耐克与阿迪达斯最大中国批发商宝胜国际六月营收下滑8.6%

decline in Juneretail sales.~80% of Pou Sheng's China sales are from Nike and Adidasproducts.June further declined following a negative May and off of an even weaker June2025.It was also the weakestmonth of CY Q2,rounding outa quarterthatwas down 3.4%.Revenuealso remainedbelowthepre-covidaverage.Ona two-yearstackedbasis,June'sresult is the worst result since June 2025, driven by the DD% YoY June 2025 decline. YTDPou Sheng growth is -2.1% YoY, which is better than the prior two years to date.Parentcompany YueYuen's revenuegrowthdeteriorated sequentially,withJune aneesha.sherman@bernsteinsg.comJessica Tian jessica.tian@bernsteinsg.comJed Hodulik +1917344 8594jed.hodulik@bernsteinsg.com revenue down 11.8%YoY.Yue Yuen is the world's largest Sportswear manufacturer,working with Nike, Adidas and other Western brands. The June growth rate was worsethan May,and against a tough comparison from last June amid uneven but strongercomparisons fromthefirsthalfof 2025.Regardingtheglobal sportswearlandscape andmacro conditions,in Q1 Mgmt said,"Reciprocaltariff-relatedchallenges, inflation pressuresanduncertainties aroundthemacroeconomictrajectorymay continuetoweaken consumermomentum.Multiple factors mayleadto volatile sentiment, with near-term orderdemandexpectedtoremainfluctuating.TheGroupwillcontinuetocloselymonitordevelopmentsintheglobaleconomicandpoliticalenvironment,aswell asthepotential impactofrecentregionalconflicts ondeliverytimelinesandthe stabilityofrawmaterialsupplies." growth and two-year stack in June continues the trend of generally weak results seen thisyear, suggesting no structural improvement yet, and Yue Yuen remains mostly negativeand volatile over thepast sixmonths.Thetrade/tariff /macro landscape also remainsMiddle East can create further headwinds through raising energy prices and disruptingshipping. EXHIBIT1:PouShengJunesalesgrowthwasweakerthanMay Pou Sheng Monthly Revenue-YOY-2year stack Yue Yuen - Manufacturing Business - YOY Growth in Monthly Revenue References to"Bernstein"orthe"Firm"inthesedisclosures relateto the following entities:Bernstein Institutional Services LLC (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordSanfordC.BernsteinJapanKK（7才一下·C·八一个株式会社）andanalystsemployedbySocieteGeneraleAfrica Technologies &Services to produce Bernstein research under a Global Services Agreement inplace between Bernsteinand Societe Generale. otherwise, for purposes of these disclosures,references to Bernstein's“affiliates"relate to both SG and AB and their respectiveaffiliates. Weseta$72pricetargetusingaP/Emultipleof27xourforwardFY2028EPSestimateof$2.67 RISKS adidas AG Downside risks:·Slower growth in Sportswear overall, comping against strong pandemic growth·Loss of brand heat fromheadwinds·Riskof interruptionfromconcentratedsupplierbase Nike Inc Downside risks: ·Slower growth in Sportswear overall ·Slower recovery of Nike in China, and continuing loss of market share• Pressure on margins as a result of inflation, freight, channel costs, or other opex headwinds Share loss to competitors in keymarkets including North America·Risk of interruption from concentrated supplier base RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION EQUITYRATINGSDEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P500 forstocks listedon the U.S.and Canadian exchanges,versusthe Bloomberg EuropeDeveloped Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region,versus the Bloomberg Japan Large and Mid Cap Price Return IndexUSD (JPL)for stocks listed on the Japanese(ex-Japan) exchanges-unless otherwise specified. The Bernstein brand has three categories of ratings: .Outperform:Stockwill outpacethemarketindexbymorethan15pp:Market-Perform: Stock willperform in line with the market index to within +/-15 pp:Underperform:Stock will trail theperformanceof themarket indexbymore than 15pp onevents anddevelopments. (EDMFI) index for developed European banks and Payments, the Bloomberg Europe 600 Insurance Price Return Index (E600IN)for European insurers,theS&P500andS&PFinancials forUSbanks and Payments coverage,S5LIFEforUSInsurance,theS&PInsurance Select Industry (SPSliNS) for US Non-Life Insurers coverage, and the Bloomberg Emerging Markets Financials LargeMid and Small Cap Price Return Index (EMLSF) for emerging marketbanks and insurers and Payments. Ratings are stated relativeto the sector (notthe market). : Neutral (N): Stock will perform in line with the market index to within +/-10 pp :Underperform (UP): Stock will trail theperformance of the relevantindex by morethan 10pp Coverage Suspended:Coverage of a companyunder the Autonomous research bran