Mr. Jin continued, "In the fourth quarter, shipments to Japan, where we have established ourselves as one of the top international suppliers, and China grew significantly. Shipments to the U.S. declined in the quarter due to seasonality, although we expect to see increasing demand there in 2013. We're optimistic that we will continue to make inroads into other markets, including the Middle East, Australia and Latin America, all of which have promising long-term potential.""Moving into 2013, we remain focused on cost reduction and stringent cash management, while maintaining our leadership position in technology through continued R&D efforts and manufacturing process optimization. Ultimately, we believe JA Solar's value proposition, which combines high-quality, high-efficiency products with prudent financial management, will see us emerge from this difficult environment as one of the industry's long-term winners." Fourth quarter 2012 Financial Results Total shipments in the fourth quarter of 2012 were 500 MW, exceeding the high end of the Company's previously provided guidance of 380 MW to 420 MW, an increase from the 418 MW shipped in the third quarter of 2012, and a 25.6% increase from 398 MW in the fourth quarter of 2011. Net revenue in the fourth quarter of 2012 was RMB 1.7 billion ($268.1 million), an increase of 1.8% from RMB 1.6 billion ($263.2 million) in the third quarter of 2012, and a decrease of 14.2% from RMB 1.95 billion ($312.3 million) in the fourth quarter of 2011. Gross loss in the fourth quarter of 2012 was RMB 77.1 million ($12.4 million), compared with a gross loss of RMB 96.6 million ($15.5 million) in the third quarter of 2012 and a gross profit of RMB 9.1 million ($1.5 million) in the fourth quarter of 2011. Gross margin was negative 4.6% in the fourth quarter of 2012, compared with negative 5.9% in the third quarter of 2012 and positive 0.5% in the fourth quarter of 2011.