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Fuwei Films Announces Third Quarter 2007 Financial Results
Date:11/12/2007

2.1 percent over the third quarter 2006 net income of US$1.8 million (RMB 14.2 million), mainly due to a significant increase in SG&A expenses and income tax payments in this quarter. Net income for the nine months ended September 30, 2007 increased 1.7 percent to US$6.2 million (RMB 47.3 million) from US$5.8 million (RMB 46.5 million) in the same period of 2006.

''During the third quarter, we also faced significant challenges,'' commented Mr. He. ''We had to adjust to rising raw material costs and the reduction of export tax benefits. But we have adopted measures such as adjusting the structure of our exports and adjusting our export destinations to offset these negative factors. We are confident that our operations continue to function normally.''

Delay of Line 3

The total investment budget for our Third Production Line has been adjusted to the US$35 million range, resulting in a capital shortfall of approximately US$15 million required to commence operation of the Third Production Line. The capital shortfall is mainly due to the increase in the initial investment budget as well as the initial capital shortfall from the less than needed capital raised from the IPO financing. Beginning in late July, the Company has been looking for financing opportunities in the U.S. capital markets to address such capital shortfall, upon receiving limited response from commercial banking lenders because of the shareholder investigation. As of today, we have been unable to find sufficient sources of financing on satisfactory terms to meet our original estimated timeline for capital availability in order to ensure the delivery of equipment by end of December 2007. As a result, the commencement of operation of the Third Production Line has been delayed. Upon the availability of funds, the Company estimates it will take five to six months before the Third Production Line commences operation.

Mr. He explained, "Given the challenges of growing the Company in the
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SOURCE Fuwei Films (Holdings) Co. Limited
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