This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

China Xiniya Fashion Limited Reports Fiscal Year 2010 Financial Results

Stocks in this article: XNY

Selling and distribution expenses increased by 38.0% year-over-year due to an increase in freight, sales fair and packaging expenses. Advertising and promotional expense accounted for RMB3.9 million, or 0.4% of revenue, in 2010, compared with RMB4.5 million, or 0.7% of revenue, in 2009. This expense was mainly related to the sponsorship agreement with the Company’s spokesperson, Jacky Cheung, one of the leading pop stars in China.

Administrative expenses were significantly higher, rising to RMB10.1 million in 2010 from RMB2.9 million in 2009, due to an increase in the number of personnel, public company listing fees of approximately RMB2.2 million and share-based compensation expenses of approximately RMB2.2 million. Furthermore, the number of administrative and sales staff increased to 85 in 2010 compared to 62 in 2009.

Operating profit before taxes of RMB288.8 million in 2010 represented an increase of 29.8% compared with RMB222.5 million in the prior year. Operating margin was 32.1% in 2010 compared with 33.1% in 2009.

Non-IFRS operating income (ie, excluding share-based compensation expenses) in 2010 increased 30.8% to RMB290.9 million compared with RMB222.5 million in the prior year. Non-IFRS operating income margin was 32.4% in 2010 compared with 33.1% in the prior year.

Interest income was RMB0.8 million in both 2009 and 2010.

Income tax expense was RMB36.4 million in 2010, which resulted in an effective tax rate of 12.6%. This compares with income tax expense of RMB28.1 million and an effective tax rate of 12.6% in 2009.

Profit for the year increased 29.8% year-over-year to RMB252.3 million compared with RMB194.3 million. Earnings per ADS were $0.75 per ADS in 2010, compared to $0.59 per ADS in 2009. Non-IFRS earnings per ADS (excluding share-based compensation expenses) increased by 28.8% year-over-year to $0.76 per ADS in 2010.

Financial Position

As of December 31, 2010, the Company had cash and cash equivalents of RMB862.8 million. The cash balance included RMB519.9 million, or approximately $78.8 million in net proceeds from the Company's initial public offering of its American depositary shares, which was successfully completed on November 23, 2010.

3 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs