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喜得龙 Official Partner of Fitness for All Exceed Company Limited Nasdaq (Global Select Market): EDS Investor Presentation January, 2011

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Page 1: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

喜得龙 Official Partner of Fitness for All

Exceed Company Limited Nasdaq

(Global Select Market):  EDS

Investor Presentation

January, 2011

Page 2: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Safe Harbor Statement

This presentation contains forward‐looking statements within the meaning of 

the Private Securities Litigation Reform Act of 1995 regarding future events 

and future performance of Exceed Company Ltd (“Exceed”). These statements 

are based on management’s current expectations or beliefs. Actual results may 

vary materially from those expressed or implied by the statements herein. This 

information is qualified in its entirety by cautionary statements and risk factor 

disclosure contained in certain of Exceed's

Securities and Exchange 

Commission filings. For a description of certain factors that could cause actual 

results to vary from current expectations and forward‐looking statements 

contained in this presentation, please refer to documents that Exceed files 

from time to time with the Securities and Exchange Commission. Exceed is 

under no obligation to, and expressly disclaims any obligation to, update or 

alter its forward looking statements, whether as a result of new

information, 

future events, changes in assumptions or otherwise.

1

Page 3: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Agenda

Introduction to Exceed

Investment Highlights

Company Strategy and Outlook

Appendix 

2

Page 4: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

3© 2010 Exceed Company Limited

Introduction to Exceed

Page 5: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Exceed Company Profile

4

Exceed owns and develops “XIDELONG”

brand sportswear, a leading local 

brand in the mass sportswear market in China with, strength in 2nd and 3rd 

tier cities

There are three major product categories: shoes, apparel and accessories.  

Each has a comprehensive product portfolio

Solid revenue growth and expanding margins: CAGR revenue growth 26.6% 2007‐2009Q3 2010 revenue grew 25.8% y‐o‐yGross margin expanded by 0.6 pt y‐o‐y to 30.4% in Q3 2010

Company facts and stock information: Founded in 2001, voted “most popular sportswear brand in China” by sohu.com in 2005Ranked among China’s Top‐10 Sports Footwear Enterprises in 2010Listing: Nasdaq, Oct 2009  Ticker symbol: EDS (Global Select Market)Shares outstanding: Approximately 25.3 million, as of Dec 30, 2010Public float: 50%Fiscal year end: Dec 31Investor Information: http://www.ir.xdlong.cn

Page 6: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Rapid Development

in 10 Years

Company was established in Fujian, China

R&D center established 

“XIDELONG”brand shoes launched in market

“XIDELONG”brand apparel and accessories launched in market

Began exclusive partnership with the China Institute of Sport Science

ISO9001 quality control certification granted for shoes

Nasdaq listing

2009 Revenue: RMB 2,078 million

2009 Net Income: RMB 248 million

Manufacturing plant in Jinjiang, Fujian, commenced operations with annual capacity of 6.4mn pairs of shoes

5

Transferred to Nasdaq Global MarketNationwide sales network: 4,194 stores by Sep 30, 2010Started “Happy Lifestyle” promotional campaign 

20102010

20062006

20082008

20012001

20092009

2002200220032003

20072007

Awarded “National Inspection‐Exempted Product”and “Chinese Famous Brand”

Transferred to Nasdaq Global Select MarketAwarded one of China’s Top‐10 Sports Footwear Enterprises for year 2010

20112011

Page 7: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Brand Positioning

6© 2010 Exceed Company Limited

361361°°

Li Li NingNing

AntaAntaNikeNike

AdidasAdidas

Exceed Exceed XDLXDL

PumaPuma

Page 8: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Comprehensive Product Lines

7

Over 700

Items Across the Entire Product Range

R&D Innovations Drive Product Development

Page 9: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

8

22 distributors22 distributors(1)(1)

EndEnd‐‐consumersconsumers

(1) As of(1) As of

SeptemberSeptember

3300, 20, 201010

Asset‐Light Business Model

Sales Channel 

Extensive sales network with deep penetration

3 sales fairs held each year to showcase new products and take orders

22 distributors operate 4,194 retail shops(1) directly or indirectlyRetail shops include stand‐alone shops and department store concessions

Page 10: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Asset‐Light Business Model

Production

Self‐produced Outsourced

Footwear 44.2% 55.8%

Apparel  0.0% 100.0%

Accessories 0.0% 100.0%

Note:  all numbers are YTD first 9 months of 2010Note:  all numbers are YTD first 9 months of 2010

9

Page 11: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

10

Investment Highlights

Page 12: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Overview

11

Page 13: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

(1) Huge and Fast‐growing Addressable Market 

Huge and fast growing sportswear market in 

ChinaMarket is valued at USD11.4 billion in 2009, with expected CAGR of 17.6% to reach USD18.9 billion in 2012 and further increase to USD22.3 billion in 2013Fast growth outpacing GDP and retail sales

Driving economic forces Continued robust GDP growthPer capita expenditure on sportswear is among the lowest*, with ample room to grow

Social and culture driving forcesChanging lifestyle favors sportswear market development Rapid urbanization 2010 Asia Games impact

12

Sportswear

Market Surpassing Retail Growth

2008‐2013

CAGR = 17

.6%

Domestic Consumer Retail Sales

CAGR = 

14%

*Source : Frost & Sullivan, CIMB/CIMB‐GK Research Source:  ZOU

Marketing 

Page 14: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

(1) Huge and Fast‐growing Addressable Market   (Cont’d)  

3rd Tier City Characteristics Drive Fast Growth

Vast and rapidly growing market in 3rd tier cities

About 2,800 3rd tier cities in China

Fast nationwide urbanization especially in 3rd tier cities 

Government support for development of small and medium cities/towns 

Faster growth in purchasing power 

Higher growth in spending power measured by GDP per capita compared with 1st and 2nd tier cities

Minimum wages increases allowing rising purchasing power which favors consumer goods

Customers tend to be value‐sensitive 

Favor domestic brands with lower price‐points

Prefer products with good value for money

13

13.6%

22.3%23.5%

37.6%

0%

8%

16%

24%

32%

40%

Baotou Dongying Linyi Nanchang

2001

‐200

8 GDP pe

r capita CAGR

Average 

24.2%

Note: CAGR of Baotou and Linyi

is from 2001‐2007

18.4%20.7%

18.9%21.3%

0%

5%

10%

15%

20%

25%

Chongqing Hangzhou Nanjing Tianjing

2001

‐200

8 GDP pe

r capita CAGR

Average 

19.8%

Note: CAGR of Nanjing is from 2001‐2007

17.1%14.6%

18.9%

15.2%

0%

5%

10%

15%

20%

25%

Beijing Guangzhou Shanghai Shenzhen

2001

‐200

8 GDP pe

r capita CAGR

Average 

16.5%

First‐tier cities’

GDP per capita CAGR, 2001–2008

Selected second‐tier cities’

GDP per capita 

CAGR, 2001–2008

Selected third‐tier cities’

GDP per 

capita CAGR, 2001–2008

Source : CEIC

Page 15: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

(2) Leading Local Brand in 3rd Tier Cities

Mid‐range price points and good value for cost products fit consumption pattern in 3rd tier cities

Firmly establishing leading position through strong distribution network in 2nd and 3rd tier cities

Established a top brand position in 6 years – products launched in 2002, became one of the leading domestic sportswear brands in China.

14

Fast Growth

in Net Revenue

Fuelled by Expansion 

in Third‐Tier Cities 

2007‐09

 CAGR =

26.6%

+ 25.8%

(USD124.4 )

Page 16: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

1,483

2,519

3,277

3,694

~4,300

~5,000

0

1,000

2,000

3,000

4,000

5,000

6,000

2006 2007 2008 2009 2010E 2011E

(No. of stores)

Source: The Company

Store Growth to

around

5,000

(3) Nationwide Distribution Network;  Focused Expansion Plan

Two‐pronged expansion strategy –

Deepen penetration in 3rd tier cities as primary focus;

selective expansion in 2nd tier cities with strengthening brand profile

15

Nationwide distribution network with 4,194 stores; strong foothold in 3rd tier city segment 

With over 200 retail storesWith 100-200 retail storesWith 50-100 retail storesWith less than 50 retail stores

As of September 30, 2010Total = 4,194

Jiangsu 105

Xinjiang 85

Tibet 3

Qinghai 8

Sichuan 214

Yunnan 375

Guizhou66

Guangxi 193

Guangdong 248

Fujian 116

Shanghai

Zhejiang 388

Anhui 277

Shandong 128

Hebei 56

Beijing 27Tianjin

Liaoning 110

Jilin 45

Heilongjiang 202

Inner Mongolia 62

Gansu 62 Shaanxi

318

Chongqing 196

Hunan 136

Jiangxi 143

Hubei 290

Henan 170

Shanxi 130

Ningxia 41

Page 17: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

(4) Effective Marketing Efforts to Raise  Brand Equity 

16

First official partner of “Fitness for 

All”

nationwide 

campaign 

and 

events 

organized 

by 

PRC 

governmental  Sports Council. 

Sponsorship of “Inter‐City”

popular CCTV 

entertainment show – since early 2010

Official Sponsorship

Page 18: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

(4) Effective Marketing Efforts to Raise  Brand Equity (Cont’d)

One of the Hottest

Regional Entertainment

Channels

One oOne of the f the HottestHottest

Regional Regional Entertainment Entertainment

ChannelsChannels

National Sports Channel

National National Sports Sports ChannelChannel

TV Commercial 

Spokesperson

New Marketing Campaign Geared 

Toward Focused Target MarketSigned By2 duo as product spokespersons to broaden reach to youth population 

New product launches in lifestyle apparel segment benefits from prominent store displays

HUNAN TV

17

Page 19: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

(5) Strong R&D and Product Development  Capabilities 

Partnership with major national research centers

Exclusive strategic partner of the China Institute of Sport Science

Hefei Institute of Intelligent Machines

Research‐backed customized products for Chinese 

market

Proprietary database ensures product features customized for consumers in China 

Footwear products customized for Chinese foot characteristics

Continued investment in R&D to enhance product 

development capabilities 

About 1.5‐2% of revenue invested in R&D to enhance new product development capabilities

Sustained efforts to explore the next generation of “intelligent” fabrics and sensor technology for new items 

18

R&D gives XIDELONG products their distinctive competitive advantages

Page 20: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

(6) Seasoned Management Team

19

Proven track record in the sportswear industryIn‐depth knowledge and extensive experience in the industryDedication towards delivery results and return Stable management team

Proven track record in the sportswear industryIn‐depth knowledge and extensive experience in the industryDedication towards delivery results and return Stable management team

Shuipan

LIN

Chairman,

Chief Executive Officer and 

Founder, joined in 2001

Terence WONG

Chief Financial Officer,            

joined in 2010 

VP –

Finance and Company 

Secretary, joined in 2008VP –

Design/R&D, joined     

in 2001

Vivien TAI Dongdong

DING

Page 21: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

(7) Strong Revenue Growth 

Strong revenue growth supported by rising volume and ASP

CAGR revenue growth 2007‐2009: 26.6%

10.3

13.4

16.0

5.4

5.2

13.2

16.817.7

5.2

6.7

0

4

8

12

16

20

FY 07 FY 08 FY 09 3Q09 3Q10

Footwear Apparel

Pairs/Pieces

in m

illions

Sales Volume: Footwear & Apparel

RMBDollars

Wholesale Average Selling Price (ASP): Footwear & Apparel

Net Revenue

20

53.6

65.3 68.8 68.8 64.972.8

45.551.0

58.3

66.3

0

10

20

30

40

50

60

70

80

90

FY 07 FY 08 FY 09 3Q09 3Q10

Footwear Apparel

2007‐09

 CAGR =

26.6%

+ 25.8%

Y-o-Y growth: 3Q YTD

Footwear: -3.9% 17.8%

Apparel: 29.0% 37.2%

Y-o-Y growth: 3Q YTD

Footwear: 12.1% 5.8%

Apparel: 13.7% 12.6%

(USD124.4)

YTD (first 9 months)

2009: RMB1,478.5mYTD (first 9 months) 2010: RMB2,042.9mY-o-Y Growth: 38.2%

Page 22: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Gross Profit/Gross Margin

Operating Profit/Operating Margin Net Income/Net Margin

(7) Sustainable Profitability RM

B in m

illions

336.9497.0

613.1

197.1 252.8

26.0%

27.3% 29.5%

29.8%

30.4%

0

100

200

300

400

500

600

700

FY07 FY08 FY09 3Q09 3Q10

0%

10%

20%

30%

40%07‐0

9 CAGR 

39.6%

157.9 194.2281.4

67.0128.1

13.5%12.2%10.7%

10.1%

15.4%

050100150200250300350

FY07 FY08 FY09 3Q09 3Q10

0%

4%

8%

12%

16%

20%

OP OM

07‐09 CA

GR 38.1%

RMB in m

illions

135.6171.7

250.4

55.9111.0

12.1%10.5% 9.4%

8.4%

13.3%

0

50

100

150

200

250

300

FY07 FY08 FY09 3Q09 3Q10

0%

4%

8%

12%

16%

20%

NI NM

07‐09 CAG

R 40.8%

RMB in m

illions

21

Gross margin expansion

Enhanced brand recognition drove up ASP

Improvement in cost control and efficiency 

Stable operating margin while investing for growth

Invest in A&P and R&D to enhance brand equity and product development capabilities for long‐term growth 

YTD (first 9months)OPM: 15.8%Y‐o‐Y growth: 2.5pts

YTD (first 9 months)GPM: 31.5%Y‐o‐Y growth: 2.1pts

YTD (first 9 months)NPM: 13.6%Y‐o‐Y Growth: 2.3pts

Page 23: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

SG&A Advertising/Promotion Expenses

Administrative Expense R&D Expenses

(7) Improve

Cost Structure and Invest for Growth

RMB in m

illions

127.7 107.9 97.1209.0 247.9

11.7%16.3%

11.9%9.9% 11.5%

0

50100

150

200250

300

FY07 FY08 FY09 3Q09 3Q10

0%

5%

10%

15%

20%

25%

A&P % of sa les

RMBin m

illions

RMBin m

illions

30.0 29.2

10.2 11.7

44.5 1.4%1.5%2.1%

2.3%1.6%

0

10

20

30

40

50

FY07 FY08 FY09 3Q09 3Q10

0%

1%

2%

3%

4%

Admin % of sales

RMBin m

illions

12.87.0 8.117.6 25.0

1.0% 1.0%1.2%

1.1% 1.0%

0

5

1015

20

25

30

FY07 FY08 FY09 3Q09 3Q10

0%

1%

2%

3%

R&D % of sa les

22

YTD (first 9 months):2009: 11.7% 2010: 11.7%

YTD (first 9 months):2009: 2.1% 2010: 1.7%

YTD (first 9 months):2009: 1.4% 2010: 1.5%h

YTD (first 9 months):2009: 16.1% 2010: 15.9%

Page 24: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

(7) Healthy Balance Sheet

(RMB in Millions)Dec. 31 

2008

Dec.31 

2009

Sep. 30

2010

Sep. 30 

2010 (USD 

in Millions)

Cash and Cash 

Equivalents 120.1 262.2 655.7 98.0

Receivables 284.8 812.7 585.9 87.6

Inventories 86.1 56.0 85.6 12.8

Trade and Bills Payable 127.6 195.5 122.9 18.4

3Q10 3Q09

Inventory Turnover Days 13 15

Trade Receivables Turnover Days 64 74

Trade Payables Turnover Days 19 47

Balance Sheet Highlights Cash Flow Summary

(RMB in Millions) FY08 FY09 3Q10 9M10

9M10 

(USD in 

Millions)

Cash Flow from 

Operating Activities

44.0 ‐155.7 129.2 421.7 63.0

Capital 

Expenditures

17.3 2.3 0.8 5.1 0.8

Cash Flow from 

Financing Activities

24.5 299.9 ‐1.0 ‐11.1 ‐1.7

Working Capital Management

23

Page 25: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

24© 2010 Exceed Company Limited

Company Strategy and  Outlook

Page 26: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Growth Strategy

Focused three‐pronged strategy to drive organic and acquisitive growth and to

improve profitability

25

Capitalize on high growth potential of 2nd

and 3rd

tier 

cities, deepen penetration to drive acquisitive growth

Elevate “XIDELONG”

brand equity to achieve 

higher ASP and margin expansion

Deepen Market 

Penetration

Focused marketing efforts to strengthen brand 

profile and improve store growthStrengthen Market 

Position

Enhance Brand Equity 

Page 27: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Operational Initiatives 

Expand distribution network to meet fast‐growing demand 

Addition of 700 stores on average in 2010 and 2011, to reach approximately 5,000 stores by the end of 2011, representing a 35.4%  increase from 2009Total of 500 stores added in the first nine months of 2010

Penetrate new cities, with the focus in 3rd tier cities in Guangdong, Jiangsu and Zhejiang provinces

Select expansion in 2nd tier cities 

Increase sales efficiency

Raise brand profile through strategic advertising campaign

New marketing campaign and spokespersons to align brand image and product, enhance brand equity 

Drive ongoing margin expansion

Expand margin through higher ASP

Improve production efficiency 

26

Page 28: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

4Q 2010 Guidance

Exceed expects to generate net revenues in the range of RMB2,639.0 million (USD394.4 million) to RMB2,680.6 million (USD400.7 million) in the fiscal year 2010, an increase of 27% to 29% compared with RMB2,078.0 million (USD310.6 million) in 2009.

This represents the Company’s preliminary estimates, and is subject to change.

27

Page 29: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Q & A

28

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Appendix

Q3 2010 Financial Highlights

Q3 2010 Selected Balance Sheet Items

Revenue Breakdown

R&D Capabilities

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Q3 2010 Financial Highlights

30

(In millions, except EPS data)Q3

2010US$ 4

Q3

2010RMB

Q3

2009RMB

Y‐o‐Y%

Total Net Revenue 124.4 832.4 661.7 25.8%

Gross Profit 37.8 252.8 197.1 28.3%

Operating Profit 19.1 128.1 67.0 91.1%

Profit for The Period Attributable to 

Equity Holders of The Company 

16.6 111.0 55.9 98.6%

Basic EPS 1 0.66 4.39 9.73 ‐54.9%

Diluted EPS 2 0.59 3.98 8.86 ‐55.1%

Q3 2010 Q3 2009 Y‐o‐Y

Gross Margin  30.4% 29.8% 0.6pts

Operating Margin

3 15.4% 10.1% 5.3pts

Profit Margin Attributable to Equity Holders of the 

Company 3

13.3% 8.4% 4.9pts

Notes:

1.

The weighted average basic shares outstanding for the three months ended September 30, 2010 was 25,303,727; the weighted average

basic shares outstanding for 

the three months ended September 30, 2009 was 5,741,466. The increase is mainly due to new shares issued during new listing in Oct 2009.

2.

The weighted average diluted shares outstanding for the three months ended September 30, 2010 was 27,909,665 the weighted average diluted shares outstanding 

for the three months ended September 30, 2009 was 7,220,478.

3.

The operating margin for the 9 months ended September 30, 2010 and 2009 are 15.8 % and 13.3% , respectively. The net profit margin for the 9 months ended 

September 30, 2010 and 2009 are 13.6% and 11.3%, respectively. Both margins improved for the 9 months period.

4.

RMB to $US conversions were made using the exchange rate of US$1.00=RMB6.6905.

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Q3 2010 Summary Balance Sheet

31

(in millions)Sep

30, 2010  

US$

Sep

30, 2010 

RMB

Dec

31, 2009 

RMB

Change              

%

Cash and bank balances and pledged 

time deposits

98.0 655.7 277.2 136.5%

Inventory 12.8 85.6 56.0 52.9%

Trade Receivables 87.6 585.9 812.7 ‐27.9%

Total Current Assets 203.4 1,360.7 1,165.9 16.7%

Trade and Bills Payables 18.4 122.9 195.5 ‐37.1%

Total Current Liabilities 31.1 208.3 319.4 ‐34.8%

Total Equity 218.0 1,458.3 1,148.4 27.0%

(in millions)3Q10              

US$

3Q10              

RMB

3Q09             

RMB

9 Months 2010             

RMB

Net Cash flow 19.0 127.3 ‐17.5 393.5

3Q10 3Q09 Y‐o‐Y Change

Inventory Turnover Days 13 15 ‐2

Trade Receivables Turnover Days 64 74 ‐10

Trade Payables Turnover Days 19 47 ‐28

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Revenue Breakdown by Product

For the year ended Dec. 31

FY07

%

FY08

%

FY09

%

Footwear  52.0 50.7 53.0

Apparel  46.1 47.1 45.7

Accessories 1.9 2.2 1.3

Total 100.0 100.0 100.0

53.1%45.5%

53.4%45.8%

1.1%1.1%

0%

10%

20%

30%

40%

50%

60%

3Q09 3Q10

Footwear Apparel Accessories

(In millions)

Q3 2010

RMB

Q3

2009RMB

Y‐o‐Y

%

Footwear 378.4 351.1 7.8%

Apparel 444.3 303.0 46.6%

Accessories 9.7 7.6 27.7%

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Revenue breakdown by products

Page 34: Exceed Company Limited · 2011-01-14 · Actual results may vary ... This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in

Strong  R&D Capabilities 

Better underside support and shock absorption

Better color‐fading resistance and higher durability

Better deodorizing and anti‐bacteria effects

Develop foot 

measure machine

Collect data to 

establish 

Chinese foot 

shape database

Pressure 

distribution test

Design/develop 

sole and last

Analyze foot 

shape data

Footwear products customized for unique Chinese foot characteristics based on proprietary database

33

Nano‐silver photocatalystSilicone rubber materialsArch support pad