---
title: "BRIEF: Yue Yuen profit slips as tariffs cloud footwear demand"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/279072505.md"
description: "运动鞋制造商裕元工业周三表示，去年收入同比下降 1.8%，降至 80.3 亿美元，净利润下降 2.9%，为 3.81 亿美元。公司表示，全球鞋类需求受到关税政策和地缘政治不确定性的影响，促使品牌客户采取更谨慎的采购策略。尽管鞋类出货量略有下降至 2.52 亿双，但更有利的订单组合使平均售价提升至每双 21 美元，部分抵消了出货量下降的影响。"
datetime: "2026-03-13T16:31:07.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279072505.md)
  - [en](https://longbridge.com/en/news/279072505.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279072505.md)
---

# BRIEF: Yue Yuen profit slips as tariffs cloud footwear demand

Sports footwear manufacturer **Yue Yuen Industrial (Holdings) Ltd.** (0551.HK) **said** on Wednesday that its revenue last year fell 1.8% year-on-year to $8.03 billion, while its net profit declined 2.9% to $381 million.

The company said global footwear demand last year was affected by tariff policies and geopolitical uncertainties, prompting its brand customers to adopt more cautious procurement strategies. Coupled with a high comparison base from 2024, footwear shipments slipped slightly to 252 million pairs last year. However, a more favorable order mix lifted the average selling price to $21 per pair, partly offsetting the impact of lower shipment volumes.

By segment, the company’s manufacturing revenue edged up 0.5% year-on-year to $5.65 billion, while footwear manufacturing revenue rose 2.5%. By comparison, the retail segment was pressured by weak consumer confidence in China and elevated inventory levels, leading to a 7% year-on-year revenue decline to $2.38 billion for Yue Yuen’s Pou Sheng International subsidiary.

Yue Yuen’s gross margin fell to 22.8% last year, down 1.6 percentage points from a year earlier. Management said uneven factory capacity utilization, rising labor costs and ramp-up expenses for new production lines weighed on its profitability.

Looking ahead, the company said uncertainties surrounding the global economy and tariff policies remain. It will continue to diversify its production footprint, including expanding its manufacturing capacity in Indonesia and India, while improving efficiency through digitalization and automation to reinforce its position in the global sports footwear supply chain.

Shares of Yue Yuen opened flat on Thursday, closing at HK$17.38 by the midday break, down 3.98%. The shares have risen about 35% over the past six months.

_By Lee Shih Ta_

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