Inventory write-down 存货跌价
inventory balance 存货余额
As of December 31, 2011 and 2012, our inventory balances amounted to US$69.7 million and US$144.0 million, respectively.
During the same
periods, our accounts payable amounted to US$88.0 million and US$193.5 million, respectively. These increases reflected a significant growth in our
sales volumes and scale of operations and the related increase in products procured from our brand partners. Our inventory turnover days were 56 days
in 2010, 77 days in 2011 and 73 days in 2012. Inventory turnover days for a given period equal average inventory balances at the beginning and the end
of the period divided by total cost of goods sold during the period and then multiplied by the number of days during the period.
2011年和2012年存货余额：6970万美元 1.44亿美元
应付账款：8800万美元和1.935亿美元
存货周转天数：2010年为56天，2011年为77天，2012年为73天
计算方式：average inventory balances / total cost of goods sold *days（平均存货 / 总成本 * 天数）
应付账款周转天数：2010年为58天，2011年为96天，2012年为96天。
计算方式：平均应付账款 / 总成本 * 天数
Our accounts payable
turnover days were 58 days in 2010, 96 days in 2011 and 96 days in 2012.Accounts payable turnover days for a given period is equal to average
accounts payable balances at the beginning and the end of the period divided by total cost of goods sold during the period and multiplied by the number
of days during the period.
The increase of inventory turnover days and accounts payable turnover days from 2010 to 2011 was mainly because of the
additional inventory required to support our accelerated sales growth while we continued to maintain favorable payment terms with our brand partners.
The minor decrease in inventory turnover days from 2011 to 2012 was mainly because of the improvement we achieved in supply chain management.
We expect the accounts payable turnover days to decrease over the long term while we continue to strengthen our relationship with brand partners and
optimize the payment work flow. We generally have the right to return unsold items within a period after the end of a sales event. We typically pay for
the purchase order in installments with the last installment paid upon full settlement of the unsold items or returned products we receive from customers.
For some brand partners, we pay a deposit ranging from 10% to 15% of the total price for each purchase order. For some products, such as certain
sporting goods, which we do not have the right to return the unsold products to the brand partners, we have been able to utilize our strong marketing
expertise regarding customer preferences to achieve quick inventory turnover.
10%-15%保证金，运动品牌不能返还给厂商
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