---
title: "BRIEF: Yue Yuen profit slips as tariffs cloud footwear demand"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/279072505.md"
description: "運動鞋製造商裕元工業週三表示，去年收入同比下降 1.8%，降至 80.3 億美元，淨利潤下降 2.9%，為 3.81 億美元。公司表示，全球鞋類需求受到關税政策和地緣政治不確定性的影響，促使品牌客户採取更謹慎的採購策略。儘管鞋類出貨量略有下降至 2.52 億雙，但更有利的訂單組合使平均售價提升至每雙 21 美元，部分抵消了出貨量下降的影響。"
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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