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Gross profit for the fourth quarter ended December 31, 2010, was RMB 91.5 million (~ $14.2 million), up 27.6% from RMB 71.7 million (~ $10 million) for the fourth quarter ended December 31, 2009. The year-over-year increase in gross profit was driven by higher sales volume and higher gross margin of new products in the Hengdali operation. Gross margin was 33.5%, compared to 32.6% for the same period last year.
Revenue for the year ended December 31, 2010, increased by 27.9% to RMB 1,068.6 million (~ $159.2 million) compared to the year ended December 31, 2009. Gross profit in 2010 was RMB 339.0 million (~ $50.5 million), up 33.9% from RMB 253.2 million (~ $38 million) in the previous year. Net profit for 2010 was RMB 225.5 million (~ $33.6 million), up 47.5% from 2009. Earnings per fully diluted share in 2010 were RMB 16.96 (~ $2.53), down from RMB 23.65 (~ $3.5) in 2009.
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