Exceed Company Ltd. 2012 Third Quarter Financial Results

           Exceed Company Ltd. 2012 Third Quarter Financial Results

PR Newswire

FUJIAN, China, Nov. 15, 2012

FUJIAN, China, Nov. 15, 2012 /PRNewswire-FirstCall/ -- Exceed Company Ltd.
(NASDAQ: EDS) ("Exceed" or "the Company"), the owner and operator of the
"Xidelong" brand - one of the leading domestic sportswear brands in China,
today released its unaudited financial results for the third quarter ended
September30, 2012.

Financial Highlights –  Third quarter ended September30, 2012(1)

  oRevenue was RMB553.3 million (US$88.0 million), representing a 48.1%
    year-over-year decrease.
  oGross profit was RMB151.9 million (US$24.2 million), representing a 51.6%
    year-over-year decrease. Gross margin was 27.5%, representing a 2.0
    percentage point decrease as compared to 29.5% for the third quarter of
    2011.
  oOperating profit was RMB35.8 million (US$5.7 million), representing an
    80.0% year-over-year decrease.
  oNet profit was RMB30.4 million (US$4.8 million), representing a 79.0%
    year-over-year decrease.

(1) The Company's reporting currency is Renminbi ("RMB"). RMB numbers included
in this press release have been translated into U.S. dollars at the rate of
USD1.00 = RMB6.2848, the exchange rate refers to the exchange rate as set
forth in the H.10 statistical release of the Federal Reserve Board, on
September 30, 2012. The translation of amounts from RMB to United States
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 September 30, 2012.

Shuipan Lin, Exceed's founder, Chairman and CEO, commented, "The global
macroeconomic slowdown continued to impact Chinese consumer demand for
sportswear throughout the third quarter to a greater extent than we initially
anticipated. In response to these challenging market conditions, we continued
to proactively limit production and delivery of products to more effectively
manage inventory levels at our distributors. As anticipated, sales volumes
across our footwear and apparel product lines decreased, resulting in a
decline in revenue, however the magnitude of decline was greater than the
level we had expected when we provided our guidance for the third quarter.
Despite the decline in sales, we have managed to maintain stable price levels
across our core product lines and are pleased to report a healthy increase in
the average selling price of our footwear and apparel products in the
quarter."

"Throughout the recent market downturn, we have continued to remain profitable
and have maintained a stable balance sheet, highlighting the underlying
strength of our brand, our strategy and our business model. We believe that
the proactive steps we have taken in recent quarters, including the active
management of our production and delivery levels and our prudent response to
downward pricing pressure in the industry have positioned us well to weather
the current cyclical downturn. We remain focused on these key tactical
measures, while also working to maintain a lean operating structure and
continuing to strengthen brand awareness. We believe these initiatives will
allow us to strengthen our long-term competitive positioning and to return to
a growth trajectory as and when consumer demand improves."

Third Quarter 2012 Financial Results

Revenue breakdown

            Three Months Ended
            Sep 30, 2012 % of    Sep 30, 2011 % of    Third Quarter

            RMB'000      Revenue RMB'000      Revenue YoY Growth
Footwear    246,227      44.5%   509,324      47.8%   (51.7)%
Apparel     293,978      53.1%   541,845      50.8%   (45.7 )%
Accessories 13,049       2.4%    14,540       1.4%    (10.3)%
Total       553,254      100.0%  1,065,709    100.0%  (48.1)%
            Nine Months Ended
            Sep 30, 2012 % of    Sep 30, 2011 % of    YTD

            RMB'000      Revenue RMB'000      Revenue YoY Growth
Footwear    951,112      47.3%   1,150,651    45.0%   (17.3)%
Apparel     1,025,111    51.0%   1,375,538    53.8%   (25.5)%
Accessories 33,555       1.7%    32,432       1.2%    3.5%
Total       2,009,778    100.0%  2,558,621    100.0%  (21.5)%

Revenue. The uncertain global macroeconomic environment continued to adversely
impact the domestic Chinese economy and sportswear industry throughout the
third quarter of 2012. The Company expects that these economic headwinds will
continue to pose challenges for the Chinese sportswear industry and Exceed for
the remainder of this year. To maintain our competitive position and pricing
power, and to manage inventory levels and the efficiency of our distribution
network, the Company has proactively engaged its distributors and authorized
third party retailers in an effort to prudently manage the level of wholesale
orders placed with the Company but not yet manufactured.

In anticipation of weaker consumer demand for the remainder of fiscal year
2012, and to prevent a buildup of the level of inventory among distributors,
the Company maintained its strategy to trim production and reduce deliveries.
As a result, revenue for the third quarter of 2012 was RMB553.3 million
(US$88.0 million), a 1.5% decrease from RMB562.0 million in the second quarter
of 2012 and a 48.1% decrease from RMB1,065.7 million for the third quarter
ended September 30, 2011. The year-over-year decrease in revenue was primarily
due to a decrease in the delivery of products to distributors. Revenue
decreased by 21.5%, from RMB2,558.6 million for the first nine months in 2011
to RMB2,009.8 million (US$319.8 million) for the first nine months in 2012.

To continue the development of the Xidelong brand, maintain pricing power and
to support our advertising and promotional initiatives, we have continued the
sponsorship of the "Fitness for All" Campaign in 2012, engaged By2, a
Singapore-born, Taiwan-centric female pop music group as our spokespersons,
and launched several new series of apparel and footwear products. The Company
has also continued to prudently expand its distribution network. The number of
Xidelong retail selling locations, which are operated by our distributors and
authorized third party retail store operators, increased by 297 from
approximately 4,724 as of September 30, 2011 to approximately 5,021 as of
September 30, 2012.

Footwear. Footwear accounted for 44.5% of revenue for the third quarter ended
September 30, 2012. Footwear principally includes nine categories of products:
running footwear, leisure footwear, basketball footwear, skateboarding
footwear, canvas footwear, tennis footwear, outdoor footwear, vintage footwear
and cross-training footwear. A portion of our footwear production is
outsourced. 

Revenue from footwear was RMB246.2 million (US$39.2 million) for the third
quarter ended September 30, 2012, a decrease of 9.9% from RMB273.3 million in
the second quarter 2012 and a decrease of 51.7% from RMB509.3 million for the
third quarter ended September 30, 2011. The year-over-year decrease in
revenue was primarily due to a decrease in sales volume, which was partially
offset by an increase in our footwear Average Selling Price ("ASP"). The
sales volume in the third quarter decreased by 53.7% compared with the same
period in 2011. In contrast, as a result of increased consumer recognition of
the Xidelong brand resulting from marketing and brand promotion efforts over
the years, the ASP of footwear increased by 4.4% year-over-year for the third
quarter ended September 30, 2012. Moreover, revenue from footwear decreased by
17.3%, from RMB1,150.7 million for the first nine months in 2011 to RMB951.1
million (US$151.3 million) for the first nine months in 2012.

-- Apparel. Sports apparel accounted for 53.1% of revenue for the third
quarter ended September 30, 2012. Sports apparel principally includes sports
tops, sports pants, jackets and track suits. Our apparel production is
entirely outsourced.

Revenue from apparel was RMB294.0 million (US$46.8 million) for the third
quarter ended September 30, 2012, an increase of 6.1% from RMB277.2 million in
the second quarter 2012 and a decrease of 45.7%, from RMB541.8 million for the
third quarter ended September 30, 2011. This decrease was primarily due to a
48.9% decrease in sales volume, the effects of which were partially offset by
the increase in the ASP. The ASP of apparel increased by 6.2% year-over-year
for the third quarter ended September 30, 2012, as a result of our continuous
marketing and brand promotion efforts, enhancing the consumer recognition of
our Xidelong brand. Revenue from apparel decreased by 25.5%, from RMB1,375.5
million for the first nine months in 2011 to RMB1,025.1 million (US$163.1
million) for the first nine months in 2012.

-- Accessories. Revenue from accessories was RMB13.0 million (US$2.1 million)
for the third quarter ended September 30, 2012, an increase of 14.0% from
RMB11.4 million in the second quarter 2012 and a decrease of 10.3%, from
RMB14.5 million for the third quarter ended September 30, 2011 to. This
decrease was primarily driven by the decline in overall sportswear main
products. Sport accessories principally include sports caps, sports socks,
bags and backpacks. Our accessories production is entirely outsourced.

Gross profit and Gross profit margin. Gross profit for the third quarter ended
September 30, 2012 was RMB151.9 million (US$24.2 million), representing a
decrease of 6.2% from RMB162.0 million in the second quarter of 2012, and a
decrease of 51.6% from RMB314.0 million for the third quarter ended September
30, 2011. Gross margin was 27.5% for the third quarter ended September 30,
2012, compared to 28.8% in the preceding quarter and 29.5% for the third
quarter ended September 30, 2011. The year-over-year decrease in gross margin
was primarily due to the increase in outsourcing cost, which was largely
attributable to the increasing costs of raw materials and labor of upstream
outsourced manufacturers. We will continue our efforts to maintain our gross
margin by balancing product pricing and material cost moving forward. 

Other income and gains. Other income and gains of RMB3.2 million (US$0.5
million) for the third quarter ended September 30, 2012 mainly represented
bank interest income derived from a three-month time deposit of RMB400.0
million (US$63.6 million), which carried an interest rate of 2.85% per annum
(2011 Q3: 3.10% per annum). The decrease from RMB3.5 million for the third
quarter 2011 to RMB 3.2 million (US$0.5 million) for the third quarter 2012
was due to the decrease in the average interest rate of the three-month time
deposit.

Operating expenses. Total operating expenses for the third quarter ended
September 30, 2012 were RMB119.3 million (US$19.0 million), a decrease of
approximately 13.7% from RMB138.2 million for the same period in 2011.

Selling and distribution costs. Selling and distribution costs decreased by
12.8%, from RMB107.0 million for the third quarter ended September 30, 2011 to
RMB 93.3 million (US$14.8 million) for the third quarter ended September 30,
2012. The decrease was mainly due to the decrease in advertising and
promotional expenses, which decreased from RMB100.1 million for the third
quarter ended September 30, 2011 to RMB88.5 million (US$14.1 million) for the
third quarter ended September 30, 2012, primarily because fewer Xidelong
retail selling locations were opened during the third quarter 2012. We
continued to invest resources in marketing, advertising and store image
activities to build our brand recognition, enhance market penetration, and
maintain unique store images. During the third quarter of 2012, 39 new
Xidelong retail selling locations (2011 Q3: 84 Xidelong retail selling
locations) were opened, certain of which received renovation subsidies from
Exceed in the form of standardized promotional materials and display
equipment. In 2012, our advertising and promotional activities will continue
to focus on events relating to the Nationwide "Fitness for All" Sports
Campaign organized by China's General Administration of Sport, the government
agency responsible for sports in China, and the continued engagement of By2 as
our official product series spokespersons.

Administrative expenses. Administrative expenses decreased by 18.3%, from
RMB19.7 million for the third quarter ended September 30, 2011 to RMB16.1
million (US$2.6 million) for the third quarter ended September 30, 2012,
primarily due to a decrease of RMB3.5 million (US$0.6 million) in the amount
of Urban Maintenance and Construction Tax, Local Education Surcharge, and
Education Surcharge of RMB3.5 million (US$0.6 million) paid to the government
due to the decline in revenue.

Research and development expenses. Research and development expenses decreased
by 13.0%, from RMB11.5 million for the third quarter ended September 30, 2011
to RMB10.0 million (US$1.6 million) for the third quarter ended September 30,
2012, primarily due to improved efforts to increase the efficiency of our
research and development resources and practices.

Finance costs. Finance costs decreased by 33.4%, from RMB0.3 million for the
third quarter ended September 30, 2011 to RMB0.2 million (US$27,000) for the
third quarter ended September 30, 2012, primarily due to a decrease in the
average balance of our short-term bank borrowings.

Profit before tax. Profit before tax decreased by 78.8%, from RMB167.7 million
for the third quarter ended September 30, 2011 to RMB35.6 million (US$5.7
million) for the third quarter ended September 30, 2012. Apart from the
foregoing, we recorded a non-cash and non-operating loss of RMB11.3 million
from the change in fair value of contingent share liability arising from the
escrow and earn-out shares that was attributed to the profit before tax in the
third quarter ended September 30, 2011. Profit before tax excluding the impact
of change in fair value of contingent share liability decreased by 80.1%, from
RMB179.0 million for the third quarter ended September 30, 2011 to RMB35.6
million (US$5.7 million) for the third quarter ended September 30, 2012.

Tax. Tax expenses decreased from RMB22.9 million for the third quarter ended
September 30, 2011 to RMB5.3 million (US$0.8 million) for the third quarter
ended September 30, 2012 due to the decrease in operating profit. Xidelong
(China) Co. Ltd., our principal PRC subsidiary, was fully exempted from PRC
corporate income tax before December 31, 2009 and is entitled to a 50%
reduction in the PRC corporate income tax until December 31, 2012, after which
it will be subject to the standard tax rate of 25%. The effective tax rate
excluding the impact of change in fair value of contingent share liability for
the third quarter ended September 30, 2011 and 2012 was 12.8 % and 14.8%,
respectively.

Profit. As a result of the above factors, profit for the third quarter ended
September 30, 2012 was RMB30.4 million (US$4.8 million), a decrease of 79.0%
from RMB144.8 million for the third quarter ended September 30, 2011. Profit
excluding the impact of change in fair value of contingent share liability
decreased by 80.5%, from RMB156.1 million for the third quarter ended
September 30, 2011 to RMB30.4 million (US$4.8 million) for the third quarter
ended September 30, 2012. Profit for the first nine months decreased by
56.0%, from RMB427.7 million in 2011 to RMB188.3 million (US$30.0 million) in
2012.

Balance Sheet

Inventory. The average inventory turnover days for the third quarters ended
September 30, 2012 and 2011 were both 7 days. The average inventory turnover
days and inventory to revenue ratio remained relatively stable because of our
effective production planning and effective procurement control and logistics
management.

Trade receivables. The average trade receivables turnover days for the third
quarters ended September 30, 2012 and 2011 were 178 days and 61 days,
respectively. The unfavourable market conditions have lengthened the time
required for our distributors to settle their invoices. As a result, we have
been closely monitoring trade receivable balances that are overdue by 30 days
or more by taking into account, among others, the ability and intent of the
distributor to settle the balance. We, however, will not make any provision
for the overdue balance if (1) we have ongoing trading with the distributor;
(2) we receive payments on other invoices from the distributor; and (3) we
have no dispute on the amount overdue with the distributor.

Trade payables. The average trade payables turnover days for the third
quarters ended September 30, 2012 and 2011 were both 14 days. Average trade
payables turnover days were within the Company's payment policy.

Cash and bank balances and time deposits. Cash and bank balances and time
deposits decreased to RMB693.7 million (US$110.4 million) as of September 30,
2012 from RMB964.3 million as of December 31, 2011, primarily as a result of
cash outflow from operating activities of RMB109.4 million (US$17.4 million).

Cash Flow

Cash outflow from operating activities was RMB109.4 million (US$17.4 million)
for the third quarter ended September 30, 2012, compared to an inflow of
RMB55.9 million for the same period in 2011, a decrease that was primarily due
to the increase in trade receivables.

Business Highlights and Outlook

  oExpansion of sales and distribution network

       oThere were 5,021 Xidelong retail selling locations as of September
         30, 2012, an increase of 297 compared with September 30, 2011. During
         the third quarter of 2012, 39 retail selling locations were added.
         Our retail selling locations are operated either by our distributors
         or by authorized third party retailers.



  oMarketing initiatives and brand recognition

       oWe use the "happy lifestyle" theme in our promotional activities and
         product offerings and continue to engage By2, a popular Taiwan-based
         musical group, as a product spokesperson. We will maintain these
         promotional initiatives as they have been effective in enhancing the
         "Xidelong" brand image.
       oThe Company was selected as the official partner of the "Fitness for
         All" Sports Campaign for the third consecutive year, and will
         continue to sponsor the "Fitness for All" program in 2012.



  oEstablishment of new subsidiary

       oXidelong (Jiang Xi) Athletic Equipment Co. Ltd. ("Xidelong Jiangxi"),
         a wholly-owned subsidiary of the Company, was established on August
         30, 2012. Xidelong Jiang Xi will be the new business entity
         responsible for operation of the Company's second factory campus,
         which upon completion will include production facilities, staff
         quarters and office buildings. The new factory campus will increase
         the Company's internal manufacturing capacity and expand its control
         over the entire product development process including the setting up
         of the supply chain of raw materials, moulds and supplementary
         materials, in-house production, and product delivery.

Fourth Quarter Fiscal 2012 Guidance

The Company expects to continue to operate in unfavorable economic conditions
for the remainder of 2012 and believes that consumer demand for sportswear
products in China will remain generally weak. As a result, the Company will
continue to carefully calibrate production levels to projected consumer
demand, which may change from time to time, while proactively working with its
distributors and authorized third party retailers to maintain inventory at
steady levels.

As a result of the foregoing, Exceed expects to generate net revenues in the
range of RMB350.0 million to RMB400.0 million in the fourth quarter of 2012,
representing an approximate year-over-year decrease of 45.2% to 52.0%, as
compared with RMB729.9 million in the same period of 2011.

Investor Conference Call /Webcast Details

The Company's senior management will host a conference call on Friday,
November 16, 2012 at 5:00 am (US Pacific) / 8:00 am (US Eastern) / 9:00 pm
(Beijing) to discuss the Company's 2012 third quarter financial results and
recent business activity. The conference call may be accessed by dialing:

                                     Toll Free      Toll
-- United States                     1 866 519 4004
-- China                            800 819 0121
-- China (Mobile)                   400 620 8038
-- Hong Kong                        800 930 346    852 2475 0994
-- United Kingdom                   0808 234 6646
-- International                1 718 354 1231
Participant Passcode                 "EDS"

Please dial in 10 minutes before the call is scheduled to begin.

A replay of the conference call may be accessed by phone at the following
numbers until Friday, November 23, 2012:

                               Toll Free                      Toll
-- United States/International 1 866 214 5335                 1 718 354 1232
-- China                      10800 714 0386/ 10800 140 0386
-- Hong Kong                  800 901 596
-- United Kingdom             0800 731 7846
Participant Passcode           58640189

Additionally, a live and archived webcast of the conference call will be
available on the investor relations section of Exceed's website at
http://www.ir.xdlong.cn.

About Exceed Company Ltd.

Exceed Company Ltd. designs, develops and engages in wholesale of footwear,
apparel and accessories under its own brand, XIDELONG, in China. Since it
began operations in 2002, Exceed has targeted its growth on the consumer
markets in second and third-tier cities in China. Exceed has three principal
categories of products: (i) footwear, which comprises running, leisure,
basketball, skateboarding and canvas footwear, (ii) apparel, which mainly
comprises sports tops, pants, jackets, track suits and coats, and (iii)
accessories, which mainly comprise bags, socks, hats and caps. Exceed Company
Ltd. currently trades on Nasdaq under the symbol "EDS".

Safe Harbor Statement

This announcement contains forward-looking statements that are based on our
current expectations, assumptions, estimates and projections about us and our
industry. All statements other than statements of historical fact in this form
are forward-looking statements. These forward-looking statements can be
identified by words or phrases such as "may", "will", "expect", "anticipate",
"estimate", "plan", "believe", "is/are likely to" or other similar
expressions.

These forward-looking statements involve various risks and uncertainties.
Although we believe that our expectations expressed in these forward-looking
statements are reasonable, we cannot assure you that our expectations will
turn out to be correct. Our actual results could be materially different from
and worse than our expectations. A number of factors could cause actual
results to differ materially from those contained in these forward-looking
statements, including but not limited to changes in our goals and strategies,
our ability to control costs and expenses, success of our products,
competition in the sportswear industry in China, and changes in PRC government
preferential tax treatment and financial incentives. The forward-looking
statements made in this announcement relate only to events or information as
of the date on which this announcement is published. We undertake no
obligation to update any forward-looking statements to reflect events or
circumstances after the date this announcement is published or to reflect the
occurrence of unanticipated events.

Contacts:
Taylor Rafferty (HK):      Taylor Rafferty (US):

Mahmoud Siddig             Bryan Degnan

+852 3196 3712             +1 (212) 889-4350

Exceed@Taylor-Rafferty.com Exceed@Taylor-Rafferty.com



– FINANCIAL TABLES TO FOLLOW –



EXCEED COMPANY LTD.  AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME


                                               Three months ended September 30        NinemonthsendedSeptember30
                                                (in thousands except for share and per share
                                               data)
                                               2012         2012         2011         2012             2011
                                               US$'000      RMB'000      RMB'000      RMB'000          RMB'000
                                               (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)      (Unaudited)
Revenue                                        88,030       553,254      1,065,709    2,009,778        2,558,621
Cost of sales                                  (63,854)     (401,309)    (751,746)    (1,436,000)      (1,782,041)
Grossprofit 24,176       151,945      313,963      573,778          776,580
Other income and gains                         503          3,163        3,472        12,051           10,947
Selling and distribution costs                 (14,838)     (93,251)     (107,018)    (280,027)        (275,132)
Administrative expenses                        (2,560)      (16,088)     (19,699)     (53,041)         (58,312)
Research and development expenses              (1,587)      (9,977)      (11,470)     (34,222)         (36,765)
OPERATING PROFIT                               5,694        35,792       179,248      218,539          417,318
Finance costs                                  (27)         (167)        (256)        (386)            (759)
Gain from change in fair value of contingent   -            -            (11,257)     -                65,894
share liability
PROFIT BEFORE TAX                              5,667        35,625       167,735      218,153          482,453
Tax                                            (839)        (5,271)      (22,911)     (29,845)         (54,793)
PROFIT FOR THE PERIOD ATTRIBUTABLE TO EQUITY                                                          
HOLDERS OF THE COMPANY                         4,828        30,354                    188,308
                                                                         144,824                       427,660
EARNING PER SHARE
Net profit per share
Basic                                         0.15         0.92         4.81         5.71             14.38
Diluted                                       0.15         0.92         4.81         5.71             13.77
Weighted average number of shares outstanding
Basic                                         32,963,562   32,963,562   30,123,868   32,988,972       29,738,301
Diluted                                       32,963,562   32,963,562   30,126,446   32,990,131       31,061,723





EXCEED COMPANY LTD. AND SUBSIDIARIES



CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


                                         As of nine months ended   Asofyear
                                         September 30              ended
                                                                   December 31
                                         2012         2012         2011
                                         US$'000      RMB'000      RMB'000
                                         (Unaudited)  (Unaudited)
NON-CURRENT ASSETS
Property, plant and equipment            44,769       281,365      284,314
Prepaid land lease payments              4,342        27,290       27,851
Deposit paid for acquisition of land     11,620       73,030       73,030
use rights
Total non-current assets                 60,731       381,685      385,195
CURRENT ASSETS
Inventories                              5,150        32,366       31,589
Trade receivables                        182,278      1,145,583    699,891
Prepayments, deposits and other          5,863        36,844       4,765
receivables
Cash and bank balances                   110,384      693,744      964,317
Total current assets                     303,675      1,908,537    1,700,562
CURRENT LIABILITIES
Trade and bills payables                 7,242        45,514       59,941
Deposits received, other payables and    12,506       78,598       52,304
accruals
Interest-bearing bank borrowings         1,591        10,000       -
Tax payable                              837          5,258        11,098
Total current liabilities                22,176       139,370      123,343
NET CURRENT ASSETS                       281,499      1,769,167    1,577,219
Net assets                               342,230      2,150,852    1,962,414
STOCKHOLDER'S EQUITY
Issued share capital                     4            23           20
Treasury shares                          (2,530)      (15,898)     (11,549)
Retained profits                         265,691      1,669,815    1,502,398
Reserves                                 79,065       496,912      471,545
Total equity                             342,230      2,150,852    1,962,414





EXCEED COMPANY LTD. AND SUBSIDIARIES



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


                           Three months ended                    Ninemonths
                           September 30                           ended
                                                                  September30
                           2012         2012         2011         2012
                           US$'000      RMB'000      RMB'000      RMB'000
                           (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
Net cash inflow/(outflow)  (17,411)     (109,419)    55,879       (276,811)
from operating activities
Net cash inflow/(outflow)  485          3,047        (7,145)      618
from investing activities
Net cash inflow/(outflow)  (66)         (418)        (3,144)      5,669
from financing activities
Effect of exchange rate    (79)         (496)        1,611        (49)
changes
Net increase/(decrease)
in cash and cash           (17,071)     (107,286)    47,201       (270,573)
equivalents
Cash at beginning of the   127,455      801,030      915,412      964,317
period
Cash at end of the period  110,384      693,744      962,613      693,744



SOURCE Exceed Company Ltd.

Website: http://www.ir.xdlong.cn
 
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