Yingli Green Energy Holding Company Limited announced that the board of directors has officially approved the appointment of Mr. Yiyu Wang as the Chief Financial Officer, coupled with the shift of Mr. Bryan Li, Executive Director and the new Chief Strategy Officer of YGE. Mr. Wang has worked as CFO and the Financial Controller for more than 6 years at Yingli. Mr. Bryan Li will continue to serve as Executive Director with added responsibility as the company's CSO. Mr. Li will be in charge of strategic planning and implementation of strategic projects including comprehensive cooperation with business partners and development of downstream business. Mr. Li will also assist Mr. Wang during the transition period.

The company announced unaudited consolidated financial results for the first quarter ended March 31, 2013. For the quarter, the company reported total net revenues of RMB 2,679,273,000 against RMB 3,148,521,000 a year ago. The sequential decrease in net revenues were mainly due to the decreased PV module shipments, which was partially offset by the slightly improved average selling price of PV modules in this quarter. Loss from operations was RMB 324,704,000 against RMB 134,715,000 a year ago. Loss before income taxes was RMB 632,086,000 against RMB 291,609,000 a year ago. Net loss was RMB 641,905,000 against RMB 280,244,000 a year ago. Net loss attributable to company was RMB 611,781,000 against RMB 283,185,000 a year ago. Loss per basic and diluted share and per ADS was RMB 3.91 against $1.82 a year ago. Non-GAAP loss attributable to Yingli Green Energy was RMB 607,088,000 against RMB 239,492,000 a year ago. Non-GAAP diluted loss per share and per ADS was RMB 3.88 against RMB 1.54 a year ago.

The company announced that based on current market and operating conditions, estimated production capacity and forecasted customer demand, the company reiterates its PV module shipment target to be in the estimated range of 3.2 GW to 3.3 GW for fiscal year 2013, which represents an increase of 39.4% to 43.7% compared to fiscal year 2012.

The company expects gross margin in second quarter of 2012 to be in the range from 9% to 11%.