ShangPharma Corporation (NYSE:SHP) announced its unaudited financial results for the quarter ended September 30, 2011. Net revenues increased by 24.7% year-over-year to $28.8 million .Net revenues from China -based customers increased by 105.9% year-over-year to $3.1 million . GAAP gross margin was 31.2%, compared with 32.5% in the third quarter of 2010. Non-GAAP gross margin was 33.4% compared with 33.3% in the third quarter of 2010. GAAP operating margin was 7.2%, compared with 13.4% in the third quarter of 2010. Non-GAAP operating margin was 13.4% compared with 14.6% in the third quarter of 2010, primarily due to the additional rental costs associated with our new facility dedicated to one of our top customers. Revenue per employee increased 15.4% year-over-year.

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