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Exceed Company revenues plunge 48.8% in Q4
Mar '13
Exceed Company, the owner and operator of the "Xidelong" brand and one of the leading domestic sportswear brands in China, released its financial results for the fourth quarter and full year ended December 31, 2012.
Financial Highlights - Fourth Quarter ended December 31, 2012 (unaudited)
-Revenue was RMB373.7 million (US$60.0 million), representing a 48.8% year-over-year decrease.
-Gross profit was RMB101.9 million (US$16.4 million), representing a 52.8% year-over-year decrease. ---Gross margin decreased from 29.6% for the same period in the 2011 to 27.3%.
-Operating profit was RMB13.3 million (US$2.1 million), representing an 83.6% year-over-year decrease.
-Net profit was RMB10.6 million (US$1.7 million), representing a 75.0% year-over-year decrease.
Financial Highlights - Full Year ended December 31, 2012 (audited) 
-Revenue was RMB2, 383.5 million (US$382.6 million), representing a 27.5% year-over-year decrease.
-Gross profit was RMB675.7 million (US$108.5 million), representing a 31.9% year-over-year decrease. Gross margin decreased from 30.2% for 2011 to 28.3% for 2012.
-Operating profit was RMB231.8 million (US$37.2 million), representing a 53.5% year-over-year decrease.
Net profit was RMB198.9 million (US$31.9 million), representing a 57.7% year-over-year decrease.
The Company's reporting currency is Renminbi ("RMB"). RMB numbers included have been translated into U.S. dollars at the rate of US$1.00 = RMB6.2301, the exchange rate refers to the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve, on December 31, 2012. The translation of amounts from RMB to U.S. dollars is solely for the convenience of the reader. No representation is made that RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on December 31, 2012.
Shuipan Lin, Exceed's founder, Chairman and CEO, commented, "2012 proved to be a challenging year for Exceed and the Chinese sportswear industry in general, as on-going global macroeconomic uncertainties and tepid domestic economic growth significantly impacted consumer demand across our product categories. To effectively manage our business through this cyclical downturn, we have proactively executed a number of tactical and strategic initiatives which we believe have mitigated the impact of the market downturn. 
“For example, we have actively engaged our distributors and authorized third party retailers to manage the level of wholesale orders that are placed with usbut not yet manufactured, while scaling back production and delivery activities. Through these initiatives, we are seeking toeffectively align 

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