China sportswear retail and supply chain

Research evidence excerpt

China sportswear retail and supply chain

Macquarie Equity Research

12 May 2026

Consumer

Consumer Discretionary

ChinaChina sportswear retail and supply chain

April: Footwear OEMs see sequential

improvement; Apparel OEMs still outperform Terence Linda

Chang Huang, CFA

Key Points

• Among the 11 OEMs we track, footwear OEM revenue grew 2.9% YoY, Becky

while apparel OEM revenue increased 12.1% YoY in April. Cai

• Pou Sheng’s April revenue was flat YoY and +2% MoM, which could be

attributed to sales promotions ahead of the Golden Week holidays.

• Higher contribution from new products continues to drive ASP growth FigureCompany 1Ticker- CoverageRating summaryPrice TP TSR (%)

in Eclat's orders. Feng Tay 9910 TT Underperform 74.40 100.00 41.5

Stella 1836 HK Underperform 15.40 10.60 -25.4

Eclat 1476 TT Outperform 345.50 627.00 85.8

Yue Yuen 551 HK Underperform 14.72 9.30 -28.0

Li Ning 2331 HK Outperform 19.47 24.30 28.2• Yue Yuen’s manufacturing revenue recovered in April. April revenue Anta 2020 HK Outperform 78.50 124.00 61.2

grew 6.9% YoY to ~US$501m, up 25% MoM. We believe the recovery was Shenzhou 2313 HK Outperform 46.34 72.70 62.7

due to the low base effect, as operations in Indonesia start to normalise Topsports 6110 HK Outperform 2.96 3.90 42.6

following the Ramadan holidays happening earlier this year. The company Source: Bloomberg, Macquarie Research, May 2026

will provide more details during its 1Q26 results announcement on 14 Priced as of 8 May 2026; prices/TPs in local currencies

May with a likely updated order and margin outlook for FY26 given the

Figure 2 - Feng Tay, Yue Yuen and recent volatility in raw material prices. While we expect margins to pick Eclat - Monthly Revenue Growth

up sequentially in 2Q, raw material cost pressure may pose uncertainty