I looked through it really quickly. The 4th quarter looks fantastic as expected, and suggests that they are selling a lot more Shengmingsu in the off season than before.
But I am disappointed that the GAAP numbers did not reflect the fact that the majority of warrants were already exercised in the 4th quarter. I am afraid I don't understand why the reverse expense did not kick in. I truly expected the warrant issue to be completely behind us and we enter open water from here. Perhaps Future can enlighten us. Full year non-GAAP is $0.83, somewhat lower than our estimates but still very good.
As for the long term, it's looking better than ever. I am surprised though, that Wu didn't talk much about growth prospect beyond the minimum 50% growth.
Anyway, I'd better go back to read the report in detail.