Asia Essentials - 14 Jul 2026

研报英文原文证据摘录

Asia Essentials - 14 Jul 2026

Macquarie Equity Research

13 July 2026

Consumer

Consumer Discretionary

ChinaChina sportswear retail and supply chain

June: Apparel outperformed in the month and

quarter Terence Linda

Chang Huang, CFA

Key Points

• Among the 11 OEMs we track, footwear OEM revenue declined 8.7% Becky

YoY, while apparel OEM revenue increased 2.2% YoY in June. Cai

• Pou Sheng’s June revenue declined 8.6% YoY and 26% MoM, which we

attribute to the rainy weather and front-loaded demand in May.

• Nike's tighter purchasing points to no near-term pickup in its orders to FigureCompany 1 Ticker- CoverageRating summaryPrice TP TSR (%)

OEMs. There appears to be limited evidence of the brand's recovery in Feng Tay 9910 TT Underperform 67.40 54.00 -13.8

2026. Stella 1836 HK Underperform 12.43 10.60 -7.5 Eclat 1476 TT Outperform 341.00 627.00 88.3

Yue Yuen 551 HK Underperform 12.84 8.80 -21.3

Li Ning 2331 HK Outperform 14.61 24.30 70.8

• Yue Yuen’s manufacturing revenue remained weak in June. June AntaShenzhou 20202313 HKHK OutperformOutperform 73.1042.48 124.0072.70 73.177.5

revenue fell 7.8% MoM and 11.8% YoY to ~US$435m. Total 2Q26 revenue Topsports 6110 HK Outperform 1.83 2.20 37.9

declined 4.0% YoY. We believe the volatile cadence within 2Q26 suggests Source: Bloomberg, Macquarie Research, July 2026

customer order visibility remains low, which would also lead to volatility Priced as of 13 July 2026

in gross margins. As Nike remains conservative on its revenue outlook,

Figure 2 - Feng Tay, Yue Yuen and the soft orders continue to weigh on Yue Yuen’s top-line growth. We Eclat - Monthly Revenue Growth

expect only a mild revenue recovery in 2H26, and full-year 2026 revenue

would likely remain in decline. While the holiday disruption factor should 9910 TT 551 HK 1476 TT