? ??? ??? ? ?? ???? ??? ? ???

'p style ='text -align:center '' -'img border ='align ='center 'alt ='src ='src ="/uploadimages /201304 /201307 /201304070551451445 (U sj.JPG)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　 在戰略層面，貴人鳥＜font face="Times New Roman"＞“＜/font＞＜font face="宋體"＞從產品、市場和供應鏈管理等方面提升公司的核心競爭力，整合內外資源，不斷優化產品結構、豐富產品品類＜/font＞＜font face="Times New Roman"＞”＜/font＞＜font face="宋體"＞的描述，已經被遠遠落在這個行業領先者身后。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' -'span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes `? ?? ??, ????, ??? ??, ??? ?? ??.

?? ????? ?? ?? ??, ???, ??? ???? ??? ?? ?, ???? ??? ??, ??? ??? ??? ??.

'Times New Roman '' font -family '' Times Roman ', font -size: 10.5pt, mso -spaceun' '' '' '' '' -'o:p '' '' '' -'? '' '-'s' '

'p class ='p0 'style ='margin -totop: 0pt, margin -bottom: 0ppt' -'sspclassstttttttttttttttttttttsyle ='Timmes New New Roman -ssize: 0pt, margin -bottttom: 201ptttttsppttttttttttttttttttttttttttttttttttttsyyyytttttttttttttspsplassplaspspspsps' O `font face `? `?? `? ????

?? ?? ?? ??? ???? ??? ??? ?? ??? ??? ????.

'font face ''Times New Roman'? ???? IPO (font face)'? < font' '??' '?? ?? ??? ?? ??? ??? ???? ?? ???? ??.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　公布《首次公開發行股票招股說明書》一年之久，過會至今也有＜font face="Times New Roman"＞10＜/font＞＜font face="宋體"＞個月，貴人鳥仍未等到證監會批文。

??? ?? ??, ??? ?? ?? ??? ??? ?? ??? ?? ?? ????, ????'font face ='Times New Roman 'IPO (font Face)'? ??'font face)'? ????.

?? ???? ?? ??????, ??? ??? ?????? ?? ??? ??? ? ???.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥能否在行業變局之中踏著領先者的蹤跡后發制人，擺脫已經暴露的戰略迷失、關聯交易、家族造富游戲的＜font face="Times New Roman"＞IPO＜/font＞＜font face="宋體"＞敗筆，尚不可知。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　＜/span＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞遭遇模式之變＜/span＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞＜o:p＞＜/o:p＞＜/span＞＜/p＞

‘p class = ‘p0 ’style = ‘margin -totop: 0pt, margin -bottom: 0pclassslasss = ‘ppclassstttttttttttttsyyle = ‘margpin -tttttttpt, margin -botttttttttcotttpt (# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #‘font face =‘?? ’ ?? ??, ??? ???? ????? ????.

???? ?? ?? ???? ???? ???, ???? ???? ?? ?? ??? ??? ???.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -totop: 0pt, margin -bottom: 0pclassslass ='p p class ='p0' ??? ??? ??? ??? ??? ??? ??? ??? ='margin -mes New Roman'', font -sssssppt;, margin -botttototom ((tspppttsppttttsppptttttttspspptttttttttttttttttttttttttttttttttttttttttttttttttttt'font face ='??'? ?? ?????? ?? ??? ????.

'font face'? ??'Times New Roman'? ??? IPO '' IPO ''font face''?? '' ?? ?? ???? ???? ??? ????? ??? ?? ??? ??? ????? ???.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　但貴人鳥這個計劃未及完全實施，整個行業已經發生巨變＜font face="Times New Roman"＞—＜/font＞＜font face="宋體"＞領先者已經紛紛深陷泥淖，反思求變也已經開展。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -totop: 0pt, margin -bottom: 0p class ='ppclassstttttttttttttttttsyle ='margargin -pin -tttttttpt, margin -bottttttcottttttttcocotttttttttttsplastttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt< font > > > ? ?????? ?? ??? ?? ???? ????.

‘font face ’?? < Times New Roman > 2012 < < < font >? < face < ?? > ? ???? < ?? ?? ?? ? ???? ???.

按其在＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年＜/font＞＜font face="Times New Roman"＞12＜/font＞＜font face="宋體"＞月＜/font＞＜font face="Times New Roman"＞17＜/font＞＜font face="宋體"＞日發出的預警公告，＜/font＞＜font face="Times New Roman"＞2012＜/font＞＜font face="宋體"＞財年是李寧公司上市八年來的首次虧損。

根據財報，＜/font＞＜font face="Times New Roman"＞2012＜/font＞＜font face="宋體"＞年上半年李寧公司收入為人民幣＜/font＞＜font face="Times New Roman"＞38.8＜/font＞＜font face="宋體"＞億元，凈利潤同比下跌＜/font＞＜font face="Times New Roman"＞85＜/font＞＜font face="宋體"＞％至＜/font＞＜font face="Times New Roman"＞0.6＜/font＞＜font face="宋體"＞億元。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

‘font face =‘Times New Roman ’? ?? ??? ?? ?? ??? ?? ?? ?? ?? (ew Roman)’? 20

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' -'span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes''yes''yes' '?? ?? ?? ? 3? ?? ? ??? ??? ????.

＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年到＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年，貴人鳥＜/font＞＜font face="Times New Roman"＞3＜/font＞＜font face="宋體"＞年的營業收入分別為＜/font＞＜font face="Times New Roman"＞60483.16＜/font＞＜font face="宋體"＞萬元、＜/font＞＜font face="Times New Roman"＞153499.55＜/font＞＜font face="宋體"＞萬元和＜/font＞＜font face="Times New Roman"＞264893.40＜/font＞＜font face="宋體"＞萬元。

同時，＜/font＞＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年到＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年歸屬于公司股東的凈利潤則分別為＜/font＞＜font face="Times New Roman"＞7928.80＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞22238.42 ＜/font＞＜font face="宋體"＞萬元和＜/font＞＜font face="Times New Roman"＞40784.08＜/font＞＜font face="宋體"＞萬元。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　鑒于前述服裝行業整體變局以及行業模式之變，＜a href="http://www.91se91.com/news/index_x.asp"＞貴人鳥＜/a＞所依賴的發展模式已經無法繼續支撐其未來的快速發展。

'Times New Roman '' font -family '' Times Roman ', font -size: 10.5pt, mso -spaceun' '' '' '' '' -'o:p '' '' '' -'? '' '-'s' '

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' -'span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes ">? ?????.

數據顯示，貴人鳥的存貨周轉率從＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年的＜/font＞＜font face="Times New Roman"＞6.40＜/font＞＜font face="宋體"＞次提高到＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年的＜/font＞＜font face="Times New Roman"＞9.44＜/font＞＜font face="宋體"＞次，也就是存貨周轉天數由＜/font＞＜font face="Times New Roman"＞56＜/font＞＜font face="宋體"＞天縮短至＜/font＞＜font face="Times New Roman"＞38＜/font＞＜font face="宋體"＞天。

但是公司＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年庫存商品卻較＜/font＞＜font face="Times New Roman"＞2010＜/font＞＜font face="宋體"＞年末增加＜/font＞＜font face="Times New Roman"＞0.57＜/font＞＜font face="宋體"＞億元，增幅達＜/font＞＜font face="Times New Roman"＞65.68%＜/font＞＜font face="宋體"＞。

同時，＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年的庫存商品更是高于＜/font＞＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年的庫存商品＜/font＞＜font face="Times New Roman"＞4900.27＜/font＞＜font face="宋體"＞萬元。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' ''span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes''yes'? ??, ???? ???? ??? ??? ??? ??? ??? ????.

貴人鳥＜font face="Times New Roman"＞2008＜/font＞＜font face="宋體"＞年起開始享受國家兩免三減半的稅收優惠，＜/font＞＜font face="Times New Roman"＞2008＜/font＞＜font face="宋體"＞年和 ＜/font＞＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年期間免征所得稅，＜/font＞＜font face="Times New Roman"＞2010＜/font＞＜font face="宋體"＞年至＜/font＞＜font face="Times New Roman"＞2012＜/font＞＜font face="宋體"＞年期間減半征收所得稅，所得稅稅率為＜/font＞＜font face="Times New Roman"＞12.5%＜/font＞＜font face="宋體"＞。

＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年、＜/font＞＜font face="Times New Roman"＞2010＜/font＞＜font face="宋體"＞年和＜/font＞＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年，所得稅優惠占凈利潤比分別達到＜/font＞＜font face="Times New Roman"＞10.36%＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞14.85%＜/font＞＜font face="宋體"＞和＜/font＞＜font face="Times New Roman"＞30.46%＜/font＞＜font face="宋體"＞。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' ''span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes''yes''yes'? ??? ???? ???? ???? ???? ??? ?? ??? ??? ????.

??? ???, ??? ???? ?? ????? ??, ???? ?? ??? ????? ??? ??? ?? ??.

'Times New Roman '' font -family '' Times Roman ', font -size: 10.5pt, mso -spaceun' '' '' '' '' -'o:p '' '' '' -'? '' '-'s' '

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥于＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年＜/font＞＜font face="Times New Roman"＞~2011＜/font＞＜font face="宋體"＞年上半年期間，主營業務的毛利率分別為＜/font＞＜font face="Times New Roman"＞27.04%＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞31.95%＜/font＞＜font face="宋體"＞及＜/font＞＜font face="Times New Roman"＞38.66%＜/font＞＜font face="宋體"＞，雖然增長較快，但對比同以二、三、四線城市用戶為目標客戶群的＜/font＞＜font face="Times New Roman"＞361＜/font＞＜font face="宋體"＞度、特步的毛利率都要低。

以特步為例，其在＜/font＞＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年＜/font＞＜font face="Times New Roman"＞~2011＜/font＞＜font face="宋體"＞年上半年期間毛利率分別為＜/font＞＜font face="Times New Roman"＞39.14%＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞40.65%＜/font＞＜font face="宋體"＞和＜/font＞＜font face="Times New Roman"＞40.91%＜/font＞＜font face="宋體"＞，而行業的平均值為＜/font＞＜font face="Times New Roman"＞38.62%＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞40.95%＜/font＞＜font face="宋體"＞及＜/font＞＜font face="Times New Roman"＞41.86%＜/font＞＜font face="宋體"＞，貴人鳥毛利率尚未達到平均水平。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥品牌零售終端的平效由＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年的＜/font＞＜font face="Times New Roman"＞4915.16＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞平方米上升至＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年的＜/font＞＜font face="Times New Roman"＞7044.45＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞平方米，單位面積銷售收入雖有提升，但仍不及安踏、匹克和特步。

＜/font＞＜font face="Times New Roman"＞2010＜/font＞＜font face="宋體"＞年度運動鞋服行業代表企業安踏、匹克和特步的收入平效分別為＜/font＞＜font face="Times New Roman"＞8495.77＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞平方米、＜/font＞＜font face="Times New Roman"＞7682.95＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞平方米和＜/font＞＜font face="Times New Roman"＞7428.66＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞平方米。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' -'span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes''yes''yes''yes'? ?? ??? ???? ? ??? ?? ???? ???.

??? ????? ???? ?? ?? ??? ?? ???.

'Times New Roman '' font -family '' Times Roman ', font -size: 10.5pt, mso -spaceun' '' '' '' '' -'o:p '' '' '' -'? '' '-'s' '

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　＜/span＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞系統性風險＜/span＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞＜o:p＞＜/o:p＞＜/span＞＜/p＞

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　行業發展到現在階段，領先者經歷著模式巨變之痛，貴人鳥卻仍然沉浸在＜font face="Times New Roman"＞“＜/font＞＜font face="宋體"＞落后業態＜/font＞＜font face="Times New Roman"＞”＜/font＞＜font face="宋體"＞不能自已。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' -'span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spacerun:yes ''yes'? ??? ??? ?? ??? ?? ? ?? ??? ???? ???.

???? ??, ?? ?? ??? ????? ?? ?? ??? ??? ?? ??? ??? ?? ????.

以特步為例，特步＜font face="Times New Roman"＞2012＜/font＞＜font face="宋體"＞年的店鋪數量增長計劃將由＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年的＜/font＞＜font face="Times New Roman"＞800~1000＜/font＞＜font face="宋體"＞間，縮減至＜/font＞＜font face="Times New Roman"＞400＜/font＞＜font face="宋體"＞間。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥＜font face="Times New Roman"＞2009~2011＜/font＞＜font face="宋體"＞年品牌零售終端數由＜/font＞＜font face="Times New Roman"＞1847 ＜/font＞＜font face="宋體"＞家擴張至＜/font＞＜font face="Times New Roman"＞5067＜/font＞＜font face="宋體"＞家，復合增長率＜/font＞＜font face="Times New Roman"＞65.63%＜/font＞＜font face="宋體"＞。

＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年內，貴人鳥在新開＜/font＞＜font face="Times New Roman"＞1306＜/font＞＜font face="宋體"＞家零售終端的同時，又關閉了＜/font＞＜font face="Times New Roman"＞266＜/font＞＜font face="宋體"＞家零售終端。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥的＜font face="Times New Roman"＞“＜/font＞＜font face="宋體"＞全國戰略店鋪＜/font＞＜font face="Times New Roman"＞”＜/font＞＜font face="宋體"＞，未來必將成為雞肋。

??? ?? ???? ??? ?? ??? ???? ??? ??? ??? ????.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top: 0pt, margin -bottom: 0pclassslasss ='ppclassssyle ='p0' style ='p0 'styttttstyle ='margpin -pt: 0pt, margin -bottom -bottttom: 0pt ((# (# # # (# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #??????? ??? ??? ??? ????.

2010 <? ??? ?? ?? ?? ??? ??? ?? ??? ?? ??, ?? ?? ???? ??? ?? ? ? ??? ?? ??? ?? ????.

＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年年底，安踏發布公告稱已經檢討＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年的開店面計劃，并擬采取更審慎的方向，＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年店面數量目標由原來的＜/font＞＜font face="Times New Roman"＞8200＜/font＞＜font face="宋體"＞家調為＜/font＞＜font face="Times New Roman"＞7800~8000＜/font＞＜font face="宋體"＞家。

特步今年的店鋪數量增長計劃也將由去年的＜/font＞＜font face="Times New Roman"＞800＜/font＞＜font face="宋體"＞至＜/font＞＜font face="Times New Roman"＞1000＜/font＞＜font face="宋體"＞間，減少至＜/font＞＜font face="Times New Roman"＞400＜/font＞＜font face="宋體"＞間。

‘font face =‘Times New Roman ’? ??? ??? ??? ???? < font >? < font face >? ?? ???.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥的＜font face="Times New Roman"＞“＜/font＞＜font face="宋體"＞全國戰略店鋪＜/font＞＜font face="Times New Roman"＞”＜/font＞＜font face="宋體"＞是貴人鳥擁有戰略店鋪的所有權或使用權，然后＜/font＞＜font face="Times New Roman"＞“＜/font＞＜font face="宋體"＞將經營權交給當地經銷商，意在加強與當地經銷商合作，加強零售終端控制能力＜/font＞＜font face="Times New Roman"＞”＜/font＞＜font face="宋體"＞。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' -'span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes''yes'? ??? ???? ?? ??? ???? ??.

? ??? ?? ????? ??? ??? ??? ?????.

'Times New Roman '' font -family '' Times Roman ', font -size: 10.5pt, mso -spaceun' '' '' '' '' -'o:p '' '' '' -'? '' '-'s' '

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥經銷商銷售收入占比已經逐年提高，＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年已達到＜/font＞＜font face="Times New Roman"＞99.61%＜/font＞＜font face="宋體"＞。

??5???? ????????????????????????????????????????????????????????????????????????????????- < < ??? ?? ??.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' -'span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes' '??, ???? ?? ??? 3?, ? ???? ???? ???.

＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年度貴人鳥銷售收入較＜/font＞＜font face="Times New Roman"＞2010＜/font＞＜font face="宋體"＞年增長＜/font＞＜font face="Times New Roman"＞72.59%＜/font＞＜font face="宋體"＞，凈利潤增長＜/font＞＜font face="Times New Roman"＞83.34%＜/font＞＜font face="宋體"＞。

? ???? ??? ??? ???? ?? ??? ??? ??? ??.

??? ??? ???? ???? ?? ???? ??.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　在高速增長的同時，貴人鳥期末現金及現金等價物余額卻較＜font face="Times New Roman"＞2010＜/font＞＜font face="宋體"＞年減少，應收帳款卻成倍增加，其增幅超越了銷售收入和凈利潤的增幅。

貴人鳥＜/font＞＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年到＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年度應收賬款凈額分別為＜/font＞＜font face="Times New Roman"＞1.90＜/font＞＜font face="宋體"＞億元、＜/font＞＜font face="Times New Roman"＞4.07＜/font＞＜font face="宋體"＞億元和＜/font＞＜font face="Times New Roman"＞5.91＜/font＞＜font face="宋體"＞億元。

?? < font face ' 2011 < < < < < font > > ? < font face > ? < < < < < < < < < ? < < < ? <

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt''span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes ">? ?? ?? ???? ??? ? ??? ??? ???? ??.

貴人鳥應收賬款巨大，＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年＜/font＞＜font face="Times New Roman"＞5.9＜/font＞＜font face="宋體"＞億的應收帳款占流動資產超過＜/font＞＜font face="Times New Roman"＞44%＜/font＞＜font face="宋體"＞，巨額存貨跌價準備對利潤將構成巨大威脅。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt''span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes)'? ???? ?? ???? ?? ?? ??? ?? ????.

'Times New Roman '' font -family '' Times Roman ', font -size: 10.5pt, mso -spaceun' '' '' '' '' -'o:p '' '' '' -'? '' '-'s' '

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　＜/span＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞林氏家族的＜font face="Times New Roman"＞IPO＜/font＞＜font face="宋體"＞游戲＜/font＞＜/span＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞＜o:p＞＜/o:p＞＜/span＞＜/p＞

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' -'span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes''yes' '?? ??? ??? ??? ??? ??? ???.

'Times New Roman '' font -family '' Times Roman ', font -size: 10.5pt, mso -spaceun' '' '' '' '' -'o:p '' '' '' -'? '' '-'s' '

‘p class =‘p0 ’ style =‘margin -top:0pt, margin -bottom:0pt ’? ‘span style =‘font -family: Times New Roman ’, font -size: 10.5pt, mso -spcerun:yes ’(yes)’? ???? ?? ???? ? ? ?? ? ??.

貴人鳥集團持有公司股份比例為＜font face="Times New Roman"＞92.26%＜/font＞＜font face="宋體"＞，億興投資持有公司股份比例為＜/font＞＜font face="Times New Roman"＞4.74%＜/font＞＜font face="宋體"＞，貴人鳥投資持有公司股份比例為＜/font＞＜font face="Times New Roman"＞2%＜/font＞＜font face="宋體"＞，弘智投資持有公司股份比例為＜/font＞＜font face="Times New Roman"＞1%＜/font＞＜font face="宋體"＞。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -totop: 0pt, margin -bottom: 0pclassslasss ='ppclassstttttttttttttttttttttsyle ='margpin -top -pt, margin -bottttom: pt, margin -bottttttpppt: (# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #‘font face =‘?? ’? ?? 92.26%, ‘???? ?? ??? ’? ?? (`

??? ?3? ?? ??? ??? ???? ???? ???, ??? ??, ???? ???? ???.

???? 4? ?? ????? ??? ??? ???, ??? ??? ???? ???, ???? ???.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥畸形的股權結構浮出水面＜font face="Times New Roman"＞——＜/font＞＜font face="宋體"＞貴人鳥集團、貴人鳥投資、弘智投資的實際控制人均為林氏家族成員，存在關聯關系。

?? ????????????????????????? ????.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　非林氏家族的億興投資之所以能持有貴人鳥股份，是在即將＜font face="Times New Roman"＞IPO＜/font＞＜font face="宋體"＞沖刺的最后階段，貴人鳥迫于證券監督的壓力，突擊引進投資人億興投資。

億興投資成立于＜/font＞＜font face="Times New Roman"＞2010＜/font＞＜font face="宋體"＞年＜/font＞＜font face="Times New Roman"＞6＜/font＞＜font face="宋體"＞月＜/font＞＜font face="Times New Roman"＞22＜/font＞＜font face="宋體"＞日，其股東為林國清（持股＜/font＞＜font face="Times New Roman"＞70%＜/font＞＜font face="宋體"＞）和唐向榮（持股＜/font＞＜font face="Times New Roman"＞30%＜/font＞＜font face="宋體"＞）。

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'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt''span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes''yes' ???? ?? ??? ??? ?? ?? ?? ??? ??? ???.

?? ??? ???? ?? ??? ??? ? ? ?? ? ???, ???? ?? ???? ????.

'Times New Roman '' font -family '' Times Roman ', font -size: 10.5pt, mso -spaceun' '' '' '' '' -'o:p '' '' '' -'? '' '-'s' '

'p class ='p0 'style ='margin -totop: 0pt, margin -bottom: 0p class ='p p class ='p0' ??? ??? ??? ??? ??? ??? ='Timmes New Roman'', font -sssize: 10.5pt, msosspacacacacace: ((((((((########### ((((################################################################IPO < font face >? < ?? > ? ?? ??? ??? ???? ??.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt''span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes `???? ???? ???? ???? ??? ??? ? ???, ???? ???? ??? ?????? ??? ????????? ??? ???.

???? ???? ???? ???? ???? ???, ???? ??, ??? ?? ???? ??? ??? ??? ????.

'Times New Roman '' font -family '' Times Roman ', font -size: 10.5pt, mso -spaceun' '' '' '' '' -'o:p '' '' '' -'? '' '-'s' '

'p class ='p0 'style ='margin -top:0pt;'margin -bottom:0pt' -'span style ='font -family: Times New Roman', font -size: 10.5pt;mso -spcerun:yes''yes' '???? ??? ??? ??? ???.

?? ??? ???? ??, ?? ???, ??? ??? ??? ?? ??? ??? ????? ?????, ??? ??, ????, ???? ?? ?? ??.

?? font face ='Times New Roman'? `? 18 < font face `? ?? ??? ????.

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

'p class ='p0 'style ='margin -totop: 0pt, margin -bottom: 0pt' '' -'sspclassslassssyle ='p0 'stytttttttttttttttp'margen -pt, margin -bottttttp claslaslasslassttttttttttttttttttttttttttslasyle ='fontttttttttttttttttttttttttttttttttttttttttttttt?? ?? ?? ???.

'Times New Roman '' font -family '' Times Roman ', font -size: 10.5pt, mso -spaceun' '' '' '' '' -'o:p '' '' '' -'? '' '-'s' '

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥向樂益鞋材、泰昌鞋材關聯采購總額占＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年至＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年期間當期鞋材采購總額的比例分別為＜/font＞＜font face="Times New Roman"＞2.45%＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞10.17%＜/font＞＜font face="宋體"＞和＜/font＞＜font face="Times New Roman"＞6.68%＜/font＞＜font face="宋體"＞，占比較高，對公司經營成果產生重大影響。

??? < font >? < font face < Times New Roman > 2010 < < < font face > > ? ?? ?? ?? ?? ??? ?? ??? ????? ??.

比如＜/font＞＜font face="Times New Roman"＞PU＜/font＞＜font face="宋體"＞鞋底，市場價僅為＜/font＞＜font face="Times New Roman"＞12.84＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞雙，而貴人鳥的采購價高達＜/font＞＜font face="Times New Roman"＞17.10＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞雙，是市場價的＜/font＞＜font face="Times New Roman"＞1.33＜/font＞＜font face="宋體"＞倍。

'font (Times New Roman)'?'span style ='font -family)''Times New Roman'? ???, font -size: 10.5pt, mso -spaceun: yes ''yes' '-'? ??? span' '' -(span)'

--??????? ?.