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ShangPharma Announces Second Quarter 2011 Results
Date:8/22/2011

ncy improvements, and in particular, improvements in employee productivity.  The increase was partially offset by the continued appreciation of the Renminbi, higher material costs as a result of service mix and higher share-based compensation expenses.

Non-GAAP gross profit was $9.5 million, an increase of 26.7% from $7.5 million in the second quarter of 2010, primarily due to the increase in revenues and operational efficiency improvements, and in particular, improvements in employee productivity. The increase was partially offset by the continued appreciation of the Renminbi and higher material costs as a result of service mix.

Gross margin was 33.3%, compared with 33.9% in the second quarter of 2010, primarily due to continued Renminbi appreciation, higher share-based compensation expenses and higher material costs as a result of service mix, which was partially offset by operational efficiency improvements.  

Non-GAAP gross margin was 34.7%, compared with 34.5% in the second quarter of 2010.  The improvement was primarily due to operational efficiency improvements, which was partially offset by continued Renminbi appreciation and higher material costs as a result of service mix.

Operating expenses (selling and marketing, general and administrative) were $6.3 million, an increase of 51.8% from $4.2 million in the second quarter of 2010, primarily due to additional headcount resulting from a build-up of corporate managerial and supporting infrastructure during the second half of 2010, higher share-based compensation expenses and listed company related professional fees such as SOX404 consulting fees and others.

Non-GAAP operating expenses were $5.4 million, an increase of 30.3% from $4.1 million in the second quarter of 2010, primarily due to additional headcount resulting from a build-up of corporate managerial and supporting infrastructure in the second half of 2010 and listed
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