 50% in 2011 compared to 2010.

Growth Rates of Operating Revenue and Net Profit of Xiuqiang Glasswork, 2008- 2011

Source: Jiangsu Xiuqiang Glasswork; ResearchInChina

The main reasons for the strong growth of Xiuqiang Glasswork in 2011Q1-Q3 are as followed:

1. Both of sales volume and price of crystal glass increased, which ensured the rapid growth of performance.
2. Compared to the second quarter, gross margin of encapsulated glass shelf for crystalline silicon solar cell picked up in 2011Q3, which enabled comprehensive gross margin of the company to reach 31.76%.