SHANGHAI ( TheStreet) -- Only one solar firm is down on Friday, and it is Solarfun Power Holdings ( SOLF), down big after reporting gross-margin erosion in the fourth quarter. Shares of Solarfun Power were down by 9% at the midday mark on Friday, and the Chinese solar player had doubled its average daily volume of shares traded. While Solarfun profits were up and earnings were in line , analysts were falling out of line with the company during the Solarfun morning conference call. The solar earnings season has been highlighted by some record gross margin outperformance, and a heightened sensitivity by investors to any shortfall in gross margin. Solarfun's gross margin drop during a solid quarter was the starkest example of the toll that gross margin underperformance is exerting come earnings time. Notable on the Solarfun conference call with analysts was the number of follow-up questions asked by analysts -- many more questions than has been typical in solar earnings call. The general level of disconnect between the Street models for Solarfun and Solarfun management was summed up by a comment during the call from Barclays analyst Vishal Shah, who asked at one point, "What am I missing here?" A second solar analyst who was on the Solarfun call summed it up by saying, "it did not go well. Analysts were trying to get at an actual cost structure and the management answers were muddled. Some metrics suggested a good cost structure which should have resulted in higher margins." It may not be time to panic, however, even with Solarfun shares down close to double digits during a day when solar and technology are both rallying. First, investors need to keep in mind that Solarfun has increased its share price by 200% in the past year, the most of any solar company other than Trina Solar ( TSL).