Ming Yang’s revenue was RMB2,893.1 million (US$ 464.4 million) for the full year 2012, representing a decrease of 47.5% from RMB5,515.8 million in 2011.
WTGs for which revenue was recognized amounted to an equivalent wind power project output of 804.5MW, or 494 units of 1.5MW WTGs, 7 units of 2.0MW WTGs and 17 units of 2.5-3.0MW WTGs, compared to 1,470MW, or 980 units of 1.5MW WTGs in 2011. The decrease in revenue was primarily due to the overall weakened market demand for WTGs in China. Gross profit was RMB369.8 million (US$ 59.4 million) for the full year 2012, representing a decrease of 62.8% from RMB993.1 million in 2011. Gross margin was 12.8%, compared to 18.0% in 2011. The decline in gross profit was primarily due to the lower ASP as a result of weakened demand overall. Total comprehensive loss for the full year 2012 was RMB303.7 million (US$ 48.7 million), compared to total comprehensive income of RMB253.1 million in 2011. As of December 31, 2012, the Company's order backlog amounted to 2.1 GW, representing 1,079 units of 1.5MW WTGs, 115 units of 2.0MW WTGs, 67 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.
