Pou Sheng International Holdings (3813.HK): Muted Jun/618 performance but with disciplined discounts - APAC Consumer & Leisure

研报英文原文证据摘录

Pou Sheng International Holdings (3813.HK): Muted Jun/618 performance but with disciplined discounts - APAC Consumer & Leisure

Equity Research

2 July 2026 | 7:35PM HKT

Pou Sheng International Holdings (3813.HK): Muted Jun/618

performance but with disciplined discounts - APAC Consumer & Leisure

Michelle Cheng

+852-2978-6631 |

michelle.cheng@gs.com

Goldman Sachs (Asia) L.L.C.

Carol Chen

+852-2978-7999 | carol.chen@gs.com

Bottom line: We hosted Pou Sheng’s management at our APAC Consumer & Leisure Keira Liu

Corp Day on July 2. Key messages include 1) Near-term trends: June demand ended +852-2978-0473Goldman Sachs (Asia)| keira.liu@gs.comL.L.C.

up weaker than Apr/May reflecting 618 performance was overall muted (Douyin Xinyu Ruan

channel outperformed) and continuous weak offline channel. Discounts offered by +852-2978-7347Goldman Sachs (Asia)| xinyu.ruan@gs.comL.L.C.

the company continued to be largely stable yoy thanks to healthy inventory Molly Dai

positions/brands’ enhanced pricing discipline, though this implied less price +852-3966-4000 | molly.dai@gs.com

advantages compared to select peers per the company 2) Outlook: while 1Q26

result was satisfactory helped by CNY, company acknowledge increasing demand

uncertainty exiting 2Q26/weak 618; disciplined discounts and ongoing

organizational cost-cutting can benefit margin this year, but ultimately revenue scale

remains the critical factor. 3) Observations on product category: Running and

Tennis products are the key growth drivers, lifestyle products momentum diverged

across brands, while basketball category remained under pressure. Company have

been continuously exploring business opportunities in niche brands. 4) Thoughts on

online channel: company acknowledge there are smaller distributors that conduct