Exceed Company Ltd. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2013. Revenue was RMB 495.9 million (USD 81.9 million), representing a 32.7% year-over-year increase. Operating profit was RMB 31.6 million (USD 5.2 million), representing a 137.6% year-over-year increase. Net profit was RMB 21.7 million (USD 3.6 million), representing a 104.7% year-over-year increase. Profit before tax for the fourth quarter of 2013 was RMB 31.4 million (USD 5.2 million), representing an increase of 141.5% from RMB 13.0 million for the same period in 2012. Profit for the fourth quarter of 2013 was RMB 21.7 million (USD 3.6 million), representing an increase of 104.7% from RMB 10.6 million for the same period for 2012. Cash outflow from operating activities for the fourth quarter of 2013 was RMB 86.1 million (USD 14.2 million) compared to an inflow of RMB 47.5 million for the same period for 2012. Profit before tax was RMB 31.350 million against RMB 13.002 million a year ago.

Revenue was RMB 1,629.6 million (USD 269.2 million), representing a 31.6% year-over-year decrease. Operating profit was RMB 94.5 million (USD 15.6 million), representing a 59.2% year-over-year decrease. Net profit was RMB 65.5 million (USD 10.8 million), representing a 67.1% year-over-year decrease. Profit before tax for 2013 was RMB 93.3 million (USD 15.4 million), representing a decrease of 59.6% from RMB 231.2 million for 2012. Profit for 2013 was RMB 65.5 million (USD 10.8 million), representing a decrease of 67.1% from RMB 198.9 million for 2012. For 2013, net cash inflow from operating activities was RMB 56.6 million (USD 9.4 million), which was primarily attributable to profit before tax of RMB 93.3 million (USD 15.4 million), an increase in trade payables of RMB 50.3 million (USD 8.3 million) and non-cash expenses in the amount of RMB 20.2 million (USD 3.3 million), including depreciation of property, plant and equipment, amortization of intangible assets and expense recognized in respect of equity-settled share-based payments, which was partially offset by an increase in trade receivables of RMB 59.3 million (USD 9.8 million) and PRC tax payment of RMB 20.5 million (USD 3.4 million). Profit before tax was RMB 93.343 million against RMB 231.155 million a year ago.